Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q1 2024 Earnings Presentation
23 slides from Unipol Assicurazioni Spa's earnings presentation, May 10, 2024
Slide 1: 1Q24 Consolidated Results
1Q24 Consolidated Results 10 May 2024
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 1Q24 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A.
Slide 3: Agenda
AGENDA 1 2 1Q24 Appendix Consolidated Results 3
Slide 4: Agenda
AGENDA 1 2 1Q24 Appendix Consolidated Results 4
Slide 5: Results by Sector
1Q24 CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m 1Q23 1Q24 €m 1Q23 1Q24 Results excluding consolidated banking stakes a Pre-tax result 323 361 Pre-tax result 330 352 Non-Life 285 298 Non-Life 284 290 Life 52 66 Life 53 68 Other -14 -3 Other -7 -5 Net result 226 242 Net result 231 2
Slide 6: Non-Life Premium Collection
1Q24 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m Comp. Var. €m Comp. Var. PREMIUM COLLECTION Mobility 1,165 51% +11.4% UnipolSai 1,765 77% +5.8% Motor 1,062 47% +11.2% UniSalute 292 13% +23.1% €m Other 102 4% +12.8% Linear 60 3% +18.2% Arca Assic
Slide 7: Combined Ratio
1Q24 CONSOLIDATED RESULTS > COMBINED RATIO Motor Motor 102.2% 1Q23 Combined Ratio 1Q24 Combined Ratio 99.6% 23.1% 22.6% 79.1% 94.8% 77.0% 91.1% 26.3% 26.6% 1Q23 1Q24 68.4% Non-Motor 64.5% Non-Motor 87.7% 83.3% 1Q23 1Q24 30.2% 29.4% 58.3% 53.0% 1Q23 1Q24 Expense Ratio Loss Ratio 1Q23 figures do not i
Slide 8: Life Premium Collection
1Q24 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 1,420 74% +72.7% Traditional Linked Funds Unit linked 116 6% -26.1% Individual 71.3% 12.0% 57.7% 1.0% 0.6% +11
Slide 9: Life Yields
1Q24 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY23 1Q24 3.12% 0.98% 3.14% 0.98% Min. guar. yield €bn Comp. €bn Comp. 2.16% 0% 19.3 52% 20.2 53% 2.14% 0.84% 0% - 1% 7.4 20% 7.4 19% 0.81% 1% - 2% 4.9 13% 4.7 12% 2% - 3% 4.1 11% 4.0 11% FY23 1Q24 >3% 1.8 5
Slide 10: Life CSM
1Q24 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward 2,473 2,414 2,295 +26 +35 +5 -59 +113 2024/1/1 New Expected Return Economic Operating CSM before Release 2024/3/31 Opening CSM Business Variances Variances release Closing CSM Operating figures 10
Slide 11: Investments
1Q24 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Sector – 1Q24 FY23 1Q24 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 44.2 79.4% 44.1 77.6% free cap. segr. acc. o/w Italian Govies 17.6 31.6% 17.1 30.1% Govies 44% -- --
Slide 12: Financial Investment Yields
1Q24 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 1Q23 1Q24 Life Life Life Life Non-Life Total Non-Life Total free cap. segr. acc. free cap. segr. acc. Coupons and dividends 109 20 267 412 117 25 279 437 Yield 3.3% 3.4% 3.1% 3.2% 3.9% 4.1% 3.1% 3.3% Realized/unrealized 104 1 8 119 58 10 5 8
Slide 13: Real Estate
1Q24 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,898 €m) – Details 4,921 €m 4,199 4,201 market value Gross Yield Breakdown by Cluster 4% (103) 5% (147) Core 2,901 2,898 1Q23 1Q24 7% (208) Land RE investm. ptf. €m Yield €m Yield Devel. Own use ptf. 1,299
Slide 14: Solvency 2
1Q24 CONSOLIDATED RESULTS > SOLVENCY 2 €bn 269% Partial Internal Model (consolidated) insurance sector Economic Capital (consolidated) consolid. ratio a 3.1 322% 4.8 217% 10.4 9.8 6.8 5.6 Own Funds SCR Excess b Own Funds SCR Excess b Partial Internal Model (solo) 3.2 307% 9.8 6.6 BPER and BPSO figur
Slide 15: Agenda
AGENDA 1 2 1Q24 Appendix Consolidated Results 15
Slide 16: Appendix > Group Structure
APPENDIX > GROUP STRUCTURE To date Unipol included in the FTSE MIB Unipol and MIB® ESG indexes 10.53% 10.21% BPER BPSO Merger expected by 2024YE Documents available at 9.32% b 94.92% a 9.51% c www.unipol.it UnipolSai 98.99% 100% 94.69% 100% 63.39% UniSalute Linear Siat DDOR Arca Vita Arca Ass.ni Mob
Slide 17: Appendix > Beyond Insurance Companies
APPENDIX > BEYOND INSURANCE COMPANIES 360° partner across the mobility lifecycle, particularly in the car long-term rental market, roadside assistance, car repair, e-tolling and mobility services. Network of directly-owned healthcare facilities, digital health services including telemedicine and fle
Slide 18: 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 31 March 2024 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Hyb. Tier I Perpetual b 5.75% UnipolSai ✓ 500 Hyb. Tier I Perpetual c 6
Slide 19: Unipol S.p.A. – Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 31 March 2024 Assets Liabilities Liquid financial assets 1,390 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,390 Financial liabilities b 2,500 Net balance -1,110 After payment of
Slide 20: Unipol S.p.A. - NAV Components
APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS Notes UnipolSai shareholding 94.92% ref. slide 16 BPER direct shareholding 10.53% ref. slide 16 BPSO direct shareholding 10.21% ref. slide 16 Net financial assets/liabilities -1,791 €m ref. slide 19 1Q24 net operating costs a 8 €m adjusted figure excl. non-r
Slide 21: 1Q24 P&L by Sector
APPENDIX > 1Q24 P&L BY SECTOR P&L BY SECTOR Results do not include consolidated banking stakes €m Non-Life Life Other Total €m Non-Life Life Other Total Insurance revenue 2,189 140 -- 2,329 Insurance revenue 2,189 140 -- 2,329 Insurance costs -1,962 -87 -- -2,049 Insurance costs -1,962 -87 -- -2,049
Slide 22: Key Figures
APPENDIX > KEY FIGURES €m 1Q23 1Q24 €m 1Q23 1Q24 Premium collection 3,825 4,200 Premium collection 3,825 4,200 Non-Life a 2,097 2,280 Non-Life a 2,097 2,280 Life 1,728 1,920 Life 1,728 1,920 Combined Ratio a 94.8% 91.1% Combined Ratio a 94.8% 91.1% Cons. Net Result excl. banking stakes b 226 242 Con
Slide 23: 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