Net Insurance

Earnings Release • Mar 21, 2023

Informazione Regolamentata n. 20034-15-2023		Data/Ora Ricezione 21 Marzo 2023 18:10:48	Euronext Star Milan
Societa'	:	NET INSURANCE
Identificativo Informazione Regolamentata	:	173840
Nome utilizzatore	:	NETINSURANCEN01 - Pennisi
Tipologia	:	1.1
Data/Ora Ricezione	:	21 Marzo 2023 18:10:48
Data/Ora Inizio Diffusione presunta	:	21 Marzo 2023 18:10:50
Oggetto	:	Approved 2022 financial results
Testo del comunicato

Vedi allegato.

Net Insurance: Approved 2022 financial results

• Normalised net profit of 13.8 million Euros, up by 20% compared to the pre-

vious year

• Premium income of 184.8 million Euros, an increase of 23.8% (YoY)
  • Combined Ratio of 73% (net reins) and 88% (gross reins)
  • Resilient capital position: Group Solvency Ratio of 172.4%
    • Proposed dividend of 0.1357 Euros per share

Rome, 21 March 2023 - The Net Insurance S.p.A. Board of Directors, which met today under the Chairmanship of Ms Luisa Todini, has approved the 2022 Consolidated Financial Statements of the Group and the Draft Financial Statements of the Company as at 31 December 2022.

Gross written premiums of the Net Insurance Group amounted to 184.8 million Euros, marking an increase of 23.8% compared to the same period of the previous year. The 'turnover' figure exceeded the target of 15.7 million Euros (+9.3%) set out in the Business Plan1 .

In particular, premiums referring to Salary-backed Loans amounted to 102 million Euros (+11.6% compared to 2021), while Bancassurance premiums amounted to 41.3 million Euros (+57.2% YoY). Premiums allocated to the Agro segment also increased, where premiums stood at 36.3 million Euros (+26.4% compared to the figure as at 31 December 2021). On the Broker channel, premiums instead amounted to 4.2 million Euros (up 67.1%). A contribution of just over 1 million Euros was also recorded on Digital products.

The breakdown of premium income, divided by individual insurance class, is shown in the annex in Table no. 1.

¹ The Company's 2022 - 2025 Business Plan was presented on 23 June 2022 and gross premiums written were estimated at 169.2 million Euros.

Business growth was balanced, both in the Non-Life segment, with premiums of 95.1 million Euros (+26% YoY), and in the Life segment, in which premiums reached 89.8 million Euros, up by 21.6% compared to the previous year.

Net expenses from claims² amounted to 26.7 million Euros (24.5 million Euros as at 2021), which is attributable to the increase in the portfolio.

Ordinary expenses, in turn, amounted to 24 million Euros (20.9 million Euros at the end of 2021) and are slightly higher than the Plan estimates3 . The figure reflects the continuous investment effort to support growth, the strengthening of the organisational structure and, to a lesser and limited extent, the strong inflationary trend that has pervaded the economic system in the last year.

The operational margin (net technical result4 ) went from 10.6 million Euros in 2021 to 18.2 million Euros (+72% YoY and +7.2%⁵ above the Business Plan expectations). In terms of overall technical performance, the multi-specialist approach resulted in a positive Combined Ratio result, gross of Reinsurance, of 88% and 73%, net of Reinsurance.

The Group's investments amounted to 215.1 million Euros (+ 6.8% compared to 31 December 2021). The result from financial management amounted to 2.6 million Euros (3.3 million Euros in 2021). The figure is 4% higher than the estimates indicated in the 2022-2025 Business Plan.

² The expense item is the portfolio's claims ratio, as per the Company's reclassified income statement. This differs from the item "net expenses from claims" in the consolidated balance sheets because it does not include the change in Life reserves (amounting to 7.3 million Euros compared to 12.6 million Euros as at 31 December 2021), which are included for reclassification purposes in earned premiums

³ In the Business Plan, ordinary expenses for the year 2022 were estimated at 23.1 million Euros.

⁴ The net technical result derives from the algebraic sum of premiums, charges relating to claims, commissions to distribution networks, the reinsurance technical result, operating expenses and, therefore, represents a sort of EBITDA for the insurance business. This indicator includes the effect of the extraordinary assignment of an irrecoverable loan portfolio arising from Salary-backed loan contracts.

⁵ In the Business Plan, the estimated net technical result is 17 million Euros for the year 2022.

The Company realised a normalised net profit6 of 13.8 million Euros, up by 20% compared to the previous year and just above the 13.6 million Euros threshold set forth in the Plan.

The consolidated net profit amounted to 8.4 million Euros⁷ and, in the absence of the public tender offer and the consequent provision relating to the 'Performance Shares Plan (2019-2023)', would have been 14.3 million Euros.

Tax incidence in 2022 was 29.3% of the total pre-tax profit. The increase in the tax rate, compared to last year, is attributable to the extraordinary recognition in 2021 of deferred tax assets relating to the revaluation of the trademark as well as the non-deductibility, for IRAP purposes, of the provision relating to stock option costs.

In terms of equity, the Group's consolidated Shareholders' equity closed at 88.6 million Euros, substantially stable compared to the 88.8 million Euros of the previous year, despite the marked volatility and uncertainty that characterised the markets during the 2022 financial year.

The assets are affected by the registration in the reserve 'Gains or losses on availablefor-sale financial assets' of the depreciation of financial instruments in the portfolio.

In terms of solvency, the Group closed the year 2022 with a Solvency II Ratio of 172.4% (180.7% at the end of 2021). This figure is substantially stable and above 170%, despite the marked financial volatility and its impact on own funds.

Finally, the normalised ROE8 was 15.6% (9.4% was the ROE compared to the profit for the period), while the RORAC9 reached 27.7%.

⁶ The normalised profit is the Plan target and is equal to the result for the year less non-recurring charges and income, therefore linked to events of an extraordinary nature, and therefore is a true reflection of the financial "performance".

⁷ Net profit was affected by the provision relating to the 'Performance Shares Plan (2019-2023)' allocated to the Chief Executive Officer and the key Senior Staff of the Management team for an amount of 7,550 thousand Euros. Without this provision, the net result would have been 14,112 thousand Euros; moreover, without the costs incurred for the public tender offer, the net result would have been 14,276 thousand Euros. Furthermore, if the execution of the public tender offer becomes effective, the negative effect on equity will be partially offset by the revaluation and sale of own shares at the time of the public tender offer, therefore significantly reducing the impacts on equity.

⁸ The ROE is the ratio between normalised net profit and company equity.

⁹ The RORAC is the Return on Risk-adjusted capital, an indicator of profitability adjusted for risk. It is calculated as the ratio between normalised profit and the average Solvency Capital Requirement in the year.

Dividend distribution proposal

In approving the 2022 overall Group results as well as the 2022 Draft Financial Statements of the Parent Company, today the Board of Directors of Net Insurance S.p.A. proposes to the Shareholders' Meeting to allocate the profit for the period - amounting to 2,624,606 Euros - as follows:

• • 1,697,000 Euros to the legal reserve
• • a dividend to ordinary shares in the amount of 927.606 Euros;

The Board of Directors of the Company, in view of the dividend policy outlined in the 2022-2025 Business Plan10, proposed:

• • to allocate an additional amount of 1,584,780.30 Euros as dividend, through the use of retained earnings;
• • to classify the amount of 1,416,775 Euros of the 'share premium reserve' under 'other reserves' for the purposes of the indistributable reserve pursuant to Article 2426, paragraph 1, no. 4) of the Italian Civil Code.

The proposed dividend is therefore equal to 0.1357 Euros per ordinary share and the total amount allocated to the dividend is equal to 2,512,386.30 Euros.

The distribution of the dividend would take place according to the following calendar:

• • detachment date 22 May 2023;
• • date of entitlement to receive the dividend 23 May 2023 (record date);
• • payment date 24 May 2023.

Calling of the Shareholders' Meeting

The Board of Directors also resolved to call both the ordinary and extraordinary sessions of the Shareholders' Meeting at the company's registered office on 27 April to discuss and deliberate on the following agenda:

• 1. 2022 Financial Statements.
  2. a. Approval of the Financial Statements of Net Insurance S.p.A. as at 31 December 2022, accompanied by the Reports of the Board of Directors, the

¹⁰ In the 2022-2025 Business Plan, a pay-out equal to 30% of the lower of the consolidated net profit and the normalised consolidated net profit was defined.

Board of Statutory Auditors and the Independent Auditors. Presentation of the Consolidated Financial Statements 2022. Related and consequent resolutions;

• b. Proposal for the allocation of profits as at 31 December 2022 and dividend distribution. Related and consequent resolutions;
• 1. Report on remuneration policy and remuneration paid pursuant to Art. 123-ter of Legislative Decree no. 58/1998:
  2. a. First section: report on remuneration policy (binding resolution);
  3. b. Second section: Report on remuneration paid (non-binding resolution).

Foreseeable Management Evolution

Despite the evolving macroeconomic scenario and the public tender offer launched by the Poste Group on Net Insurance shares and warrants, in 2022 the Company continued its growth path in all business areas, significantly strengthening its positioning on the market.

In the coming months, robust growth in business volumes is expected in all segments of the Company's business.

With regards to the Salary-backed loan market, in continuity with what was outlined in the 2022-2025 Business Plan, the 2023 objective will be to consolidate the leadership attained, while maintaining a good balance between profitability and growth thanks to the portfolio's technical quality.

For the bancassurance segment, its size will be supported both by the signing of new agreements with local banks and by the introduction of differentiated service models to be offered to partners. Space for the enhancement of a personalised commercial offer, all enriched by innovative digital tools and incentive mechanisms.

With reference to the broker channel, in 2023 the company continues with the strategy of strengthening the offer through the proposal of specific solutions, together with the development of a platform designed to simplify processes and increase the productivity of the Affinity market.

In continuity with 2022 in the digital sector, the company, in line with the strategic positioning guidelines, will remain focused on the development of an increasingly

innovative offer, thanks to the use of technology as an infrastructure, sales channel and insurance product.

In 2023, the Net Insurance Group's commitment is aimed at achieving the strategic priorities defined in the 2022-2025 Business Plan, through the implementation of policies aimed at integrating sustainability in both business models and operational processes and industrial projects.

'The performance achieved by the company in 2022 once again confirms the effectiveness of the strategy underlying the Business Plan presented in June last year. In an environment of discontinuity and radical change, exogenous and endogenous - first for the recent extraordinary transaction by the Poste Group on Net Insurance - the Company recorded strong growth in all business areas in 2022, fully meeting and exceeding all the targets envisaged in the business plan and communicated to the market. The first few months of 2023 are already confirming the positive trend of the previous year.', stated Andrea Battista, CEO of Net Insurance. 'In terms of capital strength, the Group's solvency ratio in 2022 proved fully robust, despite the strong volatility of the markets and business growth', concluded Battista.

*****

Declaration of the Manager in charge of financial reporting

The manager in charge of financial reporting, Luigi Di Capua, declares, in accordance with the provisions of Article 154-bis, paragraph 2 of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.

Lastly, the Company informs that the Draft Financial Statements and the Consolidated Financial Statements as at 31 December 2022 will be made available to the public at the registered office and on the website of Net Insurance, in the manner and within the terms envisaged by current legal provisions and regulations.

Attached are the separate and consolidated financial statements as at 31 December 2022, with the warning that they and the related documentation have not yet been certified by the independent auditors.

Finally, the Company announces that today's Board of Directors has approved the 'Report on corporate governance and ownership structures' for the year 2022, drawn up pursuant to Article 123-bis of the Consolidated Law on Finance (TUF). This Report provides extensive information on the self-assessment process of the Board of Directors and the Board of Statutory Auditors.

With regard to the latter Body, as particularly envisaged by the 'Rules of conduct of the Board of Statutory Auditors of listed companies', the Board of Statutory Auditors of the Company carried out a self-assessment of its composition, exercise of powers and functioning (referring to the 2022 financial year, the first year of the mandate in a company listed on Euronext STAR Milan), with the support of an independent advisor.

Overall, the self-assessment provided a very positive picture of the size, composition and functioning of the Board of Statutory Auditors.

Through the self-assessment process, the Board of Statutory Auditors also ascertained the existence of the requirements of integrity, professionalism and independence of the members of the Board of Statutory Auditors, as well as the assessment of the commitment and time required by the office and the limits to the accumulation of the same offices, in compliance with the laws and regulations in force.

For further information, please refer to the Report on Corporate Governance and Ownership Structures of the Company, which will be made available to the public in accordance with the law.

			Thousands of Euro
Gross premiums written	2022	2021	Change
Accident and injury	11,719	7,289	4,429
Illness	2,611	1,589	1,022
Fire	2,416	1,842	574
Other damage to property	37,231	28,762	8,469
General Civil Liability	1,839	1,196	643
Credit	34,497	31,644	2,853
Suretyship	1,647	1,290	356
Financial losses	2,133	1,282	851
Legal Protection	528	335	193
Assistance	442	229	213
Total Non-life segment	95,062	75,460	19,602
Life Class I - Salary-backed loans	67,672	59,756	7,916
Life Class - Bancassurance	22,120	14,083	8,037
Total Life segment	89,792	73,839	15,953
Grand Total	184,854	149,298	35,556

Main individual data of the Parent Company Net Insurance S.p.A.

The Company's draft financial statements as at 31 December 2022 closed with premium income, expressed in terms of Gross Premiums written, of 95.1 million Euros, thus exceeding the figure for 2021 by 26%.

Ordinary expenses amounted to a total of 19.5 million Euros (at the end of 2021 they were 16.8 million Euros), and reflect the continuous investment effort to support growth, the strengthening of the organisational structure and, to a lesser and limited extent, the strong inflationary trend that has pervaded the economic system in the last year.

Net Profit is equal to 2.6 million Euros, therefore making it possible to remunerate the Shareholders with a dividend, as reported above in the proposal.

The capital structure of the Company saw equity reach 93.7 million Euros as at 31 December 2022, an increase of 10% compared to the previous year. As for the solvency indicator, the SCR Ratio figure stood at 195.6% despite the strong volatility on the markets that characterised the year 2022.

Net Insurance is an insurance company that aims to offer protection solutions for Individuals, Families and small and medium-sized enterprises. Net Insurance's history, financial strength, agility and offering of innovative products and approaches make it a unique player within the Italian insurance industry. An evolving company with an eye on the future.

CONTACT INFORMATION

Net Insurance S.p.A. Via Giuseppe Antonio Guattani, 4 00161 Rome https://www.netinsurance.it/

Press Office

Investor Relator

Rossella Vignoletti M: +39 347 7634424 Tel: +39 06 89326299 e-mail: rossella.vignoletti@netinsurance.it

Ottavio Pennisi Tel: +39 06 89326518 Fax: +39 06 89326300 e-mail: investor.relations@netinsurance.it

Specialist

Banca Finnat Euramerica S.p.A. Palazzo Altieri - Piazza del Gesù, 49

Lorenzo Scimìa

Euronext Growth Advisor

EnVent Capital Markets Ltd. 42 Berkeley Square, London (UK) Tel: +39 06 69933446 Fax: +39 06 69933435 email: l.scimia@finnat.it

Tel: +44(0)2035198451 Tel: +39 06 896841

Net Insurance Group Consolidated Financial

Report Year: 2022

	(Amount in Euro)
		31/12/2022	31/12/2021
1	INTANGIBLE ASSETS	8.678.689	6.147.105
1.1	Goodwill	0	0
1.2	Other intangible assets	8.678.689	6.147.105
2	TANGIBLE ASSETS	15.343.162	15.306.183
2.1	Properties	14.636.629	14.645.000
2.2	Other tangible assets	706.533	661.183
3	TECHNICAL PROVISIONS – REINSURANCE AMOUNT	250.899.742	213.648.941
4	INVESTMENTS	215.123.285	201.460.185
4.1	Real estate investments	0	0
4.2	Investments in subsidiaries, associated companies and joint ventures	0	0
4.3	Investments held to maturity	0	0
4.4	Loans and receivables	502.183	0
4.5	Financial assets available for sale	214.621.102	201.460.185
4.6	Financial assets at fair value through profit or loss	0	0
5	OTHER RECEIVABLES	75.913.226	63.401.433
5.1	Receivables arising out of direct insurance operations	56.768.576	45.351.755
5.2	Receivables arising out of reinsurance operations	10.219.332	12.573.942
5.3	Other credits	8.925.318	5.475.736
6	OTHER ASSETS	31.698.828	24.046.061
6.1	Non-current assets or disposal groups held for sale	0	0
6.2	Deferred acquisition costs	5.681.027	4.957.971
6.3	Deferred tax assets	14.827.441	9.161.418
6.4	Current tax assets	2.113.317	1.320.054
6.5	Other assets	9.077.043	8.606.618
7	CASH AND CASH EQUIVALENTS	6.794.962	9.656.818
	TOTAL ASSETS	604.451.895	533.666.726

Net Insurance Group Consolidated Financial Report

Year: 2022

BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABILITIES

	(Amount in Euro)
		31/12/2022	31/12/2021
1	SHAREHOLDERS' EQUITY	88.635.353	88.776.323
1.1	pertaining to the group	88.635.353	88.776.323
1.1.1	Share capital	17.619.249	17.615.050
1.1.2	Other equity instruments	0	0
1.1.3	Capital reserves	63.948.571	63.715.543
1.1.4	Retained earnings and other reserves	22.557.521	6.530.299
1.1.5	(Own shares)	(8.792.711)	(9.775.130)
1.1.6	Reserves for net exchange differences	0	0
1.1.7	Gains or losses on financial assets available for sale	(14.962.163)	(394.558)
1.1.8	Other gains or losses recognized directly in equity	(109.159)	(218.223)
1.1.9	Profit (loss) attributable to the Group	8.374.044	11.303.342
1.2	Minority interests	0	0
1.2.1	Capital and third party provisions	0	0
1.2.2	Gains or losses recognized directly in equity	0	0
1.2.3	Profit (loss) attributable to minority interests	0	0
2	PROVISIONS	62.911	476.431
3	TECHNICAL PROVISIONS	412.886.393	362.106.318
4	LIABILITIES	15.932.247	17.018.790
4.1	Financial liabilities at fair value through profit or loss	444.898	374.214
4.2	Other financial liabilities	15.487.350	16.644.576
5	PAYABLES	78.889.750	59.492.083
5.1	payables arising out of direct insurance operations	15.074.182	5.646.794
5.2	payables arising out of reinsurance operations	44.466.332	37.321.953
5.3	Other payables	19.349.236	16.523.336
6	OTHER LIABILITIES	8.045.241	5.796.781
6.1	Liabilities of a disposal group held for sale	0	0
6.2	Deferred tax liabilities	6.176.287	4.081.646
6.3	Current tax liabilities	0	0
6.4	Other liabilities	1.868.954	1.715.135
	TOTAL EQUITY AND LIABILITIES	604.451.895	533.666.726

Net Insurance Group Consolidated Financial Report

Year: 2022

INCOME STATEMENT

	(Amount in Euro)
		31/12/2022	31/12/2021
1.1	Net premiums	73.339.519	63.814.957
1.1.1	Gross premiums earned	171.917.051	140.641.224
1.1.2	Outward reinsurance premiums	(98.577.532)	(76.826.267)
1.2	Commission income	0	0
1.3	Net income from financial instruments at fair value through profit or loss	0	0
1.4	Income from investments in subsidiaries, associates and joint ventures	0	0
1.5	Income from other financial instruments and investment property	6.372.357	6.863.347
1.5.1	Interest income	2.167.598	1.793.121
1.5.2	Other income	2.074.919	1.997.349
1.5.3	Realized gains	2.129.841	1.357.006
1.5.4	Valuation Gains	0	1.715.871
1.6	Other revenues	2.077.461	2.843.786
1	TOTAL REVENUES	81.789.338	73.522.091
2.1	Net charges relating to claims	34.070.041	37.168.235
2.1.1	Amounts paid and changes in technical provisions	104.335.095	91.128.727
2.1.2	Reinsurers' shares	(70.265.054)	(53.960.492)
2.2	Commission expenses	0	0
2.3	Losses on investments in subsidiaries, associates and joint ventures	0	0
2.4	Charges from other financial instruments and property investments	1.982.669	2.033.507
2.4.1	Passive interests	647.357	752.660
2.4.2	Other charges	963.383	1.070.287
2.4.3	Realized losses	341.979	182.356
2.4.4	Unrealized losses	29.950	28.204
2.5	Operating expenses	30.187.619	16.824.614
2.5.1	Commissions and other acquisition costs	20.230.486	10.554.979
2.5.2	Investment management expenses	1.773.868	1.060.623
2.5.3	Other administrative costs	8.183.265	5.209.011
2.6	Other costs	3.696.633	4.793.395
2	TOTAL COSTS AND EXPENSES	69.936.963	60.819.751
	PROFIT BEFORE TAXES	11.852.375	12.702.340
3	Taxes	3.478.330	1.398.997
	NET INCOME AFTER TAX	8.374.044	11.303.343
4	NET ASSET DISCONTINUED OPERATIONS	0	0
	CONSOLIDATED PROFIT	8.374.044	11.303.343
	of which pertaining to the Group	8.374.044	11.303.343
	of which attributable to minority interests	0	0

Net Insurance Group Consolidated Financial Report Year: 2022

CASH FLOW STATEMENT (INDIRECT METHOD)

	(Amount in Euro)
	31/12/2022	31/12/2021
Profit (loss) before taxes	11.852.375	12.702.340
Changes in non-monetary items	4.233.116	16.167.984
Change in the provision for Non-Life premiums	6.337.677	5.813.326
Change in claims provision and other technical provisions for non-life segment	(71.110)	(363.317)
Change in actuarial provisions and other technical provisions for life segment	7.262.706	12.600.626
Change in deferred acquisition costs
Change in provisions	(413.520)	(256.282)
Non-monetary income from financial instruments, property investments and holdings	0	0
Other changes	(8.882.637)	(1.626.369)
Changes in receivables and payables generated from operating activities	6.885.876	2.080.462
Changes in receivables and payables arising from direct insurance and reinsurance operations	(1.989.433)	(9.084.683)
Change in other receivables and payables	8.875.309	11.165.145
Taxes paid	0	0
Net cash generated / absorbed by monetary items relating to investment and financial ac tivities	0	0
Liabilities from financial contracts issued by insurance companies	0	0
Payables to banks and banking customers	0	0
Loans and receivables from banks and banking customers	0	0
Other financial instruments at fair value through profit or loss	0	0
TOTAL NET CASH FLOW GENERATED BY OPERATIONS	22.971.366	30.950.786
Net cash generated / absorbed by property investments
Net cash generated / absorbed by investments in subsidiaries, associates and joint ventures	0	0
Net cash generated / absorbed by loans and receivables	(502.183)	6
Net cash generated / absorbed by investments held to maturity	0	0
Net cash generated / absorbed by financial assets available for sale	(13.160.918)	(24.689.386)
Net cash generated / absorbed by tangible and intangible assets	(2.568.564)	(610.048)
Other net cash flows generated / absorbed by investment	0	0
TOTAL NET CASH FLOW GENERATED BY INVESTMENT	(16.231.664)	(25.299.429)
Net cash generated / absorbed by Group equity instruments	(8.515.015)	(2.285.821)
Net cash generated / absorbed by own shares
Distribution of dividends pertaining to the Group
Net cash generated / absorbed by capital and provisions attributable to minority	0	0
Net cash generated / absorbed by subordinated liabilities and equity instruments	(1.086.543)	(3.066.267)
Net cash generated / absorbed by other financial liabilities	0	0
TOTAL NET CASH FLOW GENERATED BY FUNDING ACTIVITIES	(9.601.558)	(5.352.088)
Effect of exchange rate differences on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	9.656.818	9.357.551
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2.861.856)	299.267
CASH AND CASH EQUIVALENTS	6.794.962	9.656.818

			Balance in Euro at 31-12-2022				Balance in Euro at 31-12-2021
A. RECEIVABLES FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL NOT YET PAID-UP of which called in	2			1		182		181
B. INTANGIBLE ASSETS 1. deferred acquisition commissions a) life b) Non-life 2. Other acquisition costs 3. Start-up and expansion costs 4. Goodwill 5. Deferred charges	3 4 3.967.226 5 6 7 8 9	3.967.226 59.410 14.010.872		10 18.037.508	183 184 3.617.867 185	3.617.867 186 30.471 187 188 189 12.434.024		190 16.082.362
C. INVESTMENTS I - Lands and buildings 1. buildings held for use for the operation of the company 2. Real estate used by third parties 3. Other buildings 4. Other property rights 5. Fixed assets under construction and advances II - Investments in group companies and other holdings 1. Shares and share capital	11 12 13 14 15	5.158.705	16 5.158.705			191 5.138.729 192 193 194 195	196 5.138.729
assets: a) parent companies b) subsidiaries c) affiliated companies d) associated companies e) others 2. Corporate bonds: a) parent companies b) subsidiaries c) affiliated companies d) associated companies e) others 3. Loans to companies: a) parent companies b) subsidiaries	17 18 33.376.759 19 20 21 2.235.567 22 23 24 5.000.000 25 26 27 28 29 30	35.612.326 5.000.000			197 198 29.502.490 199 200 201 1.887.978 202 203 204 5.000.000 205 206 207 209 210	31.390.468 208 5.000.000
c) affiliated companies d) associated companies e) others	31 32 33 34	to be carried	35 40.612.326	18.037.508	211 212 213	214 to be carried	215 36.390.468	16.082.362

Balance in Euro at 31-12-2022
		carry forward		18.037.508		carry forward		16.082.362
	C. INVESTMENTS (continued)
	III - Other financial investments
	1. Shares and share capital
	assets:
	a) listed shares 36	87.014			216 68.040
	b) Unlisted shares 37	1.731.901			217 1.262.497
	c) shares 38	39 1.818.914			218	219 1.330.537
	2. Mutual fund units	40 34.930.522				220 36.141.929
	3. Bonds and other fixed-income securities
	a) listed 41 54.079.960				221 47.786.902
	b) Unlisted 42	3.947.879			222 4.764.041
	c) convertible bonds 43	194.729 44 58.222.568			223 197.183 224	52.748.125
	4. Loans
	a) Secured loans 45				225
	b) loans on policies 46				226
	c) other loans 47	316.840 48 316.840			227 263.648 228	263.648
	5. Mutual fund units	49				229
	6. Deposits with credit institutions	50				230 6
	7. Other financial investments	51	52 95.288.845			231	232 90.484.239
	IV - Deposits with ceding enterprises		53 42.927 54	141.102.803			233 118.357 234	132.131.792
	D. INVESTMENTS benefiting life policyholders bearing the risk and those arising from pension fund management
I	- Provisions relating to contracts linked to investment funds and market indices		55				235
	II - Investments arising from pension fund management		56	57			236	237
	D bis. Reinsurance share of technical provisions
	I - NON-LIFE CLASSES
	1. Unearned premium provisions	58 103.242.615				238 96.643.503
	2. Provision for outstanding claims	59 14.787.169				239 13.456.869
	3. Provision for bonuses and rebates	60				240
	4. Other technical provisions	61	62 118.029.784			241	242 110.100.372
	II - LIFE CLASSES
	1. Mathematical provisions	63				243
	2. Premium provisions for supplementary insurance contracts	64				244
	3. Provision for outstanding claims 4. Provision for bonuses and rebates	65 66				245 246
	5. Other technical provisions	67				247
	6. Technical provisions for investment risk
	borne by policyholders and provisions arising from	68	69	70 118.029.784		248	249	250 110.100.372
	pension fund management
		to be		277.170.094		to be		258.314.526
		carried				carried

		Balance in Euro at 31-12-2022		Balance in Euro at 31-12-2021
		carry forward	277.170.094			carry forward	258.314.526
E.	CREDITS
	I - Receivables relating to direct insurance business, in relation to:
	1. policyholders
	a) premiums for the year 71 28.106.924			251 16.794.340
	b) premiums related to 72 (13.774.540) 73 14.332.384 previous years			252 (4.017.046) 253	12.777.293
	2. Insurance intermediaries 74 17.704.603				254 7.196.655
	3. Current account companies 75 285.955				255 3.370.199
	4. policyholders and third parties for amounts 76 19.362.998 77 to be recovered	51.685.940			256 17.929.641 257	41.273.788
	II - Receivables arising out of reinsurance operations with:
	1. Insurance and reinsurance companies 78 2.491.157				258 3.119.259
	2. Reinsurance intermediaries 79	80 2.491.157			259	260 3.119.259
	III - Other receivables	81 18.794.634	82 72.971.731			261 10.781.376 262	55.174.422
F.	OTHER ASSETS
	I - Tangible assets and stocks
	1. Furniture, office equipment, internal 83 212.252 transport				263 235.748
	2. Publicly registered movable property 84	721			264 6.646
	3. Plant and equipment 85 3.936				265 8.241
	4. Stocks and other assets 86	87 216.909			266	267 250.634
	II - Cash
	1. Bank and postal deposits 88 4.395.260				268 3.785.003
	2. Checks and cash 89	1.942 90 4.397.202			269 2.367 270	3.787.370
	III - Own shares	91				271
	IV - Other assets
	1. Transitional reinsurance accounts entered on 92 the assets side of the balance sheet				272
	2. Various assets 93 7.235.338 94	7.235.338	95 11.849.450		273 6.944.662 274	6.944.662 275	10.982.667
G.	Accruals and deferred income
	1. Interests	96 367.190				276 343.892
	2. Rents	97				277
	3. Other accrued expenses and deferred income	98 1.441.361	99 1.808.551			1.305.765 279 278	1.649.657
	TOTAL ASSETS		100 363.799.826				280 326.121.271

BALANCE SHEET - LIABILITIES AND EQUITY

			Balance in Euro at 31-12-2022		Balance in Euro at 31-12-2021
A. B.	I II III IV V VI VII IX X	SHAREHOLDERS' EQUITY - Subscribed capital or equivalent funds - Share premium reserve - Revaluation reserve - Legal reserve - Statutory reserve - Reserve for own shares and holding - Other reserves VIII - retained profits (losses) - Profit (loss) for the year - Negative reserve for treasury shares (held in portfolio) SUBORDINATED LIABILITIES	101 17.619.249 102 63.948.571 103 104 1.827.036 105 106 107 14.719.943 108 1.778.167 109 2.624.606 401 (8.792.711)	110 93.724.861 111 15.487.350		281 17.615.050 282 63.715.543 283 284 1.459.605 285 286 7.169.472 287 288 (2.376.436) 289 7.348.629 501 (9.775.130)	290 85.156.734 291 16.644.576
C.	I II	TECHNICAL PROVISIONS - NON-LIFE INSURANCE 1. Provision for unearned premiums 112 169.708.331 2. Provision for claims outstanding 113 23.058.645 3. Provision for bonuses and rebates 114 4. Other technical provisions 115 261.117 5. Equalization provisions 116 9.011.225 117 - LIFE 1. Mathematical provisions 118 2. Premium provisions for supplementary	202.039.318		292 156.751.851 293 21.901.625 294 295 158.947 296 7.358.614 298	297 186.171.037
D.	I II	119 insurance 3. Provision for claims outstanding 120 4. Provision for bonuses and rebates 121 5. Other technical provisions 122 TECHNICAL PROVISIONS WHEN THE INVESTMENT RISK IS BORNE BY POLICYHOLDERS AND PROVISIONS ARISE FROM PENSION FUND MANAGEMENT - provisions related to contracts whose benefits are linked with investment funds and market indices - provisions deriving from pension fund management	123 125 126	124 202.039.318 127	299 300 301 302	303 305 306	304 186.171.037 307
		to be carried		311.251.529	to be carried		287.972.347

BALANCE SHEET - LIABILITIES AND EQUITY

				Balance in Euro at 31-12-2022		Balance in Euro at 31-12-2021
				carry forward	311.251.529		carry forward	287.972.347
E.		PROVISIONS FOR RISKS AND CHARGES
	1.	Provisions for pensions and similar commitments		128 21.692			308 62.203
	2.	Provisions for taxes		129			309
	3.	Other provisions		130 35.282	131 56.974		310 347.429	311 409.632
F.		Deposits received from reinsurers			132			312
		G. ACCOUNTS PAYABLE AND OTHER LIABILITIES
	I	Payables arising from direct insurance operations:
		1. Insurance brokers	133 491.544			313 300.695
		2. Current account companies	134 13.257.691			314 4.045.585
		3. security deposits and premiums	135			315
		4. Guarantee funds in favor of policyholders	136	137 13.749.235		316	317 4.346.280
	II	- Payables arising from reinsurance operations with:
		1. Insurance and reinsurance companies	138 25.012.857			318 20.152.171
		2. Reinsurance brokers	139	140 25.012.857		319	320 20.152.171
	III	- Bonds		141			321
	IV	- Payables to banks and to financial institutions		142			322
	V	- Secured loans		143			323
	VI	- Loans and other financial payables		144			324
	VII	Employee severance indemnities		145 270.911			325 269.477
		VIII - Other payables
		1. taxes payable by the policyholders	146 878.124			326 685.838
		2. tax charges	147 1.417.966			327 1.005.923
		3. Towards welfare and social security bodies	148 363.740			328 341.815
		4. Other payables	149 8.937.825	150 11.597.656		329 9.256.173	330 11.289.750
	IX	- Other liabilities
		1. Deferred reinsurance suspense accounts	151			331
		2. Commission on premiums under collection	152 1.685.144			332 1.504.170
		3. Other liabilities	153	154 1.685.144	155 52.315.802	333	334 1.504.170	335 37.561.848
			to be carried		363.624.306	to be carried		325.943.827

	Balance in Euro at 31-12-2022				Balance in Euro at 31-12-2021
	carry forward			363.624.306		carry forward		325.943.827
H.	Accrued liabilities and deferred income
	1. Interest	156	175.519			336	177.443
	2. Rents	157				337
	3. Other accrued expenses and deferred income	158		159	175.519	338		339	177.443
	TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY			160	363.799.826			340	326.121.271

INCOME STATEMENT

			Balance in Euro at 31-12-2022	Balance in Euro at 31-12-2021
	I. TECHNICAL ACCOUNT RESULT FOR NON-LIFE BUSINESS
1.	PREMIUMS EARNED, NET OF REINSURANCE
	a) Gross premiums written 1	95.061.832			111 75.459.990
	b) (-) outward reinsurance premiums 2	47.343.596			112 35.600.744
	c) Change in gross unearned premiums 3	12.956.481			113 8.508.013
	d) Change in provision for unearned premiums for reinsurers 4	6.599.112	5 41.360.867		114 2.844.290	115 34.195.523
2.	(+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE NON-TECHNICAL ACCOUNT (ITEM III. 6)		6			116 2.807.131
3.	OTHER TECHNICAL INCOME, NET OF REINSURANCE		7 177.669			117 69.252
4.	CLAIMS INCURRED, NET OF RECOVERIES AND REINSURANCE
	a) Amounts paid
	aa) Gross amount 8 47.363.596			118 44.050.603
	bb) (-) reinsurance amount 9 27.023.268 10	20.340.328		119 25.818.357	120 18.232.246
	b) Change in recoveries net of the reinsurers' shares
	aa) Gross amount 11 10.208.809			121 9.897.654
	bb) (-) reinsurance amount 12 6.318.617 13	3.890.192		122 6.255.723	123 3.641.932
	c) Change in the provision for claims
	aa) Gross amount 14 1.157.020			124 (1.896.604)
	bb) (-) reinsurance amount 15 1.330.300 16	(173.280)	17 16.276.856	125 (1.425.420)	126 (471.184)	127 14.119.130
5.	CHANGE IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE		18 102.170			128 107.867
6.	BONUSES AND REBATES, NET OF REINSURANCE		19			129 100.000
7.	OPERATING EXPENSES:
	a) Acquisition commissions 20	17.433.515			130 9.756.222
	b) Other acquisition costs 21	18.771.886			131 11.812.573
	c) Change in commissions and other acquisition expenses
	depreciable 22	(27.478)			132 595.281
	d) Collecting commissions 23	237.258			133 208.763
	e) Other administrative expenses 24	7.250.782			134 4.503.836
	f) (-) Reinsurance commissions and profit participations 25	14.157.692	26 29.508.271		135 9.345.087	136 17.531.587
8.	OTHER TECHNICAL CHARGES, NET OF REINSURANCE		27 495.908			137 694.557
9.	CHANGE IN EQUALIZATION PROVISIONS		28 1.652.611			138 1.720.109
	10. TECHNICAL ACCOUNT RESULT FOR NON-LIFE BUSINESS (Item III. 1)		29 (6.497.280)			139 2.798.654

	III. NON-TECHNICAL ACCOUNT
1.	TECHNICAL ACCOUNT RESULT FOR NON-LIFE CLASSES (item I. 10)	81 (6.497.280)		191	2.798.654
2.	TECHNICAL ACCOUNT RESULT FOR LIFE CLASSES (item II. 13)	82		192
3.	INCOME FROM NON-LIFE INVESTMENTS:
	a) Income from shares 83 999.261		193 1.002.938
	(Of which: from group companies 84		(Of which: from group companies 194
	b) Income from other investments:
	aa) from land and buildings 85		195
	bb) Other investments 86 1.235.337 87 1.235.337		196 1.201.760 197 1.201.760
	(Of which: from group companies 88 350.000		(Of which: from group companies) 198 350.000
	c) Value re-adjustments on investments 89 5.004.799		199 5.933.498
	d) Gains on the realisation on investments 90 2.043.900		200 853.346
	(Of which: from group companies 91	92 9.283.296	(Of which: from group companies 201	202	8.991.542

INCOME STATEMENT

				Balance in Euro at 31-12-2021			Balance in Euro at 31-12-2020
4.	(+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (item II. 12)			93					203
5.	FINANCIAL AND CAPITAL CHARGES RELATED TO NON-LIFE INSURANCE:
	a) Investment management charges and interest expense	94	1.685.168			204	1.319.645
	b) Value adjustments on investments	95	3.145.464			205	963.585
	c) Losses on the realisation on investments	96	227.431	97	5.058.063	206	49.558		207	2.332.788
6.	(-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE TECHNICAL ACCOUNT FOR NON-LIFE (item I. 2)			98					208	2.807.131
7.	OTHER INCOME			99	3.656.750				209	3.681.455
8.	OTHER CHARGES			100	2.006.373				210	2.961.537
9.	RESULTS OF ORDINARY ACTIVITIES			101	(621.670)				211	7.370.195
	10. EXTRAORDINARY INCOME			102	202.049				212	773.694
11.	EXTRAORDINARY EXPENSES			103	921.270				213	399.118
	12. RESULTS OF EXTRAORDINARY ACTIVITIES			104	(719.221)				214	374.576
	13. RESULT BEFORE TAXES			105	(1.340.891)				215	7.744.771
	14. INCOME TAXES			106	(3.965.497)				216	396.142
	15. PROFIT (LOSS)			107	2.624.606				217	7.348.629

CASH FLOW STATEMENT €.000

	2022	2021
Profit (loss) for the period	2.625	7.349
Depreciation	2.456	2.056
Provisions	(312)	(215)
Write-downs (Revaluations)	(3.057)	(4.970)
Changes in technical reserves	7.939	7.021
Net cash flow from operating activities	9.650	11.240
Changes:
- Credits and other assets	18.247	3.814
- Debts and other liabilities	13.188	(5.900)
Net cash flow from working capital	(5.059)	(9.714)
Cash flow from operating activities (a)	4.591	1.527
Investments:
Property	115	(95)
Intangible assets	4.232	2.331
Tangible assests	51	47
Financial instruments	5.894	781
Cash flow from investment activities (b)	(10.291)	(3.065)
- Increase share Capital	4	130
- Change reserves from conversion warrant	233	553
- Change other reserves	6.073	250
Net cash flow from changes in shareholders' equity (c)	6.311	933
Net cash flow of the period (d=a+b+c)	610	(604)
Cash at begining of year	3.787	4.391
Cash at end of year	4.397	3.787

Net Insurance