Unipol — Earnings Release 2020

Aug 7, 2020

This document has been prepared by Unipol Gruppo S.p.A. and by UnipolSai Assicurazioni S.p.A. solely for information purposes in the context of the presentation of its 1H20 results.

Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and UnipolSai Assicurazioni S.p.A., declares, in accordance with Article 154-bis, para 2, of the 'Consolidated Finance Act', that the accounting information reported in this document corresponds to the document contents, books and accounting records.

The content of this document does not constitute a recommendation in relation to any financial instruments issued by the companies or by other companies of the Group, nor it constitutes or forms part of any offer or invitation to sell, or any solicitation to purchase any financial instruments issued by the companies or by other companies of the Group, nor it may be relied upon for any investment decision by its addressees.

Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group.

€m

	1H19 a	1H20
Consolidated pre-tax result	473	753
Non-Life	386	810
Life	139	14
Holding and other	-51	-70
Consolidated net result	353	617
Group net result	270	514

UNIPOL UNIPOLSAI

	1H19	1H20
Consolidated pre-tax result	501	789
Non-Life	387	805
Life	140	15
Other	-25	-30
Consolidated net result	377	560
Group net result	364	545

^a Normalised figures excluding the impact of the first consolidation of BPER, as restated at 30 June 2020 (176 €m in Non-Life and 244 €m in Holding and other sectors)

€m

Motor Non-Motor

Premiums by Business Line

	€m	%	Var%
Mobility	2,207	56%	-4.7%
Motor	2,041	52%	-5.1%
Other	166	4%	+1.7%
Welfare	684	17%	-4.4%
Health	350	9%	-7.9%
Accident	334	9%	-0.4%
Property	1,037	26%	-3.9%
Property	568	14%	-1.7%
General TPL	324	8%	-6.5%
Other	145	4%	-6.4%
Total	3,927	100%	-4.4%

Premiums by Company

	€m	%	Var%
UnipolSai S.p.A.	3,354	85%	-3.6%
UniSalute	239	6%	+0.2%
Linear	96	2%	+0.3%
Incontra	51	1%	-50.0%
Arca Assicurazioni	69	2%	-1.0%
Siat	71	2%	-8.4%
DDOR	47	1%	+6.0%
Total	3,927	100%	-4.4%

Premiums by Distribution Channel

	€m	%	Var%
Agents	3,160	80%	-4.1%
Brokers/Head Off.	502	13%	+1.4%
Bancassurance	120	3%	-30.2%
Direct and other	146	4%	+0.2%
Total	3,927	100%	-4.4%

Operating figures

Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums after reinsurance Combined ratio direct business: operating expenses/written premiums direct business (before reinsurance) + claims charges /earned premiums direct business (before reinsurance) Operating figures

€m

Direct Premium Income

Premiums by Company

	€m	%	var%
UnipolSai S.p.A.	1,507	69%	-35.3%
Arca Vita + AVI	632	29%	-22.1%
Other companies	35	2%	-26.3%
Total	2,173	100%	-31.8%

Premiums by Line of Business

	€m	%	var%
Traditional	1,350	62%	-24.4%
Unit linked	230	11%	+50.7%
Pension funds	336	15%	-64.9%
Capitalization	258	12%	-11.6%
Total	2,173	100%	-31.8%

Premiums by Distribution Channel

	€m	%	var%
Agents	687	32%	-20.4%
Bancassurance/Fin. advisors	672	31%	-30.4%
Pension funds	307	14%	-66.7%
Brokers/Head office	475	22%	+11.1%
Other	33	2%	+290.9%
Total	2,173	100%	-31.8%

Operating figures

€m

Segregated Accounts and Minimum Guaranteed Yields

Technical Reserves by Minimum Guaranteed ^a

		FY19		1H20
Min. guar. yield	€bn	%	€bn	%
0%-1%	17.6	54%	19.0	57%
1%-2%	7.5	23%	7.0	21%
2%-3%	5.4	17%	5.3	16%
>3%	2.2	7%	2.1	6%
Total	32.7	100%	33.4	100%

^aClass 1 and Class 5 technical reserves Operating figures

Total Investments 57.9 €bn Financial Investment Yields

Total bonds 86.3%

Market value Operating figures

		Total		o/w Non-Life		o/w Life
	€m	Yield	€m	Yield	€m	Yield
Coupons and dividends	736	3.1%	163	2.7%	568	3.2%
Realized/unrealized gains/losses	-48	-0.2%	0	0.0%	-40	-0.2%
Total	687	2.9%	163	2.7%	528	3.0%

Total Investments Duration (years)

	Total	Non-Life	Life
Assets	6.3	3.1	7.7
Liabilities	7.3	2.8	9.1
Mismatch	-0.5	0.8	-0.9

Total Portfolio 3.9 €bn

^aN. 11 deeds as at 30 June 2020. incl. reimbursement of shares in RE funds. Operating figures, book value

Milan

Non-Life

Real Estate Life

Other

Other

Bologna Florence

Turin

Non-domestic

Rome

€m

Bad Loans Stock

	FY19	1H20
Gross loans	3,465	3,286
Net loans	516	475
Coverage ratio	85%	86%

Bad loans Collection

	1H19	1H20
Collections	59	54
Bad Loans reduction (GBV)	191	179
Collections/GBV	31%	30%

KPIs

1H20
4.1
1H20
113
438

€bn

UNIPOL (consolidated) – Partial internal model UNIPOLSAI (consolidated) – Economic capital

^aEligible Own Funds in excess of Solvency Capital Requirements

€m

	1H19	1H20
a Premium income	7,294	6,100
Non-Life	4,109	3,927
Life	3,185	2,173
ratio b Combined	94.6%	82.1%
Consolid. net Result	353 c	617
Group net Result	270 c	514

	FY19	1H20
Total Equity	8,305	7,934
Shareholders' Equity	6,687	6,674

UNIPOL UNIPOLSAI

	1H19	1H20
a Premium income	7,294	6,100
Non-Life	4,109	3,927
Life	3,185	2,173
Ratio b Combined	94.6%	82.1%
Consolid. net Result	377	560
Group net Result	364	545

	FY19	1H20
Total Equity	7,153	6,482
Shareholders' Equity	6,878	6,246

^aDirect business

^b Net of reinsurance

^c Normalised figures excluding the impact of the first consolidation of BPER, as restated at 30 June 2020 (176 €m in Non-Life and 244 €m in Holding and other sectors)

Companies listed on the Italian Stock Exchange

^aIncluding the shares held by Unipol Investment, UnipolPart I and Unipol Finance

Adriano Donati Head of Investor Relations

investor.relations@unipol.it investor.relations@unipolsai.it

Giancarlo Lana Tel +39 011 654 2088 Eleonora Roncuzzi Tel +39 051 507 7063 Carlo Latini Tel +39 051 507 6333 Giuseppe Giuliani Tel +39 051 507 7218 Silvia Tonioli Tel +39 051 507 2371

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