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Write-downs dent Società Cattolica's H1 profit

Italian insurer Società Cattolica di Assicurazione -Società Cooperativa reported first-half profit pertaining to the group of €1 million, compared with €17 million in the year-ago period.

The company said its first-half results were affected by one-off write-downs totaling €67 million, of which €45 million constituted a goodwill write-down in its life business and €9 million related to its property and casualty business and other sector.

Total premiums written for direct and indirect business came in at €2.62 billion in the first half, up from €2.53 billion in the same period in 2016. Net premiums dropped year over year to €2.33 billion from €2.25 billion.

Net charges relating to claims rose to €2.14 billion from €2.06 billion.

The combined ratio reached 93.4% in the first half, up from the year-ago 92.5%, due to a drop in profitability of the motor insurance segment amid a prolonged decline in the average premium in that market.

The Solvency II margin stood at 187% as of June 30.