2

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.

3

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

  1. 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%

7

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

8

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

9

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%

  1. Followed-upmanaged claims
  2. 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

10

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

11

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%

  1. 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%

12

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)

13

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

  1. 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

14

Portfolio

47%

Breakdown

Secured loans

53%

Unsecured loans

14%

Collections

7%

Breakdown

Secured loans

86%

Unsecured loans

  1. On 31 July 2019

FY19 Consolidated Results

€m

UNIPOL

15

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

16

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

  1. Eligible Own Funds in excess of Solvency Capital Requirements

17

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

  1. Eligible Own Funds in excess of Solvency Capital Requirements

18

2

Appendix

19

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

  1. Direct business. b Net of reinsurance Ref. p. 6 for details on normalisation

20

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