Friday Unipol and Unipol Sai published their results
Both were good as Unipol is a proxy to Unipol Sai moslty
Only thing I see to explain Unipol Sai outperformance of Unipol is very higher dividend yield of Unipol Sai announced and also liquidity
BUT,
I now have 40% discount to NAv with 0.7x P/B for non listed assets of Unipol and
21% discount to NAV putting 0 to non listed portfolio
Also this morning: UNI IM – Unipol Gruppo Finanziario considering merger with UnipolSai (Sole24Ore)
{http://bit.ly/1Qgvlv8} Google translation {http://bit.ly/1Vg0Q6G} Original in Italian
It is no secret that Unipol Banca is deemed by the top a non-strategic assets and over Cimbri has suggested an involvement of the subsidiary in the near bank risiko. Eliminated the obstacle (the institute still holds 3.9 billion of non-performing loans, covered for 44.5%), therefore, the integration could be one practical step to give final shape to the Galaxy after the maxi reorganization weblog FondiariaSai. A passage, however, that it would also be acceptable to the market. All the more, they note some operators, given what is happening upstream of the control chain, with the creation of Coop Alliance 3.0 and the next Finsoe dissolution. The project, said that, "it is still not the time to study." It will take time for it to eventually take shape.
Meanwhile, UnipolSai is on the eve of a new business plan after that, as he recalled the Cimbri, the 2013-2015 project came to fruition in respect of the key target. The next business plan, which "will open a new phase," will be presented to the market in May, potentially between 10 and May 12, and it's up to the new management put the seal on the project.
As is known, for want of supervision, Cimbri will have to leave by June one of the charges that now holds and, in fact, the assembly approving the budget which will be held in late April will mark the passing of the baton with the rise of Matthew Laterza the UnipolSai guide. At that point, once the new board took office, the board will approve the plan on which the veil will be lifted at the latest by mid-May. At that appointment, stressed Cimbri, UnipolSai will come after you filed successfully aggregate softly, "With the coupon in 2015 we distributed to more or less 1.5 billion euro members, a figure in fact equal to the value of the increase required capital, 1.7 billion, to give life to the project: it's as if the management had self-financed the acquisition. " Thanks a total profit in the three-year plan of 2.21 billion, generated from a profitability which proved higher in both the Life and Non-Life (5% and 4.5% against the 3.9% target and the 3, 3%). To this it was added a combined ratio in fact in line with forecasts, to 94.6% in 2015 to UnipolSai and a solvency margin close to the target (177% versus 180%). Although this has been taken a particularly prudent reservation policy (1.5 billion of reserves in more from 2012 to present) and some business dynamics have proved less favorable than expected. Unipol Banca, for example, it costs 750 million Unipol Group in terms of allocations, and the galaxy has still had to deal with 1 billion euro of write-downs in real estate.
For all these reasons, for putting the coupon on the plate, that the eve of prices guaranteed a 10% return on the title UnipolSai, and thanks to the wave of purchases that is poured on the Milan stock exchange, yesterday the shares of the two companies have filed the session strongly increasing: the holding company has closed with an increase of 3.09% while the subsidiary has jumped 11.03% to 1.72 euro. The market, in particular, has looked closely at dividend for UnipolSai shareholders will be EUR 0.15, while for those of Unipol to 0.18 EUR (compared with a consolidated net profit of 579 million, an increase of 14.6 %). All in accordance with the pay out policy envisaged by plan: 63% average UnipolSai and 67% for Unipol.
In 2015, the subsidiary recorded a statutory income of 550 million, compared to a consolidated net profit of 738 million euro (783 million in 2014) who served an extraordinary negative tax effect of 84 million. The direct insurance premium income totaled 13.982 billion euro (-8.8% 2, net of the sale of the company to Allianz), of which 7.334 million from non-life insurance (-5.3% 2, net the sale of the company to Allianz) and 6.648 million from life (-12.3%). The combined ratio stood at 93.9% (94.6% net of reinsurance), as better than expected by the market that more than 95% esteemed. The solvency margin was 177%, in March we will be given the data on Solvency II which should be in line with Solvency I. Finally, the direct insurance premiums Unipol has instead amounted to 16.476 million (-4.2%) in the case of shopping abroad Europe "is not the first environment where I would look," said Cimbri, as it is "mature markets with few prospects."