Always one step ahead

Closing remarks

INSURANCE

Improvement in the Motor Loss Ratio of 3.4 p.p.

(from 75.4% in 2018 to 72.0% in 2021)a, thanks partly to:

Innovations in the pricing models and introduction of new parameters
Increased channelling in Motor TPL claims and MOD (from 34% in 2018 to 41% in 2021 and from 50% to 61.5% respectively)
INSURANCE BEYOND INSURANCE 8.9% growth in Non-Motor premium income^b (from €3.8bn in 2018 to €4.1bn in 2021) despite the Covid emergency
- Improvement in the Non-Motor Loss Ratio of 6.8 p.p. (from 68.3% in 2018 to 61.5% in 2021)a thanks partly to:
- Increased efficiency in portfolio management
- Increased efficiency in claims handling through expansion of claims channelling and greater use of direct repair
- Increased channelling in Accident claims (from 25.2% in 2018 to 34.1% in 2021) and General TPL claims (from 10% in 2018 to 22.3% in 2021)

Improvement in the quality profile of Life new business

PVFPM +0.8 p.p. (from 2.2% in 2018 to 3.0% in 2021)

BEYOND INSURANCE

Mobility ecosystem consolidated and conditions created to develop the Welfare and Property business:
Mobility: UnipolRental, I.Car and Cambiomarcia acquired
Welfare: project to establish a network of health centres initiated
Property: UnipolHome established, property initiative incubator

DISTRIBUTION

From 2,561 agenciesc at 2018 year-end to 2,189 at 2021 year-end
Average agency portfolio^c equal to €3.2m at 2021 year-end despite the reduction in the Motor TPL average premium
Strengthening of the sales force: 1,100 Family Welfare and 550 Business Specialists at 2021 year-end
From 1,721 bank branches^d at 2018 year-end to 2,245 at 2021 year-end

Financial targets

€m %	2019-2021 actual	2019-2021 target
Consolidated net profit	2,326 cumulativea	2,000 cumulativea
Dividends	617 cumulative	600 cumulative
Solvency 2 ratio (cons. PIM)	153%-216%b	140%-160%

	2019-2021 actual	2019-2021 target
Consolidated net profit	2,231 cumulative	2,000 cumulative
Dividends	1,528 cumulative	1,300 cumulative
Solvency 2 ratio (cons. EC)	200%-290%b	170%-200%

a Excluding the positive impact resulting from the first consolidation of BPER (in 2019) ^b Minimum and maximum quarterly ratio over the three years of the plan

MISSION EVOLVE 2019-2021 > FINANCIAL PERFORMANCE

Financial Performance

Relative Unrestricted Tier 1b (CAGR in brackets)

Source: Refinitiv Datastream (figures updated to 09/05/2022). a 100 base on 09/05/2019 b 100 base on 31/12/2018 The peers chosen represent the largest comparable European Insurance Groups within the Stoxx Europe 600 Insurance Euro Index

MACROECONOMIC CONTEXT INFLUENCED BY THE INTERNATIONAL GEOPOLITICAL CRISIS

Slowdown of economic growth due to the negative consequences of the international geopolitical crisis

Rising inflation, triggered by a further increase in energy and food commodity prices

High volatility in financial markets and interest rates expected to rise

Positive growth rates expected in insurance market

MACROECONOMIC SCENARIO AND FINANCIAL ASSUMPTIONS UNDERLYING THE 2022-2024 STRATEGIC PLAN

Source: Unipol Gruppo Economic Studies Department forecasts, March 2022

	Premiums	Profitability	Distribution channels
MOTOR			The agency channel continues to grow in absolute terms and remains leader in the Motor and Non-Motor market
NON-MOTOR			The banking channel is confirmed as a growth driver The contribution of the digital channel is beginning to be significant in the Motor Business All the distribution channels benefit from the growth in the Health Business
HEALTH
LIFE			Leadership of the banking channel confirmed in the Life Business

OPENING NEW WAYS: STRATEGY FRAMEWORK

Brand & Reputation UnipolSai compared to the Insurance Sector: 'Top of Mind' December 2021a

Unipol compared to the Insurance Sector: reputation trends with the general publicb

1 out of 4 Italians cites UnipolSai as the first insurance company that comes to mind (Top of Mind)

Unipol at maximum reputation levels in the insurance sector

High credibility for innovative and evolving initiatives

a Source: First operator spontaneously mentioned - Research on the reputation and brand equity of insurance companies in Italy - Demoskopea Consulting - Research Custom Unipol 2021 b Source: The Rep Trak® Company - Research Custom Unipol 2019-2021

High brand equity and reputation as key factors to encourage customer loyalty

The size of the Customer Base enhances the Insurance strategy and enables ecosystems approach

Strong Customer engagement: most used app in the Italian insurance market, high levels of digital interaction and significant communication frequency

Pricing & underwriting
Targeting & needs assessments
Retention

SALE

Assistance

Insurance Value Chain

Customer Experience
New assistance models
Real time settlement
Reduction in claims costs
Fraud prevention

Data and Analytics integrated along the insurance value chain and supporting the Beyond Insurance initiatives

> 700,000 spare parts intermediated

2,700 UnipolService body repair shops 215 UnipolGlass centres

Premium positioning in terms of offering a wide range of coverages and services

Current year Loss Ratioa (63.5% compared to 69.6%)
Current year settlement speedb (77.3% compared to 73.9%)
Current year average cost of paid claimsb (€2,607 compared to €2,843)
Full supervision of the claims management process to ensure financial efficiency and transparency

a UnipolSai compared to industry average (excluding UnipolSai); source: ANIA, 2020 figures b UnipolSai compared to industry average (excluding UnipolSai); source: IVASS, 2020 figures

800,000 post-accident interventions provided directly

variables for motor pricing Over

Distinctive Offer in terms of insurance and beyond insurance services

10 mln vehicles insured

Over 90

Injuries management model

Single integrated model of insurance management and service development
Network with the best public and private affiliated healthcare facilities
Direct provision of services offered by UniSalute

4.3 mln

2.0 Agreement Partnership with the Network

8,000 sales points on average reachable within 10 minutes from home

2,000 Insurance and Beyond Insurance specialists

~ 600 agents under 45

30,000 professionals

750,000 leads from digital channels Consolidated partnership based on shared strategy, targets and economics

Specialisation of the Agency Network overseeing the different market segments

High-performing distribution network including for the Beyond Insurance initiatives

Central role of the Agency Network in the evolution of the Group's strategies

Unique bancassurance model (Arca Vita and Arca Assicurazioni are dedicated companies with about 400 employees) that enhances Unipol Group assets in favour of the banking partners

Strong oversight of the banking channel in terms of both local presence and target customers

a Former UBI branches

^b The acquisition of Carige by BPER is in the process of being completed c Estimate based on BPER and BP Sondrio customer base

Banking networks with high growth potential in terms of insurance penetration of their customer base

Data Driven

Omnichannel Insurance

Consolidate the Group's technical and distribution excellence, through an increasingly intensive use of Data and Analytics

Develop a new platform for the Retail insurance offer, by exploiting the effectiveness of the leading agency network and completing the omnichannel evolution of the distribution model

Health and Life-Cycle Focus

Strengthen leadership in the health business by enhancing the UniSalute centre of excellence in support of all the Group's Distribution Networks
Life products offer with a Life-Cycle perspective and optimised capital absorption

Bancassurance Boosting

Strengthen the bancassurance business model by enhancing the Group's distinctive capabilities for the benefit of the banking partners

Accelerate the evolution of the Group's offer by further extending the Mobility ecosystem and strengthening the Welfare and Property ecosystems

Tech & People Evolution

Digital evolution in the operating model through intensive use of new technologies, data, automation and the evolution of the company's organisation

CONTRIBUTION TOWARDS REACHING THE UN 2030 AGENDA SUSTAINABLE DEVELOPMENT GOALS

a Direct business

Widespread and advanced use of Data and Analytics to consolidate the Group's technical and distribution excellence

offered by the Recovery and Resilience Plan

a Direct business, excluding Health business

Widespread and advanced use of Data and Analytics to consolidate the Group's technical and distribution excellence

a Direct business

Strengthen the effectiveness of the leading Agency Network by completing the omnichannel evolution

Full omnichannel distribution strategy

Central role of the Agency Network boosted by the contribution of the digital channels

Develop a distinctive Customer Experience on all touch points

INFORMATION SYSTEM

Reduce time-to-market of products and services

24/7 availability of transactions for Customers and Agents

Increased flexibility in the integration of partners and ecosystem services

²⁸ Transform the insurance value proposition by offering products and experiences increasingly in line with the evolving customers' needs

2024 TARGET

Use of the UniSalute brand, skills and know-how on all the Group distribution networks

Dedicated channels for product line and Customer

Promote people's health,

Develop a supplementary Health offering for the members of the Funds

Strengthen the chronic disease management programmes

Develop Digital Health services including telemedicine

Develop TPA services

Manage the Flexible Benefits Catalogue

with a focus on prevention TARGETING

Introduce targeting/ needs assessment model based on the Customer's needs at the different Life-Cycle stages

a Direct business; Arca Assicurazioni and UnipolSai S.p.A. data only refer to the Health LoB, UniSalute Non-Life total income

2021 2024

ESG

Strengthen the leadership in the Health business through innovative offer and distribution models

SAVING

Focus on Annual Premiums and Supplementary Pensions

DEDICATED SERVICE MODELS

Dedicated service models per customer segment, through the evolution of the commercial organisation and the implementation of dedicated tools

Life products offer with a Life-Cycle perspective, optimising capital absorption

^a Direct business Arca Assicurazioni

(including Arca Vita Protection) and UniSalute Health through bancassurance

b Premium income of Arca Vita (excluding Protection), Arca Vita International and BIM Vita

Maximise commercial effectiveness by creating a joint «data and event driven» targeting model

Data Driven Omnichannel Insurance

Health and Life-Cycle Focus

Bancassurance Boosting

Beyond Insurance Enrichment

Tech & People Evolution

Leader in service levels

for specific segments

with customer experience designed

New mobility solutions and value-added services

€20m invested over the life of the plan on the new platform

Multichannel and capillary

unmatched in the market

30% electric and hybrid new vehicles by 2024

distribution model

2024 TARGETa

€935m Revenues

~ €82m 2022-2024 Cumulative net profit

93,000 UnipolRental vehicles fleet

2 mln UnipolMove Customers

^a Includes UnipolRental, UnipolTech, Cambiomarcia, and I.Car

ESG

UnipolRental and UnipolMove as driving forces of the Mobility ecosystem growth 34

ESG

Electronic toll and development of a wide range of mobile payments,

Insight on Customer mobility habits

(Agency Network, Bank Branches,

from the 4 million blackboxes

Widespread distribution and post-sales channels

Third-Party networks)

Integration through digital partners

with other forms of mobility

leveraging:

Corporate Welfare

BEYOND INSURANCE > PROPERTY ECOSYSTEM 2022-2024 Beyond Insurance Enrichment

³⁶ Become a reference player in home and apartment buildings services, create standalone value and contribute to Group synergies

Data Driven Omnichannel Insurance

Health and Life-Cycle Focus

Bancassurance Boosting

Beyond Insurance Enrichment

Tech & People Evolution

^a Cost/ income ratio referred to the insurance companies; normalised 2021 result

³⁸ Invest in technology and people to accelerate business strategy, simplify processes and increase productivity

Enhance risk-adjusted investment strategies

^a Limits only applied to UnipolSai S.p.A.

Closing remarks

Insurance KPIs

	2024 TARGET	Δ vs 2021
Non-Life Premiums	€8.9bn	+ 4.5% CAGR
of which Motor	€4.2bn	+ 3.1% CAGR
of which non-Motora	€3.7bn	+ 4.7% CAGR
of which Health	€1.0bn	+ 10.0% CAGR
CoR Non-Life (net of reinsurance)	92.6%	- 2.7 p.p.
Life premiums	€5.8bn	+ 2.5% CAGR
Present Value Future Profit Margin	3.5%	+ 0.5 p.p.

Financial and Sustainability KPIs
	2022 – 2024 TARGET	2022 – 2024 TARGET
net profita 2022-2024 Cumulative consolidated	€2.3bn	€2.3bn
Cumulative dividends 2022-2024	€0.75bn	€1.4bn
		2024 TARGET
Share of products with environmental and social value	30%
Finance for the SDGs (amount of thematic investments for the SDGs)	€1.3bn
Reputational Index (reputation score among the general public according to RepTrak® methodology)	> Average insurance sector
Unipol management incentive system	20% incentive long-term system linked to ESG targets

a Consolidated normalised profit (excluding Employee Solidarity Fund) calculated on the basis of current accounting standards

In a scenario full of CHANGES and CHALLENGES…

…counting on our ASSETS… …WE ARE OPENING NEW WAYS in both the core insurance and beyond insurance businesses

Macroeconomic context influenced by the international geopolitical crisis
Greater need for protection
Adverse technical insurance cycle in the Motor and Property market
Customers ready for digital acceleration
Well-known brand with an excellent reputation
Broad, loyal and connected Customer Base
Strong, widespread agency and banking networks
Data and Analytics for targeting and pricing
Distinctive Motor and Health model
Native omnichannel offering platform
Evolution of the Motor and Non-Motor value proposition
Enhacement and omnichannel evolution of the agency network
Consolidation of Health leadership through innovation
Boosting the Bancassurance Model
Electronic toll
Long-Term Rental
Car security and theft prevention solutions
Medical Centres
Digital health services
Flexible benefits
Home maintenance services
Services for administrators and apartment residents

ALWAYS ONE STEP AHEAD

This presentation contains information and data, expectations, estimates, forecasts of results and events reflecting the current views and assumptions by company management. This content may differ, even significantly, from what may actually occur as a result of events, risks, economic conditions and market factors that are not known or foreseeable at present or that are beyond the control of management.

Furthermore, the company shall have no obligations with respect to the subsequent updates of this content.

The corporate scope to which the information contained in this document refers is to be taken as current, apart from Incontra Assicurazioni S.p.A. which was excluded on a prudential basis starting from 1 January 2023 since the distribution agreement in place will expire at the end of 2022; consequently, in order to calculate the target changes in 2024, pro-forma 2021 data were used. The 2023 and 2024 accounting results are expressed in accordance with accounting standards currently in effect and do not take account of

the effects of introduction of the accounting standards IFRS17 and IFRS9.

Luca Zaccherini, Manager in charge of financial reporting of Unipol Gruppo S.p.A. and UnipolSai Assicurazioni S.p.A., declares, pursuant to article 154-bis, paragraph 2, of the "Consolidated Law on Finance" that the accounting information contained in the presentation corresponds to the figures in corporate accounting records, ledgers and documents.