Unipolsai

Capital/Financing Update • Mar 8, 2024

Informazione Regolamentata n. 0230-34-2024	Data/Ora Inizio Diffusione 8 Marzo 2024 11:58:01		Euronext Milan
Societa'	:	UNIPOLSAI
Identificativo Informazione Regolamentata	:	187084
Utenza - Referente	:	UNIPOLSAIN10 - Nerdi
Tipologia	:	3.1
Data/Ora Ricezione	:	8 Marzo 2024 11:58:01
Data/Ora Inizio Diffusione	:	8 Marzo 2024 11:58:00
Oggetto	:	Comunicato stampa UnipolSai - Fitch migliora il rating del Restricted Tier 1 di UnipolSai
Testo del comunicato

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FITCH MIGLIORA IL RATING DEL RESTRICTED TIER 1 DI UNIPOLSAI

Bologna, 8 marzo 2024

UnipolSai Assicurazioni S.p.A. comunica che l'Agenzia di Rating Fitch ha alzato il rating del Restricted Tier 1 (XS2249600771) da BB a BB+.

Il miglioramento del Rating avviene nel contesto di un aggiornamento della metodologia di Fitch Ratings che ha rivisto la sua valutazione su alcune tipologie di emissioni subordinate principalmente di assicurazioni e riassicurazioni europee.

Si allega il testo integrale del comunicato stampa emesso dall'agenzia Fitch Ratings.

UnipolSai Assicurazioni

UnipolSai Assicurazioni S.p.A. è la compagnia assicurativa del Gruppo Unipol, leader in Italia nei rami Danni, in particolare nei settori Auto e Salute. Attiva anche nei rami Vita, UnipolSai conta un portafoglio di oltre 10 milioni di clienti e occupa una posizione di preminenza nella graduatoria nazionale dei gruppi assicurativi per raccolta diretta pari a 15,1 miliardi di euro, di cui 8,7 miliardi nei Rami Danni e 6,4 miliardi nei Rami Vita (dati 2023). La compagnia opera attraverso la più grande rete agenziale d'Italia, forte di oltre 2.300 agenzie assicurative distribuite sul territorio nazionale. UnipolSai è attiva inoltre nell'assicurazione auto diretta (Linear Assicurazioni), nell'assicurazione trasporti ed aviazione (Siat), nella tutela della salute (UniSalute), nella previdenza integrativa e presidia il canale della bancassicurazione (Arca Vita e Arca Assicurazioni). Gestisce inoltre significative attività diversificate nei settori immobiliare, alberghiero (Gruppo UNA), medico-sanitario (Santagostino) e agricolo (Tenute del Cerro). UnipolSai Assicurazioni è controllata da Unipol Gruppo S.p.A. e, al pari di quest'ultima, è quotata alla Borsa Italiana.

RATING ACTION COMMENTARY

Fitch Upgrades 27 Insurance Hybrids on Updated Criteria

Thu 07 Mar, 2024 - 12:30 ET

Fitch Ratings - Frankfurt am Main - 07 Mar 2024: Fitch Ratings has upgraded by one notch 26 EU/UK Solvency II (S2) restricted Tier 1 (RT1) and Tier 3 (T3) hybrid debt ratings, as well as a deeply subordinated debt class that forms part of a medium-term note (MTN) programme in Hong Kong. These rating actions across 16 insurance groups follow the publication of Fitch's updated Insurance Rating Criteria on 4 March 2024.

The notching of S2 Tier 2 debt instruments is unaffected. The underlying ratings (Insurer Financial Strength ratings and Issuer Default Ratings (IDRs)) of the issuing entities are also unaffected by today's rating actions.

A full list of rating actions is available below.

KEY RATING DRIVERS

Under the updated criteria, Fitch has revised its assessment of incremental nonperformance risk of certain classes of subordinated securities, primarily issued by European insurers/reinsurers. This reassessment is based on a review of coupon cancellation risk (for S2 RT1 as well as for one class of Tier 1 debt that forms part of Hong Kong-based Prudential Plc's MTN programme) and principal deferral risk (S2 T3), which has resulted in the upgrade by one notch of these hybrid ratings.

For S2 RT1, we now believe the likelihood of regulatory pressure on insurers to defer coupons where the solvency capital requirement (SCR) is maintained above the regulatory minimum is low; for S2 T3, we believe the risk of deferring principal at the maturity redemption date (ie. extension risk) is lower than our prior assessment.

We have reduced our base-case downward notching from an IDR anchor to three from four for S2 RT1 instruments, as well as for Prudential Plc's Tier 1 debt class. The notching now comprises incremental non-performance risk of one notch, reduced from two notches previously, and two notches for recovery prospects, which remain unchanged. Despite the reduced notching for non-performance risk, it remains

consistent with our 'moderate' assessment for non-performance risk for Tier 1 instruments.

Tier 1 notes typically also include a feature whereby they can be fully or partially written down (or converted to equity) under specific trigger events, such as a sustained or significant breach of the SCR. However, the write-down/conversion feature does not affect our rating notching over and above that described above in respect of coupon cancellation. This is unchanged from the prior approach of notching these instruments.

We also no longer apply notching to S2 T3 notes for their mandatory redemption deferral feature that would be triggered if the company is unable to meet its SCR or its minimum capital requirement (MCR). This is because we now assess this feature as leading to 'minimal' non-performance risk, versus 'moderate' previously for which we would have notched down the rating by one level.

Non-performance is one of two components of the notching of debt securities in our criteria. The other is recovery prospects of the instrument upon default. Our assessment of recovery prospects is unchanged for subordinated securities. The baseline recovery assumptions remain 'poor' (minus two notches from the IDR) for S2 RT1 and Prudential Plc's Tier 1 programme notes. For S2 T3, the assumption remains 'poor' where the issuer is a non-operating holding company, and 'below average' (minus one notch) for S2 T3 issued out of operating entities.

RATING SENSITIVITIES

The rating of the notes is subject to the same sensitivities that may affect the issuers' IDRs.

Factors That Could, Individually or Collectively, Lead to Downgrade:

--A downgrade of the IDRs

Factors That Could, Individually or Collectively, Lead to Upgrade:

--An upgrade of the IDRs

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

ESG considerations have remained unchanged since the last rating review for the respective issuers. See the corresponding latest Rating Action Commentary published on www.fitchratings.com for the ESG Relevance Scores. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

RATING ACTIONS

 ENTITY / DEBT	 RATING	 PRIOR
Prudential plc
subordinated	LT BBB Upgrade	BBB
Rothesay Life Plc
subordinated	LT BBB Upgrade	BBB
subordinated	LT A- Upgrade	BBB+
Aviva plc
subordinated	LT A- Upgrade	BBB+
subordinated	LT BBB+ Upgrade	BBB
Bupa Finance Plc
subordinated	LT BBB- Upgrade	BB+

FITCH RATINGS ANALYSTS

Christoph Schmitt

Director Primary Rating Analyst +49 69 768076 121 christoph.schmitt@fitchratings.com Fitch Ratings – a branch of Fitch Ratings Ireland Limited Neue Mainzer Strasse 46 - 50 Frankfurt am Main D-60311

Andras Sasdi, CEFA

Director Primary Rating Analyst +49 69 768076 162 andras.sasdi@fitchratings.com Fitch Ratings – a branch of Fitch Ratings Ireland Limited Neue Mainzer Strasse 46 - 50 Frankfurt am Main D-60311

Jo Mason

Director Primary Rating Analyst

jo.mason@fitchratings.com Fitch Ratings Ltd 30 North Colonnade, Canary Wharf London E14 5GN

Saad Pervaiz

Associate Director Primary Rating Analyst +44 20 3530 1762 saad.pervaiz@fitchratings.com Fitch Ratings Ltd 30 North Colonnade, Canary Wharf London E14 5GN

Alberto Messina

Director Primary Rating Analyst +49 69 768076 234 alberto.messina@fitchratings.com Fitch Ratings – a branch of Fitch Ratings Ireland Limited Neue Mainzer Strasse 46 - 50 Frankfurt am Main D-60311

Rishikesh Sivakumar, CFA

Associate Director Primary Rating Analyst +44 20 3530 2565 rishikesh.sivakumar@fitchratings.com Fitch Ratings Ltd 30 North Colonnade, Canary Wharf London E14 5GN

Ekaterina Ishchenko

Director Primary Rating Analyst +34 91 793 6798 ekaterina.ishchenko@fitchratings.com Fitch Ratings Ireland Spanish Branch, Sucursal en España Paseo de la Castellana 31 9ºB Madrid 28046

Robert Mazzuoli, CFA

Director Primary Rating Analyst +49 69 768076 167 robert.mazzuoli@fitchratings.com Fitch Ratings – a branch of Fitch Ratings Ireland Limited Neue Mainzer Strasse 46 - 50 Frankfurt am Main D-60311

Stella Ng

Senior Director Primary Rating Analyst +852 2263 9615 stella.ng@fitchratings.com Fitch (Hong Kong) Limited 19/F Man Yee Building 60-68 Des Voeux Road Central Hong Kong

Federico Faccio

Senior Director Secondary Rating Analyst +44 20 3530 1394 federico.faccio@fitchratings.com

Manuel Arrive, CFA

Director Secondary Rating Analyst

+33 1 44 29 91 77 manuel.arrive@fitchratings.com

Ekaterina Ishchenko

Director Secondary Rating Analyst +34 91 793 6798 ekaterina.ishchenko@fitchratings.com

Jo Mason

Director Secondary Rating Analyst

jo.mason@fitchratings.com

Rishikesh Sivakumar, CFA

Associate Director Secondary Rating Analyst +44 20 3530 2565 rishikesh.sivakumar@fitchratings.com

Graham Coutts, ACA

Senior Director Secondary Rating Analyst +44 20 3530 1654 graham.coutts@fitchratings.com

Harish Gohil, FIA

Managing Director Secondary Rating Analyst +44 20 3530 1257 harish.gohil@fitchratings.com

Susumu Hatakeyama

Senior Analyst Secondary Rating Analyst +852 2263 9942 susumu.hatakeyama@fitchratings.com

Cynthia Chan Managing Director

Committee Chairperson +44 20 3530 2609 cynthia.chan@fitchratings.com

MEDIA CONTACTS

Athos Larkou London +44 20 3530 1549 athos.larkou@thefitchgroup.com

Pilar Perez Barcelona +34 93 323 8414 pilar.perez@fitchratings.com

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

Insurance Rating Criteria (pub. 04 Mar 2024) (including rating assumption sensitivity)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form Solicitation Status Endorsement Policy

ENDORSEMENT STATUS

Achmea B.V. EU Issued, UK Endorsed ageas SA/NV EU Issued, UK Endorsed Alm. Brand A/S EU Issued, UK Endorsed Athora Netherlands N.V. EU Issued, UK Endorsed Aviva plc UK Issued, EU Endorsed Bupa Finance Plc UK Issued, EU Endorsed CNP Assurances SA EU Issued, UK Endorsed

08/03/24, 10:25 Fitch Upgrades 27 Insurance Hybrids on Updated Criteria Groupama Assurances Mutuelles EU Issued, UK Endorsed Just Group plc UK Issued, EU Endorsed MAPFRE, S.A. EU Issued, UK Endorsed Pension Insurance Corporation PLC UK Issued, EU Endorsed Phoenix Group Holdings plc UK Issued, EU Endorsed Rothesay Life Plc UK Issued, EU Endorsed UnipolSai Assicurazioni S.p.A. EU Issued, UK Endorsed Utmost Group plc UK Issued, EU Endorsed Prudential Funding (Asia) Plc EU Endorsed, UK Endorsed Prudential plc EU Endorsed, UK Endorsed

UNSOLICITED ISSUERS

Aviva plc (Unsolicited)
With Rated Entity or Related Third Party Participation	Yes
With Access to Internal Documents	Yes
With Access to Management	Yes

DISCLAIMER & DISCLOSURES

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SOLICITATION STATUS

The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

UNSOLICITED ISSUERS

ENTITY/SECURITY	ISIN/CUSIP	RATING TYPE	SOLICITATION STATUS
Aviva plc GBP 7 bln EMTN Program - Subordinated Tier 3	-	Long Term Rating	Unsolicited

ENDORSEMENT POLICY

Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.

Fine Comunicato n.0230-34-2024	Numero di Pagine: 14
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