Unipol — Earnings Release 2019

Mar 20, 2020

Informazione Regolamentata n. 0265-12-2020		Data/Ora Ricezione 20 Marzo 2020 06:54:08	MTA
Societa'	:	UNIPOL
Identificativo Informazione Regolamentata	:	129105
Nome utilizzatore	:	UNIPOLN04 - Giay
Tipologia	:	REGEM; 3.1; 1.1
Data/Ora Ricezione	:	20 Marzo 2020 06:54:08
Data/Ora Inizio Diffusione presunta	:	20 Marzo 2020 06:54:09
Oggetto	:	approved	Press release Unipol Group: 2019 results
Testo del comunicato

Vedi allegato.

UNIPOL GRUPPO: 2019 RESULTS APPROVED

• Normalised1 consolidated net profit up at €732m (+19.5% compared to 2018)
• Improved combined ratio2 at 93.7% compared to 94.4% in 2018
• Dividend of €0.28 per share, up 56% on 2018

Bologna, 20 March 2020

The board of directors of Unipol Gruppo S.p.A., which met yesterday under the chairmanship of Pierluigi Stefanini, approved the consolidated financial statements of Unipol Gruppo, confirming the preliminary results reported on 14 February last.

Summary of the most significant Group figures

	Amounts in €m	31/12/2019	31/12/2018	% Change
Direct insurance income1		14,014	12,245	14.4%
Non-Life direct insurance income		8,167	7,953	2.7%
Life direct insurance income1		5,847	4,292	36.2%
Combined ratio Non-Life - direct business		93.7%	94.4%
Combined ratio Non-Life - net of reinsurance		94.2%	94.2%
Consolidated net result		1,087	628
	Amounts in €m	31/12/2019	31/12/2018	% Change
Shareholders' equity attributable to the Group		6,687	5,032
Consolidated solvency ratio3		182%	163%

¹ The normalised figures for 2019 do not include the extraordinary effect of the first-time consolidation of BPER recognised in equity or the one-off charges related to agreements made with the trade union organisations for the Solidarity Fund and other forms of voluntary redundancy (€66m after taxes). The normalised 2018 figures do not include the effects of the capital gain on the sale of Popolare Vita (€309m after taxes) or the capital loss resulting from the decision to sell Unipol Banca (€338m) and were recalculated on a comparable basis with the current data.

² Direct business.

³ Figure calculated on the basis of the partial internal model to be considered as preliminary since the Supervisory Authority will be notified of the definitive results in accordance with the legally imposed deadlines.

• Consolidated net profit of €1,087m, significantly up (73%) on the figure of €628m the previous year. The 2019 result includes the positive effects arising from the first-time consolidation of the BPER Group4 using the equity method (€421m) and the extraordinary charge resulting from the agreements signed with the trade union organisations in the third quarter of 2019 for the Solidarity Fund and other forms of voluntary redundancy for approximately €66m (€95.5m before tax). On the basis of these agreements, about 800 people will take early retirement from the Group. On the other hand, the results for 2018 included a capital gain of €309m related to the sale of the stake in Popolare Vita and the negative effects of the decision to sell the stake held in Unipol Banca for €338m, and were calculated with a different consolidation scope.
• The normalised1 consolidated net profit amounted to €732m, significantly up (+19.5%) on the normalised1 result on a comparable basis of €613m the previous year.
• Direct insurance income stood at €14,014m, a marked increase, +14.4%, on the figure at 31 December 2018 (€12,245m on a comparable basis):
  • Non-Life business: €8,167m (+2.7% compared to €7,953m in 2018), confirming that the Unipol Group is the market leader in this sector in Italy;
  • Life business: €5,847m (+36.2% compared to €4,292m in 2018 on a comparable basis).
• Direct business combined ratio 93.7%, an improvement on 94.4% recorded in 2018.
• UnipolReC ended 2019 with a positive net result of €12m (€6.9m in 2018). The gross nonperforming loan portfolio amounted to €3.465bn, including the portfolio of €1.2bn acquired in August from the BPER Group. Net loans amounted to €516m, with a coverage ratio of 85%. The gross non-performing loan portfolio decreased by €366m during the year, with collections amounting to €110m and a recovery rate of 30%.
• Consolidated shareholders' equity of €8,305m (€6,327m in 2018), of which €6,687m attributable to the Group.
• Consolidated3 solvency ratio of 182% (163% in 2018)

⁴ The impacts on profit and loss and equity of the first-time consolidation of the stake held in BPER were adjusted compared to what was reported in previous quarters due to new information that became available.

Accounting profit and dividends

Unipol Gruppo ended 2019 with an accounting profit of €284m. On the basis of this result, the board of directors also decided to submit a proposal to the shareholders' meeting to distribute a dividend of €0.28 per share for 2019 in accordance with the articles of association, a 56% increase over 2018.

Calling the Shareholders' Meeting

The board of directors decided to call both an ordinary and extraordinary session of the company shareholders' meeting for 30 April 2020, in a single call at 10.30 a.m. (the "Shareholders' Meeting").

In view of the healthcare emergency in Italy caused by the Covid-19 epidemic, and taking account of the regulatory provisions and the applicable orders issued by the authorities, the board authorised the chairperson and the chief executive officer to identify the place where the Shareholders' Meeting would be held and the rules governing attendance, in accordance with the provisions of law decree no. 18 of 17 March 2020, providing this information in the notice calling the Shareholders' Meeting, which will be published in accordance with the legally required deadline.

If the Shareholders' Meeting approves the dividend, it will be payable from 20 May 2020, with the ex-dividend date from 18 May 2020, and record date of 19 May 2020.

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.unipol.it (Governance/Shareholders' Meetings section).

Business Outlook

The global economy appears to be slowing down in general, even though uncertainties regarding the "trade war" between the United States and China and Brexit seem to be showing signs of stabilisation. On the other hand, the first few months of 2020 were characterised by the negative effects on global economic growth by the ongoing Covid-19 (Coronavirus) epidemic in particular. The Coronavirus infection, recently classified as a pandemic by the World Health Organisation, led to China taking precautionary measures to combat the spread of the disease, and which were then extended to other countries, including Italy. As things stand, it is difficult to estimate the extent of the pandemic in terms of duration or spread, or to forecast the negative effects that it could have on the global economic cycle in quantitative terms.

PRESS RELEASE

With regard to insurance business trends, starting from the last week of February, there was a reduction in the number of new contracts signed due to the increasingly stringent orders by the government in terms of mobility, and a reduction in the number of claims with regard to the non-life businesses.

The consolidated operating results for 2020 - excluding events that cannot be presently forecast or the long-lasting, significant effects of the healthcare emergency on the economic cycle and financial markets - are expected to be positive and in line with the goals defined in the Industrial Plan.

****

In order to provide complete disclosure of the results for the 2019 financial year, the statements on the consolidated financial and operating 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 Unipol Gruppo S.p.A., are attached.

****

Maurizio Castellina, Manager in charge of financial reporting of Unipol Gruppo S.p.A. and UnipolSai Assicurazioni S.p.A. declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information contained 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)

and the expense ratio (ratio between operating expenses and premiums earned).

Unipol Gruppo S.p.A.

Unipol is one of the main insurance groups in Europe and the leading company in Italy in the non-life insurance sector, (especially in the MV and Health businesses), with total premiums of approximately €14.0bn, of which €8.2bn in Non-Life and €5.8bn in Life (2019 figures). Unipol adopts an integrated offer strategy and covers the entire range of insurance and financial products, operating primarily through the subsidiary UnipolSai Assicurazioni S.p.A. The Group 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 debt collection (UnipolReC), real estate, hotel (Gruppo UNA), medical-healthcare and agricultural (Tenute del Cerro) sectors. Unipol Gruppo S.p.A. is 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 5077705	T. +39 051 5077933	T. +39 335 8304078	T. +39 328 8317379
pressoffice@unipol.it	investor.relations@unipol.it	m.parboni@barabino.it	g.vantaggi@barabino.it

Consolidated Balance Sheet – Assets

		31/12/2019	31/12/2018
1	INTANGIBLE ASSETS	2,012.1	1,955.3
1.1	Goodwill	1,625.0	1,581.7
1.2	Other intangible assets	387.1	373.5
2	PROPERTY, PLANT AND EQUIPMENT	2,484.2	1,887.4
2.1	Property	1,633.2	1,637.2
2.2	Other items of property, plant and equipment	851.1	250.2
3	TECHNICAL PROVISIONS - REINSURERS' SHARE	989.6	982.0
4	INVESTMENTS	65,116.9	57,543.0
4.1	Investment property	1,991.1	1,996.7
4.2	Investments in subsidiaries and associates and interests in joint ventures	1,003.4	74.5
4.3	Held-to-maturity investments	454.6	459.6
4.4	Loans and receivables	4,006.6	3,921.0
4.4 bis	Financial assets at amortised cost	516.1	490.1
4.5	Available-for-sale financial assets	48,620.0	43,439.2
4.5 bis	Financial assets at fair value through OCI	689.5	663.3
4.6	Financial assets at fair value through profit or loss	7,835.6	6,498.5
4.6.1	Held-for-trading financial assets	283.8	288.0
4.6.2	Financial assets at fair value	7,465.6	6,205.5
4.6.3	Other financial assets mandatorily at fair value	86.1	5.0
5	SUNDRY RECEIVABLES	3,184.0	2,762.2
5.1	Receivables relating to direct insurance business	1,456.2	1,365.5
5.2	Receivables relating to reinsurance business	260.8	137.3
5.3	Other receivables	1,467.1	1,259.4
6	OTHER ASSETS	1,308.0	12,186.3
6.1	Non-current assets held for sale or disposal groups	189.2	10,758.3
6.2	Deferred acquisition costs	101.2	98.1
6.3	Deferred tax assets	510.9	944.3
6.4	Current tax assets	3.9	23.8
6.5	Other assets	502.7	361.9
7	CASH AND CASH EQUIVALENTS	1,007.0	264.6
	TOTAL ASSETS	76,101.9	77,580.8

Consolidated Balance Sheet – Equity and Liabilities

		31/12/2019	31/12/2018
1	EQUITY	8,304.6	6,326.7
1.1	attributable to the owners of the Parent	6,687.5	5,032.4
1.1.1	Share capital	3,365.3	3,365.3
1.1.2	Other equity instruments	0.0	0.0
1.1.3	Equity-related reserves	1,639.4	1,729.4
1.1.4	Income-related and other reserves	-127.2	-478.0
1.1.5	(Treasury shares)	-3.4	-6.1
1.1.6	Translation reserve	4.1	4.0
1.1.7	Gains or losses on available-for-sale financial assets	936.2	64.7
1.1.7bis	Gains or losses on financial assets at fair value through OCI	8.5	-34.5
1.1.8	Other gains or losses recognised directly in equity	-37.9	-13.9
1.1.9	Profit (loss) for the year attributable to the owners of the Parent	902.5	401.4
1.2	attributable to non-controlling interests	1,617.1	1,294.3
1.2.1	Share capital and reserves attributable to non-controlling interests	1,196.4	1,052.3
1.2.2	Gains or losses recognised directly in equity	236.6	15.2
1.2.3	Profit (loss) for the year attributable to non-controlling interests	184.1	226.8
2	PROVISIONS	476.9	357.1
3	TECHNICAL PROVISIONS	57,567.3	53,223.3
4	FINANCIAL LIABILITIES	7,772.0	6,921.7
4.1	Financial liabilities at fair value through profit or loss	2,914.4	2,539.3
4.1.1	Financial liabilities held-for trading	252.6	278.3
4.1.2	Financial liabilities at fair value	2,661.8	2,261.0
4.2	Other financial liabilities	4,857.7	4,382.4
5	PAYABLES	1,012.6	804.4
5.1	Payables arising from direct insurance business	164.7	160.9
5.2	Payables arising from reinsurance business	96.6	86.8
5.3	Other payables	751.3	556.7
6	OTHER LIABILITIES	968.4	9,947.6
6.1	Liabilities associated with disposal groups held for sale	3.3	9,200.8
6.2	Deferred tax liabilities	83.0	8.9
6.3	Current tax liabilities	50.9	27.4
6.4	Other liabilities	831.2	710.5

Consolidated Income Statement

		31/12/2019	31/12/2018
1.1	Net premiums	13,262.5	11,469.0
1.1.1	Gross premiums	13,715.8	11,892.4
1.1.2	Ceded premiums	-453.3	-423.4
1.2	Fee and commission income	34.6	39.4
1.3	Gains and losses on financial instruments at fair value through profit or loss	-100.7	-153.5
1.4	Gains on investments in subsidiaries and associates and interests in joint ventures	545.7	314.8
1.5	Gains on other financial instruments and investment property	2,433.0	2,194.5
1.5.1	Interest income	1,486.5	1,548.4
1.5.2	Other gains	218.6	173.4
1.5.3	Realised gains	655.1	449.7
1.5.4	Unrealised gains	72.7	23.0
1.6	Other revenue	807.3	633.8
1	TOTAL REVENUE AND INCOME	16,982.4	14,498.0
2.1	Net charges relating to claims	-11,349.9	-9,463.2
2.1.1	Amounts paid and changes in technical provisions	-11,658.4	-9,778.9
2.1.2	Reinsurers' share	308.5	315.7
2.2	Fee and commission expense	-21.4	-22.9
2.3	Losses on investments in subsidiaries and associates and interests in joint ventures	-0.3	-0.9
2.4	Losses on other financial instruments and investment property	-591.0	-490.6
2.4.1	Interest expense	-169.1	-170.4
2.4.2	Other charges	-40.2	-40.1
2.4.3	Realised losses	-180.0	-141.3
2.4.4	Unrealised losses	-201.8	-138.8
2.5	Operating expenses	-2,691.5	-2,514.1
2.5.1	Commissions and other acquisition costs	-1,863.9	-1,796.4
2.5.2	Investment management expenses	-130.1	-120.9
2.5.3	Other administrative expenses	-697.5	-596.7
2.6	Other costs	-1,040.9	-821.1
2	TOTAL COSTS AND EXPENSES	-15,695.1	-13,312.7
	PRE-TAX PROFIT (LOSS) FOR THE YEAR	1,287.4	1,185.2
3	Income tax	-200.7	-252.4
	POST-TAX PROFIT (LOSS) FOR THE YEAR	1,086.6	932.9
4	PROFIT (LOSS) FROM DISCONTINUED OPERATIONS	0.0	-304.6
	CONSOLIDATED PROFIT (LOSS) FOR THE YEAR	1,086.6	628.2
	attributable to the owners of the Parent	902.5	401.4
	attributable to non-controlling interests	184.1	226.8

Statement of Comprehensive Income

		31/12/2019 31/12/2018
CONSOLIDATED PROFIT (LOSS)	1,086.6	628.2
Other income items net of taxes not reclassified to profit or loss	9.4	-43.8
Change in the shareholders' equity of the investees	0.9	-8.5
Change in the revaluation reserve for intangible assets	0.0	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	-2.2	-0.2
Gains or losses on equity instruments at fair value through OCI	9.4	-35.1
Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss	0.0	0.0
Other items	1.3	0.0
Other income items net of taxes reclassified to profit or loss	1,102.6	-872.7
Change in the reserve for foreign currency translation differences	0.2	0.2
Gains or losses on available-for-sale financial assets	1,090.5	-883.6
Gains or losses on financial assets (other than equity instruments) at fair value through OCI	-0.5	0.6
Gains or losses on cash flow hedges	9.9	10.1
Gains or losses on hedges of a net investment in foreign operations	0.0	0.0
Change in the shareholders' equity of the investees	2.5	0.0
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)	1,112.0	-916.5
TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE)	2,198.6	-288.3
of which attributable to the owners of the Parent	1,793.1	-262.7
of which attributable to non-controlling interests	405.5	-25.6

Condensed Consolidated Income Statement by Business Segment

Amounts in €m

		NO N-L IFE BUS INE SS			LIFE BUS INE SS		INS	URA NCE BUS INE SS			BAN KIN G BUS INE SS		HO LDI OTH ER	NGS /SE RVI BUS INE	CES / SS ES	REA	L ES TAT BUS INE SS	E (*)	Inte rse Elim	ent gm inat ion	CO	NSO LID ATE TOT AL	D
	dec -19	dec -18	.% var	dec -19	dec -18	% var.	dec -19	dec -18	.% var	dec -19	dec -18	.% var	dec -19	dec -18	.% var	dec -19	dec -18	.% var	dec -19	dec -18	dec -19	dec -18	% var.
Net miu pre ms	7,8 22	7,5 93	3.0	5,4 40	3,8 76	40. 4	13,2 62	11,4 69	15.6	0	0	0.0	0	0		0	0		0	0	13,2 62	11,4 69	15.6
Net fee nd c mis sio s a om ns	-2	-1	n.s.	16	18	-11 .5	13	17	-20 .4	0	0	0.0	8	7	4.2	0	0		-8	-8	13	16	-19 .8
Fina ncia l inc e/ex (exc l. As s/ l iab ilitie fai set s at om pen se r
valu e) ( **)	651	441	47. 7	1,19 8	1,63 9	-26 .9	1,84 9	2,0 80	-11 .1	0	0	-10 .0	301	-54	n.s.	-33	-40	17.0	-13	-17	2,1 04	1,96 9	6.8
Net int st ere	312	356		1,06 5	1,1 16		1,37 7	1,47 1		0	0		-49	-78		-5	-6		0	0	1,32 3	1,38 7
Oth er i d ex nco me an pen ses	339	58		94	56		433	114		0	0		276	-9		14	15		-13	-17	709	103
Rea lise d g ain d lo s an sse s	1	113		69	476		70	588		0	0		101	31		0	1		0	0	171	620
Unr eali sed ins and los ga ses	-1	-85		-30	-8		-31	-94		0	0		-27	2		-42	-50		0	0	-10 0	-14 2
Net cha latin g to cla ims rge s re	-5,0 70	-4,9 65	2.1	-6,0 97	-4,6 02	32. 5	-11 ,167	-9,5 68	16.7	0	0	0.0	0	0		0	0		0	0	-11 ,167	-9,5 68	16.7
Ope rati ng e xpe nse s	-2,2 54	-2,1 46	5.0	-24 4	-24 1	1.2	-2,4 98	-2,3 88	4.6	0	0	0.0	-19 1	-13 2	44. 3	-22	-22	0.1	20	28	-2,6 92	-2,5 14	7.1
Com mis sion d o the qui sitio sts s an r ac n co	-1,7 51	-1,6 87	3.8	-11 3	-10 9	3.6	-1,8 64	-1,7 97	3.8	0	0	0.0	0	0		0	0		1	0	-1,8 64	-1,7 96	3.8
Oth er e xpe nse s	-50 3	-45 9	9.6	-13 1	-13 2	-0.8	-63 4	-59 1	7.2	0	0	0.0	-19 1	-13 2	44. 3	-22	-22	0.1	19	28	-82 8	-71 8	15.3
Oth er i / ex nco me pen se	-24 6	-19 2	-28 .3	-87	-68	-28 .6	-33 3	-25 9	-28 .4	0	0	0.0	92	74	23. 7	6	1	n.s.	1	-3	-23 4	-18 7	-24 .7
Pre -tax fit ( loss ) pro	901	730	23. 5	226	621	-63 .7	1,12 7	1,35 1	-16 .6	0	0	-10 .0	209	-10 4	n.s.	-49	-61	20. 3	0	0	1,28 7	1,18 5	8.6
Inco tax me	-16 4	-19 4	-15 .4	-59	-87	-32 .3	-22 3	-28 1	-20 .6	0	0	0.0	18	18	-3.8	5	10	-53 .4	0	0	-20 1	-25 2	-20 .5
Pro fit (l ) on dis tinu ed rati oss con ope ons										0	-30 5										0	-30 5
Con sol idat ed fit ( loss ) fo r th erio d pro e p	737	536	37. 5	166	534	-68 .8	904	1,07 0	-15 .5	0	-30 5	n.s.	227	-86	n.s.	-44	-51	13.4	0	0	1,08 7	628	73.0
Pro fit (l ) at trib utab le to the s of the Pa t oss ow ner ren																					903	401
Pro fit (l ) at trib utab le to roll ing inte ont ts oss no n-c res																					184	227

(*) 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

Balance Sheet by Business Segment

Amounts in €m

		Non -Life	Bus ines s	Life	Bus ines s	Ban king	Bus ines s	Hold ings /Oth	er B usin esse s	Rea l Est ate	Bus ines s (*)	Inter seg	t Elim inati men on	Tota	l
		31/1 2/20 19	31/1 2/20 18	31/1 2/20 19	31/1 2/20 18	31/1 2/20 19	31/1 2/20 18	31/1 2/20 19	31/1 2/20 18	31/1 2/20 19	31/1 2/20 18	31/1 2/20 19	31/1 2/20 18	31/1 2/20 19	31/1 2/20 18
1	NGIB SSE TS INTA LE A	1,59 5.9	1,52 3.6	401 .7	416 .1	0.0	0.0	14.5	15.5	0.0	0.1	0.0	0.0	2,01 2.1	1,95 5.3
2	TAN GIBL E AS SET S	1,59 5.9	990 .0	74.5	76.0	0.0	0.0	198. 9	214 .5	615 .0	606 .9	0.0	0.0	2,48 4.2	1,88 7.4
3	TEC HNIC ROV ISIO NS - NSU S' S AL P REI RER HAR E	950 .0	932 .9	39.7	49.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	989 .6	982 .0
4	INVE STM ENT S	15,6 97.0	14,4 85.7	47,4 76.0	41,7 50.2	0.0	0.0	1,95 5.6	1,19 3.8	782 .0	593 .1	-793 .7	-479 .8	65,1 16.9	57,5 43.0
4.1	Inve stm ent p rty rope	1,18 9.3	1,37 2.5	6.5	4.2	0.0	0.0	35.7	34.0	759 .5	586 .1	0.0	0.0	1,99 1.1	1,99 6.7
4.2	Inve stm ents in s ubsi diar ies, ciate d joi nt ve nture asso s an s	494 .3	70.1	3.4	3.6	0.0	0.0	505 .8	0.8	0.0	0.0	0.0	0.0	1,00 3.4	74.5
4.3	Held ity in -to-m atur vest ts men	83.0	57.2	371 .6	402 .5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	454 .6	459 .6
4.4	Loan d re ceiv able s an s	2,02 9.7	1,90 8.2	2,67 2.0	2,47 8.8	0.0	0.0	91.9	0.2	0.0	7.0	-787 .0	-473 .1	4,00 6.6	3,92 1.0
4.4b is	Fina ncia l ass ets a t am ortis ed c ost	0.0	0.0	0.0	0.0	0.0	0.0	516 .1	490 .1	0.0	0.0	0.0	0.0	516 .1	490 .1
4.5	Avai lable -for- sale fina ncia l ass ets	11,7 24.9	10,9 67.7	36,8 48.8	32,4 77.9	0.0	0.0	30.6	0.3	22.5	0.0	-6.7	-6.7	48,6 20.0	43,4 39.2
4.5b is	Fina ncia l ass ets a t fair valu e thr h OC I oug	0.0	0.0	0.0	0.0	0.0	0.0	689 .5	663 .3	0.0	0.0	0.0	0.0	689 .5	663 .3
4.6	Fina ncia l ass ets a t fair valu e thr h pro fit or loss oug	175. 9	110. 2	7,57 3.6	6,38 3.3	0.0	0.0	86.1	5.0	0.0	0.0	0.0	0.0	7,83 5.6	6,49 8.5
5	SUN DRY REC EIVA BLE S	2,42 8.5	2,25 1.4	695 .4	576 .1	0.0	0.0	231 .7	209 .1	8.4	18.1	-180 .0	-292 .7	3,18 4.0	2,76 2.2
6	OTH ER A SSE TS	805 .5	884 .5	88.5	140. 4	0.0	11,4 92.1	404 .1	476 .5	124. 9	121. 8	-115 .0	-928 .9	1,30 8.0	12,1 86.3
6.1	Defe rred uisit ion c osts acq	42.1	42.6	59.1	55.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	101. 2	98.1
6.2	Othe ets r ass	763 .4	841 .8	29.3	84.9	0.0	11,4 92.1	404 .1	476 .5	124. 9	121. 8	-115 .0	-928 .9	1,20 6.8	12,0 88.2
7	CAS H AN D CA SH E QUIV ALE NTS	285 .7	335 .5	354 .3	528 .6	0.0	0.0	338 .4	1,24 1.1	28.6	107. 1	0.0	-1,94 7.7	1,00 7.0	264 .6
	TOT AL A SSE TS	23,3 58.5	21,4 03.6	49,1 30.0	43,5 36.5	0.0	92.1 11,4	3,14 3.3	3,35 0.5	8.9 1,55	1,44 7.1	-1,08 8.7	-3,64 9.1	76,1 01.9	80.8 77,5
1	EQU ITY													8,30 4.6	6,32 6.7
2	PRO VISI ONS	403 .4	322 .7	20.1	18.4	0.0	0.0	48.9	11.1	4.5	4.8	0.0	0.0	476 .9	357 .1
3	TEC HNIC AL P ROV ISIO NS	15,0 67.2	15,2 11.8	42,5 00.2	38,0 11.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	57,5 67.3	53,2 23.3
4	FINA NCIA L LIA BILIT IES	2,13 3.5	1,58 1.0	3,71 8.9	3,37 4.2	0.0	0.0	2,48 1.1	2,23 6.9	231 .9	328 .7	-793 .3	-599 .0	7,77 2.0	6,92 1.7
4.1	Fina ncia l liab ilitie fair v alue thro ugh prof it or loss s at	65.6	71.6	2,84 8.8	2,46 7.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2,91 4.4	2,53 9.3
4.2	Othe r fina ncia l liab ilitie s	2,06 7.9	1,50 9.4	870 .1	906 .5	0.0	0.0	2,48 1.1	2,23 6.9	231 .9	328 .7	-793 .3	-599 .0	4,85 7.7	4,38 2.4
5	PAY ABL ES	880 .6	708 .8	168. 9	169. 2	0.0	0.0	110. 6	818 .6	35.0	27.4	-182 .4	-919 .5	1,01 2.6	804 .4
6	OTH ER L IABI LITIE S	733 .5	647 .2	282 .9	96.5	0.0	11,2 73.6	50.2	40.3	14.8	20.5	-113 .0	-2,13 0.5	968 .4	9,94 7.6
	TOT QUIT IES AL E Y AN D LIA BILIT													76,1 01.9	77,5 80.8

(*) Real Estate business only includes real estate companies controlled by the Group

Balance sheet Asset – Unipol Gruppo S.p.A.

Amounts in €

ASSETS 31.12.2019 31.12.2018 A ) SUB SC R IB ED C A P IT A L, UN P A ID - of which called B ) F IXED A SSET S I Intangible assets 4) Concessions, licences, trademarks and similar rights 1,543,651 2,310,987 T o tal 1,543,651 2,310,987 II Property, plant and equipment 2) Plant and equipment 14,023 33,351 4) Other assets 615,553 727,566 T o tal 629,576 760,917 III Financial fixed assets 1) Investments in: a) subsidiaries 7,014,371,939 6,193,813,086 b) associates 223,311,650 d-bis) other companies 119,159,639 T o tal investments 7,237,683,589 6,312,972,725 2) Receivables: a) from subsidiaries 133,307,218 149,560,685 - of which payable within 12 months 50,779,831 d-bis) from others 19,751 226,615 - of which payable within 12 months 19,751 50,783 T o tal receivables 133,326,969 149,787,300 3) Other securities 4,875,891 550,625,973 T o tal 7,375,886,449 7,013,385,999 T OT A L F IXED A SSET S 7,378,059,676 7,016,457,903 C ) C UR R EN T A SSET S II Receivables 1) from customers 368,021 21,630 2) from subsidiaries 91,354,941 11,636,710 3) from associates 142,356 5 - bis) tax receivables 31,068,920 79,153,535 - of which payable after 12 months 4,872,419 78,600,872
5 - ter) deferred tax assets 363,785,634 455,224,765
- of which payable after 12 months 363,785,634 455,224,765
5) quater) from others 617,396 898,095
- of which payable after 12 months 72,538
T o tal 487,337,268 546,934,735
III Current financial assets
1) Investments in subsidiaries 1,360,592 128,565,357
6) Other securities 434,082,501 21,487,127
T o tal 435,443,093 150,052,484
IV Cash and cash equivalents
1) Bank and post office deposits 258,141,960 1,092,700,544
- of which from associates 258,128,721
- of which from subsidiaries 1,092,646,122
3) Cash at bank and in hand 14,350 13,948
T o tal 258,156,310 1,092,714,492
T OT A L C UR R EN T A SSET S 1,180,936,671 1,789,701,711
D ) A C C R UA LS A N D D EF ER R A LS
1) Accruals 890,254 2,473,906
2) Deferrals 605,813 424,328 T OT A L A C C R UA LS A N D D EF ER R A LS 1,496,068 2,898,234

Balance sheet Liabilities – Unipol Gruppo S.p.A.

Amounts in €

LIABILITIES		31.12.2019		31.12.2018
A ) SH A R EH OLD ER S' EQUIT Y
I Share capital		3,365,292,408		3,365,292,408
II Share premium reserve		1,345,677,187		1,435,734,955
IV Legal reserve		673,058,482		583,000,714
VI Other reserves		518,350		63,367,158
- Extraordinary reserve	518,350		63,367,158
IX Profit (loss) for the year		283,535,905		66,223,514
X Negative reserve for treasury shares		-1,175,650		-2,026,637
T OT A L SH A R EH OLD ER S' EQUIT Y		5,666,906,682		5,511,592,112
B ) P R OVISION S F OR R ISKS A N D C H A R GES
3) Financial derivative liabilities				426,537,876
4) Other		36,692,813		7,162,796
T OT A L P R OVISION S F OR R ISKS A N D C H A R GES		36,692,813		433,700,672
C ) P OST -EM P LOYM EN T B EN EF IT S		37,790		37,304
D ) P A YA B LES
1) Bonds		1,819,700,445		1,811,029,198
- of which payable after 12 months	1,819,700,445		1,811,029,198
5) Payables to other lenders		515,186		515,186
7) Trade payables		2,855,931		6,116,136
9) Payables to subsidiaries		974,352,623		1,027,911,424
- of which payable after 12 months	300,550,750
10) Payables to associates		6,589,720
12) Tax payables		31,353,903		738,069
13) Social security charges payable		474,935		543,616
14) Other payables				16,874,132
		21,012,387
T OT A L P A YA B LES		2,856,855,130		2,863,727,759

Income Statement – Unipol Gruppo S.p.A. (1 of 2)

Amounts in €

				31.12.2019	31.12.2018
A)		VALUE OF PRODUCTION
	1)	Revenue from sales and services		749,135
	5)	Other revenue and income
		b) sundries	20,661,659		18,806,981
		Total other revenue and income		20,661,659		18,806,981
		TOTAL VALUE OF PRODUCTION		21,410,794		18,806,981
B)		COSTS OF PRODUCTION
	6)	Raw materials, consumables and goods for resale		174,729		201,011
	7)	Services		15,679,288		18,892,119
	8)	Use of third party assets		1,311,259		1,275,574
	9)	Personnel:
		a) w ages and salaries	22,801,836		21,207,754
		b) social security expenses	4,016,563		3,564,254
		c) post-employment benefits	594,475		623,701
		e) other costs	2,243,015		1,731,806
		Total personnel		29,655,889		27,127,515
	10)	Amortisation, depreciation and w rite-dow ns:
		a) amortisation of intangible assets	781,659		950,307
		b) depreciation of property, plant and equipment	131,341		215,652
		Total amortisation, depreciation and w rite-dow ns		913,000		1,165,959
	12)	Provisions for risks		743,613		2,344,883
	14)	Sundry operating expenses		43,538,250		6,374,909
		TOTAL COSTS OF PRODUCTION		92,016,027		57,381,970
		DIFFERENCE BETWEEN VALUE AND COSTS OF PRODUCTION (A-B)		-70,605,233		-38,574,990

Income Statement – Unipol Gruppo S.p.A. (2 of 2)

Amounts in €

C) FINANCIAL INCOME AND CHARGES
15) Gains on investments:
a) in subsidiaries	344,032,307		447,342,286
d) in other companies	5,745,277		4,733,294
Total gains on investments		349,777,583		452,075,580
16) Other financial income:
a) from receivables recognised under fixed assets		4,304,337		5,102,791
1) from subsidiaries	4,304,172		5,102,529
4) from others	166		262
b) from securities held as fixed assets		53,131,742		2,592,900
c) from securities recognised under current assets		10,245,281		4,955,771
d) other income		169,336		95,802
1) from subsidiaries			12,034
4) from others	169,336		83,768
Total other financial income		67,850,696		12,747,264
17) Interest and other financial charges:
a) subsidiaries	14,746,255		15,139,156
b) associates	56,246
d) others	73,489,427		76,073,341
Total interest and other financial charges		88,291,928		91,212,497
17-bis) Exchange gains (losses)		4,618		12,047
TOTAL FINANCIAL INCOME AND CHARGES		329,340,969		373,622,394
D) VALUE ADJUSTMENTS TO FINANCIAL ASSETS
18) Write-ups:
c) of securities recognised under current assets	3,155,660
Total w rite-ups		3,155,660
19) Write-dow ns:
a) of investments	861		195,872,370
c) of securities recognised under current assets	353,739		6,802,838
d) of financial derivative instruments			87,289,491
Total w rite-dow ns		354,600		289,964,699
TOTAL ADJUSTMENTS		2,801,060		-289,964,699
PRE-TAX PROFIT (LOSS)		261,536,797		45,082,705
20) Income tax for the year: current and deferred
a) Current taxes	-5,770,613		-21,373,535
b) Taxes related to prior years	-7,763,018		18,761
c - bis) Deferred tax assets	-8,465,478		213,965
Total income tax for the year		-21,999,109		-21,140,810
PROFIT (LOSS) FOR THE YEAR		283,535,905		66,223,514