Unipol — Interim / Quarterly Report 2015

Nov 6, 2015

Bologna, 6 November 2015

• Consolidated results
• Insurance business
• Non-Life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Consolidated results by business area

		UNIPOLSAI
	9M14		9M15
	Pre-tax result	Net result	Pre-tax result	Net result
Non-Life	773	494	653	455
Life	190	124	301	218
Other	-14	-25	-96	-71
Consolidated result	949	593	858	602
Group result		559		579

UNIPOL GRUPPO FINANZIARIO

	9M14		9M15
	Pre-tax result	Net result	Pre-tax result	Net result
Non-Life	779	487	734	512
Life	193	122	305	218
Banking sector*	-108	-87	-12	-8
Other	-103	-92	-162	-128
Consolidated result	761	431	866	594
Group result		200		335

€m

* Including provisions set aside by the holding company on bank loans part of the indemnity agreement. Operating figures

• Consolidated results
• Insurance business
• Non-life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Non-Life – Direct premium income

€m

Premiums by company

	9M14	9M15
UnipolSai S.p.A.	5,735	4,984
Other companies	317	268
UnipolSai Group	6,052	5,252

UNIPOL GRUPPO FINANZIARIO

Premiums by company

	9M14	9M15
UnipolSai Group	6,052	5,252
Linear	133	110
Unisalute	217	233
Arca	77	75
Unipol Gruppo Fin.	6,479	5,671

Non-Life – Combined Ratio net of reinsurance

UNIPOLSAI

UNIPOL GRUPPO FINANZIARIO

UnipolSai S.p.A. – MV TPL technical indicators, direct business

UNIPOLSAI S.p.A.

	9M14	9M15
Direct business	90.8%	95.0%
ratio a Expense commissions/premiums other operating exp./premiums	21.3% 12.4% 8.9%	23.0% 13.3% 9.7%
ratio b (incl. OTI) Loss	69.5%	72.0%

^a operating expenses/written premiums from direct business (before reinsurance) ^b claims charges/earned premiums from direct business (before reinsurance)

MV TPL Combined ratio Other MV TPL indicators

	var. vs FY14 *
Total portfolio retail fleets	-1.0% -0.8% -5.6%
Portfolio average premium	-5.0%

	var. vs 9M14 *
No. of claims reported (followed-up passive claims)	-5.7%
Frequency	-0.15 p.p.

• Consolidated results
• Insurance business
• Non-Life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Life – Direct income

€m

Income by company

	9M14	9M15
UnipolSai S.p.A.	2,583	2,363
Popolare Vita+Lawr. Life	3,107	2,404
Other companies	137	144
UnipolSai Group	5,827	4,911

Income by channel

	9M15
Agencies, head office and brokers	43%
Bancassurance	55%
Other	2%

UNIPOL GRUPPO FINANZIARIO

UNIPOLSAI

Income by company

	9M14	9M15
UnipolSai Group	5,827	4,911
Arca Vita	1,049	1,498
Other companies	1	2
Unipol Gruppo Fin.	6,877	6,411

Income by channel

	9M15
Agencies, head office and brokers	33%
Bancassurance	66%
Other	1%

• Consolidated results

• Insurance business
• Non-Life insurance business
• Life insurance business

• Banking business

• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Banking business – KPI

€m

9M15

8,976

	9M14	9M15	D %
Gross operating income	310	267	-13.8%
o/w interest income	192	179	-7.0%
o/w non-interest income	117	88	-24.8%
Provisions on loans and other fin. assets	-72	-48	-34.0%
Pre-tax result	22	8	-65.0%
Net result	7	6	-15.0%
Cost / Income	70.0%	80.0%	10.0 p.p.
Provisions on impaired loans (UGF)	-130	-20	-84.6%
Total provisions (UGF+Unipol Banca)	-202	-68	-66.6%
Total impaired loans coverage ratio	41.7%	42.7%	+1.0 p.p.

Unipol Gruppo Finanziario
CET1 ratio
17.6%

The banking business includes Unipol Banca and its subsidiaries.

^a Excluding collateralized deposits at «Cassa Compensazione e Garanzia».

^b Net of provisions at UGF S.p.A. level.

Banking business – Focus on impaired loans

€m

	FY14		9M15
	gross loans	coverage ratio	gross loans	coverage ratio
Bad loans	2,548	55.4%	2,574	55.1%
Unlikely-to-pay	1,295	18.9%	1,176	19.4%
Past due	81	4.6%	123	4.8%
Total impaired loans	3,923	42.3%	3,873	42.7%

Break-down of overall impaired loans portfolio

• Consolidated results
• Insurance business
• Non-Life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Real Estate

Operating figures

a Including capex, purchases, fixed assets in progress and equity for JVs

b Including the sale to Qatar Holding of the stakes in RE funds implied in the Porta Nuova project c Including exchange variation and operations on RE funds and other associated companies

Diversified companies

€m

TURNOVER

Tenute del Cerro

• Consolidated results
• Insurance business
• Non-Life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Financial investments

Operating figures.

Investments relating to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and Class D, investments in subsidiaries, associates and JVs, investments in RE and RE funds.

Income from financial investments

	9M15
	Non-Life		Life		Total
	€m	yield%	€m	yield%	€m	yield%
Coupons and dividends	314	3.1%	840	3.7%	1,153	3.5%
Unrealised gains and losses	0	0.0%	32	0.1%	32	0.1%
Sub-total	314	3.1%	872	3.8%	1,185	3.6%
Gains	243	2.4%	291	1.3%	534	1.6%
Total	557	5.5%	1,162	5.1%	1,719	5.2%

UNIPOLSAI

UNIPOL GRUPPO FINANZIARIO

	9M15
	Non-Life		Life		Total
	€m	yield%	€m	yield%	€m	yield%
Coupons and dividends	332	3.0%	963	3.7%	1,299	3.4%
Unrealised gains and losses	4	0.0%	40	0.2%	44	0.1%
Sub-total	336	3.1%	1,003	3.9%	1,343	3.5%
Gains	246	2.2%	284	1.1%	532	1.4%
Total	582	5.3%	1,287	4.9%	1,876	4.9%

• Consolidated results
• Insurance business
• Non-Life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Total equity and AFS reserve

€m

Total Equity - roll forward

9M15 Total Equity 9M15 Dividends Other net result AFS reserve variation FY14 Total Equity 6,635 6,366 -389 +602 -511 +28

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

Solvency I – 9M15

€bn

• Consolidated results
• Insurance business
• Non-Life insurance business
• Life insurance business
• Banking business
• Real Estate and diversified companies
• Financial investments
• Solvency and equity
• Appendix

Group structure

Key Performance Indicators

€m

	UNIPOLSAI

	9M14	9M15	D %
Consolidated net result	593	602	+1.6%
Group net result	559	579	+3.5%
EPS a (€)	0.21	0.21	-1.1%
Premium income (direct business)	11,879	10,163	-14.4%
o/w Non-Life	6,052	5,252	-13.2% b
o/w Life	5,827	4,911	-15.7%
Ratio c Combined	93.2%	95.7%	+2.5 p.p.
	FY14	9M15	D %
Solvency I d	1.66x	1.81x
Total equity	6,635	6,366	-4.1%
Shareholders' equity	6,295	6,034	-4.1%
BVPS (€)	2.37	2.17	-8.5%

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

		9M14	9M15	D %
+1.6%	Consolidated net result	431	594	+37.8%
+3.5%	Group net result	200	335	+67.7%
-1.1%	EPS a (€)	0.28	0.47	+67.5%
-14.4%	Premium income (direct business)	13,356	12,082	-9.5%
-13.2% b	o/w Non-Life	6,479	5,671	-12.5% b
-15.7%	o/w Life	6,877	6,411	-6.8%
	Ratio c Combined	92.7%	95.1%	+2.4 p.p.
		FY14	9M15	D %
+0.15x	Solvency I d	1.69x	1.73x	+0.04x
-4.1%	Total equity	8,440	8,311	-1.5%
-4.1%	Shareholders' equity	5,691	5,493	-3.5%
-8.5%	BVPS (€)	7.93	7.66	-3.5%

^a Profit for the period / no.of total shares to date

^b Pro-forma variation excluding the effect of portfolio sale to Allianz: -5.8% at UnipolSai and -5.5% at UGF

^c Net of reinsurance (expense ratio calculated on earned premiums)

^d Figures including the convertible loan issued in April 2014

Disclaimer

Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo Finanziario 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 correspond to the document contents, books and accounting records.

Investor Relations Contacts

investor.relations@unipol.it	investor.relations@unipolsai.it
Silvia Tonioli	Tel +39 051 507 2371
Carlo Latini	Tel +39 051 507 6333
Giuseppe Giuliani	Tel +39 051 507 7218
Laura Marrone	Tel +39 051 507 2183
Eleonora Roncuzzi	Tel +39 051 507 7063
Giancarlo Lana	Tel +39 011 66 57 642
Adriano Donati (IRO)	Tel +39 051 507 7063