Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — H1 2021 Earnings Presentation
22 slides from Unipol Assicurazioni Spa's earnings presentation, Aug 6, 2021
Slide 1: Mission Evolve: 1H21 Consolidated Results
Mission Evolve 1H21 Consolidated Results Bologna - 6 August 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 1H21 results. Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and
Slide 3: 1H21 Consolidated Results / Appendix
1 2 1H21 Appendix Consolidated Results
Slide 4: 1H21 Consolidated Results
Mission‘: Evolve 1H21 Consolidated Results Unipol | UnipolSai
Slide 5: 1H21 Consolidated Results
5 1H21 Consolidated Results €m UNIPOL UNIPOLSAI 1H20 1H21 1H20 1H21 1H20 1H21 reported reported excl. BPER excl. BPER Consolidated pre-tax result 753 743 731 605 Consolidated pre-tax result 789 636 Non-Life 810 618 799 549 Non-Life 805 553 Life 14 111 14 111 Life 15 114 Holding and other -70 14 -82
Slide 6: Premiums by Business Line and Company
6 1H21 Consolidated Results €m Premiums by Business Line Premiums by Company €m % var% €m % var% Mobility 2,115 54 -4.2 UnipolSai 3,306 84 -1.4 Premiums Motor 1,946 50 -4.7 UniSalute 272 7 +13.9 3,927 3,923 -0.1% Other 169 4 +2.0 Linear 94 2 -2.3 Arca Assicurazioni 85 2 +24.1 Welfare 726 19 +6.2 Sia
Slide 7: Combined Ratio: Net of Reinsurance and Direct Business
7 1H21 Consolidated Results Net of Reinsurance Direct Business 92.6% 91.4% 82.1% 80.5% 27.5% 28.1% 27.4% 27.4% 54.6% 65.0% 63.2% 53.1% 1H20 1H21 1H20 1H21 Expense ratio Loss ratio Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges (incl. OTI) /ea
Slide 8: Life Direct Premium Income
8 1H21 Consolidated Results €m Direct Premium Income Premiums by Company 2,629 €m % var% 2,173 UnipolSai 1,410 54 -6.4 +21.0% Arca Vita + AVI 1,165 44 +84.5 Other companies 54 2 +55.3 Total 2,629 100 +21.0 1H20 1H21 Premiums by Line of Business Premiums by Distribution Channel €m % var% €m % var% Tr
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
9 1H21 Consolidated Results Life Yields Technical Reserves by Minimum Guarantee a FY20 1H21 3.30% 0.89% Min. guar. yield €bn % €bn % 2.99% 0.90% 0% 12.1 36 14.2 41 2.41% 2.09% 0%-1% 8.0 24 7.6 22 1.19% 1%-2% 6.5 19 5.9 17 1.03% 2%-3% 5.0 15 4.6 13 >3% 2.1 6 2.0 6 1H20 1H21 Total 33.7 100 34.4 100 Se
Slide 10: Total Investments and Duration
10 1H21 Consolidated Results Total Investments FY20 1H21 €bn % €bn % Total Bonds 54.0 86.8 50.7 82.5 o/w Italian Govies 26.2 42.2 24.9 40.6 o/w Non-Italian Govies 10.2 16.2 8.7 14.2 o/w Corporate 17.7 28.5 17.1 27.8 Cash 1.0 1.6 2.8 4.6 Equity and Funds 1.5 2.5 2.2 3.6 Real Assets, P.E., H.F. 1.2 1.
Slide 11: Investment Income and Yields
11 1H21 Consolidated Results €m 1H20 1H21 Total Non-Life Life Total Non-Life Life Coupons and dividends 736 163 568 Coupons and dividends 722 182 533 Yield 3.1% 2.7% 3.2% Yield 2.9% 2.8% 3.0% Realized/unrealized gains/losses -48 0 -40 Realized/unrealized gains/losses 80 47 10 Yield -0.2% 0.0% -0.2%
Slide 12: Real Estate Portfolio Breakdown
12 1H21 Consolidated Results €m Total Portfolio Breakdown by Account. Sector 4,064 3,950 4% (159) 4,292 €m 6% (238) 3,950 €m market value 2,928 2,807 Real Estate Non-Life 30% 1,136 1,143 (1,181) 60% Life (2,371) FY20 1H21 Other RE investm. ptf. Own use ptf. Real Estate Investment Portfolio Details 2
Slide 13: Bad Loans Stock and Collections
13 1H21 Consolidated Results €m Bad Loans Stock FY20 1H21 Gross loans 3,046 2,899 49% Portfolio Secured loans Net loans 423 393 Breakdown Unsecured loans 51% Coverage ratio 86% 86% Bad Loans Collection 1H20 1H21 29% Collections 54 40 Collections Secured 7% loans Bad Loans reduction (GBV) 179 146 Bre
Slide 14: Solvency Ratios: Own Funds and SCR
14 1H21 Consolidated Results €bn UNIPOL (consolidated) UNIPOLSAI (consolidated) Partial internal model Economic capital 216% 290% 212% before payment of 3.4 4.5 2019 dividend 9.5 9.9 6.5 5.0 Own Funds SCR Excess a Own Funds SCR Excess a UNIPOLSAI (solo) Partial internal model 331% 3.0 9.8 6.8 Own Fu
Slide 15: Appendix
Mission Evolve Appendix Unipol | UnipolSai
Slide 16: Group Structure
16 Appendix LAST UPDATE Unipol Banking and Financials Insurance Bancassurance 85.24% 9.55% Services (insurance&ancillary) Hotel and Other UnipolReC BPER 14.76% 84.93% 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 UnipolAs
Slide 17: Unipol and UnipolSai Key Figures
17 Appendix €m UNIPOL UNIPOLSAI 1H20 1H21 1H20 1H21 Premium income a 6,100 6,552 Premium income a 6,100 6,552 Non-Life 3,927 3,923 Non-Life 3,927 3,923 Life 2,173 2,629 Life 2,173 2,629 Combined Ratio b 82.1% 92.6% Combined Ratio b 82.1% 92.6% Consolid. Net Result reported 617 652 Consolid. Net Resu
Slide 18: KPIs
18 Appendix €m KPIs 1H20 1H21 Total revenues 142 144 Gross operating margin a 26 26 EBIT 12 10 Net result 7 8 Fleet – Propriety Vehicles Registered Vehicles 49,365 50,053 52,428 9,562 7,241 3,997 1H20 FY20 1H21 1H20 FY20 1H21 a Net of vehicles’ depreciation Operating figures
Slide 19: Debt Issues as at 30 June 2021
19 Appendix €m As at 30 June 2021 Nominal Sub./Sen./ Issuer Listed a Tier Maturity Coupon amount Hyb. UnipolSai 240 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 5.75% UnipolSai 500 Hyb. Tier I Perpetual d 6.38% Total Unipol
Slide 20: Holding Assets and Liabilities
20 Appendix €m As at 30 June 2021 Assets Liabilities Liquid financial assets 1,610 Financial debt to UnipolSai 300 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,610 Financial liabilities b 2,800 Net balance -1,190 a Including liquid financial as
Slide 21: Notes
21 Appendix As at 30 June 2021 Notes UnipolSai shareholding 84.93% ref. slide 16 UnipolReC shareholding 85.24% ref. slide 16 UnipolReC tangible book value 441 €m ref. slide 13 BPER direct shareholding 9.56% ref. slide 16 Net financial assets/liabilities -1,190 €m ref. slide 20 difference between val
Slide 22: Investor Relations Contacts
22 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 12 Novembe