SACE: in the first quarter of 2014, € 2.3 billion (+16%) in new guarantees, net income of € 72.1 million

The Board of Directors of SACE Spa today examined the quarterly report as at 31 March 2014.

In the first three months of the year, SACE provided new guarantees for € 2.3 billion, a 16% increase compared with the same period in 2013. An amount worth € 1.8 billion of the new guarantees was directed to sustain Italian exports (+25%), while € 0.5 billion were aimed to sustain internationalisation activities and strategic infrastructure (+5%).

The main results with regard to the statement of operations for the first quarter are set out below:

• gross premiums of € 47 million, more than doubled with respect to € 23.9 million for the same period in 2013
• expenses for claims amounted to € 83.2 million, a significant increase compared to the result in the first quarter of 2013 (€ 37.4 million). This is mainly due to claims paid to Italian enterprises relating to insured exports in Iran, where international sanctions led to an almost total closure of payment channels
• change in recoveries positive for € 62.8 million (+69,5%)
• net income of € 72.1 million, decreasing by 24.9%.