Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — FY2021 Earnings Presentation
36 slides from Unipol Assicurazioni Spa's earnings presentation, Mar 24, 2022
Slide 1: Mission Evolve: FY21 Consolidated Results
Mission Evolve FY 21 Consolidated Results Bologna - 24 March 2022 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 FY21 results. Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and
Slide 3: Agenda
1 2 2019-2021 FY21 Strategic Plan Results Consolidated Results 3 4 2021 ESG Indicators Appendix
Slide 4: 2019-2021 Strategic Plan Results
1 2019-2021 Strategic Plan Results
Slide 5: 2019-2021 Strategic Plan Results
5 2019-2021 Strategic Plan Results €m UNIPOL UNIPOLSAI FY21 2019-2021 2019-2021 FY21 2019-2021 2019-2021 actual actual target actual actual target 2,326 2,000 2,231 2,000 Consolidated net result 796 Consolidated net result 723 cumulated a cumulated a cumulated cumulated 617 600 1,528 1,300 Dividends
Slide 6: 2019-2021 Strategic Plan Results: Creation of concrete and measurable value
6 2019-2021 Strategic Plan Results Baseline Result Target Creation of concrete and measurable value 2018 2021 2021 Increase in the incidente of products Incidence with social and environmental impact on the overall insurance portfolio 22.7% 27.2% ̰ 30% of products with environmental and Premiums for
Slide 7: FY21 Consolidated Results
-Evolve og 8a Mission = UNIPOL 2019-2021 act STRATEGIC PLAN FY21 Consolidated Results Unipol | UnipolSai
Slide 8: FY21 Consolidated Results
8 FY21 Consolidated Results €m UNIPOL UNIPOLSAI FY19 a FY20 FY21 FY19 FY20 FY21 Consolidated pre-tax result 867 1,026 951 Consolidated pre-tax result 873 1,119 895 Non-Life 725 1,104 821 Non-Life 698 1,105 752 Life 226 71 213 Life 228 73 218 Holding and other -84 -149 -83 Other -52 -60 -75 Consolida
Slide 9: Premiums by Business Line and Company
9 FY21 Consolidated Results €m Premiums by Business Line Premiums by Company €m % var% €m % var% Mobility 4,164 52 -3.2 UnipolSai 6,721 85 -0.7 Premiums Motor 3,838 48 -3.7 UniSalute 519 7 +7.5 7,882 7,943 +0.8% Other 326 4 +2.4 Linear 185 2 +0.1 Arca Assicurazioni 190 2 +35.4 Welfare 1,486 19 +5.9
Slide 10: Combined Ratio
10 FY21 Consolidated Results Net of Reinsurance Direct Business 92.1% 90.6% 95.0% avg. 2019-2021 avg. 2019-2021 94.2% 93.7% 87.0% 92.5% 85.4% 27.9% 27.9% 27.7% 28.2% 28.5% 28.1% 66.3% 67.1% 66.1% 58.8% 57.3% 64.0% 5.5% 6.6% 8.1% 8.0% 7.3% 7.6% FY19 FY20 FY21 FY19 FY20 FY21 Expense Ratio Loss Ratio A
Slide 11: Direct business, operating figures
11 FY21 Consolidated Results €m 583 550 336 278 212 18 2019 2020 2021 FY 4Q Direct business, operating figures
Slide 12: Motor TPL Key Figures and Combined Ratio
12 FY21 Consolidated Results €m Key Figures Motor TPL Combined Ratio Direct Business 95.6% 95.6% Motor TPL var. vs FY20 83.4% 22.7% 23.4% Portfolio average premium -2.8% 23.0% N. of claims reported a +11.6% Expense Frequency +0.5 p.p. 72.9% 72.2% 60.4% Loss Bodily injuries/Tot. followed-up -0.3 p.p.
Slide 13: KPIs
13 FY21 Consolidated Results €m KPIs FY20 FY21 Total revenues 329 368 Gross operating margin a 51 58 EBIT 24 19 Net result 15 15 Fleet – Proprietary Vehicles Registered Vehicles 56,745 50,053 14,438 9,562 FY20 FY21 FY20 FY21 Target achieved: 1,000 contracts per month managed by agents a Net of vehic
Slide 14: Life Direct Premium Income
14 FY21 Consolidated Results €m Direct Premium Income Premiums by Company 5,386 €m % var% 4,328 UnipolSai 2,870 53 -7.4 +24.4% Arca Vita + AVI 2,423 45 +112.6 Other companies 93 2 +3.9 Total 5,386 100 +24.4 FY20 FY21 Premiums by Line of Business Premiums by Distribution Channel €m % var% €m % var% T
Slide 15: Life Yields and Technical Reserves
15 FY21 Consolidated Results Life Yields Technical Reserves by Minimum Guarantee a FY20 FY21 3.16% 0.90% Min. guar. yield €bn % €bn % 2.92% 0.92% 0% 12.1 36 15.4 44 2.26% 2.00% 0%-1% 8.0 24 7.8 22 1.13% 1%-2% 6.5 19 5.6 16 0.99% 2%-3% 5.0 15 4.6 13 >3% 2.1 6 2.0 6 FY20 FY21 Total 33.7 100 35.3 100 S
Slide 16: Line of business NBV
16 FY21 Consolidated Results €m NB Margin on Line of business NBV PVNBP PVNBP Insurance with profit participation 43 1,966 2.2% Index/Unit-linked insurance 25 800 3.1% Other life insurance 20 116 17.4% Total FY21 88 2,882 3.0% Total FY20 66 2,143 3.1% Total FY19 70 2,622 2.7% Total FY18 45 2,010 2.2
Slide 17: Total Investments
17 FY21 Consolidated Results Total Investments FY20 FY21 €bn % €bn % Total Bonds 54.0 86.8 50.5 82.7 o/w Italian Govies 26.2 42.2 23.9 39.1 o/w Non-Italian Govies 10.0 16.2 8.9 14.6 o/w Corporate 17.7 28.5 17.7 29.0 Cash 1.0 1.6 2.0 3.2 Equity and Funds 1.5 2.5 2.4 3.9 Real Assets, P.E., H.F. 1.2 1.
Slide 18: Investment yields
18 FY21 Consolidated Results €m FY20 FY21 Total Non-Life Life Total Non-Life Life Coupons and dividends 1,470 344 1,116 Coupons and dividends 1,477 389 1,075 Yield 3.0% 2.8% 3.2% Yield 2.9% 2.9% 3.0% Realized/unrealized gains/losses -44 -24 -23 Realized/unrealized gains/losses 69 31 16 Yield -0.1% -
Slide 19: Real Estate Portfolio
19 FY21 Consolidated Results €m Total Portfolio Breakdown by Account. Sector 4,064 4,005 4% (159) 4,474 €m 8% (339) 4,005 €m market value 2,928 2,839 Real Estate Non-Life 29% 1,136 1,166 (1,163) 59% Life (2,344) FY20 FY21 Other RE investm. ptf. Own use ptf. RE Investment Portfolio (2,839 €m) Details
Slide 20: Bad Loans Stock and Portfolio Development
20 FY21 Consolidated Results €m Bad Loans Stock 2018-2021 Portfolio Development FY20 FY21 Gross loans 3,046 2,689 2,590 2018 Net loans 423 357 95 Coverage ratio 86% 87% 3,465 b Bad Loans Collection 2019 FY20 FY21 110 Collections 116 82 404 €m collections 2018-2021 Bad Loans reduction (GBV) 419 356 1
Slide 21: Dividends per share
21 FY21 Consolidated Results €m UNIPOL UNIPOLSAI DPS (€) 0.180 0.280 0.280 0.300 DPS (€) 0.145 0.160 0.190 0.190 538 538 201 201 215 453 Total dividends Total dividends 410 129 FY18 FY19 a FY20 FY21 FY18 FY19 FY20 FY21 FY21 Local GAAP Net result (est.) 335 FY21 Local GAAP Net result (est.) 648 Pay-o
Slide 22: Solvency 2 ratios
22 FY21 Consolidated Results €bn UNIPOL (consolidated) UNIPOLSAI (consolidated) Partial Internal Model Economic Capital 284% 214% 3.5 4.6 9.7 9.9 6.4 5.2 Own Funds SCR Excess a Own Funds SCR Excess a UNIPOLSAI (solo) Partial Internal Model 326% 3.0 9.7 6.7 Own Funds SCR Excess a Figures net of divid
Slide 23: Own Funds and SCR
23 FY21 Consolidated Results €m UNIPOL (consolidated) – Partial Internal Model UNIPOLSAI (consolidated) – Economic Capital UNIPOLSAI (solo) – Partial Internal Model 9,727 9,727 9,866 9,866 9,720 9,720 32 33 546 490 546 5,175 6,390 6,737 7,378 9,194 9,174 3,529 3,471 2,983 1,825 1,023 95 5 Own Funds
Slide 24: 2021 ESG Indicators
Mission‘: Evolve 2021 ESG Indicators Unipol | UnipolSai
Slide 25: Economic Value Distributed
25 2021 ESG Indicators Economic Value Economic Value Distributed: Distributed Policyholders vs Other to Other Stakeholders 0.3% 3.7% 6.2% 7.5% 35% 38.9% 12,359 4,292 €m €m 19.3% 65% 24.1% Community Employees Payments to policyholders Providers of loans Suppliers Value distributed to other stakeholde
Slide 26: Social and Green Products
26 2021 ESG Indicators Total Green 46 2,712 €m 258 €m Risk reduction Renewable energy 12 Pollution TPL Energy efficiency 7 258 192 Social 2,454 €m 582 Protection products for specific customers or events Health class products offering reimbursements and/or services 2,454 Products promoting responsib
Slide 27: Assets satisfying responsible investment criteria
27 2021 ESG Indicators Group assets subject to sustainability monitoring satisfying responsible investment criteria defined by specific «Guidelines» Assessment of the portfolio positioning Monitored Assets 51.9 €bn consistent with the Paris Agreement ESG-Compliant Assets 51.2 €bn • Emissions of Unip
Slide 28: Agenda 2030 Investments and Green Bond Issue
28 2021 ESG Indicators Investments in support of the Agenda 2030 and Green Bond Issue Investment Allocation to combat climate change Issues €m SDGs Issues €m SDGs 23 26 Residential care and social 46.6 29 assistance Renewable energy, 446.8 eco-efficiency Sustianable forest 34.0 449 242 management 1,
Slide 29: Monitoring of Scope 1, 2 and 3 Emissions
29 2021 ESG Indicators Monitoring of the Scope 1 and Scope 2 Emissions • 100% of the electricity supply in Italy coming from renewable • Reduction by 10.5% in CO2 emissions from source (as from May 2021 start of the renewable energy property in 2021: total 33.863 t CO2 eq supplies in Serbia) • Reduc
Slide 30: Appendix
Mission Evolve Appendix Unipol | UnipolSai
Slide 31: Group structure as at 31 December 2021
31 Appendix As at 31 December 2021 Unipol Unipol included in the FTSE MIB 85.24% 9.55% and in the MIB® ESG1 UnipolReC BPER 14.76% 84.92% 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 UnipolAssistance UnipolService UnipolG
Slide 32: Key figures Unipol and UnipolSai
32 Appendix €m UNIPOL UNIPOLSAI FY20 FY21 FY20 FY21 Premium income a 12,210 13,329 Premium income a 12,210 13,329 Non-Life 7,882 7,943 Non-Life 7,882 7,943 Life 4,328 5,386 Life 4,328 5,386 Combined Ratio b 87.0% 95.0% Combined Ratio b 87.0% 95.0% Consolid. Net Result reported 864 796 Consolid. Net
Slide 33: Debt issues outstanding
33 Appendix €m As at 31 December 2021 Nominal Sub./Sen./ Issuer Listed a Tier Maturity Coupon amount Hyb. UnipolSai 160 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 Un
Slide 34: Unipol holding assets and liabilities
34 Appendix €m As at 31 December 2021 Assets Liabilities Liquid financial assets a 1,353 Financial debt to UnipolSai 300 Loan to UnipolRental 150 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets 1,503 Financial liabilities b 2,800 Net balance -1,297 a
Slide 35: Notes
35 Appendix As at 31 December 2021 Notes UnipolSai shareholding 84.92% ref. slide 31 UnipolReC shareholding 85.24% ref. slide 31 UnipolReC tangible book value 441 €m ref. slide 20 BPER direct shareholding 9.55% ref. slide 31 Net financial assets/liabilities -1,297 €m ref. slide 34 Net operating cost
Slide 36: Investor Relations contacts
36 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 13 May 202