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Unipol Investor Presentation 2015

Aug 7, 2015

4405_10-q_2015-08-07_9ebe8842-2d10-46ba-8c55-6e970c8e98a4.pdf

Investor Presentation

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1H15 Consolidated ResultsCarlo Cimbri – CEO

Bologna, 7 August 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

€m
U
N
I
P
O
L
S
A
I
1
H		 1
4		 1
H		 1
5
P
t
r
e-
a
x
l
t
r
e
s
u		 N
t
e
l
t
r
e
s
u		 P
t
r
e-
a
x
l
t
r
e
s
u		 N
t
e
l
t
r
e
s
u
N
L
i
f
o
n-
e		 4
3
5		 3
0
1		 4
8
2		 3
3
7
f
L
i
e		 1
2
9		 8
1		 2
1
5		 1
8
3
O
h
t
e
r		 2
2
-		 2
4
-		 8
7
-		 6
4
-
C
l
i
d
d
l
t
t
o
n
s
o
a
e
r
e
s
u		 5
6
0		 3
5
7		 6
4
5		 4
5
5
G
l
t
r
o
u
p
r
e
s
u		 3
3
3		 4
3
8

UNIPOL GRUPPO FINANZIARIO

1
H
1
4		 1
H		 1
5
P
t
r
e-
a
x
l
t
r
e
s
u		 N
t
e
l
t
r
e
s
u		 P
t
r
e-
a
x
l
t
r
e
s
u		 N
t
e
l
t
r
e
s
u
N
L
i
f
o
n-
e		 4
6
1		 3
0
7		 3
4
5		 3
4
7
L
i
f
e		 1
2
8		 7
7		 2
5
0		 1
7
9
B
k
i
*
t
a
n
n
g
s
e
c
o
r		 8
0
-		 6
7
-		 1
4
-		 1
1
-
O
h
t
e
r		 9
2
-		 -7
8		 1
2
2
-		 9
7
-
C
l
i
d
d
l
t
t
o
n
s
o
a
e
r
e
s
u		 4
1
7		 2
4
0		 6
4
7		 4
4
6
G
l
t
r
o
u
p
r
e
s
u		 1
0
3		 2
5
5

* Including provisions set aside by the holding company on bank loans object 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

UNIPOL GRUPPO FINANZIARIO

Premiums by company

1
H
1
4		 1
H
1
5
Un
ip
l
Sa
i
G
o
ro
up		 4,
4
3
7		 3,
2
7
7
L
ine
ar		 9
6		 7
8
Un
isa
lu
te		 1
6
3		 1
7
7
Ar
ca		 5
7		 5
5
U
ip
l
G
F
in
n
o
ru
p
p
o		 5
4,
7
3		 4,
0
8
2

*Operating estimate

Non-Life – Combined Ratio net of reinsurance

Loss RatioExpense Ratio

Non-Life – Combined Ratio from direct business

UNIPOL GRUPPO FINANZIARIO

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

UNIPOLSAI S.p.A.

MV TPL Combined ratio

1
H
1
4		 1
H
1
5
D
i
b
i
t
r
e
c
u
s
n
e
s
s		 9
1.
4
%		 9
4.
3
%
E
i
t
a
p
e
n
s
e
r
a
o
x
/p
iss
ion
ium
co
m
m
s
re
m
s
/p
he
ing
ium
t
t
o
r o
p
er
a
e
xp
re
m
s		 2
0.
8
%
1
2.
3
%
8.
5
%		 2
2.
1
%
1
2.
%
7
9.
4
%
b (
L
i
t
inc
l.
O
T
I
)
o
s
s
r
a
o		 0.
6
%
7		 2.
2
%
7

operating expenses/written premiums from direct business (before reinsurance)bclaims charges/earned premiums from direct business (before reinsurance)

Other MV TPL indicators

v
a
r.
*
F
Y
1
4
s
v
T
l
f
l
i
t
t
o
a
p
o
r
o
o
i
l
ta
re
f
le
ts
e		 -1
0
%
-0
7
%
-7
5
%
P
f
l
i
i
t
o
r
o
o
a
v
e
r
a
g
e
p
r
e
m
u
m		 -3
6
%
a
r.
v
*
H
1
1
4
s
v
N
f
l
i
d
t
o.
o
c
a
m
s
r
e
p
o
r
e
(
fo
l
low
d-
ive
la
im
)
e
up
p
as
s
c
s		 -6
0
%
F
r
e
q
e
n
c
u
y		 -0
1
5
p.
p.

Leader in the blackbox market with no. 2,300,000 policiesand a market share over 60% in Italy and over 40% in Europe

Non-Life – Insurance sector extra UnipolSai

1
H
1
4		 1
H
5		 %
∆
P
i
i
r
e
m
m
n
c
o
m
e
u		 3
1
6		 3
0
9		 -2
0
%
M
V		 1
1
1		 9
1		 -1
8.
2
%
A
i
d
H
l
h
t
t
c
c
e
n
e
a
+		 1
8
5		 1
9
8		 7.
3
%
+
O
h
t
e
r		 2
0		 2
0		 3.
5
%
+
C
R
d
i
b
i
t
o
r
e
c
u
s
n
e
s
s		 8
5.
1
%		 8
%
7.
7		 2.
5
p.
p.
+
E
i
t
x
p
e
n
s
e
r
a
o		 1
6.
8
%		 1
6.
6
%		 -0
3 p
.p
L
i
(
i
l.
O
T
I
)
t
o
s
s
r
a
o
n
c		 6
8.
3
%		 7
1.
1
%		 2.
8 p
.p
+
I
A
S
l
t
t
n
e
r
e
s
u		 3
6		 3
1		 -1
3.
7
%

€m

•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

Income by company

1
H
1
4		 1
H
1
5
Sa
S.
Un
ip
l
i
A.
o
p.		 1,
9
0
6		 1,
7
9
9
Po
lar
V
i
La
L
i
fe
ta
p
o
e
+
wr		 2,
4
7
2		 1,
5
9
7
O
he
ies
t
r
co
m
p
an		 9
3		 1
1
6
U
ip
l
S
i
G
n
o
a
ro
up		 4,
4
7
1		 3,
5
1
2

UNIPOL GRUPPO FINANZIARIO

UNIPOLSAI

Income by company

1
H
1
4		 1
H
1
5
Sa
G
Un
ip
l
i
o
ro
up		 4,
4
7
1		 3,
5
1
2
Ar
V
i
ta
ca		 8
4
7		 1,
1
0
7
U
ip
l
G
F
in
n
o
ru
p
p
o		 5,
3
1
8		 4,
6
1
9

11

Life – Net inflows

UNIPOL GRUPPO FINANZIARIO

1H14

Operating figures

12

Life – Insurance sector extra UnipolSai

€m

  • •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

1
H
1
4		 1
H
1
5		 %
∆
G
ing
inc
t
ro
s
s
o
p
e
ra
o
m
e		 2
2
4		 1
7
7		 -2
1.
0
%
/w
in
inc
te
t
o
re
s
om
e		 1
3
1		 1
2
4		 -5.
6
%
/w
-in
inc
te
t
o
n
on
re
s
om
e		 9
3		 5
3		 -4
2.
9
%
Pr
is
io
lo
d
he
f
in
t
t
ov
ns
o
n
a
ns
a
n
o
r
. a
s
s
e
s		 -5
7		 -3
0		 -4
6.
7
%
Pr
l
t
t
e-
ax
re
su		 1
8		 5 4.
3
%
-7
Ne
l
t
t
re
su		 6 4 -3
4.
9
%
C
/
In
t
o
s
c
o
m
e		 6
6.
2
%		 8
0.
2
%		 1
4 p
.p.
+
Pr
is
io
im
ire
d
lo
(
U
G
F
)
ov
ns
o
n
p
a
a
ns		 -1
0
0		 -2
0		 -8
9.
8
%
(
G
)
To
l p
is
io
U
F+
U
ip
l
Ba
t
a
ro
v
ns
n
o
nc
a		 -1
5
7		 0
-5		 -6
8.
2
%
To
l
im
ire
d
lo
io
t
t
a
p
a
a
ns
c
ov
e
ra
g
e
ra		 4
0.
9
%		 4
2.
4
%		 1.
5 p
.p.
+

CET1 ratio UnipolBanking Group17.2%

Excluding collateralized deposits at "Cassa Compensazione e Garanzia".

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

Banking business – Focus on impaired loans

€m

F
Y
1
4		 1
H		 1
5
g
ros
s
loa
ns		 co
ve
rag
e
io
rat		 g
ros
s
loa
ns		 co
ve
rag
e
io
rat
Ba
d
lo
a
ns		 2,
4
8
5		 4
%
5
5.		 2,
6
0
5		 8
%
5
5.
U
l
i
ke
ly-
t
n
o-
p
ay		 1,
2
9
5		 1
8.
9
%		 1,
2
4
6		 1
8.
2
%
Pa
du
t
s
e		 8
1		 4.
6
%		 1
1
3		 5.
4
%
T
l
i
i
d
l
t
o
a
m
p
a
r
e
o
a
n
s		 3,
9
2
3		 4
2.
3
%		 3,
9
1
9		 4
2.
4
%

Break-down of overall impaired loans portfolio

16

  • •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

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

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

18

Diversified companies

€m

UNIPOLSAI

Atahotels

1H14

1H15

Tenute del Cerro1H155.11H14TURNOVER1H15-0.31H14EBITDA EBIT1H15-1.01H144.0

19

  • •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

Income from financial investments

1
H
1
5
N
L
i
f
o
n-
e		 L
i
f
e		 T
t
o		 l
a
€m ie
l
d
%
y		 €m ie
l
d
%
y		 €
m		 i
l
d
%
y
e
C
d
d
i
i
d
d
o
u
p
o
n
s
a
n
v
e
n
s		 2
1
2		 3.
1
%		 5
6
5		 3.
8
%		 7
7
7		 3.
6
%
U
l
i
d
i
d
l
n
r
e
a
s
e
g
a
n
s
a
n
o
s
s
e
s		 4
7		 0.
7
%		 4
9		 0.
3
%		 9
6		 0.
4
%
S
b-
l
t
t
o
a
u		 2
5
9		 3.
8
%		 6
1
4		 4.
1
%		 8
7
3		 4.
0
%
G
i
a
n
s		 2
3
5		 3.
4
%		 2
7
3		 1.
8
%		 5
0
7		 2.
3
%
T
l
t
o
a		 4
9
3		 7.
2
%		 8
8
7		 5.
9
%		 1,
3
8
0		 6.
3
%

UNIPOLSAI

UNIPOL GRUPPO FINANZIARIO

1
H
1
5
f
N
L
i
o
n-
e		 f
L
i
e		 T
t
o		 l
a
€m ie
l
d
%
y		 €m ie
l
d
%
y		 €
m		 i
l
d
%
y
e
C
d
d
i
i
d
d
o
p
o
n
s
a
n
e
n
s
u
v		 2
2
4		 3.
1
%		 6
4
8		 3.
7
%		 8
5
7		 3.
5
%
U
l
i
d
i
d
l
n
r
e
a
s
e
g
a
n
s
a
n
o
s
s
e
s		 4
7		 0.
6
%		 0
5		 0.
3
%		 9
7		 0.
4
%
S
b-
l
t
t
o
a
u		 2
7
1		 3.
7
%		 6
9
8		 4.
0
%		 9
7
2		 3.
9
%
G
i
a
n
s		 2
3
7		 3.
2
%		 2
6
2		 1.
5
%		 5
0
2		 2.
0
%
T
l
t
o
a		 5
0
9		 6.
9
%		 9
6
0		 5.
6
%		 1,
4
7
4		 5.
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

UNIPOLSAI

Total equity - roll forward

UNIPOL GRUPPO FINANZIARIO

Solvency I – 1H15

€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

H
1
1
4		 H
5
1
1		 %
∆
C
l
i
d
d
l
t
t
t
o
n
s
o
a
e
n
e
r
e
s
u		 3
5
7		 4
5
5		 2
7.
4
%
+
G
l
t
t
r
o
u
p
n
e
r
e
s
u		 3
3
3		 4
3
8		 3
1.
6
%
+
S
(
)
E
P
€
a		 0.
1
3		 0.
1
6		 2
6
%
5.
+
P
i
i
(
d
ire
bu
ine
)
r
e
m
u
m
n
c
o
m
e
t
c
s
ss		 8,
9
0
7		 2
8
4
7,		 -1
8.
2
%
/
N
L
i
f
o
w
o
n-
e		 4,
4
3
7		 3,
7
7
2		 b
-1
5.
0
%
/
L
i
f
o
e
w		 4,
4
1
7		 3,
1
2
5		 -2
1.
%
5
C
b
i
d
R
i
t
c
o
m
n
e
a
o		 9
4.
2
%		 9
8
%
7.		 3.
6
p.
p.
+
F
Y
1
4		 1
H
1
5		 %
∆
d
S
l
I
o
e
n
c
v
y		 1.
6
6
x		 1.
6
7
x		 0.
1
0
+
x
T
l
i
t
t
o
a
e
q
u
y		 6,
6
3
5		 6,
1
8
8		 -6
7
%
'
S
h
h
l
d
i
t
a
r
e
o
e
r
s
e
q
u
y		 6,
2
9
5		 5,
8
6
3		 -6
9
%
S
(
)
B
V
P
€		 2.
3
7		 2.
1
1		 -1
1.
1
%

UNIPOL GRUPPO FINANZIARIO

1
H
1
4		 1
H
1
5		 %
∆
C
l
i
d
d
l
t
t
t
o
n
s
o
a
e
n
e
r
e
s
u		 2
4
0		 4
4
6		 8
6.
1
%
+
G
l
t
t
r
o
u
p
n
e
r
e
s
u		 1
0
3		 2
5
5		 1
4
7.
1
%
+
E
P
S
(
€
)
a		 0.
1
4		 0.
3
6		 1
4
1
%
7.
+
P
i
i
(
d
ire
bu
ine
)
r
e
m
u
m
n
c
o
m
e
t
c
s
ss		 1
0,
0
0
7		 8,
0
1
7		 -1
3.
6
%
/
N
L
i
f
o
w
o
n-
e		 4,
7
5
3		 4,
0
8
2		 b
-1
4.
1
%
/
L
i
f
o
e
w		 5,
3
1
8		 4,
6
1
9		 -1
3.
1
%
C
b
i
d
R
i
t
c
o
m
n
e
a
o		 9
3.
8
%		 9
2
%
7.		 3.
4 p
+
.p
F
Y
1
4		 1
H
1
5		 %
∆
d
S
l
I
o
v
e
n
c
y		 1.
6
9
x		 1.
6
9
x		 0.
0
x
T
l
i
t
t
o
a
e
q
u
y		 8,
4
4
0		 8,
1
0
6		 -4
0
%
S
h
h
l
d
'
i
t
a
r
e
o
e
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aProfit for the period / no. of total shares to date

Pro-forma variation excluding the effect of the portfolio sale to Allianz: -6.2% at UnipolSai and -5.9% at UGF

Net of reinsurance (expense ratio calculated on earnedpremiums)

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 Article154-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

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