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This document has been prepared by Unipol Gruppo S.p.A. and by UnipolSai Assicurazioni S.p.A. solely for information purposes in the context of the presentation of its FY19 results.
Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and UnipolSai Assicurazioni S.p.A., declares, in accordance with Article 154-bis, para 2, of the 'Consolidated Finance Act', that the accounting information reported in this document corresponds to the document contents, books and accounting records.
The content of this document does not constitute a recommendation in relation to any financial instruments issued by the companies or by other companies of the Group, nor it constitutes or forms part of any offer or invitation to sell, or any solicitation to purchase any financial instruments issued by the companies or by other companies of the Group, nor it may be relied upon for any investment decision by its addressees.
Unless otherwise specified:
- all figures reported in this presentation refer to the Unipol Group
- FY18 and FY19 figures and variations are reported on the basis of the current perimeter.
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1 | 2 |
FY19 | Appendix |
Consolidated Results |
4
1
FY19
Consolidated Results
5
FY19 Consolidated Results
€m
UNIPOL | UNIPOLSAI | ||||||
FY18 | FY19 | FY18 | FY19 | ||||
Consolidated pre-tax result | 860 | 962 | Consolidated pre-tax result | 964 | 969 | ||
Non-Life | 727 | 810 | Non-Life | 729 | 782 | ||
Life | 299 | 236 | Life | 300 | 239 | ||
Holding and other | -166 | -84 | Other | -66 | -52 | ||
Consolidated net result | 613 | 732 | +19.5% | Consolidated net result | 699 | 721 | +3.2% |
Group net result | 440 | 569 | +29.2% | Group net result | 652 | 694 | +6.4% |
Ref. p. 6 for details on normalisation
The FY18 normalised results stated above are different from those reported in the FY18 presentation because they do not include Unipol Banca
FY19 Consolidated Results
€m
UNIPOL
FY18 FY19
Consolidated Net Result
Normalised | 613 | 732 | Normalised |
gain on Pop. Vita sale | +309 | +421 | BPER 1st consolid. impact |
Unipol Banca write-down | -338 | ||
perimeter normalisation a | +45 | -66 | solidarity fund |
Actual | 628 | 1,087 | Actual |
Group Net Result
Normalised | 440 | 569 | Normalised |
gain on Pop. Vita sale | +249 | +387 | BPER 1st consolid. impact |
Unipol Banca write-down | -328 | ||
perimeter normalisation a | +40 | -54 | solidarity fund |
Actual | 401 | 903 | Actual |
6
UNIPOLSAI
FY18 FY19
Consolidated Net Result
Normalised | 699 | 721 | Normalised |
gain on Pop. Vita sale | +309 | ||
Unipol Banca write-down | -50 | ||
perimeter normalisation a | -10 | -66 | solidarity fund |
Actual | 948 | 655 | Actual |
Group Net Result
Normalised | 652 | 694 | Normalised |
gain on Pop. Vita sale | +309 | ||
Unipol Banca write-down | -50 | ||
perimeter normalisation a | -6 | -66 | solidarity fund |
Actual | 905 | 628 | Actual |
- Perimeter normalisation refers to Popolare Vita, Arca and Unipol Banca results
FY19 Consolidated Results
€m
Direct Premium Income
7,953 8,167 +2.7%
4,183 | 4,178 | -0.1% |
3,770 3,989 +5.8%
FY18 FY19
Motor Non-Motor
Premiums by Business Line
€m | % | Var% | |
Mobility | 4,492 | 55% | +0.8% |
Motor | 4,178 | 51% | -0.1% |
Other | 314 | 4% | +15.6% |
Welfare | 1,431 | 18% | +7.0% |
Health | 735 | 9% | +11.2% |
Accident | 696 | 9% | +2.9% |
Property | 2,244 | 27% | +3.8% |
Property | 1,211 | 15% | +3.0% |
General TPL | 727 | 9% | +3.7% |
Other | 306 | 4% | +7.2% |
Total | 8,167 | 100% | +2.7% |
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Premiums by Company
€m | % | Var% | |
UnipolSai S.p.A. | 6,990 | 86% | +1.3% |
UniSalute | 448 | 5% | +9.3% |
Linear | 184 | 2% | +2.4% |
Incontra | 185 | 2% | +35.8% |
Arca Assicurazioni | 136 | 2% | +13.1% |
Siat, DDOR & PA | 223 | 3% | +7.0% |
Total | 8,167 | 100% | +2.7% |
Premiums by Distribution Channel
€m | % | Var% | ||
Agents | 6,584 | 81% | +0.8% | |
Brokers/head off. | 984 | 12% | +9.6% | |
Bancassurance | 321 | 4% | +25.2% | |
Direct and other | 277 | 3% | +4.1% | |
Total | 8,167 | 100% | +2.7% |
Operating figures
FY19 Consolidated Results
Net of Reinsurance
94.2%94.2%
27.4%27.9%
66.8%66.3%
3.9%4.1%
FY18FY19
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Direct Business
94.4%
93.7%
27.2%
27.7%
67.2%66.1%
4.5%6.0%
FY18FY19
Expense ratio | Loss ratio | Atm. Events |
Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums after reinsurance
Combined ratio direct business: operating expenses/written premiums from direct business (before reinsurance) + claims charges /earned premiums from direct business (after reinsurance) Operating figures
FY19 Consolidated Results
Motor TPL Combined Ratio Direct Business
95.4% 95.6%
21.8% 22.7%
73.7% 72.9%
FY18 FY19
Expense ratio | Loss ratio |
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Key Figures
Motor TPL | var. vs FY18 |
Total portfolio | +0.3% |
Portfolio average premium | -1.7% |
N. of claims reported a | -0.5% |
Frequency | -0.03 p.p. |
Bodily injury/Tot. followed-up claims | -0.6 p.p. |
Motor and General TPL | FY18 | FY19 |
% savings on settled claims b | ||
Motor TPL | 46.2% | 47.5% |
General TPL | 66.8% | 66.5% |
- Followed-upmanaged claims
- Savings on settled claims of previous years / amount provisioned Operating figures
FY19 Consolidated Results
€m
Direct Premium Income
5,847 +36.2%
4,292
FY18 FY19
Premiums by Company
€m | % | var% | |
UnipolSai S.p.A. | 4,080 | 70% | +30.4% |
Arca Vita + AVI | 1,676 | 29% | +55.6% |
Other companies | 91 | 2% | +6.3% |
Total | 5,847 | 100% | +36.2% |
Operating figures
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Premiums by Line of Business
€m | % | var% | |
Traditional | 3,723 | 64% | +36.3% |
Unit linked | 375 | 6% | -25.2% |
Pension funds | 1,268 | 22% | +91.3% |
Capitalization | 481 | 8% | +21.3% |
Total | 5,847 | 100% | +36.2% |
Premiums by Distribution Channel
€m | % | var% | |
Agents | 1,967 | 34% | +23.7% |
Bancassurance/Fin. advisors | 1,957 | 33% | +40.1% |
Pension funds | 1,201 | 21% | +101.4% |
Brokers/Head office | 706 | 12% | +3.0% |
Other | 17 | 0% | -27.9% |
Total | 5,847 | 100% | +36.2% |
FY19 Consolidated Results
Segregated Accounts and Minimum Guaranteed Yields
3.36%
FY18
1.45%1.91%
3.44%
FY19
1.25%2.19%
avg. segregated accounts yield avg. minimum guaranteed yield
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Technical Reserves by Minimum Guaranteed a
FY18 | FY19 | |||
Min. guar. yield | €bn | % | €bn | % |
0%-1% | 14.2 | 45% | 17.6 | 54% |
1%-2% | 9.2 | 29% | 7.5 | 23% |
2%-3% | 6.0 | 19% | 5.4 | 17% |
>3% | 2.3 | 7% | 2.2 | 7% |
Total | 31.7 | 100% | 32.7 | 100% |
- Class 1 and Class 5 technical reserves Operating figures
FY19 Consolidated Results
Total Investments 58.0 €bn
Equity and funds 3.8% Other 1.4%
Cash 1.6%
Real Estate | 7.5% |
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Financial Investment Yields
Non-Life | Life | Total | ||||||||
€m | Yield | €m | Yield | €m | Yield | |||||
Coupons and | 391 | 3.2% | 1,178 | 3.4% | 1,579 | 3.3% | ||||
dividends | ||||||||||
Realized/unrealized | 74 | 0.6% | 40 | 0.1% | 172 | 0.4% | ||||
gains/losses | ||||||||||
Total | 465 | 3.7% | 1,218 | 3.6% | 1,752 | 3.7% |
Corporate 23.5%
50.1% Italian
bonds | govies |
12.2%
Non-Italian
Govies
Total bonds 85.8%
Total Investments Duration (years) | |||||
Non-Life | Life | Total | |||
Assets | 3.7 | 7.4 | 6.2 | ||
Liabilities | 2.8 | 8.8 | 7.0 | ||
Mismatch | +1.5 | -0.8 | -0.2 | ||
Market value Operating figures
FY19 Consolidated Results
Total Portfolio 4.0 €bn
Development of RE Portfolio (€m)
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Breakdown by Cluster | Breakdown by Sector |
FY18 Book Value
investments
purchases
sales a
depreciation
3,983
+135
+84
-127
-76
6% | 5% | 5% | 5% | ||||
Core | |||||||
8% | Non-Life | ||||||
12% | Core instrum. | ||||||
Real Estate | |||||||
46% | Development | 37% | 53% | Other | |||
Trading | |||||||
28% | Life | ||||||
Land and Equivalent | |||||||
net write-downs
other
FY19
Book Value
-29
-18
3,950
4.3 €bn FY19 Market Value
Breakdown by Use
4% 2% | 1% | Offices | |
4% | Hotel | ||
9% | Residential | ||
9% | 51% | Land | |
Other RE investm. | |||
20% | Condos and ind. | ||
Health centres | |||
Commercial |
Breakdown by Area
1% | |||
1% | Milan | ||
8% | |||
8% | Other | ||
10% | 40% | Bologna | |
Florence | |||
15% | Rome | ||
18% | Turin | ||
Non-domestic | |||
- N. 118 deeds as at 31 December 2019 Operating figures
FY19 Consolidated Results
€m | Incl. the portfolio acquired | ||||||
from BPER a 1.2 €bn loans | |||||||
NPEs Stock | |||||||
FY18 | FY19 | ||||||
Gross loans | 2,590 | 3,465 | |||||
Net loans | 490 | 516 | |||||
Coverage ratio | 81% | 85% | |||||
NPEs Collection | |||||||
FY18 | FY19 | ||||||
Collections | 95 | 110 | |||||
NPEs reduction (GBV) | 311 | 366 | |||||
Collections/GBV | 31% | 30% | |||||
Net Result | |||||||
FY18 | FY19 | ||||||
Net result | 7 | 12 | |||||
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Portfolio | 47% | ||
Breakdown | Secured loans | ||
53% | Unsecured loans | ||
14% | |
Collections | 7% |
Breakdown | Secured loans | ||
86% | Unsecured loans | ||
- On 31 July 2019
FY19 Consolidated Results
€m
UNIPOL
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UNIPOLSAI
DPS (€)
Total dividends
0.180 | 0.280 | +56% |
201 | ||
129 | ||
FY18 | FY19 |
DPS (€)
Total dividends
0.145 | 0.160 | +10% |
410 | 453 | |
FY18 | FY19 |
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FY19 Consolidated Results
€bn
UNIPOL (consolidated) - Partial internal model | UNIPOLSAI (consolidated) - Economic capital |
2.52x | +50 p.p. |
1.82x | +19 p.p. | ||||||||||||||||
3.3 | |||||||||||||||||
4.3 | |||||||||||||||||
7.7 | 8.4 | ||||||||||||||||
3.5 | 5.0 | ||||||||||||||||
Own Funds | SCR | Excess a | Ratio | Own Funds | SCR | Excess a | Ratio |
UNIPOLSAI (solo) - Partial internal model
2.84x | +31 p.p. |
2.9
8.3
5.3
Own Funds | SCR | Excess a | Ratio |
- Eligible Own Funds in excess of Solvency Capital Requirements
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FY19 Consolidated Results
€m
UNIPOL (consolidated) - Partial Internal Model | UNIPOLSAI (consolidated) - Economic Capital | UNIPOLSAI (solo) - Partial Internal Model |
8,399 | 8,399 | 8,259 | 8,259 | ||
7,748 | 7,748 | 20 | |||
18 | 1,117 | 1,117 | |||
986 | |||||
3,497 | 5,065 | ||||
5,347 | |||||
5,297 | 7,190 | 7,141 | |||
3,438 | |||||
3,328 | 2,911 | ||||
1,448 | 813 | ||||
71 | 6 | ||||
Own funds | SCR and Excess | Own funds | SCR and Excess | Own funds | SCR and Excess |
OF Fin. | SCR Fin. | OF Fin. | SCR Fin. | OF Tier 1 | SCR Ins. |
OF Tier 1 | SCR Ins. | OF Tier 1 | SCR Ins. | OF Tier 2 | Excess a |
OF Tier 2 | Excess a | OF Tier 2 | Excess a | ||
OF Tier 3 | OF Tier 3 |
- Eligible Own Funds in excess of Solvency Capital Requirements
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2
Appendix
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Appendix
€m
UNIPOL | FY18 | FY19 |
Premium income a | ||
12,349 | 14,014 | |
Non-Life | 7,953 | 8,167 |
Life | 4,396 | 5,847 |
Combined Ratio b | 94.2% | 94.2% |
Consolid. Net Result | 628 | 1,087 |
Group Net Result | 401 | 903 |
EPS (€) | 0.56 | 1.26 |
Cons. Net Result (norm.) | 613 | 732 |
Group Net Result (norm.) | 440 | 569 |
EPS (norm., €) | 0.61 | 0.79 |
Dividends | 129 | 201 |
DPS (€) | 0.180 | 0.280 |
Total Equity | 6,327 | 8,305 |
Shareholders' Equity | 5,032 | 6,687 |
BVPS (€) | 7.01 | 9.32 |
UNIPOLSAI | FY18 | FY19 |
Premium income a | ||
11,718 | 14,014 | |
Non-Life | 7,892 | 8,167 |
Life | 3,826 | 5,847 |
Combined Ratio b | 94.3% | 94.2% |
Consolid. net result | 948 | 655 |
Group net result | 905 | 628 |
EPS (€) | 0.32 | 0.22 |
Cons. Net Result (norm.) | 699 | 721 |
Group Net Result (norm.) | 652 | 694 |
EPS (norm., €) | 0.23 | 0.25 |
Dividends | 410 | 453 |
DPS (€) | 0.145 | 0.160 |
Total Equity | 5,697 | 7,153 |
Shareholders' Equity | 5,448 | 6,878 |
BVPS (€) | 1.93 | 2.43 |
- Direct business. b Net of reinsurance Ref. p. 6 for details on normalisation
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Adriano Donati
Head of Investor Relations
investor.relations@unipol.it
investor.relations@unipolsai.it
Giancarlo Lana | Tel +39 011 654 2088 |
Eleonora Roncuzzi | Tel +39 051 507 7063 |
Carlo Latini | Tel +39 051 507 6333 |
Giuseppe Giuliani | Tel +39 051 507 7218 |
Silvia Tonioli | Tel +39 051 507 2371 |
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Unipol Gruppo Finanziario S.p.A. published this content on 20 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2020 06:47:12 UTC