Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q1 2022 Earnings Presentation
21 slides from Unipol Assicurazioni Spa's earnings presentation, May 13, 2022
Slide 1: Unipol 2022-2024 Strategic Plan: 1Q22 Consolidated Results
UNIPOL 2022-2024 STRATEGIC PLAN Opening New Ways 1022 Consolidated Results Milan -13 May 2022
Slide 2: Disclaimer
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 1Q22 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and Unipol
Slide 3: 1Q22 Consolidated Results
1 2 1Q22 Appendix Consolidated Results 3
Slide 4: 1Q22 Consolidated Results
1 2 1Q22 Appendix Consolidated Results 4
Slide 5: Results by Sector
Results by Sector 1Q22 €m 1Q21 a 1Q22 b €m 1Q21 1Q22 reported Consolidated pre-tax result 342 279 322 Consolidated pre-tax result 352 282 Non-Life 360 247 247 Non-Life 359 236 Life 10 69 69 Life 11 70 Holding and other -28 -37 7 Other -18 -24 Consolidated net result 242 203 246 Consolidated net resu
Slide 6: Non-Life Premiums by Business Line and Company
Premiums by Business Line Premiums by Company €m % var% €m % var% PREMIUMS Mobility 1,024 51 +0.1 UnipolSai 1,642 81 +2,3 Motor 939 46 +0.7 UniSalute 167 8 +17.9 €m Other 85 4 -6.7 Linear 49 2 +5.3 Arca Assicurazioni 56 3 +60.4 Welfare 423 21 +15.5 +5.5% Siat 42 2 -7.1 Health 250 12 +22.2 2,025 Inco
Slide 7: Motor and Non-Motor Combined Ratio
MOTOR NET OF REINSURANCE DIRECT BUSINESS 95.5% 88.6% 24.0% 23.7% 64.8% 71.5% 89.1% 93.0% 89.3% 89.9% 27.9% 28.3% 1Q21 1Q22 26.9% 28.0% NON-MOTOR 65.0% 61.6% 89.7% 84.6% 62.3% 61.3% 32.0% 32.0% 57.7% 52.5% 1Q21 1Q22 1Q21 1Q22 1Q21 1Q22 Expense Ratio Loss Ratio Combined ratio net of reinsurance: opera
Slide 8: Life Premiums by Company, Line and Channel
Premiums by Line of Business Premiums by Company DIRECT PREMIUM INCOME €m % var% €m % var% €m Traditional 836 59 +2.6 UnipolSai 687 48 -11.3 Unit linked 376 26 +57.8 Arca Vita + AVI 721 51 +57.8 Pension funds 171 12 +11.4 Other companies 16 1 -47.5 Capitalization 42 3 -24.7 Total 1,424 100 +12.9 +12
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
LIFE YIELDS Technical Reserves by Minimum Guaranteea FY21 1Q22 0.92% 0.93% Min. guar. yield €bn % €bn % 2.00% 0% 15.4 44 16.1 45 2.92% 2.96% 2.03% 0.99% 0.96% 0% - 1% 7.8 22 7.8 22 1% - 2% 5.6 16 5.5 15 2% - 3% 4.6 13 4.4 12 FY21 1Q22 >3% 2.0 6 1.9 5 Segregated funds avg. current yieldb Avg. yield t
Slide 10: Total Investments and Duration
Total Investments Duration (years) FY21 1Q22 FY21 1Q22 €bn % €bn % Total Non-Life Life Total Non-Life Life Total Bonds 50.5 82.7 49.0 82.6 Assets 6.1 3.0 7.5 6.0 3.2 7.4 o/w Italian Govies 23.9 39.1 22.5 37.9 Liabilities 7.2 2.8 8.9 6.9 2.6 8.6 o/w Non-Italian Govies 8.9 14.6 9.2 15.5 Mismatch -0.5
Slide 11: Investment Yields
€m 1Q21 1Q22 Total Non-Life Life Total Non-Life Life Coupons and dividends 341 82 257 Coupons and dividends 380 106 266 Yield 2.7% 2.5% 3.0% Yield 3.0% 3.2% 3.0% Realized/unrealized gains/losses 54 44 -3 Realized/unrealized gains/losses 12 17 2 Yield 0.4% 1.4% -0.0% Yield 0.1% 0.5% 0.0% Total 395 12
Slide 12: Real Estate Investment Portfolio Details
€m Real Estate Investment Portfolio (2,811 €m) Details Total Portfolio 4,515 €m Gross Yield Breakdown by Cluster 4,005 4,054 market value 5% (136) 1Q21 1Q22 8% Core 2,766 2,811 (222) Devel. €m Yield €m Yield 8% RE investm. ptf. (222) Land Own use ptf. Ord. yield 27 3.9% 27 3.9% Trading 1,238 1,243 E
Slide 13: Solvency: Own Funds, SCR and Excess Capital
€bn (consolidated) Partial internal model (consolidated) Economic capital 3.6 278% 4.8 209% 10.0 10.0 6.4 5.2 Own Funds SCR Excess a Own Funds SCR Excess a (solo) Partial internal model Figure calculated on the basis of the partial internal model, to be taken as preliminary since the supervisory aut
Slide 14: 1Q22 Appendix
1 2 1Q22 Appendix Consolidated Results 14
Slide 15: Appendix: Group Structure
APPENDIX > GROUP STRUCTURE As at 31 March 2022 Unipol Unipol included in the FTSE MIB and in the MIB® ESG1 85.24% 10.55% UnipolReC BPER 14.76% 85.24% a 9.34% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe Incontra Arca Vita Arca Ass.ni UnipolAssistance UnipolSe
Slide 16: Appendix: KPIs
APPENDIX > KPIs €m 1Q22 €m 1Q21 1Q22 1Q21 reported Premium income a 3,181 3,449 Premium income a 3,181 3,449 Non-Life 1,919 2,025 Non-Life 1,919 2,025 Life 1,261 1,424 Life 1,261 1,424 Combined Ratio b 89.1% 93.0% Combined Ratio b 89.1% 93.0% Consolid. Net Result 249 203 Consolid. Net Result 242 c 2
Slide 17: Outstanding Debt Instruments - Unipol and UnipolSai
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 31 March 2022 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai 160 Hyb. Tier I Jul, 2023 Eur6M+1.8% b UnipolSai ✓ 500 Hyb. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Sub. Tier I Perpetual
Slide 18: Unipol S.p.A. Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 31 March 2022 Assets Liabilities Liquid financial assets 942 Financial Debt to UnipolSai b -- Loan to UnipolRental 150 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,092 Financial
Slide 19: Unipol NAV Components
APPENDIX > UNIPOL - NAV COMPONENTS As at 31 March 2022 Notes UnipolSai shareholding 85.24% ref. slide 15 UnipolReC shareholding 85.24% ref. slide 15 UnipolReC tangible book value 441 €m BPER direct shareholding 10.55% ref. slide 15 Net financial assets/liabilities -1,408 €m ref. slide 18 Net operati
Slide 20: UnipolRental KPIs
APPENDIX > UNIPOLRENTAL KPIs €m 1Q21 1Q22 Total revenues 71.2 83.1 Gross operating margin a 10.8 18.6 EBIT 3.3 9.6 Net result 2.8 6.8 FLEET – PROPRIETARY VEHICLES REGISTERED VEHICLES 60,909 56,745 5,865 3,391 FY21 1Q22 1Q21 1Q22 a Net of vehicles’ depreciation Operating figures 20
Slide 21: Investor Relations Contacts
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 5 August 2022