1Q24 Consolidated Results

10 May 2024

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 1Q24 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 1Q24 Consolidated Results

Appendix

1 1Q24 Consolidated Results

2 Appendix

1Q24 CONSOLIDATED RESULTS > RESULTS BY SECTOR

RESULTS BY SECTOR

€m	1Q23	1Q24
Results excluding consolidated banking stakes a
Pre-tax result	323	361
Non-Life	285	298
Life	52	66
Other	-14	-3
Net result	226	242
Group net result	176	195
Results including consolidated banking stakes a
Net result	284	363
Group net result	230	308

1Q24 Unipol Group accounting results do not include the BPER and BPSO contribution. A three-months' time lag in the incorporation of the banks' results is also expected at 1H24 and at 9M24, while a realignment is expected to be carried out at 2024YE.

€m	1Q23	1Q24

Pre-tax result	330	352
Non-Life	284	290
Life	53	68
Other	-7	-5
Net result	231	235
Group net result	218	227

1Q24 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION

Motor Non-Motor

Breakdown by Ecosystem

	€m	Comp.	Var.
Mobility	1,165	51%	+11.4%
Motor	1,062	47%	+11.2%
Other	102	4%	+12.8%
Welfare	495	22%	+9.3%
Health	321	14%	+13.9%
Accident	174	8%	+1.9%
Property	620	27%	+3.7%
Fire & other dam. to prop.	348	15%	+7.9%
General TPL	188	8%	-1.7%
Other	84	4%	0.0%
Total	2,280	100%	+8.7%

Breakdown by Market Segment

	Total	Mobility	Welfare	Property
Retail & SMEs	74%	43%	9%	22%
Corporate	26%	8%	13%	5%
Total	100%

Breakdown by Company

	€m	Comp.	Var.
UnipolSai	1,765	77%	+5.8%
UniSalute	292	13%	+23.1%
Linear	60	3%	+18.2%
Arca Assicurazioni	69	3%	+16.0%
Siat	63	3%	+14.6%
DDOR	30	1%	+21.0%
Total	2,280	100%	+8.7%

Breakdown by Distribution Channel

	Total	Mobility	Welfare	Property
Agents	70%	41%	9%	21%
Bancassurance	6%	2%	2%	1%
Other	23%	8%	10%	5%
Total	100%

1Q24 CONSOLIDATED RESULTS > COMBINED RATIO

1Q23 figures do not include Incontra Combined ratio = 1- (insurance services result/insurance contracts revenues) Operating figures

1Q24 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION

€m 1Q24 Traditional + Capitaliz. +496

Other +152

Total +648

Breakdown by Line of Business

					€m	Comp.	Var.
				Traditional	1,420	74%	+72.7%
	+11.1%			Unit linked	116	6%	-26.1%
1,728		1,920	Pension funds	344	18%	-51.7%
			Capitalization	39	2%	+8.4%
				Total	1,920	100%	+11.1%

Breakdown by Market Segment

	Total	Hybrids	Pure Traditional	Pure Linked	Pension Funds
Individual	71.3%	12.0%	57.7%	1.0%	0.6%
Collective	28.1%	--	10.7%	--	17.4%
Corporate	0.6%	--	0.6%	--	--
Total	100.0%

Breakdown by Distribution Channel

	€m	Comp.	Var.
Agents	369	19%	+7.4%
Bancassurance	1,022	53%	+90.8%
Head office	463	24%	-42.4%
Other	65	3%	+46.8%
Total	1,920	100%	+11.1%

Breakdown by Company

	€m	Comp.	Var.
UnipolSai	893	47%	-24.8%
Arca Vita + AVI	1,016	53%	+91.7%
Other companies	10	1%	+0.1%
Total	1,920	100%	+11.1%

Net inflows

1Q24 CONSOLIDATED RESULTS > LIFE YIELDS

Technical Reserves by Minimum Guarantee^a

	FY23			1Q24
Min. guar. yield	€bn	Comp.	€bn	Comp.
0%	19.3	52%	20.2	53%
0% - 1%	7.4	20%	7.4	19%
1% - 2%	4.9	13%	4.7	12%
2% - 3%	4.1	11%	4.0	11%
>3%	1.8	5%	1.8	5%
Total	37.5	100%	38.1	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

1Q24 CONSOLIDATED RESULTS > INVESTMENTS

Investments by Asset Class

	FY23			1Q24
	€bn	Comp.	€bn	Comp.
Total Bonds	44.2	79.4%	44.1	77.6%
o/w Italian Govies	17.6	31.6%	17.1	30.1%
o/w Non-Italian Govies	10.3	18.5%	10.4	18.3%
o/w Corporate	16.3	29.3%	16.6	29.3%
Cash	1.6	2.9%	2.8	5.0%
Equity and Funds	2.2	3.9%	2.0	3.6%
Real Assets, P.E., H.F.	2.8	4.9%	2.9	5.1%
Real Estate	4.9	8.8%	4.9	8.7%
Total	55.7	100%	56.8	100%

Breakdown by Accounting Sector – 1Q24

	FVOCI	FVPL NL&Life free cap.	FVPL Life segr. acc.	Amort. cost	Other	Total
Govies	44%	--	--	4%	--	48%
Corporate	24%	1%	3%	2%	--	29%
Cash	--	--	--	--	5%	5%
Equity and Funds	3%	1%	--	--	--	4%
Real Assets, P.E., H.F.	--	2%	3%	--	--	5%
Real Estate	--	--	1%	8%	--	9%
Total	71%	4%	6%	14%	5%	100%

Duration (years)

		FY23			1Q24
	Non-Life	Life	Total	Non-Life	Life	Total
Assets	2.2	6.0	4.8	2.2	5.9	4.6
Liabilities	2.2	7.3	5.8	2.3	7.3	5.8
Mismatch	0.4	-0.5	-0.3	0.5	-0.5	-0.3

Excluding stakes in subsidiaries & associates (among which BPER and -since 2024- BPSO), treasury shares and Class D Market value – Operating figures

1Q24 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS

€m

	1Q23				1Q24
	Non-Life	Life free cap.	Life segr. acc.	Total	Non-Life	Life free cap.	Life segr. acc.	Total
Coupons and dividends	109	20	267	412	117	25	279	437
Yield	3.3%	3.4%	3.1%	3.2%	3.9%	4.1%	3.1%	3.3%
Realized/unrealized gains/losses	104	1	8	119	58	10	5	82
Yield	3.2%	0.1%	0.1%	0.9%	1.9%	1.7%	0.1%	0.6%
Total	213	21	275	530	175	35	284	519
Yield	6.5%	3.5%	3.2%	4.1%	5.8%	5.7%	3.1%	4.0%

Excluding stakes in subsidiaries & associates (among which BPER and -since 2024- BPSO), real estate, real estate funds, treasury shares and Class D

Investment yields on a yearly basis Operating figures

1Q24 CONSOLIDATED RESULTS > REAL ESTATE

					Real Estate Investment Portfolio (2,898 €m) – Details
Gross Yield					Breakdown by Cluster 4% (103) 5% (147)
	1Q23		1Q24		7%
	€m	Yield	€m	Yield	(208)
Ord. yield	30	4.1%	33	4.6%
Extraord. yield a	-2	-0.3%	3	0.4%
Total	28	3.8%	36	5.0%	84% (2,439)

Breakdown by Accounting Sector

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

1Q24 CONSOLIDATED RESULTS > SOLVENCY 2

€bn

Partial Internal Model (solo)

BPER and BPSO figures included in the Unipol ratio are at 31 December 2023.

^a Group consolidated Solvency 2 ratio of the insurance sector (excl. OF and SCR contribution due to companies of the financial sector)

^bEligible Own Funds in excess of Solvency Capital Requirements

1 1Q24 Consolidated Results

2 Appendix

^c 6.4% allocated to the Non-Life segment and 3.2% to the Life segment

APPENDIX > BEYOND INSURANCE COMPANIES

MOBILITY

PROPERTY

Leaderin ecosystems

360° partner across the mobility lifecycle, particularly in the car long-term rental market, roadside assistance, car repair, e-tolling and mobility services.

Network of directly-owned healthcare facilities, digital health services including telemedicine and flexible benefits for businesses.

Franchise network for services to property managers and exclusive network of home repair professionals to ensure the best quality of service delivery.

PAYMENTS


WELFARE

APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A.

As at 31 March 2024

€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 1Q24 average stock

€m

As at 31 March 2024

	Assets		Liabilities
Liquid financial assets	1,390	Senior debt 2025	1,000
		Senior debt 2027	500
		Senior green bond 2030	1,000
Liquid financial assets a	1,390	Financial liabilities b	2,500

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

		Notes
UnipolSai shareholding	94.92%	ref. slide 16
BPER direct shareholding	10.53%	ref. slide 16
BPSO direct shareholding	10.21%	ref. slide 16
Net financial assets/liabilities	-1,791 €m	ref. slide 19
1Q24 net operating costs a	8 €m	adjusted figure excl. non-recurring costs
1Q24 DTA	208 €m	Deferred Tax Assets relating to goodwill realignment - local GAAP

^aDifference between value and costs of production Operating figures

P&L BY SECTOR

Results do not include consolidated banking stakes

€m	Non-Life	Life	Other	Total
Insurance revenue	2,189	140	--	2,329
Insurance costs	-1,962	-87	--	-2,049
Reinsurance result	-32	-3	--	-34
Insurance services result	195	50	--	246
Net financial result a	128	23	11	161
Other revenues/costs	3	2	4	9
Int. exp. on fin. liabilities	-29	-9	-18	-55
Pre-tax result	298	66	-3	361
Net result	206	40	-4	242

€m	Non-Life	Life	Other	Total
Insurance revenue	2,189	140	--	2,329
Insurance costs	-1,962	-87	--	-2,049
Reinsurance result	-32	-3	--	-34
Insurance services result	195	50	--	246
Net financial result a	119	24	2	143
Other revenues/costs	4	3	-5	2
Int. exp. on fin. liabilities	-29	-9	-2	-39
Pre-tax result	290	68	-5	352
Net result	198	41	-4	235

^a Excluding interest expenses on financial liabilities

€m	1Q23	1Q24
Premium collection	3,825	4,200
Non-Life a	2,097	2,280
Life	1,728	1,920
Ratio a Combined	94.8%	91.1%
b Cons. Net Result excl. banking stakes	226	242
b Cons. Net Result incl. banking stakes	284	363
b Group Net Result excl. banking stakes	176	195
b Group Net Result incl. banking stakes	230	308

€m	FY23	1Q24
Total Equity	9,799	10,111
Shareholders' Equity	7,967	8,216
Solvency 2 ratio (cons. PIM)	215%	217% c

€m	1Q23	1Q24
Premium collection	3,825	4,200
Non-Life a	2,097	2,280
Life	1,728	1,920
Ratio a Combined	94.8%	91.1%
Consolid. Net Result	231	235

Group Net Result	218	227


€m	FY23	1Q24
Total Equity	7,307	7,778
Shareholders' Equity	7,026	7,487
Solvency 2 ratio (cons. ec. cap.)	320%	322%

^a1Q23 figures do not include Incontra

^b Unipol has consolidated BPSO since 3Q23 when the stake in the bank reached 19.72%; therefore, 1Q23 does not include BPSO result ^c BPER and BPSO figures included in the Unipol ratio are at 31 December 2023

Adriano Donati Head of Investor Relations

[email protected] [email protected]

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

Upcoming event

8 August 2024 1H24 Results Reporting

AI Terminal

Unipolsai

4413_er_2024-05-10_1a6daa5d-7ebf-47fa-9e0b-5aa5388ddebc.pdf