Operator: Good morning. Welcome and thank you for joining the Conference Call to present Generali Assicurazioni Results for the third quarter of 2012.
Alberto Minali - CFO: Good morning. My name is Alberto Minali. I'm the newly appointed Group CFO of the Generali Insurance Company and I am going to present today the nine months 2012 results. As you certainly know, I've started with Generali on the 1st of October and I'm going to present today the results at the end of September.
Let's move quickly to the agenda of today and I will try to give you a very quick overview of our Group. I will expand upon the Group financials and close my presentation with final remarks. If we move quickly to Slide number 4, you see that the operating result of the Group is increased by 9.4%, up to EUR3.3 billion, which is mainly driven by the good Life operating result and the very resilient Property & Casualty result, which takes into account huge cat claims in the region of EUR300 million. A very good operating result means also a very good net result, which reaches the figure of EUR1.1 billion only increased by 37%, on which we also have to record less negative non-operating result and less impairment versus the previous period.
The shareholder position of the Company and the capital structure of the Company has also improved. If you look at the shareholders' equity, we reached EUR19.2 billion, plus 24% and this is explained mainly by the variation of the available for sale reserve around EUR3 billion. While the Solvency I ratio has increased to 140%, which is plus 23 percentage figures compared to the last year figure. This 140% does not take into account the impact of Migdal, which is roughly 2.3 percentage figures and does not take into account the dynamic of October and the application of a new regulation issued by ISVAP, which will further increase the Solvency I ratio of the Group.
If we look at the revenue development by segment on Slide number 6, you see that our gross written premium has increased by 1.8%, up to EUR51 billion and this is explained by a resilient growth in the Life segment, plus 0.4% like-for-like, and an extraordinary I would say 4.7% in the Property & Casualty business.
Going back to the Life business, annual premiums have increased and in terms of line of business, we record a decrease of the unit-linked business by 9%, an increase of saving and pension by 2% and protection by 4.4%. The extraordinary growth rate of the Property & Casualty business is equally split between non-Motor and Motor and non-Motor is plus 5.7%, especially in Germany and in Central Eastern Europe, while Motor increases by 2.4% in Germany, Spain and Argentina.
Looking at the operating result by segments, I want to point out immediately the growth rate of the Life operating result, despite the de-risking strategy we implemented throughout the course of the year, whose aim was to reduce the PIGS cross-border exposure and the equity exposure. This has certainly a very important impact on the risk profile of our Group.