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Società Cattolica Q1 profit down 20% YOY

Società Cattolica di Assicurazione -Società Cooperativa's first-quarter profit attributable to the group dropped 20.0% year over year to €24.0 million from €29.4 million.

Operating return on equity came in at 4.9%, down from the year-ago 5.5%. Net premiums rose to €1.21 billion from the year-ago €1.19 billion, while commissions income declined to €1.1 million from €1.5 million a year earlier.

Operating expenses increased year over year to €144.7 million from €137.1 million. The Italian insurer booked net charges relating to claims of €1.09 billion, down from €1.13 billion a year earlier.

Net premiums from the firm's life and nonlife segments amounted to €791 million and €422 million, respectively, up from €772 million and €421 million a year prior.

As of March-end, the firm's combined ratio stood at 93.7%, compared to 93.4% a year earlier, while its Solvency II ratio was 199%, compared to 239% as of 2017-end.