Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — FY2020 Earnings Presentation
28 slides from Unipol Assicurazioni Spa's earnings presentation, Feb 12, 2021
Slide 1: Mission Evolve: FY20 Preliminary Consolidated Results
Mission Evolve FY 20 Preliminary Consolidated Results Bologna -12 February 2021 Gruppo | ee HAS SICURAZIONI
Slide 2: Disclaimer
2 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 FY20 preliminary results. The FY20 data contained herein are preliminary in nature and refer to the date hereof and, therefore, ma
Slide 3: FY20 Preliminary Consolidated Results agenda
1 2 3 FY20 Strategic Plan Appendix Preliminary Business Update Consolidated Results
Slide 4: FY20 key highlights
4 Unipol pre-tax result a +11% yoy Unipol cons. PIM +27 p.p. yoy UnipolSai pre-tax result +15% yoy UnipolSai cons. EC +25 p.p. yoy Italian Govies -8 p.p. yoy on tot. portfolio Unipol DPS 0.280 €, +56% vs FY18 Equity -30% yoy UnipolSai DPS 0.190 €, +19% yoy a Normalised figure
Slide 5: FY20 Preliminary Consolidated Results
1 FY20 Preliminary Consolidated Results
Slide 6: FY20 Preliminary Consolidated Results
6 FY20 Preliminary Consolidated Results €m UNIPOL UNIPOLSAI FY19 FY20 FY20 FY19 FY20 FY20 Adj. Adj. Norm. a Norm. b Act. Norm. c Norm. Act. Consolidated pre-tax result 962 1,066 -41 1,026 Consolidated pre-tax result 969 1,119 -- 1,119 Non-Life 810 1,124 -20 1,104 Non-Life 782 1,105 -- 1,105 Life 236
Slide 7: Premiums by Company and Business Line
7 FY20 Preliminary Consolidated Results €m Premiums by Company €m % var% Premiums by Business Line UnipolSai S.p.A. 6,772 86 -3.1 Premiums €m % var% UniSalute 483 6 +7.7 8,167 7,882 -3.5% Mobility 4,303 55 -4.2 Linear 185 2 +0.6 Motor 3,985 51 -4.6 Arca Assicurazioni 140 2 +3.0 Other 318 4 +1.3 Siat
Slide 8: Combined ratio net of reinsurance and direct business
8 FY20 Preliminary Consolidated Results Net of Reinsurance Direct Business 94.2% 93.7% 87.0% 85.4% 27.9% 28.2% 27.7% 28.1% 66.3% 66.1% 58.8% 57.3% 5.5% 6.6% 8.0% 7.3% FY19 FY20 FY19 FY20 Expense ratio Loss ratio Atm. Events + Heavy Losses Combined ratio net of reinsurance: operating expenses/earned
Slide 9: Motor TPL Combined Ratio Direct Business
9 FY20 Preliminary Consolidated Results Motor TPL Combined Ratio Direct Business Key Figures 95.6% Motor TPL var. vs FY19 83.4% Portfolio average premium -7.3% 22.7% N. of claims reported a -29.2% 23.0% Frequency -1.5 p.p. Bodily injury/Tot. followed-up claims -1.4 p.p. 72.9% 60.4% Motor and General
Slide 10: Life Direct Premium Income
10 FY20 Preliminary Consolidated Results €m Direct Premium Income Premiums by Company 5,847 €m % var% UnipolSai S.p.A. 3,099 72 -24.0 4,328 -26.0% Arca Vita + AVI 1,140 26 -32.0 Other companies 90 2 -1.9 Total 4,328 100 -26.0 FY19 FY20 Premiums by Line of Business Premiums by Distribution Channel €m
Slide 11: Segregated Accounts and Minimum Guaranteed Yields
11 FY20 Preliminary Consolidated Results €m Segregated Accounts and Minimum Guaranteed Yields Technical Reserves by Minimum Guarantee a FY19 FY20 3.44% FY19 Min. guar. yield €bn % €bn % 1.25% 2.19% 0% 10.3 32 12.1 36 3.16% 0%-1% 7.3 22 8.0 24 FY20 1.13% 2.03% 1%-2% 7.5 23 6.5 19 2%-3% 5.4 17 5.0 15
Slide 12: Total Investments and Financial Investment Yields
12 FY20 Preliminary Consolidated Results Total Investments 62.2 €bn Financial Investment Yields Total Non-Life Life Equity and funds 2.5% Other 1.9% €m Yield €m Yield €m Yield Cash 1.6% Coupons and 1,470 3.0% 344 2.8% 1,116 3.2% Real Estate 7.2% dividends Corporate bonds 28.5% Realized/unrealized -4
Slide 13: Real Estate Total Portfolio
13 FY20 Preliminary Consolidated Results €m Total Portfolio 4.1 €bn Total Portfolio - by Sector Third Parties Portfolio – Gross Yield 3,950 4,064 FY19 FY20 4,452 6% 4% €m Yield €m Yield market value Real Estate Ord. yield 101 3.6% 103 3.5% 2,831 2,928 Non-Life Covid-19 impact -- -- -28 -1.0% 31% 59%
Slide 14: Bad Loans Stock
14 FY20 Preliminary Consolidated Results €m Bad Loans Stock FY19 FY20 49% Gross loans 3,465 3,046 Portfolio Secured loans Breakdown Unsecured loans Net loans 516 423 51% Coverage ratio 85% 86% Bad Loans Collection 18% FY19 FY20 Collections Secured 7% loans Collections 110 116 Breakdown Unsecured loa
Slide 15: Dividends per share and payout ratio
15 FY20 Preliminary Consolidated Results €m UNIPOL UNIPOLSAI DPS (€) 0.180 -- a 0.280 +56% vs FY18 DPS (€) 0.145 0.160 0.190 +19% vs FY19 538 201 453 Total dividends Total dividends 410 129 FY18 FY19 a FY20 FY18 FY19 FY20 Payout ratio Payout ratio Local GAAP Net result (est.) 316 63.5% Local GAAP Ne
Slide 16: Solvency ratios
16 FY20 Preliminary Consolidated Results €bn UNIPOL (consolidated) – Partial internal model UNIPOLSAI (consolidated) – Economic capital 277% +25 p.p. vs FY19 214% +27 p.p. vs FY19 3.5 4.3 9.2 9.6 4.9 6.2 Own Funds SCR Excess a Ratio Own Funds SCR Excess a Ratio after dividend after dividend UNIPOLSA
Slide 17: Own Funds and SCR breakdown
17 FY20 Preliminary Consolidated Results €m UNIPOL (consolidated) – Partial Internal Model UNIPOLSAI (consolidated) – Economic Capital UNIPOLSAI (solo) – Partial Internal Model 9,641 9,641 9,513 9,513 9,198 9,198 8 13 1,136 1,136 948 4,907 6,166 6,468 6,590 8,425 8,377 3,525 3,469 3,045 1,648 767 71
Slide 18: Strategic Plan Business Update
2 Strategic Plan Business Update
Slide 19: Support to the Community and Customers
19 Strategic Plan - Business Update Support to the • Donations for 20 €m to the community to help combat the emergency, namely to increase the number of beds in hospitals Community (especially in intensive care units) and purchase healthcare equipment • Extension of premium payment deadlines for Gro
Slide 20: Ecosystem Mobility key facts 2020
20 Strategic Plan - Business Update Ecosystem Key Facts 2020 Long term rental: re-branding of Car Server as UnipolRental. New Business Plan with the target to become leader in the retail segment and reference point in the corporate segment for companies already customers of UnipolSai MOBILITY Car-se
Slide 21: Creation of concrete and measurable value
21 Strategic Plan - Business Update Target Target 2021 2021 Creation of concrete and measurable value 2020 Increase the penetration of products Emission of the 1st Unipol Green Bond Share with social and environmental impact of products with on the overall insurance portfolio 30% ~26% Allocation of
Slide 22: Strategic Plan results versus 2021 targets
22 Strategic Plan - Business Update €m UNIPOL UNIPOLSAI Target Target Results % vs. target Results % vs. target 2019-2021 2019-2021 Consolidated net 2,000 2,000 1,637 a 82% Consolidated net profit 1,574 a 79% profit cumulated cumulated 600 1,300 Dividends 201 b 34% Dividends 991 b 76% cumulated cumu
Slide 23: Appendix
Mission Evolve Appendix Unipol | UnipolSai
Slide 24: Unipol and UnipolSai key figures
24 Appendix €m UNIPOL FY19 FY20 UNIPOLSAI FY19 FY20 Premium income a 14,014 12,210 Premium income a 14,014 12,210 Non-Life 8,167 7,882 Non-Life 8,167 7,882 Life 5,847 4,328 Life 5,847 4,328 Combined Ratio b 94.2% 87.0% Combined Ratio b 94.2% 87.0% Consolid. Net Result 1,087 864 Consolid. net result
Slide 25: Group structure as at 31 December 2020
25 Appendix As at 31 December 2020 Unipol Banking and Financials Insurance Bancassurance 85.24% 9.55% Services (insurance&ancillary) Hotel and Other UnipolReC BPER 14.76% 84.97% a 9.34% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe Incontra Arca Vita Arca Ass.
Slide 26: Debt issuances by issuer
26 Appendix €m As at 31 December 2020 Nominal Sub./Sen./ Issuer Listed a Tier Maturity Coupon amount Hyb. UnipolSai 300 Sub. Tier II Jun, 2021 Eur3M+2.5% early redemption UnipolSai 262 Sub. Tier II Jul, 2023 Eur3M+2.5% planned UnipolSai 240 Hyb. Tier I Jul, 2023 Eur6M+2.5% UnipolSai 500 Sub. T
Slide 27: Unipol holding assets and liabilities
27 Appendix €m As at 31 December 2020 Assets Liabilities Liquid financial assets a 1,829 Financial debt to UnipolSai 568 Senior debt 2021 231 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets 1,829 Financial debts b 3,299 Net Financial Position -1,470 a
Slide 28: Investor Relations contacts
28 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