Corporate › Financial Unipol Gruppo: 2019 results approved

PRESS RELEASE

UNIPOL GRUPPO: 2019 RESULTS APPROVED

• Normalised1 consolidated net profit up at €732m (+19.5% compared to 2018)
• Improved combined ratio2 at 93.7% compared to 94.4% in 2018
• Dividend of €0.28 per share, up 56% on 2018

Bologna, 20 March 2020

The board of directors of Unipol Gruppo S.p.A., which met yesterday under the chairmanship of Pierluigi Stefanini, approved the consolidated financial statements of Unipol Gruppo, confirming the preliminary results reported on 14 February last.

Summary of the most significant Group figures

Amounts in €m	31/12/2019	31/12/2018	% Change
Direct insurance income1	14,014	12,245	14.4%
Non-Life direct insurance income	8,167	7,953	2.7%
Life direct insurance income1	5,847	4,292	36.2%
Combined ratio Non-Life - direct business	93.7%	94.4%
Combined ratio Non-Life - net of reinsurance	94.2%	94.2%
Consolidated net result	1,087	628
Amounts in €m	31/12/2019	31/12/2018	% Change
Shareholders' equity attributable to the Group	6,687	5,032
Consolidated solvency ratio3	182%	163%

1. The normalised figures for 2019 do not include the extraordinary effect of the first-time consolidation of BPER recognised in equity or the one-off charges related to agreements made with the trade union organisations for the Solidarity Fund and other forms of voluntary redundancy (€66m after taxes). The normalised 2018 figures do not include the effects of the capital gain on the sale of Popolare Vita (€309m after taxes) or the capital loss resulting from the decision to sell Unipol Banca (€338m) and were recalculated on a comparable basis with the current data.
2. Direct business.
3. Figure calculated on the basis of the partial internal model to be considered as preliminary since the Supervisory Authority will be notified of the definitive results in accordance with the legally imposed deadlines.

Unipol Gruppo S.p.A.

PRESS RELEASE

• Consolidated net profit of €1,087m, significantly up (73%) on the figure of €628m the previous year. The 2019 result includes the positive effects arising from the first-time consolidation of the BPER Group4 using the equity method (€421m) and the extraordinary charge resulting from the agreements signed with the trade union organisations in the third quarter of 2019 for the Solidarity Fund and other forms of voluntary redundancy for approximately €66m (€95.5m before tax). On the basis of these agreements, about 800 people will take early retirement from the Group. On the other hand, the results for 2018 included a capital gain of €309m related to the sale of the stake in Popolare Vita and the negative effects of the decision to sell the stake held in Unipol Banca for €338m, and were calculated with a different consolidation scope.
• The normalised1 consolidated net profit amounted to €732m, significantly up (+19.5%) on the normalised1 result on a comparable basis of €613m the previous year.
• Direct insurance income stood at €14,014m, a marked increase, +14.4%, on the figure at 31 December 2018 (€12,245m on a comparable basis):
• • Non-Lifebusiness: €8,167m (+2.7% compared to €7,953m in 2018), confirming that the Unipol Group is the market leader in this sector in Italy;
  • Life business: €5,847m (+36.2% compared to €4,292m in 2018 on a comparable basis).
• Direct business combined ratio 93.7%, an improvement on 94.4% recorded in 2018.
• UnipolReC ended 2019 with a positive net result of €12m (€6.9m in 2018). The gross non- performing loan portfolio amounted to €3.465bn, including the portfolio of €1.2bn acquired in August from the BPER Group. Net loans amounted to €516m, with a coverage ratio of 85%. The gross non-performing loan portfolio decreased by €366m during the year, with collections amounting to €110m and a recovery rate of 30%.
• Consolidated shareholders' equity of €8,305m (€6,327m in 2018), of which €6,687m attributable to the Group.
• Consolidated3 solvency ratio of 182% (163% in 2018)

4 The impacts on profit and loss and equity of the first-time consolidation of the stake held in BPER were adjusted compared to what was reported in previous quarters due to new information that became available.

Unipol Gruppo S.p.A.

PRESS RELEASE

Accounting profit and dividends

Unipol Gruppo ended 2019 with an accounting profit of €284m. On the basis of this result, the board of directors also decided to submit a proposal to the shareholders' meeting to distribute a dividend of €0.28 per share for 2019 in accordance with the articles of association, a 56% increase over 2018.

Calling the Shareholders' Meeting

The board of directors decided to call both an ordinary and extraordinary session of the company shareholders' meeting for 30 April 2020, in a single call at 10.30 a.m. (the "Shareholders' Meeting").

In view of the healthcare emergency in Italy caused by the Covid-19 epidemic, and taking account of the regulatory provisions and the applicable orders issued by the authorities, the board authorised the chairperson and the chief executive officer to identify the place where the Shareholders' Meeting would be held and the rules governing attendance, in accordance with the provisions of law decree no. 18 of 17 March 2020, providing this information in the notice calling the Shareholders' Meeting, which will be published in accordance with the legally required deadline.

If the Shareholders' Meeting approves the dividend, it will be payable from 20 May 2020, with the ex-dividend date from 18 May 2020, and record date of 19 May 2020.

The full text of the proposed resolutions and reports by the board of directors relating to the items on the agenda and all related documentation will be available, in accordance with the legally required deadlines, at the registered office, on the authorised storage mechanism eMarket Storage (www.emarketstorage.com) and on the Company website www.unipol.it(Governance/Shareholders' Meetings section).

Business Outlook

The global economy appears to be slowing down in general, even though uncertainties regarding the "trade war" between the United States and China and Brexit seem to be showing signs of stabilisation. On the other hand, the first few months of 2020 were characterised by the negative effects on global economic growth by the ongoing Covid-19 (Coronavirus) epidemic in particular. The Coronavirus infection, recently classified as a pandemic by the World Health Organisation, led to China taking precautionary measures to combat the spread of the disease, and which were then extended to other countries, including Italy. As things stand, it is difficult to estimate the extent of the pandemic in terms of duration or spread, or to forecast the negative effects that it could have on the global economic cycle in quantitative terms.

Unipol Gruppo S.p.A.

PRESS RELEASE

With regard to insurance business trends, starting from the last week of February, there was a reduction in the number of new contracts signed due to the increasingly stringent orders by the government in terms of mobility, and a reduction in the number of claims with regard to the non-life businesses.

The consolidated operating results for 2020 - excluding events that cannot be presently forecast or the long-lasting, significant effects of the healthcare emergency on the economic cycle and financial markets - are expected to be positive and in line with the goals defined in the Industrial Plan.

****

In order to provide complete disclosure of the results for the 2019 financial year, the statements on the consolidated financial and operating position, consolidated income statement, statement of comprehensive income, summary of the consolidated income statement by business segment and the balance sheet by business segment, and the balance sheet and income statement of Unipol Gruppo S.p.A., are attached.

****

Maurizio Castellina, Manager in charge of financial reporting of Unipol Gruppo S.p.A. and UnipolSai Assicurazioni S.p.A. declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information contained herein corresponds to the corporate documentation, ledgers and accounting records.

Glossary

DIRECT BUSINESS COMBINED RATIO: indicator that measures the balance of Non-Life direct technical management, represented by the sum of the loss ratio (ratio between direct claims for the period + other technical charges and direct premiums earned) and the expense ratio (ratio between operating expenses and direct premiums recognised).

COMBINED RATIO NET OF REINSURANCE: indicator that measures the balance of Non-Life total technical management, represented by the sum of the loss ratio (ratio between claims for the period + other technical charges and premiums earned) and the expense ratio (ratio between operating expenses and premiums earned).

Unipol Gruppo S.p.A.

Unipol is one of the main insurance groups in Europe and the leading company in Italy in the non-life insurance sector, (especially in the MV and Health businesses), with total premiums of approximately €14.0bn, of which €8.2bn in Non-Life and €5.8bn in Life (2019 figures). Unipol adopts an integrated offer strategy and covers the entire range of insurance and financial products, operating primarily through the subsidiary UnipolSai Assicurazioni S.p.A. The Group is also active in direct MV insurance (Linear Assicurazioni), transport and aviation insurance (Siat), health insurance (UniSalute), supplementary pensions and also covers the bancassurance channel (Arca Vita, Arca Assicurazioni and Incontra). It also manages significant diversified assets in the debt collection (UnipolReC), real estate, hotel (Gruppo UNA), medical-healthcare and agricultural (Tenute del Cerro) sectors. Unipol Gruppo S.p.A. is listed on the Italian Stock Exchange.

Unipol Gruppo			Barabino & Partners
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PRESS RELEASE

Consolidated Balance Sheet - Assets

Amounts in €m

		31/12/2019	31/12/2018
1	INTANGIBLE ASSETS	2,012.1	1,955.3
1.1	Goodwill	1,625.0	1,581.7
1.2	Other intangible assets	387.1	373.5
2	PROPERTY, PLANT AND EQUIPMENT	2,484.2	1,887.4
2.1	Property	1,633.2	1,637.2
2.2	Other items of property, plant and equipment	851.1	250.2
3	TECHNICAL PROVISIONS - REINSURERS' SHARE	989.6	982.0
4	INVESTMENTS	65,116.9	57,543.0
4.1	Investment property	1,991.1	1,996.7
4.2	Investments in subsidiaries and associates and interests in joint ventures	1,003.4	74.5
4.3	Held-to-maturity investments	454.6	459.6
4.4	Loans and receivables	4,006.6	3,921.0
4.4 bis	Financial assets at am ortised cost	516.1	490.1
4.5	Available-for-sale financial assets	48,620.0	43,439.2
4.5 bis	Financial assets at fair value through OCI	689.5	663.3
4.6	Financial assets at fair value through profit or loss	7,835.6	6,498.5
4.6.1	Held-for-trading financial assets	283.8	288.0
4.6.2	Financial assets at fair value	7,465.6	6,205.5
4.6.3	Other financial assets mandatorily at fair value	86.1	5.0
5	SUNDRY RECEIVABLES	3,184.0	2,762.2
5.1	Receivables relating to direct insurance bus iness	1,456.2	1,365.5
5.2	Receivables relating to reinsurance business	260.8	137.3
5.3	Other receivables	1,467.1	1,259.4
6	OTHER ASSETS	1,308.0	12,186.3
6.1	Non-current assets held for sale or disposal groups	189.2	10,758.3
6.2	Deferred acquis ition costs	101.2	98.1
6.3	Deferred tax assets	510.9	944.3
6.4	Current tax assets	3.9	23.8
6.5	Other as sets	502.7	361.9
7	CASH AND CASH EQUIVALENTS	1,007.0	264.6
	TOTAL ASSETS	76,101.9	77,580.8

Unipol Gruppo S.p.A.

PRESS RELEASE

Consolidated Balance Sheet - Equity and Liabilities

Amounts in €m

		31/12/2019	31/12/2018
1	EQUITY	8,304.6	6,326.7
1.1	attributable to the owners of the Parent	6,687.5	5,032.4
1.1.1	Share capital	3,365.3	3,365.3
1.1.2	Other equity ins truments	0.0	0.0
1.1.3	Equity-related reserves	1,639.4	1,729.4
1.1.4	Income-related and other res erves	-127.2	-478.0
1.1.5	(Treas ury shares )	-3.4	-6.1
1.1.6	Trans lation reserve	4.1	4.0
1.1.7	Gains or loss es on available-for-sale financial as sets	936.2	64.7
1.1.7bis	Gains or loss es on financial ass ets at fair value through OCI	8.5	-34.5
1.1.8	Other gains or los ses recognis ed directly in equity	-37.9	-13.9
1.1.9	Profit (los s) for the year attributable to the owners of the Parent	902.5	401.4

1.2	attributable to non-controlling interests	1,617.1	1,294.3
1.2.1	Share capital and res erves attributable to non-controlling interes ts	1,196.4	1,052.3
1.2.2	Gains or loss es recognised directly in equity	236.6	15.2
1.2.3	Profit (los s) for the year attributable to non-controlling interests	184.1	226.8

2	PROVISIONS	476.9	357.1
3	TECHNICAL PROVISIONS	57,567.3	53,223.3
4	FINANCIAL LIABILITIES	7,772.0	6,921.7
4.1	Financial liabilities at fair value through profit or loss	2,914.4	2,539.3
4.1.1	Financial liab ilities held-for trading	252.6	278.3
4.1.2	Financial liab ilities at fair value	2,661.8	2,261.0
4.2	Other financial liabilities	4,857.7	4,382.4
5	PAYABLES	1,012.6	804.4
5.1	Payables aris ing from direct insurance bus ines s	164.7	160.9
5.2	Payables aris ing from reins urance bus iness	96.6	86.8
5.3	Other payables	751.3	556.7
6	OTHER LIABILITIES	968.4	9,947.6
6.1	Liabilities as sociated with dispos al groups held for s ale	3.3	9,200.8
6.2	Deferred tax liabilities	83.0	8.9
6.3	Current tax liabilities	50.9	27.4
6.4	Other liabilities	831.2	710.5
	TOTAL EQUITY AND LIABILITIES	76,101.9	77,580.8

Unipol Gruppo S.p.A.

PRESS RELEASE

Consolidated Income Statement

Amounts in €m

		31/12/2019	31/12/2018
1.1	Net premiums	13,262.5	11,469.0
1.1.1	Gross premiums	13,715.8	11,892.4
1.1.2	Ceded premiums	-453.3	-423.4
1.2	Fee and commis sion income	34.6	39.4
1.3	Gains and los ses on financial ins truments at fair value through profit or loss	-100.7	-153.5
1.4	Gains on inves tments in s ubs idiaries and as s ociates and interests in joint ventures	545.7	314.8
1.5	Gains on other financial instruments and inves tment property	2,433.0	2,194.5
1.5.1	Interest income	1,486.5	1,548.4
1.5.2	Other gains	218.6	173.4
1.5.3	Realised gains	655.1	449.7
1.5.4	Unrealised gains	72.7	23.0
1.6	Other revenue	807.3	633.8
1	TOTAL REVENUE AND INCOME	16,982.4	14,498.0
2.1	Net charges relating to claims	-11,349.9	-9,463.2
2.1.1	Amounts paid and changes in technical provisions	-11,658.4	-9,778.9
2.1.2	Reinsurers' share	308.5	315.7
2.2	Fee and commis sion expense	-21.4	-22.9
2.3	Los s es on inves tments in s ubs idiaries and as s ociates and interes ts in joint ventures	-0.3	-0.9
2.4	Los s es on other financial ins truments and inves tment property	-591.0	-490.6
2.4.1	Interest expense	-169.1	-170.4
2.4.2	Other charges	-40.2	-40.1
2.4.3	Realised losses	-180.0	-141.3
2.4.4	Unrealised losses	-201.8	-138.8
2.5	Operating expens es	-2,691.5	-2,514.1
2.5.1	Commissions and other acquisition costs	-1,863.9	-1,796.4
2.5.2	Investment management expenses	-130.1	-120.9
2.5.3	Other administrative expenses	-697.5	-596.7
2.6	Other cos ts	-1,040.9	-821.1
2	TOTAL COSTS AND EXPENSES	-15,695.1	-13,312.7
	PRE-TAX PROFIT (LOSS) FOR THE YEAR	1,287.4	1,185.2
3	Income tax	-200.7	-252.4
	POST-TAX PROFIT (LOSS) FOR THE YEAR	1,086.6	932.9
4	PROFIT (LOSS) FROM DISCONTINUED OPERATIONS	0.0	-304.6
	CONSOLIDATED PROFIT (LOSS) FOR THE YEAR	1,086.6	628.2
	attributable to the owners of the Parent	902.5	401.4
	attributable to non-controlling interes ts	184.1	226.8

Unipol Gruppo S.p.A.

PRESS RELEASE

Statement of Comprehensive Income

Amounts in €m

	31/12/2019	31/12/2018
CONSOLIDATED PROFIT (LOSS)	1,086.6	628.2
Other income items net of taxes not reclassified to profit or loss	9.4	-43.8
Change in the shareholders' equity of the investees	0.9	-8.5
Change in the revaluation reserve for intangible assets	0.0	0.0
Change in the revaluation reserve for property, plant and equipment	0.0	0.0
Gains and losses on non-current assets or disposal groups held for sale	0.0	0.0
Actuarial gains and losses and adjustments relating to defined benefit	-2.2	-0.2
plans
Gains or losses on equity instruments at fair value through OCI	9.4	-35.1
Reserve deriving from variation on credit risk on financial liabilities at fair	0.0	0.0
value through profit or loss
Other items	1.3	0.0
Other income items net of taxes reclassified to profit or loss	1,102.6	-872.7
Change in the reserve for foreign currency translation differences	0.2	0.2
Gains or losses on available-for-sale financial assets	1,090.5	-883.6
Gains or losses on financial assets (other than equity instruments) at fair	-0.5	0.6
value through OCI
Gains or losses on cash flow hedges	9.9	10.1
Gains or losses on hedges of a net investment in foreign operations	0.0	0.0
Change in the shareholders' equity of the investees	2.5	0.0
Gains and losses on non-current assets or disposal groups held for sale	0.0	0.0
Other items	0.0	0.0
TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE)	1,112.0	-916.5
TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE)	2,198.6	-288.3
of which attributable to the owners of the Parent	1,793.1	-262.7
of which attributable to non-controlling interests	405.5	-25.6

Unipol Gruppo S.p.A.

PRESS RELEASE

Condensed Consolidated Income Statement by Business Segment

Amounts in €m

	NON-LIFE			LIFE		INSURANCE			BANKING		HOLDINGS/SERVICES/	REAL ESTATE	Intersegment	CONSOLIDATED
	BUSINESS		BUSINESS		BUSINESS		BUSINESS		OTHER BUSINESSES	BUSINESS (*)	Elimination		TOTAL
	dec-19dec-18var.%	dec-19dec-18var.%	dec-19dec-18var.%	dec-19	dec-18	var.%	dec-19	dec-18	var.%	dec-19	dec-18	var.%	dec-19dec-18	dec-19	dec-18	var.%
Net premiums	7,822	7,593	3.0	5,440	3,876	40.4	13,262	11,469	15.6	0	0	0.0	0	0		0	0		0	0	13,262	11,469	15.6
Net fees and com mis sions	-2	-1	n.s.	16	18	-11.5	13	17	-20.4	0	0	0.0	8	7	4.2	0	0		-8	-8	13	16	-19.8
Financial incom e/expens e (excl. Ass ets/ liabilities at fair
value) (**)	651	441	47.7	1,198	1,639	-26.9	1,849	2,080	-11.1	0	0	-10.0	301	-54	n.s.	-33	-40	17.0	-13	-17	2,104	1,969	6.8
Net interest	312	356		1,065	1,116		1,377	1,471		0	0		-49	-78		-5	-6		0	0	1,323	1,387
Other income and expenses	339	58		94	56		433	114		0	0		276	-9		14	15		-13	-17	709	103
Realised gains and losses	1	113		69	476		70	588		0	0		101	31		0	1		0	0	171	620
Unrealised gains and losses	-1	-85		-30	-8		-31	-94		0	0		-27	2		-42	-50		0	0	-100	-142
Net charges relating to claims	-5,070	-4,965	2.1	-6,097	-4,602	32.5	-11,167	-9,568	16.7	0	0	0.0	0	0		0	0		0	0	-11,167	-9,568	16.7
Operating expens es	-2,254	-2,146	5.0	-244	-241	1.2	-2,498	-2,388	4.6	0	0	0.0	-191	-132	44.3	-22	-22	0.1	20	28	-2,692	-2,514	7.1
Commissions and other acquisition costs	-1,751	-1,687	3.8	-113	-109	3.6	-1,864	-1,797	3.8	0	0	0.0	0	0		0	0		1	0	-1,864	-1,796	3.8
Other expenses	-503	-459	9.6	-131	-132	-0.8	-634	-591	7.2	0	0	0.0	-191	-132	44.3	-22	-22	0.1	19	28	-828	-718	15.3
Other income / expens e	-246	-192	-28.3	-87	-68	-28.6	-333	-259	-28.4	0	0	0.0	92	74	23.7	6	1	n.s.	1	-3	-234	-187	-24.7
Pre-tax profit (loss)	901	730	23.5	226	621	-63.7	1,127	1,351	-16.6	0	0	-10.0	209	-104	n.s.	-49	-61	20.3	0	0	1,287	1,185	8.6
Incom e tax	-164	-194	-15.4	-59	-87	-32.3	-223	-281	-20.6	0	0	0.0	18	18	-3.8	5	10	-53.4	0	0	-201	-252	-20.5
Profit (loss ) on discontinued operations										0	-305										0	-305
Consolidated profit (loss) for the period	737	536	37.5	166	534	-68.8	904	1,070	-15.5	0	-305	n.s.	227	-86	n.s.	-44	-51	13.4	0	0	1,087	628	73.0
Profit (loss) attrib utab le to the owners of the Parent																					903	401
Profit (loss) attrib utab le to non-controlling interests																					184	227

(*) Real Estate b usiness only includes real estate companies controlled b y the Group

(**) Excluding assets/liab ilities at fair value related to contracts issued b y insurance com panies with investm ent risk b orne b y custom ers and arising from pension fund management

Unipol Gruppo S.p.A.

PRESS RELEASE

Balance Sheet by Business Segment

Amounts in €m

		Non-Life Business	Life Business	Banking Business	Holdings/Other Businesses	Real Estate Business (*)	Intersegment Elimination	Total
		31/12/2019	31/12/2018	31/12/2019	31/12/2018	31/12/2019	31/12/2018	31/12/2019	31/12/2018	31/12/2019	31/12/2018	31/12/2019	31/12/2018	31/12/2019	31/12/2018
1	INTANGIBLE ASSETS	1,595.9	1,523.6	401.7	416.1	0.0	0.0	14.5	15.5	0.0	0.1	0.0	0.0	2,012.1	1,955.3
2	TANGIBLE ASSETS	1,595.9	990.0	74.5	76.0	0.0	0.0	198.9	214.5	615.0	606.9	0.0	0.0	2,484.2	1,887.4
3	TECHNICAL PROVISIONS - REINSURERS' SHARE	950.0	932.9	39.7	49.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	989.6	982.0
4	INVESTMENTS	15,697.0	14,485.7	47,476.0	41,750.2	0.0	0.0	1,955.6	1,193.8	782.0	593.1	-793.7	-479.8	65,116.9	57,543.0
4.1	Inves tment property	1,189.3	1,372.5	6.5	4.2	0.0	0.0	35.7	34.0	759.5	586.1	0.0	0.0	1,991.1	1,996.7
4.2	Inves tments in subsidiaries, associates and joint ventures	494.3	70.1	3.4	3.6	0.0	0.0	505.8	0.8	0.0	0.0	0.0	0.0	1,003.4	74.5
4.3	Held-to-maturity inves tments	83.0	57.2	371.6	402.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	454.6	459.6
4.4	Loans and receivables	2,029.7	1,908.2	2,672.0	2,478.8	0.0	0.0	91.9	0.2	0.0	7.0	-787.0	-473.1	4,006.6	3,921.0
4.4bis	Financial ass ets at am ortised cos t	0.0	0.0	0.0	0.0	0.0	0.0	516.1	490.1	0.0	0.0	0.0	0.0	516.1	490.1
4.5	Available-for-sale financial ass ets	11,724.9	10,967.7	36,848.8	32,477.9	0.0	0.0	30.6	0.3	22.5	0.0	-6.7	-6.7	48,620.0	43,439.2
4.5bis	Financial ass ets at fair value through OCI	0.0	0.0	0.0	0.0	0.0	0.0	689.5	663.3	0.0	0.0	0.0	0.0	689.5	663.3
4.6	Financial ass ets at fair value through profit or loss	175.9	110.2	7,573.6	6,383.3	0.0	0.0	86.1	5.0	0.0	0.0	0.0	0.0	7,835.6	6,498.5
5	SUNDRY RECEIVABLES	2,428.5	2,251.4	695.4	576.1	0.0	0.0	231.7	209.1	8.4	18.1	-180.0	-292.7	3,184.0	2,762.2
6	OTHER ASSETS	805.5	884.5	88.5	140.4	0.0	11,492.1	404.1	476.5	124.9	121.8	-115.0	-928.9	1,308.0	12,186.3
6.1	Deferred acquisition cos ts	42.1	42.6	59.1	55.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	101.2	98.1
6.2	Other as sets	763.4	841.8	29.3	84.9	0.0	11,492.1	404.1	476.5	124.9	121.8	-115.0	-928.9	1,206.8	12,088.2
7	CASH AND CASH EQUIVALENTS	285.7	335.5	354.3	528.6	0.0	0.0	338.4	1,241.1	28.6	107.1	0.0	-1,947.7	1,007.0	264.6
	TOTAL ASSETS	23,358.5	21,403.6	49,130.0	43,536.5	0.0	11,492.1	3,143.3	3,350.5	1,558.9	1,447.1	-1,088.7	-3,649.1	76,101.9	77,580.8
1	EQUITY													8,304.6	6,326.7
2	PROVISIONS	403.4	322.7	20.1	18.4	0.0	0.0	48.9	11.1	4.5	4.8	0.0	0.0	476.9	357.1
3	TECHNICAL PROVISIONS	15,067.2	15,211.8	42,500.2	38,011.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	57,567.3	53,223.3
4	FINANCIAL LIABILITIES	2,133.5	1,581.0	3,718.9	3,374.2	0.0	0.0	2,481.1	2,236.9	231.9	328.7	-793.3	-599.0	7,772.0	6,921.7
4.1	Financial liabilities at fair value through profit or loss	65.6	71.6	2,848.8	2,467.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2,914.4	2,539.3
4.2	Other financial liabilities	2,067.9	1,509.4	870.1	906.5	0.0	0.0	2,481.1	2,236.9	231.9	328.7	-793.3	-599.0	4,857.7	4,382.4
5	PAYABLES	880.6	708.8	168.9	169.2	0.0	0.0	110.6	818.6	35.0	27.4	-182.4	-919.5	1,012.6	804.4
6	OTHER LIABILITIES	733.5	647.2	282.9	96.5	0.0	11,273.6	50.2	40.3	14.8	20.5	-113.0	-2,130.5	968.4	9,947.6
	TOTAL EQUITY AND LIABILITIES													76,101.9	77,580.8

(*) Real Estate b usiness only includes real estate companies controlled b y the Group

Unipol Gruppo S.p.A.

PRESS RELEASE

Balance sheet Asset - Unipol Gruppo S.p.A.

Amounts in €

ASSETS		31.12.2019	31.12.2018
A ) S UB S C R IB E D C A P IT A L, UN P A ID
- o f which called
B ) F IX E D A S S E T S
I	Intangible assets
	4)	Co ncessio ns, licences, trademarks and similar rights	1,543,651		2,310,987
T o t a l			1,5 4 3 ,6 5 1		2 ,3 10 ,9 8 7
II	P ro perty, plant and equipment
	2)	P lant and equipment	14,023		33,351
	4)	Other assets	615,553		727,566
T o t a l			6 2 9 ,5 7 6		7 6 0 ,9 17
III	Financial fixed assets
	1)	Investments in:
		a) subsidiaries	7,014,371,939		6,193,813,086
		b) asso ciates	223,311,650
		d-bis) o ther co mpanies			119,159,639
		T o t a l inv e s t m e nt s		7 ,2 3 7 ,6 8 3 ,5 8 9		6 ,3 12 ,9 7 2 ,7 2 5
	2)	Receivables:
		a) fro m subsidiaries		133,307,218		149,560,685
		- o f which payable within 12 mo nths	50,779,831
		d-bis) fro m o thers		19,751		226,615
		- o f which payable within 12 mo nths	19,751		50,783
		T o t a l re c e iv a ble s		13 3 ,3 2 6 ,9 6 9		14 9 ,7 8 7 ,3 0 0
	3)	Other securities		4,875,891		550,625,973
T o t a l			7 ,3 7 5 ,8 8 6 ,4 4 9		7 ,0 13 ,3 8 5 ,9 9 9
T O T A L F IX E D A S S E T S		7 ,3 7 8 ,0 5 9 ,6 7 6		7 ,0 16 ,4 5 7 ,9 0 3
C ) C UR R E N T A S S E T S
II	Receivables
	1)	fro m custo mers		368,021		21,630
	2)	fro m subsidiaries		91,354,941		11,636,710
	3)	fro m asso ciates		142,356
	5 -	bis) tax receivables		31,068,920		79,153,535
		- o f which payable after 12 mo nths	4,872,419		78,600,872
	5 -	ter) deferred tax assets		363,785,634		455,224,765
		- o f which payable after 12 mo nths	363,785,634		455,224,765
	5)	quater) fro m o thers		617,396		898,095
		- o f which payable after 12 mo nths	72,538
T o t a l			4 8 7 ,3 3 7 ,2 6 8		5 4 6 ,9 3 4 ,7 3 5
III	Current financial assets
	1)	Investments in subsidiaries		1,360,592		128,565,357
	6)	Other securities		434,082,501		21,487,127
T o t a l			4 3 5 ,4 4 3 ,0 9 3		15 0 ,0 5 2 ,4 8 4
IV	Cash and cash equivalents
	1)	B ank and po st o ffice depo sits		258,141,960		1,092,700,544
		- o f which fro m asso ciates	258,128,721
		- o f which fro m subsidiaries			1,092,646,122
	3)	Cash at bank and in hand		14,350		13,948
T o t a l			2 5 8 ,15 6 ,3 10		1,0 9 2 ,7 14 ,4 9 2
T O T A L C UR R E N T A S S E T S		1,18 0 ,9 3 6 ,6 7 1		1,7 8 9 ,7 0 1,7 11
D ) A C C R UA LS A N D D E F E R R A LS
1)	A ccruals		890,254		2,473,906
2)	Deferrals		605,813		424,328
T O T A L A C C R UA LS A N D D E F E R R A LS		1,4 9 6 ,0 6 8		2 ,8 9 8 ,2 3 4
T O T A L A S S E T S		8 ,5 6 0 ,4 9 2 ,4 15		8 ,8 0 9 ,0 5 7 ,8 4 8

PRESS RELEASE

Balance sheet Liabilities - Unipol Gruppo S.p.A.

Amounts in €

LIABILITIES	31.12.2019	31.12.2018
A ) S H A R E H O LD E R S ' E Q UIT Y
I	Share capital		3,365,292,408		3,365,292,408
II	Share premium reserve		1,345,677,187		1,435,734,955
IV	Legal reserve		673,058,482		583,000,714
VI	Other reserves		518,350		63,367,158
	- Extrao rdinary reserve	518,350		63,367,158
IX	P ro fit (lo ss) fo r the year		283,535,905		66,223,514
X	Negative reserve fo r treasury shares		-1,175,650		-2,026,637
T O T A L S H A R E H O LD E R S ' E Q UIT Y		5 ,6 6 6 ,9 0 6 ,6 8 2		5 ,5 11,5 9 2 ,112
B ) P R O V IS IO N S F O R R IS KS A N D C H A R G E S
3)	Financial derivative liabilities				426,537,876
4)	Other		36,692,813		7,162,796
T O T A L P R O V IS IO N S F O R R IS KS A N D C H A R G E S		3 6 ,6 9 2 ,8 13		4 3 3 ,7 0 0 ,6 7 2
C ) P O S T - E M P LO Y M E N T B E N E F IT S		3 7 ,7 9 0		3 7 ,3 0 4
D ) P A Y A B LE S
1)	B o nds		1,819,700,445		1,811,029,198
	- o f which payable after 12 mo nths	1,819,700,445		1,811,029,198
5)	P ayables to o ther lenders		515,186		515,186
7)	Trade payables		2,855,931		6,116,136
9)	P ayables to subsidiaries		974,352,623		1,027,911,424
	- o f which payable after 12 mo nths	300,550,750
10)	P ayables to asso ciates		6,589,720
12)	Tax payables		31,353,903		738,069
13)	So cial security charges payable		474,935		543,616
14)	Other payables		21,012,387		16,874,132
T O T A L P A Y A B LE S		2 ,8 5 6 ,8 5 5 ,13 0		2 ,8 6 3 ,7 2 7 ,7 5 9
T O T A L LIA B ILIT IE S		8 ,5 6 0 ,4 9 2 ,4 15		8 ,8 0 9 ,0 5 7 ,8 4 8

PRESS RELEASE

Income Statement - Unipol Gruppo S.p.A. (1 of 2)

Amounts in €

		31.12.2019	31.12.2018
A) VALUE OF PRODUCTION
1)	Revenue from sales and services	749,135
5)	Other revenue and income
	b) sundries	20,661,659	18,806,981
	Total other revenue and income	20,661,659	18,806,981

TOTAL VALUE OF PRODUCTION	21,410,794	18,806,981
B) COSTS OF PRODUCTION
6)	Raw materials, consumables and goods for resale	174,729	201,011
7)	Services	15,679,288	18,892,119
8)	Use of third party assets	1,311,259	1,275,574
9)	Personnel:
	a) w ages and salaries	22,801,836	21,207,754
	b) social security expenses	4,016,563	3,564,254
	c) post-employment benefits	594,475	623,701
	e) other costs	2,243,015	1,731,806
	Total personnel	29,655,889	27,127,515
10)	Amortisation, depreciation and w rite-dow ns:
	a) amortisation of intangible assets	781,659	950,307
	b) depreciation of property, plant and equipment	131,341	215,652
	Total amortisation, depreciation and w rite-dow ns	913,000	1,165,959
12)	Provisions for risks	743,613	2,344,883
14)	Sundry operating expenses	43,538,250	6,374,909
TOTAL COSTS OF PRODUCTION	92,016,027	57,381,970
DIFFERENCE BETWEEN VALUE AND COSTS OF PRODUCTION (A-B)	-70,605,233	-38,574,990

PRESS RELEASE

Income Statement - Unipol Gruppo S.p.A. (2 of 2)

Amounts in €

C) FINANCIAL INCOME AND CHARGES
15)	Gains on investments:
	a) in subsidiaries	344,032,307		447,342,286
	d) in other companies	5,745,277		4,733,294
	Total gains on investments		349,777,583		452,075,580
16)	Other financial income:
	a) from receivables recognised under fixed assets		4,304,337		5,102,791
		1) from subsidiaries	4,304,172		5,102,529
		4) from others	166		262
	b)	from securities held as fixed assets		53,131,742		2,592,900
	c) from securities recognised under current assets		10,245,281		4,955,771
	d) other income		169,336		95,802
		1) from subsidiaries			12,034
		4) from others	169,336		83,768
	Total other financial income		67,850,696		12,747,264
17)	Interest and other financial charges:
	a) subsidiaries	14,746,255		15,139,156
	b) associates	56,246
	d) others	73,489,427		76,073,341
	Total interest and other financial charges		88,291,928		91,212,497
17-bis) Exchange gains (losses)		4,618		12,047
TOTAL FINANCIAL INCOME AND CHARGES		329,340,969		373,622,394
D) VALUE ADJUSTMENTS TO FINANCIAL ASSETS
18)	Write-ups:
	c)	of securities recognised under current assets	3,155,660
	Total w rite-ups		3,155,660
19) Write-dow ns:
	a)	of investments	861		195,872,370
	c)	of securities recognised under current assets	353,739		6,802,838
	d)	of financial derivative instruments			87,289,491
	Total w rite-dow ns		354,600		289,964,699
TOTAL ADJUSTMENTS		2,801,060		-289,964,699
PRE-TAX PROFIT (LOSS)		261,536,797		45,082,705
20)	Income tax for the year: current and deferred
	a)	Current taxes	-5,770,613		-21,373,535
	b)	Taxes related to prior years	-7,763,018		18,761
	c -	bis) Deferred tax assets	-8,465,478		213,965
	Total income tax for the year		-21,999,109		-21,140,810
PROFIT (LOSS) FOR THE YEAR		283,535,905		66,223,514