Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q1 2023 Earnings Presentation
22 slides from Unipol Assicurazioni Spa's earnings presentation, May 12, 2023
Slide 1: 1Q23 Consolidated Results
1Q23 Consolidated Results Bologna – 12 May 2023
Slide 2: Disclaimer
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 1Q23 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A.
Slide 3: Agenda
AGENDA 1 2 1Q23 Appendix Consolidated Results 3
Slide 4: Agenda: 1Q23 Consolidated Results
AGENDA 1 2 1Q23 Appendix Consolidated Results 4
Slide 5: Results by Sector
1Q23 CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m 1Q22 1Q22 1Q23 €m 1Q22 1Q22 1Q23 IFRS4/IAS 39 IFRS17/9 IFRS17/9 IFRS4/IAS39 IFRS17/9 IFRS17/9 Consolid. pre-tax result 322 217 381 Consolid. pre-tax result 282 176 330 Non-Life 247 190 312 Non-Life 236 179 284 Life 69 17 52 Life 70 1
Slide 6: Non-Life Premium Collection
1Q23 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m % var% €m % var% PREMIUM COLLECTION Mobility 1,046 49 +2.1 UnipolSai 1,669 78 +1.6 Motor 955 45 +1.7 UniSalute 237 11 +41.6 €m Other 91 4 +6.8 Linear 51 2 +3.6 Arca Assicurazioni 60 3 +7.0 Welfare
Slide 7: Non-Life Combined Ratio
1Q23 CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO CoR from 1Q22 to 1Q23 1Q23 CoR – IFRS 17 +0.4% -0.5% +1.5% 94.4% 94.4% 93.0% 26.5% 67.9% 1Q22 New IFRS17 Technical 1Q23 1Q23 IFRS4 metrics net impact performance IFRS17 New metrics: impact of change in calculation method Expense Ratio Loss Ratio IF
Slide 8: Life Premium Collection
1Q23 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment PREMIUM COLLECTION €m % var% Pure Pure Pension Total Hybrids €m Traditional 822 48 -1.6 Traditional Linked Funds Unit linked 157 9 -58.2 Individual 48.5% 20.0% 26.5% 1.5% 0.6% Pension funds
Slide 9: Life Yields
1Q23 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY22 1Q23 0.95% 0.96% Min. guar. yield €bn % €bn % 0% 17.1 47 17.6 48 2.99% 2.04% 3.05% 2.09% 0.91% 0.90% 0% - 1% 7.8 22 7.6 21 1% - 2% 5.2 14 5.2 14 2% - 3% 4.3 12 4.3 12 FY22 1Q23 >3% 1.9 5 1.8 5 Segregate
Slide 10: Investments
1Q23 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Sector – 1Q23 FY22 1Q23 FVPL FVPL AMORT. €bn % €bn % FVOCI NL&Life Life OTHER TOT. COST free cap. segr. acc. Total Bonds 41.3 78.7 42.8 78.7 Govies 48% -- -- 2% -- 50% o/w Italian Govies 17.5 33.3 18.4 33.8 Co
Slide 11: Financial Investment Yields
1Q23 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 1Q22 1Q23 Non-Life Life Total Non-Life Life Total Coupons and dividends 107 269 383 109 287 412 Yield 3.2% 3.0% 3.0% 3.3% 3.1% 3.2% Realized/unrealized gains/losses -188 -86 -282 104 8 119 Yield -5.6% -1.0% -2.2% 3.2% 0.1% 0.9% Total -81 183
Slide 12: Real Estate
1Q23 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (3,025 €m) Details 4,906 €m 4,240 4,297 market value Gross Yield Breakdown by Cluster 4% (121) 7% Core 2,974 3,025 1Q22 1Q23 7% (201) Land RE investm. ptf. €m Yield €m Yield (218) Devel. Own use ptf. 1,266 1,
Slide 13: Solvency 2
1Q23 CONSOLIDATED RESULTS > SOLVENCY 2 €bn Partial Internal Model (consolidated) Economic Capital (consolidated) 3.2 294% 4.6 213% 9.7 9.5 6.3 5.2 Own Funds SCR Excess a Own Funds SCR Excess a Partial Internal Model (solo) 305% 3.1 9.3 6.3 Own Funds SCR Excess a Figures net of dividend distribution
Slide 14: Agenda: Appendix
AGENDA 1 2 1Q23 Appendix Consolidated Results 14
Slide 15: Group Structure
APPENDIX > GROUP STRUCTURE As at 31 March 2023 Unipol included in the FTSE MIB Unipol and in the MIB® ESG indexes UnipolSai included in the MIB® ESG index 10.53% BPER 85.21% b 9.32% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe Incontra Arca Vita Arca Ass.ni M
Slide 16: Beyond Insurance Companies
APPENDIX > BEYOND INSURANCE COMPANIES To date MOBILITY WELFARE PROPERTY UnipolRental Centri Medici Santagostino UnipolHome long-term rental health centres with high tech innovation non insurance services for houses and apartment buildings UnipolTech Centri Medici Dyadea Unicasa Italia insurance tele
Slide 17: Focus on UnipolRental
APPENDIX > FOCUS ON UNIPOLRENTAL KPIs €m 1Q22 1Q23 Revenues 101 128 Costs -46 -59 Capital gains on assets 4 7 EBITDA 54 69 EBIT 10 11 Net result 7 4 FLEET – PROPRIETARY VEHICLES NEW REGISTERED VEHICLES 80,336 72,266 10,628 5,865 FY22 1Q23 1Q22 1Q23 Operating figures 17
Slide 18: Outstanding Debt Instruments - Unipol S.p.A. and UnipolSai S.p.A.
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 31 March 2023 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai 80 Hyb. Tier I Jul, 2023 Eur6M+1.8% b UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Hyb. Tier I Perpetual c
Slide 19: Unipol S.p.A. – Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 31 March 2023 Assets Liabilities Liquid financial assets 1,631 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,631 Financial liabilities b 2,500 Net balance -869 a Including liquid
Slide 20: Unipol S.p.A. - NAV Components
APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS As at 31 March 2023 Notes UnipolSai shareholding 85.21% ref. slide 15 BPER direct shareholding 10.53% ref. slide 15 Net financial assets/liabilities -869 €m ref. slide 19 1Q23 Net operating costs 7 €m adjusted figure excl. non-recurring costs DTA 250 €m Defe
Slide 21: Key Figures
APPENDIX > KEY FIGURES €m 1Q23 €m 1Q23 Premium collection 3,865 Premium collection 3,865 Non-Life 2,137 Non-Life 2,137 Life 1,728 Life 1,728 Combined Ratio 94.4% Combined Ratio 94.4% Expense Ratio 26.5% Expense Ratio 26.5% Loss Ratio 67.9% Loss Ratio 67.9% Consolid. Pre-Tax Result 381 Consolid. Pre-
Slide 22: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS 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 +3