Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — 1H23 Earnings Presentation
24 slides from Unipol Assicurazioni Spa's earnings presentation, Aug 11, 2023
Slide 1: 1H23 Consolidated Results
1H23 Consolidated Results Bologna – 11 August 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 1H23 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A.
Slide 3: Agenda
AGENDA 1 2 1H23 Appendix Consolidated Results 3
Slide 4: Agenda
AGENDA 1 2 1H23 Appendix Consolidated Results 4
Slide 5: Results by Sector
1H23 CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m 1H22 rep. 1H22 norm. 1H22 1H23 €m 1H22 1H22 1H23 IFRS4/IAS 39 IFRS4/IAS 39 IFRS17/9 IFRS17/9 IFRS4/IAS39 IFRS17/9 IFRS17/9 Pre-tax result 868 589 525 697 Pre-tax result 618 279 614 Non-Life 627 516 363 501 Non-Life 505 239 462 Life 1
Slide 6: P&L by Sector
1H23 CONSOLIDATED RESULTS > P&L BY SECTOR P&L BY SECTOR €m Non-Life Life Other Total €m Non-Life Life Other Total Insurance revenue 4,396 258 -- 4,654 Insurance revenue 4,396 258 -- 4,654 Insurance costs -4,168 -149 -- -4,317 Insurance costs -4,168 -149 -- -4,317 Reinsurance result -98 -4 -- -102 Re
Slide 7: Non-Life Premium Collection
1H23 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m % var% €m % var% PREMIUM COLLECTION Mobility 2,190 51 +1.6 UnipolSai 3,444 80 +1.6 Motor 1,999 46 +1.6 UniSalute 405 9 +34.6 €m Other 192 4 +1.9 Linear 105 2 +6.0 Arca Assicurazioni 134 3 +6.9 Welf
Slide 8: Motor and Non-Motor Combined Ratio
1H23 CONSOLIDATED RESULTS > MOTOR AND NON-MOTOR COMBINED RATIO Motor Motor 101.8% 101.5% 1Q23 Combined Ratio 1H23 Combined Ratio 22.7% 22.5% 79.1% 79.1% 97.1% 94.4% 0.3% 26.3% 1.9% 26.5% 1Q23 1H23 67.9% 70.8% Non-Motor Non-Motor 3.2% 7.1% 87.6% 93.1% 1Q23 30.0% 1H23 29.7% 57.6% 63.4% 7,3% 12.8% 1Q23
Slide 9: Life Premium Collection
1H23 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment €m €m % var% Pure Pure Pension Total Hybrids Traditional 1,895 60 +30.2 Traditional Linked Funds Unit linked 240 8 -62.0 Individual 60.1% 16.2% 41.9% 1.5% 0.5% +26.8% Pens
Slide 10: Life Yields
1H23 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY22 1H23 0.95% 0.96% Min. guar. yield €bn % €bn % 0% 17.1 47 18.2 49 2.99% 2.04% 3.05% 2.09% 0.91% 0.88% 0% - 1% 7.8 22 7.5 20 1% - 2% 5.2 14 5.0 14 2% - 3% 4.3 12 4.2 12 FY22 1H23 >3% 1.9 5 1.8 5 Segregate
Slide 11: Life CSM
1H23 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward CSM trend +105 -119 2,379 2,363 2,379 2,265 +127 2,265 1/1/2023 new operating and release 30/6/2023 FY22 1Q23 1H23 opening CSM business economic closing CSM variance Operating figures 11
Slide 12: Investments
1H23 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Sector – 1H23 FY22 1H23 FVPL FVPL €bn % €bn % Amort. FVOCI NL&Life Life Other Total cost Total Bonds 41.3 78.7 43.1 79.4 free cap. segr. acc. o/w Italian Govies 17.5 33.3 18.3 33.7 Govies 48% -- -- 3% -- 51% o
Slide 13: Financial Investment Yields
1H23 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 1H22 1H23 Non-Life Life Total Non-Life Life Total Coupons and dividends 237 575 828 265 598 898 Yield 3.4% 3.1% 3.2% 4.0% 3.2% 3.5% Realized/unrealized gains/losses -390 -225 -644 123 12 144 Yield -5.7% -1.2% -2.5% 1.9% 0.1% 0.6% Total -153
Slide 14: Real Estate
1H23 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,943 €m) Details 4,864 €m 4,240 4,232 market value Gross Yield Breakdown by Cluster 4% (119) 5% (143) Core 2,974 2,943 1H22 1H23 7% (212) Land RE investm. ptf. €m Yield €m Yield Devel. Own use ptf. 1,266 1,
Slide 15: Solvency 2
1H23 CONSOLIDATED RESULTS > SOLVENCY 2 €bn Partial Internal Model (consolidated) Economic Capital (consolidated) 3.1 301% 4.5 218% 9.7 9.5 6.3 5.3 Own Funds SCR Excess a Own Funds SCR Excess a Partial Internal Model (solo) 3.0 315% 9.3 6.4 Own Funds SCR Excess a a Eligible Own Funds in excess of Sol
Slide 16: Agenda
AGENDA 1 2 1H23 Appendix Consolidated Results 16
Slide 17: Group Structure
APPENDIX > GROUP STRUCTURE As at 30 June 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% a 9.32% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe b Incontra c Arca Vita Arca Ass.n
Slide 18: 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 19: Focus on UnipolRental
APPENDIX > FOCUS ON UNIPOLRENTAL KPIs €m 1H22 1H23 Revenues 206 260 Costs -93 -119 Capital gains on assets 13 20 EBITDA 113 140 EBIT 20 32 Net result 14 12 FLEET – PROPRIETARY VEHICLES NEW REGISTERED VEHICLES 87,203 72,266 21,204 11,857 FY22 1H23 1H22 1H23 Operating figures 19
Slide 20: 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 30 June 2023 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai 80 b Hyb. Tier I Jul, 2023 Eur6M+1.8% c UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Hyb. Tier I Perpetual
Slide 21: Unipol S.p.A. – Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 30 June 2023 Assets Liabilities Liquid financial assets 1,720 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,720 Financial liabilities b 2,500 Net balance -780 a Including liquid
Slide 22: Unipol S.p.A. - NAV Components
APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS As at 30 June 2023 Notes UnipolSai shareholding 85.21% ref. slide 17 BPER direct shareholding 10.53% ref. slide 17 Net financial assets/liabilities -780 €m ref. slide 21 1H23 Net operating costs 15 €m adjusted figure excl. non-recurring costs DTA 240 €m Defe
Slide 23: Key Figures
APPENDIX > KEY FIGURES €m 1H22 1H23 €m 1H22 1H23 Premium collection 6,632 7,470 Premium collection 6,632 7,470 Non-Life 4,152 4,325 Non-Life 4,152 4,325 Life 2,480 3,144 Life 2,480 3,144 Combined Ratio 90.5% 97.1% Combined Ratio 90.5% 97.1% Pre-Tax Result 525 697 Pre-Tax Result 279 614 Net Result 43
Slide 24: 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