Unipol — Investor Presentation 2022

Feb 11, 2022

This document has been prepared by Unipol Gruppo S.p.A. and by UnipolSai Assicurazioni S.p.A. solely for information purposes in the context of the presentation of its FY21 preliminary results.

The FY21 data contained herein are preliminary in nature and refer to the date hereof and, therefore, may be subject to further variations.

Please note that these preliminary data are subject to review by the Independent Auditors that still have to complete the necessary analysis in order to release their report.

The FY21 final results will be approved by the Board of Directors scheduled on 24 March 2022 and will be disclosed to the market according to, and in the terms set forth by, the applicable laws and regulations.

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

The content of this document does not constitute a recommendation in relation to any financial instruments issued by the companies or by other companies of the 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 or by other companies of the Group, nor it may be relied upon for any investment decision by its addressees.

Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group.

2019-2021 Strategic Plan Results

€m

	FY21 actual	2019-2021 actual	2019-2021 target
Consolidated net result	796	2,326 a cumulated	2,000 a cumulated
Dividends	215	617 cumulated	600 cumulated
Solvency 2 ratio (cons. PIM)	216%	153%-216% b	140-160%

UNIPOL UNIPOLSAI

	FY21	2019-2021	2019-2021
	actual	actual	target
Consolidated	723	2,231	2,000
net result		cumulated	cumulated
Dividends	538	1,528 cumulated	1,300 cumulated
Solvency 2 ratio (cons. EC)	286%	200%-290% b	170-200%

5

^aExcluding the positive impact of the first consolidation of BPER (in 2019)

^b Min. and max. quarterly ratios in the three-year plan period

€m

	FY19 a	FY20	FY21
Consolidated pre-tax result	867	1,026	951
Non-Life	725	1,104	821
Life	226	71	213
Holding and other	-84	-149	-83
Consolidated net result	666	864	796
Group net result	515	707	627

UNIPOL UNIPOLSAI

	FY19	FY20	FY21
Consolidated pre-tax result	873	1,119	895
Non-Life	698	1,105	752
Life	228	73	218
Other	-52	-60	-75
Consolidated net result	655	853	723
Group net result	628	820	688

a Excluding the positive impact of the first consolidation of BPER

€m

FY21 Preliminary Consolidated Results

Premiums
7,882	7,943	+0.8%
3,985	3,838	-3.7%
3,896	4,105	+5.3%
FY20	FY21

Premiums by Business Line				Premiums by Company
	€m	%	var%
Mobility	4,164	52	-3.2
Motor	3,838	48	-3.7
Other	326	4	+2.4
Welfare	1,486	19	+5.9
Health	794	10	+10.3
Accident	692	9	+1.4
Property	2,293	29	+5.4
Fire&Other dam. to prop.	1,277	16	+5.6
General TPL	723	9	+2.6
Other	293	4	+11.8
Total	7,943	100	+0.8

	€m	%	var%
UnipolSai	6,721	85	-0.7
UniSalute	519	7	+7.5
Linear	185	2	+0.1
Arca Assicurazioni	190	2	+35.4
Siat	126	2	-2.4
Incontra	109	1	+29.5
DDOR	92	1	+4.3
Total	7,943	100	+0.8

Breakdown by Distribution Channel

	Motor	Non-Motor	Tot. Non-Life
Agents	89%	71%	80%
Brokers/Head Off.	5%	21%	13%
Bancassurance	1%	6%	4%
Direct and other	5%	2%	4%
Total	100%	100%	100%

Motor Non-Motor

Breakdown by Market Segment
-----------------------------	--	--	--

	Total	Mobility	Welfare	Property
Retail & SMEs	82%	47%	11%	24%
Corporate	18%	6%	8%	4%
Total	100%

Operating figures

Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges (incl. OTI) /earned premiums after reinsurance Combined ratio direct business: operating expenses/written premiums direct business (before reinsurance) + claims charges (incl. OTI) /earned premiums direct business (before reinsurance) Operating figures

€m

Direct business, operating figures

€m

Key Figures

Motor TPL	var. vs FY20
Portfolio average premium	-2.8%
N. of claims reported a	+11.6%
Frequency	+0.5 p.p.
Bodily injuries/Tot. followed-up claims	-0.3 p.p.

Motor and General TPL	FY21
savings on settled claims b %
Motor TPL	49.6%
General TPL	69.1%

^aFollowed-up managed claims

^b Savings on settled claims of previous years / amount provisioned Operating figures

Motor TPL Combined Ratio Direct Business

Motor TPL Run-off Claims Reserves

€m

KPIs

	FY20	FY21
Total revenues	329	368
a Gross operating margin	51	58
EBIT	24	19
Net result	15	15

Registered Vehicles

Target achieved: 1,000 contracts per month managed by agents

^a Net of vehicles' depreciation Operating figures

13

FY21 Preliminary Consolidated Results

€m

Direct Premium Income

Premiums by Company

	€m	%	var%
UnipolSai	2,870	53	-7.4
Arca Vita + AVI	2,423	45	+112.6
Other companies	93	2	+3.9
Total	5,386	100	+24.4

Premiums by Line of Business

	€m	%	var%
Traditional	3,457	64	+26.3
Unit linked	1,119	21	+114.6
Pension funds	585	11	-17.2
Capitalization	224	4	-38.0
Total	5,386	100	+24.4

Premiums by Distribution Channel

	€m	%	var%
Agents	1,666	31	-0.4
Bancassurance	2,498	46	+106.0
Head office	1,001	19	-19.6
Other	221	4	+11.7
Total	5,386	100	+24.4

Operating figures

Life Yields

^aTechnical reserves of segregated funds in the existing portfolio

^b Calculated at cost basis

^c Gross financial margin on annual basis

Operating figures

Technical Reserves by Minimum Guarantee ^a

		FY20		FY21
Min. guar. yield	€bn	%	€bn	%
0%	12.1	36	15.4	44
0%-1%	8.0	24	7.8	22
1%-2%	6.5	19	5.6	16
2%-3%	5.0	15	4.6	13
>3%	2.1	6	2.0	6
Total	33.7	100	35.3	100

15

FY21 Preliminary Consolidated Results

€m

Line of business	NBV	PVNBP	NB Margin on PVNBP
Insurance with profit participation	43	1,966	2.2%
Index/Unit-linked insurance	25	800	3.1%
Other life insurance	20	116	17.4%
Total FY21	88	2,882	3.0%
Total FY20	66	2,143	3.1%
Total FY19	70	2,622	2.7%
Total FY18	45	2,010	2.2%

Operating figures

Total Investments	FY20		FY21
	€bn	%	€bn	%
Total Bonds	54.0	86.8	50.5	82.7
o/w Italian Govies	26.2	42.2	23.9	39.1
o/w Non-Italian Govies	10.0	16.2	8.9	14.6
o/w Corporate	17.7	28.5	17.7	29.0
Cash	1.0	1.6	2.0	3.2
Equity and Funds	1.5	2.5	2.4	3.9
Real Assets, P.E., H.F.	1.2	1.9	1.7	2.8
Real Estate	4.5	7.2	4.5	7.3
Total	62.2	100	61.1	100

Duration (years)	FY20			FY21
	Total	Non-Life	Life	Total	Non-Life	Life
Assets	6.8	3.5	8.4	6.1	3.0	7.5
Liabilities	7.7	2.8	9.6	7.2	2.8	8.9
Mismatch	-0.2	1.4	-0.6	-0.5	1.0	-0.8

Market value – Operating figures

€m

FY20

	Total	Non-Life	Life
Coupons and dividends	1,470	344	1,116
Yield	3.0%	2.8%	3.2%
Realized/unrealized gains/losses	-44	-24	-23
Yield	-0.1%	-0.2%	-0.1%
Total	1,425	320	1,093
Yield	2.9%	2.6%	3.1%

FY21

	Total	Non-Life	Life
Coupons and dividends	1,477	389	1,075
Yield	2.9%	2.9%	3.0%
Realized/unrealized gains/losses	69	31	16
Yield	0.1%	0.2%	0.1%
Total	1,547	420	1,091
Yield	3.1%	3.2%	3.1%

17

Investment yields on a yearly basis Operating figures

RE Investment Portfolio (2,839 €m) Details

^a Extraordinary yields include gains, losses, net write-downs and Covid-19 impacts Operating figures, book value

€m

Bad Loans Stock

	FY20	FY21
Gross loans	3,046	2,689
Net loans	423	357
Coverage ratio	86%	87%

Bad Loans Collection

	FY20	FY21
Collections	116	82	404 €m collections 2018-2021
Bad Loans reduction (GBV)	419	356	1,452 €m GBV reduction 2018-2021
Collections/GBV	28%	23%

Balance Sheet Highlights

	FY20	FY21
Net Financial Position	-27	38	from -268 €m upon the start of the company to +38 €m in FY21
Tax Assets	55	52
Total Equity	440	441 a

2018-2021 Portfolio Development

^aTangible equity 441 €m ^b Acquisition of 1.2 €bn of bad loans from BPER

€m

FY21 Local GAAP Net result (est.)	335
Pay-out ratio	64%

20

538 538 FY18 FY19 FY20 FY21 Total dividends

FY21 Local GAAP Net result (est.)	648
Pay-out ratio	83%

a 2019 dividend was distributed in 2021 according to the indications of the Supervisory Authorities

€bn

UNIPOL (consolidated) Partial Internal Model

UNIPOLSAI (consolidated) Economic Capital

UNIPOLSAI (solo) Partial Internal Model

Figures net of dividend distribution proposal

^aEligible Own Funds in excess of Solvency Capital Requirements

22

FY21 Preliminary Consolidated Results

€m

a Eligible Own Funds in excess of Solvency Capital Requirements

Bancassurance

24

^aIncluding the shares held by Unipol Investment, UnipolPart I and Unipol Finance

Appendix

€m

	FY20	FY21
a Premium income	12,210	13,329
Non-Life	7,882	7,943
Life	4,328	5,386
Ratio b Combined	87.0%	95.0%
Consolid. Net Result reported	864	796
Group Net Result reported	707	627
EPS (€) c	0.99	0.87
Dividends	201	215
DPS (€)	0.28	0.30

	FY20	FY21
Total Equity	9,525	9,722
Shareholders' Equity	7,614	7,780
BVPS (€) c	10.61	10.84
Solvency 2 ratio (cons. PIM)	216%	216%

UNIPOL UNIPOLSAI

FY20	FY21
12,210	13,329
7,882	7,943
4,328	5,386
87.0%	95.0%
853	723
820	688
0.29	0.23
538	538
0.19	0.19

	FY20	FY21
Total Equity	8,144	8,234
Shareholders' Equity	7,881	7,964
BVPS (€) c	2.61	2.64
Solvency 2 ratio (cons. EC)	281%	286%

^aDirect business ^b Net of reinsurance ^c Calculated on the total number of ordinary shares ^d Calculated excluding the RT1 impact

Appendix

€m

As at 31 December 2021

Issuer	Listed a	Nominal amount	Sub./Sen./ Hyb.	Tier	Maturity	Coupon
UnipolSai		160	Hyb.	Tier I	Jul, 2023	Eur6M+1.8% b
UnipolSai		500	Sub.	Tier II	Mar, 2028	3.88%
UnipolSai		750	Hyb.	Tier I	c Perpetual	5.75%
UnipolSai		500	Hyb.	Tier I	d Perpetual	6.38%
Total UnipolSai S.p.A.		1,910				4.83% f
Unipol		1,000	Sen.	--	Mar, 2025	3.00%
Unipol		500	Sen.	--	Nov, 2027	3.50%
Unipol (Green Bond)		1,000	Sen.	--	Sep, 2030	3.25%
Total Unipol S.p.A.		2,500				3.22% f
Total UnipolSai S.p.A. + Unipol S.p.A.e		4,410

26

^aListed on the Luxembourg Stock Exchange

^b Additional spreads 0.715bps on 30 Jun and 31 Dec each year

• c 1 st call date Jun, 2024
• ^d 1 st call date Apr, 2030

^eExcluding intercompany debt

^f Average coupon, calculated on the basis of FY21 average stock

Appendix

€m

As at 31 December 2021

	Assets		Liabilities
a Liquid financial assets	1,353	Financial debt to UnipolSai	300
Loan to UnipolRental	150	Senior debt 2025	1,000
		Senior debt 2027	500
		Senior green bond 2030	1,000
Liquid financial assets	1,503	b Financial liabilities	2,800

	Net balance	-1,297
--	-------------	--------

^aIncluding liquid financial assets of Unipol S.p.A. and its 100% directly controlled subsidiaries

^b Nominal value

As at 31 December 2021

		Notes
UnipolSai shareholding	84.92%	ref. slide 24
UnipolReC shareholding	85.24%	ref. slide 24
UnipolReC tangible book value	441 €m	ref. slide 19
BPER direct shareholding	9.55%	ref. slide 24
Net financial assets/liabilities	-1,297 €m	ref. slide 27
Net operating costs	27 €m	Figure adjusted excl. non recurring costs
DTA	302 €m	Deferred Tax Assets relating to goodwill realignment - local GAAP

Operating figures

Adriano Donati Head of Investor Relations

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

Giancarlo Lana Tel +39 011 654 2088 Eleonora Roncuzzi Tel +39 051 507 7063 Carlo Latini Tel +39 051 507 6333 Giuseppe Giuliani Tel +39 051 507 7218 Silvia Tonioli Tel +39 051 507 2371

13 May 2022 1Q22 Results Reporting