Unipol — Earnings Release 2024

Mar 28, 2025

Informazione Regolamentata n. 0265-21-2025		Data/Ora Inizio Diffusione 28 Marzo 2025 06:49:43	Euronext Milan
Societa'	:	UNIPOL
Identificativo Informazione Regolamentata	:	203124
Utenza - Referente	:	UNIPOLN10 - Nerdi Alessandro
Tipologia	:	1.1; REGEM; 3.1
Data/Ora Ricezione	:	28 Marzo 2025 06:49:43
Data/Ora Inizio Diffusione	:	28 Marzo 2025 06:49:43
Oggetto	:	Press release Unipol Assicurazioni – 2024 Draft financial statements and consolidated financial statements approved
Testo del comunicato

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UNIPOL ASSICURAZIONI 2024 DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS APPROVED

• Consolidated net profit of €1,119m (+5.2% compared to 31 December 20231 )
• Insurance group net profit of €860m² (+12.0% compared to 31 December 2023)
• Proposed dividend of €0.85 per share (dividend yield 6.2%3 )
• Direct insurance income of €15.6bn (+4.6% compared to 31 December 20234 )
  • Non-life: €9.2bn (+7.7%4 )
  • Life: €6.4bn (+0.6%)
• Combined ratio 93.6%
• Consolidated solvency ratio 212%
• Insurance Group solvency ratio 260%⁵

All notes can be found at the end.

• The Group is increasing the integration of sustainability factors into the business along with its commitment to support sustainable development and the environmental transition:
  • o 31.5% of total premium income comprising products with social and environmental value
  • o 14.8% of Italians covered by Unipol Group Welfare insurance (Life and Health)
  • o €1.64bn in investments supporting the 2030 Agenda
  • o By 2024 year-end, 50.5% reduction (vs 20196 ) in Scope 1 and 2⁷ emissions linked to consumption of electricity, gas and other energy sources
  • o By 2024 year-end, 23.7% reduction (vs 20228 ) in Scope 39 emissions

Milan, 28 March 2025

The board of directors of Unipol Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the 2024 draft financial statements and consolidated financial statements, confirming the preliminary results already reported on 14 February last.

CONSOLIDATED ECONOMIC-FINANCIAL RESULTS

The Unipol Group ended 2024 with a consolidated net profit of €1,119m (+5.2% compared to €1,064m in 20231 ).

The Insurance Group net profit amounted to €860m2 (€768m in 2023, +12.0%).

The consolidated result at 31 December 2024 also considered the allocation of an early retirement solidarity fund of €173m before taxes for approximately 600 employees which will impact upcoming financial periods.

Direct insurance income, including reinsurance ceded, stood at €15,621m at 31 December 2024, 4.6% up on the amount of €14,931m recorded at 31 December 20234 .

There was 7.7%4 growth in direct income in the non-life business to €9,175m, compared to €8,521m at 31 December 2023.

The MV business was up by 9.2% over the previous financial year, recording premiums of €4,373m. The non-MV business put in another very strong performance with premiums of €4,802m, posting 6.3% growth over 31 December 2023.

The combined ratio amounted to 93.6% at 31 December 2024 compared to 98.2% at 31 December 2023. The loss ratio stood at 67.6% (vs. 71.5% for 2023), while the expense ratio stood at 26.0% (vs. 26.7% at 31 December 2023).

In an analysis of the results by accounting sector, the comparison between 31 December 2024 and 31 December 2023 was influenced by the merger of UnipolSai Assicurazioni S.p.A., Unipol Finance S.r.l., UnipolPart I S.p.A. and Unipol Investment S.p.A. into the parent company Unipol Assicurazioni S.p.A.

The pre-tax result in the non-life business amounted to €537m compared to €658m at 31 December 2023. More specifically, the non-life result at 31 December 2024 reflected costs and borrowing costs relating to Unipol Gruppo S.p.A., previously reported under Holdings and Other Businesses, in addition to the above-mentioned solidarity fund and certain one-off costs linked to the abovementioned merger and write-down of UnipolRental assets.

The Group reported direct income of €6,446m in the life business, up 0.6% on the figure of €6,409m recorded in 2023.

The pre-tax result for the life business amounted to €325m compared to €329m the previous year. The above-mentioned effects of the merger and solidarity fund were also reflected in the life business, along with the charge for the contribution to the new life guarantee fund of €18m.

Financial Management

The gross return on the Group's financial insurance investment portfolio amounted to 4.1% on invested assets, of which 3.5% from coupons and dividends and 0.6% from gains and valuations. The same figure amounted to 3.8% at 31 December 2023, of which 3.4% linked to the coupon and dividend component and 0.4% to gains and valuations.

Banking Associates Business

The pre-tax result of the banking associates business at 31 December 2024, which reflects the proportional consolidation of the consolidated results of BPER and BPSO, amounted to €393m (€330m at 31 December 202310).

Other Businesses

The pre-tax result of the other businesses amounted to €61m (compared to a loss of €19m at 31 December 2023); the hotel business run by Gruppo UNA continued to make a positive contribution, reporting an increase in revenue and gross profit of approximately €31m. As mentioned above, this business was also influenced by the changed operating area following the merger.

Balance Sheet

As at 31 December 2024, consolidated shareholders' equity amounted to €9,628m (€9,799m at 31 December 2023), of which €9,321m attributable to the Group.

The Group solvency ratio at 31 December 2024 amounted to 212% (in line with the figure at 31 December 2023). The insurance group solvency ratio was 260%5 compared to 275% on 31 December 2023.

INDIVIDUAL STATUTORY RESULT AND DIVIDENDS

Unipol Assicurazioni S.p.A. ended 2024 with an accounting profit of €776m. Considering the accounting results and overall financial strength, the board of directors approved the proposal to make a dividend payment of €0.85 per share (dividend yield 6.2%3 ).

CONTRIBUTION TO SUSTAINABLE DEVELOPMENT

In view of increasing demands by the public for support in social, healthcare and pension matters, Unipol confirmed its status as a key player in the integration of public and private insurance, covering 14.8% of Italian residents with its welfare policies (life and health).

In 2024, premiums from products that combine economic growth with social and environmental value¹¹ amounted to €4,923m, 31.5% of direct insurance income. The 30% target under the 2022- 2024 Plan was therefore achieved and exceeded.

76% of these premiums relate to the non-life business (such as those deriving from products that protect cusotmers in the case of illness or extreme weather events, those supporting connected mobility, and taking an approach that is aimed at making insurance more accessible), while 24% relates to the life business and is determined in particular by the significant role that the Group plays in the area of pensions.

Climate and Biodiversity

The Unipol Group strategy on climate change, approved for the first time in 2022 and periodically updated, aims to specify how climate-related risks should be tackled and any related opportunities taken. The strategy defines the medium-long term targets to reduce greenhouse gas emissions and support decarbonisation of the business activities and those of the chain of value, mainly focusing on investments and underwriting.

In 2024, total Scope 1 and 2 emissions, calculated in accordance with a market-based approach, amounted to 15,904 tonnes of CO2eq, down 50.5% from the 2019 baseline (therefore exceeding the previously defined target of -46.2% by 2030).

As regards Scope 3 emissions relating to investments, by 20306 the Group is committed to reducing the carbon emission intensity of directly managed listed equities and publicly traded corporate bond portfolio¹² by 50% (compared to the 2022 baseline). In 2024, the emissions calculated according to the Carbon to Value Invested - C/V metric were down 23.7% compared to the 2022 baseline.

With reference to Unipol Assicurazioni, the Group used the PCAF (Partnership for Carbon Accounting Financials) method to launch an initiative to measure emissions connected to MV customer insurance policies as a first step in identifying ways to reduce emissions.

As at 31 December 2024, investments (private equity, real assets and hedge funds) supporting the 2030 Agenda amounted to €1.64bn (exceeding the target of €1.3bn to be invested by 2024 year-end under the 2022-2024 Strategic Plan), of which over €1bn is focused on reducing climate change.

Unipol also defined biodiversity guidelines as a starting point on a journey for which the Group recommits to protecting water and land-based ecosystems in order to reflect on the role it can play in helping to protect biodiversity, considering its main areas of intervention: insurance and investment activities.

Contribution to the Community

Unipol's commitment to support and work with the territories in which it operates involves contributing towards the development and realisation of projects that foster sport (an opportunity to empower young people in particular), are socially useful and that support scientific research; it also engages in significant actions of solidarity to help communities. With publication of the Bando Act, the Fondazione Unipolis continued with projects aimed at tackling inequality and supporting vulnerable people in the areas of welfare and mobility in 2024.

Staff training for employees, agents and business associates

€4.5m was invested directly in staff training in 2024, providing 946 courses of which 446 were in classrooms (virtual or in person), prioritising reskilling and upskilling and experimenting with a new way of learning; €2.4m was also provided for training geared towards agents.

Reputation

According to a specific survey by RepTrak® on Unipol's reputation in the industry, it was recognised as the company with the best reputation in the eyes of the general public in 2024 (76.9 out of 100 in the "strong" category according to the general public pursuant to the RepTrak® model).

***

By today's date, the following will be made available to the public at the registered office, on the authorised storage mechanism eMarket Storage () and on the Company website www.unipol.com (Section Governance/Shareholders' Meetings/Ordinary and Extraordinary Shareholders' Meeting - 29 April 2025): the Directors' reports with the proposed resolutions on the matters relating to items 1, 5 and 6 of the agenda of the ordinary session and on the sole item on the agenda of the extraordinary session, along with the consolidated financial statements.

***

A more comprehensive disclosure of the consolidated results for the 2024 financial year can be found attached in the consolidated balance sheet, consolidated income statement, statement of comprehensive income, balance sheets by operating segment, summaries of the consolidated income statements produced for management purposes by business segment and the balance sheet and income statement of Unipol Assicurazioni S.p.A.

Luca Zaccherini, manager in charge of financial reporting of Unipol 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.

NOTES

1 - Normalised result that excludes the effect of the first-time equity method consolidation of the stake in Banca Popolare di Sondrio.

2 -The net profit of the Insurance Group is calculated without considering the effects of the proportional consolidation of the associates BPER and BPSO. The financial contribution of said associates to the consolidated results therefore corresponds to the dividends for the period only. More specifically, the Insurance Group net profit corresponds to the reported net profit, amounting to €1,119m (€1,331m as at 31 December 2023), net of the proportional consolidation contribution of associates BPER and BPSO, amounting to €393m (€597m as at 31 December 2023, of which €267m relating to BPSO badwill), and increased by the dividends for the period disbursed, if subsequent to the date of first-time consolidation using the equity method, amounting to €134m (€34m as at 31 December 2023).

3 - Calculated on the Unipol share price at 12 February 2025.

4 - Amount calculated on a comparable scope of consolidation, excluding the contribution from Incontra Assicurazioni (which was sold in 2023) from the 2023 data.

5 - The Insurance Group solvency ratio is an administrative database figure where the shareholdings in BPER and BPSO are considered to be non-strategic capital investments rather than shareholding investments in credit institutions with the consequent proportional consolidation of the own funds and capital requirements held in accordance with applicable law as set out under articles 335 and 336 of Delegated Regulation (EU) 2015/35.

6 - Baseline for definition of the 2030 target.

7 - Scope 1 and 2 greenhouse gas emissions of the Unipol Group operating property assets and company fleet.

8 - Compared to 30 September 2022.

9 - Emissions relating to the directly managed listed equities and publicly traded corporate bonds portfolios.

10 - Not including €267m relating to BPSO badwill.

11 - A product or service must be capable of responding to social needs by improving the lives of people, have a positive environmental impact or respond to weather-related concerns to be considered as having "social and environmental value". The impacts and opportunities are realised through environmentally valid solutions in so far as relevant to 'climate change'.

12 - The carbon emission intensity measures the total emissions induced by the portfolio in tCO2eq on the value of the portfolio itself in millions of euro according to the Carbon to Value Invested - C/V metric; the commitment to reduce the carbon emission intensity relates to the Scope 1 and 2 emissions from companies in the scope of consolidation.

Unipol Group

One of the leading insurance groups in Europe and leader in Italy in the non-life insurance business (especially MV and Health), with total premiums of €15.6bn that include €9.2bn in non-life income and €6.4bn in life income (2024 figures). It offers an integrated range of insurance products and services mainly through the parent company Unipol Assicurazioni, UniSalute (the leading health insurer in Italy), Linear (direct MV insurance), Arca Vita and Arca Assicurazioni (life and non-life bancassurance through the branches of BPER, Banca Popolare di Sondrio and other banks), SIAT (transport insurance) and DDOR (insurance company operating in Serbia). It also operates in the Mobility, Welfare and Property ecosystems and manages significant diversified assets in the Real Estate, Hotel (Gruppo UNA) and Viticultural (Tenute del Cerro) sectors. The ordinary shares of Unipol Assicurazioni S.p.A. have been listed on the Italian Stock Exchange since 1990, and are also on the FTSE MIB® and MIB® ESG indexes.

Unipol Group

Media Relations Fernando Vacarini pressoffice@unipol.it Investor Relations Adriano Donati T. +39 051 5077933 investor.relations@unipol.it

Barabino & Partners

Massimiliano Parboni T. +39 335 8304078 m.parboni@barabino.it Giovanni Vantaggi T. +39 328 8317379 g.vantaggi@barabino.it

www.unipol.com Follow us on Gruppo Unipol @Unipol\_PR http://changes.unipol.it

Consolidated Statement of Financial Position – Assets

	Asset items	31/12/2024	31/12/2023
1.	INTANGIBLE ASSETS	2,558	2,485
	of which: goodwill	1,883	1,883
2.	PROPERTY, PLANT AND EQUIPMENT	4,467	4,187
3.	INSURANCE ASSETS	1,089	1,123
3.1	Insurance contracts issued that are assets	78	63
3.2	Reinsurance contracts held that are assets	1,011	1,060
4.	INVESTMENTS	68,189	63,924
4.1	Investment property	2,080	2,302
4.2	Investments in associates and interests in joint ventures	2,942	2,656
4.3	Financial assets at amortised cost	2,081	1,857
4.4	Financial assets at fair value through OCI	42,644	40,697
4.5	Financial assets at fair value through profit or loss	18,442	16,412
	a) Held-for-trading financial assets	185	72
	b) Financial assets at fair value	11,980	10,679
	c) Other financial assets mandatorily at fair value	6,277	5,661
5.	OTHER FINANCIAL ASSETS	1,142	1,145
6.	OTHER ASSETS	4,267	4,776
6.1	Non-current assets or assets of a disposal group held for sale	82	133
6.2	tax assets	993	1,079
	a) current	364	378
	b) deferred	629	701
6.3	Other assets	3,192	3,564
7.	CASH AND CASH EQUIVALENTS	1,713	1,818
	TOTAL ASSETS	83,425	79,458

Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities

	Items of Shareholders' Equity and Liabilities	31/12/2024	31/12/2023
1.	SHAREHOLDERS' EQUITY	9,628	9,799
1.1	Share capital	3,365	3,365
1.2	Other equity instruments	496
1.3	Capital reserves	1,639	1,639
1.4	Income-related and other equity reserves	2,518	1,756
1.5	Treasury shares (-)	(14)	(4)
1.6	Valuation reserves	243	110
1.7	Shareholders' equity attributable to non-controlling interests (+/-)	262	1,602
1.8	Profit (loss) for the year attributable to the owners of the Parent (+/-)	1,074	1,101
1.9	Profit (loss) for the year attributable to non-controlling interests (+/-)	45	230
2.	PROVISIONS FOR RISKS AND CHARGES	712	552
3.	INSURANCE LIABILITIES	53,226	51,200
3.1	Insurance contracts issued that are liabilities	53,137	51,108
3.2	Reinsurance contracts held that are liabilities	89	92
4.	FINANCIAL LIABILITIES	17,412	15,523
4.1	Financial liabilities at fair value through profit or loss	11,862	10,507
	a) Financial liabilities held-for trading	126	95
	b) Financial liabilities at fair value	11,736	10,412
4.2	Financial liabilities at amortised cost	5,550	5,016
5.	PAYABLES	953	938
6.	OTHER LIABILITIES	1,494	1,446
6.1	Liabilities associated with disposal groups held for sale
6.2	Tax liabilities	51	106
	a) current	34	17
	b) deferred	17	89
6.3	OTHER LIABILITIES	1,443	1,340
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	83,425	79,458

Consolidated Income Statement

	Items	31/12/2024	31/12/2023
1.	Insurance revenue from insurance contracts issued	9,810	9,571
2.	Insurance service expenses from insurance contracts issued	(8,797)	(9,405)
3.	Insurance revenue from reinsurance contracts held	220	637
4.	Insurance service expenses from reinsurance contracts held	(392)	(396)
5.	Result of insurance services	841	407
6.	Gains/losses on financial assets and liabilities at fair value through profit or loss	572	470
7.	Gains/losses on investments in associates and interests in joint ventures	402	641
8.	Gain/losses on other financial assets and liabilities and investment property	1,389	1,326
8.1	- Interest income calculated with the effective interest method	1,526	1,452
8.2	- Interest expense	(223)	(186)
8.3	- Other income/Charges	169	160
8.4	- Realised gains/losses	1	(9)
8.5	- Unrealised gains/losses	(84)	(91)
	of which: Related to impaired financial assets	(4)	(10)
9.	Balance on investments	2,363	2,437
10.	Net financial costs/revenues relating to insurance contracts issued	(1,554)	(1,286)
11.	Net financial revenues/costs relating to reinsurance transfers	20	(3)
12.	Net financial result	829	1,148
13.	Other revenue/costs	1,096	1,096
14.	Operating expenses:	(638)	(564)
14.1	- Investment management expenses	(72)	(75)
14.2	- Other administrative expenses	(566)	(489)
15.	Net provisions for risks and charges	(44)	(10)
16.	Net impairment losses/reversals on property, plant and equipment	(624)	(377)
17.	Net impairment losses/reversals on intangible assets	(143)	(133)
	of which: Value adjustments to goodwill
18.	Other operating expenses/income	(1)	(2)
19.	Pre-tax Profit/(Loss)for the period	1,316	1,565
20.	Income taxes	(197)	(234)
21.	Profit (Loss) for the year after taxes	1,119	1,331
22.	Profit (Loss) from discontinued operations
23.	Consolidated Profit (Loss)	1,119	1,331
	of which: attributable to the owners of the Parent	1,074	1,101
	of which: attributable to non-controlling interests	45	230

Comprehensive Income Statement

	Items	31/12/2024	31/12/2023
1	Profit (Loss) for the period	1,119	1,331
2	Other income items net of taxes not reclassified to profit or loss	95	67
2.1	Portion of valuation reserves of equity investments valued at equity	13	5
2.2	Change in the revaluation reserve for intangible assets
2.3	Change in the revaluation reserve for property, plant and equipment
2.4	Financial revenues or costs relating to insurance contracts issued	(21)	(22)
2.5	Gains and losses on non-current assets or disposal groups held for sale
2.6	Actuarial gains and losses and adjustments relating to defined benefit plans	2	(7)
2.7	Gains or losses on equity instruments at fair value through OCI	101	91
2.8	Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss
2.9	Other items
3	Other income items net of taxes reclassified to profit or loss	25	129
3.1.	Change in the reserve for foreign currency translation differences
3.2	Gains or losses on financial assets (other than equity instruments) at fair value through OCI	363	1,578
3.3	Gains or losses on cash flow hedges	15	37
3.4	Gains or losses on hedges of a net investment in foreign operations
3.5	Portion of valuation reserves of equity investments valued at equity	16	26
3.6	Financial revenues or costs relating to insurance contracts issued	(377)	(1,526)
3.7	Financial revenues or costs relating to reinsurance transfers	8	14
3.8	Gains and losses on non-current assets or disposal groups held for sale
3.9	Other items
4	TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE)	120	196
5	TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) (Voce 1+4)	1,238	1,529
5.1	of which: attributable to the owners of the Parent	1,206	1,268
5.2	of which: attributable to non-controlling interests	32	261

Statement of financial position by business segment

		NON-LIFE BUISINESS		LIFE BUSINESS		BANKING ASSOCIATES		OTHER BUSINESSES		INTERSEGMENT ELIMINATIONS		TOTAL
	Asset items	31/12/2024	31/12/2023	31/12/2024	31/12/2023	31/12/2024	31/12/2023	31/12/2024	31/12/2023	31/12/2024	31/12/2023	31/12/2024	31/12/2023
1	INTANGIBLE ASSETS	2,164	2,099	366	361			29	25			2,558	2,485
2	PROPERTY, PLANT AND EQUIPMENT	3,279	3,269	198	202			989	717			4,467	4,187
3	INSURANCE ASSETS	1,001	1,049	88	74							1,089	1,123
3.1	Insurance contracts issued that are assets	13	13	66	49							78	63
3.2	Reinsurance transfers classifiable as assets	989	1,036	23	24							1,011	1,060
4	INVESTIMENTS	12,790	11,819	51,606	48,149	2,833	2,559	1,721	2,149	(758)	(752)	68,189	63,924
4.1	Investment property	242	411	954	924			884	966			2,080	2,302
4.2	Investments in associates and interests in joint ventures	62	50			2,833	2,559	47	47			2,942	2,656
4.3	Financial assets at amortised cost	1,487	1,581	614	414			738	614	(758)	(752)	2,081	1,857
4.4	Financial assets at fair value through OCI	8,587	7,724	34,011	32,458			46	516			42,644	40,697
4.5	Financial assets at fair value through profit or loss	2,412	2,054	16,026	14,353			6	5			18,442	16,412
5	OTHER FINANCIAL ASSETS	941	942	216	259			111	204	(127)	(260)	1,142	1,145
6	OTHER ASSETS	2,659	2,595	1,512	1,659			99	528	(5)	(5)	4,267	4,776
7	CASH AND CASH EQUIVALENTS	1,071	441	500	399			145	938	(3)	40	1,713	1,818
	TOTAL ASSETS	23,905	22,215	54,486	51,102	2,833	2,559	3,095	4,560	(894)	(978)	83,425	79,458
1	SHAREHOLDERS' EQUITY	2,365	3,905	1,886	1,936	2,833	2,559	2,545	1,399			9,628	9,799
2	PROVISIONS FOR RISKS AND CHARGES	621	473	46	24			45	54			712	552
3	INSURANCE LIABILITIES	13,817	13,585	39,409	37,615							53,226	51,200
3.1	Insurance contracts issued that are liabilities	13,750	13,515	39,387	37,593							53,137	51,108
3.2	Reinsurance transfers classifiable as liabilities	67	70	22	22							89	92
4	FINANCIAL LIABILITIES	5,218	2,301	12,707	11,188			275	2,795	(788)	(761)	17,412	15,523
4.1	Financial liabilities at fair value through profit or loss	60	21	11,803	10,486							11,862	10,507
4.2	Financial liabilities at amortised cost	5,158	2,280	905	702			275	2,795	(788)	(761)	5,550	5,016
5	PAYABLES	686	761	161	162			170	253	(64)	(239)	953	938
6	ALTRI ELEMENTI DEL PASSIVO	1,199	1,190	277	177			59	59	(41)	22	1,494	1,446
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	23,905	22,215	54,486	51,102	2,833	2,559	3,095	4,560	(894)	(978)	83,425	79,458

Condensed Consolidated Income Statement by Business Segment

Accounting records, amounts in €m

	Non-Life business		Life business		Insurance Business		Banking Associates		Other businesses		Inter-segment eliminations		Total consolidated
		31/12/2024 31/12/2023		% var. 31/12/2024 31/12/2023			% var. 31/12/2024 31/12/2023			% var. 31/12/2024 31/12/2023			% var. 31/12/2024 31/12/2023			% var. 31/12/2024 31/12/2023 31/12/2024 31/12/2023				var. %
Insurance revenues from insurance contracts issued	9,112	8,947	1.8	698	623	12.0	9,810	9,571	2.5									9,810	9,571	2.5
Insurance service expenses from insurance contracts issued	(8,369)	(9,029)	(7.3)	(428)	(376)	14.0	(8,797)	(9,405)	(6.5)									(8,797)	(9,405)	(6.5)
Reinsurance contracts held result	(161)	247	n.s.	(11)	(6)	73.2	(172)	240	n.s.									(172)	241	n.s.
Result of insurance services	582	165	n.s.	259	241	7.2	841	406	107.1									841	407	106.6
Balance on investments*	722	669	8.0	1,462	1,308	11.8	2,185	1,977	10.5	393	597	(34.1)	77	117	(34.0)	(69)	(67)	2,586	2,623	(1.4)
Net financial costs/revenues relating to insurance contracts	(194)	(97)	(99.3)	(1,340)	(1,191)	(12.5)	(1,534)	(1,289)	(19.1)									(1,534)	(1,289)	(19.0)
Net financial result (excluding interest expense on financial liabilities)	528	572	(7.6)	122	116	4.9	650	688	(5.5)	393	597	(34.1)	77	117	(34.0)	(69)	(67)	1,052	1,334	(21.1)
Other revenue/costs	(376)	8	n.s.	(16)	6	n.s.	(393)	13	n.s.				(4)	(46)	(91.9)	42	44	(354)	10	n.s.
Profit(Loss) before tax and interest expense on financial liabilities	734	744	(1.3)	365	363	0.4	1,099	1,107	(0.8)	393	597	(34.1)	73	71	3.2	(27)	(24)	1,539	1,751	(12.1)
interest expense on financial liabilities	(197)	(86)	129.9	(40)	(34)	17.3	(237)	(120)	97.9				(13)	(90)	(86.1)	27	24	(223)	(186)	19.8
Pre-tax Profit/(Loss)for the period	537	658	(18.5)	325	329	(1.4)	861	987	(12.8)	393	597	(34.1)	61	(19)	n.s.			1,316	1,565	(15.9)
Income taxes	(85)	(157)	(45.8)	(92)	(94)	(2.2)	(177)	(250)	(29.5)				(20)	16	n.s.			(197)	(234)	(15.8)
Profit (Loss) from discontinued operations
Consolidated Profit (Loss)	452	502	(9.9)	233	235	(1.1)	685	737	(7.1)	393	597	(34.1)	41	(2)	n.s.			1,119	1,331	(15.9)
Consolidated Profit (Loss) attributable to the owners of the Parent																		1,074	1,101
Consolidated Profit (Loss) attributable to non-controlling interests																		45	230

* excluding interest expense on financial liabilities

Statement of financial position assets - Reclassification statement – Unipol Assicurazioni S.p.A.

ASSETS	2024	2023
Subscribed capital, unpaid	0	0
Intangible assets
Acquisition costs being amortised	84,549	0
Start-up costs, goodwill and other long-term costs	2,054,418	103
Total intangible assets	2,138,966	103
Investments and cash and cash equivalents
I Land and buildings	897,441	0
II Investments in group companies and other investees
Shares and holdings	4,880,549	7,544,256
Bonds	75,396	3,000
Loans	701,015	450,000
III Other financial investments
Shares and holdings	1,587,637	0
Mutual investment fund units	5,650,399	0
Bonds	29,499,065	454,809
Loans	21,424	0
Mutual investment units	0	0
Sundry financial investments	179,558	0
IV Deposits with ceding companies	435,168	0
V Cash and cash equivalents	1,273,290	822,221
Total investments and cash and cash equivalents	45,200,943	9,274,287
Investments benefiting life business policyholders that bear
the risk arising from pension fund management
Linked to investment funds and market indices	1,403,522	0
Arising from pension fund management	6,819,748	0
Total	8,223,270	0
Receivables
I Arising from direct insurance and reassurance business
Policyholders for premiums	602,459	0
Intermediaries	929,647	0
Insurance and reinsurance companies	355,986	0
Policyholders and third parties for amounts to be collected	180,662	0
II Other receivables	3,119,534	300,120
Total receivables	5,188,287	300,120
Other assets
Tangible assets and inventories	88,561	506
Other assets	1,606,371	255,979
Total other assets	1,694,932	256,485
TOTAL ASSETS	62,446,398	9,830,995

Statement of financial position liabilities and shareholders' equity - Reclassification statement - Unipol Assicurazioni S.p.A.

	LIABILITIES AND SHAREHOLDERS' EQUITY	2024	2023
	Shareholders' equity
	Share capital	3,365,292	3,365,292
	Equity reserves and unallocated profit	2,950,022	2,435,204
	Retained profit (loss)	0	0
	Profit (loss) for the year	775,991	377,820
	Negative reserve for treasury shares	(14,058)	(1,438)
	Total shareholders' equity	7,077,248	6,176,878
	Subordinated liabilities	1,750,000	0
	Technical provisions, net of the quotas ceded and retroceded
	Non-Life premium provision	3,194,542	0
	Non-Life claims provision	10,388,173	0
	Other Non-Life business provisions	69,886	0
	Life business mathematical provisions	25,699,880	0
	Life business provision for amounts payable	239,814	0
	Other Life business provisions	103,072	0
	Total technical provisions	39,695,368	0
	Net technical provisions when investment risk is borne by
	policyholders and provisions arising from pension fund management
	Contracts linked to investment funds and market indices	1,403,522	0
	Arising from pension fund management	6,819,748	0
	Total	8,223,270	0
	Provisions for risks and charges
	Post-employment benefits and similar obligations	1,455	0
	Provisions for taxes	35,254	42
	Other provisions	595,110	6,573
	Total provisions for risks and charges	631,819	6,615
	Payables and other liabilities
	Arising from direct insurance and reinsurance business
	Intermediaries	42,300	0
	Insurance and reinsurance company current accounts	91,871	0
	Insurance and reinsurance company deposit accounts	119,616	0
	Sundry payables	60,289	0
II	Bond loans	2,402,000	2,402,000
III	Sundry loans and other financial payables	33,439	0
IV	Post-employment benefits	26,200	44
V	Other payables
	Policyholders' tax due	156,160	0
	Sundry tax payables	116,344	663
	Sundry payables	905,602	1,186,401
VI	Other liabilities	1,114,871	58,394
	Total payables and other liabilities	5,068,693	3,647,502
	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	62,446,398	9,830,995

Reclassified income statement - Unipol Assicurazioni S.p.A.

Accounting records, amounts in €k

		2024		2023
TECHNICAL ACCOUNT	Life	Non-Life	Total	Life	Non-Life	Total
Direct business gross of reinsurance
(+) Written premiums	3,601,178	7,306,361	10,907,539	0	0	0
(-) Change in technical provisions and premium provision	913,677	109,296	1,022,973	0	0	0
(-) Charges relating to claims	3,520,407	4,284,198	7,804,605	0	0	0
(+) Balance of other technical items	2,356	(108,632)	(106,276)	0	0	0
(-) Operating expenses	174,622	2,138,884	2,313,506	0	0	0
(+) Net income from investments (1)	1,217,180	387,806	1,604,986	0	484,429	484,429
Direct business gross result	212,008	1,053,158	1,265,165	0	484,429	484,429
Outwards reinsurance result	(6,893)	(190,490)	(197,383)	0	0	0
Indirect business net result	(357)	(61,964)	(62,322)	0	0	0
Technical account result	204,757	800,704	1,005,461	0	484,429	484,429
NON-TECHNICAL ACCOUNT
(+) Income from investments (2)	98,917	228,975	327,892	0	0	0
(+) Other income	69,552	253,535	323,087	0	40,448	40,448
(-) Other charges	93,869	553,796	647,665	0	161,639	161,639
Profit (loss) from ordinary operations	279,357	729,418	1,008,775	0	363,238	363,238
(+) Extraordinary income	2,192	208,327	210,519	0	16,052	16,052
(-) Extraordinary expenses	25,902	192,132	218,034	0	13,849	13,849
Pre-tax profit (loss)	255,647	745,613	1,001,260	0	365,441	365,441
(-) Taxes	47,813	177,456	225,269	0	(12,379)	(12,379)
NET PROFIT (LOSS)	207,834	568,157	775,991	0	377,820	377,820

(1) Included for the Life business is the income net of the share transferred to the non-technical account. Included for the Non-Life business is the income transferred from the non-technical account.

(2) Included for the Life business is the income transferred from the technical account.

Included for the Non-Life business is the income net of the share transferred to the technical account.

Fine Comunicato n.0265-21-2025	Numero di Pagine: 18
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