Unipolsai

Investor Presentation • Feb 10, 2023

FY22 Preliminary Consolidated Results

Bologna – 10 February 2023

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 FY22 preliminary results.

The FY22 data contained herein are preliminary in nature and refer to the date hereof and, therefore, may be subject to further variations. Please note that these preliminary data are subject to review by the Independent Auditors that still have to complete the necessary analysis in order to release their report.

The FY22 final results will be approved by the Board of Directors scheduled on 23 March 2023 and will be disclosed to the market according to, and in the terms set forth by, the applicable laws and regulations.

Luca Zaccherini, 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.

2 2022-2024 1 FY22 Preliminary

Consolidated Results

Strategic Plan Goals Tracking 3

Appendix

2 2022-2024 1 FY22 Preliminary

Consolidated Results

Strategic Plan Goals Tracking 3

Appendix

RESULTS BY SECTOR

€m	FY21 reported	FY22 reported	FY21 norm. a	FY22 norm. b	€m
Consolid. pre-tax result	951	1,108	754	1,101
Non-Life	821	846	722	947
Life	213	273	206	293
Holding and other	-83	-10	-174	-140
Consolidated net result	796	866	514	797
Group net result	627	683	375	605

	FY21 reported	FY22 reported	FY21 norm. c	FY22 norm. d
Consolid. pre-tax result	895	920	853	1,119
Non-Life	752	711	730	889
Life	218	275	210	295
Other	-75	-65	-87	-65
Consolidated net result	723	651	596	789
Group net result	688	597	561	733

^a Excluding the following items: (i) finalisation of the settlement agreement regarding the corporate liability action against former directors and statutory auditors, (ii) goodwill and real estate tax values realignment, (iii) badwill accounted by BPER in relation to the banking branches acquired from UBI Banca and Banca Intesa Sanpaolo

^b Excluding (i) the badwill accounted by Unipol in relation to the increase of its stake in BPER, (ii) the badwill recognized by BPER on the acquisition of Banca Carige and (iii) the employee solidarity fund

^c Excluding the following items: (i) finalisation of the settlement agreement regarding the corporate liability action against former directors and statutory auditors, (ii) goodwill and real estate tax values realignment ^d Excluding the employee solidarity fund

FY22 PRELIMINARY CONSOLIDATED RESULTS > NORMALISED VS. REPORTED RESULTS

€m

6

FY22 PRELIMINARY CONSOLIDATED RESULTS > NON-LIFE PREMIUMS - DIRECT BUSINESS

Breakdown by Ecosystem

	€m	%	var%
Mobility	4,237	51	+1.8
Motor	3,888	47	+1.3
Other	350	4	+7.4
Welfare	1,650	20	+11.0
Health	931	11	+17.3
Accident	718	9	+3.8
Property	2,417	29	+5.4
Fire & Other dam. to prop.	1,322	16	+3.5
General TPL	771	9	+6.7
Other	324	4	+10.5
Total	8,304	100	+4.5

Breakdown by Market Segment

	Total	Mobility	Welfare	Property
Retail & SMEs	81%	45%	12%	24%
Corporate	19%	6%	8%	5%
Total	100%

Breakdown by Company

	€m	%	var%
UnipolSai	6,883	83	+2.4
UniSalute	574	7	+10.6
Linear	193	2	+3.8
Arca Assicurazioni	245	3	+29.1
Siat	152	2	+20.3
Incontra	154	2	+41.4
DDOR	103	1	+11.7
Total	8,304	100	+4.5

Breakdown by Distribution Channel

	Total	Mobility	Welfare	Property
Agents	78%	44%	10%	24%
Bancassurance	5%	1%	3%	1%
Other	17%	7%	7%	4%
Total	100%

Operating figures

FY22 PRELIMINARY CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO

Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges (incl. OTI) /earned premiums after reinsurance

Combined ratio direct business: operating expenses/written premiums direct business (before reinsurance) + claims charges (incl. OTI) /earned premiums direct business (before reinsurance) Operating figures

MOTOR TPL TECHNICAL INDICATORS

Key Figures

	Var. yoy
Portfolio average premium	-1.0%
N. of claims reported a	+4.0%
Frequency	+0.2 p.p.
Bodily injuries/Total followed-up claims	-0.3 p.p.
	FY22
savings on settled claims b %	47.1%

Combined Ratio Direct Business

^aFollowed-up claims ^b Savings on previous years settled claims / amount provisioned Operating figures

FY22 PRELIMINARY CONSOLIDATED RESULTS > LIFE PREMIUM INCOME - DIRECT BUSINESS

Operating figures

	€m	%	var%
Traditional	2,892	54	-16.4
Unit linked	946	18	-15.5
Pension funds	1,304	24	+122.8
Capitalization	199	4	-10.9
Total	5,341	100	-0.8

Breakdown by Line of Business Breakdown by Line of Product

Breakdown by Distribution Channel

	€m	%	var%
Agents	1,626	30	-2.4
Bancassurance	1,929	36	-22.7
Head office	1,639	31	+63.8
Other	146	3	-34.0
Total	5,341	100	-0.8

Breakdown by Company

	€m	%	var%
UnipolSai	3,392	64	+18.2
Arca Vita + AVI	1,894	35	-21.8
Other companies	54	1	-42.3
Total	5,341	100	-0.8

Technical Reserves by Minimum Guarantee^a

	FY21 FY22
Min. guar. yield	€bn	%	€bn	%
0%	15.4	44	17.1	47
0% - 1%	7.8	22	7.8	22
1% - 2%	5.6	16	5.2	14
2% - 3%	4.6	13	4.3	12
>3%	2.0	6	1.9	5
Total	35.3	100	36.4	100

^aTechnical reserves of segregated funds in the existing portfolio ^b Calculated at cost basis ^c Gross financial yield on a yearly basis Operating figures

PRESENT VALUE OF LIFE NEW BUSINESS

	€m

Line of Business	NBV	PVNBP	NB Margin on PVNBP
Insurance with profit participation	42	1,387	3.1%
Index/Unit-linked insurance	18	633	2.8%
Other life insurance	17	118	14.7%
Total FY22	77	2,138	3.6%
Total FY21	88	2,882	3.0%

Operating figures, net of minorities

COMPONENTS OF LIFE PRE-TAX REPORTED RESULT

	FY21	FY22
Financial investment margin	351	403
Management fees to the distrib. network	-92	-99
Technical margin	134	171
General expenses	-165	-178
Other operating items	-7	49
Life operating gross margin	220	346
Non-operating income and expenses a	25	-43
Interests on debts	-32	-30
Life pre-tax result (reported)	213	273

^a The FY22 figure includes the amount of the employee solidarity fund pertaining to the Life segment (20m) Operating figures

FY22 PRELIMINARY CONSOLIDATED RESULTS > INVESTMENTS

TOTAL INVESTMENTS

	FY21		FY22
	€bn	%	€bn	%
Total Bonds	50.5	82.7	41.3	78.7
o/w Italian Govies	23.9	39.1	17.5	33.3
o/w Non-Italian Govies	8.9	14.6	8.8	16.8
o/w Corporate	17.7	29.0	15.0	28.5
Cash	2.0	3.2	1.6	3.1
Equity and Funds	2.4	3.9	2.3	4.4
Real Assets, P.E., H.F.	1.7	2.8	2.4	4.5
Real Estate	4.5	7.3	4.9	9.3
Total	61.1	100	52.6	100

Duration (years)

		FY21			FY22
	Total	Non-Life	Life	Total	Non-Life	Life
Assets	6.1	3.0	7.5	5.0	3.0	6.0
Liabilities	7.2	2.8	8.9	5.8	2.3	7.3
Mismatch	-0.5	1.0	-0.8	-0.0	1.3	-0.5

Market value – Operating figures

FY22 PRELIMINARY CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS

€m

FY21

	Total	Non-Life	Life
Coupons and dividends	1,477	388	1,075
Yield	2.9%	2.9%	3.0%
Realized/unrealized gains/losses	69	31	15
Yield	0.1%	0.2%	0.1%
Total	1,546	419	1,091
Yield	3.1%	3.2%	3.1%

FY22

	Total	Non-Life	Life
Coupons and dividends	1,717	505	1,172
Yield	3.3%	3.7%	3.2%
Realized/unrealized gains/losses	-111	-23	-63
Yield	-0.2%	-0.2%	-0.2%
Total	1,606	482	1,108
Yield	3.1%	3.6%	3.0%

Investment yields on a yearly basis Operating figures

FY22 PRELIMINARY CONSOLIDATED RESULTS > REAL ESTATE

					Real Estate Investment Portfolio (2,974 €m) Details
Gross Yield					Breakdown by Cluster
					4% (124)
		FY21		FY22	7% (207)
	€m	Yield	€m	Yield	7% (219)
Ord. yield	103	3.6%	114	3.8%

Breakdown by Accounting Sector

Extraord. yield ^a 11 0.4% -17 -0.6%

Total 114 4.0% 97 3.2%

€m

FY22 PRELIMINARY CONSOLIDATED RESULTS > DIVIDEND PROPOSAL

€m

	FY21	FY22
Dividend per share DPS (€)	0.30	0.37
Total dividends	215	265
a Local GAAP net result (est.)	335	363
Pay-out ratio	64%	73%
Dividend yield b	5.9%	7.5%

	FY21	FY22
Dividend per share DPS (€)	0.19	0.16
Total dividends	538	453
Local GAAP net result (est.) a	648	145
Pay-out ratio	83%	--
Dividend yield b	7.3%	6.4%

^aUnipolSai S.p.A. and Unipol Gruppo S.p.A. did not apply the option to evaluate non-durable securities on the value resulting from the last annual financial statement, as stated in Law Decree 73/2022 and, with respect to insurance undertakings, as endorsed with IVASS regulation n.52 of 30 August 2022.

^bCalculated on the share price of the day in which the BoD approved the preliminary results

€bn

Partial Internal Model (consolidated) Economic Capital (consolidated)

Figures net of dividend distribution proposal ^aEligible Own Funds in excess of Solvency Capital Requirements

Partial Internal Model (solo)

18

FY22 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2 OWN FUNDS AND SCR DETAILS

€m

FY22 PRELIMINARY CONSOLIDATED RESULTS > ESG HIGHLIGHTS

2022 ACTIONS…	… AND FIRST RESULTS
Publication of «The Unipol Group strategy on climate change»		Baseline	FY22
Participation in the Net-Zero Asset Owner Alliance	Share of products with	2021
Corporate products with shared value: first application of ESG performance integration in pricing risk and rewarding the	environmental and social value	25.9%	27.1%
commitment of policyholders to preventing risk	Finance for the SDGs (amount of thematic investments for the SDGs)	862m	1,160m
Integration of ESG targets in the Long Term Incentive system (20%)

1 FY22 Preliminary Consolidated Results

2 2022-2024 Strategic Plan Goals Tracking 3

Appendix

Data Driven Omnichannel Insurance	Development of MV TPL algorithm with retention and conversion improvement; evolution of MOD pricing/underwriting models Dynamic pricing in Non-Motor in-force business; re-pricing in Property business Implementation of the omnichannel distribution model for Home, Pet and Travel products
	Implementation of UniSalute offer on all the Group's distribution network (Agents and Bancassurance)
Health and Life-Cycle Focus	Launch of a life-cycle offer on specific targets Launch of new Health individual plans available online
	Renewal of the bancassurance agreement with BPER Banca and Banca Popolare Sondrio
Bancassurance Boosting	Strengthened the distribution model by introducing over 200 insurance specialists (BPER Banca)
	#Mobility: launch of UnipolMove and further improvement in UnipolRental industrial performance
Beyond Insurance Enrichment	Medici Santagostinoa #Welfare: acquisition of (i) Centri - 34 health centres and 1,300 doctors and (ii) Tantosvago - digital company in the business of corporate welfare. Establishment of Welbee - new welfare provider, to enhance the Group's presence in the flexible benefits market
	#Property: onset of UnipolHome - provider of house and apartment building services; launch of a national tradespeople network and acquisition of Unicasa, leader in the apartment buildings management in franchising
	Employee solidarity fund earmarked in 2022 to back over 800 exits within the plan period
Tech & People Evolution	150 million of tech investments to boost new platforms and digitalisation
	Started the digital path project to speed up mindset and digital skills development for all the Group's employees

22

	FY21	FY22	Target 2024
Non-Life Premiums	7,943m	8,304m	8.9bn
Combined Ratio Non-Life (net of reins.)	95.0%	93.8%	92.6%
Life Premiums	5,386m	5,341m	5.8bn
Life PVFPM	3.0%	3.6%	3.5%
Consolidated net result norm. a	514m	797m	2.3bn cum.
Dividends	215m	265m	0.75bn cum.
Share of products with env. & soc. value	25.9%	27.1%	30%
Finance for the SDGs	862m	1,160m	1.3bn

FY21	FY22	Target 2024
7,943m	8,304m	8.9bn
95.0%	93.8%	92.6%
5,386m	5,341m	5.8bn
3.0%	3.6%	3.5%
596m	789m	2.3bn cum.
538m	453m	1.4bn cum.
25.9%	27.1%	30%
862m	1,160m	1.3bn

^a Excluding non-recurring items, in accordance with the plan target

1 FY22 Preliminary Consolidated Results

2 2022-2024 Strategic Plan Goals Tracking 3 Appendix

As at 31 December 2022

To date

corporate banking and IMEL services (digital wallet and payments technology)

KPIs

€m	FY21	FY22
Revenues	305	364
Costs	-296	-349
Capital gains on assets	23	34
EBITDA	31	48
EBIT	19	43
Net result	15	30

Operating figures

As at 31 December 2022

€m

Issuer	Listed a	Nominal amount	Sub./Sen./ Hyb.	Tier	Maturity	Coupon
UnipolSai		80	Hyb.	Tier I	Jul, 2023	Eur6M+1.8%b
UnipolSai	✓	500	Hyb.	Tier II	Mar, 2028	3.88%
UnipolSai	✓	750	Sub.	Tier I	Perpetual c	5.75%
UnipolSai	✓	500	Hyb.	Tier I	Perpetual d	6.38%
Total UnipolSai S.p.A.		1,830				5.19% e
Unipol	✓	1,000	Sen.	--	Mar, 2025	3.00%
Unipol	✓	500	Sen.	--	Nov, 2027	3.50%
Unipol (Green Bond)	✓	1,000	Sen.	--	Sep, 2030	3.25%
Total Unipol S.p.A.		2,500				3.20% e
Total UnipolSai S.p.A. + Total Unipol S.p.A.		4,330

^aListed on the Luxembourg Stock Exchange ^b Additional spreads 71.5 bps on 30 Jun and 31 Dec each year c 1 st call date Jun, 2024 ^d 1 st call date Apr, 2030 ^e Average coupon, calculated on FY22 average stock

€m

As at 31 December 2022

	Assets		Liabilities
Liquid financial assets	1,640	Senior debt 2025	1,000
		Senior debt 2027	500
		Senior green bond 2030	1,000
Liquid financial assets a	1,640	Financial liabilities b	2,500

Net balance	-860

a Including liquid financial assets pertaining to Unipol S.p.A. and its 100% direct subsidiaries. Including also 85.24% liquid financial assets pertaining to UnipolReC ^b Nominal value

As at 31 December 2022

		Notes
UnipolSai shareholding	85.22%	ref. slide 25
BPER direct shareholding	10.53%	ref. slide 25
Net financial assets/liabilities	-860 €m	ref. slide 29
FY22 Net operating costs	27 €m	adjusted figure excl. non-recurring costs
DTA	260 €m	Deferred Tax Assets relating to goodwill realignment - local GAAP

Operating figures

€m	FY21	FY22
Premium income a	13,329	13,645
Non-Life	7,943	8,304
Life	5,386	5,341
Combined Ratio b	95.0%	93.8%
Consolid. Net Result reported	796	866
Consolid. Net Result norm.	c 514	d 797
Group Net Result reported	627	683
Group Net Result norm.	c 375	d 605
Dividends	215	265
DPS (€)	0.30	0.37
Total Equity	9,722	7,662
Shareholders' Equity	7,780	6,130
BVPS (€)	10.84	8.54
Solvency 2 ratio (cons. PIM)	214%	201%

€m	FY21	FY22
Premium income a	13,329	13,645
Non-Life	7,943	8,304
Life	5,386	5,341
Combined Ratio b	95.0%	93.8%
Consolid. Net Result reported	723	651
Consolid. Net Result norm.	e 596	f 789
Group Net Result reported	688	597
Group Net Result norm.	e 561	f 733
Dividends	538	453
DPS (€)	0.19	0.16
Total Equity	8,234	5,813
Shareholders' Equity	7,964	5,569
BVPS (€)	2.64	1.79
Solvency 2 ratio (cons. ec. cap.)	284%	272%

^aDirect business ^b Net of reinsurance

^c Excluding the following items: (i) finalisation of the settlement agreement regarding the corporate liability action against former directors and statutory auditors, (ii) goodwill and real estate tax values realignment, (iii) badwill accounted by BPER in relation to the banking branches acquired from UBI Banca and Banca Intesa Sanpaolo

^d Excluding (i) the badwill accounted by Unipol in relation to the increase of its stake in BPER, (ii) the badwill recognized by BPER on the acquisition of Banca Carige and (iii) the employee solidarity fund

^e Excluding the following items: (i) finalisation of the settlement agreement regarding the corporate liability action against former directors and statutory auditors, (ii) goodwill and real estate tax values

31

Adriano Donati Head of Investor Relations

investor.relations@unipol.it investor.relations@unipolsai.it

Carlo Latini	Tel +39 051 507 6333
Eleonora Roncuzzi	Tel +39 051 507 7063
Giancarlo Lana	Tel +39 011 654 2088
Giuseppe Giuliani	Tel +39 051 507 7218
Silvia Tonioli	Tel +39 051 507 2371

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