MILAN, Sept 15 (Reuters) - Italian insurer Assicurazioni Generali said on Tuesday its economic solvency ratio had risen to 200 percent after it completed the sale of Swiss private banking unit BSI.
Italy’s biggest insurer said in a statement it had closed the sale of BSI to BTG Pactual on Tuesday for 1.248 billion Swiss francs ($1.29 billion).
Last year Generali said it had agreed to sell BSI for around 1.5 billion Swiss francs.
“The disposal of BSI completes Generali’s strategy to focus on its core insurance business and improve its capital position,” the group said.
The transaction, which boosted the Solvency 1 ratio by 8 percentage points to 164 percent, lifted the group’s pro-forma Economic Solvency ratio - which is calculated using internal models - by 8 percentage points to 200 percent as of June 30, the group said.
$1 = 0.9700 Swiss francs Reporting by Stephen Jewkes