Exor’s profit soars, thanks to the sale of Partner Re to Covea

TURIN – Consolidated profit at 4,227 million euros at the end of 2022 for Exorcompared to 1,717 million euros in 2021, and a proposal for a new president, Nitin Nohriawhich will be indicated at the next shareholders’ meeting. It will take the place hitherto occupied by Ajay Bangawho will not run again because he was called by the President of the United States, Joe Biden, to the World Bank. Nitin Nohria is an Indian-American academic. He served as the tenth dean of Harvard Business School and is also the George F. Baker Professor of Administration, as well as a former non-executive director of Tata Sons. He covers the
served as executive chairman of Thrive Capital, a New York venture capital firm, and sits on the boards of Anheuser-Busch InBev, Bridgespan, Rakuten Medical and Brigham of Massachusetts. Prior to entering Harvard Business school, Nohria received her Ph.D. (1988)
from the Massachusetts Institute of Technology School of Management and a B. Tech (1984) in chemical engineering from the Indian Institute of Technology Bombay

Profit flies with PartnerRe

The net increase of 2,510 million euros in profit is mainly attributable to the net capital gain realized on the sale of the reinsurance company PartnerRe (2,424 million euros) to the French Coveapartially offset by the decrease in the share of the result of subsidiaries and associates (1,174 million euros), including unrealized losses on the fixed income portfolio of PartnerRe. For the first time, the financial position at the end of 2022 is positive: for 0.8 billion. The value of net assets at the end of the year amounted to 28.2 billion euros (it had been 31 billion euros at the end of 2021). The NAV per share decreased by 7.6%, but outperformed the MSCI World Index by 6.6 percentage points, mainly due to the market performance of listed companies and financial position.

The assets of the holding company

As at 31 December 2022 iConsolidated shareholders’ equity attributable to owners of the parent company amounts to 20,627 million euros, with a net increase of 3,868 million euroscompared to 16,759 million euros at December 31, 2021. The consolidated net financial position of the Holdings System at December 31, 2022 was positive by 795 million euros and reflects a positive change of 4,719 million euros compared to the negative financial position of 3,924 million euros euros at December 31, 2021, mainly due to the cash consideration received for the sale of PartnerRe (7,743 million) and dividends received from equity investments (839 million), partially offset by investments (2,212 million), buyback of treasury shares (255 million ) and distributed dividends (99 million).

Dividend of 0.44 euros

The Board of Directors of Exor, the holding company of the Elkann-Agnelli family which check it out Republic through Gediput forward a proposal to be presented to the Shareholders’ Meeting for the approval of the 2022 financial statements, as well as for the approval of the payment of a dividend of €0.44 per share for each share issued and outstanding as at 5 June 2023, per a total of approximately 100 million euros. In 2022, Exor had paid a dividend of 0.43 euros per share for a total amount of approximately 100 million euros. The proposed dividend, subject to approval by the shareholders’ meeting, will be paid on June 6, 2023, ex-dividend date: June 2, 2023, and will be paid to shareholders registered on June 5, 2023 (record date).

The last 150 million euro tranche of the treasury share buyback program has also been approved of 500 million euros. At the next shareholders’ meeting, Exor’s board will propose the current (non) executive directors available for re-election. In addition to Nitin Nohria as new president and senior non-executive director, while John Elkann will remain as chief executive officer, the board will propose Sandra Dembeck and Tiberto Ruy Brandolini D’Adda as new non-executive directors.