Unipol — Earnings Release 2023

Feb 16, 2024

FY23 Preliminary Consolidated Results

Razionalization Project of the Unipol Group Corporate Structure

16 February 2024

DISCLAIMER

This document has been prepared by Unipol Gruppo S.p.A. and by UnipolSai Assicurazioni S.p.A. solely for information purposes in the context of the presentation of its FY23 preliminary results.

The FY23 data contained herein are preliminary in nature and refer to the date hereof and, therefore, may be subject to further variations.Please note that these preliminary data are subject to review by the Independent Auditors that still have to complete the necessary analysis in order to release their report.

The FY23 final results will be approved by the Board of Directors scheduled on 21 March 2024 and will be disclosed to the market according to, and in the terms set forth by, the applicable laws and regulations.

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

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

Numbers in the document may not add up only due to roundings.

Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group and are based on in force IFRS.

1FY23 Preliminary Consolidated Results

1.12022-2024Strategic Plan

Goals Tracking

1.2

Appendix

2

Rationalization Project of the Unipol Group Corporate Structure

1FY23 Preliminary Consolidated Results

2

Rationalization Project of the Unipol Group Ccorporate Structure

1.12022-2024Strategic Plan Goals Tracking

1.2

Appendix

FY23 PRELIMINARY CONSOLIDATED RESULTS > RESULTS BY SECTOR

RESULTS BY SECTOR

€m	F Y 2 2 r ep / IFR S4 IAS 39	2 3 r F Y ep / S1 9 IFR 7	F Y 2 2 no rm / IFR S4 IAS 39	2 3 n F Y or m / S1 9 IFR 7
l Pr ta t e- x re su	1, 1 0 8	1, 5 6 5	1, 0 7 8	1, 2 9 8
f L i No n- e	8 4 6	8 9 6	9 3 7	8 1 0
f L i e	2 7 3	3 7 5	2 9 3	3 3 3
he O t r	-1 0	2 9 4	-1 5 2	1 5 6
l Ne t r t es u	8 6 6	1, 3 3 1	7 7 4	1, 0 6 4
l Gr t r t ou p ne es u	6 8 3	1, 1 0 1	5 8 3	8 3 4

FY22 rep. IFRS17/9: net consolidated result 675€m; group net result 525€m

FY22 norm. IFRS17/9 (excl. (i) the badwill accounted by Unipol following the increase of its stake in BPER, (ii) the accounting effect recognized by BPER after the acquisition of 80% of Banca Carige and (iii) the employee solidarity fund): net consolidated result 584€m; group net result 425€m

FY23 norm. figures exclude the badwill accounted by Unipol relating to its stake in BPSO (267€m, o/w 86€m Non-Life, 43€m Life and 138€m Other).

T L L B SSICURAZIONI
----------------------------------

€m	F Y 2 2 r ep / IFR S4 IAS 39	F Y 2 2 no rm / IFR S4 IAS 39	F Y 2 3 / IFR S1 7 9
l Pr ta t e- re su x	9 2 0	1, 1 1 9	1, 0 1 9
i f No L n- e	7 1 1	8 8 9	6 7 1
f i L e	2 7 5	2 9 5	3 3 3
he O t r	-6 5	-6 5	1 6
l Ne t r t es u	6 5 1	7 8 9	7 6 6
l Gr t r t ou p ne es u	5 9 7	7 3 3	7 0 0

FY22 rep. IFRS17/9: net consolidated result 466€m; group net result 418€m

FY22 norm. IFRS17/9 (excl. employee solidarity fund): net consolidated result 604€m; group net result 555€m

FY23 no normalization is needed

FY23 PRELIMINARY CONSOLIDATED RESULTS > P&L BY SECTOR

P&L BY SECTOR

€m	fe No L i n-	fe L i	he O t r	l To t a
Ins ur an ce re ve nu e	8, 9 4 7	6 2 3	--	9, 5 7 1
Ins ts ur an ce co s	-9 0 2 9 ,	-3 6 7	--	-9 0 4 5 ,
l ins Re t ur an ce re su	2 4 7	-6	--	2 4 1
ice l In t su ra nc e s er v s r es u	1 6 5	2 4 1	--	4 0 7
f l r l Ne ina ia a t t nc es u	8 0 9	1 6 2	3 6 2	1, 3 3 4
he / O t ts r r ev en ue s co s	8	6	-2	0 1
f l b l In in ia i i ies t. t ex p. on	-8 6	-3 4	-6 6	-1 8 6
l Pr ta t e- x r es u	8 9 6	3 7 5	2 9 4	1, 5 6 5
l Ne t r t es u	7 3 9	2 8 2	3 1 0	1, 3 3 1

€m	fe No L i n-	fe L i	he O t r	l To t a
Ins ur an ce re ve nu e	8, 9 4 7	6 2 3	--	9, 5 7 1
Ins ts ur an ce co s	-9 0 2 9 ,	-3 7 6	--	-9 4 0 5 ,
l ins Re t ur an ce re su	2 4 7	-6	--	2 4 1
l In ice t su ra nc e s er v s r es u	1 6 5	2 4 1	--	4 0 7
f l r l Ne ina ia a t t nc es u	5 8 3	1 2 0	1 6	7 1 8
/ he O t ts r r ev en ue s co s	9	6	6	2 0
f l b l in ia i i ies In t. t ex p. on	-8 6	-3 4	-6	2 6 -1
l Pr ta t e- x r es u	6 1 7	3 3 3	1 6	1, 0 1 9
l Ne t r t es u	5 1 4	2 3 9	1 3	7 6 6

Excluding interest expenses on financial liabilities

FY23 PRELIMINARY CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION

Breakdown by Ecosystem

	€m	Co mp	Va r.
b l Mo i ity	4, 3 6 5	5 0 %	+3 0 %
Mo tor	4, 0 0 6	% 46	% +3 0
he Ot r	35 8	4%	% +2 6
far W l e e	1, 2 7 7	2 0 %	4 % +7
lt h He a	1, 05 7	12 %	+1 3.5 %
Ac i de nt c	71 5	8 %	-0. % 5
Pro ert p y	2, 1 4 5	2 9 %	+4 0 %
he da F ire & ot to r m. p rop	1, 3 9 2	16 %	+5 3 %
l T Ge PL ne ra	8 07	9 %	+4 6 %
he Ot r	3 15	% 4	% -2. 8
l To ta	8, 6 5 1	0 0 % 1	2 % +4

Breakdown by Market Segment

	l To ta	b i l ity Mo	l f We are	Pro ert p y
i l & SM Re Es ta	79 %	% 44	10 %	24 %
Co te rp ora	% 21	% 6	% 10	% 5
l To ta	1 0 0 %

Breakdown by Company

	€m	Co mp	Va r.
ip lSa i Un o	6, 95 2	% 8 0	% +1 0
lut Un iSa e	79 6	9 %	+3 8.7 %
L ine ar	21 6	2 %	+1 2. 2 %
Ar As icu ion i ca s raz	27 2	3 %	+1 0. 9 %
iat S	17 2	% 2	% +1 3. 2
Inc tra a on	12 9	1 %	-16 3 %
OR DD	11 4	% 1	0. 6 % +1
l To ta	8, 6 5 1	0 0 % 1	2 % +4

Breakdown by Distribution Channel

	l To ta	b l Mo i ity	l f We are	Pro ert p y
Ag ts en	% 76	% 42	% 10	% 24
Ba nc ass ura nc e	6 %	% 1	3 %	2 %
he Ot r	19 %	7 %	7 %	4 %
l To ta	1 0 0 %

FY23 PRELIMINARY CONSOLIDATED RESULTS > COMBINED RATIO

Combined ratio = 1- (insurance services result/insurance contracts revenues) Operating figures

FY23 PRELIMINARY CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION

FY23

+1,295

+1,846

+550

Traditional + Capitaliz.

Net inflows

Breakdown by Line of Business

				€m	Co mp	Va r.
			d l Tra it ion a	4, 0 0 0	6 2 %	+3 8. 3 %
% 2 0. 0 +			l ke d Un it in	46 6	7 %	-5 0.7 %
6, 4 0 9	fun Pe ion ds ns	1, 79 2	28 %	+3 7.4 %
			Ca ita l iza ion t p	15 1	2 %	-24 .1 %
			l To ta	6, 4 0 9	1 0 0 %	+2 0. 0 %

Breakdown by Market Segment

	To l ta	br ds Hy i	Pu re d l Tra it ion a	Pu re ke d L in	Pe ion ns ds Fu n
d du l In iv i a	6 2. 8 %	16 3 %	44 .4 %	1.5 %	0. 6 %
l lec Co ive t	3 6. 3 %	--	9. 0 %	--	27 .4 %
Co te rp ora	% 0. 9	--	% 0. 9	--	--
l To ta	10 0. 0 %

Breakdown by Distribution Channel

	€m	Co mp	Va r.
Ag ts en	1, 5 9 3	25 %	-2. 0 %
Ba nc ass ura nc e	2, 8 57	40 %	+3 3. 6 %
d o f f He ice a	2, 10 5	% 3 3	% +2 8.4
he Ot r	13 3	2 %	-8. 9 %
l To ta	6, 4 0 9	1 0 0 %	+2 0. 0 %

Breakdown by Company

	€m	Co mp	Va r.
lSa Un ip i o	3, 8 11	% 5 9	% +1 2. 3
Ar V ita AV I ca +	2, 55 4	40 %	+3 4. 8 %
he Ot ies r c om p an	45	1 %	-16 .7 %
l To ta	6, 0 9 4	0 0 % 1	+2 0. 0 %

€m

Other

Total

FY23 PRELIMINARY CONSOLIDATED RESULTS > LIFE YIELDS

Technical Reserves by Minimum Guaranteea

	F Y 2 2		F	Y 2 3
in ie l d M . g ua r. y	bn €	Co m p.	bn €	Co m p.
0 %	1 7. 1	4 7 %	1 9. 3	5 2 %
0 % 1 % -	7. 8	2 2 %	7. 4	2 0 %
1 % 2 % -	5. 2	1 4 %	4. 9	1 3 %
2 % 3 % -	4. 3	1 2 %	4. 1	1 1 %
% 3 >	1. 9	% 5	1. 8	% 5
l To ta	3 6. 4	1 0 0 %	3 7. 5	1 0 0 %

a Technical reserves of segregated funds in the existing portfolioCalculated at cost basis

Gross financial yield on a yearly basis

Operating figures

FY23 PRELIMINARY CONSOLIDATED RESULTS > LIFE CSM

€m

FY23 PRELIMINARY CONSOLIDATED RESULTS > PRESENT VALUE OF LIFE NEW BUSINESS

	P R E S E N T V A L U E O F L I F E N E W B U S I N E S S
€m
ine f ine L Bu o s	ss	N B V	P V N B P	in N B M ar g P V N B P on
Ins i t ur an ce w	h p f i ic ip ion t p t t ro ar a	7 0	2, 0 8 9	3. 3 %
/ de l In Un i in t- x	ke d ins ur an ce	1 1	3 3 1	3. 3 %
he l fe O i ins t r	ur an ce	2 4	1 4 0	1 7. 0 %
l To F Y 2 3 ta		1 0 5	2, 5 6 0	% 4. 1
l To F Y 2 2 ta		7 7	2, 1 3 8	% 3. 6

Operating figures, net of minorities

FY23 PRELIMINARY CONSOLIDATED RESULTS > INVESTMENTS

by la In As C t t t ve s m e n s s e s s
	F	Y 2 2	F Y 2 3
	bn €	Co m p.	bn €	Co m p.
l ds To Bo ta n	4 1. 3	% 7 8. 7	4 4. 2	% 7 9. 4
/w l ian ies Ita Go o v	1 7. 5	3 3. 3 %	1 7. 6	3 1. 6 %
/w l No n-I ian Go ies ta o v	8. 8	1 6. 8 %	1 0. 3	1 8. 5 %
/w Co te o rp ora	1 5. 0	2 8. 5 %	1 6. 3	2 9. 3 %
h Ca s	1. 6	3. 1 %	1. 6	2. 9 %
d ds Eq i Fu ty u an n	2. 3	4. 4 %	2. 2	3. 9 %
l Re As P. E., H. F. ts, a se	2. 4	4. 5 %	2. 8	4. 9 %
l Re Es ta te a	4. 9	9. 3 %	4. 9	8. 8 %
l To ta	5 2. 6	1 0 0 %	5 5. 7	1 0 0 %

Breakdown by Accounting Sector – FY23

	FV O CI	FV PL fe NL &L i fre e c ap	FV PL L fe i seg r. a cc.	Am ort st co	he Ot r	l To ta
Go ies v	6 % 4	--	--	% 4	--	0 % 5
Co te rp or a	% 2 4	% 1	% 3	% 2	--	2 9 %
h Ca s	--	--	--	--	3 %	3 %
d ds Eq i Fu ty an n u	% 3	% 1	--	--	--	4 %
l Re As P. E., H. F. ts, a se	--	2 %	3 %	--	--	5 %
l Re Es ta te a	--	--	% 1	8 %	--	9 %
l To ta	3 % 7	% 4	6 %	% 1 4	3 %	0 0 % 1

Duration (years)

		F Y 2 2			F Y 2 3
	fe No L i n-	fe L i	l To ta	fe No L i n-	fe L i	l To ta
As ts se	3. 0	6. 0	5. 0	2. 2	6. 0	4. 8
b l ia i i ies L t	2. 3	3 7.	8 5.	2. 2	3 7.	8 5.
h M ism tc a	1. 3	-0 5	-0 0	0. 4	-0 5	-0 3

Market value – Operating figures

FY23 PRELIMINARY CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS

€m

		2 2 F Y			2 3 F Y
	fe i No L n-	fe i L	l To ta	i fe No L n-	i fe L	l To ta
d d de ds Co iv i up on s a n n	5 0 1	1, 1 8 1	1, 7 2 3	5 2 5	1, 2 1 5	1, 7 9 8
l d Y ie	3. 6 %	3. 2 %	3. 3 %	4. 0 %	3. 2 %	3. 4 %
/ / l d l d g los Re ize ize ins a un re a a se s	-7 1 4	-2 7 6	-1 0 1 5 ,	1 1 8	7 9	1 9 4
l d Y ie	-5 2 %	-0 7 %	-2 0 %	0. 9 %	0. 2 %	0. 4 %
l To ta	-2 1 3	9 0 6	7 0 9	6 4 3	1, 2 9 4	1, 9 9 2
l d Y ie	-1 6 %	2. 5 %	1. 4 %	% 4. 9	% 3. 4	% 3. 8

FY22 total investment yield under IAS39 was 3.1%, o/w 3.6% Non-Life and 3.0% Life.

Investment yields on a yearly basisOperating figures

Real Estate Investment Portfolio (2,901 €m) Details

FY23 PRELIMINARY CONSOLIDATED RESULTS > REAL ESTATE

€m

Total Portfolio

Gross YieldFY22 FY23 €m Yield €m Yield Ord. yield ¹¹⁴ 3.8% ¹³¹ 4.5% Extraord. yield -17 -0.6% -3 -0.1% Total 97 3.2%¹²⁸ 4.4%

35%(1,002)

20%(577)

13%(386)

12%(359)

8%(244)

Breakdown by Cluster

Extraordinary yields include gains/losses and net write-downs Operating figures, book value

15

Other citiesRomeOther RE Inv.FlorenceBolognaTurin

FY23 PRELIMINARY CONSOLIDATED RESULTS > DIVIDEND PROPOSAL

€m

	F Y 2 2	F Y 2 3
de d ha ( ) D iv i D P S € n p er s re	0. 3 7 0	0. 3 8 0
l d iv i de ds To ta n	2 6 5	2 7 3
( ) l l Lo G A A P n t r t t. ca e es u es	3 6 3	3 7 8
io Pa t r t y- ou a	% 7 3	% 7 2
de d y l d iv i ie D n	% 7. 5 a	b 6. 6 %

	2 2 F Y	2 3 F Y
( ) iv i de d ha D D P S € n p er s re	0. 1 6 0	0. 1 6 5
l d de ds To iv i ta n	4 5 3	4 6 7
l l ( ) Lo G A A P n t r t t. ca e es u es	1 4 5	6 2 4
Pa io t r t y- ou a	--	7 5 %
de d y l d D iv i ie n	% 6. 4 a	b % 6. 9

a Calculated on the share price of 9 February 2023Calculated on the share price of 15 February 2023

FY23 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2

€bn

Partial Internal Model (solo)

Group consolidated Solvency 2 ratio of the insurance sector (excl. OF and SCR contribution due to companies of the financial sector) +1.1 p.p. vs. 9M23

b Eligible Own Funds in excess of Solvency Capital Requirements

Figures net of dividend distribution proposal

FY23 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2 OWN FUNDS AND SCR DETAILS

€m

FY23 PRELIMINARY CONSOLIDATED RESULTS > ESG HIGHLIGHTS

2023 ACTIONS…

• • Definition of commitments within the Net-Zero Asset Owners Alliance (50% reduction in the carbon intensity of its directly managed portfolios of listed equities and publicly traded corporate bonds by 2030)
• • Development of a retail health insurance offer, with attention to the specific needs of different targets (students, under 30s, mothers, parents, women, under 65s, ...)
• • Advocacy to the European Commission for a new paradigm more sustainable, equitable and inclusive - for measuring the CO2 emissions of private cars, based on "green boxes"
• •Establishment of a DE&I (Diversity Equity & Inclusion) function
• • Strengthening of the control of ESG risks and impacts (Human Rights Guidelines, Anti-corruption guidelines, new Supplier Code of Conduct extended to non-insurance business)

… AND FIRST RESULTS

€m	l in Ba se e 2 0 2 1	F Y 2 2	F Y 2 3
f p S ha du i h ts t re o ro c w iro l a d ia l ta en v nm en n so c lu va e	2 5. 9 %	2 7. 1 %	2 7. 6 %
in fo he F S D Gs t an ce r ( f he ic t o t t am ou n m a inv fo he ) S D Gs tm ts t es en r	8 6 2	1, 1 6 0	1, 9 3 4

1FY23 Preliminary Consolidated Results

2

Rationalization Project of the Unipol Group Corporate Structure

1.12022-2024Strategic Plan Goals Tracking

1.2

Appendix

STRATEGIC PLAN GOALS TRACKING > STATUS UPDATE

iv Da Dr t a e n ha l O ic In m n nn e su ra nc e	l in ing he ice inc in d hr h m h ine lea ing d dy ic ic ing S M Pr tre t to ty t am p r re as e o r a n op er ou g ac rn an na m p r d he by h ly lm ho Sp ing ium ins i t t t ta ts t t e tra ts re a p re m p ay me n m on en w u x co s bu h fro d l a d hy br d de d by he ha l d bu de l Ins ine ig i i j inn ic is i ion t ta t tr t ur an ce ne w s ss g ro w m n ou rn ey s u n rp e o mn nn e m o bs ip ion f he i h he k w i h d ia b le fe d e ion f a da Su 3. 0 Ag M V T P L a M O D v t t t w t t tw t te t o ta cr o re em en ag en cy ne or n ar es an x ns o g re em en n d o ha l a h ic an mn nn e p p ro ac
lu i fe le Fo S L -C t cu s a e e y c	f e fu f i Sa lu l len in l h bu ine i h l l e ion he ing im ba k ing d d ig i l Un He te te t t te t t te to ta as ce n r o xc e ce a s ss w x ns o o p er a p er e r ag en cy, n an ha ls c nn e h f c f he l f p La ig ion to te t tu t un c o am p a ns p ro mo aw ar en es s o cu re o rev en he h f he l fe le f fe f Fu ing i i ic t tre te t ta ts r r s ng n o -cy c o r on sp ec rg e
in Ba Bo t nc a s su ra nc e o s g	f fe ion ie d ba d d d is i bu ion de l w i h in he h ip i h d S O Ac B P E R a B P t t tr t t t tn t w t s c ar r ou se on o r an mo p ar er s ag re em en n ke he ha l o f lar d dr fo d fo he du l p h fu he S in i Ba Po i So io in in ia ip ta t ta to te t tr tn t s re ca p nc a p o e n re rce s r s ar er s r r
d hm Be In En ic t o n su ra nc e r e n y	b l hr h by f ' l l h he lea d l p de # M i i in ion inc ion S I F A in Un ip Re i im ing ion i ty te t t t to ta t t to t u t o : g ra ou g me rg er or p or a o o n w a se p a na a ro v r he lon l s in t te ta to g rm re n ec r l fa f d d de d e f he d l k ha ks # W in ion Ce i M ic i Sa ino Dy ion ica te t tr ta t t tre tw t to e re : g ra o n e n g os a n a a an xp an s o m e ce n s n e or n n ew ing op en s d l ly he la lem # Pr ies ia in im ty ta te to t t t t to op er : s r a p ro ce ss p ur su e sy ne rg es p ec c s se en se c r
h & le lu io Te Pe Ev t c o p o n	loy le f he he d ba ke d by he l da d ~9 0 0 e in io 2 0 2 2- 2 0 2 3 So i i Fu t t t t ty mp ee s g ro up p er c r n d hn log de lop la fo d d l ~3 0 0 €m inv in in 2 0 2 2- 2 0 2 3 ig i isa ion te te to t ta t es c o y ve ne w p rm s an

STRATEGIC PLAN GOALS TRACKING > QUANTITATIVE TARGETS

€	F Y 2 2	F Y 2 3	Cu m F Y 2 2- F Y 2 3	Ta t rg e 2 0 2 4
fe i ium No L Pr n- em s	8, 3 0 4m	8, 6 1m 5		8. 9 bn
b ine d io i fe Co Ra No L t m n- ( f r ) ins t o ne e	9 3. 8 %	9 8. 2 %		9 2. 6 %
fe L i Pr ium em s	5, 3 4 1m	6, 4 0 9m		bn 5. 8
fe L i P V F P M a	3. 6 %	4. 1 %		3. 5 %
b l d. l Co i Ne Re No t t ns o su rm	7 7 4m	1, 0 6 4m	1, 8 3 9m	bn 2. 3 c cu m.
de ds D iv i n	2 6 5m	2 7 3m	5 3 8m	bn 0. 7 5 c cu m.
ha f du h S Pr i ts t re o o c w lue En & So Va v. c.	% 2 7. 1	% 2 7. 6		% 3 0
fo he F ina S D Gs t nc e r	1, 1 6 0m	1, 4 9 3m		bn 1. 3

€	F Y 2 2	F Y 2 3	Cu m Y 2 2- Y 2 3 F F	Ta t rg e 2 0 2 4
i fe ium No L Pr n- em s	8, 3 0 4m	8, 6 5 1m		bn 8. 9
b d fe Co ine Ra io No L i t m n- ( ) f r ins t o ne e	9 3. 8 %	9 8. 2 %		9 2. 6 %
fe L i Pr ium em s	5, 3 4 1m	6, 4 0 9m		bn 5. 8
fe L i P V F P M a	3. 6 %	4. 1 %		3. 5 %
b l d. l Co i Ne Re No t t ns o su rm	7 8 9m	7 6 6m	1, 5 5 5m	bn 2. 3 c cu m.
de ds D iv i n	4 5 3m	4 6 7m	9 2 0m	bn 1. 4 c cu m.
ha f du h S Pr i ts t re o o c w lue En & So Va v. c.	2 7. 1 %	2 7. 6 %		3 0 %
fo he ina S Gs F D t nc e r	1, 1 6 0m	1, 4 9 3m		bn 1. 3

FY22 norm. under IFRS4/IAS 39

a Present Value Future Profit Margin

Excluding non-recurring items, in accordance with the plan target

Cumulated figure 2022-2024

1FY23 Preliminary Consolidated Results

2

Rationalization Project of the Unipol Group Corporate Structure

1.12022-2024Strategic Plan

Goals Tracking

1.2

Appendix

APPENDIX > GROUP STRUCTURE

To date

UnipolRentallong-term rentalUnipolTechinsurance telematics and e-toll (UnipolMove)UnipolAssistanceassistance to vehicles, people, households and comm. activitiesUnipolServicecar repair through a network of agreed bodyshopsUnipolGlassinstallation, repair and replacement of car glassesCambiomarciae-commerce for trading of used vehicles and e-bikesI.Carantitheft through car glasses markingAPPENDIX > BEYOND INSURANCE COMPANIES Centri Medici Santagostinohealth centres with high tech innovationCasa di Cura Villa Donatellomulti-specialist health centresFlorence Centro Chirurgia Ambulatoriale health centre specialist in fertility treatmentsDavinci Healthcaremanagement software dedicated to family doctorsTantosvagocorporate welfare servicesWelBeethird party welfare services with in-house IT platformUnipolHomenon-insurance services for houses and apartment buildingsUnicasa ItaliaItalian leader in apartm. buildings management servicesUnipolPayMOBILITY WELFARE PROPERTY To date

corporate banking and IMEL services (digital wallet and payments technology)

38,061

APPENDIX > FOCUS ON UNIPOLRENTAL

K P Is
€m	F Y 2 2 a	F Y 2 3
Re ve nu es	3 6 4	8 5 4
Co ts s	-3 4 9	-5 4 5
Ca i l g ins ta ts p a o n a sse	3 4	3 5
Ne Op ing M in t t er a ar g	4 8	9 2
E B I T	4 3	8 9
l Ne t r t es u	3 0	2 6

2022 figures refer to UnipolRental stand alone

Operating figuresThe merger by incorporation of Sifà into UnipolRental became effective on 1 July 2023

APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A.

€m

As at 31 December ²⁰²³

Is su e r	d L is a te	l am ina No m t ou n	/ Hy / b. Su Se n. b.	ier T	i M tu ty a r	Co up on
l Un ip Sa i o	✓	5 0 0	b. Su	T ier I I	M 2 0 2 8 ar,	3. 8 8 %
ip l i Un Sa o	✓	7 5 0	b. Hy	ier T I	b l Pe tu rp e a	% 5. 7 5
l Un ip Sa i o	✓	5 0 0	b. Hy	T ier I	l Pe tu c rp e a	6. 3 8 %
l ip l i To Un Sa S. A. ta o p.		1, 7 5 0				d 5. 3 9 %
l Un ip o	✓	1, 0 0 0	Se n.	--	M 2 0 2 5 ar,	3. 0 0 %
l Un ip o	✓	5 0 0	Se n.	--	No 2 0 2 7 v,	3. 5 0 %
( ) ip l Gr d Un Bo o ee n n	✓	0 0 0 1,	Se n.	--	Se 2 0 3 0 p,	3. 2 % 5
l l ip S. To Un A. ta o p.		2, 5 0 0				d 3. 2 0 %
l ip l i l ip l To Un Sa S. A. To Un S. A. ta ta + o p. o p.		4, 2 5 0

a Listed on the Luxembourg Stock Exchangeb1st call date Jun, 2024

1st call date Apr, 2030dAverage coupon calculated on FY23 average stock

APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES

€m

As at 31 December 2023

	As ts se		ia b i l i ies L t
iq i d f ina ia l a L ts u nc sse	1, 4 7 5	ior de b Se 2 0 2 5 t n	1, 0 0 0
		ior de b Se 2 0 2 7 t n	5 0 0
		bo d Se ior 2 0 3 0 n g re en n	1, 0 0 0
iq i d f ina ia l a L a ts u nc sse	1, 4 7 5	b ina ia l l ia b i l i ies F t nc	2, 0 0 5

Net balance -1,025

Including liquid financial assets pertaining to Unipol S.p.A. and its 100% direct subsidiaries. Also including 85.24% liquid financial assets pertaining to UnipolReCNominal value

APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS

As at 31 December 2023

		No te s
ip l i s ha ho l d ing Un Sa o re	% 8 5. 2 1	f. s l de i 2 4 re
d ha ho l d B P E R ire ing t s c re	1 0. 5 3 %	f. s l de i 2 4 re
d ha ho l d B P S ire ing t s c re	1 0. 2 1 %	f. s l de i 2 4 re
/ f l a l b l Ne ina ia ia i i ies t ts t nc sse	-1 0 2 5 €m ,	f. s l i de 2 8 re
F Y 2 3 Op ing t ts a er a co s	2 9 €m	d d f l. n j ig ing ust sts a e ure ex c on -re cu rr co
D T A	2 8 €m 1	fer d lat dw l l re l loc l De Ta As ing i ig G A A P set to t - re s r e g oo a nm en a x

a Difference between value and costs of productionOperating figures

APPENDIX > KEY FIGURES

€m	F Y 2 3 I / FR S1 7 9
l lec Pr ium ion t em co	1 5, 0 6 0
f No L i n- e	8, 6 5 1
i f L e	6, 4 0 9
b Co ine d io Ra t m	9 8. 2 %
l Pr Ta Re t r e- su ep x	1, 5 6 5
l Co Ne Re t t r ns su ep	1, 3 3 1
l Gr Ne Re t t r ou p su ep	1, 1 0 1
de ds D iv i n	2 7 3
( ) D P S €	0. 3 8 0
l To Eq i ta ty u	9, 7 9 9
ha ho l de ' i S Eq ty re rs u	7, 9 6 7
( ) B V P S €	1 1. 1 1
( ) lve io So 2 r P I M t nc y a co ns	% 2 0 0

€m	F Y 2 3 I / FR S1 7 9
l lec Pr ium ion t em co	1 5, 0 6 0
f i No L n- e	8, 6 5 1
i f L e	6, 4 0 9
Co b ine d io Ra t m	9 8. 2 %
l Pr Ta Re t r e- su ep x	1, 0 1 9
l Co Ne Re t t r ns su ep	7 6 6
l Gr Ne Re t t r ou p su ep	0 0 7
de ds D iv i n	4 6 7
( ) D P S €	0. 1 6 5
l i To Eq ta ty u	3 0 7, 7
ha ho l de ' S Eq i ty re rs u	7, 0 2 6
( ) B V P S €	2. 3 1
( ) lve io So 2 r t nc y a co ns . e c. ca p.	% 2 8 8

1FY23 Preliminary Consolidated Results

2

Rationalization Project of the Unipol Group Corporate Structure

1.12022-2024Strategic Plan Goals Tracking

1.2

Appendix

This presentation does not constitute or form any part of an offer to exchange or purchase, or solicitation of an offer to buy or exchange, any securities. Any such offer or solicitation will be made only pursuant to an official offer documentation approved by the appropriate regulators.

The Offer is launched in Italy, since the Shares are listed on Euronext Milan, organised and managed by Borsa Italiana S.p.A., and it is addressed, without discrimination and on equal terms, to all shareholders of the Issuer.

As of the date of this document, the Offer is not promoted or disclosed, directly or indirectly, in the United States of America, Australia, Canada, Japan or in any other Country in which the Offer is not permitted in the absence of authorisation by the competent local authorities or is in breach of rules or regulations (the "Other Countries"), nor by using any means of communication or international commerce (including, without limitation, the postal network, fax, telex, e-mail, telephone and internet) of the United States of America, Australia, Canada, Japan or of the Other Countries or any facility of any kind of the financial intermediaries of the United States of America, Australia, Canada, Japan or the Other Countries, or in any other manner.

Copy of any document relating to the Offer (including the Offer Document), are not and shall not be sent, nor in any way transmitted, or in any way distributed, directly or indirectly, in the United States of America, in Australia, in Canada, in Japan or in the Other Countries. No person receiving the above documents shall distribute, send or dispatch them (either by post or by any other means or instrument of communication or international commerce) in the United States of America, Australia, Canada, Japan or the Other Countries.This document is accessible in or from the United Kingdom only: (i) by persons who have professional investment experience falling within the scope of Section 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as subsequently amended (the "Order") or (ii) by high net worth companies and other persons to whom this document may lawfully be transmitted to, as they fall within the scope of Section 49(2), paragraphs (a) through (d), of the Order (all such persons are jointly referred to as "Relevant Persons"). The financial instruments referred to in this document are available only to the Relevant Persons (and any invitation, offer, agreement to subscribe, purchase or otherwise acquire such financial instruments shall be addressed only to such Relevant Persons). Any person who is not a Relevant Person should not act or rely on this document or its contents.

This document, as well as any other document relating to the Offer (including the Offer Document) do not constitute and shall not be construed as an offer of financial instruments addressed to persons domiciled and/or resident in the United States of America, Canada, Japan, Australia or in the Other Countries. No instrument may be offered or sold in the United States of America, Australia, Canada, Japan or in the Other Countries without specific authorisation in accordance with the applicable provisions of the local laws of such Countries or of the Other Countries or waiver of such provisions.

Acceptance to the Offer by persons residing in countries other than Italy may be subject to specific obligations or restrictions provided for by laws or regulations. It is the sole responsibility of the addressees of the Offer to comply with such provisions and, therefore, before accepting the Offer, to verify their existence and applicability by contacting their consultants. Any acceptance of the Offer resulting from solicitation activities carried out in breach of the above limitations shall not be accepted.

RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURETHE TRANSACTION

Note: please refer to the notice pursuant to Article 102 of Legislative Decree No. 58 of 24 February 1998 for further information on the PVTO

classes of listed shares

RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURERATIONALIZATION STEPS AND EVOLUTION OF THE GROUP STRATEGIC FRAMEWORK

2 0 2 1	f he l o f d Ac is i io ia ia -S A I G Fo t t t q u n o c o n ro n r ro u p
	l d ( f d la l ) 4 is ie Pr in Fo ia -S i, M i As icu io i, Un ip te co m p an s em a n ra a no s ra z n o ,
	l d ha ( l o d. l p f., f d d. d 8 is Un ip Un ip Pr in Fo ia ia- Sa i o Fo ia ia- Sa i s A, te s re s o r o re em a n r r n r av , , ,
	d la d. la ) Fo ia ia- Sa i s B, M i M i n r av no o r no sa v. ,
2 0 1 4	f l S ip S i U t t a r o n o a
	l d ( l a d l ) 2 is ie Un ip Un ip Sa i te co m p an s o n o
	l d ha ( l o d. l p f, l d. l l ) 5 is Un ip Un ip Un ip Sa i o Un ip Sa i s A, Un ip Sa i s B te s re s o r o re o r o av o av , ,
2 0 1 5	io f ip l p f., ip l i s d ha in d in ha C U U S A B o nv e rs n o n o re n o a av a n s av s re s o r a ry s re s
	( ) l is d ie ip l a d ip l i 2 Un Un Sa te co m p an s o n o
	l ha ( l o l ) 2 is d ip d. ip Sa i o d. Un Un te s re s o r o r ,
2 0 1 7	l f he io iza io in Ra t t t t na n o su ra nc e s e c o r
2 0 1 8	l s l ls ke lu d l Un ip i in Un i Sa L in Ar Un ip Sa i ts ta te to o e s s ea r a n ca o ,
	l a ho l d l le d f he bu Un ip in Un ip Sa i in in in t t o s p ur e g, o a g co m p an y o o p er a g s es s
2 0 9 1	le f ip l S U Ba a o n o nc a
	l fo d bu Un ip Gr in in o ou p cu se on su ra nc e s es s
2 0 9 1	lu io f he ic fra k f he Ev G t t t t t o n o s ra e g m ew o r o ro u p
2 0 2 3	f f f is i io % d % Ac 1 9. 8 5 B P E R 1 9. 7 3 B P S O t q u n o o an o
2 0 2 4	i l – i l i U U S n p o n p o a m e r g e r
	l d l d h 1 i 1 i t t s e c o m p a n y, s e s a r e

RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURESTRATEGIC RATIONALE

STRATEGIC RATIONALE

The transaction is aimed at:

• streamlining the Group corporate structure
• simplifying the decision-making processes under a unified Group governance

RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTUREMERGER HIGHLIGHTS

Merger by incorporation of UnipolSai and intermediate holdings into Unipol

• Unipol Finance, UnipolPart I and Unipol Investment are intermediate holding companies 100% owned by Unipol. The shares of these companies will be cancelled without exchange upon completion of the merger
• UnipolSai shares directly and indirectly owned by Unipol and UnipolSai own shares will be also cancelled without exchange

In the context of the merger by incorporation of UnipolSai into Unipol, the exchange ratio offered is equal to 3 newly-issued Unipol shares for every 10 UnipolSai shares offered in exchange

• Unipol to issue new shares with the same characteristics of the outstanding ones
• The number of new shares to be issued by Unipol will be determined following the outcome of the cash PVTO

Completion of the Merger will take place regardless of the outcome of the cash PVTO

• Unipol shareholders who will not approve the merger and, therefore, the amendments to the bylaws will have a withdrawal right
• The effectiveness of the withdrawal right is subject to the completion of the merger and to the total disbursement not exceeding 100€m, unless waived by Unipol and UnipolSai
• The completion of the merger is subject to, inter alia, obtaining the relevant authorizations required by law
• The merger is expected to be completed by the end of 2024

RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTUREPVTO HIGHLIGHTS

RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTUREVPTO - PREMIUM VS MARKET PRICES

h M t o n	h d W ig ic t e e av e ra g e p r e ha ( ) S in Eu p e r re ro	i f fe b he D tw t re nc e e e e n d he ic t p r e a n a ve ra g e ha ( ) ic S in Eu p r e p e r re ro	f fe b D i tw re nc e e e e n d ic ic p r e a n av e ra g e p r e ha ( fro S in % p e r re m ) ic av e ra g e p r e
br ( las 1 5 Fe 2 0 2 4 t ua ry d da be fo he in tr t a g re y da f t te an no un ce m en o he ) V O P T t	2. 3 9 8	0. 3 0 2	1 2. 6 %
h ice 1- t m on p r av er ag e	2. 4 2 2	0. 2 7 8	% 1 1. 5
h 3- ice t m on p r av er ag e	2. 3 5 0	0. 3 5 0	1 4. 9 %
h 6- ice t m on p r av er ag e	2. 3 2 2	0. 3 7 8	1 6. 3 %
h 1 2- ice t m on p r av er ag e	2. 3 2 5	0. 3 7 5	1 6. 1 %

Processing of Bloomberg data as at 15 February 2024

INVESTOR RELATIONS CONTACTS

Adriano DonatiHead of Investor Relations

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

Carlo LatiniEleonora RoncuzziGiancarlo LanaGiuseppe GiulianiSilvia Tonioli

Tel +39 051 507 6333 Tel +39 051 507 7063 Tel +39 011 654 2088 Tel +39 051 507 7218Tel +39 051 507 2371

Upcoming event

10 May 2024 1Q24 Results Reporting