Unipol — Earnings Release 2021

Feb 11, 2022

Informazione Regolamentata n. 0265-7-2022		Data/Ora Ricezione 11 Febbraio 2022 06:53:54	Euronext Milan
Societa'	:	UNIPOL
Identificativo Informazione Regolamentata	:	157336
Nome utilizzatore	:	UNIPOLN08 - Nerdi
Tipologia	:	1.1
Data/Ora Ricezione	:	11 Febbraio 2022 06:53:54
Data/Ora Inizio Diffusione presunta	:	11 Febbraio 2022 06:53:55
Oggetto	:		Press release Unipol Gruppo: 2019-2021 strategic plan targets exceeded and 2021 preliminary consolidated results analysed
Testo del comunicato

Vedi allegato.

UNIPOL GRUPPO: 2019-2021 STRATEGIC PLAN TARGETS EXCEEDED 2021 PRELIMINARY CONSOLIDATED RESULTS ANALYSED

STRATEGIC PLAN RESULTS 2019-2021 Mission Se-Evolve
	UNIPOL 2019-2021 $2 -$

	Preliminary results FY21	2019-2021 actual	2019-2021 target
CONSOLIDATED NET RESULTS	796	2,326 (cumulated)	2,000 (cumulated)
DIVIDENDS	215	617 (cumulated)	600 (cumulated)
CONSOLIDATED SOLVENCY RATIO	216%	153-216%	140-160%

• Consolidated accumulated profits of €2,326m1
• Cumulative dividends of €617m2
• Profitability, financial strength and shareholder return targets exceeded

Bologna, 11 February 2022

The board of directors of Unipol Gruppo S.p.A., which met yesterday under the chairmanship of Pierluigi Stefanini, analysed the preliminary consolidated results for 2021. The definitive results will be examined by the governing body at its meeting scheduled for 24 March next.

² Amount that takes account of the expected dividend for 2021.

¹ Reported value excluding BPER badwill of €421m recorded in the accounts in 2019.

The year 2021 marked the end of the three-year 2019-2021 Mission Evolve Strategic Plan period which saw the Unipol Group involved in the following areas despite the economic situation that was strongly affected by the Covid-19 pandemic:

• development of the business in accordance with a strategy based on the Mobility ecosystems (the fleet of vehicles of Unipol Rental, the Group long-term car rental company, had 56,745 owned vehicles at the end of 2021, with 14,438 vehicles registered during the year), Welfare (the number of UniSalute customers grew from 8.6 million in 2019 to 11 million in 2021) and Property;
• the company confirmed its leadership status in Europe in the number of black boxes installed in vehicles, with about 4 million "telematic" policies;
• development of the distribution network of over 2,100 UnipolSai agencies by reinforcing the specialised sales force, hiring more professionals (1,100 family welfare and 550 business specialists), and through intensification of the omnichannel business contacts with customers, including through the use of remote channels such as contact centres and the UnipolSai App (about 3.5 million downloads and on average over 65,000 single users per day);
• development of the bancassurance area through continuous product innovation and support given to expand the BPER Group distribution network following the acquisition of former UBI Banca and Intesa San Paolo branches (now, over 3,000 branches);
• improvement of the quality profile of new life products, where margins on new business achieved the 3% Plan target;
• increase in sustainable development goal thematic investments to support the 2030 Agenda (€862m in 2021, easily exceeding the 2019-2021 Strategic Plan target set at €600 million), and issue of the first Unipol Green Bond in 2020 (€1bn);
• reinforcement of Unipol leadership in terms of reputation (79.3 out of 100 with the general public in 2021, in the 'strong' category according to the RepTrak® model) and showcasing the UnipolSai brand which is "top of mind" at market level.

In keeping with previous Strategic Plans, the profitability, financial strength and shareholder return targets as set out in the 2019-2021 Strategic Plan were also achieved or surpassed over its lifespan as shown by the final consolidated accumulated profits of the Unipol Group of €2,326m1 compared to the Plan target of €2,000m, and the expected disbursement of cumulative dividends of €617m2 .

• Consolidated net profit of €796m
• Proposed dividend €0.30 per share
• Direct insurance income of €13.3bn (+9.2%) Non-life business: €7.9bn (+0.8%) Life business: €5.4bn (+24.4%)
• Leadership status in healthcare confirmed: UniSalute income +7.5%
• Combined ratio at 92.5%3
• Consolidated solvency ratio 216%4

Economic-financial results

The Unipol Group reported a consolidated net profit of €796m in 2021 compared to €864m the previous year, being significantly influenced by the reduction in claims due to the lockdown ordered by the government to tackle the Covid-19 pandemic.

³ Direct business.

⁴ Figure calculated on the basis of the partial internal model, to be taken as preliminary since the supervisory authorities will be notified of the definitive figure in accordance with legally required deadlines.

Even though 2021 was still influenced by the pandemic, limitations to the movement of people were less affected, while average MV liability premiums continued to fall, therefore reducing the technical profitability of the business.

The pro rata consolidation of the BPER Banca result had a positive effect on the net profit at 31 December 2021 of €144m. Direct insurance income, including reinsurance ceded, stood at €13,329m as at 31 December 2021, 9.2% up on the amount of €12,210m recorded at 31 December 2020.

Direct non-life income of the Group as at 31 December 2021 amounted to €7,943m, slightly up on the amount of €7,882m in 2020 (+0.8%) thanks to the positive results obtained by the non-MV business which meant that the reduction in the MV business could be absorbed.

MV income stood at €3,838m compared to €3,985m in 2020 (-3.7%), once again influenced by the push downwards of average premiums in a highly competitive market.

Non-MV premiums were significantly up, amounting to €4,105m (+5.3% compared to 2020), stimulated by the economic recovery of the country, the commercial drive by the sales force and the steady interest by customers in the healthcare products where the Group boasts a leadership position.

The fall in average MV liability premiums affected UnipolSai in particular which recorded premiums in the non-life business of €6,721m (-0.7%), and Linear (€185m, +0.1%), which remained steady with respect to the previous year thanks to the increase in the policy portfolio. On the other hand, there

was a significant increase in income by UniSalute (€519m, +7.5%) which counts approximately 11 million customers and managed 4.2 million claims in 2021, through a network of over 20 thousand participating facilities. The strategic nature of the bancassurance business in which Arca Assicurazioni (€190m; +35.4%) and Incontra (€109m; +29.5%) operate was confirmed. This model gave value to the distinctive know how of Unipol through the branches of the various banking partners in which the Group products are sold.

The Group combined ratio stood at 92.5%3 (95.0% net of reinsurance) with a loss ratio3 of 64.0% and an expense ratio3 of 28.5%. This indicator reflects the significantly sound and prudent management approach taken in the measurement of the reserves in the accounts. In 2020, the combined ratio3 amounted to 85.4% (87.0% net of reinsurance), in a situation which was influenced on an extraordinary basis by restrictions in movement.

UnipolRental, the long-term car rental firm of the Group, ended 2021 with a strong increase in business. The total number of vehicles registered as at 31 December 2021 amounted to 14,438 units compared to 9,562 the previous year, thanks in part to the push by the agency channel which brokered over 20% of the policy portfolio of the company, reaching 1,000 units per month.

The pre-tax result for the non-life business amounted to €821m (€1,104m in 2020), which reflects in particular the trends in the technical performance recorded.

The Group registered direct income of €5,386m in the life business as at 31 December 2021, with a 24.4% increase (€4,328m in 2020). The income mix mainly steered towards hybrid and unit-linked

products which recorded significant growth. More specifically, UnipolSai reported €2,870m in direct income (-7.4% compared to 2020 due to the loss of a number of high-value contracts), while in the bancassurance channel, Arca Vita, along with its subsidiary Arca Vita International, reported direct income of €2,423m (+112.6% compared to €1,140m in 2020), also benefitting from the expansion of the BPER Banca network following the acquisition of former UBI Banca and Intesa Sanpaolo branches.

There was a 3% margin on new life products (3.1% in 2020).

The pre-tax result for the life business amounted to €213m compared to €71m in 2020 which had been negatively influenced by capital losses on securities portfolio sales.

Real Estate, Holdings and Other Businesses

The ongoing Covid-19 emergency, especially in the first half and final part of the year, like 2020, caused a drop in business in the tourist sector with consequent impacts on profitability. On the other hand, once again UnipolReC posted a profit.

There was a pre-tax loss in the real estate, holdings and other businesses of €83m (a loss of €149m as at 31 December 2020).

Financial Management

With regard to the management of financial investments, the gross return on the Group's portfolio in 2021 amounted to 3.1% of the invested assets despite the fact that market rates are still low (2.9% at 31 December 2020), with 2.9% of the return relating to the coupon and dividend component.

Balance Sheet

As at 31 December 2021, the consolidated shareholders' equity amounted to €9,722m (€9,525m as at 31 December 2020), of which €7,780m attributable to the Group.

The Group solvency ratio between own funds and capital requirements as at 31 December 2021 was 216%4 , in line with the figure from 2020 and up on the figure of 208% reported as at 30 September 2021.

Individual statutory result and dividends

Considering the individual accounting records of Unipol Gruppo S.p.A. (formally €335m) and the overall financial strength, a dividend payment of €0.30 per share will be proposed, up 7.1% from the previous year.

The approval of the draft statutory and consolidated financial statements of the Unipol Group at 31 December 2021 and the proposed dividend payment to submit to the shareholders' meeting is

scheduled for March next as noted in more detail below. Therefore, the information in this press release is to be taken as preliminary and refers to today's date. The independent auditors have not yet completed the audit of these figures needed to issue their audit reports.

Since the shareholders' meeting to approve the 2021 financial statements has been called for 28 April 2022, any dividend payment based on the results of the year will be scheduled for May.

Calling the Shareholders' Meeting

The board of directors decided to call an ordinary session of the company shareholders' meeting for 28 April 2022, 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 106, paragraph 4 of Law Decree no. 18/2020, converted with amendments into Law no. 27/2020, as amended, and Decree Law no. 228 of 30 December 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 no. 58 of 24 February 1998, using the mechanisms - similar to those used last year - that will be specified in the notice calling the meeting.

The notice calling the Shareholders' Meeting will be published in accordance with the terms of the law. 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 terms provided for by applicable law, at the registered office, on the authorised storage mechanism eMarket Storage () and on the Company website www.unipol.it (Governance / Shareholders' Meetings section).

Change to the calendar of corporate events for 2022

A change was made to the calendar of corporate events for 2022, and the market was informed on 10 January last.

The meeting of the board of directors called, inter alia, to approve the draft financial statements and the related management report, and the integrated consolidated financial statements for 2021, has been postponed from 17 to 24 March next.

We will summarise the calendar of corporate events for the current year below, updated with the above-mentioned change.

Meetings of the Board of Directors

Thursday 24 March 2022	Annual financial report: approval of the draft financial statements and related management report and the integrated consolidated financial statements for 2021.
Thursday 12 May 2022	Additional interim financial information at 31 March 2022
Thursday 4 August 2022	H1 interim financial report: approval of the condensed H1 interim consolidated financial statements and the interim management report at 30 June 2022.
Thursday 10 November 2022	Additional interim financial information at 30 September 2022

Annual Shareholders' Meeting
------------------------------	--

Thursday 28 April 2022 Approval of the financial statements for 2021 (single call)

Disclosure of the periodic financial results shall include presentations to the financial community and/or conference calls in accordance with the times and mechanisms that shall be announced on the website www.unipol.it (section Investors).

****

Notification of any changes to the foregoing dates will be promptly given.

On 10 February 2022, the consensual termination of the agreement signed on 17 February 2020 last between UnipolSai and Intesa Sanpaolo S.p.A. was also finalised, in the broader context of the launch by Intesa Sanpaolo of a public offer to exchange all the UBI Banca S.p.A. shares and relating to the acquisition of company branches that refer to one or more insurance companies in which UBI Banca holds equity interests. This agreement was terminated on the basis of the evaluation, agreed between the parties, that the transaction was no longer cost-effective or of mutual interest in view of the costs and complexity of realising the transaction.

Presentation of results to the financial community

A conference call will be held at 12:00 pm today during which financial analysts and institutional investors may submit questions to the Group CEO and senior management on the consolidated

results at 31 December 2021. The telephone numbers to dial to attend the event are: +39 02 8020911 (from Italy and all other countries), +1 718 7058796 (from the USA), +44 1212 818004 (from the UK). You can also follow the presentation through the digital channels described below:

• Connection via Web Link: https://hditalia.choruscall.com/?calltype=2&info=company
• Connection via App: Chorus Call HD, ID system CCHDVA

Please carefully read the Privacy Policy Statement before attending the event.

The multimedia file with the pre-recorded comment on the results can be found in the Investors section of the website www.unipol.it.

****

In order to provide complete disclosure of the preliminary results for the financial year 2021, please find attached hereto the preliminary Consolidated Balance Sheet, the Consolidated Income Statement and the summary of the Consolidated Income Statement by Business Segment.

Maurizio Castellina, Manager in charge of financial reporting of Unipol 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 in this press release corresponds to the figures in the corporate accounting records, ledgers and documents.

Glossary

DIRECT BUSINESS COMBINED RATIO: indicator that measures the balance of Non-Life direct technical management, represented by the sum of the loss ratio (ratio between direct claims for the period + other technical charges and direct premiums earned) and the expense ratio (ratio between operating expenses and direct premiums recognised).

COMBINED RATIO NET OF REINSURANCE: indicator that measures the balance of Non-Life total technical management, represented by the sum of the loss ratio (ratio between claims for the period + other technical charges and premiums earned) after the reinsurance and expense ratio (ratio between operating expenses and premiums earned) after reinsurance.

Unipol Gruppo

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 €13.3bn, of which €7.9bn in non-life and €5.4bn in life (2021 figures). Unipol adopts an integrated offer strategy and covers the entire range of insurance and financial products, operating primarily through the subsidiary UnipolSai Assicurazioni. The Group is also active in direct MV insurance (Linear Assicurazioni), transport and aviation insurance (Siat), health insurance (UniSalute), supplementary pensions and it 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), medicalhealthcare 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

		Preliminary at 31/12/2021	31/12/2020
1	INTANGIBLE ASSETS	2,080.8	2,038.9
1.1	Goodwill	1,630.8	1,630.8
1.2	Other intangible assets	450.0	408.1
2	PROPERTY, PLANT AND EQUIPMENT	2,514.7	2,365.7
2.1	Property	1,584.0	1,532.9
2.2	Other items of property, plant and equipment	930.7	832.9
3	TECHNICAL PROVISIONS - REINSURERS' SHARE	831.3	835.3
4	INVESTMENTS	68,169.0	68,643.6
4.1	Investment property	2,072.5	2,176.0
4.2	Investments in subsidiaries and associates and interests in joint ventures	1,304.4	1,153.7
4.3	Held-to-maturity investments	366.7	420.8
4.4	Loans and receivables	4,754.0	4,519.3
4.4 bis	Financial assets at amortised cost	357.2	422.7
4.5	Available-for-sale financial assets	50,194.4	50,899.5
4.5 bis	Financial assets at fair value through OCI	494.6	1,601.4
4.6	Financial assets at fair value through profit or loss	8,625.2	7,450.2
4.6.1	Held-for-trading financial assets	229.5	257.2
4.6.2	Financial assets at fair value	8,344.5	7,177.8
4.6.3	Other financial assets mandatorily at fair value	51.2	15.2
5	SUNDRY RECEIVABLES	3,432.9	3,241.0
5.1	Receivables relating to direct insurance business	1,398.0	1,482.4
5.2	Receivables relating to reinsurance business	204.5	166.9
5.3	Other receivables	1,830.4	1,591.6
6	OTHER ASSETS	1,290.8	1,187.2
6.1	Non-current assets held for sale or disposal groups	132.6	203.3
6.2	Deferred acquisition costs	100.1	99.2
6.3	Deferred tax assets	427.0	330.9
6.4	Current tax assets	9.6	9.0
6.5	Other assets	621.4	544.7
7	CASH AND CASH EQUIVALENTS	1,944.1	1,094.8
	TOTAL ASSETS	80,263.7	79,406.5

Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities

Accounting records, amounts in €m

		Preliminary at 31/12/2021	31/12/2020
1	EQUITY	9,721.5	9,525.3
1.1	attributable to the owners of the Parent	7,780.0	7,613.6
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	1,054.9	771.0
1.1.5	(Treasury shares)	-1.1	-2.7
1.1.6	Translation reserve	3.3	3.4
1.1.7	Gains or losses on available-for-sale financial assets	1,138.6	1,173.9
1.1.7bis	Gains or losses on financial assets at fair value through OCI	20.0	8.8
1.1.8	Other gains or losses recognised directly in equity	-67.0	-53.0
1.1.9	Profit (loss) for the year attributable to the owners of the Parent	626.6	707.4
1.2	attributable to non-controlling interests	1,941.5	1,911.7
1.2.1	Share capital and reserves attributable to non-controlling interests	1,554.3	1,525.8
1.2.2	Gains or losses recognised directly in equity	217.7	229.2
1.2.3	Profit (loss) for the year attributable to non-controlling interests	169.6	156.7
2	PROVISIONS	452.1	479.6
3	TECHNICAL PROVISIONS	57,128.3	57,707.0
4	FINANCIAL LIABILITIES	10,770.8	9,730.2
4.1	Financial liabilities at fair value through profit or loss	6,356.9	4,379.3
4.1.1	Financial liabilities held-for trading	445.9	324.3
4.1.2	Financial liabilities at fair value	5,911.0	4,055.1
4.2	Other financial liabilities	4,413.9	5,350.8
5	PAYABLES	1,095.5	918.1
5.1	Payables arising from direct insurance business	187.6	162.8
5.2	Payables arising from reinsurance business	104.5	77.0
5.3	Other payables	803.5	678.3
6	OTHER LIABILITIES	1,095.4	1,046.3
6.1	Liabilities associated with disposal groups held for sale	3.1	3.2
6.2	Deferred tax liabilities	115.3	118.0
6.3	Current tax liabilities	40.3	41.1
6.4	Other liabilities	936.6	884.1
	TOTAL EQUITY AND LIABILITIES	80,263.7	79,406.5

Consolidated Income Statement

Accounting records, amounts in €m

		Preliminary at 31/12/2021	31/12/2020
1.1	Net premiums	11,878.5	11,349.2
1.1.1	Gross premiums	12,349.1	11,810.4
1.1.2	Ceded premiums	-470.6	-461.2
1.2	Fee and commission income	45.3	34.4
1.3	Gains and losses on financial instruments at fair value through profit or loss	212.4	-183.9
1.4	Gains on investments in subsidiaries and associates and interests in joint ventures	152.6	19.4
1.5	Gains on other financial instruments and investment property	1,910.8	2,282.4
1.5.1	Interest income	1,386.8	1,363.1
1.5.2	Other gains	231.4	183.9
1.5.3	Realised gains	270.7	487.5
1.5.4	Unrealised gains	22.0	247.9
1.6	Other revenue	943.0	820.3
1	TOTAL REVENUE AND INCOME	15,142.7	14,321.7
2.1	Net charges relating to claims	-9,809.2	-8,844.3
2.1.1	Amounts paid and changes in technical provisions	-9,992.1	-9,015.2
2.1.2	Reinsurers' share	183.0	170.9
2.2	Fee and commission expense	-37.4	-20.4
2.3	Losses on investments in subsidiaries and associates and interests in joint ventures	-1.6	-0.5
2.4	Losses on other financial instruments and investment property	-608.8	-716.7
2.4.1	Interest expense	-160.8	-163.5
2.4.2	Other charges	-35.1	-38.8
2.4.3	Realised losses	-125.1	-425.6
2.4.4	Unrealised losses	-287.7	-88.8
2.5	Operating expenses	-2,665.9	-2,588.8
2.5.1	Commissions and other acquisition costs	-1,856.6	-1,844.6
2.5.2	Investment management expenses	-125.8	-120.4
2.5.3	Other administrative expenses	-683.6	-623.8
2.6	Other costs	-1,069.2	-1,125.2
2	TOTAL COSTS AND EXPENSES	-14,192.0	-13,295.9
	PRE-TAX PROFIT (LOSS) FOR THE YEAR	950.7	1,025.8
3	Income tax	-154.6	-161.7
	POST-TAX PROFIT (LOSS) FOR THE YEAR	796.2	864.1
4	PROFIT (LOSS) FROM DISCONTINUED OPERATIONS	0.0	0.0
	CONSOLIDATED PROFIT (LOSS) FOR THE YEAR	796.2	864.1
	attributable to the owners of the Parent	626.6	707.4
	attributable to non-controlling interests	169.6	156.7

Condensed Consolidated Income Statement by Business Segment

Accounting records, amounts in €m

	NO N-L IFE BU SIN ES S		LIF E BU SIN ES S			INS UR AN CE BU SIN ES S			HO LD ING S/S ER VIC ES / OT HE R B US INE SS ES			RE AL ES TA TE BU SIN ES S ( *)			Inte ent rse gm Elim ina tio n		CO NS OL IDA TE D TO TA L
	dec -21	dec -20	.% var	dec -21	dec -20	.% var	dec -21	dec -20	.% var	dec -21	de c-2 0	.% var	dec -21	dec -20	.% var	dec -21	dec -20	dec -21	dec -20	.% var
Net miu pre ms	7,7 80	7,6 05	2.3	4,0 98	3,7 44	9.4	11, 879	11, 349	4.7	0	0		0	0		0	0	11, 879	11, 349	4.7
fee Net nd mis sio s a com ns	-1	2 -	31. 0	11	17	-38 .2	9	15	-39 .2	14	9	60. 4	0	0		-15	9 -	8	14	-43 .2
Fin ial inc e/e (ex cl. Ass / li abi litie t fa ir ets anc om xpe nse s a
val ue) ( **)	529	292	81. 1	1,0 67	1,0 78	-1.0	1,5 96	1,3 70	16. 5	41	45 -	n.s	-28	6	n.s	-15	11 -	1,5 93	1,3 19	20. 8
Ne t in tere st	288	255		1,0 00	1,0 03		1,2 88	1,2 58		57 -	50 -		2 -	2 -		0	0	1,2 30	1,2 06
Oth er i d e nco me an xpe nse s	152	68		54	98		206	166		77	4		49	26		15 -	11 -	316	185
Re alis ed ins d lo ga an sse s	89	38		6 -	50 -		83	12 -		44	30		0	6		0	0	127	24
Unr eal ise d g ain nd los s a ses	0	69 -		20	27		20	42 -		23 -	30 -		75 -	25 -		0	0	-79	96 -
Net ch rela ting cla ims to arg es	-5,0 95	4,3 24 -	17. 8	-4,6 42	4,4 38 -	4.6	-9,7 37	8,7 63 -	11. 1	0	0		0	0		0	0	-9,7 37	8,7 63 -	11. 1
Op ting era ex pen ses	-2,2 22	2,2 02 -	0.9	-25 4	232 -	9.5	-2,4 76	2,4 35 -	1.7	-17 6	142 -	24. 3	-35	31 -	12. 5	22	18	2,6 66 -	2,5 89 -	3.0
Com mis sio and oth isit ion sts ns er a cqu co	-1,7 41	1,74 4 -	-0.2	-11 6	101 -	15.2	-1,8 57	1,8 45 -	0.7	0	0		0	0		0	0	1,8 57 -	1,84 5 -	0.6
Oth er e xpe nse s	-48 1	458 -	5.0	-13 9	132 -	5.2	-62 0	590 -	5.1	-17 6	142 -	24. 4	-35	31 -	12. 5	22	18	809 -	744 -	8.8
Oth er i / e nco me xpe nse	-17 0	264 -	35. 7	-67	98 -	32. 0	-23 6	362 -	34. 7	102	64	60. 3	-1	9 -	89. 3	9	2	126 -	305 -	58. 6
Pre ofit ( los s) -tax pr	821	104 1,	-25 .7	213	71	202 .2	034 1,	1, 175	-12 .0	-19	114 -	83. 0	-64	34 -	-84 .4	0	0	951	026 1,	-7.3
Inco tax me	-13 4	279 -	-51 .9	-43	4	n.s	-17 7	275 -	-35 .8	21	112	-80 .9	1	2	-39 .9	0	0	-15 5	162 -	-4.4
Pro fit ( loss ) on dis tinu ed rati con ope ons																		0	0
Co lida ted ofit ( los s) for th eri od nso pr e p	686	825	-16 .8	170	74	129 .9	857	899	-4.7	2	2 -	n.s	-63	33 -	-90 .5	0	0	796	864	-7.9
Pro fit ( los s) a ttrib ble the f th e P uta to nt ow ner s o are																		627	707
Pro fit ( los s) a ttrib ble llin inte uta to ntro ts non -co g res																		170	157

(*) 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