Unipol — Interim / Quarterly Report 2016

Nov 11, 2016

9M16 CONSOLIDATED RESULTS UNIPOL AND UNIPOLSAI

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI

€m

	9M15		9M16
	Pre-tax result	Net result	Pre-tax result	Net result
Non-Life	734	512	470	331
Life	305	218	279	195
Banking business	8	6	3	2
Other	-182	-143	-112	-89
Consolidated profit	866	594	640	439
Group profit		335		261

	9M15		9M16
	Pre-tax result	Net result	Pre-tax result	Net result
Non-Life	653	455	381	272
Life	301	218	252	177
Other	-96	-71	-28	-22
Consolidated profit	858	602	605	427
Group profit		579		409

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI

Premiums by company	9M15	9M16
UnipolSai Group	5,252	5,141
Linear	110	109
UniSalute	233	265
Arca	75	76
Unipol Gruppo Finanziario	5,671	5,590

Premiums by company	9M15	9M16
a UnipolSai S.p.A.	5,060	4,951
Other companies	192	190
UnipolSai Group	5,252	5,141

^a Current basis of consolidation. Operating figures.

Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums after reinsurance.

UNIPOLSAI S.P.A.

MV TPL Combined Ratio	9M15	9M16
Direct business	95.2%	100.4%
ratio a Expense	23.1%	22.5%
commissions/premiums	13.3%	14.0%
other operating expenses/premiums	9.8%	8.5%
ratio b (incl. OTI) Loss	72.1%	77.9%

Other MV TPL indicators	Var. vs FY15
Total portfolio	+2.1%
retail	+2.0%
fleets	+4.0%
Portfolio average premium	-4.5%
	Var. vs 9M15
No. of claims reported (followed-up passive claims)	+3.0%
Frequency	-0.02 p.p.

^a Operating expenses/written premiums from direct business (before reinsurance). ^b Claims charges/earned premiums from direct business (before reinsurance). Operating figures, current basis of consolidation.

LINEAR – UNISALUTE – ARCA ASSICURAZIONI

	9M15	9M16	D %
Premium income	419	450	+7.3%
MV	129	124	-3.9%
Accident&Health	261	293	+12.4%
Other	29	32	+11.4%
CoR direct business	87.2%	85.0%	-2.1 p.p.
Expense ratio	17.4%	17.1%	-0.4 p.p.
Loss ratio (incl. OTI)	69.7%	68.0%	-1.8 p.p.
IAS net result	48	57	+19.5%

Income by company	9M15	9M16
UnipolSai Group	4,911	3,899
Arca Vita+AVI	1,498	1,653
Other companies	2	0
Unipol Gruppo Finanziario	6,411	5,552

Income by company	9M15	9M16
UnipolSai S.p.A.a	2,379	2,210
Popolare Vita+Lawr. Life	2,404	1,611
Other companies	128	78
UnipolSai Group	4,911	3,899

^a Pro-forma figures incl. Liguria Vita. Operating figures.

65%

Pension funds Capitalization

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI

average minimum guaranteed average segregated accounts yields average minimum guaranteed average segregated accounts yields

	9M15	9M16	D %
Gross operating income	270	257	-4.9%
o/w interest income	179	162	-9.6%
o/w non-interest income	91	95	+4.3%
Cost / Income	79.6%	85.1%	+5.5 p.p.
LLPs (Unipol Banca)	48	35	-26.2%
Pre-tax result	8	3	-60.3%
Net result	6	2	-65.4%
LLPs (UGF) Total LLPs	20 68	30 65	+50.0% -3.7%
	FY15	9M16	D %
ratio c Total NPE coverage	44.5%	45.3%	+0.8 p.p.

The banking business includes Unipol Banca and its subsidiaries.

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

^b UB + Finitalia.

^c Coverage ratio including UGF LLPS.

Breakdown of total	FY15			9M16
NPE portfolio	net loans	gross loans	coverage ratio a	net loans	gross loans	coverage ratio a
Bad loans (Sofferenze)	1,129	2,644	57.3%	1,112	2,629	57.7%
Unlikely to pay	925	1,145	19.2%	804	997	19.4%
Past due	122	129	5.1%	157	164	4.0%
Total NPE	2,176	3,918	44.5%	2,073	3,790	45.3%

Gross NPE trend Coverage ratio trend

Including provisions set aside by UGF.

^a Coverage ratio including UGF LLPS.

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI

				9M16
		Non-Life		Life	Total
	€m	Yield%	€m	Yield%	€m	Yield %
Coupons and dividends	331	3.2%	1,028	3.6%	1,363	3.4%
Realised and unrealised gains/losses	48	0.5%	19	0.1%	69	0.2%
Total	379	3.7%	1,047	3.7%	1,433	3.6%
				€576m 9M15

9M16 Non-Life Life Total €m Yield% €m Yield% €m Yield% Coupons and dividends ³¹⁴ 3.3% ⁸⁸⁵ 3.7% 1,199 3.6% Realised and unrealised gains/losses 45 0.5% 8 0.0% 52 0.2% Total 358 3.7% 893 3.8% 1,252 3.7%

UNIPOL GRUPPO FINANZIARIO – Tot. ptf €4.2bn

Operating figures.

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI

FY15 Dividends shareholders' equity 9M16 Other net result 9M16 shareholders' equity Var. in AFS reserve Dividends

FY15 shareholder' equity 9M16 shareholders' equity Var. in Other AFS reserve 9M16 net result

Variation in AFS reserve Variation in AFS reserve

Figures calculated using the USP (Undertaking Specific Parameters) according to current regulation.

Listed Company

a Including shares held by Unipol Finance and Unipol Investment as at October 2016. ^b o/w 27.49% is the subject of a put option granted by Unipol to UnipolSai and of a call option granted by UnipolSai to Unipol.

	9M15	9M16	D %
Consolidated net profit	594	439	-26.1%
Group net profit	335	261	-22.2%
EPS a (€)	0.47	0.36	-22.2%
Premium income (direct business)	12,082	11,142	-7.8%
o/w Non-Life	5,671	5,590	-1.4%
o/w Life	6,411	5,552	-13.4%
Ratio b Combined	95.1%	95.0%	-0.1 p.p.

	FY15	9M16	D %
c Solvency II (consolidated figures)	1.50x	1.37x	-0.13x
Total equity	8,445	8,271	-2.1%
Shareholders' equity	5,524	5,635	+2.0%
BVPS (€)	7.70	7.85	+2.0%

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI 9M15 9M16 D % Consolidated net profit 602 427 -29.1% Group net profit 579 409 -29.3% EPS ^a (€) 0.21 0.14 -30.5% Premium income (direct business) 10,163 9,040 -11.1% o/w Non-Life 5,252 5,141 -2.1% o/w Life 4,911 3,899 -20.6% Combined Ratio ^b 95.7% 96.0% +0.3 p.p.

	FY15	9M16	D %
c Solvency II (consolidated figures)	1.90x	1.69x	-0.21x
Total equity	6,615	6,519	-1.4%
Shareholders' equity	6,278	6,188	-1.4%
BVPS (€)	2.22	2.19	-1.4%

^a Group profit for the period / no. total shares to date.

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

^c Figures calculated using the USP (Undertaking Specific Parameters) according to current regulation.

Giancarlo Lana	Tel +39 011 66 57 642
Eleonora Roncuzzi	Tel +39 051 507 7063
Giuseppe Giuliani	Tel +39 051 507 7218
Carlo Latini	Tel +39 051 507 6333
Silvia Tonioli	Tel +39 051 507 2371
Alena Harbatava	Tel +39 051 507 2919