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Unipol — Earnings Release 2020
Mar 18, 2021
4405_10-k_2021-03-18_d8e67100-8bbd-4d96-955f-6a9dfefbdad2.pdf
Earnings Release
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| Informazione Regolamentata n. 0265-15-2021 |
Data/Ora Ricezione 18 Marzo 2021 22:45:54 |
MTA | |
|---|---|---|---|
| Societa' | : | UNIPOL | |
| Identificativo Informazione Regolamentata |
: | 143783 | |
| Nome utilizzatore | : | UNIPOLN08 - Nerdi | |
| Tipologia | : | 1.1; REGEM; 3.1 | |
| Data/Ora Ricezione | : | 18 Marzo 2021 22:45:54 | |
| Data/Ora Inizio Diffusione presunta |
: | 18 Marzo 2021 22:45:55 | |
| Oggetto | : | Press release Gruppo Unipol – Draft Financial Statements and Integrated approved |
consolidated Financial Statements for 2020 |
| Testo del comunicato |
Vedi allegato.
UNIPOL GRUPPO: DRAFT FINANCIAL STATEMENTS AND INTEGRATED CONSOLIDATED FINANCIAL STATEMENTS FOR 2020 APPROVED
- The Group reinforces its commitment to sustainability:
- o €13.3bn in value distributed including:
- €9.1bn in compensation to the policyholders
- €4.2bn distributed to the other stakeholders
- o €30m was contributed to the community including €20m to help tackle the Coronavirus emergency
- o 7.7 million Italians (13% of the population) covered by Unipol health and life insurance
- o €53.4bn of investments subject to environmental and social monitoring comply with sustainability criteria
- o A 58% increase in investments that support the 2030 Agenda (+19% in investments tackling climate change)
-
o Reputation leader in the insurance and banking sector on the basis of the 2020 Italy RepTrak® ranking for the fourth year running.
-
Key figures in 2020:
- o Consolidated net profit €864m (-20.5% compared to 2019)
- o Proposed dividend €0.28 per share
- o Combined Ratio1 87.0% (94.2% in 2019)
- o Consolidated solvency ratio of 216%2
- o In the year of the Covid-19 pandemic, the Group backed important initiatives to support the community, customers, agents and employees
Bologna, 18 March 2021
The board of directors of Unipol Gruppo S.p.A., which met today under the chairmanship of Pierluigi Stefanini, approved the 2020 integrated, consolidated financial statements of Unipol Gruppo, confirming the preliminary results reported on 12 February last.
Contribution to sustainable development
In 2020, the Group distributed €13.3bn in value, including €9.1bn in compensation to policyholders and €4.2bn to the other stakeholders (shareholders, agents and other brokers, suppliers, the public authorities, lenders, employees and the community).
Due to increasing demand by the public for support in social and health matters and pensions, in confirmation of its role as a key player in the process of integrating public and private insurance cover, in 2020 Unipol covered 7.7 million people (13% of Italian citizens) with its health and life insurance.
Unipol contributed to the resilience of the economy, supporting families and increasing awareness of insurance cover for small and medium-sized enterprises, which form the backbone of the Italian production sector, and that have subscribed to over €710m in insurance policies.
For years, the Group has taken a systematic approach to steer the investment of its financial assets towards the criteria of sustainability and responsibility. At the end of 2020, the assets
1 Net of reinsurance.
2 Figure calculated on the basis of the partial internal model to be considered as preliminary since the supervisory authorities will be notified of the definitive results in accordance with the legally imposed deadlines.
subject to sustainability monitoring amounted to €54.5bn (87% of the total assets under management). The percentage of assets found to be sustainable after monitoring amounted to 98% (equal to €53.4bn).
Investments that support the 2030 Agenda grew by a total of 58% in 2020, amounting to €609.4m in thematic and impact investments. The investments for tackling climate change grew by 19%. The €600m target for investments in support of the 2030 Agenda as set out by the Strategic Plan for the end of 2021 was therefore achieved and exceeded.
On a comparable basis with 2019, the monitoring of the Group's environmental performance recorded an overall reduction in CO2 emissions of 23.3% in 2020, taking it to an equivalent value of 37,829 t CO2 (equivalent value of 48,648 t CO2 in 2019), equal to 3.2 t CO2 per employee (3.9 t CO2 in 2019).
The LIFE ADA (ADaptation in Agriculture) project was launched in 2020, co-funded by the European Union as part of the LIFE programme; it aims to increase the resilience of the agricultural sector to adapt to climate change. Life ADA will last until December 2023 and involve UnipolSai as the lead company along with various partners.
For Unipol, the commitment to support and work with the territories and communities where it operates means contributing towards the development and realisation of socially useful projects, supporting scientific research, cultural projects, protecting the artistic heritage and the environment and supporting sports and entertainment. It contributed approximately €9m to the community in 2020.
€7.5m was invested in 2020 for employee, agent and business partner training, with 1 million hours of training given.
Covid-19 emergency initiatives
In a year marked by the outbreak of the Covid-19 emergency, the Group supported significant projects in favour of the community, customers, the agency distribution network and employees.
The Group donated over €20m to the community during the year to help tackle the Coronavirus emergency. In the areas most affected in Italy, Unipol, in close cooperation with the authorities and the civil protection authority, allocated said resources to increase the number of beds in hospitals, especially in intensive care and semi-intensive care units, and purchase the necessary healthcare equipment to help stop the epidemic from spreading.
With regard to its customers, the Group established a Coronavirus medical consultation service available 24/7 for its policyholders through the UniSalute Medical Centre. UnipolSai launched #UniSalutePerTe healthcare coverage to address the possible consequences of Covid-19 and offered at no additional cost to all its customers. UnipolSai also created the #AndràTuttoBene healthcare protection product especially for companies to protect their employees; it also launched the #UnMesePerTe campaign to reimburse 10 million MV liability customers for an amount equal to a month's car insurance by using vouchers when renewing their policies.
With regard to the agency distribution network, significant financial support measures were introduced along with support to ensure safe working conditions. Mechanisms were also developed to communicate with customers using digital means, especially for the payment systems and electronic signatures on contracts.
Starting from March last year, Working From Home mechanisms were introduced to safeguard the health of all the Group employees using technology implemented in just a few weeks to enable over 9,300 people to work on a more flexible basis. These mechanisms are still in use. The Group hired 885 people in 2020.
Reputation and awareness
For the fourth year running, the Unipol Group confirmed its first-place position for reputation in the insurance and banking businesses with a score of 73.0 (67.6 in 2019) on the basis of the Italy RepTrak® 2020 ranking; it was drawn up by the RepTrak Company which considers about 400 companies operating in Italy to measure their reputation levels. Thanks to the Sempre un passo avanti (always one step ahead) advertising campaign, UnipolSai became top of mind, making it the brand with the highest level of spontaneous recognition associated with innovation and strength, i.e., the first company that comes to mind when people have to choose insurance cover.
Economic-financial results
The consolidated net profit book value amounted to €864m (-20.5% compared to 2019)
There was a normalised consolidated net profit of €905m, significantly up (+23.6%) on the figure of €732m of the previous year. The 2020 result does not include the effects of the badwill recalculation of the stake in BPER resulting from the dilution of its shareholding (which fell from 19.7% to 18.9%) following BPER's increase in share capital. Said increase in capital falls within the broader context of the transaction between BPER Banca and Intesa Sanpaolo, for the acquisition by BPER of a company branch following the acquisition of control by the Intesa Group of Ubi Banca. This transaction also calls for the acquisition by UnipolSai of the company branches relating to the insurance companies in which Ubi Banca has invested. On the other hand, the 2019 normalised result did not include the extraordinary effects of the first-time consolidation of BPER 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 (amounting to €66m after taxes).
Direct insurance income, including reinsurance ceded, stood at €12,210m, down by 12.9% from the figure at 31 December 2019 (€14,014m). 2020 was strongly affected by the consequences of the healthcare emergency caused by the Covid-19 pandemic which influenced both commercial activities and claims.
The emergency did not stop the Strategic Plan activities from continuing, especially with regard to the increased drive towards digitalisation in the range of products and services offered to customers and the focus on integrated multi-channel distribution mechanisms.
In the Non-Life Business, direct income for the Group amounted to €7,882m, with a 3.5% reduction on the figure of €8,167m recorded in 2019.
In this context, as at 31 December 2020, the Unipol Group recorded a combined ratio1 of 87.0% (85.4% direct business), an improvement on the figure of 94.2% recorded in 2019 (93.7% direct business). The loss ratio1stood at 58.8% (66.3% as at 31 December 2019). The expense ratio1 amounted to 28.2% (27.9% the previous year).
In the life business, the Unipol Group reported direct income of €4,328m, down 26.0% (€5,847m in 2019) due to both the effects of the healthcare emergency and more especially the commercial policies employed during the period aimed at reducing risk, and compared to 2019 when there was a high volume of production, also following the acquisition of highvalue contracts in the pension fund division.
Other businesses
UnipolReC posted a profit of €6.2m. The gross non-performing loan portfolio amounted to €3,046m, with a reduction of €419m against collections of €116m (€110m in 2019) with a recovery ratio of 28%. Net loans amounted to €423m, with a coverage ratio of 86%.
The Group is one of the main operators in Italy in terms of value of assets under management in the real estate sector (€3.9bn at 31 December 2020), with long experience in the promotion and coordination of urban redevelopment projects and in the ordinary and extraordinary management of the real estate portfolios in order to achieve continued and sustainable targets that add value.
The restructuring and redevelopment of the real estate assets continued through 2020. More specifically, in Milan, work continued on the new multi-storey building for office use in Piazza Gae Aulenti (Porta Nuova Garibaldi area) that will be given a LEED Platinum certificate due to the energy and water savings it incorporates and the ecological quality of the interiors. The "INOLTRE. Sharing the City" project was also started in Milan, a participatory listening and joint planning itinerary involving big names and ordinary members of the public to enhance the value of the decentralised areas.
Balance Sheet
As at 31 December 2020, the consolidated shareholders' equity amounted to €9,525m (€8,305m as at 31 December 2019), of which €7,614m attributable to the Group.
The Group solvency ratio between own funds and capital requirements amounted to 216%2 compared to 187% on 31 December 2019 taking account of the proposed dividend payment.
Accounting profit and dividends
Unipol Gruppo approved the individual draft financial statements for 2020 that record an accounting profit of €316m. On the basis of this result, the board of directors also decided to submit the proposal to the shareholders' meeting to distribute a dividend of €0.28 per share for 2020 in accordance with the articles of association.
New elections of BPER's governing bodies
With reference to the next ordinary session of the shareholders' meeting of BPER Banca S.p.A. ("BPER or the "Bank") called for April 21 next to decide, inter alia, on the appointment of the board of directors and the board of statutory auditors for the three-year period 2021- 2023, Unipol Gruppo will submit−, in compliance with the procedures and deadlines set by the current BPER articles of association−, its own list of candidates for the office of board member and statutory auditor.
The list of candidates for the office of board member of the bank will comprise a maximum of 7 people, including Mr Piero Luigi Montani, and will not contain any member of the current governing body of BPER.
Calling the Shareholders' Meeting
The board of directors decided to call an ordinary session of the company shareholders' meeting for 29 April 2021, in a single call at 10.30 a.m. (the "Shareholders' Meeting").
Due to the emergency caused by the Covid-19 epidemic and in order to ensure maximum protection of the health of the shareholders, the company representatives, employees and consultants of the Company, as permitted under article 3, paragraph 6 of Law Decree 183 of 31 December 2020, converted with amendments into Law 21 of 26 February 2021, eligible parties may attend the Shareholders' Meeting, without going to where it is to be held, exclusively by proxy given to the designated representative pursuant to article 135-undecies of Legislative Decree 58 of 24 February 1998, using the mechanisms - similar to those used last year - that will be specified in the notice calling the meeting.
If the Shareholders' Meeting approves the dividend, it will be payable from 26 May 2021, with the ex-dividend date from 24 May 2021 and record date of 25 May 2021.
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).
***
The integrated consolidated financial statements for 2020 will be made available to the public by tomorrow at the registered office of the company, on the authorised storage mechanism eMarket Storage (), and on the Company website www.unipol.it (Governance / Shareholders' Meetings/ 2021/ Ordinary Shareholders' Meeting of 29 April 2021 section), not presently including the report by the auditing firm that will be published subsequently in accordance with the law as indicated in the notice calling the meeting.
In order to provide more comprehensive disclosure of the results for the 2020 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 biggest 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 €12.2bn, of which €7.9bn in non-Life and €4.3bn in life (2020 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.
Consolidated Statement of Financial Position – Assets
Accounting records, amounts in €m
| 31/12/2020 | 31/12/2019 | ||
|---|---|---|---|
| 1 | INTANGIBLE ASSETS | 2,039.0 | 2,012.1 |
| 1.1 | Goodwill | 1,630.9 | 1,625.0 |
| 1.2 | Other intangible assets | 408.1 | 387.1 |
| 2 | PROPERTY, PLANT AND EQUIPMENT | 2,365.7 | 2,484.2 |
| 2.1 | Property | 1,532.9 | 1,633.2 |
| 2.2 | Other items of property, plant and equipment | 832.9 | 851.1 |
| 3 | TECHNICAL PROVISIONS - REINSURERS' SHARE | 835.3 | 989.6 |
| 4 | INVESTMENTS | 68,643.6 | 65,116.9 |
| 4.1 | Investment property | 2,176.0 | 1,991.1 |
| 4.2 | Investments in subsidiaries and associates and interests in joint ventures | 1,153.7 | 1,003.4 |
| 4.3 | Held-to-maturity investments | 420.8 | 454.6 |
| 4.4 | Loans and receivables | 4,519.3 | 4,006.6 |
| 4.4 bis | Financial assets at amortised cost | 422.7 | 516.1 |
| 4.5 | Available-for-sale financial assets | 50,899.5 | 48,620.0 |
| 4.5 bis | Financial assets at fair value through OCI | 1,601.4 | 689.5 |
| 4.6 | Financial assets at fair value through profit or loss | 7,450.2 | 7,835.6 |
| 4.6.1 | Held-for-trading financial assets | 257.2 | 283.8 |
| 4.6.2 | Financial assets at fair value | 7,177.8 | 7,465.6 |
| 4.6.3 | Other financial assets mandatorily at fair value | 15.2 | 86.1 |
| 5 | SUNDRY RECEIVABLES | 3,240.9 | 3,184.0 |
| 5.1 | Receivables relating to direct insurance business | 1,482.4 | 1,456.2 |
| 5.2 | Receivables relating to reinsurance business | 166.9 | 260.8 |
| 5.3 | Other receivables | 1,591.6 | 1,467.1 |
| 6 | OTHER ASSETS | 1,187.2 | 1,308.0 |
| 6.1 | Non-current assets held for sale or disposal groups | 203.3 | 189.2 |
| 6.2 | Deferred acquisition costs | 99.2 | 101.2 |
| 6.3 | Deferred tax assets | 330.9 | 510.9 |
| 6.4 | Current tax assets | 9.0 | 3.9 |
| 6.5 | Other assets | 544.7 | 502.7 |
| 7 | CASH AND CASH EQUIVALENTS | 1,094.8 | 1,007.0 |
| TOTAL ASSETS | 79,406.5 | 76,101.9 |
Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities
Accounting records, amounts in €m
| 31/12/2020 | 31/12/2019 | ||
|---|---|---|---|
| 1 | EQUITY | 9,525.3 | 8,304.6 |
| 1.1 | attributable to the owners of the Parent | 7,613.6 | 6,687.5 |
| 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 | 1,639.4 |
| 1.1.4 | Income-related and other reserves | 771.0 | -127.2 |
| 1.1.5 | (Treasury shares) | -2.7 | -3.4 |
| 1.1.6 | Translation reserve | 3.4 | 4.1 |
| 1.1.7 | Gains or losses on available-for-sale financial assets | 1,173.9 | 936.2 |
| 1.1.7bis | Gains or losses on financial assets at fair value through OCI | 8.8 | 8.5 |
| 1.1.8 | Other gains or losses recognised directly in equity | -53.0 | -37.9 |
| 1.1.9 | Profit (loss) for the year attributable to the owners of the Parent | 707.4 | 902.5 |
| 1.2 | attributable to non-controlling interests | 1,911.7 | 1,617.1 |
| 1.2.1 | Share capital and reserves attributable to non-controlling interests | 1,525.8 | 1,196.4 |
| 1.2.2 | Gains or losses recognised directly in equity | 229.2 | 236.6 |
| 1.2.3 | Profit (loss) for the year attributable to non-controlling interests | 156.7 | 184.1 |
| 2 | PROVISIONS | 479.6 | 476.9 |
| 3 | TECHNICAL PROVISIONS | 57,707.0 | 57,567.3 |
| 4 | FINANCIAL LIABILITIES | 9,730.2 | 7,772.0 |
| 4.1 | Financial liabilities at fair value through profit or loss | 4,379.3 | 2,914.4 |
| 4.1.1 | Financial liabilities held-for trading | 324.3 | 252.6 |
| 4.1.2 | Financial liabilities at fair value | 4,055.1 | 2,661.8 |
| 4.2 | Other financial liabilities | 5,350.8 | 4,857.7 |
| 5 | PAYABLES | 918.1 | 1,012.6 |
| 5.1 | Payables arising from direct insurance business | 162.8 | 164.7 |
| 5.2 | Payables arising from reinsurance business | 77.0 | 96.6 |
| 5.3 | Other payables | 678.3 | 751.3 |
| 6 | OTHER LIABILITIES | 1,046.3 | 968.4 |
| 6.1 | Liabilities associated with disposal groups held for sale | 3.2 | 3.3 |
| 6.2 | Deferred tax liabilities | 118.0 | 83.0 |
| 6.3 | Current tax liabilities | 41.1 | 50.9 |
| 6.4 | Other liabilities | 884.1 | 831.2 |
| TOTAL EQUITY AND LIABILITIES | 79,406.5 | 76,101.9 |
Consolidated Income Statement
Accounting records, amounts in €m
| 31/12/2020 | 31/12/2019 | ||
|---|---|---|---|
| 1.1 | Net premiums | 11,349.2 | 13,262.5 |
| 1.1.1 | Gross premiums | 11,810.4 | 13,715.8 |
| 1.1.2 | Ceded premiums | -461.2 | -453.3 |
| 1.2 | Fee and commission income | 34.4 | 34.6 |
| 1.3 | Gains and losses on financial instruments at fair value through profit or loss | -183.9 | -100.7 |
| 1.4 | Gains on investments in subsidiaries and associates and interests in joint ventures | 19.4 | 545.7 |
| 1.5 | Gains on other financial instruments and investment property | 2,282.4 | 2,433.0 |
| 1.5.1 | Interest income | 1,363.1 | 1,486.5 |
| 1.5.2 | Other gains | 183.9 | 218.6 |
| 1.5.3 | Realised gains | 487.5 | 655.1 |
| 1.5.4 | Unrealised gains | 247.9 | 72.7 |
| 1.6 | Other revenue | 820.3 | 807.3 |
| 1 | TOTAL REVENUE AND INCOME | 14,321.7 | 16,982.4 |
| 2.1 | Net charges relating to claims | -8,844.3 | -11,349.9 |
| 2.1.1 | Amounts paid and changes in technical provisions | -9,015.2 | -11,658.4 |
| 2.1.2 | Reinsurers' share | 170.9 | 308.5 |
| 2.2 | Fee and commission expense | -20.4 | -21.4 |
| 2.3 | Losses on investments in subsidiaries and associates and interests in joint ventures | -0.5 | -0.3 |
| 2.4 | Losses on other financial instruments and investment property | -716.7 | -591.0 |
| 2.4.1 | Interest expense | -163.5 | -169.1 |
| 2.4.2 | Other charges | -38.8 | -40.2 |
| 2.4.3 | Realised losses | -425.6 | -180.0 |
| 2.4.4 | Unrealised losses | -88.8 | -201.8 |
| 2.5 | Operating expenses | -2,588.8 | -2,691.5 |
| 2.5.1 | Commissions and other acquisition costs | -1,844.6 | -1,863.9 |
| 2.5.2 | Investment management expenses | -120.4 | -130.1 |
| 2.5.3 | Other administrative expenses | -623.8 | -697.5 |
| 2.6 | Other costs | -1,125.2 | -1,040.9 |
| 2 | TOTAL COSTS AND EXPENSES | -13,295.9 | -15,695.1 |
| PRE-TAX PROFIT (LOSS) FOR THE YEAR | 1,025.8 | 1,287.4 | |
| 3 | Income tax | -161.7 | -200.7 |
| POST-TAX PROFIT (LOSS) FOR THE YEAR | 864.1 | 1,086.6 | |
| 4 | PROFIT (LOSS) FROM DISCONTINUED OPERATIONS | 0.0 | 0.0 |
| CONSOLIDATED PROFIT (LOSS) FOR THE YEAR | 864.1 | 1,086.6 | |
| attributable to the owners of the Parent | 707.4 | 902.5 | |
| attributable to non-controlling interests | 156.7 | 184.1 |
Statement of Comprehensive Income
| 31/12/2020 | 31/12/2019 | |
|---|---|---|
| CONSOLIDATED PROFIT (LOSS) | 864.1 | 1,086.6 |
| Other income items net of taxes not reclassified to profit or loss | -45.4 | 9.4 |
| Change in the shareholders' equity of the investees | -8.2 | 0.9 |
| 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 | -5.0 | -2.2 |
| Gains or losses on equity instruments at fair value through OCI | -32.1 | 9.4 |
| Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss |
0.0 | 0.0 |
| Other items | 0.0 | 1.3 |
| Other income items net of taxes reclassified to profit or loss | 260.2 | 1,102.6 |
| Change in the reserve for foreign currency translation differences | -1.1 | 0.2 |
| Gains or losses on available-for-sale financial assets | 231.2 | 1,090.5 |
| Gains or losses on financial assets (other than equity instruments) at fair value through OCI | 10.7 | -0.5 |
| Gains or losses on cash flow hedges | 4.2 | 9.9 |
| Gains or losses on hedges of a net investment in foreign operations | 0.0 | 0.0 |
| Change in the shareholders' equity of the investees | 15.2 | 2.5 |
| 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) | 214.9 | 1,112.0 |
| TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) | 1,079.0 | 2,198.6 |
| of which attributable to the owners of the Parent | 929.7 | 1,793.1 |
| of which attributable to non-controlling interests | 149.2 | 405.5 |
Condensed Consolidated Income Statement by Business Segment
Accounting records, amounts in €m
| NON -LIF E BUS INES S |
LIFE BUS INES S |
INS NCE URA BUS INES S |
HOL DING |
S/S ERV ICES BUS INES SES |
/ OT HER |
REA L ES TAT E BUS INES S (* ) |
Inte ent rse gm Elim inat ion |
CON SOL IDA TED TOT AL |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| dec -20 |
dec -19 |
% var. |
dec -20 |
dec -19 |
% var. |
dec -20 |
dec -19 |
% var. |
dec -20 |
dec -19 |
% var. |
dec -20 |
dec -19 |
% var. |
dec -20 |
dec -19 |
dec -20 |
dec -19 |
% var. |
|
| Net miu pre ms |
7,60 5 |
7,82 2 |
-2.8 | 3,74 4 |
5,44 0 |
-31 .2 |
11,3 49 |
13,2 62 |
-14 .4 |
0 | 0 | 0 | 0 | 0 | 0 | 11,3 49 |
13,2 62 |
-14 .4 |
||
| Net fee nd c mis sio s a om ns |
-2 | 2 - |
-8.1 | 17 | 16 | 9.4 | 15 | 13 | 12.3 | 9 | 8 | 11.6 | 0 | 0 | -9 | 8 - |
14 | 13 | 6.0 | |
| Fina ncia l inc e/ex (exc l. As / lia bilit ies sets at om pen se |
||||||||||||||||||||
| fair valu e) ( **) |
292 | 651 | -55 .2 |
1,07 8 |
1,19 8 |
-10 .1 |
1,37 0 |
1,84 9 |
-25 .9 |
-45 | 301 | n.s. | 6 | 33 - |
n.s. | -11 | 13 - |
1,31 9 |
2,1 04 |
-37 .3 |
| Net inte t res |
255 | 312 | 1,00 3 |
1,06 5 |
1,25 8 |
1,37 7 |
50 - |
49 - |
2 - |
5 - |
0 | 0 | 1,20 6 |
1,32 3 |
||||||
| Oth er in d ex com e an pen ses |
68 | 339 | 98 | 94 | 166 | 433 | 4 | 276 | 26 | 14 | 11 - |
13 - |
185 | 709 | ||||||
| Rea lise d ga ins and los ses |
38 | 1 | 50 - |
69 | 12 - |
70 | 30 | 101 | 6 | 0 | 0 | 0 | 24 | 171 | ||||||
| Unr eali sed ins and los ga ses |
-69 | 1 - |
27 | 30 - |
42 - |
31 - |
30 - |
27 - |
25 - |
42 - |
0 | 0 | -96 | 100 - |
||||||
| Net cha latin g to cla ims rge s re |
4,32 4 - |
5,07 0 - |
-14 .7 |
-4,4 38 |
6,09 7 - |
-27 .2 |
-8,7 63 |
11,1 67 - |
-21 .5 |
0 | 0 | 0 | 0 | 0 | 0 | -8,7 63 |
11,1 67 - |
-21 .5 |
||
| Ope ratin g ex pen ses |
-2,2 02 |
2,25 4 - |
-2.3 | -23 2 |
244 - |
-4.9 | -2,4 35 |
2,4 98 - |
-2.6 | -14 2 |
191 - |
-25 .9 |
-31 | 22 - |
40. 6 |
18 | 20 | 2,58 9 - |
2,6 92 - |
-3.8 |
| Com mis sion d o ther uisi tion ts s an acq cos |
-1,7 44 |
1,75 1 - |
-0.4 | -10 1 |
113 - |
-11 .0 |
-1,8 45 |
1,86 4 - |
-1.1 | 0 | 0 | 0 | 0 | 0 | 1 | 1,84 5 - |
1,86 4 - |
-1.0 | ||
| Oth er e xpe nse s |
-45 8 |
503 - |
-8.9 | -13 2 |
131 - |
0.3 | -59 0 |
634 - |
-7.0 | -142 | 191 - |
-25 .9 |
-31 | 22 - |
40. 6 |
18 | 19 | 744 - |
828 - |
-10 .1 |
| Oth er i / ex nco me pen se |
-26 4 |
246 - |
-7.2 | -98 | 87 - |
-12 .8 |
-36 2 |
333 - |
-8.7 | 64 | 92 | -30 .6 |
-9 | 6 | n.s. | 2 | 1 | 305 - |
234 - |
-30 .5 |
| Pre fit ( loss ) -tax pro |
1,10 4 |
901 | 22. 5 |
71 | 226 | -68 .7 |
1,17 5 |
1,12 7 |
4.2 | -11 4 |
209 | n.s. | -34 | 49 - |
29. 5 |
0 | 0 | 1,02 6 |
1,28 7 |
-20 .3 |
| Inco tax me |
-27 9 |
164 - |
70. 1 |
4 | 59 - |
-10 6.2 |
-27 5 |
223 - |
23. 4 |
112 | 18 | n.s. | 2 | 5 | -66 .9 |
0 | 0 | -16 2 |
201 - |
-19 .4 |
| Pro fit ( loss ) on dis tinu ed o atio con per ns |
0 | 0 | ||||||||||||||||||
| Con sol idat ed fit ( loss ) for the riod pro pe |
825 | 737 | 11.9 | 74 | 166 | -55 .5 |
899 | 904 | -0.5 | -2 | 227 | n.s. | -33 | 44 - |
25. 3 |
0 | 0 | 864 | 1,08 7 |
-20 .5 |
| Pro fit ( loss ) at trib utab le to the s of the Pa t ow ner ren |
707 | 903 | ||||||||||||||||||
| Pro fit ( loss ) at trib utab le to lling inte ntro ts no n-co res |
157 | 184 | ||||||||||||||||||
(*) 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 |
Bu sine ss |
Life Bu |
sine ss |
Ho ldin gs/O the |
r Bu sine sse s |
Re al E stat |
e B usin (*) ess |
Inte nt E limi ion nat rse gme |
Tot | al | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31/1 2/20 20 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
|
| INTA NGI BLE AS SET S |
1,63 4.8 |
1,59 5.9 |
.8 388 |
.7 401 |
15.4 | 14.5 | - | - | - | - | 9.0 2,03 |
2,01 2.1 |
| TAN GIB LE A SSE TS |
1,52 7.7 |
1,59 5.9 |
73.3 | 74.5 | .9 164 |
.9 198 |
.8 599 |
.0 615 |
- | - | 5.7 2,36 |
2,48 4.2 |
| TEC CAL OVI SIO NS INS RS' SH HNI PR - RE URE ARE |
808 .3 |
950 .0 |
27.1 | 39.7 | - | - | - | - | - | - | .3 835 |
989 .6 |
| EST TS INV MEN |
15,6 80.8 |
15,6 97.0 |
65.7 49,2 |
76.0 47,4 |
9.5 2,89 |
5.6 1,95 |
5.0 1,76 |
.0 782 |
.3 - 967 |
.7 - 793 |
43.6 68,6 |
65,1 16.9 |
| Inve stm ent erty prop |
437 .3 |
1,18 9.3 |
4.3 | 6.5 | 32.8 | 35.7 | 1.6 1,70 |
.5 759 |
- | - | 6.0 2,17 |
1,99 1.1 |
| Inve in s ubs idia ries iate d jo int v stm ents entu , as soc s an res |
.5 563 |
.3 494 |
3.1 | 3.4 | .2 586 |
.8 505 |
0.9 | - | - | - | 3.7 1,15 |
1,00 3.4 |
| Hel d-to turit y inv estm ents -ma |
50.8 | 83.0 | .0 370 |
.6 371 |
- | - | - | - | - | - | .8 420 |
454 .6 |
| Loa nd r ivab les ns a ece |
2,70 3.4 |
2,02 9.7 |
6.0 2,53 |
2.0 2,67 |
.7 211 |
91.9 | 28.7 | - | .5 - 960 |
.0 - 787 |
9.3 4,51 |
4,00 6.6 |
| Fina ncia l as tise d co sets at a st mor |
- | - | - | - | .7 422 |
.1 516 |
- | - | - | - | .7 422 |
516 .1 |
| Ava ilab le-fo le fi cial ets r-sa nan ass |
11,7 67.1 |
11,7 24.9 |
75.9 39,0 |
48.8 36,8 |
29.4 | 30.6 | 33.9 | 22.5 | 6.8 - | 6.7 - | 99.5 50,8 |
48,6 20.0 |
| Fina ncia l as at f air v alue thro ugh OC I sets |
- | - | - | - | 1.4 1,60 |
.5 689 |
- | - | - | - | 1.4 1,60 |
689 .5 |
| Fina ncia l as at f air v alue thro ugh fit o r los sets pro s |
158 .6 |
175 .9 |
6.4 7,27 |
3.6 7,57 |
15.2 | 86.1 | - | - | - | - | 0.2 7,45 |
7,83 5.6 |
| SUN DRY RE CEIV ABL ES |
2,50 6.1 |
2,42 8.5 |
.8 674 |
.4 695 |
.3 237 |
.7 231 |
20.6 | 8.4 | .0 - 198 |
.0 - 180 |
0.9 3,24 |
3,18 4.0 |
| OTH ER A SSE TS |
743 .6 |
805 .5 |
88.9 | 88.5 | .7 400 |
.1 404 |
.6 138 |
.9 124 |
.6 - 184 |
.0 - 115 |
7.2 1,18 |
1,30 8.0 |
| Def d ac quis ition ts erre cos |
38.8 | 42.1 | 60.3 | 59.1 | - | - | - | - | - | - | 99.2 | 101 .2 |
| Oth ts er a sse |
704 .8 |
763 .4 |
28.6 | 29.3 | .7 400 |
.1 404 |
.6 138 |
.9 124 |
.6 - 184 |
.0 - 115 |
8.0 1,08 |
1,20 6.8 |
| CAS H A ND CAS H EQ UIV ALE NTS |
334 .5 |
285 .7 |
.8 267 |
.3 354 |
.1 466 |
.4 338 |
26.3 | 28.6 | - | - | 4.8 1,09 |
1,00 7.0 |
| TOT AL A SSE TS |
23,2 35.8 |
23,3 58.5 |
86.3 50,7 |
30.0 49,1 |
3.9 4,18 |
3.3 3,14 |
0.3 2,55 |
8.9 1,55 |
9.9 - 1,34 |
8.7 - 1,08 |
06.5 79,4 |
76,1 01.9 |
| EQU ITY |
9,52 5.3 |
8,30 4.6 |
||||||||||
| PRO VIS ION S |
403 .2 |
403 .4 |
14.6 | 20.1 | 56.9 | 48.9 | 4.8 | 4.5 | - | - | .6 479 |
476 .9 |
| TEC HNI CAL PR OVI SIO NS |
14,3 87.8 |
15,0 67.2 |
19.2 43,3 |
00.2 42,5 |
- | - | - | - | - | - | 07.0 57,7 |
67.3 57,5 |
| FINA NCI AL LIAB ILIT IES |
1,94 6.9 |
2,13 3.5 |
2.4 5,08 |
8.9 3,71 |
0.3 3,46 |
2,48 1.1 |
207 .4 |
.9 231 |
.9 - 966 |
.3 - 793 |
0.2 9,73 |
2.0 7,77 |
| Fina ncia l lia bilit ies at fa ir va lue thro ugh fit o r los pro s |
129 .1 |
65.6 | 0.2 4,25 |
8.8 2,84 |
- | - | - | - | - | - | 9.3 4,37 |
2,91 4.4 |
| Oth er fi cial liab ilitie nan s |
1,81 7.8 |
2,06 7.9 |
.2 832 |
.1 870 |
0.3 3,46 |
1.1 2,48 |
.4 207 |
.9 231 |
.9 - 966 |
.3 - 793 |
0.8 5,35 |
4,85 7.7 |
| PAY ABL ES |
874 .4 |
880 .6 |
.4 117 |
.9 168 |
79.8 | .6 110 |
41.5 | 35.0 | .1 - 195 |
.4 - 182 |
.1 918 |
1,01 2.6 |
| OTH ER L IAB ILIT IES |
771 .3 |
733 .5 |
.8 415 |
.9 282 |
32.9 | 50.2 | 14.3 | 14.8 | .9 - 187 |
.0 - 113 |
6.3 1,04 |
968 .4 |
| TOT AL EQU ITY AND LIA BILI TIES |
79,4 06.5 |
76,1 01.9 |
(*) Real Estate business only includes real estate companies controlled by the Group
Balance sheet Asset – Unipol Gruppo S.p.A.
| ASSETS | 31.12.2020 | 31.12.2019 | ||
|---|---|---|---|---|
| A) SUBSCRIBED CAPITAL, UNPAID |
||||
| - of w hich called | ||||
| B) FIXED ASSETS |
||||
| I Intangible assets |
||||
| 4) Concessions, licences, trademarks and similar rights |
762,713 | 1,543,651 | ||
| Total | 762,713 | 1,543,651 | ||
| II Property, plant and equipment |
||||
| 2) Plant and equipment |
4,200 | 14,023 | ||
| 4) Other assets |
576,999 | 615,553 | ||
| Total | 581,198 | 629,576 | ||
| III Financial fixed assets |
||||
| 1) Investments in: |
||||
| a) subsidiaries | 7,014,371,939 | 7,014,371,939 | ||
| b) associates | 298,098,507 | 223,311,650 | ||
| Total investments | 7,312,470,446 | 7,237,683,589 | ||
| 2) Receivables: |
||||
| a) from subsidiaries | 103,341,647 | 133,307,218 | ||
| - of w hich payable w ithin 12 months | 6,767,697 | 50,779,831 | ||
| d-bis) from others | 10,290 | 19,751 | ||
| - of w hich payable w ithin 12 months | 10,290 | 19,751 | ||
| Total receivables | 103,351,937 | 133,326,969 | ||
| 3) Other securities |
155,117,163 | 4,920,307 | ||
| Total | 7,570,939,546 | 7,375,930,865 | ||
| TOTAL FIXED ASSETS | 7,572,283,457 | 7,378,104,092 | ||
| C) CURRENT ASSETS |
||||
| II Receivables |
||||
| 1) from customers |
412,944 | 368,021 | ||
| 2) from subsidiaries |
98,516,315 | 91,354,941 | ||
| 3) from associates |
142,356 | |||
| 5 - bis) tax receivables |
40,195,051 | 31,068,920 | ||
| - of w hich payable after 12 months | 4,829,995 | 4,872,419 | ||
| 5 - ter) deferred tax assets |
353,894,253 | 363,785,634 | ||
| - of w hich payable after 12 months | 336,956,035 | 363,785,634 | ||
| 5) quater) from others |
456,487 | 617,396 | ||
| - of w hich payable after 12 months | 72,538 | 72,538 | ||
| Total | 493,475,050 | 487,337,268 | ||
| III Current financial assets |
||||
| 1) Investments in subsidiaries |
3,403,111 | 1,360,592 | ||
| 4) Other investments 5) Financial derivative assets |
8,149,295 13,878 |
0 | ||
| 6) Other securities |
1,370,875,423 | 434,928,340 | ||
| Total IV Cash and cash equivalents |
1,382,441,707 | 436,288,932 | ||
| 1) Bank and post office deposits - of w hich from associates |
412,520,626 | 412,539,370 | 258,128,721 | 258,141,960 |
| 3) Cash at bank and in hand |
12,382 | 14,350 | ||
| Total | 412,551,752 | 258,156,310 | ||
| TOTAL CURRENT ASSETS D) ACCRUALS AND DEFERRALS |
2,288,468,510 | 1,181,782,510 | ||
| 2) Deferrals |
374,410 | 605,813 | ||
| TOTAL ACCRUALS AND DEFERRALS | 374,410 | 605,813 | ||
| TOTAL ASSETS | 9,861,126,377 | 8,560,492,415 |
Balance sheet Liabilities – Unipol Gruppo S.p.A.
| LIABILITIES | 31.12.2020 | 31.12.2019 | |||
|---|---|---|---|---|---|
| A) | SHAREHOLDERS' EQUITY | ||||
| I | Share capital | 3,365,292,408 | 3,365,292,408 | ||
| II | Share premium reserve | 1,345,677,187 | 1,345,677,187 | ||
| IV | Legal reserve | 673,058,482 | 673,058,482 | ||
| VI | Other reserves | 284,054,255 | 518,350 | ||
| - Extraordinary reserve | 284,054,255 | 518,350 | |||
| IX | Profit (loss) for the year | 316,348,943 | 283,535,905 | ||
| X | Negative reserve for treasury shares | -1,279,807 | -1,175,650 | ||
| TOTAL SHAREHOLDERS' EQUITY | 5,983,151,468 | 5,666,906,682 | |||
| B) | PROVISIONS FOR RISKS AND CHARGES | ||||
| 4) | Other | 43,277,017 | 36,692,813 | ||
| TOTAL PROVISIONS FOR RISKS AND CHARGES | 43,277,017 | 36,692,813 | |||
| C) | POST-EMPLOYMENT BENEFITS | 38,346 | 37,790 | ||
| D) | PAYABLES | ||||
| 1) | Bonds | 2,747,980,396 | 1,819,700,445 | ||
| - of w hich payable after 12 months | 2,509,161,749 | 1,819,700,445 | |||
| 5) | Payables to other lenders | 515,186 | 515,186 | ||
| 7) | Trade payables | 3,135,746 | 2,855,931 | ||
| 9) | Payables to subsidiaries | 1,061,012,197 | 974,352,623 | ||
| - of w hich payable after 12 months | 300,518,000 | 300,550,750 | |||
| 10) | Payables to associates | 239,374 | 6,589,720 | ||
| 12) | Tax payables | 838,479 | 31,353,903 | ||
| 13) | Social security charges payable | 546,112 | 474,935 | ||
| 14) | Other payables | 20,392,057 | 21,012,387 | ||
| TOTAL PAYABLES | 3,834,659,546 | 2,856,855,130 | |||
| TOTAL LIABILITIES | 9,861,126,377 | 8,560,492,415 |
Income Statement – Unipol Gruppo S.p.A. (1 of 2)
| 31.12.2020 | 31.12.2019 | |||||
|---|---|---|---|---|---|---|
| A) | VALUE OF PRODUCTION | |||||
| 1) | Revenue from sales and services | 638,158 | 749,135 | |||
| 5) | Other revenue and income | |||||
| b) sundries | 14,798,099 | 20,661,659 | ||||
| Total other revenue and income | 14,798,099 | 20,661,659 | ||||
| TOTAL VALUE OF PRODUCTION | 15,436,257 | 21,410,794 | ||||
| B) | COSTS OF PRODUCTION | |||||
| 6) | Raw materials, consumables and goods for resale | 184,251 | 174,729 | |||
| 7) | Services | 13,004,710 | 15,679,288 | |||
| 8) | Use of third party assets | 1,256,231 | 1,311,259 | |||
| 9) | Personnel: | |||||
| a) w ages and salaries | 17,345,183 | 22,801,836 | ||||
| b) social security expenses | 2,847,461 | 4,016,563 | ||||
| c) post-employment benefits | 576,653 | 594,475 | ||||
| e) other costs | 1,555,416 | 2,243,015 | ||||
| Total personnel | 22,324,713 | 29,655,889 | ||||
| 10) | Amortisation, depreciation and w rite-dow ns: | |||||
| a) amortisation of intangible assets | 783,091 | 781,659 | ||||
| b) depreciation of property, plant and equipment | 48,378 | 131,341 | ||||
| Total amortisation, depreciation and w rite-dow ns | 831,469 | 913,000 | ||||
| 12) | Provisions for risks | 23,131 | 743,613 | |||
| 13) | Other provisions | 4,000,000 | ||||
| 14) | Sundry operating expenses | 5,772,009 | 43,538,250 | |||
| TOTAL COSTS OF PRODUCTION | 47,396,515 | 92,016,027 | ||||
| DIFFERENCE BETWEEN VALUE AND COSTS OF PRODUCTION (A-B) | -31,960,258 | -70,605,233 |
Income Statement – Unipol Gruppo S.p.A. (2 of 2)
| C) FINANCIAL INCOME AND CHARGES |
||||
|---|---|---|---|---|
| 15) Gains on investments: |
||||
| a) in subsidiaries | 318,594,372 | 344,032,307 | ||
| d) in other companies | 58,810 | 5,745,277 | ||
| Total gains on investments | 318,653,182 | 349,777,583 | ||
| 16) Other financial income: |
||||
| a) from receivables recognised under fixed assets | 3,794,413 | 4,304,337 | ||
| 1) from subsidiaries | 3,794,406 | 4,304,172 | ||
| 4) from others | 8 | 166 | ||
| b) from securities held as fixed assets | 899,520 | 53,131,742 | ||
| c) from securities recognised under current assets | 6,573,794 | 10,245,281 | ||
| d) other income | 2,605,433 | 169,336 | ||
| 1) from subsidiaries | 16,116 | |||
| 4) from others | 2,589,317 | 169,336 | ||
| Total other financial income | 13,873,160 | 67,850,696 | ||
| 17) Interest and other financial charges: |
||||
| a) subsidiaries | 8,297,417 | 14,746,255 | ||
| b) associates | 45,006 | 56,246 | ||
| d) others | 79,756,562 | 73,489,427 | ||
| Total interest and other financial charges | 88,098,986 | 88,291,928 | ||
| 17-bis) Exchange gains (losses) | -325,015 | 4,618 | ||
| TOTAL FINANCIAL INCOME AND CHARGES | 244,102,342 | 329,340,969 | ||
| D) VALUE ADJUSTMENTS TO FINANCIAL ASSETS |
||||
| 18) Write-ups: |
||||
| c) of securities recognised under current assets |
1,175,784 | 3,155,660 | ||
| d) of financial derivative instruments |
13,878 | |||
| Total w rite-ups | 1,189,662 | 3,155,660 | ||
| 19) Write-dow ns: |
||||
| a) of investments |
861 | |||
| c) of securities recognised under current assets |
737,328 | 353,739 | ||
| Total w rite-dow ns | 737,328 | 354,600 | ||
| TOTAL ADJUSTMENTS | 452,335 | 2,801,060 | ||
| PRE-TAX PROFIT (LOSS) | 212,594,418 | 261,536,797 | ||
| 20) Income tax for the year: current and deferred |
||||
| a) Current taxes |
-26,901,058 | -5,770,613 | ||
| b) Taxes related to prior years |
-85,731,624 | -7,763,018 | ||
| c - bis) Deferred tax assets | 8,878,158 | -8,465,478 | ||
| Total income tax for the year | -103,754,524 | -21,999,109 | ||
| PROFIT (LOSS) FOR THE YEAR | 316,348,943 | 283,535,905 |