Unipolsai

Investor Presentation • Nov 10, 2023

9M23 Consolidated Results

Bologna – 10 November 2023

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 9M23 results.

Luca Zaccherini, 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.

Numbers in the document may not add up only due to roundings.

Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group and are based on in force IFRS.

1 9M23 Consolidated Results

2

Appendix

RESULTS BY SECTOR

€m	9M22 rep. IFRS4/IAS 39	9M22 norm. IFRS4/IAS 39	9M22 IFRS17/9	9M23 IFRS17/9
Pre-tax result	1,098	823	603	948
Non-Life	864	755	448	615
Life	189	189	103	221
Other	46	-120	52	111
Net result	854	579	495	769
Group net result	699	440	395	615

9M22 normalized figures excluded (i) the badwill accounted by Unipol following the increase of its stake in BPER and (ii) the accounting effect recognized by BPER after the acquisition of 80% of Banca Carige.

€m	9M22 IFRS4/IAS39	9M22 IFRS17/9	9M23 IFRS17/9
Pre-tax result	885	394	771
Non-Life	731	315	527
Life	190	104	224
Other	-37	-26	20
Net result	616	262	586
Group net result	581	230	540

P&L BY SECTOR

€m	Non-Life	Life	Other	Total
Insurance revenue	6,634	386	--	7,019
Insurance costs	-6,533	-208	--	-6,741
Reinsurance result	-9	-6	--	-15
Insurance services result	92	171	--	264
Net financial result a	576	65	157	798
Other revenues/costs	4	10	6	21
Int. exp. on fin. liabilities	-58	-25	-51	-135
Pre-tax result	615	221	111	948
Net result				769

€m	Non-Life	Life	Other	Total
Insurance revenue	6,634	386	--	7,019
Insurance costs	-6,533	-208	--	-6,741
Reinsurance result	-9	-6	--	-15
Insurance services result	92	171	--	264
Net financial result a	487	68	11	565
Other revenues/costs	6	11	14	30
Int. exp. on fin. liabilities	-58	-25	-4	-87
Pre-tax result	527	224	20	771
Net result				586

6

9M23 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION

Motor Non-Motor

	€m	%	var%
Mobility	3,131	52	+1.0
Motor	2,858	47	+1.2
Other	273	4	-1.1
Welfare	1,255	21	+9.2
Health	762	13	+16.6
Accident	494	8	-0.5
Property	1,688	28	+5.3
Fire & other dam. to prop.	935	15	+6.8
General TPL	519	9	+5.5
Other	233	4	-0.9

Breakdown by Market Segment

Breakdown by Ecosystem

	Total	Mobility	Welfare	Property
Retail & SMEs	79%	45%	11%	23%
Corporate	21%	7%	10%	5%
Total	100%

Total 6,074 100 +3.8

Breakdown by Company

	€m	%	var%
UnipolSai	4,821	79	+0.8
UniSalute	562	9	+37.0
Linear	159	3	+9.7
Arca Assicurazioni	199	3	+10.3
Siat	141	2	+7.1
Incontra	105	2	-15.5
DDOR	86	1	+10.1
Total	6,074	100	+3.8

Breakdown by Distribution Channel

	Total	Mobility	Welfare	Property
Agents	76%	44%	10%	22%
Bancassurance	6%	1%	3%	2%
Other	19%	7%	8%	4%
Total	100%

7

9M23 CONSOLIDATED RESULTS > COMBINED RATIO

9M23 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION

€m 9M23 Traditional + Capitaliz. +265

Other +908

Total +1,174

Breakdown by Line of Business

			€m	%
		Traditional	2,812	63
+12.9%		Unit linked	327	7
4,496	Pension funds	1,254	28
	Capitalization	103	2
		Total	4,496	100

Breakdown by Market Segment

	Total	Hybrids	Pure Traditional	Pure Linked	Pension Funds
Individual	62.2%	15.5%	44.7%	1.5%	0.5%
Collective	36.9%	--	9.5%	--	27.4%
Corporate	0.8%	--	0.8%	--	--
Total	100.0%

Breakdown by Distribution Channel

	€m	%	var%
Agents	1,028	23	+0.9
Bancassurance	1,863	41	+27.3
Head office	1,507	34	+8.3
Other	99	2	-9.2
Total	4,496	100	+12.9

Breakdown by Company

	€m	%	var%
UnipolSai	2,618	58	+4.5
Arca Vita + AVI	1,843	41	+28.4
Other companies	35	1	-17.4
Total	4,496	100	+12.9

Net inflows

Technical Reserves by Minimum Guarantee^a

	FY22		9M23
Min. guar. yield	€bn	%	€bn	%
0%	17.1	47	18.7	50
0% - 1%	7.8	22	7.4	20
1% - 2%	5.2	14	5.0	13
2% - 3%	4.3	12	4.2	11
>3%	1.9	5	1.8	5
Total	36.4	100	37.1	100

^aTechnical reserves of segregated funds in the existing portfolio ^b Calculated at cost basis ^c Gross financial yield on a yearly basis Operating figures

€m

Investments by Asset Class

		FY22		9M23
	€bn	%	€bn	%
Total Bonds	41.3	78.7	41.9	78.7
o/w Italian Govies	17.5	33.3	17.2	32.2
o/w Non-Italian Govies	8.8	16.8	9.5	17.8
o/w Corporate	15.0	28.5	15.3	28.7
Cash	1.6	3.1	1.6	3.0
Equity and Funds	2.3	4.4	2.3	4.3
Real Assets, P.E., H.F.	2.4	4.5	2.6	5.0
Real Estate	4.9	9.3	4.9	9.1
Total	52.6	100	53.3	100

Breakdown by Accounting Sector – 9M23

	FVOCI	FVPL NL&Life free cap.	FVPL Life segr. acc.	Amort. cost	Other	Total
Govies	46%	--	--	4%	--	50%
Corporate	23%	1%	3%	2%	--	29%
Cash	--	--	--	--	3%	3%
Equity and Funds	3%	1%	--	--	--	4%
Real Assets, P.E., H.F.	--	2%	3%	--	--	5%
Real Estate	--	--	1%	8%	--	9%
Total	73%	4%	6%	14%	3%	100%

Duration (years)

		FY22			9M23
	Non-Life	Life	Total	Non-Life	Life	Total
Assets	3.0	6.0	5.0	2.3	5.5	4.4
Liabilities	2.3	7.3	5.8	2.2	6.9	5.4
Mismatch	1.3	-0.5	-0.0	0.6	-0.5	-0.3

9M23 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS

€m

		9M22			9M23
	Non-Life	Life	Total		Non-Life	Life	Total
Coupons and dividends	346	851	1,223		388	891	1,324
Yield	3.3%	3.1%	3.1%		3.9%	3.2%	3.4%
Realized/unrealized gains/losses	-563	-280	-879		149	34	189
Yield	-5.4%	-1.0%	-2.3%		1.5%	0.1%	0.5%
Total	-218	572	185		536	925	1,513
Yield	-2.1%	2.1%	0.9%		5.4%	3.3%	3.9%

Investment yields on a yearly basis Operating figures

9M23 CONSOLIDATED RESULTS > REAL ESTATE

					Real Estate Investment Portfolio (2,928 €m) Details
Gross Yield					Breakdown by Cluster
					4% (117)
		9M22		9M23	5% (143) 7%
	€m	Yield	€m	Yield	(213)
Ord. yield	83	3.8%	93	4.3%
Extraord. yield a	-4	-0.2%	2	0.1%

Breakdown by Accounting Sector

Total 79 3.6% 95 4.3%

€m

€bn

Partial Internal Model (consolidated) Economic Capital (consolidated)

^a Eligible Own Funds in excess of Solvency Capital Requirements

Partial Internal Model (solo)

1 9M23 Consolidated Results 2 Appendix

^c Ongoing transfer; contract signed with UniCredit S.p.A.

a

To date

UnipolPay corporate banking and IMEL services (digital wallet and payments technology)

KPIs

€m	9M22	9M23
Revenues	262	390
Costs	-108	-167
Capital gains on assets	23	36
EBITDA	178	264
EBIT	32	59
Net result	24	19

As at 30 September 2023

€m

Issuer	Listed a	Nominal amount	Sub./Sen./ Hyb.	Tier	Maturity	Coupon
UnipolSai	✓	500	Sub.	Tier II	Mar, 2028	3.88%
UnipolSai	✓	750	Hyb.	Tier I	Perpetual b	5.75%
UnipolSai	✓	500	Hyb.	Tier I	Perpetual c	6.38%
Total UnipolSai S.p.A.		1,750				5.39% d
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				3.20% d
Total UnipolSai S.p.A. + Total Unipol S.p.A.		4,250

^aListed on the Luxembourg Stock Exchange ^b 1 st call date Jun, 2024

c 1 st call date Apr, 2030 ^d Average coupon calculated on 9M23 average stock

€m

As at 30 September 2023

	Assets		Liabilities
Liquid financial assets	1,686	Senior debt 2025	1,000
		Senior debt 2027	500
		Senior green bond 2030	1,000
Liquid financial assets a	1,686	Financial liabilities b	2,500

Net balance	-814

a Including liquid financial assets pertaining to Unipol S.p.A. and its 100% direct subsidiaries. Also including 85.24% liquid financial assets pertaining to UnipolReC ^b Nominal value

As at 30 September 2023

		Notes
UnipolSai shareholding	85.21%	ref. slide 17
BPER direct shareholding	10.53%	ref. slide 17
Net financial assets/liabilities	-814 €m	ref. slide 21
9M23 Operating costs a	21 €m	adjusted figure excl. non-recurring costs
DTA	229 €m	Deferred Tax Assets relating to goodwill realignment - local GAAP

On 28th September 2023 Unipol announced the acquisition of a direct stake in BPS. The purchase became effective in October, therefore the BPS shareholding is not included in this slide that is a picture of the NAV components at 30 September 2023.

^aDifference between value and costs of production Operating figures

€m	9M22	9M23
Premium collection	9,834	10,570
Non-Life	5,851	6,074
Life	3,982	4,496
Combined Ratio	91.2%	98.6%
Pre-Tax Result	603	948
Net Result	495	769
Group Net Result	395	615
€m	FY22	9M23
Total Equity	8,579	9,042
Shareholders' Equity	6,863	7,278
Solvency 2 ratio (cons. PIM)	200%	218%

€m	9M22	9M23
Premium collection	9,834	10,570
Non-Life	5,851	6,074
Life	3,982	4,496
Combined Ratio	91.2%	98.6%
Pre-Tax Result	394	771
Net Result	262	586
Group Net Result	230	540
€m	FY22	9M23
Total Equity	6,733	6,962
Shareholders' Equity	6,458	6,675
Solvency 2 ratio (cons. ec. cap.)	274%	296%

9M22 figures are IFRS 9/17 compliant

Adriano Donati Head of Investor Relations

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

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