AI Terminal
Unipolsai
Earnings Release • Mar 24, 2023
4413_10-k_2023-03-24_b1e0e17a-bbec-47a4-ad6e-8bffe6ecc54c.pdf
Earnings Release
Open in ViewerOpens in native device viewer
| Informazione Regolamentata n. 0230-46-2023 |
Data/Ora Ricezione 24 Marzo 2023 06:58:04 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | UNIPOLSAI | |
| Identificativo Informazione Regolamentata |
: | 173976 | |
| Nome utilizzatore | : | UNIPOLSAIN10 - Nerdi | |
| Tipologia | : | 1.1; REGEM; 3.1 | |
| Data/Ora Ricezione | : | 24 Marzo 2023 06:58:04 | |
| Data/Ora Inizio Diffusione presunta |
: | 24 Marzo 2023 06:58:06 | |
| Oggetto | : | statements and consolidated financial statements for 2022 approved |
Press release UnipolSai – Draft financial |
| Testo del comunicato |
Vedi allegato.
UNIPOLSAI: DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS FOR 2022 APPROVED
- UnipolSai reinforces its commitment to sustainability:
- o 7.8 million Italians covered by UnipolSai Welfare (Life and Health) insurance
- o 97.7% of investments subject to monitoring are ESG compliant (amounting to €41.4bn)
- o €1.16bn in investments that support the 2030 Agenda, an increase of 34%
- o Commitment to a 46.2% reduction in Scope 1 and 2 emissions by 2030 linked to the consumption of electricity, gas and other energy sources for all buildings under direct control
- o Commitment to complete fossil fuel divestment by 2030
- o 360° support for more efficient, safe and sustainable mobility: over 38.5 billion km travelled by cars covered by telematics-based policies
- Key figures in 2022:
- The insurance and financial targets of the 2022-2024 "Opening New Ways" Strategic Plan will remain unchanged, even with application of the new accounting standards IFRS 17 and 9 for 2023
Bologna, 24 March 2023
The board of directors of UnipolSai Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the draft financial statements and the consolidated financial statements for 2022.
Contribution to sustainable development
Due to increasing demand by the public for support in social and health matters and pensions, and confirming its role as a key player in the process of integrating public and private welfare, UnipolSai reached 7.8 million people with its welfare cover (life and health).
UnipolSai also contributed to the resilience of the Italian economy, supporting households and increasing awareness of insurance cover for the small and medium-sized enterprises that form the backbone of the Italian production system, subscribing to €759m in insurance policies (+5% compared to the figure of €722m in 2021).
The UnipolSai Group has long taken a systematic approach towards steering the investment of its financial assets in accordance with sustainability, responsibility and protection of the ESG (Environmental, Social and Governance) criteria. Within the scope of the 2022-2024 Strategic Plan, at the end of 2022, the assets subject to ESG monitoring (direct Group investments that do not require
1 Direct business.
2 Calculated using the economic capital method which is the measure of absorbed capital established on the basis of the principles and models applied in the partial internal model and having operational value. Updated figure compared to the figure of 272% reported on 10 February last.
look-through approaches) amounted to €42.3bn. The percentage of assets found to be compliant with ESG criteria after monitoring was 97.7% (€41.4bn).
Investments that support the 2030 Agenda amounted to €1.16bn, up 34% compared to 2021 (€862.2m) and in line with the target of achieving €1.3bn in 2024.
The Group guaranteed 360° support for more efficient, safe and sustainable mobility: over 38.5 billion km travelled by cars covered by telematics-based policies.
The Unipol Group Climate Strategy
In June 2022, the Unipol Group adopted a climate change strategy aimed at specifying how it would face the risks and take advantage of the opportunities connected to climate, defining new mediumlong term targets to reduce its greenhouse gas emissions in support of its decarbonisation process.
In relation to its investment activities, in May 2022, the Unipol Group joined the Net-Zero Asset Owner Alliance, undertaking to reduce the emissions of its investment portfolios to zero net emissions of greenhouse gases by 2050 and take action to reduce greenhouse gas emissions through the engagement of investee companies.
The actions taken in this regard by the Group include an expansion of its sector exclusions relating corporate issuers in the most highly-impacting sectors, involving prior exclusion of new investments in listed companies that obtain over 30% of their earnings from coal mining or the generation of electricity from thermal coal, or business activities connected to oil sands, shale gas or arctic drilling and that can not demonstrate a sufficiently ambitious position in terms of the transition of the business towards a low-carbon economy.
In order to obtain climate neutrality in its portfolio, the Group has also planned a progressive reduction in the limit of earnings from thermal coal of the investee corporate issuers considered to be admissible, planning to complete the disinvestment from coal by 2030.
With regard to the management and development of real estate, by 2030, the Group commits to a 46.2% reduction in Scope 1 and 2 emissions linked to the consumption of electricity, gas and other energy sources for all the buildings that the Group controls directly, including its core offices, those of the diversified companies, the headquarters of the Gruppo UNA business activities and foreign offices, in line with the intention to limit the increase in the average global temperature to 1.5°C. Monitoring the UnipolSai Group's environmental performance demonstrated an overall reduction in CO2 emissions (calculated using a market-based method) of 1.6% in 2022, taking it to an equivalent value of 16,236 t CO2 (equivalent value of 16,495 t CO2 in 2021).
Within the scope of the 2022-2024 Strategic Plan, the Group set a target for the percentage of products with social and environmental value, defining an objective of 30% to be achieved by 2024. At 2022 year end, these products represented 27.1% of direct income.
Initiatives for the Marche Region floods
On 21 September 2022, UnipolSai launched a structured, integrated plan of action to help the inhabitants affected by flooding in the Marche Region in September in order to support the customers and agencies resident in the areas affected by the flooding.
UnipolSai in particular committed to facilitating claims management, allowing significant contract extensions and premium payment deferments in addition to providing appropriate, timely responses by opening a specific toll free number.
Contribution to the community
UnipolSai's commitment to support and work with the territories and communities where it operates means contributing towards the development and realisation of socially useful projects, supporting scientific research, cultural projects, protecting the artistic heritage and the environment and supporting sports and entertainment. In 2022 the Group contributed €15.3m to the community (+25% compared to the previous year)
Staff training for employees, agents and business associates
In 2022, €9.9m was invested in training for employee, agents and business associates (€9.2m in 2021), amounting to 1.1 million hours of which 194 thousand hours used by 10,105 employees.
Economic-financial results
In 2022, the UnipolSai Group achieved results that were in line with the 2022-2024 Strategic Plan targets, with a consolidated net profit of €651m compared to €723m the previous year.
Net of the extraordinary components recorded in the 20213 and 20224 results, including the appropriation of a solidarity fund for early retirement of approximately 900 employees reported in the last quarter of the previous year, the normalised net profit for 2022 of €789m was significantly higher than the normalised 2021 profit of €596m.
The year 2022 heralded a return to normality after two years of the Covid-19 related healthcare emergency; however, it was also marked by the geopolitical tensions triggered by the war in Ukraine and higher inflation which had a significant effect on the businesses in which the Group operates.
Direct insurance income, including reinsurance ceded, stood at €13,645m as at 31 December 2022, up (+2.4%) on the amount of €13,329m recorded at 31 December 2021.
3 The 2021 results benefitted from the effects of the agreement to settle liability actions taken against former directors and statutory auditors of Fondiaria-Sai and Milano Assicurazioni and tax realignment regarding certain goodwill and property.
4 The 2022 results were negatively influenced by the allocation of a solidarity fund for employees.
Non-Life Business
Direct non-life income of €8,304m posted significant growth (+4.5%) compared to the amount of €7,943m achieved as at 31 December 2021, thanks to positive results in both the MV business which recorded premiums of €3,888m, up 1.3% compared to the previous year, and the non-MV business, with income of €4,416m and growth of 7.6% compared to 31 December 2021.
All the Ecosystem lines of business performed well.
The Mobility Ecosystem recorded €4,237m in insurance income (+1.8%), further consolidating its position through the continuing growth of UnipolRental, the Group long-term rental company and UnipolMove, the new electronic toll collection system.
The Welfare Ecosystem reported income of €1,650m in 2022 (+11.0%), with a significant increase in the health divisions (+17.3%), while the Property Ecosystem grew 5.4% with income of €2,417.
The direct business combined ratio, as at 31 December 2022, amounted to 91.0% (93.8% net of reinsurance) compared to a figure of 92.5% as at 31 December 2021 (95.0% net of reinsurance). The direct business loss ratio stood at 62.2% (64.0% at 31 December 2021), while the direct business expense ratio stood at 28.8% (28.5% at 31 December 2021), influenced by a production mix geared more towards higher commission products along with higher profit margins.
Life Business
In the Life business, the Group reported direct income of €5,341m, substantially in line (-0.8%) with the figure of €5,386m recorded in 2021, in an unfavourable market environment marked by high levels of inflation, highly volatile financial markets and increased interest rates. Faced with this scenario, Italian households focused more on meeting increasing living costs, with demand for life policies falling. The income mix was mainly steered towards hybrid products in line with a strategy aimed at reducing capital absorption and limiting the guaranteed minimum interest rate (47% of reserves had guaranteed rates of zero at 2022 year-end).
Real Estate Business and Other Businesses
Investments were made in 2022 in the real estate business to favour prestigious locations and complete a new office building in Piazza Gae Aulenti in Milan.
With regard to the other Group businesses, the hotel sector bounced back starting from the summer season, returning to profit after two financial years that had been penalised by the effects of the Covid-19 pandemic.
Financial Management
Financial management benefitted from the increased profitability of the new investments which focus on securities with high levels of creditworthiness and positive coupon prospects, along with an improvement in terms of diversification and overall risk-return profile.
The Group insurance financial investments portfolio obtained a return of 3.2% on invested assets (3.1% as at 31 December 2021) thanks to the excellent contribution by the coupon and dividend component.
Balance Sheet
As at 31 December 2022, the consolidated shareholders' equity amounted to €5,813m (€8,234m at 31 December 2021), of which €5,569m attributable to the Group. The change in the period reflects the reduction in the market values of the stock and bonds in portfolio.
The individual solvency ratio of UnipolSai at 31 December 2022 amounted to 288% (326% at 2021 year-end), while the consolidated solvency ratio, based on the economic capital, amounted to 274%2 (284% at 31 December 2021).
Accounting profit and dividends
UnipolSai Assicurazioni ended 2022 with an accounting profit of €144.7m. On the basis of this result, the board of directors also decided to submit the proposal to the shareholders' meeting to distribute the entire profit for the year and a part of the distributable profit reserves - in particular, the extraordinary reserve - for €308m, and therefore for a total of €452.7m, corresponding to a dividend of €0.16 per share for 2022 in accordance with the articles of association.
Calling the Shareholders' Meeting
The board of directors decided to call an ordinary and extraordinary session of the company shareholders' meeting for 27 April 2023, in a single call (the "Shareholders' Meeting").
As permitted under article 106, paragraph 4 of Law Decree no. 18/2020, converted with amendments by Law no. 27/2020, as subsequently amended and ultimately extended by Decree Law no. 198 of 29 December 2022, converted with amendments into Law no. 14 of 24 February 2023, eligible parties may only attend the Shareholders' Meeting, without entering the place where the meeting is held, by giving a proxy to the designated representative pursuant to article 135-undecies of Legislative Decree no. 58/1998 using the mechanisms that will be specified in the notice calling the meeting.
If the Shareholders' Meeting approves the dividend, it will be payable from 24 May 2023, with the ex-dividend date from 22 May 2023 and a record date of 23 May 2023.
The full text of the proposed resolutions and reports by the board of directors relating to the items on the agenda and all related documentation will be available, in accordance with the legally required deadlines, at the registered office, on the authorised storage mechanism eMarket Storage () and on the Company website www.unipolsai.com (Governance/Shareholders' Meetings section).
Guidance on IFRS 17 and 9
The UnipolSai Group will inform the financial community today about the main methodological choices made and the expected impact of the transition to the new accounting standards IFRS 17 and 9 which will be applied to the consolidated financial reporting starting from 2023.
The new accounting standards will not have any impact on the Group's insurance strategy, dividend distribution policy or the Solvency II ratio.
An improvement in the quality of the financial information is expected in general from application of the new standards.
Due to transition to the new accounting standards, the consolidated equity is estimated to be slightly lower than the date of first application (1/1/2022), but subject to less volatility at subsequent measurement dates.
The earning capacity of the Group is not expected to be influenced and the insurance and financial targets of the 2022-2024 "Opening New Ways" Strategic Plan will remain unchanged.
Presentation of Group Guidance on IFRS 17 and 9
A conference call will be held at 12:00 PM today to present the Group Guidance on IFRS 17 and 9. Financial analysts and institutional investors may submit questions to the CEO and senior management at the end of the presentation.
The information needed to attend the event is provided below.
Slideshow + Audio: https://87399.choruscall.eu/links/unipol230324.html
Audio only:
- Web Link: https://hditalia.choruscall.com/?calltype=2&info=company
- App: Chorus Call HD, ID system CCHDVA
- Conference call:
oItalia: +39 02 8020911 oU.K: +44 1212 818004 oU.S.A.: +1 718 7058796
Please carefully read the Privacy Policy Statement before attending the event.
The consolidated financial statements for 2022 will be made available to the public by the end of today at the registered office of the company, on the authorised storage mechanism eMarket Storage (), and on the Company website www.unipolsai.com (Governance/Shareholders' Meetings section), not presently including the report by the auditing firm that will be published subsequently in accordance with the law as indicated in the notice calling the meeting.
****
In order to provide complete disclosure of the results for the 2022 financial year, the consolidated financial position, consolidated income statement, statement of comprehensive income, summary of the consolidated income statement by business segment and the balance sheet by business segment, and the balance sheet and income statement of UnipolSai Assicurazioni S.p.A. are attached.
***
Luca Zaccherini, Manager in charge of financial reporting of UnipolSai Assicurazioni S.p.A. declares, pursuant to Article 154-bis, paragraph 2, of the "Consolidated Law on Finance", that the accounting information contained herein corresponds to the corporate documentation, ledgers and accounting records.
Glossary
DIRECT BUSINESS COMBINED RATIO: indicator that measures the balance of Non-Life direct technical management, represented by the sum of the loss ratio (ratio between direct claims for the period + other technical charges and direct premiums earned) and the expense ratio (ratio between operating expenses and direct premiums recognised).
COMBINED RATIO NET OF REINSURANCE: indicator that measures the balance of Non-Life total technical management, represented by the sum of the loss ratio (ratio between claims for the period + other technical charges and premiums earned) after the reinsurance and expense ratio (ratio between operating expenses and premiums earned) after reinsurance.
UnipolSai Assicurazioni
UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, Italian leader in the Non-Life Business, in particular in the MV and Health businesses. Also active in Life Business, UnipolSai has a portfolio of over 10 million customers and holds a leading position in the national ranking of insurance groups with direct income amounting to €13.6bn, of which €8.3bn in Non-Life Business and €5.3bn in Life Business (2022 figures). The company has the largest agency network in Italy, with over 2,100 insurance agencies spread across the country. UnipolSai is also active in direct MV insurance (Linear Assicurazioni), transport and aviation insurance (Siat), health insurance (UniSalute), supplementary pensions and also covers the bancassurance channel (Arca Vita and Arca Assicurazioni). It also manages significant diversified assets in the real estate, hotel (Gruppo UNA), medical-healthcare and agricultural (Tenute del Cerro) sectors. UnipolSai Assicurazioni is a subsidiary of Unipol Gruppo S.p.A. and is also listed on the Italian Stock Exchange.
| Unipol Gruppo | Barabino & Partners | ||
|---|---|---|---|
| Media Relations | Investor Relations | ||
| Fernando Vacarini | Adriano Donati | Massimiliano Parboni | Giovanni Vantaggi |
| T. +39 051 5072492 | T. +39 051 5077933 | T. +39 335 8304078 | T. +39 328 8317379 |
| [email protected] | 9 [email protected] |
[email protected] | [email protected] |
Consolidated Statement of Financial Position – Assets
| 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|
| 1 | INTANGIBLE ASSETS | 1,143.1 | 962.9 |
| 1.1 | Goodwill | 602.1 | 513.7 |
| 1.2 | Other intangible assets | 541.1 | 449.3 |
| 2 | PROPERTY, PLANT AND EQUIPMENT | 2,784.0 | 2,431.0 |
| 2.1 | Property | 1,492.9 | 1,500.8 |
| 2.2 | Other items of property, plant and equipment | 1,291.2 | 930.2 |
| 3 | TECHNICAL PROVISIONS - REINSURERS' SHARE | 761.6 | 831.3 |
| 4 | INVESTMENTS | 58,185.7 | 66,953.5 |
| 4.1 | Investment property | 2,359.1 | 2,155.8 |
| 4.2 | Investments in subsidiaries and associates and interests in joint ventures | 162.3 | 176.5 |
| 4.3 | Held-to-maturity investments | 365.7 | 366.7 |
| 4.4 | Loans and receivables | 4,894.1 | 5,245.1 |
| 4.5 | Available-for-sale financial assets | 41,283.0 | 50,435.0 |
| 4.6 | Financial assets at fair value through profit or loss | 9,121.4 | 8,574.3 |
| 5 | SUNDRY RECEIVABLES | 3,471.6 | 3,424.9 |
| 5.1 | Receivables relating to direct insurance business | 1,416.2 | 1,398.0 |
| 5.2 | Receivables relating to reinsurance business | 191.7 | 204.5 |
| 5.3 | Other receivables | 1,863.7 | 1,822.4 |
| 6 | OTHER ASSETS | 3,039.2 | 970.8 |
| 6.1 | Non-current assets held for sale or disposal groups | 532.6 | 132.6 |
| 6.2 | Deferred acquisition costs | 102.1 | 100.1 |
| 6.3 | Deferred tax assets | 885.0 | 108.1 |
| 6.4 | Current tax assets | 36.3 | 9.1 |
| 6.5 | Other assets | 1,483.3 | 620.9 |
| 7 | CASH AND CASH EQUIVALENTS | 825.8 | 884.8 |
| TOTAL ASSETS | 70,211.0 | 76,459.3 |
Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities
| 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|
| 1 | EQUITY | 5,812.6 | 8,233.8 |
| 1.1 | attributable to the owners of the Parent | 5,568.6 | 7,964.0 |
| 1.1.1 | Share capital | 2,031.5 | 2,031.5 |
| 1.1.2 | Other equity instruments | 496.2 | 496.2 |
| 1.1.3 | Equity-related reserves | 346.8 | 346.8 |
| 1.1.4 | Income-related and other reserves | 3,236.4 | 3,146.1 |
| 1.1.5 | (Treasury shares) | -2.8 | -0.7 |
| 1.1.6 | Translation reserve | 4.1 | 3.9 |
| 1.1.7 | Gains or losses on available-for-sale financial assets | -1,128.6 | 1,285.4 |
| 1.1.8 | Other gains or losses recognised directly in equity | -11.4 | -33.6 |
| 1.1.9 | Profit (loss) for the year attributable to the owners of the Parent | 596.5 | 688.5 |
| 1.2 | attributable to non-controlling interests | 244.0 | 269.8 |
| 1.2.1 | Share capital and reserves attributable to non-controlling interests | 224.8 | 216.8 |
| 1.2.2 | Gains or losses recognised directly in equity | -35.8 | 18.3 |
| 1.2.3 | Profit (loss) for the year attributable to non-controlling interests | 54.9 | 34.8 |
| 2 | PROVISIONS | 595.9 | 422.0 |
| 3 | TECHNICAL PROVISIONS | 51,766.2 | 57,128.3 |
| 4 | FINANCIAL LIABILITIES | 9,142.0 | 8,411.2 |
| 4.1 | Financial liabilities at fair value through profit or loss | 6,839.1 | 6,356.4 |
| 4.2 | Other financial liabilities | 2,302.9 | 2,054.8 |
| 5 | PAYABLES | 1,497.6 | 1,191.5 |
| 5.1 | Payables arising from direct insurance business | 198.1 | 187.6 |
| 5.2 | Payables arising from reinsurance business | 143.7 | 104.5 |
| 5.3 | Other payables | 1,155.7 | 899.5 |
| 6 | OTHER LIABILITIES | 1,396.7 | 1,072.4 |
| 6.1 | Liabilities associated with disposal groups held for sale | 388.0 | 3.1 |
| 6.2 | Deferred tax liabilities | 0.8 | 107.6 |
| 6.3 | Current tax liabilities | 12.5 | 39.4 |
| 6.4 | Other liabilities | 995.5 | 922.3 |
| TOTAL EQUITY AND LIABILITIES | 70,211.0 | 76,459.3 |
Consolidated Income Statement
| 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|
| 1.1 | Net premiums | 11,365.6 | 11,878.5 |
| 1.1.1 | Gross premiums | 11,906.9 | 12,349.1 |
| 1.1.2 | Ceded premiums | -541.3 | -470.6 |
| 1.2 | Fee and commission income | 49.0 | 45.3 |
| 1.3 | Gains and losses on financial instruments at fair value through profit or loss | -312.9 | 188.8 |
| 1.4 | Gains on investments in subsidiaries and associates and interests in joint ventures | 22.7 | 13.0 |
| 1.5 | Gains on other financial instruments and investment property | 2,325.0 | 1,860.2 |
| 1.5.1 | Interest income | 1,512.3 | 1,368.1 |
| 1.5.2 | Other gains | 345.3 | 233.6 |
| 1.5.3 | Realised gains | 466.7 | 238.5 |
| 1.5.4 | Unrealised gains | 0.7 | 19.9 |
| 1.6 | Other revenue | 1,154.4 | 935.1 |
| 1 | TOTAL REVENUE AND INCOME | 14,603.8 | 14,921.0 |
| 2.1 | Net charges relating to claims | -8,600.1 | -9,809.2 |
| 2.1.1 | Amounts paid and changes in technical provisions | -8,782.8 | -9,992.1 |
| 2.1.2 | Reinsurers' share | 182.7 | 183.0 |
| 2.2 | Fee and commission expense | -88.6 | -36.4 |
| 2.3 | Losses on investments in subsidiaries and associates and interests in joint ventures | -8.0 | -1.6 |
| 2.4 | Losses on other financial instruments and investment property | -870.9 | -492.5 |
| 2.4.1 | Interest expense | -80.0 | -82.2 |
| 2.4.2 | Other charges | -31.6 | -27.8 |
| 2.4.3 | Realised losses | -412.6 | -115.8 |
| 2.4.4 | Unrealised losses | -346.7 | -266.8 |
| 2.5 | Operating expenses | -2,768.8 | -2,611.0 |
| 2.5.1 | Commissions and other acquisition costs | -1,886.6 | -1,856.6 |
| 2.5.2 | Investment management expenses | -135.4 | -125.3 |
| 2.5.3 | Other administrative expenses | -746.7 | -629.1 |
| 2.6 | Other costs | -1,347.4 | -1,075.5 |
| 2 | TOTAL COSTS AND EXPENSES | -13,683.8 | -14,026.1 |
| PRE-TAX PROFIT (LOSS) FOR THE YEAR | 920.0 | 894.9 | |
| 3 | Income tax | -268.5 | -171.7 |
| POST-TAX PROFIT (LOSS) FOR THE YEAR | 651.5 | 723.2 | |
| 4 | PROFIT (LOSS) FROM DISCONTINUED OPERATIONS | 0.0 | 0.0 |
| CONSOLIDATED PROFIT (LOSS) FOR THE YEAR | 651.5 | 723.2 | |
| attributable to the owners of the Parent | 596.5 | 688.5 | |
| attributable to non-controlling interests | 54.9 | 34.8 |
Comprehensive Income Statement
| 31/12/2022 | 31/12/2021 | |
|---|---|---|
| CONSOLIDATED PROFIT (LOSS) | 651.5 | 723.2 |
| Other income items net of taxes not reclassified to profit or loss | 11.0 | -0.8 |
| Change in the shareholders' equity of the investees | 0.0 | 0.0 |
| Change in the revaluation reserve for intangible assets | 0.1 | 0.0 |
| Change in the revaluation reserve for property, plant and equipment | 0.0 | 0.0 |
| Gains and losses on non-current assets or disposal groups held for sale | 0.0 | 0.0 |
| Actuarial gains and losses and adjustments relating to defined benefit plans | 10.9 | 0.4 |
| Other items | 0.0 | -1.3 |
| Other income items net of taxes reclassified to profit or loss | -2,456.7 | -44.2 |
| Change in the reserve for foreign currency translation differences | 0.2 | -0.1 |
| Gains or losses on available-for-sale financial assets | -2,468.2 | -12.1 |
| Gains or losses on cash flow hedges | 16.7 | -42.1 |
| Gains or losses on hedges of a net investment in foreign operations | 0.0 | 0.0 |
| Change in the shareholders' equity of the investees | -5.4 | 10.1 |
| Gains and losses on non-current assets or disposal groups held for sale | 0.0 | 0.0 |
| Other items | 0.0 | 0.0 |
| TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE) | -2,445.7 | -45.0 |
| TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) | -1,794.2 | 678.2 |
| of which attributable to the owners of the Parent | -1,795.1 | 645.8 |
| of which attributable to non-controlling interests | 0.9 | 32.4 |
Condensed Consolidated Operating Income Statement broken down by business segment
Accounting records, amounts in €m
| NON-LIFE BUSINESS |
LIFE BUSINESS |
INSURANCE OTHER BUSINESSES BUSINESS |
REAL ESTATE BUSINESS (*) |
INTERSEGMENT ELIMINATION |
CONSOLIDATED TOTAL |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| dec-22 dec-21 | var.% dec-22 dec-21 | var.% dec-22 dec-21 | var.% dec-22 dec-21 | var.% dec-22 dec-21 | var.% | dec-22 dec-21 dec-22 dec-21 | var.% | |||||||||||||
| Net premiums | 7,875 | 7,780 | 1.2 | 3,491 | 4,098 | -14.8 | 11,366 | 11,879 | -4.3 | 0 | 0 | 0 | 0 | 0 | 0 | 11,366 | 11,879 | -4.3 | ||
| Net fees and commissions | -51 | -1 | n.s. | 11 | 11 | 7.7 | -40 | 9 | n.s. | 0 | 0 | 0 | 0 | 0 | 0 | -40 | 9 | n.s. | ||
| Financial income/expense ** | 452 | 458 | -1.4 | 1,102 | 1,072 | 2.8 | 1,554 | 1,530 | 1.6 | -2 | 8 | n.s. | -7 | -29 | n.s. | -15 | -14 | 1,531 | 1,496 | 2.3 |
| Net interest | 360 | 288 | 1,075 | 1,000 | 1,434 | 1,288 | 3 | 3 | -2 | -2 | 0 | 0 | 1,435 | 1,289 | ||||||
| Other income and expenses | 130 | 86 | 86 | 58 | 216 | 145 | 5 | 6 | 58 | 49 | -15 | -14 | 265 | 186 | ||||||
| Realised gains and losses | 58 | 89 | -46 | -6 | 12 | 83 | -4 | 0 | -6 | 0 | 0 | 0 | 2 | 83 | ||||||
| Unrealised gains and losses | -96 | -5 | -13 | 20 | -109 | 15 | -6 | -57 | -76 | 0 | 0 | -172 | -62 | |||||||
| Net charges relating to claims | -5,031 | -5,095 | -1.3 | -3,944 | -4,642 | -15.0 | -8,975 | -9,737 | -7.8 | 0 | 0 | 0 | 0 | 0 | 0 | -8,975 | -9,737 | -7.8 | ||
| Operating expenses | -2,306 | -2,222 | 3.8 | -266 | -254 | 4.7 | -2,572 | -2,476 | 3.9 | -172 | -111 | 54.6 | -38 | -35 | 9.5 | 14 | 11 | -2,769 | -2,611 | 6.0 |
| Commissions and other acquisition costs | -1,769 | -1,741 | 1.6 | -118 | -116 | 1.9 | -1,887 | -1,857 | 1.6 | 0 | 0 | 0 | 0 | -1,887 | -1,857 | 1.6 | ||||
| Other expenses | -537 | -481 | 11.7 | -148 | -139 | 7.1 | -686 | -620 | 10.6 | -172 | -111 | 54.6 | -38 | -35 | 9.5 | 14 | 11 | -882 | -754 | 16.9 |
| Other income / expense | -228 | -168 | -36.0 | -119 | -67 | -78.8 | -347 | -234 | -48.2 | 155 | 91 | 69.9 | -2 | n.s. | 1 | 3 | -193 | -140 | -37.5 | |
| Pre-tax profit (loss) | 711 | 752 | -5.5 | 275 | 218 | 26.2 | 985 | 970 | 1.6 | -18 | -11 | -61.8 | -47 | -64 | 26.0 | 0 | 0 | 920 | 895 | 2.8 |
| Income tax | -188 | -134 | 39.9 | -88 | -43 | 107.1 | -276 | -177 | 56.1 | 6 | 4 | 41.8 | 2 | 1 | 57.5 | 0 | 0 | -269 | -172 | 56.4 |
| Profit (loss) on discontinued operations | ||||||||||||||||||||
| Consolidated profit (loss) for the period | 523 | 618 | -15.4 | 186 | 175 | 6.5 | 709 | 793 | -10.6 | -12 | -7 | -74.0 | -46 | -63 | 27.3 | 0 | 0 | 651 | 723 | -9.9 |
| Profit (loss) attributable to the owners of the Parent |
597 | 688 | ||||||||||||||||||
| Profit (loss) attributable to non-controlling interests |
55 | 35 |
(*) Real Estate business only includes real estate companies controlled by the Group.
(**) Excluding assets/liabilities at fair value related to contracts issued by insurance companies with investment risk borne by customers and arising from pension fund management
Statement of financial position by business segment
Amounts in €m
| Non-Life business | Life business | Other businesses | Real Estate (*) | Intersegment eliminations | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | ||
| 1 | INTANGIBLE ASSETS | 858.1 | 681.4 | 261.6 | 264.3 | 23.4 | 17.2 | 0.0 | 0.0 | 0.0 | 0.0 | 1,143.1 | 962.9 |
| 2 | PROPERTY, PLANT AND EQUIPMENT | 1,916.6 | 1,565.6 | 73.7 | 73.8 | 242.2 | 217.3 | 551.5 | 574.3 | 0.0 | 0.0 | 2,784.0 | 2,431.0 |
| 3 | TECHNICAL PROVISIONS - REINSURERS' SHARE | 738.5 | 808.1 | 23.1 | 23.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 761.6 | 831.3 |
| 4 | INVESTMENTS | 13,447.2 | 15,417.2 | 42,685.8 | 49,673.2 | 314.9 | 309.3 | 1,926.1 | 1,753.5 | -188.3 | -199.7 | 58,185.7 | 66,953.5 |
| 4.1 Investment property | 472.3 | 480.7 | 4.0 | 4.1 | 0.7 | 23.1 | 1,882.1 | 1,647.9 | 0.0 | 0.0 | 2,359.1 | 2,155.8 | |
| 4.2 Investments in subsidiaries, associates and interests in jo | 87.3 | 97.4 | 24.6 | 29.9 | 49.5 | 48.2 | 0.9 | 0.9 | 0.0 | 0.0 | 162.3 | 176.5 | |
| 4.3 Held-to-maturity investments | 46.3 | 47.5 | 319.4 | 319.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 365.7 | 366.7 | |
| 4.4 Loans and receivables | 2,240.4 | 2,449.6 | 2,563.7 | 2,735.8 | 236.2 | 208.5 | 42.2 | 50.9 | -188.3 | -199.7 | 4,894.1 | 5,245.1 | |
| 4.5 Available-for-sale financial assets | 10,313.0 | 12,181.0 | 30,940.7 | 38,170.8 | 28.5 | 29.4 | 0.8 | 53.8 | 0.0 | 0.0 | 41,283.0 | 50,435.0 | |
| 4.6 Financial assets at fair value through profit or loss | 288.0 | 161.0 | 8,833.4 | 8,413.3 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 9,121.4 | 8,574.3 | |
| 5 | SUNDRY RECEIVABLES | 2,559.0 | 2,545.5 | 834.2 | 835.8 | 81.0 | 60.6 | 36.6 | 31.4 | -39.2 | -48.5 | 3,471.6 | 3,424.9 |
| 6 | OTHER ASSETS | 1,812.5 | 818.7 | 1,075.8 | 95.0 | 16.5 | 11.0 | 143.7 | 177.4 | -9.2 | -131.4 | 3,039.2 | 970.8 |
| 6.1 Deferred acquisition costs | 36.6 | 37.1 | 65.5 | 63.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 102.1 | 100.1 | |
| 6.2 Other assets | 1,775.9 | 781.6 | 1,010.2 | 32.0 | 16.5 | 11.0 | 143.7 | 177.4 | -9.2 | -131.4 | 2,937.1 | 870.7 | |
| 7 | CASH AND CASH EQUIVALENTS | 401.9 | 240.3 | 304.7 | 567.9 | 42.7 | 54.3 | 76.5 | 22.3 | 0.0 | 0.0 | 825.8 | 884.8 |
| TOTAL ASSETS | 21,733.8 | 22,076.8 | 45,258.9 | 51,533.3 | 720.6 | 669.7 | 2,734.5 | 2,559.0 | -236.7 | -379.6 | 70,211.0 | 76,459.3 | |
| 1 | SHAREHOLDERS' EQUITY | 5,812.6 | 8,233.8 | ||||||||||
| 2 | PROVISIONS | 544.6 | 396.4 | 27.8 | 6.9 | 14.9 | 13.6 | 8.6 | 5.1 | 0.0 | 0.0 | 595.9 | 422.0 |
| 3 | TECHNICAL PROVISIONS | 14,537.5 | 14,714.9 | 37,228.7 | 42,413.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 51,766.2 | 57,128.3 |
| 4 | FINANCIAL LIABILITIES | 1,590.5 | 1,428.9 | 7,461.6 | 6,943.2 | 56.4 | 37.0 | 221.6 | 201.7 | -188.1 | -199.5 | 9,142.0 | 8,411.2 |
| 4.1 Financial liabilities at fair value through profit or loss | 16.9 | 80.3 | 6,822.2 | 6,276.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6,839.1 | 6,356.4 | |
| 4.2 Other financial liabilities | 1,573.6 | 1,348.6 | 639.5 | 667.1 | 56.4 | 37.0 | 221.6 | 201.7 | -188.1 | -199.5 | 2,302.9 | 2,054.8 | |
| 5 | PAYABLES | 1,169.4 | 922.1 | 187.9 | 171.6 | 100.5 | 73.2 | 74.8 | 68.5 | -35.1 | -43.8 | 1,497.6 | 1,191.5 |
| 6 | OTHER LIABILITIES | 1,235.7 | 827.1 | 136.7 | 341.2 | 27.2 | 26.6 | 10.6 | 13.7 | -13.5 | -136.2 | 1,396.7 | 1,072.4 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 70,211.0 | 76,459.3 |
(*) the Real Estate Business only includes real estate companies controlled by UnipolSai
Reclassified balance sheet asset – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| ASSETS | 2022 | 2021 |
|---|---|---|
| Subscribed capital, unpaid | 0 | 0 |
| Intangible assets | ||
| Acquisition costs being amortised | 81,562 | 78,272 |
| Start-up costs, goodwill and other long-term costs | 656,218 | 637,030 |
| Total intangible assets | 737,779 | 715,302 |
| Investments and cash and cash equivalents | ||
| I Land and buildings |
1,139,447 | 1,140,293 |
| II Investments in group companies and other investees |
||
| Shares and holdings | 3,779,981 | 3,677,557 |
| Bonds | 32,327 | 9,419 |
| Loans | 345,136 | 576,290 |
| III Other financial investments |
||
| Shares and holdings | 1,788,410 | 1,265,314 |
| Mutual investment fund units | 5,107,662 | 5,004,271 |
| Bonds | 29,821,462 | 31,111,228 |
| Loans | 21,916 | 19,333 |
| Mutual investment units | 0 | 0 |
| Sundry financial investments | 58,955 | 163,575 |
| IV Deposits with ceding companies |
195,166 | 170,704 |
| V Cash and cash equivalents |
461,343 | 396,354 |
| Total investments and cash and cash equivalents | 42,751,804 | 43,534,337 |
| Investments benefiting life business policyholders that bear | ||
| the risk arising from pension fund management | ||
| Linked to investment funds and market indices | 1,139,935 | 1,100,372 |
| Arising from pension fund management | 4,644,464 | 4,301,119 |
| Total | 5,784,398 | 5,401,491 |
| Receivables | ||
| I Arising from direct insurance and reassurance business |
||
| Policyholders for premiums | 576,182 | 549,256 |
| Intermediaries | 999,070 | 994,836 |
| Insurance and reinsurance companies | 62,112 | 84,345 |
| Policyholders and third parties for amounts to be collected | 132,659 | 121,160 |
| II Other receivables |
2,506,598 | 1,681,304 |
| Total receivables | 4,276,621 | 3,430,900 |
| Other assets | ||
| Tangible assets and inventories | 70,753 | 63,204 |
| Other assets | 1,290,584 | 1,297,942 |
| Total other assets | 1,361,337 | 1,361,146 |
| TOTAL ASSETS | 54,911,939 | 54,443,177 |
Reclassified balance sheet equity and liabilities – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2022 | 2021 |
|---|---|---|
| Shareholders' equity | ||
| Share capital | 2,031,456 | 2,031,456 |
| Equity reserves and unallocated profit | 3,993,289 | 3,882,605 |
| Retained profit (loss) | 0 | 0 |
| Profit (loss) for the year | 144,731 | 648,137 |
| Negative reserve for treasury shares | (2,488) | (289) |
| Total shareholders' equity | 6,166,988 | 6,561,910 |
| Subordinated liabilities | 1,830,000 | 1,910,000 |
| Technical provisions, net of the quotas ceded and retroceded | ||
| Non-Life premium provision | 3,013,897 | 2,925,147 |
| Non-Life claims provision | 9,451,425 | 9,469,148 |
| Other Non-Life business provisions | 99,815 | 93,190 |
| Life business mathematical provisions | 25,836,996 | 25,474,103 |
| Life business provision for amounts payable | 248,088 | 268,067 |
| Other Life business provisions | 104,588 | 102,723 |
| Total technical provisions | 38,754,809 | 38,332,378 |
| Net technical provisions when investment risk is borne by | ||
| policyholders and provisions arising from pension fund management | ||
| Contracts linked to investment funds and market indices | 1,139,935 | 1,100,372 |
| Arising from pension fund management | 4,644,464 | 4,301,119 |
| Total | 5,784,398 | 5,401,491 |
| Provisions for risks and charges | ||
| Post-employment benefits and similar obligations | 1,409 | 1,990 |
| Provisions for taxes | 27,909 | 42,555 |
| Other provisions | 538,843 | 377,688 |
| Total provisions for risks and charges | 568,160 | 422,233 |
| Payables and other liabilities | ||
| Arising from direct insurance and reinsurance business | ||
| Intermediaries | 26,304 | 32,531 |
| Insurance and reinsurance company current accounts | 77,318 | 65,177 |
| Insurance and reinsurance company deposit accounts | 125,337 | 122,160 |
| Sundry payables | 28,190 | 23,575 |
| II Sundry loans and other financial payables |
5,632 | 11,746 |
| III Post-employment benefits |
39,737 | 38,570 |
| IV Other payables |
||
| Policyholders' tax due | 152,820 | 152,103 |
| Sundry tax payables | 29,589 | 54,111 |
| Sundry payables | 431,269 | 338,049 |
| V Other liabilities |
891,387 | 977,142 |
| Total payables and other liabilities | 1,807,583 | 1,815,166 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 54,911,939 | 54,443,177 |
Reclassified income statement – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| TECHNICAL ACCOUNT | Life | Non-Life | Total | Life | Non-Life | Total | |
| Direct business gross of reinsurance | |||||||
| (+) Written premiums | 3,392,497 | 6,883,054 | 10,275,551 | 2,869,728 | 6,721,154 | 9,590,882 | |
| (-) Change in technical provisions and premium provision | 722,833 | 88,974 | 811,807 | 868,323 | 449 | 868,772 | |
| (-) Charges relating to claims | 2,599,491 | 4,195,778 | 6,795,268 | 2,602,018 | 4,191,517 | 6,793,534 | |
| (+) Balance of other technical items | (7,805) | (84,462) | (92,266) | (5,397) | (112,797) | (118,193) | |
| (-) Operating expenses | 157,893 | 2,080,218 | 2,238,111 | 153,914 | 2,002,169 | 2,156,084 | |
| (+) Net income from investments (1) | (27,481) | 120,602 | 93,122 | 918,521 | 309,849 | 1,228,371 | |
| Direct business gross result | (123,005) | 554,226 | 431,221 | 158,598 | 724,071 | 882,670 | |
| Outwards reinsurance result | (3,604) | (124,924) | (128,528) | (2,952) | (134,211) | (137,163) | |
| Indirect business net result | (211) | 4,576 | 4,365 | (16) | 416 | 400 | |
| Technical account result | (126,820) | 433,878 | 307,058 | 155,630 | 590,276 | 745,906 | |
| NON-TECHNICAL ACCOUNT | |||||||
| (+) Income from investments (2) | 0 | 49,879 | 49,879 | 94,632 | 137,847 | 232,479 | |
| (+) Other income | 16,804 | 152,026 | 168,830 | 13,246 | 109,588 | 122,834 | |
| (-) Other charges | 65,129 | 250,568 | 315,697 | 68,307 | 288,410 | 356,717 | |
| Profit (loss) from ordinary operations | (175,146) | 385,216 | 210,070 | 195,202 | 549,302 | 744,503 | |
| (+) Extraordinary income | 135,552 | 21,585 | 157,136 | 12,189 | 132,951 | 145,139 | |
| (-) Extraordinary expenses | 39,668 | 181,535 | 221,203 | 1,752 | 9,061 | 10,813 | |
| Pre-tax profit (loss) | (79,262) | 225,265 | 146,003 | 205,638 | 673,192 | 878,830 | |
| (-) Taxes | (19,244) | 20,516 | 1,272 | 45,124 | 185,569 | 230,693 | |
| NET PROFIT (LOSS) | (60,018) | 204,749 | 144,731 | 160,514 | 487,623 | 648,137 |
(1) Included for the Life business is the income net of the share transferred to the non-technical account.
(2) Included for the Life business is the income transferred from the technical account. Included for the Non-Life business is the income transferred from the non-technical account.
Included for the Non-Life business is the income net of the share transferred to the technical account.