Unipol — Interim / Quarterly Report 2017

May 11, 2017

1Q17 CONSOLIDATED RESULTS UNIPOL AND UNIPOLSAI

Bologna, 11 May 2017

$\overline{2}$

PART₁

Consolidated results

PART₂ Insurance Business · Non-Life · Life

PART₃ Banking Business

PART₄ Investments PART₅ Real Estate Business

PART6 Solvency

PART₇ Appendix

Unipoltobe

PART1 CONSOLIDATED RESULTS

1Q16	1Q17
219	225
137	152
104	93
2	4
-24	-25
151	157
92	107

	1Q16	1Q17
Pre-tax result	199	209
Non-Life	112	128
Life	95	93
Other	-7	-11
Consolidated net profit	140	147
Group net profit	137	140

PART 2 NON-LIFE INSURANCE BUSINESS

Charles Comments

Premiums by company	1Q16	1Q17
UnipolSai	1,779	1,790
Linear	37	42
UniSalute	119	127
Arca	23	24
Unipol	1,958	1,983

Premiums by company	1Q16	1Q17
UnipolSai S.p.A.	1,713	1,712
Other companies	66	78
UnipolSai	1,779	1,790

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

	1Q16	1Q17	D %
Premium income	179	193	+8.0%
MV	42	46	+10.7%
Accident & Health	127	136	+6.8%
Other	10	11	+12.9%
CoR direct business	84.7%	83.9%	-0.9 p.p.
Expense ratio	14.8%	14.9%	+0.1 p.p.
Loss ratio (incl. OTI)	70.0%	69.0%	-1.0 p.p.

PART₂ LIFE. INSURANCE BUSINESS

Contraction

Income by company	1Q16	1Q17
UnipolSai	1,942	1,043
Arca Vita + AVI	884	183
Unipol	2,826	1,227

Income by company	1Q16	1Q17
UnipolSai S.p.A.	831	764
Popolare Vita + Lawr. Life	1,087	248
Other companies	24	32
UnipolSai	1,942	1,043

PART 3 BANKING BUSINESS

Banking business	1Q16	1Q17
Gross operating income	83	86
o/w interest income	56	56
o/w non-interest income	28	30

The banking business includes Unipol Banca, its subsidiaries and UnipolSai Investimenti SGR - Operating figures.

^a Net of provisions set aside at Unipol S.p.A. level.

^b Ratio calculated excluding the elements of Finsoe S.p.A.. The CET1 ratio of the Banking Group, also considering the elements of

Finsoe S.p.A.(included in the prudential supervisory scope), is 13.9%.

		FY16			1Q17
Breakdown of total NPE portfolio	net loans	gross loans	coverage ratio	net loans	gross loans	coverage ratio
Bad loans (Sofferenze)	1,127	2,651	57.5%	1,111	2,619	57.6%
Unlikely to pay	767	958	19.9%	760	945	19.6%
Past due	145	151	3.5%	138	143	3.2%
Total NPE	2,040	3,760	45.7%	2,009	3,706	45.8%

PART₄ INVESTMENTS

Contraction Contraction

	1Q17
	Non-Life			Life	Total
	€m	Yield%	€m	Yield%	€m	Yield%
Coupons and dividends	104	3.1%	334	3.4%	439	3.3%
Realised and unrealised gains/losses	53	1.6%	54	0.6%	106	0.8%
Total	157	4.7%	387	4.0%	545	4.1%

				1Q17
		Non-Life		Life		Total
	€m	Yield%	€m	Yield%	€m	Yield%
Coupons and dividends	99	3.2%	285	3.6%	385	3.5%
Realised and unrealised gains/losses	52	1.7%	65	0.8%	117	1.0%
Total	151	4.9%	350	4.4%	501	4.5%

Operating figures

PART₅ REAL ESTATE BUSINESS

Development of RE portfolio Breakdown by cluster Breakdown by sector 7% 8% 13% 15% 18% 38% Non-domestic Turin Rome Florence Bologna Other Milan 7% 10% 12% 29% 42% Land and Development Trading Value Added Core instrum. Core 27% 62% Other sectors Life Real Estate Non-Life 1% 6% 10% 11% 16% 48% Commercial Health centres Condos and Ind. Other RE investm. Land Residential Hotel Offices Breakdown by ownership UnipolSai 96% Unipol 4% Breakdown by use Breakdown by area 1% 3% 4,355 1Q17 4,254 other write-down depreciation sales purchases investments FY16 +13 -110 -18 0 -4 a b 5% +18 5%

b

^a No.37 deeds as at 31 March 2017.

Including exchange variation and operations on RE funds and associated SPV.

Operating figures.

PART 6 SOLVENCY

乡

€bn

€bn

PART8 APPENDIX

Contractor

AND

^a On the 18 April 2017, including the shares held by Unipol Finance and Unipol Investments on the same date.

^BO/w 27.49% is the subject of a put option granted by Unipol to UnipolSai and a call option granted by UnipolSai to Unipol.

	1Q16	1Q17	D %
Consolidated net profit	151	157	+4.0%
Group net profit	92	107	+16.7%
Premium income (direct business)	4,784	3,210	-32.9%
o/w Non-Life	1,958	1,983	+1.3%
o/w Life	2,826	1,227	-56.6%
Ratio a Combined	95.4%	96.5%	+1.1 p.p.
	FY16	1Q17	D %
Total equity	8,134	8,038	-1.2%
Shareholder's equity	5,649	5,720	+1.3%

	1Q16	1Q17	D %
Consolidated net profit	140	147	+4.7%
Group net profit	137	140	+1.8%
Premium income (direct business)	3,721	2,833	-23.9%
o/w Non-Life	1,779	1,790	+0.6%
o/w Life	1,942	1,043	-46.3%
Ratio a Combined	96.0%	97.3%	+1.3 p.p.
	FY16	1Q17	D %
Total equity	6,535	6,613	+1.2%
Shareholder's equity	6,156	6,229	+1.2%

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

25 DISCLAIMER

Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol S.p.A. and Unipol Sai 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.

This document has been prepared by Unipol S.p.A. and by UnipolSai Assicurazioni S.p.A. solely for information purposes in the context of the presentation of their 1Q17 results. The content of this document does not constitute a recommendation in relation to any financial instruments issued by the companies of the Unipol 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 of the Unipol Group, nor it may be relied upon for any investment decision by its addressees. Unless otherwise specified all the figures reported in this presentation are on a consolidated basis.

INVESTOR RELATIONS CONTACTS

Tel +39 051 507 7063

Adriano Donati Head of Investor Relations

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

Giancarlo Lana	Tel +39 011 66 57 088
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