Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — FY2024 Earnings Presentation
25 slides from Unipol Assicurazioni Spa's earnings presentation, Feb 14, 2025
Slide 1: FY24 Preliminary Consolidated Results
FY24 Preliminary Consolidated Results 14 February 2025
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its FY24 preliminary results. The FY24 data contained herein are preliminary in nature and refer to the date hereof and, therefore, may be subject to further variations.
Slide 3: Agenda
AGENDA 1 2 3 FY24 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Results 3
Slide 4: Agenda
AGENDA 1 2 3 FY24 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Results 4
Slide 5: Group Figures
FY24 PRELIMINARY CONSOLIDATED RESULTS > GROUP FIGURES €m FY23 FY24 GROUP RESULTS INSURANCE GROUP RESULTS FY23 FY24 Normalized a Reported Non-Life 658 537 b Non-Life 658 537 b Life 329 325 b Life 329 325 b Other -19 61 b Other -19 61 b Pre-tax insurance & other business result 968 922 Pre-tax result
Slide 6: Non-Life Premium Collection
FY24 PRELIMINARY CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m Comp. Var. €m Comp. Var. PREMIUM COLLECTION Mobility 4,742 52% +8.6% Unipol Ass.ni 7,306 80% +5.1% Motor 4,373 48% +9.2% UniSalute 1,013 11% +27.2% €m Other 369 4% +2.9% Arca Assicurazi
Slide 7: Combined Ratio
FY24 PRELIMINARY CONSOLIDATED RESULTS > COMBINED RATIO Motor 97.1% Motor 100.0% FY23 Combined Ratio 23.0% FY24 Combined Ratio 22.2% 74.1% 77.8% 98.5% 6.2% 93.6% 2.5% 26.4% 26.0% FY23 FY24 72.1% Non-Motor 67.6% Non-Motor 14.3% 99.8% 7.6% 88.0% FY23 29.4% FY24 29.3% 70.3% 58.7% 21.6% 12.1% FY23 FY24 E
Slide 8: Life Premium Collection
FY24 PRELIMINARY CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment €m €m Comp. Var. Pure Pure Pension Total Hybrids Traditional 4,301 67% +7.5% Traditional Linked Funds Unit linked 639 10% +37.2% Individual 68.1% 20.7% 45.2% 1
Slide 9: Life Yields
FY24 PRELIMINARY CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY23 FY24 3.12% 3.20% 1.00% 0.98% Min. guar. yield €bn Comp. €bn Comp. 2.14% 2.20% 0% 19.3 52% 21.9 57% 0.84% 0% - 1% 7.4 20% 7.0 18% 0.75% 1% - 2% 4.9 13% 4.3 11% 2% - 3% 4.1 11% 3.9 10% FY23 FY
Slide 10: Life CSM
FY24 PRELIMINARY CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward +177 -175 2,685 +117 -258 2,426 2,295 +272 FY23 New Expected Return Economic Operating CSM before Release FY24 Opening CSM Business Variances Variances release Closing CSM Operating figures 10
Slide 11: Present Value of Life New Business
FY24 PRELIMINARY CONSOLIDATED RESULTS > PRESENT VALUE OF LIFE NEW BUSINESS PRESENT VALUE OF LIFE NEW BUSINESS €m NB Margin Line of Business NBV PVNBP on PVNBP Insurance with profit participation 110 3,452 3.2% Index/Unit-linked insurance 14 492 2.9% Other life insurance 30 190 15.9% Total 154 4,133
Slide 12: Investments
FY24 PRELIMINARY CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Classification – FY24 FY23 FY24 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 44.2 79.4% 45.3 78.8% free cap. segr. acc. o/w Italian Govies 17.6 31.6% 17.4 30
Slide 13: Financial Investment Yields
FY24 PRELIMINARY CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m FY23 FY24 o/w Life o/w Life Non-Life a Life Total Non-Life a Life Total free cap. free cap. Coupons and dividends 583 1,215 83 1,798 575 1,295 105 1,870 Yield 4.0% 3.2% 3.9% 3.4% 4.2% 3.3% 4.1% 3.5% Realized/unrealized 115 79 0 1
Slide 14: Real Estate
FY24 PRELIMINARY CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,868 €m) – Details 4,909 Gross Yield Breakdown by Cluster 4,199 4,107 803€m 2% (50) unrealised gains 5% (154) Core 3,346 FY23 FY24 8% 2,901 2,868 (216) Land €m Yield €m Yield Devel. 1,299 1,564
Slide 15: Dividend Proposal
FY24 PRELIMINARY CONSOLIDATED RESULTS > DIVIDEND PROPOSAL €m FY23 FY24 Dividend per share DPS (€) 0.380 0.850 Total dividends 273 609 Insurance Group – payout ratio a 47% 77% Payout ratio on reported results a b 33% 58% Dividend yield 6.6% c 6.2% d a Payout ratio based on shareholders’ net results,
Slide 16: Solvency 2 Ratio
FY24 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2 RATIO €bn Partial Internal Model (consolidated) 263% Insurance Group 5.1 213% 10.8 5.8 Own Funds SCR Excess a The Insurance Group Solvency ratio is an operating figure calculated under the assumption that the banking associates BPER and BPSO are tre
Slide 17: Solvency Own Funds and SCR Details
FY24 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2 OWN FUNDS AND SCR DETAILS €m Partial Internal Model (consolidated) 10,841 10,841 23 1,294 5,762 6,427 OF Tier 3 3,030 OF Tier 2 Excess a OF Tier 1 SCR Ins. OF Fin. SCR Fin. 3,097 2,049 Own Funds SCR and Excess Calculated on the basis of the informat
Slide 18: Agenda
AGENDA 1 2 3 FY24 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Results 18
Slide 19: 2022-2024 Strategic Plan Results – Quantitative Target
2022-2024 STRATEGIC PLAN RESULTS – QUANTITATIVE TARGET Cum. Target €m FY22 FY23 FY24 FY22-FY24 2024 Net Result Norm.a 774 1,064 1,119 2,957 2.3bn cum.b Dividends (Unipol) 265 273 609 1,147 0.75bn cum.b Dividends (Unipol + UnipolSai minorities) c 332 342 609 1,283 0.96bn cum.b Solvency 2 ratio (cons.
Slide 20: Agenda
AGENDA 1 2 3 FY24 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Results 20
Slide 21: Appendix: Group Structure
APPENDIX > GROUP STRUCTURE As at 31 December 2024 Unipol Unipol included in the FTSE MIB pr 7,306 NL 3,601 L and MIB® ESG indexes 19.77% 19.72% BPER BPSO 98.99% 100% 94.69% 100% 63.39% UniSalute Linear Siat DDOR Arca Vita a Arca Ass.ni pr 1,013 NL pr 251 NL pr 160 NL pr 132 NL 21 L pr 2,805 L pr 313
Slide 22: Appendix: Outstanding Debt Instruments – Unipol SpA
APPENDIX > OUTSTANDING DEBT INSTRUMENTS – UNIPOL SpA As at 31 December 2024 €m Nominal Sub./Sen./ Original Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 500 Hyb. Tier I Perpetual b 6.38% UnipolSai ✓ 750 Sub. Tier II May 2034 4.90% Unipol Gr
Slide 23: Appendix: P&L by Sector
APPENDIX > P&L BY SECTOR FY24 P&L BY SECTOR Reported figures Banking €m Non-Life Life Other Total Associates Insurance revenue 9,112 698 -- -- 9,810 Insurance costs -8,369 -428 -- -- -8,797 Reinsurance result -161 -11 -- -- -172 Insurance services result 582 259 -- -- 841 Net financial result 528 12
Slide 24: Appendix: KPIs
APPENDIX > KPIs €m FY23 FY24 Reported Reported Premium collection 14,931 15,621 Non-Life a 8,521 9,175 Life 6,409 6,446 Combined Ratio a 98.5% 93.6% Pre-tax Insurance and other businesses result 968 922 Banking associates result (BPER and BPSO) 597 393 Pre-tax total result 1,565 1,316 Net result 1,3
Slide 25: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS Adriano Donati Head of Investor Relations investor.relations@unipol.it Carlo Latini Tel +39 051 507 6333 Eleonora Roncuzzi Tel +39 051 507 7063 Giancarlo Lana Tel +39 335 455 234 Giuseppe Giuliani Tel +39 051 507 7218 Silvia Tonioli Tel +39 051 507 2371