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Unipolsai — Earnings Release 2020
Mar 18, 2021
4413_10-k_2021-03-18_776ebbf1-1b93-4d29-97f0-2e8e226d3bb7.pdf
Earnings Release
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| Informazione Regolamentata n. 0230-18-2021 |
Data/Ora Ricezione 18 Marzo 2021 22:59:26 |
MTA | ||||
|---|---|---|---|---|---|---|
| Societa' | : | UNIPOLSAI | ||||
| Identificativo Informazione Regolamentata |
: | 143785 | ||||
| Nome utilizzatore | : | UNIPOLSAIN08 - Nerdi | ||||
| Tipologia | : | 1.1; REGEM; 3.1 | ||||
| Data/Ora Ricezione | : | 18 Marzo 2021 22:59:26 | ||||
| Data/Ora Inizio Diffusione presunta |
: | 18 Marzo 2021 22:59:27 | ||||
| Oggetto | : | Statements for 2020 approved | Press release UnipolSai – Draft Financial Statements and Consolidated Financial |
|||
| Testo del comunicato |
Vedi allegato.
UNIPOLSAI: DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS FOR 2020 APPROVED
- UnipolSai reinforces its commitment to sustainability:
- o €52.9bn of investments subject to environmental and social monitoring comply with sustainability criteria
- o A 58% increase in investments that support the 2030 Agenda (+19% in investments tackling climate change)
- o €30m was contributed to the community including €20m to help tackle the Coronavirus emergency
- o 7.7 million Italians (13% of the population) covered by Unipol health and life insurance
- o €2.5bn in premium income from products with environmental and social value
- o Reputation leader in the insurance and banking sector on the basis of the 2020 Italy RepTrak® ranking for the fourth year running.
Key figures in 2020:
- Consolidated net profit of €853m (+18.3% compared to 2019)
- Proposed dividend €0.19 per share
- Combined Ratio1 87.0% (94.2% in 2019)
- Consolidated solvency ratio of 281%2 (252% in 2019)
- In the year of the Covid-19 pandemic, the Group backed important initiatives to support the community, customers, agents and employees
Bologna, 18 March 2021
The board of directors of UnipolSai Assicurazioni S.p.A., which met today under the chairmanship of Carlo Cimbri, approved the 2020 consolidated results.
Contribution to sustainable development
Due to increasing demand by the public for support in social and health matters and pensions, in confirmation of its role as a key player in the process of integrating public and private insurance cover, in 2020 the UnipolSai Group covered 7.7 million people (13% of Italian citizens) with its health and life insurance.
For years, it has taken a systematic approach to steer the investment of its financial assets towards the criteria of sustainability and responsibility. At the end of 2020, the assets subject to sustainability monitoring amounted to €52.9bn (86.3% of the total assets under management). The percentage of assets found to be sustainable after monitoring amounted to 98.0% (equal to €51.9bn).
With regard to the portfolio emissions performance, there was a significant reduction of total emissions in 2020 (-19%) at the Unipol Group level, led by a reduction in the corporate portfolio emissions (-57%) following the exclusion of companies linked to coal mining and electricity generation from thermal coal, while the figure for government issuers is essentially stable.
1 Net of reinsurance.
2 Calculated using the economic capital method which is the measure of absorbed capital established on the basis of the principles and models applied in the partial internal model and having operational value.
Investments that support the 2030 Agenda grew by a total of 58% in 2020, amounting to €609.4m in thematic and impact investments. The investments for tackling climate change grew by 19%. The €600m target for investments in support of the 2030 Agenda as set out by the Strategic Plan for the end of 2021 was therefore achieved and exceeded.
In 2020, the UnipolSai Group collected €2,478m in premiums that can be linked to solutions that integrate economic growth with social-environmental values since they respond to social needs to improve the life of people or have a positive environmental impact. The percentage amounted to 25.9%, slightly up on the 2019 figure of 25.5%. 95% of these premiums relate to the non-life business representing almost 30% of direct income. On the other hand, in the life interest, there was significant interest in the hybrid insurance investment product Investimento MixSostenibile (with premium income of about €46m as at 31 December 2020).
On a comparable basis with 2019, the monitoring of the Unipol Group's environmental performance recorded an overall reduction in CO2 emissions of 23.2% in 2020, taking it to an equivalent value of 37,829 t CO2 (equivalent value of 48,648 t CO2 in 2019), equal to 3.2 t CO2 per employee (3.9 t CO2 in 2019).
For UnipolSai, the commitment to support and work with the territories and communities where it operates means contributing towards the development and realisation of socially useful projects, supporting scientific research, cultural projects, protecting the artistic heritage and the environment and supporting sports and entertainment. It contributed approximately €9m to the community in 2020.
Covid-19 emergency initiatives
In a year marked by the outbreak of the Covid-19 emergency, UnipolSai supported significant projects in favour of the community, customers, the agency distribution network and employees.
The Group donated over €20m to the community during the year to help tackle the Coronavirus emergency. In the areas most affected in Italy, UnipolSai, in close cooperation with the authorities and the civil protection authority, allocated said resources to increase the number of beds in hospitals, especially in intensive care and semi-intensive care units,
and purchase the necessary healthcare equipment to help stop the epidemic from spreading.
With regard to its customers, UnipolSai established a Coronavirus medical consultation service available 24/7 for its policyholders through the UniSalute Medical Centre. UnipolSai launched #UniSalutePerTe healthcare coverage to address the possible consequences of Covid-19 and offered at no additional cost to all its customers. UnipolSai also created the #AndràTuttoBene healthcare protection product especially for companies to protect their employees; it also launched the #UnMesePerTe campaign to reimburse 10 million MV liability customers for an amount equal to a month's car insurance by using vouchers when renewing their policies.
With regard to the agency distribution network, significant financial support measures were introduced along with support to ensure safe working conditions. Mechanisms were also developed to communicate with customers using digital means, especially for the payment systems and electronic signatures on contracts.
Starting from March last year, Working From Home mechanisms were introduced to safeguard the health of all the Group employees using technology implemented in just a few weeks to enable over 9,300 people to work on a more flexible basis. These mechanisms are still in use.
Reputation and awareness
For the fourth year running, the Unipol Group confirmed its first-place position for reputation in the insurance and banking businesses with a score of 73.0 (67.6 in 2019) on the basis of the 2020 Italy RepTrak® ranking; it was drawn up by the RepTrak Company which considers about 400 companies operating in Italy to measure reputation levels. Thanks to the Sempre un passo avanti (always one step ahead) advertising campaign, UnipolSai became top of mind, making it the brand with the highest level of spontaneous recognition associated with innovation and strength, i.e., the first company that comes to mind when people have to choose insurance cover.
Economic-financial results
In 2020, UnipolSai made a consolidated net profit of €853m, significantly up (+18.3%) on the 2019 figure (€721m), which result did not include the one-off charges related to agreements made with trade union organisations for the solidarity fund and other forms of voluntary redundancy (amounting to €66m after taxes).
Direct insurance income, including reinsurance ceded, stood at €12,210m, down by 12.9% from the figure at 31 December 2019 (€14,014m). 2020 was strongly affected by the consequences of the healthcare emergency caused by the Covid-19 pandemic which influenced both commercial activities and claims.
The emergency did not stop the Strategic Plan activities from continuing, especially with regard to the increased drive towards digitalisation in the range of products and services offered to customers and the focus on integrated multi-channel distribution mechanisms.
In the Non-Life Business, direct income in 2020 amounted to €7,882m, with a 3.5% reduction on the figure of €8,167m recorded in 2019.
As at 31 December 2020, the UnipolSai Group recorded a combined ratio1of 87.0% (85.4% direct business), an improvement on the figure of 94.2% recorded in 2019 (93.7% direct business). The loss ratio1 stood at 58.8% (66.3% as at 31 December 2019). The expense ratio1 amounted to 28.2% (27.9% the previous year).
In the life business, the UnipolSai Group reported direct income of €4,328m in 2020, down 26.0% (€5,847m in 2019) due to both the effects of the healthcare emergency and more
especially the commercial policies employed during the period aimed at reducing risk, and compared to 2019 when there was a high volume of production, also following the acquisition of high-value contracts in the pension fund division.
The UnipolSai Group is one of the main operators in Italy in terms of value of assets under management in the real estate sector (€3.9bn at 31 December 2020), with long experience in the promotion and coordination of urban redevelopment projects and in the ordinary and extraordinary management of the real estate portfolios in order to achieve continued and sustainable targets that add value.
The restructuring and redevelopment of the property assets continued through 2020. More specifically, in Milan, work continued on the new multi-storey building for office use in Piazza Gae Aulenti (Porta Nuova Garibaldi area) that will be given a LEED Platinum certificate due to the energy and water savings it incorporates and the ecological quality of the interiors. The "INOLTRE. Sharing the City" project was also started in Milan, a participatory listening and joint planning itinerary involving big names and ordinary members of the public to enhance the value of the decentralised areas.
Balance Sheet
As at 31 December 2020, the consolidated shareholders' equity amounted to €8,144m (€7,153m as at 31 December 2019), of which €7,881m attributable to the Group.
The individual solvency ratio amounted to 318%3 of the capital requirement (284% as at 31 December 2019), taking account of the proposed dividend payment.
The consolidated solvency ratio based on the economic capital, amounted to 281%2 of the capital requirement (252% as at 31 December 2019), net of the dividends.
Accounting profit and dividends
UnipolSai Assicurazioni approved the individual draft financial statements for 2020 that record an accounting profit of €814m. 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 €0.19 per share for 2020 in accordance with the articles of association.
3 Figure calculated on the basis of the partial internal model to be considered as preliminary since the Supervisory Authority will be notified of the definitive results in accordance with the legally imposed deadlines.
Calling the Shareholders' Meeting
The board of directors decided to call an ordinary session of the company shareholders' meeting for 28 April 2021, in a single call at 10.30 a.m. (the "Shareholders' Meeting").
Due to the emergency caused by the Covid-19 epidemic and in order to ensure maximum protection of the health of the shareholders, the company representatives, employees and consultants of the Company, as permitted under article 3, paragraph 6 of Law Decree 183 of 31 December 2020, converted with amendments into Law 21 of 26 February 2021, eligible parties may attend the Shareholders' Meeting, without going to where it is to be held, exclusively by proxy given to the designated representative pursuant to article 135-undecies of Legislative Decree 58 of 24 February 1998, using the mechanisms - similar to those used last year - that will be specified in the notice calling the meeting.
If the Shareholders' Meeting approves the dividend, it will be payable from 26 May 2021, with the ex-dividend date from 24 May 2021 and record date of 25 May 2021.
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, in accordance with the legally required deadlines, at the registered office, on the authorised storage mechanism eMarket Storage () and on the Company website www.unipolsai.com (Governance / Shareholders' Meetings section).
***
The integrated consolidated financial statements for 2020 will be made available to the public by tomorrow at the registered office of the company, on the authorised storage mechanism eMarket Storage (), and on the Company website www.unipolsai.com (Governance / Shareholders' Meetings/ 2021/ Ordinary and extraordinary Shareholders' Meeting of 28 April 2021 section), not presently including the report by the auditing firm that will be published subsequently in accordance with the law as indicated in the notice calling the meeting.
In order to provide complete disclosure of the results for the 2020 financial year, the consolidated financial position, consolidated income statement, statement of comprehensive income, summary of the consolidated income statement by business segment and the balance sheet by business segment, and the balance sheet and income statement of UnipolSai Assicurazioni S.p.A. are attached.
***
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 herein 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 NET OF 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 the Non-Life Business, in particular in the MV and Health businesses. 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 (2020 figures). The company has the largest agency network in Italy, with about 2,400 insurance agencies spread across the country. UnipolSai is also active in direct MV insurance (Linear Assicurazioni), transport and aviation insurance (Siat), health insurance (UniSalute), supplementary pensions and also covers the bancassurance channel (Arca Vita, Arca Assicurazioni and Incontra). It also manages significant diversified assets in the real estate, hotel (Gruppo UNA), medical-healthcare and agricultural (Tenute del Cerro) sectors. UnipolSai Assicurazioni is a subsidiary of Unipol Gruppo S.p.A. and is also listed on the Italian Stock Exchange.
Consolidated Statement of Financial Position – Assets
| 31/12/2020 | 31/12/2019 | ||
|---|---|---|---|
| 1 | INTANGIBLE ASSETS | 920.7 | 893.0 |
| 1.1 | Goodwill | 513.7 | 507.9 |
| 1.2 | Other intangible assets | 407.0 | 385.2 |
| 2 | PROPERTY, PLANT AND EQUIPMENT | 2,279.8 | 2,411.5 |
| 2.1 | Property | 1,447.5 | 1,561.1 |
| 2.2 | Other items of property, plant and equipment | 832.2 | 850.4 |
| 3 | TECHNICAL PROVISIONS - REINSURERS' SHARE | 835.3 | 989.6 |
| 4 | INVESTMENTS | 66,640.4 | 64,060.7 |
| 4.1 | Investment property | 2,261.5 | 2,063.2 |
| 4.2 | Investments in subsidiaries and associates and interests in joint ventures | 162.9 | 169.2 |
| 4.3 | Held-to-maturity investments | 420.8 | 454.6 |
| 4.4 | Loans and receivables | 5,256.4 | 4,766.7 |
| 4.5 | Available-for-sale financial assets | 51,102.3 | 48,854.5 |
| 4.6 | Financial assets at fair value through profit or loss | 7,436.5 | 7,752.5 |
| 5 | SUNDRY RECEIVABLES | 3,209.7 | 3,152.7 |
| 5.1 | Receivables relating to direct insurance business | 1,482.4 | 1,456.2 |
| 5.2 | Receivables relating to reinsurance business | 166.9 | 260.8 |
| 5.3 | Other receivables | 1,560.3 | 1,435.8 |
| 6 | OTHER ASSETS | 858.1 | 924.3 |
| 6.1 | Non-current assets held for sale or disposal groups | 203.4 | 189.2 |
| 6.2 | Deferred acquisition costs | 99.2 | 101.2 |
| 6.3 | Deferred tax assets | 2.6 | 127.3 |
| 6.4 | Current tax assets | 8.6 | 3.5 |
| 6.5 | Other assets | 544.3 | 503.0 |
| 7 | CASH AND CASH EQUIVALENTS | 680.6 | 747.1 |
| TOTAL ASSETS | 75,424.5 | 73,178.9 |
Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities
| 31/12/2020 | 31/12/2019 | ||
|---|---|---|---|
| 1 | EQUITY | 8,144.0 | 7,152.9 |
| 1.1 | attributable to the owners of the Parent | 7,880.8 | 6,877.6 |
| 1.1.1 | Share capital | 2,031.5 | 2,031.5 |
| 1.1.2 | Other equity instruments | 496.2 | 0.0 |
| 1.1.3 | Equity-related reserves | 346.8 | 346.8 |
| 1.1.4 | Income-related and other reserves | 2,889.2 | 2,718.1 |
| 1.1.5 | (Treasury shares) | -1.3 | -2.0 |
| 1.1.6 | Translation reserve | 4.0 | 5.1 |
| 1.1.7 | Gains or losses on available-for-sale financial assets | 1,295.1 | 1,141.6 |
| 1.1.8 | Other gains or losses recognised directly in equity | -0.8 | 8.8 |
| 1.1.9 | Profit (loss) for the year attributable to the owners of the Parent | 820.0 | 627.8 |
| 1.2 | attributable to non-controlling interests | 263.3 | 275.3 |
| 1.2.1 | Share capital and reserves attributable to non-controlling interests | 209.5 | 232.7 |
| 1.2.2 | Gains or losses recognised directly in equity | 20.6 | 15.5 |
| 1.2.3 | Profit (loss) for the year attributable to non-controlling interests | 33.1 | 27.1 |
| 2 | PROVISIONS | 437.8 | 442.3 |
| 3 | TECHNICAL PROVISIONS | 57,707.0 | 57,567.3 |
| 4 | FINANCIAL LIABILITIES | 7,055.3 | 6,000.4 |
| 4.1 | Financial liabilities at fair value through profit or loss | 4,379.3 | 2,914.4 |
| 4.2 | Other financial liabilities | 2,676.0 | 3,086.1 |
| 5 | PAYABLES | 1,026.0 | 1,080.4 |
| 5.1 | Payables arising from direct insurance business | 162.8 | 164.7 |
| 5.2 | Payables arising from reinsurance business | 77.0 | 96.6 |
| 5.3 | Other payables | 786.2 | 819.1 |
| 6 | OTHER LIABILITIES | 1,054.5 | 935.6 |
| 6.1 | Liabilities associated with disposal groups held for sale | 3.2 | 3.3 |
| 6.2 | Deferred tax liabilities | 136.3 | 78.0 |
| 6.3 | Current tax liabilities | 38.5 | 48.4 |
| 6.4 | Other liabilities | 876.5 | 805.9 |
| TOTAL EQUITY AND LIABILITIES | 75,424.5 | 73,178.9 |
Consolidated Income Statement
| 31/12/2020 | 31/12/2019 | ||
|---|---|---|---|
| 1.1 | Net premiums | 11,349.2 | 13,262.5 |
| 1.1.1 | Gross premiums | 11,810.4 | 13,715.8 |
| 1.1.2 | Ceded premiums | -461.2 | -453.3 |
| 1.2 | Fee and commission income | 34.4 | 34.0 |
| 1.3 | Gains and losses on financial instruments at fair value through profit or loss | -187.0 | -106.3 |
| 1.4 | Gains on investments in subsidiaries and associates and interests in joint ventures | 15.7 | 10.2 |
| 1.5 | Gains on other financial instruments and investment property | 2,228.3 | 2,296.8 |
| 1.5.1 | Interest income | 1,348.5 | 1,467.5 |
| 1.5.2 | Other gains | 180.5 | 213.7 |
| 1.5.3 | Realised gains | 448.6 | 547.3 |
| 1.5.4 | Unrealised gains | 250.8 | 68.2 |
| 1.6 | Other revenue | 818.4 | 803.7 |
| 1 | TOTAL REVENUE AND INCOME | 14,259.0 | 16,300.9 |
| 2.1 | Net charges relating to claims | -8,844.3 | -11,349.9 |
| 2.1.1 | Amounts paid and changes in technical provisions | -9,015.2 | -11,658.4 |
| 2.1.2 | Reinsurers' share | 170.9 | 308.5 |
| 2.2 | Fee and commission expense | -19.7 | -21.0 |
| 2.3 | Losses on investments in subsidiaries and associates and interests in joint ventures | -0.5 | -0.3 |
| 2.4 | Losses on other financial instruments and investment property | -603.6 | -411.4 |
| 2.4.1 | Interest expense | -97.3 | -101.0 |
| 2.4.2 | Other charges | -28.3 | -31.2 |
| 2.4.3 | Realised losses | -415.1 | -109.9 |
| 2.4.4 | Unrealised losses | -62.8 | -169.4 |
| 2.5 | Operating expenses | -2,541.9 | -2,634.9 |
| 2.5.1 | Commissions and other acquisition costs | -1,844.6 | -1,863.9 |
| 2.5.2 | Investment management expenses | -119.9 | -129.7 |
| 2.5.3 | Other administrative expenses | -577.4 | -641.3 |
| 2.6 | Other costs | -1,130.4 | -1,010.1 |
| 2 | TOTAL COSTS AND EXPENSES | -13,140.4 | -15,427.7 |
| PRE-TAX PROFIT (LOSS) FOR THE YEAR | 1,118.6 | 873.2 | |
| 3 | Income tax | -265.5 | -218.3 |
| POST-TAX PROFIT (LOSS) FOR THE YEAR | 853.1 | 654.8 | |
| 4 | PROFIT (LOSS) FROM DISCONTINUED OPERATIONS | 0.0 | 0.0 |
| CONSOLIDATED PROFIT (LOSS) FOR THE YEAR | 853.1 | 654.8 | |
| attributable to the owners of the Parent | 820.0 | 627.8 | |
| attributable to non-controlling interests | 33.1 | 27.1 |
Statement of Comprehensive Income
| 31/12/2020 | 31/12/2019 | |
|---|---|---|
| CONSOLIDATED PROFIT (LOSS) | 853.1 | 654.8 |
| Other income items net of taxes not reclassified to profit or loss | -26.0 | 6.0 |
| Change in the shareholders' equity of the investees | -20.5 | 10.8 |
| 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 | -5.4 | -6.1 |
| Other items | 0.0 | 1.3 |
| Other income items net of taxes reclassified to profit or loss | 174.0 | 1,087.0 |
| Change in the reserve for foreign currency translation differences | -1.1 | 0.2 |
| Gains or losses on available-for-sale financial assets | 158.8 | 1,076.9 |
| Gains or losses on cash flow hedges | 4.2 | 9.9 |
| Gains or losses on hedges of a net investment in foreign operations | 0.0 | 0.0 |
| Change in the shareholders' equity of the investees | 12.1 | 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) | 148.1 | 1,092.9 |
| TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) | 1,001.2 | 1,747.8 |
| of which attributable to the owners of the Parent | 962.9 | 1,705.4 |
| of which attributable to non-controlling interests | 38.2 | 42.4 |
Condensed Consolidated Income Statement by Business Segment
Accounting records, amounts in €m
| NO N-L IFE BU SIN ES S |
LIF E BU SIN ES S |
INS UR AN CE BU SIN ES S |
OT HE R B US INE SS ES |
REA E BU L E ST AT SIN ES S ( *) |
INT ER SE GM ENT ELI MIN AT ION |
CO NS OL IDA TE D TO TA L |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| dec -20 |
dec -19 |
.% var |
dec -20 |
dec -19 |
.% var |
dec -20 |
dec -19 |
.% var |
dec -20 |
dec -19 |
.% var |
dec -20 |
dec -19 |
.% var |
dec -20 |
dec -19 |
dec -20 |
dec -19 |
.% var |
|
| Ne ium t pr em s |
7, 605 |
7, 822 |
-2.8 | 3, 744 |
5, 440 |
-31 .2 |
11, 349 |
13, 262 |
-14 .4 |
0 | 0 | 0 | 0 | 0 | 0 | 11, 349 |
13, 262 |
-14 .4 |
||
| Ne t fe and iss ion es co mm s |
-2 | 2 - |
-8. 1 |
17 | 16 | 9.4 | 15 | 13 | 12. 3 |
0 | 0 | 0 | 0 | 0 | 0 | 15 | 13 | 12. 6 |
||
| Fin ial inc e/e ** anc om xpe nse |
29 1 |
448 | -35 .0 |
1, 080 |
1, 200 |
-10 .0 |
1, 37 1 |
1, 648 |
-16 .8 |
5 | 3 | 45. 6 |
5 | 33 - |
n.s | -10 | 12 - |
1, 37 1 |
1, 606 |
-14 .6 |
| Ne t in tere st |
255 | 312 | 1, 003 |
1, 065 |
1, 25 8 |
1, 37 7 |
1 | -1 | 2 - |
5 - |
0 | 0 | 1, 25 7 |
1, 372 |
||||||
| Oth er i d e nco me an xpe nse s |
65 | 74 | 101 | 96 | 166 | 170 | 5 | 6 | 26 | 14 | 10 - |
12 - |
187 | 178 | ||||||
| Re alis ed ins d lo ga an sse s |
38 | 64 | 50 - |
69 | 12 - |
132 | 0 | 0 | 6 | 0 | 0 | 0 | -6 | 133 | ||||||
| Un lise d g ain nd los rea s a ses |
-67 | 2 - |
27 | 30 - |
40 - |
32 - |
1 - |
2 - |
25 - |
43 - |
0 | 0 | -67 | 76 - |
||||||
| Ne t ch rela ting cla ims to arg es |
-4, 324 |
5, 070 - |
-14 .7 |
-4, 438 |
6, 097 - |
-27 .2 |
-8, 763 |
11, 167 - |
-21 .5 |
0 | 0 | 0 | 0 | 0 | 0 | -8, 763 |
11, 167 - |
-21 .5 |
||
| Op ting era ex pen ses |
-2, 202 |
2, 254 - |
-2.3 | -23 2 |
244 - |
-4.9 | -2, 435 |
2, 498 - |
-2.6 | -87 | 125 - |
-30 .1 |
-31 | 22 - |
40. 6 |
11 | 10 | 2, 542 - |
2, 635 - |
-3.5 |
| Co iss ion nd oth isit ion sts mm s a er a cqu co |
-1, 744 |
1, 75 1 - |
-0.4 | -10 1 |
113 - |
-11 .0 |
-1, 845 |
1, 864 - |
-1. 1 |
0 | 0 | 0 | 0 | 0 | 1 | -1, 845 |
1, 864 - |
-1.0 | ||
| Oth er e xpe nse s |
-45 8 |
503 - |
-8.9 | -13 2 |
131 - |
0.3 | -59 0 |
634 - |
-7.0 | -87 | 125 - |
-30 .1 |
-31 | 22 - |
40. 6 |
11 | 10 | 69 7 - |
77 1 - |
-9.6 |
| Oth er i / e nco me xpe nse |
-26 2 |
246 - |
-6.3 | -98 | 87 - |
-12 .8 |
-36 0 |
333 - |
-8.0 | 57 | 118 | -51 .7 |
-9 | 7 | n.s | -1 | 2 | 312 - |
206 - |
-51 .1 |
| Pre rof it ( los s) -ta x p |
1, 105 |
698 | 58. 4 |
73 | 228 | -67 .9 |
1, 179 |
926 | 27 .3 |
-25 | 3 - |
n.s | -35 | 49 - |
29 .4 |
0 | 0 | 1, 119 |
873 | 28 .1 |
| Inc e ta om x |
-27 9 |
164 - |
70. 1 |
4 | 59 - |
-10 6.2 |
-27 5 |
223 - |
23 .4 |
8 | 0 | n.s | 2 | 5 | -66 .9 |
0 | 0 | -26 5 |
218 - |
21 .6 |
| Pro fit ( los s) o n d isc inu ed rati ont ope ons |
||||||||||||||||||||
| Co lida ted ofit ( los s) for th eri od nso pr e p |
826 | 534 | 54. 8 |
77 | 169 | -54 .5 |
903 | 702 | 28 .6 |
-17 | 4 - |
n.s | -33 | 44 - |
25 .2 |
0 | 0 | 853 | 655 | 30. 3 |
| Pro fit ( los s) a ttrib ble the f th uta to ow ner s o e Pa t ren |
820 | 628 | ||||||||||||||||||
| Pro fit ( los s) a ttrib ble llin uta to ntro non -co g inte ts res |
33 | 27 |
(*) Real Estate business only includes real estate companies controlled by the Group.
(**) 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
Amounts in €m
| 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 20 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
31/ 12/2 020 |
31/ 12/2 019 |
||
| 1 | ANG AS SET S INT IBLE |
635 .0 |
596 .0 |
271 .5 |
284 .4 |
14. 3 |
12. 6 |
0.0 | 0.0 | 0.0 | 0.0 | 920 .7 |
893 .0 |
| 2 | PR OPE RTY , PL ANT AN D EQ UIPM ENT |
1,46 9.4 |
1,5 28.6 |
73. 3 |
74. 5 |
164 .2 |
198 .3 |
572 .9 |
610 .2 |
0.0 | 0.0 | 2,2 79.8 |
2,4 11.5 |
| 3 | TEC HNIC AL P ROV ISIO NS - REI NSU RER S' S HAR E |
808 .3 |
950 .0 |
27.1 | 39. 7 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 835 .3 |
989 .6 |
| 4 | INV EST MEN TS |
15,4 61.0 |
15, 597 .0 |
49, 290 .7 |
47, 499 .9 |
295 .0 |
284 .7 |
1,7 94.2 |
789 .1 |
-20 0.5 |
-11 0.0 |
66, 640 .4 |
64, 060 .7 |
| 4.1 | Inve stm ent erty prop |
495 .7 |
1,2 56.6 |
4.3 | 6.5 | 30. 8 |
33. 4 |
1,7 30.8 |
766 .6 |
0.0 | 0.0 | 2,2 61.5 |
2,06 3.2 |
| 4.2 | Inve in s ubs idia ries iate d in stm ents tere sts , as soc s an |
in jo int v res88 .1 entu |
96. 4 |
28. 1 |
27. 3 |
45. 9 |
45. 5 |
0.9 | 0.0 | 0.0 | 0.0 | 162 .9 |
169 .2 |
| 4.3 | He ld-to turit y inv estm ents -ma |
50.8 | 83. 0 |
370 .0 |
371 .6 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 420 .8 |
454 .6 |
| 4.4 | Loa nd r ivab les ns a ece |
2,70 3.4 |
2,0 29.7 |
2,5 36.0 |
2,6 72.0 |
188 .8 |
175 .0 |
28. 7 |
0.0 | -20 0.5 |
-110 .0 |
5,2 56.4 |
4,7 66.7 |
| 4.5 | Ava ilab le-fo le fi cial ets r-sa nan ass |
11, 963 .2 |
11, 952 .6 |
39, 075 .9 |
36, 848 .8 |
29. 4 |
30. 6 |
33. 9 |
22. 5 |
0.0 | 0.0 | 51, 102 .3 |
48, 854 .5 |
| 4.6 | Fin ial a t fai r val hrou gh p rofit or l ts a ue t anc sse oss |
159 .9 |
178 .8 |
7,2 76.4 |
7,5 73.6 |
0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 7,4 36.5 |
7,7 52.5 |
| 5 | SU CEIV ES NDR Y RE ABL |
2,50 6.1 |
2,4 28.5 |
674 .8 |
695 .4 |
83. 5 |
82. 0 |
20. 6 |
8.4 | -75 .4 |
-61 .6 |
3,2 09.7 |
3,1 52.7 |
| 6 | OT AS SET S HER |
773 .5 |
810 .3 |
88. 9 |
88. 5 |
17. 7 |
19. 4 |
138 .6 |
124 .9 |
-16 0.5 |
-11 8.8 |
858 .1 |
924 .3 |
| 6.1 | ferre De d ac quis ition ts cos |
38.8 | 42. 1 |
60. 3 |
59. 1 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 99. 2 |
101 .2 |
| 6.2 | Oth ts er a sse |
734 .6 |
768 .2 |
28. 6 |
29. 3 |
17. 7 |
19. 4 |
138 .6 |
124 .9 |
-16 0.5 |
-11 8.8 |
758 .9 |
823 .0 |
| 7 | CA SH AND CA SH EQU IVA LEN TS |
334 .5 |
285 .7 |
267 .8 |
354 .3 |
52. 0 |
78. 5 |
26. 3 |
28. 6 |
0.0 | 0.0 | 680 .6 |
747 .1 |
| TOT AL A SSE TS |
21,9 87.7 |
22, 196 .1 |
50, 694 .0 |
49, 036 .6 |
626 .7 |
675 .5 |
2,5 52.5 |
1,5 61.2 |
-43 6.4 |
-29 0.4 |
75, 424 .5 |
73, 178 .9 |
|
| 1 | SH ARE HOL DER S' E QUI TY |
8,14 4.0 |
7,1 52.9 |
||||||||||
| 2 | PR OVI SIO NS |
403 .2 |
403 .4 |
14. 6 |
20. 1 |
15. 1 |
14. 3 |
4.8 | 4.5 | 0.0 | 0.0 | 437 .8 |
442 .3 |
| 3 | TEC HNIC AL P ROV ISIO NS |
14,3 87.8 |
15, 067 .2 |
43, 319 .2 |
42, 500 .2 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 57, 707 .0 |
57, 567 .3 |
| 4 | FIN ANC IAL LIAB ILIT IES |
1,94 6.9 |
2,1 33.5 |
5,0 82.4 |
3,7 18.9 |
18. 9 |
25. 8 |
207 .4 |
231 .9 |
-20 0.4 |
-10 9.6 |
7,0 55.3 |
6,0 00.4 |
| 4.1 | Fin ial l iabi lities at f air v alue thro ugh fit o r los anc pro s |
129 .1 |
65. 6 |
4,2 50.2 |
2,8 48.8 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4,37 9.3 |
2,9 14.4 |
| 4.2 | Oth er fi cial liab ilitie nan s |
1,81 7.8 |
2,0 67.9 |
832 .2 |
870 .1 |
18. 9 |
25. 8 |
207 .4 |
231 .9 |
-20 0.4 |
-10 9.6 |
2,6 76.0 |
3,0 86.1 |
| 5 | PA YAB LES |
874 .4 |
880 .6 |
117 .4 |
168 .9 |
65. 4 |
61. 7 |
41. 5 |
35. 0 |
-72 .7 |
-65 .8 |
1,0 26.0 |
1,0 80.4 |
| 6 | OT HER LIA BILI TIES |
772 .8 |
733 .7 |
415 .8 |
282 .9 |
14. 9 |
19. 2 |
14. 3 |
14. 8 |
-16 3.3 |
-11 5.0 |
1,0 54.5 |
935 .6 |
| TOT AL L IAB ILIT IES AND SH ARE HOL DER S' E QUI TY |
75,4 24.5 |
73, 178 .9 |
(*) the Real Estate Business only includes real estate companies controlled by UnipolSai
Reclassified balance sheet asset – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| ASSETS | 2020 | 2019 |
|---|---|---|
| Subscribed capital, unpaid | 0 | 0 |
| Intangible assets | ||
| Acquisition costs being amortised | 76.646 | 77.509 |
| Start-up costs, goodw ill and other long-term costs | 655.036 | 678.355 |
| Total intangible assets | 731.682 | 755.863 |
| Investments and cash and cash equivalents | ||
| I Land and buildings |
1,240,605 | 2,010,116 |
| II Investments in group companies and other investees | ||
| Shares and holdings | 3,530,048 | 3,499,451 |
| Bonds | 9.419 | 10.603 |
| Loans | 773.220 | 924.576 |
| III Other financial investments |
||
| Shares and holdings | 568.641 | 627.725 |
| Mutual investment fund units | 4,688,527 | 3,421,579 |
| Bonds | 32,267,148 | 32,177,333 |
| Loans | 20.877 | 22.174 |
| Mutual investment units | 0 | 0 |
| Sundry financial investments | 44,977 | 45,889 |
| IV Deposits w ith ceding companies |
147.658 | 10.334 |
| V Cash and cash equivalents |
436.631 | 393.270 |
| Total investments and cash and cash equivalents | 43,727,750 | 43,143,050 |
| Investments benefiting life business policyholders that bear | ||
| the risk arising from pension fund management | ||
| Linked to investment funds and market indices | 808.158 | 679.163 |
| Arising from pension fund management | 4,277,583 | 4,946,603 |
| Total | 5,085,742 | 5,625,766 |
| Receivables | ||
| I Arising from direct insurance and reassurance business |
||
| Policyholders for premiums | 602.823 | 648.523 |
| Intermediaries | 959.591 | 875.247 |
| Insurance and reinsurance companies | 78.864 | 155.192 |
| Policyholders and third parties for amounts to be collected | 130.010 | 125.686 |
| II Other receivables |
1,264,572 | 1,096,424 |
| Total receivables | 3,035,860 | 2,901,071 |
| Other assets | ||
| Tangible assets and inventories | 64.859 | 70.444 |
| Other assets | 1,611,805 | 1,617,191 |
| Total other assets | 1,676,664 | 1,687,635 |
| TOTAL ASSETS | 54,257,697 | 54,113,386 |
Reclassified balance sheet equity and liabilities – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2020 | 2019 |
|---|---|---|
| Shareholders' equity | ||
| Share capital | 2,031,456 | 2,031,456 |
| Equity reserves and unallocated profit | 3,605,867 | 3,326,964 |
| Retained profit (loss) | 0 | 0 |
| Profit (loss) for the year | 814.307 | 701.237 |
| Negative reserve for treasury shares | (734) | (1.847) |
| Total shareholders' equity | 6,450,896 | 6,057,810 |
| Subordinated liabilities | 2,551,689 | 2,131,689 |
| Technical provisions, net of the quotas ceded and retroceded | ||
| Non-Life premium provision | 2,948,015 | 2,786,424 |
| Non-Life claims provision | 9,291,019 | 9,928,620 |
| Other Non-Life business provisions | 89.874 | 86.616 |
| Life business mathematical provisions | 25,015,877 | 24,520,715 |
| Life business provision for amounts payable | 496.906 | 336.983 |
| Other Life business provisions | 103.916 | 104.735 |
| Total technical provisions | 37,945,609 | 37,764,094 |
| Net technical provisions w hen investment risk is borne by | ||
| policyholders and provisions arising from pension fund management | ||
| Contracts linked to investment funds and market indices | 808.158 | 679.163 |
| Arising from pension fund management | 4,277,583 | 4,946,603 |
| Total | 5,085,742 | 5,625,766 |
| Provisions for risks and charges | ||
| Post-employment benefits and similar obligations | 1.597 | 2.032 |
| Provisions for taxes | 69.030 | 95.843 |
| Other provisions | 390.008 | 390.665 |
| Total provisions for risks and charges | 460.636 | 488.540 |
| Payables and other liabilities | ||
| Arising from direct insurance and reinsurance business | ||
| Intermediaries | 24.599 | 44.808 |
| Insurance and reinsurance company current accounts | 62.439 | 61.144 |
| Insurance and reinsurance company deposit accounts | 127.337 | 145.201 |
| Sundry payables | 23.624 | 20.329 |
| II Sundry loans and other financial payables |
14.704 | 213.038 |
| III Post-employment benefits |
42.116 | 50.974 |
| IV Other payables |
||
| Policyholders' tax due | 151.488 | 155.930 |
| Sundry tax payables | 47.993 | 47.320 |
| Sundry payables | 304.781 | 373.571 |
| V Other liabilities |
964.045 | 933.172 |
| Total payables and other liabilities | 1,763,126 | 2,045,487 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 54,257,697 | 54,113,386 |
Reclassified income statement – UnipolSai Assicurazioni S.p.A.
Amounts in €k
| 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| TECHNICAL ACCOUNT | Life | Non-Life | Total | Life | Non-Life | Total | ||
| Direct business gross of reinsurance | ||||||||
| (+) Written premiums | 3,098,638 | 6,771,718 | 9,870,356 | 4,079,816 | 6,989,978 | 11,069,794 | ||
| (-) Change in technical provisions and premium provision | (31,143) | 114,617 | 83,474 | 910,602 | 121,391 | 1,031,993 | ||
| (-) Charges relating to claims | 3,731,485 | 3,661,847 | 7,393,332 | 3,910,773 | 4,441,626 | 8,352,398 | ||
| (+) Balance of other technical items | (16,167) | (124,183) | (140,350) | (10,679) | (105,748) | (116,427) | ||
| (-) Operating expenses | 144,438 | 1,991,442 | 2,135,880 | 155,906 | 1,993,589 | 2,149,495 | ||
| (+) Net income from investments (1) | 753,884 | 156,260 | 910,144 | 1,177,455 | 200,520 | 1,377,975 | ||
| Direct business gross result | (8,426) | 1,035,889 | 1,027,463 | 269,312 | 528,144 | 797,457 | ||
| Outwards reinsurance result | (1,512) | (103,136) | (104,648) | (4,407) | 17,039 | 12,633 | ||
| Indirect business net result | 12 | 3,342 | 3,354 | (48) | (1,581) | (1,630) | ||
| Technical account result | (9,926) | 936,095 | 926,169 | 264,857 | 543,602 | 808,460 | ||
| NON-TECHNICAL ACCOUNT | ||||||||
| (+) Income from investments (2) | 83,814 | 66,963 | 150,777 | 118,158 | 76,373 | 194,530 | ||
| (+) Other income | 5,440 | 125,869 | 131,309 | 18,633 | 150,547 | 169,180 | ||
| (-) Other charges | 68,998 | 303,528 | 372,526 | 68,199 | 313,313 | 381,512 | ||
| Profit (loss) from ordinary operations | 10,330 | 825,399 | 835,729 | 333,449 | 457,209 | 790,658 | ||
| (+) Extraordinary income | 168,470 | 186,612 | 355,082 | 6,513 | 277,513 | 284,026 | ||
| (-) Extraordinary expenses | 52,597 | 39,662 | 92,258 | 13,050 | 113,729 | 126,780 | ||
| Pre-tax profit (loss) | 126,203 | 972,349 | 1,098,552 | 326,911 | 620,992 | 947,904 | ||
| (-) Taxes | 19,189 | 265,057 | 284,246 | 84,160 | 162,506 | 246,666 | ||
| NET PROFIT (LOSS) | 107,014 | 707,293 | 814,307 | 242,751 | 458,486 | 701,237 |
(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.
| Numero di Pagine: 19 |
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