Nine-month results: net profit to € 378 million (+15%)

The Board of Directors of SACE examined the results for the period ended 30 September 2014.

The following are the highlights of the financial report:

• gross premiums € 196.1 million, slightly down from the € 207.6 million for the same period of 2013 

• claims € 278.1 million, increased by 36.5%, due primarily to compensation paid to Italian companies for exports to Iran, where international sanctions caused increasing difficulties in the repayment of loans

• result of the technical account € 352.8 million, up 40.4%, due largely to the positive effect of the change in recoveries (€ 252.8 million)

• result of ordinary operations € 555 million (+23.6%), with a positive contribution from the financial operation

• pretax profit € 549.9 million (+17.7%)

• net profit € 377.5 million (+15.4%)

In the quarter just ended, SACE expanded its support for liquidity and investment capacity of Italian businesses, through:

• Trade Finance, new product that lets exporters protect themselves against default risk and transform credits owed by foreign customers into liquidity;

• Sviluppo Export Fund, a new fund with a total capacity of € 350 million, created at the initiative of SACE and managed by Amundi SGR, dedicated to the subscription of fixed-income securities issued by unlisted Italian businesses, especially SMEs, with a vocation to export and internationalization.

Last September, Fitch Ratings confirmed A- rating to SACE and revised the outlook from negative to stable.