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BFR - Press release UnipolSai: new strategic plan 2022-2024 and Q1 2022 results

Company: Unipolsai Date: 2022-05-13 Language: English Register to download
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| Informazione<br>Regolamentata n.<br>0230-82-2022 |   | Data/Ora Ricezione<br>13 Maggio 2022<br>07:00:21 | Euronext Milan                              |
|--------------------------------------------------|---|--------------------------------------------------|---------------------------------------------|
| Societa'                                         | : | UNIPOLSAI                                        |                                             |
| Identificativo<br>Informazione<br>Regolamentata  | : | 162179                                           |                                             |
| Nome utilizzatore                                | : | UNIPOLSAIN02 - Nerdi                             |                                             |
| Tipologia                                        | : | 3.1                                              |                                             |
| Data/Ora Ricezione                               | : | 13 Maggio 2022 07:00:21                          |                                             |
| Data/Ora Inizio<br>Diffusione presunta           | : | 13 Maggio 2022 07:00:23                          |                                             |
| Oggetto                                          | : | 2022-2024 and Q1 2022 results                    | Press release UnipolSai: new strategic plan |
| Testo del comunicato                             |   |                                                  |                                             |

Vedi allegato.

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# LAUNCH OF **OPENING NEW WAYS** THE NEW 2022-2024 STRATEGIC PLAN OF GRUPPO UNIPOL

FINANCIAL AND INDUSTRIAL TARGETS UP COMPARED TO THE 2019-2021 STRATEGIC PLAN

CONSOLIDATED RESULTS AT 31 MARCH 2022 APPROVED

**Opening New Ways plans** to expand the **position of UnipolSai** by continuing to **"open new ways"** in the **Mobility, Welfare and Property ecosystems** and in **Bancassurance.**

![](_page_1_Figure_7.jpeg)

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The new **plan** uses the **distinctive assets** of UnipolSai as leverage and is based on **five strategic guidelines.**

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#### Milan, 13 May 2022

### **Opening New Ways – Strategic Plan Guidelines and Assets**

The board of directors of UnipolSai S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the Strategic Plan for the 2022-2024 three-year period **"Opening New Ways"** and the consolidated results at 31 March 2022.

**Carlo Cimbri, Chairperson of UnipolSai,** said *"we present the first strategic plan for a new chapter in the history of Unipol today. This group has the ability to reinvent itself and give continuity to governance, create value for shareholders and foresee new requirements, expectations and the need for protection by the public and businesses, encouraged by our leadership in the mobility, welfare and property ecosystems. Innovation and the digital evolution will guide the development of the group over the next few years, opening new ways in the core insurance business in line with our strategic vision".*

**Matteo Laterza, Chief Executive Officer of UnipolSai**, said *"we have a strong market position and distinctive assets on which we intend to capitalise in a complex economic and market context to reinforce our leadership in the insurance world and expand our presence in the mobility, welfare and property ecosystems. We have set financial and industrial targets with Opening New Ways, and paid close attention to shareholder remuneration and maintaining a solid capital base, in keeping with Group tradition".*

**"Opening New Ways"** follows on from the 2019-2021 strategic plan "Mission Evolve" which achieved and actually exceeded its targets, and will unfold in a macroeconomic context that is influenced by the international geopolitical crisis triggered by the war in Ukraine. A scenario characterised by a decelerating economy, rising inflation due to further acceleration in the prices of energy and food commodities, highly volatile financial markets and interest rates expected to increase. Despite this situation, the forecast is for a growing insurance market over the 2022-2024 lifespan.

**UnipolSai** aims to use the plan to **"open new ways"** in the **Mobility, Welfare and Property ecosystems** and in **Bancassurance.**

The financial targets for the 2022-2024 three-year period, up compared to the previous strategic plan, provide for a **cumulative profit of €2.3bn** and **cumulative dividends of €1.4bn.** At industrial level, UnipolSai has set targets, which are also up on the 2019-2021 plan, with income in the non-life business of €8.9bn (+€1.1bn compared to 2021) of which €1bn in the health business, a non-life

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combined ratio of 92.6%[1](#page-4-0) (-2.7% compared to 2021) and income of €5.8bn in the life business (+€400m compared to 2021).

**UnipolSai** has always devised strategies aimed at creating value for all its stakeholders on the basis of the following distinctive assets.

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<span id="page-4-0"></span>1 Net of reinsurance.

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### **Opening New Ways – Strategic Guidelines**

The **"Opening New Ways"** plan revolves around **five strategic guidelines** which leverage its distinctive assets:

**1) Data Driven Omnichannel Insurance**

**2024 Target:**

- o **Motor Combined Ratio[2](#page-5-0) of 93.9%**
- o **Non-Motor Combined Ratio[3](#page-5-1) of 85.9%**
- o **Non-Life Premium Income[4](#page-5-2) UnipolSai of €7.2bn**

In the challenging competitive environment of the **motor business**, UnipolSai has set a target of achieving a **combined ratio2 of 93.9% by 2024, up by about 1.4 percentage points compared to 2021.** This target will be pursued as follows:

- offer low-cost app-based telematics solutions
- develop algorithms for pricing and underwriting purposes based on internal and external data to improve retention, conversion and profitability models
- develop the car maker and dealer channel and long-term rental
- develop the claims settlement model to manage injuries, performance of the settlement networks and full use of the direct and affiliated direct repair network

In the **non-motor business**, UnipolSai has set a target of achieving a **combined ratio3 of 85.9% by 2024, up by about 3 percentage points compared to 2021**. This target will be pursued as follows:

- develop the insurance offers to take advantage of the opportunities offered by the Recovery and Resilience Plan
- develop pricing and underwriting algorithms
- dynamic pricing of in-force non-motor business and re-pricing and development of technical margins in property
- evolution of the claims settlement model for injury management, monitoring the performance of experts and use of direct repair in property

With respect to distribution, we confirm the **central role played by the agency network in the UnipolSai strategy** to strengthen its effectiveness and complete the omnichannel evolution as follows:

- consolidate local coverage
- massive generation of new opportunities through digital channels

<span id="page-5-0"></span> <sup>2</sup> Direct business.

<span id="page-5-1"></span><sup>3</sup> Direct business, excluding health business.

<span id="page-5-2"></span><sup>4</sup> Direct business at the level of UnipolSai S.p.A.

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- improve sophistication of commercial proposals based on data-driven algorithms
- increase the number of salesforce specialists

The goal of UnipolSai is to achieve **income4 of €7.2bn in the non-life business by 2024** (+€500m compared to 2021).

The group has also set a target **to transform the value proposition** by offering products and services that are increasingly in line with the needs of customers, through a **platform that develops the insurance offers on a fully omnichannel basis** as follows:

- evolution of the retail offer which is distinctive in terms of volume and depth
- greater richness and usability of information, to accelerate technical excellence
- personalise the offer through needs assessments
- central role of the agency network boosted by the contribution from the digital channels
- develop a distinctive customer experience on all touch points
- 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
	- **2) Health and Life-Cycle Focus**

# **2024 Target:**

- o **Health Combined Ratio[5](#page-6-0) of 90.4%**
- o **Health Premium Income5 of €1.0bn**
- o **Life Premium Income of €5.8bn**
- o **Present Value Future Profit Margin[6](#page-6-1) of 3.5%**

In the **health** segment, the group shall reinforce its leadership through innovation in the product and distribution models, achieving **premium income of €1bn** (+€300m compared to 2021) and a **combined ratio5 of 90.4% in 2024, up by about 6.1 percentage points compared to 2021.** These targets will be achieved as follows:

- use the brand, skills and know-how of UniSalute on all the group distribution networks
- introduce a targeting and needs assessment model based on the customer's needs at the different life-cycle stages
- develop a supplementary health offering for the members of the funds
- strengthen the chronic disease management programmes
- develop digital health services including telemedicine
- develop outsourced insurance services mainly in the welfare area

 <sup>5</sup> Direct business of the UnipolSai S.p.A. health division, Arca Assicurazioni and total UniSalute Non-Life

<span id="page-6-1"></span><span id="page-6-0"></span><sup>6</sup> Ratio between New Business Value (NBV) and Present Value of New Business Premiums (PVNBP) is a measure of return that expresses the value of new business in relation to the expected value of the premiums from the new business.

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- dedicated channels for product lines and customers
- manage the flexible benefits catalogue

The life value proposition is also expected to evolve with the target of achieving **income of €5.8bn** (+€400m compared to 2021) by offering products that take a life-cycle approach, optimising capital absorption, with dedicated service models per customer segment, more especially:

- in the savings area, focus on annual premiums and supplementary pensions
- enhance the offer and distribution capacity in the protection business
- focus on capital light products in the investment area
	- **3) Boost to Bancassurance**

# **2024 Target:**

- o **Non-Life Premium Income[7](#page-7-0) of €500m**
- o **Life Premium Income[8](#page-7-1) of €2.6bn**

Strengthen **the bancassurance business model** by enhancing the group's **distinctive capabilities** in synergy with **the banking partners,** especially as follows:

- develop the non-life and life protection segment both on a stand-alone basis or bundled with banking products
- targeting model based on customer data to provide a personalised, effective sales offer
- introduce insurance specialists
- add new incentive schemes
- synergies among distribution networks for broader coverage of SME customer needs
- new digital tools and sales processes

UnipolSai's target is to achieve, by 2024, through the **bancassurance channel, income of €500m in non-life**<sup>7</sup> (+€200m compared to 2021) and **€2.6bn in life**<sup>8</sup> (+€200m compared to 2021).

# **4) Beyond Insurance Enrichment**

**Target:**

- o **Mobility:**
	- **2024 Revenue[9](#page-7-2) of €935m**
	- **Cumulative net profit 2022-20249 of €82m**
	- **93,000 UnipolRental vehicle fleet by 2024**
	- **2 million UnipolMove customers by 2024**

 <sup>7</sup> Direct business Arca Assicurazioni, Protection Arca Vita and Health UniSalute (through bancassurance)

<span id="page-7-1"></span><span id="page-7-0"></span><sup>8</sup> Premium income Arca Vita, Arca Vita International and BIM Vita.

<span id="page-7-2"></span><sup>9</sup> Includes UnipolRental, UnipolTech, Cambiomarcia and I.Car.

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- o **Welfare:**
	- **Digital Health: 420,000 active retail users and 4,500 doctors subscribed to the platform by 2024**
	- **Flexible Benefits: 1,800 platforms sold and 130,000 employees served by 2024**
	- **Health Centres: 1,000,000 loans granted in 2024**
- o **Property:**
	- **-10% average cost of claims channelled by 2024**
	- **170 affiliated small businesses**
	- **5,000 apartment buildings**
	- **350,000 apartment residents to whom to offer insurance and related services**

Within the scope of the 'beyond insurance' activities, UnipolSai will develop the **products by further extending the Mobility** ecosystem **and strengthening** the **Welfare and Property** ecosystems.

UnipolSai will become a 360° partner in the **Mobility** area, consolidating its position along the entire life cycle of mobility, especially through UnipolRental, the largest long-term rental company in the market backed by Italian capital only, and UnipolMove, the main alternative in the world of electronic toll collection, which will help develop the UnipolSai online payment products.

Within the scope of the **Welfare** ecosystem, UnipolSai will develop further initiatives to boost its own position, especially through the following:

- network of proprietary medical centres, maximising synergies with the insurance services
- develop digital health services including telemedicine
- develop nursing, physiotherapy and social-care home assistance services
- new flexible benefits platform, optimised for SMEs and large corporates thanks to innovative services.

Within the **Property** ecosystem, UnipolSai shall become a key player in home and apartment building related services, creating standalone value and ensuring synergy at the level of UnipolSai, especially through the following:

- develop a network of tradespeople to ensure quality of service, positive customer experiences and savings on insured services, and launch home maintenance and system installation services
- manage a network of franchised administrators and provide services to administrators and apartment residents
- expand offer of sale of domestic services for customers

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**5) Tech & People Evolution**

**Target:**

- o **Cost/income[10](#page-9-0) of 55.0% by 2024**
- o **€500m in Tech Investments in 2022-2024**
- o **800 subscriptions expected to the Solidarity Fund with 300 qualified hires in 2022- 2024**

UnipolSai will continue to **invest in technology and people** to accelerate the business strategy, simplify processes and increase productivity, especially as follows:

- digitalise core systems and pursue process automation
- develop digital platforms
- improve application architectures and technological infrastructures
- develop cybersecurity
- use artificial intelligence to further improve the operating model and reduce activities with low added value
- encourage generational change also through the solidarity fund which strengthens specialisation and new skills
- extensively increase accountability on industrial plan targets
- use and promote the digital workplace

# **2024 Strategic Asset Allocation:**

- o **Life average financial withholding[11](#page-9-1) amounts to about 1.0%**
- o **Real Estate Investment Portfolio Gross Yield equal to about 4.3%**

With regard to the **strategic asset allocation**, UnipolSai will implement its strategies by taking a riskadjusted approach, especially as follows:

- increase real assets and real estate
- reduce Italian govies
- increase the quality of the fixed income portfolio
- ALM strategy[12](#page-9-2) to optimise long-term capital generation and reduce volatility
- restructure and streamline real estate assets

#### **ESG – Sustainability**

**2024 Target:**

- o **30% of products with environmental and social value**
- o **€1.3bn investments in Sustainable Development Goals (SDGs)**

 <sup>10</sup> Cost/income ratio relating to insurance companies.

<span id="page-9-1"></span><span id="page-9-0"></span><sup>11</sup> Gross financial profit margins from the segregated accounts of the group.

<span id="page-9-2"></span><sup>12</sup> ALM: Assets Liabilities Management.

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- o **Reputation score[13](#page-10-0) higher than average in the insurance sector**
- o **20% of the Unipol management incentive system linked to ESG targets**

UnipolSai **will contribute towards reaching the UN 2030 Agenda Sustainable Development Goals.** More specifically:

- **Goal 3 - Good Health and Well-Being:** through development of the health products taking a life-cycle approach, identifying proposals that respond to the changing needs of both individuals and society over time
- **Goal 8 - Decent Work and Economic Growth:** with enrichment of the property offer in a synergic, integrated way, offering services that reliably support homeowners taking a responsible approach to critical supply chains
- **Goal 11 - Sustainable Cities and Communities:** through a sustainable motor insurance approach that promotes behaviour that will help support the Paris Agreement targets
- **Goal 12 - Responsible Consumption and Production:** through environmental qualification of the claims management process with a view to the circular economy and increasing the ESG component in life products
- **Goal 13 - Climate Action:** through a strategy that confirms how UnipolSai deals with climate-related risks and opportunities, contributing to achievement of the Paris Agreement target to limit global warming to 1.5°C with reduction of direct and indirect impacts and by joining the Net Zero Asset Owner Alliance

<span id="page-10-0"></span> <sup>13</sup> Reputation score among the general public according to RepTrak® methodology.

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- Consolidated net profit €203m
- Direct insurance income €3.4bn (+8.4% compared to 31 March 2021)
	- Non-life business: €2.0bn (+5.5%)
	- Life business: €1.4bn (+12.9%)
- Combined ratio net of reinsurance at 93%

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#### **Summary of the main Group figures**

| Amounts in €m                                  | 31/3/2022 | 31/3/2021  | % Change |
|------------------------------------------------|-----------|------------|----------|
| Direct insurance income                        | 3,449     | 3,181      | 8.4      |
| Non-life direct insurance income               | 2,025     | 1,919      | 5.5      |
| Life direct insurance income                   | 1,424     | 1,261      | 12.9     |
| Combined ratio non-life - direct business      | 89.9%     | 89.3%      |          |
| Combined ratio non-life - net of reinsurance   | 93.0%     | 89.1%      |          |
| Consolidated results                           | 203       | 249        | (18.6)   |
| Amounts in €m                                  | 31/3/2022 | 31/12/2021 | % Change |
| Investments and cash and cash equivalents      | 67,680    | 69,339     | (2.4)    |
| Shareholders' equity attributable to the Group | 7,472     | 7,964      | (6.2)    |
| Individual solvency ratio                      | 314%      | 326%       |          |

The UnipolSai Group ended the first quarter of 2022 with a consolidated net profit of €203m compared to a profit of €249m for the corresponding period of the previous year, which had been positively affected by the capital gains from the sale of Torre Velasca (€49m, net of the tax effect).

#### **Non-Life Business**

Direct income from the **non-life business** as at 31 March 2022 amounted to €2,025m, recording a significant increase (+5.5%) over the figure of €1,919m as at 31 March 2021.

The performance recorded in the **non-motor** business was very positive, with premiums of €1,086m, and a 10% increase over the first quarter of 2021, with all the main divisions of the business and all sales channels of the group having contributed to that result. The development of UniSalute was particularly significant (+17.9%), along with the increase in the active bancassurance business in the non-life business through Incontra and Arca Assicurazioni (+75%).

The **MV** business also returned to growth (+0.7%) even though still in a strongly competitive context with respect to Motor TPL rates, but where continued development of accessory insurance cover had a positive effect.

The **combined ratio** of the Group, net of reinsurance, stood at 93.0% compared to 89.1% in the first quarter of 2021, with a loss ratio of 65.0% compared to 62.3% in the first quarter of 2021, which still benefitted from a significant reduction in the Motor TPL claims frequency due to the restrictive measures imposed to tackle the Covid-19 pandemic. The expense ratio stood at 27.9% compared to

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26.9% for the same period of 2021, influenced by the higher non-MV premium component with a higher commission rate.

The **pre-tax result** for the **non-life business** amounted to €236m compared to €359m in the first three months of 2021, influenced by both the above-mentioned technical performance and the capital gains made in the first quarter of 2021 from the sale of Torre Velasca (€71m).

# **Life Business**

In the first three months of this year, group direct income in the **life business** stood at €1,424m, a 12.9% increase linked to the results of the bancassurance business. Production concentrated on multi branch and unit-linked products in order to reduce the average minimum guaranteed rate and optimise capital absorption.

The **pre-tax result for the life business** amounted to €70m compared to €11m in the first three months of 2021, with growth mainly linked to a higher contribution of financial income.

### **Other Businesses**

With regard to the other businesses in which the group works, the hotel sector, particularly affected in recent years by the ongoing Covid-19 emergency, recorded a recovery in turnover due to the reopening of some of the hotels which had been closed. The other businesses were substantially unchanged.

There was a **pre-tax loss** in the **real estate and other businesses** of €24m (a loss of €18m as at 31 March 2021).

#### **Financial Management**

With regard to the **financial investment management**, the asset allocation diversification continued through the first quarter of 2022 in order to further reduce the investment in Italian govies and increasing the other core and real asset European area govies in order to optimise the risk-return profile of the portfolio.

The gross return on the group's financial insurance investment portfolio was 3.2% of invested assets, the same as for 31 March 2021, with 3.0% of this relating to the coupon and dividend component.

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# **Balance Sheet**

As at 31 March 2022, the **consolidated shareholders' equity** amounted to €7,745m (€8,234m at 31 December 2021), of which €7,472m attributable to the group. The change in the period reflects the results of the general increase in interest rates that led to a reduction of the market values of the bonds in the portfolio, mostly classified under available-for-sale financial assets.

The **individual solvency ratio** of UnipolSai at 31 March 2022 amounted to 314% (326% at 2021 year end). The **consolidated solvency** ratio based on the economic capital was 278% (284% at 31 December 2021).

#### **Corporate Governance**

#### **Independence of the Directors**

At its board meeting, the board of directors checked to ensure that the non-executive directors appointed by the shareholders' meeting of the company on 27 April 2022 fulfilled the necessary independence requirements.

After the assessments were made - in which the positions of the individual directors was examined the governing body confirmed that the following 10 directors fulfilled the independence requirements in accordance with article 148, paragraph 3 of the Consolidated Law on Finance and the Code of Corporate Governance of listed companies (the "Code"), also taking account of the applicable provisions of the Fit&Proper Policy adopted by the Company, and more specifically: Bernabò Bocca, Stefano Caselli, Mara Anna Rita Caverni, Giusella Dolores Finocchiaro, Rossella Locatelli, Maria Paola Merloni, Paolo Peveraro, Daniela Preite, Elisabetta Righini and Antonio Rizzi.

#### **Independence of the Statutory Auditors**

The board of eirectors also carried out its regular assessment to ensure that the members of the board of statutory auditors fulfilled the independence requirements.

After the assessments - during which the positions of the individual statutory auditors were examined - the governing body confirmed that all the members of the board of statutory auditors continued to fulfil the independence requirements set out under article 148, paragraph 3 of the Consolidated Law on Finance, and more specifically: Cesare Conti (chairperson), Silvia Bocci and Angelo Mario Giudici (standing auditors), Sara Fornasiero, Luciana Ravicini and Roberto Tieghi (alternate auditors).

The board of directors acknowledged the results of the self-evaluation carried out by the board of statutory auditors regarding the independence of its standing members, in accordance with the

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Code, meeting the same requirements as provided for the directors. To that end, the board of statutory auditors confirmed that all its members can be considered to hold the above-mentioned independence requirements.

# **Board Committees**

At today's meeting, the board of directors also appointed the members of the following board committees:

- − Appointments, governance and sustainability committee as follows: Stefano Caselli (as chairperson), Maria Paola Merloni and Paolo Peveraro;
- − Remuneration committee as follows: Giusella Dolores Finocchiaro (as chairperson), Mara Anna Rita Caverni and Bernabò Bocca;
- − Control and risks committee, as follows: Rossella Locatelli (as chairperson), Daniela Preite and Antonio Rizzi;
- − Committee for related party transactions, as follows: Antonio Rizzi (as chairperson), Mara Anna Rita Caverni, Daniela Preite and Elisabetta Righini.

\*\*\*\*

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 IFRS 17 and IFRS 9.

\*\*\*\*

The strategic plan will be presented to the financial community at 10.00 a.m. today, in Milan, at Superstudio+ (Via Tortona 27). The presentation can also be followed via webcast and conference

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call. The phone numbers to dial to attend the event are: +39 02 8058811 (from Italy/other countries), +44 1212 818003 (from the UK), +1 718 7058794 (from the USA).

The link to the video webcast is[: https://87399.choruscall.eu/links/unipol220513.html](https://87399.choruscall.eu/links/unipol220513.html)

The presentation file will be available at the following link: <https://www.unipolsai.com/it/investors/presentazioni>

\*\*\*\*

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 in this press release corresponds to the figures in the corporate accounting records, ledgers and documents.

Please refer to the press releases that can be downloaded from [www.unipolsai.com](http://www.unipolsai.com/) for any significant events after 31 March 2022.

#### **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 €13.3bn, of which €7.9bn in Non-Life Business and €5.4bn in Life Business (2021 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, Arca Assicurazioni and Incontra). 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.

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