Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q1 2025 Earnings Presentation
20 slides from Unipol Assicurazioni Spa's earnings presentation, May 15, 2025
Slide 1: 1Q25 Consolidated Results
1Q25 Consolidated Results 15 May 2025
Slide 2: Disclaimer
This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 1Q25 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol S.p.A., declares, in accordance with Article 154-bis, para 2, of the
Slide 3: 1Q25 Consolidated Results / Appendix
1 2 1Q25 Appendix Consolidated Results 3
Slide 4: 1Q25 Consolidated Results
1 2 1Q25 Appendix Consolidated Results 4
Slide 5: Group Results and Insurance Group Results
GROUP RESULTS INSURANCE GROUP RESULTS 1Q25 1Q25 €m 1Q24 incl. 1Q Banks €m 1Q24 1Q25 Reported Non-Life 294 336 336 Non-Life 294 336 Life 65 72 72 Life 65 72 Other 2 12 12 Other 2 12 Pre-tax result Insurance & Other 361 419 419 Pre-tax result before dividend from banks 361 419 Banking associates (BPER
Slide 6: Premium Collection: Non-Life breakdown by company and channel
PREMIUM COLLECTION Breakdown by Company Breakdown by Sales Channel €m Comp. Var. Agents Bancass. Other Total €m Unipol Ass.ni 1,803 76% +2.1% 74% 2% -- 76% UniSalute 354 15% +21.5% 13% 1% 0% 15% +4.7% Arca Ass.ni 77 3% +10.6% -- 3% -- 3% 2,387 % comp. 2,280 Linear 66 3% +10.0% -- -- 3% 3% Siat 55 2%
Slide 7: Motor and Non-Motor Combined Ratio
Motor 99.6% Motor 92.0% 1Q24 Combined Ratio 22.6% 1Q25 Combined Ratio 23.0% 77.0% 69.1% 91.1% 91.0% 26.6% 27.6% 1Q24 1Q25 64.5% 63.4% Non-Motor Non-Motor 90.2% 83.3% 1Q24 1Q25 31.8% 30.2% PY reserve development -6.2% PY reserve development -5.3% 53.0% 58.4% 1Q24 1Q25 Expense Ratio Loss Ratio Combine
Slide 8: Premium Collection: Life breakdown by line and segment
PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment €m €m Comp. Var. Pure Pure Pension Total Hybrids Traditional 1,323 51% -6.8% Traditional Linked Funds Unit linked 286 11% +146.0% Individual 55.5% 23.1% 30.7% 1.2% 0.5% +35.5%a Pension funds 803 31% +133.3% Collective 38.4%
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
LIFE YIELDS Technical Reserves by Minimum Guaranteea FY24 1Q25 3.20% 1.00% 3.19% 1.02% Min. guar. yield €bn Comp. €bn Comp. 2.20% 2.17% 0% 21.9 57% 22.9 58% 0.75% 0% - 1% 7.0 18% 6.8 17% 0.73% 1% - 2% 4.3 11% 4.1 10% FY24 1Q25 2% - 3% 3.9 10% 3.8 10% >3% 1.7 4% 1.7 4% Segregated funds current avg. y
Slide 10: CSM Roll-forward
€m CSM Roll-forward 2,559 2,495 2,426 +21 +67 -30 -64 +74 FY24 New Expected Return Economic Operating CSM before Release 1Q25 Opening CSM Business Variances Variances Release Closing CSM Operating figures 10
Slide 11: Investments by Asset Class
Investments by Asset Classa Breakdown by Accounting Classification – 1Q25 FY24 1Q25 FVPL FVPL Amort. Bank. €bn Comp. €bn Comp. FVOCI NL&Life Life cost Assoc. Other Total free cap. segr. acc. Total Bonds 45.3 75.6% 45.5 75.2% Govies 43.5% 0.0% 0.1% 2.7% -- -- 46.2% o/w Italian Govies 17.4 29.1% 17.1
Slide 12: Investment income yields
€m 1Q24 1Q25 Life Life Non-Life a Total Non-Life Total free cap. free cap. Coupons and dividends 132 25 157 142 30 172 Yield 3.9% 4.1% 3.9% 4.2% 4.1% 4.2% Realized/unrealized 67 10 78 105 8 113 gains/losses Yield 2.0% 1.7% 1.9% 3.1% 1.1% 2.7% Total 200 35 235 247 38 285 Yield 5.8% 5.7% 5.8% 7.3% 5.2
Slide 13: Partial Internal Model: Insurance Group Ratio
€m Partial Internal Model 277% Insurance Group Ratio 5,083 218% 11,072 5,989 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 treated as non-strategic equity investments, rather than shareho
Slide 14: Own Funds, SCR and Excess
€m Partial Internal Model 11,072 11,072 20 1,273 5,989 6,688 2,984 OF Fin. OF Tier 1 SCR Fin. OF Tier 2 SCR Ins. 3,091 OF Tier 3 Excessa 2,099 Own Funds SCR and Excess Own funds are net of dividends (approved by the AGM) pertaining to FY24 result and net of estimated dividends accrued on pro-rata te
Slide 15: 1Q25 Consolidated Results Appendix
1 2 1Q25 Appendix Consolidated Results 15
Slide 16: Unipol group structure
To date Unipol included in the FTSE MIB and MIB® ESG indexes Unipol 19.77% 19.72% BPER BPSO 98.99% 100% 94.69% 100% 63.39% UniSalute Linear Siat DDOR Arca Vita Arca Ass.ni Mobility Welfare Property GruppoUNA Other companies other companies other companies other companies Banking and Financials Insur
Slide 17: Outstanding Debt, Debt Rating and Financial Strength Rating
€m To date Outstanding Debt Debt Rating Original Nominal Isin Code Listed a Seniority Tier Maturity Coupon Moody’s Fitch Issuer Amount UnipolSai XS1784311703 ✓ 500 Subordinated Tier II Mar, 2028 3.875% Fixed Annual Ba1 BBB- UnipolSai XS2249600771 ✓ 500 Hybrid RTier I Perpetualb 6.375% Fixedc Annual
Slide 18: 1Q25 P&L by Sector
1Q25 P&L BY SECTOR Reported figures Banking €m Non-Life Life Other Total Associates Insurance revenues 2,231 152 0 0 2,382 Insurance costs -1,953 -89 0 0 -2,042 Reinsurance result -78 -3 0 0 -80 Insurance services result 200 60 0 0 260 Net financial result 195 28 0 2 223 Interest exp. on fin. liabil
Slide 19: Insurance Group KPIs – 1Q25
€m 1Q24 1Q25 Reported Reported Premium collection 4,200 4,988 Non-Life 2,280 2,387 Life 1,920 2,600 Combined Ratio 91.1% 91.0% Insurance and other businesses pre-tax result 361 419 Banking associates result (BPER and BPSO) 0 0 Pre-tax total result 361 419 Net result 242 285 Insurance Group KPIs – 1Q
Slide 20: 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 455234 Giuseppe Giuliani Tel +39 051 507 7218 Silvia Tonioli Tel +39 051 507 2371 20