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Unipolsai — Earnings Release 2018
Mar 15, 2019
4413_10-k_2019-03-15_1c83b89f-9a25-4883-b02d-75a9ae61db79.pdf
Earnings Release
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| Informazione Regolamentata n. 0230-10-2019 |
Data/Ora Ricezione 15 Marzo 2019 07:10:35 |
MTA | |
|---|---|---|---|
| Societa' | : | UNIPOLSAI | |
| Identificativo Informazione Regolamentata |
: | 115145 | |
| Nome utilizzatore | : | UNIPOLSAIN07 - Giay | |
| Tipologia | : | 2.4; 1.1 | |
| Data/Ora Ricezione | : | 15 Marzo 2019 07:10:35 | |
| Data/Ora Inizio Diffusione presunta |
: | 15 Marzo 2019 07:10:36 | |
| Oggetto | : | approved | UnipolSai: draft financial statements and consolidated financial statements for 2018 |
| Testo del comunicato |
Vedi allegato.
UNIPOLSAI: DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS FOR 2018 APPROVED
- The preliminary results reported on 8 February last are confirmed.
- Consolidated net profit of €948m (€537m in 2017)
- Combined ratio after reinsurance 94.3% (97.2% in 2017)
- Consolidated solvency ratio based on economic capital of 202%1
- Proposed dividend of €0.145 per share (dividend yield 6.8%2 )
- Shareholders' Meeting scheduled for 17 April 2019
- Launch of the share repurchase programme for the compensation plans
Bologna, 15 March 2019
The Board of Directors of UnipolSai Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the consolidated financial statements and draft financial statements of UnipolSai Assicurazioni, confirming the preliminary results reported on 8 February last.
1 Economic capital is the measure of absorbed capital calculated on the basis of the principles and models applied in the partial internal model and having operational value.
2 Price at date of Board of Directors meeting of 7 February 2019.
The main results of UnipolSai for 2018
- Consolidated net profit of €948m, including the capital gain of €309m generated from the sale of the shareholding in Popolare Vita S.p.A. and the capital loss of €50m from the decision to sell the shareholding in Unipol Banca to BPER Banca. UnipolSai had a consolidated profit of €537m in 2017 which included the financial effects of the banking business restructuring plan. Without considering the effects of the above‐mentioned non‐ recurring components for the two periods in question and re‐calculating the consolidated results on a comparable basis, consolidated net profit for 2018 stood at €703m compared to €690m in 2017.
- Direct insurance income, including reinsurance ceded, at €11,718m (+5.9% compared to €11,068m recorded in 2017).
Non‐Life business: €7,892m (+7.3% compared to 2017)
Life business: €4,292m on a comparable basis3 (+15.4% compared to 2017 on a comparable basis3 )
- Combined ratio of 94.3% (94.2% on a comparable basis3 ), an improvement on the figure of 97.2% of 2017 (96.4% on a comparable basis3 ).
- The combined direct ratio was 94.6% (94.4% on a comparable basis3 ) compared to 95.9% in 2017 (95.1% on a comparable basis3 ).
- Return on financial investments portfolio of 3.9%
- Total equity of €5,697m (€6,194m at 31 December 2017), of which €5,448m attributable to the UnipolSai Group
- Consolidated solvency ratio based on economic capital of 202%4 (210% at 31 December 2017)
- Individual solvency ratio of 253%5 (263% at 31 December 2017)
3 For the entire duration of both periods under comparison, the figures provided on a comparable basis were calculated on the basis of the consolidation scope as at 31 December 2018. With respect to the corresponding final figures, the amounts contributed by Popolare Vita and The Lawrence Life were therefore not included, and, where they had not already been included for the entire duration of the periods being compared, the amounts relating to the companies UniSalute, Linear and Ambra Property, acquired by UnipolSai in the second half of 2017, and the Arca Group, acquired by UnipolSai in the third quarter of 2018 were included.
4 Economic capital is the measure of absorbed capital calculated on the basis of the principles and models applied in the partial internal model and having operational value.
5 Figure calculated in accordance with the partial internal model, to be considered as preliminary since the Supervisory Authority will be notified of the definitive results pursuant to the timescales provided under prevailing law.
Accounting profit and dividends
UnipolSai Assicurazioni S.p.A. ended 2018 with an accounting profit of €412.8m. On the basis of this result, the Board of Directors also decided to submit the proposal to the Shareholders' Meeting to distribute a dividend of €0.145 per ordinary share for 2018 in accordance with the articles of association and in line with 2017.
If the Shareholders' Meeting scheduled for 17 April 2019 approves the dividend, it will be payable from 22 May 2019, with the ex‐dividend date from 20 May 2019, and a record date of 21 May 2019. The full text of the proposed resolutions and reports by the Board of Directors relating to the items on the agenda and all related documentation will be available, as provided by law, at the registered office and on the Company website (Governance/Shareholders' Meetings section) and on the website of the Italian Stock Exchange www.borsaitaliana.it..
****
Launch of the treasury share purchase programmes for the compensation plans based on financial instruments approved by UnipolSai and certain subsidiaries
In accordance with article 144‐bis of CONSOB Issuers' Regulation, article 5 of Regulation (EU) no. 596/2014 and article 2 of Delegated Regulation (EU) 2016/1052, starting from today's date, the purchase programmes (individually the "Programme" and together the "Programmes") for treasury shares (the "Shares") of UnipolSai S.p.A. ("UnipolSai") will commence, by UnipolSai and the following directly controlled companies: Alfaevolution Technology S.p.A., Gruppo Una S.p.A., Leithà S.r.l., SIAT S.p.A., UnipolSai Servizi Consortili S.c.r.l. and UniSalute S.p.A. (the "Subsidiaries").
The purchases will be for a maximum number of 1,344,000 Shares (amounting to about 0,047% of the share capital of UnipolSai), as set out in more detail below, to be used to implement the compensation plans based on performance share type financial instruments, approved by the respective Shareholders' Meetings of the Shareholders of UnipolSai and the Subsidiaries for the years 2016‐2018, with the first tranche of Shares to be allotted to the Managers of UnipolSai and the Subsidiaries on 30 April next.
UnipolSai
The UnipolSai Programme ‐ applicable to the authorisation for the purchase of treasury shares issued in accordance with article 2357 and 2357‐ter of the Civil Code and other applicable provisions of the law and regulations, by the Shareholders' Meeting of 23 April 2018, for a maximum period of 18 months and a maximum expenditure limit of €100m ‐ is to purchase a maximum number of 1,200,000 Shares.
Subsidiaries
The Subsidiaries' Programmes ‐ applicable to the Share purchase authorisations of the parent company, issued as from 30 May 2018, in accordance with article 2359‐bis of the Civil Code and other applicable provisions of the law and regulations, by the respective Shareholders' Meetings, for a maximum period of 18 months and a total maximum expenditure of €995,100 ‐ are to purchase a maximum number of 144,000 Shares.
All the purchases will be made through one or more transactions on the regulated market, in accordance with the procedures established for those types of transactions in the market organisation and management regulations, for a maximum unit price calculated by taking the official closing share price of the stock in the trading session prior to each individual transaction, with a mark‐up of no higher than 15%.
The Share purchase transactions implementing the Programmes will also be carried out in accordance with the provisions of articles 132 of the Consolidated Law on Finance, 144‐bis, first paragraph, letter b) of the CONSOB Issuers' Regulation, and in accordance with the terms set out under articles 5 of Regulation (EU) 596/2014 and 3 of Delegated Regulation (EU) 2016/1052.
As of today's date, UnipolSai holds a total of 50,052,345 in ordinary treasury shares (equal to about 0.733% of the share capital), of which 48,252,345 indirectly through the subsidiaries Arca Vita S.p.A. (10,000), Pronto Assistance S.p.A. (344,312), UnipolSai Finance S.p.A. (38,454,775) and UnipolSai Nederland B.V. (9,443,258).
****
In order to provide more complete disclosure of the 2018 result, please find attached hereto the Consolidated Balance Sheet, the Consolidated Income Statement, the Statement of Comprehensive Income, the summary of the Consolidated Income Statement by Business Segment and the Balance Sheet by Business Segment, and the reclassified Balance Sheet and Income Statement of UnipolSai Assicurazioni S.p.A.
Finally, by today's date, the Integrated Consolidated Financial Statements for 2018 will be made available to the public at the registered office of the company on the authorised storage mechanism eMarket Storage (), and on the Company's website www.unipolsai.com (Governance/Shareholders' Meetings/2019/Ordinary and extraordinary shareholders' meeting of 17 April 2019 section), not including the reports by the auditing firm and the Board of Statutory Auditors, that will be published subsequently in accordance with the law as indicated in the notice calling the meeting.
PRESS RELEASE
Maurizio Castellina, Manager in charge of financial reporting of UnipolSai Assicurazioni S.p.A., declares, pursuant to Article 154‐bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information contained in the press release corresponds to the corporate documentation, ledgers and accounting records.
Glossary
DIRECT BUSINESS COMBINED RATIO: indicator that measures the balance of Non-Life direct technical management, represented by the sum of the loss ratio (ratio between direct claims for the period + other technical charges and direct premiums earned) and the expense ratio (ratio between operating expenses and direct premiums recognised). COMBINED RATIO AFTER REINSURANCE: indicator that measures the balance of Non-Life total technical management, represented by the sum of the loss ratio (ratio between claims for the period + other technical charges and premiums earned) and the expense ratio (ratio between operating expenses and premiums earned).
UnipolSai Assicurazioni S.p.A.
UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, Italian leader in Non‐Life Business, in particular in vehicle liability insurance. Also active in Life Business, UnipolSai has a portfolio of over 10 million customers and holds a leading position in the national ranking of insurance groups with a direct income amounting to approximately €12.2bn, of which €7.9bn in Non‐Life Business and €4.3bn in Life Business (2018 figures). The company has the largest agency network in Italy, with more than 2,800 insurance agencies and about 6,000 sub‐agencies spread across the country. UnipolSai Assicurazioni is a subsidiary of Unipol Gruppo S.p.A. and, like the latter, is listed on the Italian Stock Exchange, being one of the most highly capitalized securities.
Unipol Gruppo
Media Relations Fernando Vacarini T. +39 051 5077705 [email protected] Investor Relations Adriano Donati T. +39 051 5077933 [email protected]
Barabino & Partners
Massimiliano Parboni T. +39 335 8304078 [email protected] Giovanni Vantaggi T. +39 328 8317379 [email protected]
Follow us on Unipol Gruppo @UnipolGroup_PR http://changes.unipol.it www.unipol.it
Consolidated Balance Sheet – Assets
| 31/12/2018 | 31/12/2017 | ||
|---|---|---|---|
| 1 | INTANGIBLE ASSETS | 835.4 | 691.3 |
| 1.1 | Goodwill | 464.6 | 327.8 |
| 1.2 | Other intangible assets | 370.8 | 363.5 |
| 2 | PROPERTY, PLANT AND EQUIPMENT | 1,813.6 | 1,719.3 |
| 2.1 | Property | 1,564.1 | 1,482.9 |
| 2.2 | Other items of property, plant and equipment | 249.5 | 236.4 |
| 3 | TECHNICAL PROVISIONS - REINSURERS' SHARE | 982.0 | 846.0 |
| 4 | INVESTMENTS | 57,128.6 | 49,084.8 |
| 4.1 | Investment property | 2,071.1 | 2,271.4 |
| 4.2 | Investments in subsidiaries and associates and interests in joint ventures | 341.0 | 803.8 |
| 4.3 | Held-to-maturity investments | 459.6 | 539.6 |
| 4.4 | Loans and receivables | 4,313.1 | 4,489.1 |
| 4.5 | Available-for-sale financial assets | 43,446.0 | 36,042.7 |
| 4.6 | Financial assets at fair value through profit or loss | 6,497.7 | 4,938.2 |
| 5 | SUNDRY RECEIVABLES | 2,869.1 | 2,662.8 |
| 5.1 | Receivables relating to direct insurance business | 1,365.5 | 1,421.6 |
| 5.2 | Receivables relating to reinsurance business | 137.3 | 100.6 |
| 5.3 | Other receivables | 1,366.4 | 1,140.6 |
| 6 | OTHER ASSETS | 1,540.3 | 11,342.7 |
| 6.1 | Non-current assets held for sale or disposal groups | 536.7 | 10,569.1 |
| 6.2 | Deferred acquisition costs | 98.1 | 85.0 |
| 6.3 | Deferred tax assets | 465.4 | 217.1 |
| 6.4 | Current tax assets | 22.9 | 9.4 |
| 6.5 | Other assets | 417.2 | 462.0 |
| 7 | CASH AND CASH EQUIVALENTS | 1,025.1 | 1,403.6 |
| TOTAL ASSETS | 66,194.2 | 67,750.4 |
Consolidated Balance Sheet – Equity and Liabilities
| 31/12/2018 | 31/12/2017 | ||
|---|---|---|---|
| 1 | EQUITY | 5,697.0 | 6,193.7 |
| 1.1 | attributable to the owners of the Parent | 5,447.6 | 5,869.0 |
| 1.1.1 | Share capital | 2,031.5 | 2,031.5 |
| 1.1.2 | Other equity instruments | 0.0 | 0.0 |
| 1.1.3 | Equity-related reserves | 346.8 | 346.8 |
| 1.1.4 | Income-related and other reserves | 2,132.6 | 2,129.5 |
| 1.1.5 | (Treasury shares) | -46.2 | -52.3 |
| 1.1.6 | Translation reserve | 4.9 | 4.8 |
| 1.1.7 | Gains or losses on available-for-sale financial assets | 80.1 | 913.4 |
| 1.1.8 | Other gains or losses recognised directly in equity | -7.2 | -8.9 |
| 1.1.9 | Profit (loss) for the year attributable to the owners of the Parent | 905.1 | 504.2 |
| 1.2 | attributable to non-controlling interests | 249.4 | 324.7 |
| 1.2.1 | Share capital and reserves attributable to non-controlling interests | 206.7 | 265.5 |
| 1.2.2 | Gains or losses recognised directly in equity | 0.2 | 26.7 |
| 1.2.3 | Profit (loss) for the year attributable to non-controlling interests | 42.6 | 32.6 |
| 2 | PROVISIONS | 353.4 | 382.3 |
| 3 | TECHNICAL PROVISIONS | 53,223.3 | 45,757.0 |
| 4 | FINANCIAL LIABILITIES | 5,252.6 | 3,663.0 |
| 4.1 | Financial liabilities at fair value through profit or loss | 2,539.3 | 1,172.3 |
| 4.2 | Other financial liabilities | 2,713.3 | 2,490.7 |
| 5 | PAYABLES | 904.5 | 915.3 |
| 5.1 | Payables arising from direct insurance business | 160.9 | 104.7 |
| 5.2 | Payables arising from reinsurance business | 86.8 | 93.6 |
| 5.3 | Other payables | 656.7 | 717.0 |
| 6 | OTHER LIABILITIES | 763.4 | 10,839.1 |
| 6.1 | Liabilities associated with disposal groups held for sale | 3.2 | 10,016.5 |
| 6.2 | Deferred tax liabilities | 8.9 | 25.1 |
| 6.3 | Current tax liabilities | 21.8 | 24.1 |
| 6.4 | Other liabilities | 729.4 | 773.4 |
| TOTAL EQUITY AND LIABILITIES | 66,194.2 | 67,750.4 |
Consolidated Income Statement
| 31/12/2018 | 31/12/2017 | ||
|---|---|---|---|
| 1.1 | Net premiums | 11,005.4 | 10,402.2 |
| 1.1.1 | Gross premiums | 11,412.2 | 10,833.4 |
| 1.1.2 | Ceded premiums | -406.9 | -431.2 |
| 1.2 | Fee and commission income | 30.0 | 35.2 |
| 1.3 | Gains and losses on financial instruments at fair value through profit or loss | -157.5 | 134.3 |
| 1.4 | Gains on investments in subsidiaries and associates and interests in joint ventures | 322.4 | 8.6 |
| 1.5 | Gains on other financial instruments and investment property | 2,033.2 | 2,103.6 |
| 1.5.1 | Interest income | 1,441.4 | 1,483.1 |
| 1.5.2 | Other gains | 178.5 | 178.2 |
| 1.5.3 | Realised gains | 412.1 | 442.1 |
| 1.5.4 | Unrealised gains | 1.2 | 0.2 |
| 1.6 | Other revenue | 635.1 | 540.9 |
| 1 | TOTAL REVENUE AND INCOME | 13,868.4 | 13,224.8 |
| 2.1 | Net charges relating to claims | -8,980.1 | -8,836.0 |
| 2.1.1 | Amounts paid and changes in technical provisions | -9,288.9 | -9,033.2 |
| 2.1.2 | Reinsurers' share | 308.8 | 197.2 |
| 2.2 | Fee and commission expense | -16.6 | -17.7 |
| 2.3 | Losses on investments in subsidiaries and associates and interests in joint ventures | -0.9 | -114.5 |
| 2.4 | Losses on other financial instruments and investment property | -380.2 | -412.4 |
| 2.4.1 | Interest expense | -96.0 | -83.8 |
| 2.4.2 | Other charges | -30.7 | -35.9 |
| 2.4.3 | Realised losses | -136.0 | -136.9 |
| 2.4.4 | Unrealised losses | -117.5 | -155.8 |
| 2.5 | Operating expenses | -2,428.4 | -2,331.0 |
| 2.5.1 | Commissions and other acquisition costs | -1,780.3 | -1,708.4 |
| 2.5.2 | Investment management expenses | -117.4 | -124.8 |
| 2.5.3 | Other administrative expenses | -530.8 | -497.8 |
| 2.6 | Other costs | -858.8 | -752.9 |
| 2 | TOTAL COSTS AND EXPENSES | -12,665.1 | -12,464.6 |
| PRE-TAX PROFIT (LOSS) FOR THE YEAR | 1,203.4 | 760.2 | |
| 3 | Income tax | -255.8 | -223.4 |
| POST-TAX PROFIT (LOSS) FOR THE YEAR | 947.6 | 536.8 | |
| 4 | PROFIT (LOSS) FROM DISCONTINUED OPERATIONS | 0.0 | 0.0 |
| CONSOLIDATED PROFIT (LOSS) FOR THE YEAR | 947.6 | 536.8 | |
| attributable to the owners of the Parent | 905.1 | 504.2 | |
| attributable to non-controlling interests | 42.6 | 32.6 |
Statement of Comprehensive Income
| 31/12/2018 | 31/12/2017 | |
|---|---|---|
| CONSOLIDATED PROFIT (LOSS) | 947.6 | 536.8 |
| Other income items net of taxes not reclassified to profit or loss | -8.7 | 6.4 |
| Change in the shareholders' equity of the investees | -7.9 | 7.7 |
| Change in the revaluation reserve for intangible assets | 0.0 | 0.0 |
| Change in the revaluation reserve for property, plant and equipment | 0.0 | 0.0 |
| Gains and losses on non-current assets or disposal groups held for sale | 0.0 | 0.0 |
| Actuarial gains and losses and adjustments relating to defined benefit plans | -0.7 | -1.2 |
| Other items | 0.0 | 0.0 |
| Other income items net of taxes reclassified to profit or loss | -849.3 | 159.1 |
| Change in the reserve for foreign currency translation differences | 0.1 | 1.7 |
| Gains or losses on available-for-sale financial assets | -859.5 | 157.2 |
| Gains or losses on cash flow hedges | 10.1 | 0.2 |
| Gains or losses on hedges of a net investment in foreign operations | 0.0 | 0.0 |
| Change in the shareholders' equity of the investees | 0.0 | 0.0 |
| Gains and losses on non-current assets or disposal groups held for sale | 0.0 | 0.0 |
| Other items | 0.0 | 0.0 |
| TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE) | -858.0 | 165.5 |
| TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) | 89.7 | 702.3 |
| of which attributable to the owners of the Parent | 73.6 | 674.4 |
| of which attributable to non-controlling interests | 16.0 | 27.9 |
Condensed Consolidated Income Statement by Business Segment
Amounts in €m
| NO N-L IFE BU SIN ES S |
LIF E BU SIN ES S |
INS CE UR AN BU SIN ES S |
OT HE R SIN ES SE S BU |
RE AL ES TA TE SIN ES S * BU |
Inte ent rse gm Elim ina tio n |
CO NS OL IDA TE D TO TA L |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| de c-1 8 |
de c-1 7 |
.% var |
dec -18 |
dec -17 |
.% var |
dec -18 |
de c-1 7 |
.% var |
de c-1 8 |
dec -17 |
.% var |
dec -18 |
dec -17 |
.% var |
de c-1 8 |
de c-1 7 |
dec -18 |
dec -17 |
.% var |
|
| Ne ium t pr em s |
543 7, |
6, 956 |
8.4 | 3, 462 |
3, 44 6 |
0.5 | 11, 00 5 |
10, 402 |
5.8 | 0 | 0 | 0 | 0 | 0 | 0 | 11, 00 5 |
10, 40 2 |
5.8 | ||
| Ne t fe d c mis sio es an om ns |
-1 | 0 | n.s | 14 | 18 | -19 .0 |
14 | 18 | -22 .7 |
0 | 0 | 0 | 0 | 0 | 0 | 13 | 17 | -23 .3 |
||
| e/e Fin cia l in ** an com xpe nse |
43 9 |
45 0 |
-2.5 | 1, 535 |
1, 128 |
36 .1 |
1, 97 5 |
1, 57 8 |
25 .1 |
-1 | 0 | n.s | -40 | 2 - |
n.s | -10 | 8 - |
1, 924 |
1, 56 8 |
22 .7 |
| Ne t in tere st |
352 | 368 | 1, 010 |
1, 042 |
1, 362 |
1, 41 0 |
-1 | -1 | 6 - |
6 - |
0 | -1 | 1, 354 |
1, 40 3 |
||||||
| Oth er i d e nco me an xpe nse s |
63 | 29 - |
57 | 36 | 119 | 7 | 0 | 0 | 15 | 15 | 10 - |
8 - |
125 | 14 | ||||||
| Re alis ed ins d lo ga an sse s |
111 | 175 | 474 | 116 | 58 6 |
29 1 |
0 | 1 | 1 | 0 | 0 | 0 | 58 6 |
29 2 |
||||||
| Un lise d g ain nd los rea s a ses |
-87 | 64 - |
6 - |
66 - |
92 - |
130 - |
0 | 0 | 50 - |
11 - |
0 | 0 | -14 2 |
14 1 - |
||||||
| Ne t ch rela ting to cla ims arg es |
4, 947 - |
4, 666 - |
6.0 | -4, 140 |
4, 01 8 - |
3.0 | -9, 08 7 |
8, 684 - |
4.6 | 0 | 0 | 0 | 0 | 0 | 0 | -9, 08 7 |
8, 68 4 - |
4.6 | ||
| Op ting era ex pe nse s |
2, 129 - |
2, 027 - |
5.1 | -22 1 |
23 4 - |
-5.6 | -2, 35 0 |
2, 26 1 - |
4.0 | -67 | 59 - |
14. 7 |
-22 | 26 - |
-13 .6 |
11 | 14 | 2, 42 8 - |
2, 33 1 - |
4.2 |
| Co iss ion nd oth isit ion sts mm s a er a cqu co |
-1, 678 |
1, 59 7 - |
5.1 | -10 3 |
112 - |
-8.0 | -1, 780 |
1, 708 - |
4.2 | 0 | 0 | 0 | 0 | 0 | 0 | -1, 780 |
1, 708 - |
4.2 | ||
| Oth er e xp ens es |
-45 2 |
43 0 - |
5.1 | -11 8 |
122 - |
-3.4 | -57 0 |
552 - |
3.2 | -67 | 59 - |
14. 7 |
-22 | 26 - |
-13 .6 |
11 | 14 | 648 - |
623 - |
4.1 |
| Oth e / inc er om exp ens e |
-23 0 |
212 - |
-8.4 | -57 | 54 - |
-6.5 | -28 7 |
26 6 - |
-8.0 | 64 | 55 | 15. 4 |
1 | 4 | n.s | -1 | 5 - |
22 4 - |
212 - |
-5.5 |
| Pre rof it ( los s) -ta x p |
676 | 50 1 |
34 .8 |
593 | 28 6 |
107 .5 |
1, 26 9 |
787 | 61. 2 |
-4 | 3 - |
-50 .2 |
-61 | 24 - |
n.s | 0 | 0 | 1, 203 |
76 0 |
58 .3 |
| Inc e ta om x |
-18 8 |
144 - |
30 .3 |
-79 | 83 - |
-5. 1 |
-26 7 |
22 8 - |
17. 3 |
1 | 2 | -43 .6 |
10 | 2 | n.s | 0 | 0 | -25 6 |
22 3 - |
14. 5 |
| Pro fit ( los s) dis tinu ed tion on con op era s |
||||||||||||||||||||
| Co lida ofit ( s) for eri ted los th od nso pr e p |
487 | 357 | 36 .6 |
514 | 20 3 |
n.s | 1, 00 2 |
55 9 |
79. 1 |
-3 | 1 - |
n.s | -51 | 22 - |
-13 5.4 |
0 | 0 | 948 | 53 7 |
76. 5 |
| fit ( s) a Pro los ttrib uta ble to the f th e P ow ne rs o |
nt are |
905 | 50 4 |
|||||||||||||||||
| Pro fit ( los s) a ttrib ble trol ling in uta to no n-c on |
tere sts |
43 | 33 |
(*) the Real Estate Business only includes real estate companies controlled by UnipolSai
(**) Excluding assets/liabilities at fair value related to contracts issued by insurance companies with investment risk borne by customers and arising from pension fund management
Balance Sheet by Business Segment
| Non -Life bus ines s |
Life bus |
ines s |
Oth er b usin ess es |
Rea l Es (*) tate |
Inte t eli min atio rseg men ns |
Tot | al | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31/1 2/20 18 |
31/ 12/2 017 |
31/ 12/2 018 |
31/ 12/2 017 |
31/ 12/2 018 |
31/ 12/2 017 |
31/ 12/2 018 |
31/ 12/2 017 |
31/ 12/2 018 |
31/ 12/2 017 |
31/ 12/2 018 |
31/ 12/2 017 |
||
| 1 | AS SET S INT ANG IBLE |
523 .7 |
457 .6 |
298 .7 |
222 .1 |
12. 8 |
11. 5 |
0.1 | 0.2 | 0.0 | 0.0 | 835 .4 |
691 .3 |
| 2 | D EQ PR OPE RTY , PL ANT AN UIPM ENT |
921 .9 |
868 .2 |
76. 0 |
33. 4 |
213 .7 |
205 .9 |
601 .9 |
611 .8 |
0.0 | 0.0 | 1,8 13.6 |
1,7 19.3 |
| 3 | TEC HNIC ISIO NS - NSU S' S AL P ROV REI RER HAR E |
932 .9 |
796 .0 |
49.1 | 49. 9 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 982 .0 |
846 .0 |
| 4 | INV EST MEN TS |
25.4 14,7 |
15, 474 .2 |
41, 849 .6 |
33, 093 .3 |
34. 1 |
34. 3 |
600 .4 |
563 .9 |
-80 .8 |
-80 .9 |
57, 128 .6 |
49, 084 .8 |
| 4.1 | Inve stm ent erty prop |
1,44 0.6 |
1,6 72.6 |
4.2 | 3.8 | 33. 0 |
33. 1 |
593 .4 |
561 .9 |
0.0 | 0.0 | 2,0 71.1 |
2,27 1.4 |
| 4.2 | Inve in s ubs idia ries iate d in stm ents tere , as soc s an |
in jo int v 237 .2 sts entu res |
543 .3 |
103 .0 |
259 .7 |
0.8 | 0.8 | 0.0 | 0.0 | 0.0 | 0.0 | 341 .0 |
803 .8 |
| 4.3 | He ld-to turit y inv estm ents -ma |
57.2 | 53. 5 |
402 .5 |
486 .1 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 459 .6 |
539 .6 |
| 4.4 | Loa nd r ivab les ns a ece |
1,90 8.2 |
1,8 20.2 |
2,4 78.8 |
2,7 47.5 |
0.0 | 0.3 | 7.0 | 2.0 | -80 .8 |
-80 .9 |
4,3 13.1 |
4,4 89.1 |
| 4.5 | Ava ilab le-fo le fin ial a ts r-sa anc sse |
10, 967 .8 |
11, 244 .4 |
32, 477 .9 |
24, 798 .3 |
0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 43, 446 .0 |
36, 042 .7 |
| 4.6 | Fin ial a t fai r val hrou gh p rofit or l ts a ue t anc sse oss |
114 .5 |
140 .2 |
6,3 83.3 |
4,7 97.9 |
0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 6,4 97.7 |
4,9 38.2 |
| 5 | SU CEIV ES NDR Y RE ABL |
2,25 1.4 |
2,1 53.0 |
576 .1 |
455 .0 |
90. 3 |
88. 0 |
18. 1 |
15. 9 |
-67 .0 |
-49 .1 |
2,8 69.1 |
2,6 62.8 |
| 6 | AS SET S OT HER |
1,14 0.8 |
834 .8 |
287 .5 |
10, 555 .4 |
4.7 | 14. 5 |
121 .8 |
42. 4 |
-14 .4 |
-10 4.5 |
1,5 40.3 |
11, 342 .7 |
| 6.1 | Def d ac quis ition ts erre cos |
42.6 | 30. 5 |
55. 5 |
54. 6 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 98. 1 |
85. 0 |
| 6.2 | Oth ts er a sse |
1,09 8.2 |
804 .3 |
232 .0 |
10, 500 .9 |
4.7 | 14. 5 |
121 .8 |
42. 4 |
-14 .4 |
-10 4.5 |
1,4 42.3 |
11, 257 .6 |
| 7 | CA SH A ND C ASH TS EQ UIVA LEN |
335 .5 |
379 .3 |
528 .6 |
846 .0 |
53. 9 |
71. 4 |
107 .1 |
106 .9 |
0.0 | 0.0 | 1,0 25.1 |
1,4 03.6 |
| SSE TS TOT AL A |
20,8 31.6 |
20, 963 .0 |
43, 665 .7 |
45, 255 .2 |
409 .5 |
425 .7 |
1,4 49.5 |
1,3 41.1 |
-16 2.2 |
-23 4.5 |
66, 194 .2 |
67, 750 .4 |
|
| 1 | SHA ERS ' EQ REH OLD UITY |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5,69 7.0 |
6,1 93.7 |
| 2 | SIO NS PR OVI |
322 .7 |
352 .6 |
18. 4 |
16. 7 |
7.4 | 8.0 | 4.8 | 5.0 | 0.0 | 0.0 | 353 .4 |
382 .3 |
| 3 | TEC HNIC AL P ROV ISIO NS |
15,2 11.8 |
15, 219 .6 |
.5 38, 011 |
537 .5 30, |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 53, 223 .3 |
45, 757 .0 |
| 4 | FIN ANC IAL LIAB ILIT IES |
1,58 1.0 |
1,5 10.5 |
3,3 74.2 |
54.7 1,8 |
49. 1 |
51. 0 |
328 .7 |
327 .9 |
.5 -80 |
-81. 0 |
5,2 52.6 |
3,6 63.0 |
| 4.1 | Fin ial l iabi lities at f air v alue thro ugh fit o r los anc pro s |
71. 6 |
42. 4 |
2,4 67.7 |
1,1 29.8 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,5 39.3 |
1,1 72.3 |
| 4.2 | Oth er fi cial liab ilitie nan s |
1,50 9.4 |
1,4 68.1 |
906 .5 |
724 .8 |
49. 1 |
51. 0 |
328 .7 |
327 .9 |
-80 .5 |
-81 .0 |
2,7 13.3 |
2,4 90.7 |
| 5 | ES PAY ABL |
708 .8 |
766 .8 |
169 .2 |
85. 1 |
62. 6 |
68. 7 |
27. 4 |
37. 0 |
-63 .5 |
-42 .3 |
904 .5 |
915 .3 |
| 6 | OT HER LIA BILI TIES |
648 .4 |
699 .9 |
5 96. |
10, 224 .6 |
16. 2 |
12. 9 |
5 20. |
12. 9 |
-18 .2 |
-11 1.2 |
763 .4 |
10, 839 .1 |
| IES SH S' E TOT AL L IAB ILIT AND ARE HOL DER QUI TY |
66,1 94.2 |
67, 750 .4 |
|||||||||||
| (*) th | e Re al Es Busi only incl udes l est anie tate ate c ness rea omp s co |
ntrol led b y Un ipolS ai |
Reclassified balance sheet asset – UnipolSai Assicurazioni S.p.A.
| ASSETS | 2018 | 2017 | |
|---|---|---|---|
| Subscribed capital, unpaid | 0 | 0 | |
| Intangible assets | |||
| Acquisition costs being amortised | 75,430 | 74,995 | |
| Start-up costs, goodwill and other long-term costs | 698,822 | 743,170 | |
| Total intangible assets | 774,252 | 818,164 | |
| Investments and cash and cash equivalents | |||
| I | Land and buildings | 2,166,135 | 2,376,041 |
| II | Investments in group companies and other investees | ||
| Shares and holdings | 3,838,369 | 3,539,979 | |
| Bonds | 10,603 | 10,603 | |
| Loans | 438,395 | 323,651 | |
| III | Other financial investments | ||
| Shares and holdings | 541,928 | 819,844 | |
| Mutual investment fund units | 3,191,157 | 2,716,676 | |
| Bonds | 32,265,543 | 32,109,474 | |
| Loans | 25,281 | 126,405 | |
| Mutual investment units | 0 | 0 | |
| Sundry financial investments | 104,088 | 81,454 | |
| IV | Deposits with ceding companies | 12,325 | 15,100 |
| V | Cash and cash equivalents | 584,850 | 922,340 |
| Total investments and cash and cash equivalents | 43,178,676 | 43,041,567 | |
| Investments benefiting life business policyholders that bear | |||
| the risk arising from pension fund management | |||
| Linked to investment funds and market indices | 562,565 | 438,455 | |
| Arising from pension fund management | 4,020,374 | 3,730,955 | |
| Total | 4,582,939 | 4,169,410 | |
| Receivables | |||
| I | Arising from direct insurance and reassurance business | ||
| Policyholders for premiums | 613,341 | 573,413 | |
| Intermediaries | 850,867 | 880,254 | |
| Insurance and reinsurance companies | 67,963 | 94,324 | |
| Policyholders and third parties for amounts to be collected | 95,430 | 109,593 | |
| II | Other receivables | 1,166,563 | 1,046,313 |
| Total receivables | 2,794,165 | 2,703,898 | |
| Other assets | |||
| Tangible assets and inventories | 72,480 | 83,144 | |
| Other assets | 1,552,845 | 1,674,894 | |
| Total other assets | 1,625,325 | 1,758,038 | |
| TOTAL ASSETS | 52,955,355 | 52,491,077 |
Reclassified balance sheet equity and liabilities – UnipolSai Assicurazioni S.p.A.
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2018 | 2017 | |
|---|---|---|---|
| Shareholders' equity | |||
| Share capital | 2,031,456 | 2,031,456 | |
| Equity reserves and unallocated profit | 3,324,342 | 3,223,466 | |
| Retained profit (loss) | 0 | 0 | |
| Profit (loss) for the year | 412,785 | 577,199 | |
| Negative reserve for treasury shares | (2,731) | (79,292) | |
| Total shareholders' equity | 5,765,853 | 5,752,829 | |
| Subordinated liabilities | 2,211,689 | 2,011,689 | |
| Technical provisions, net of the quotas ceded and retroceded | |||
| Non-Life premium provision | 2,668,279 | 2,576,170 | |
| Non-Life claims provision | 10,429,481 | 11,033,974 | |
| Other Non-Life business provisions | 86,971 | 87,500 | |
| Life business mathematical provisions | 24,677,587 | 24,215,920 | |
| Life business provision for amounts payable | 338,287 | 329,422 | |
| Other Life business provisions | 103,220 | 102,673 | |
| Total technical provisions | 38,303,825 | 38,345,658 | |
| Net technical provisions when investment risk is borne by | |||
| policyholders and provisions arising from pension fund management | |||
| Contracts linked to investment funds and market indices | 562,565 | 438,455 | |
| Arising from pension fund management | 4,020,374 | 3,730,955 | |
| Total | 4,582,939 | 4,169,410 | |
| Provisions for risks and charges | |||
| Post-employment benefits and similar obligations | 2,037 | 2,367 | |
| Provisions for taxes | 96,885 | 88,977 | |
| Other provisions | 304,844 | 370,621 | |
| Total provisions for risks and charges | 403,766 | 461,965 | |
| Payables and other liabilities | |||
| Arising from direct insurance and reinsurance business | |||
| Intermediaries | 41,125 | 50,835 | |
| Insurance and reinsurance company current accounts | 66,690 | 79,033 | |
| Insurance and reinsurance company deposit accounts | 163,800 | 168,962 | |
| Sundry payables | 16,110 | 14,004 | |
| II | Sundry loans and other financial payables | 18,758 | 15,872 |
| III | Post-employment benefits | 52,925 | 53,561 |
| IV | Other payables | ||
| Policyholders' tax due | 151,547 | 152,771 | |
| Sundry tax payables | 26,971 | 30,172 | |
| Sundry payables | 318,729 | 341,739 | |
| V | Other liabilities | 830,629 | 842,576 |
| Total payables and other liabilities | 1,687,284 | 1,749,526 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 52,955,355 | 52,491,077 |
Reclassified income statement – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| 2018 | ||||||
|---|---|---|---|---|---|---|
| TECHNICAL ACCOUNT | Life | Non-Life | Total | Life | Non-Life | Total |
| Direct business gross of reinsurance | ||||||
| (+) Written premiums | 3,129,112 | 6,897,505 10,026,618 | 2,891,818 | 6,901,131 | 9,792,949 | |
| (-) Change in technical provisions and premium provision | 899,786 | 88,504 | 988,290 | (27,872) | 50,860 | 22,988 |
| (-) Charges relating to claims | 2,624,654 | 4,462,131 | 7,086,785 | 3,482,824 | 4,532,511 | 8,015,335 |
| (+) Balance of other technical items | (14,157) | (90,017) | (104,174) | (14,231) | (130,650) | (144,881) |
| (-) Operating expenses | 150,057 | 1,925,805 | 2,075,862 | 150,574 | 1,947,835 | 2,098,410 |
| (+) Net income from investments (1) | 627,166 | 151,499 | 778,665 | 934,491 | 355,756 | 1,290,247 |
| Direct business gross result | 67,623 | 482,547 | 550,171 | 206,551 | 595,031 | 801,582 |
| Outwards reinsurance result | (3,956) | (32,797) | (36,753) | (2,252) | (95,367) | (97,619) |
| Indirect business net result | 69 | 3,145 | 3,214 | (137) | 2,054 | 1,917 |
| Technical account result | 63,736 | 452,896 | 516,631 | 204,162 | 501,718 | 705,880 |
| NON-TECHNICAL ACCOUNT | ||||||
| (+) Income from investments (2) | 87,878 | 55,004 | 142,882 | 100,676 | 123,451 | 224,127 |
| (+) Other income | 28,259 | 132,429 | 160,688 | 17,668 | 159,307 | 176,974 |
| (-) Other charges | 67,946 | 273,731 | 341,677 | 62,056 | 244,168 | 306,224 |
| Profit (loss) from ordinary operations | 111,927 | 366,598 | 478,525 | 260,449 | 540,308 | 800,757 |
| (+) Extraordinary income | 97,514 | 81,251 | 178,765 | 8,702 | 62,588 | 71,290 |
| (-) Extraordinary expenses | 134 | 108,450 | 108,584 | 3,470 | 51,826 | 55,296 |
| Pre-tax profit (loss) | 209,307 | 339,399 | 548,707 | 265,682 | 551,069 | 816,751 |
| (-) Taxes | 24,211 | 111,710 | 135,921 | 66,886 | 172,666 | 239,552 |
| NET PROFIT (LOSS) | 185,096 | 227,689 | 412,785 | 198,795 | 378,404 | 577,199 |
(1) Included for the Life business is the income net of the share transferred to the non-technical account.
Included for the Non-Life business is the income transferred from the non-technical account.
(2)Included for the Life business is the income transferred from the technical account.
Included for the Non-Life business is the income net of the share transferred to the technical account.