2013 half year results: strong increase in net income to € 314 million

• Net income more than doubled compared to the first half of 2012

• € 4.3 billion of new transactions insured to support Italian export and internationalization activities (+14% compared to the same period of 2012)

• Total exposure of € 33.8 billion

SACE’s Board of Directors approved today the first half results at 30 June 2013.

Highlights of the interim results include:

- net income of € 313.9 million, more than double compared to € 124.8 million in the first half of 2012

- technical account result of € 169,9 million

- non-technical account result of € 279 million, increased by 49,3%, due to the performance of the investment portfolio

- gross written premiums of € 114,5 million, down from € 154 million in first half 2012

 - claims of € 95,1 million (+67,2%)

- change in recoveries of € 80,6 million (+68,2%).

Thanks to its domestic and international network and partnerships with financial institutions, SACE continues to play a key role in supporting internationalization of Italian businesses. In the first half of 2013, SACE has insured € 4.3 billion of transactions (+13.7%).
 

Total exposure amounts at € 33.8 billion, with a growing weight of the European Union, emerging economies of Latin America, such as Mexico and Peru, and Sub-Saharan Africa (South Africa, Kenya and Nigeria). Oil & gas remains the first industrial sector in SACE’s portfolio, followed by infrastructure and construction, banking, electric and cruise sectors.