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 1H22 results.

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.

1 1H22 Consolidated Results

Appendix

2 Appendix

Results by Sector

€m	1H21 reported	1H22 reported	1H21 a norm.	1H22 b norm.
Consolid. pre-tax result	743	868	543	589
Non-Life	618	627	517	516
Life	111	145	104	145
Holding and other	14	96	-78	-72
Consolidated net result	652	684	386	405
Group net result	537	575	291	312

	1H21 reported	1H21 c norm.	1H22 reported
Consolid. pre-tax result	636	594	618
Non-Life	553	531	505
Life	114	106	147
Other	-31	-43	-33
Consolidated net result	542	424	422
Group net result	526	408	401

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

^b Excluding the badwill accounted by Unipol in relation to the increase of its stake in BPER and the badwill recognized by BPER on the acquisition of 80% of Banca Carige

Motor Non-Motor

Premiums by Business Line

	€m	%	var%
Mobility	2,155	52	+1.9
Motor	1,967	47	+1.1
Other	188	5	+11.1
Welfare	825	20	+13.6
Health	472	11	+20.5
Accident	353	9	+5.5
Property	1,171	28	+8.3
Fire&Other dam. to prop.	640	15	+5.3
General TPL	365	9	+10.9
Other	167	4	+15.2
Total	4,152	100	+5.8

Breakdown by Market Segment

	Total	Mobility	Welfare	Property
Retail & SMEs	82%	46%	12%	24%
Corporate	18%	6%	8%	4%
Total	100%

Premiums by Company

	€m	%	var%
UnipolSai	3,390	82	+2.5
UniSalute	301	7	+10.5
Linear	99	2	+5.4
Arca Assicurazioni	125	3	+46.8
Siat	91	2	+35.8
Incontra	93	2	+85.7
DDOR	54	1	+11.1
Total	4,152	100	+5.8

Breakdown by Distribution Channel

	Motor	Non-Motor	Tot. Non-Life
Agents	88%	66%	77%
Brokers/Head Off.	5%	23%	14%
Bancassurance	1%	9%	5%
Direct and other	6%	2%	4%
Total	100%	100%	100%

Operating figures

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

Operating figures

Premiums by Line of Business Premiums by Line of Product

	€m	%	var%
Traditional	1,455	59	-13.2
Unit linked	633	26	+13.5
Pension funds	312	13	+9.6
Capitalization	80	3	-28.0
Total	2,480	100	-5.7

Premiums by Distribution Channel

	€m	%	var%
Agents	684	28	-10.4
Bancassurance	1,209	49	-0.1
Head office	509	21	-1.2
Other	78	3	-44.8
Total	2,480	100	-5.7

Premiums by Company

	€m	%	var%
UnipolSai	1,261	51	-10.6
Arca Vita + AVI	1,190	48	+2.1
Other companies	29	1	-46.2
Total	2,480	100	-5.7

Technical Reserves by Minimum Guarantee^a

	FY21		1H22
Min. guar. yield	€bn	%	€bn	%
0%	15.4	44	16.3	45
0% - 1%	7.8	22	7.9	22
1% - 2%	5.6	16	5.4	15
2% - 3%	4.6	13	4.4	12
>3%	2.0	6	1.9	5
Total	35.3	100	36.0	100

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

LIFE PRE-TAX RESULT	COMPONENTS

	1H21	1H22
Financial investment margin	166	184
Management fees to the distrib. network	-38	-46
Technical margin	61	72
General expenses	-82	-89
Other operating items	8	29
Life operating gross margin	115	150
Non-operating income and expenses	12	10
Interests on debts	-16	-15
Life pre-tax result	111	145

Operating figures

€m

PRESENT VALUE FUTURE PROFIT MARGIN

€m

Line of Business	NBV	PVNBP	NB Margin on PVNBP
Insurance with profit participation	21	714	2.9%
Index/Unit-linked insurance	12	412	2.9%
Other life insurance	10	59	16.7%
Total 1H22	43	1,184	3.6%
Total 1H21	40	1,367	2.9%

Operating figures

Total Investments

	FY21		1H22
	€bn	%	€bn	%
Total Bonds	50.5	82.7	43.7	79.7
o/w Italian Govies	23.9	39.1	19.7	35.9
o/w Non-Italian Govies	8.9	14.6	8.4	15.3
o/w Corporate	17.7	29.0	15.6	28.4
Cash	2.0	3.2	1.8	3.3
Equity and Funds	2.4	3.9	2.5	4.6
Real Assets, P.E., H.F.	1.7	2.8	2.1	3.8
Real Estate	4.5	7.3	4.8	8.7
Total	61.1	100	54.8	100

Duration (years)

		FY21		1H22
	Total	Non-Life	Life	Total	Non-Life	Life
Assets	6.1	3.0	7.5	5.4	3.0	6.7
Liabilities	7.2	2.8	8.9	6.1	2.5	7.6
Mismatch	-0.5	1.0	-0.8	-0.1	1.1	-0.5

Market value – Operating figures

€m

1H21

	Total	Non-Life	Life
Coupons and dividends	722	182	533
Yield	2.9%	2.8%	3.0%
Realized/unrealized gains/losses	80	47	10
Yield	0.3%	0.7%	0.1%
Total	802	229	543
Yield	3.2%	3.5%	3.1%

1H22

	Total	Non-Life	Life
Coupons and dividends	829	241	571
Yield	3.2%	3.6%	3.1%
Realized/unrealized gains/losses	4	50	-18
Yield	0.0%	0.8%	-0.1%
Total	833	292	553
Yield	3.2%	4.3%	3.0%

Investment yields on a yearly basis Operating figures

€m

Real Estate Investment Portfolio (2,981 €m) Details

Offices

Hotels

Other

Land

Industrial Condos

Commercial Residential

Health centres

Gross Yield

	1H21		1H22
	€m	Yield	€m	Yield
Ord. yield	52	3.7%	54	3.7%
Extraord. yield a	58	4.1%	-4	-0.3%
Total	110	7.8%	51	3.4%

Breakdown by Accounting Sector

Breakdown by Use Breakdown by Area

^a Extraordinary yields include gains, losses, net write-downs and Covid-19 impacts. Operating figures, book value

€bn

Partial internal model (consolidated) Economic capital (consolidated)

1Q-1H22 Solvency ratio variation

Partial internal model (solo)

1 1H22 Consolidated Results 2 Appendix

As at 30 June 2022

€m	1H21	1H22
a Premium income	6,552	6,632
Non-Life	3,923	4,152
Life	2,629	2,480
Ratio b Combined	92.6%	94.1%
Consolid. Net Result reported	652	684
Consolid. Net Result norm.	c 386	d 405
Group Net Result reported	537	575
Group Net Result norm.	c 291	d 312

	FY21	1H22
Total Equity	9,722	8,218
Shareholders' Equity	7,780	6,595
Solvency 2 ratio (cons. PIM)	214%	201%

€m	1H21	1H22
a Premium income	6,552	6,632
Non-Life	3,923	4,152
Life	2,629	2,480
Ratio b Combined	92.6%	94.1%
Consolid. Net Result reported	542	422
Consolid. Net Result norm.	e 424
Group Net Result reported	526	401
Group Net Result norm.	e 408

	FY21	1H22
Total Equity	8,234	6,293
Shareholders' Equity	7,964	6,053
Solvency 2 ratio (cons. ec. cap.)	284%	276%

^aDirect business ^b Net of reinsurance

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

^d Excluding the badwill accounted by Unipol in relation to the increase of its stake in BPER and the badwill recognized by BPER on the acquisition of 80% of Banca Carige

^e Excluding the following items: finalisation of the settlement agreement regarding the corporate liability action against former directors and statutory auditors; goodwill and real estate tax values realignment

As at 30 June 2022

€m

Issuer	a Listed	Nominal amount	Sub./Sen./ Hyb.	Tier	Maturity	Coupon
UnipolSai		160	Hyb.	Tier I	Jul, 2023	Eur6M+1.8%b
UnipolSai	✓	500	Hyb.	Tier II	Mar, 2028	3.88%
UnipolSai	✓	750	Sub.	Tier I	c Perpetual	5.75%
UnipolSai	✓	500	Hyb.	Tier I	d Perpetual	6.38%
Total UnipolSai S.p.A.		1,910				5.11% 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.		4,410

^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 the basis of 1H22 average stock

€m

As at 30 June 2022

	Assets		Liabilities
Liquid financial assets	1,213	to UnipolSai b Financial Debt	--
Loan to UnipolRental	150	Senior debt 2025	1,000
		Senior debt 2027	500
		Senior green bond 2030	1,000
assets a Liquid financial	1,363	c Financial liabilities	2,500

	Net balance	-1,137

Including liquid financial assets of Unipol S.p.A. and its 100% directly controlled subsidiaries

^b Fully reimbursed in March 2022, before its 2024 maturity

^c Nominal value

As at 30 June 2022

		Notes
UnipolSai shareholding	85.22%	ref. slide 17
UnipolReC shareholding	85.24%	ref. slide 17
UnipolReC tangible book value	442 €m
BPER direct shareholding	10.55%	ref. slide 17
Net financial assets/liabilities	-1,137 €m	ref. slide 20
Net operating costs	12 €m	figure adjusted excl. non recurring costs
DTA	281 €m	Deferred Tax Assets relating to goodwill realignment - local GAAP