Unipol looking to improve profit margins in 2011, chief executive says

ITALIAN insurer Unipol reduced its combined ratio to 103.3% in 2010, from 108% the previous year, according to chief executive, Carlo Cimbri, in an interview with locally based newspaper La Stampa. He said the company would be looking to improve its profit margins in 2011, “in line with the business plan that foresees a 2012 profit of €250m ($343m)”. He said Unipol will book a profit for 2010, after making a loss of €769m in 2009. For 2010, a net gain of between €50m and €60m is expected by the market. Cimbri said the insurer planned to experiment with co-operative organisations on selling insurance products in shopping centres. Bancassurance sales with Popolare dell’Emilia Romagna and Popolare di Sondrio could also be expanded.