Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — FY2022 Earnings Presentation
32 slides from Unipol Assicurazioni Spa's earnings presentation, Feb 10, 2023
Slide 1: FY22 Preliminary Consolidated Results
FY22 Preliminary Consolidated Results Bologna – 10 February 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 FY22 preliminary results. The FY22 data contained herein are preliminary in nature and refer to the date hereof and, ther
Slide 3: Agenda
AGENDA 1 2 3 FY22 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Goals Tracking 3
Slide 4: Agenda
AGENDA 1 2 3 FY22 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Goals Tracking 4
Slide 5: Results by Sector
FY22 PRELIMINARY CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m FY21 FY22 FY21 FY22 €m FY21 FY22 FY21 FY22 reported reported norm. a norm. b reported reported norm. c norm. d Consolid. pre-tax result 951 1,108 754 1,101 Consolid. pre-tax result 895 920 853 1,119 Non-Life 821 846 722 9
Slide 6: Normalised vs. Reported Results
FY22 PRELIMINARY CONSOLIDATED RESULTS > NORMALISED VS. REPORTED RESULTS €m Consolidated Pre-tax Result Consolidated Pre-tax Result 1,307 1,101 +41 -199 1,108 1,119 +166 -199 920 FY22 norm. BPER badwill D badwill Total pre- Employee FY22 reported FY22 norm. Employee FY22 reported on Carige on BPER so
Slide 7: Non-Life Premiums - Direct Business
FY22 PRELIMINARY CONSOLIDATED RESULTS > NON-LIFE PREMIUMS - DIRECT BUSINESS Breakdown by Ecosystem Breakdown by Company €m % var% €m % var% PREMIUMS Mobility 4,237 51 +1.8 UnipolSai 6,883 83 +2.4 Motor 3,888 47 +1.3 UniSalute 574 7 +10.6 €m Other 350 4 +7.4 Linear 193 2 +3.8 Arca Assicurazioni 245 3
Slide 8: Non-Life Combined Ratio
FY22 PRELIMINARY CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO Motor NET OF REINSURANCE DIRECT BUSINESS 95.3% 99.4% 24.2% 24.5% -2.6% -6.5% 71.1% 74.9% 95.0% 93.8% 92.5% 3.3% 3.4% 91.0% 27.9% 28.7% 28.5% 28.8% FY21 FY22 -4.1% -8.7% -4.2% -9.4% Non-Motor 89.7% 67.1% 65.2% 64.0% 62.2% 83.4% 32.5% 32.
Slide 9: UnipolSai S.p.A. Motor TPL Technical Indicators
FY22 PRELIMINARY CONSOLIDATED RESULTS > UNIPOLSAI S.p.A. MOTOR TPL TECHNICAL INDICATORS MOTOR TPL TECHNICAL INDICATORS Key Figures Combined Ratio Direct Business 95.6% 100.1% Var. yoy 23.4% 23.8% Portfolio average premium -1.0% N. of claims reported a +4.0% 72.2% 76.2% Frequency +0.2 p.p. -2.7% -7.3
Slide 10: Life Premium Income - Direct Business
FY22 PRELIMINARY CONSOLIDATED RESULTS > LIFE PREMIUM INCOME - DIRECT BUSINESS Breakdown by Line of Business Breakdown by Line of Product PREMIUM INCOME €m % var% 4% €m Traditional 2,892 54 -16.4 24% 39% Hybrids Unit linked 946 18 -15.5 Pure Traditional Pension funds 1,304 24 +122.8 Pension funds Cap
Slide 11: Life Yields
FY22 PRELIMINARY CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY21 FY22 0.92% 0.95% Min. guar. yield €bn % €bn % 0% 15.4 44 17.1 47 2.92% 2.00% 2.99% 2.04% 0.99% 0.91% 0% - 1% 7.8 22 7.8 22 1% - 2% 5.6 16 5.2 14 2% - 3% 4.6 13 4.3 12 FY21 FY22 >3% 2.0 6 1.9
Slide 12: Present Value of Life New Business
FY22 PRELIMINARY CONSOLIDATED RESULTS > PRESENT VALUE OF LIFE NEW BUSINESS PRESENT VALUE OF LIFE NEW BUSINESS €m NB Margin Line of Business NBV PVNBP on PVNBP Insurance with profit participation 42 1,387 3.1% Index/Unit-linked insurance 18 633 2.8% Other life insurance 17 118 14.7% Total FY22 77 2,1
Slide 13: Components of Life Pre-tax Result
FY22 PRELIMINARY CONSOLIDATED RESULTS > COMPONENTS OF LIFE PRE-TAX RESULT COMPONENTS OF LIFE PRE-TAX REPORTED RESULT €m FY21 FY22 Financial investment margin 351 403 Management fees to the distrib. network -92 -99 Technical margin 134 171 General expenses -165 -178 Other operating items -7 49 Life o
Slide 14: Investments
FY22 PRELIMINARY CONSOLIDATED RESULTS > INVESTMENTS TOTAL INVESTMENTS FY21 FY22 Duration (years) €bn % €bn % FY21 FY22 Total Bonds 50.5 82.7 41.3 78.7 Total Non-Life Life Total Non-Life Life o/w Italian Govies 23.9 39.1 17.5 33.3 Assets 6.1 3.0 7.5 5.0 3.0 6.0 o/w Non-Italian Govies 8.9 14.6 8.8 16.
Slide 15: Financial Investment Yields
FY22 PRELIMINARY CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m FY21 FY22 Total Non-Life Life Total Non-Life Life Coupons and dividends 1,477 388 1,075 Coupons and dividends 1,717 505 1,172 Yield 2.9% 2.9% 3.0% Yield 3.3% 3.7% 3.2% Realized/unrealized gains/losses 69 31 15 Realized/unrealized
Slide 16: Real Estate
FY22 PRELIMINARY CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,974 €m) Details 4,883 €m 4,005 4,240 market value Gross Yield Breakdown by Cluster 4% (124) 7% Core 2,766 2,974 FY21 FY22 7% (207) Land RE investm. ptf. €m Yield €m Yield (219) Devel. Own use p
Slide 17: Dividend Proposal
FY22 PRELIMINARY CONSOLIDATED RESULTS > DIVIDEND PROPOSAL €m FY21 FY22 FY21 FY22 Dividend per share DPS (€) 0.30 0.37 Dividend per share DPS (€) 0.19 0.16 Total dividends 215 265 Total dividends 538 453 Local GAAP net result (est.) a 335 363 Local GAAP net result (est.) a 648 145 Pay-out ratio 64% 7
Slide 18: Solvency 2
FY22 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2 €bn Partial Internal Model (consolidated) Economic Capital (consolidated) 3.3 272% 4.6 201% 9.3 8.9 5.6 4.7 Own Funds SCR Excess a Own Funds SCR Excess a Partial Internal Model (solo) 288% 3.1 8.8 5.7 Own Funds SCR Excess a Figures net of dividend d
Slide 19: Solvency Own Funds and SCR Details
FY22 PRELIMINARY CONSOLIDATED RESULTS > SOLVENCY 2 OWN FUNDS AND SCR DETAILS €m UNIPOL (consolidated) – Partial Internal Model UNIPOLSAI (consolidated) – Economic Capital UNIPOLSAI (solo) – Partial Internal Model 9,271 9,271 21 8,878 8,878 425 16 8,770 8,770 470 470 4,654 5,611 5,720 6,831 8,309 8,2
Slide 20: ESG Highlights
FY22 PRELIMINARY CONSOLIDATED RESULTS > ESG HIGHLIGHTS 2022 ACTIONS… … AND FIRST RESULTS • Publication of «The Unipol Group strategy on climate change» Baseline FY22 2021 • Participation in the Net-Zero Asset Owner Alliance Share of products with environmental and social value 25.9% 27.1% • Corporat
Slide 21: Agenda
AGENDA 1 2 3 FY22 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Goals Tracking 21
Slide 22: Strategic Plan Goals Tracking: Status Update
STRATEGIC PLAN GOALS TRACKING > STATUS UPDATE Development of MV TPL algorithm with retention and conversion improvement; evolution of MOD pricing/underwriting models Data Driven Omnichannel Insurance Dynamic pricing in Non-Motor in-force business; re-pricing in Property business Implementation of th
Slide 23: Strategic Plan Goals Tracking: Quantitative Targets
STRATEGIC PLAN GOALS TRACKING > QUANTITATIVE TARGETS Target Target FY21 FY22 FY21 FY22 2024 2024 Non-Life Premiums 7,943m 8,304m 8.9bn Non-Life Premiums 7,943m 8,304m 8.9bn Combined Ratio Non-Life Combined Ratio Non-Life 95.0% 93.8% 92.6% 95.0% 93.8% 92.6% (net of reins.) (net of reins.) Life Premiu
Slide 24: Agenda
AGENDA 1 2 3 FY22 2022-2024 Appendix Preliminary Strategic Plan Consolidated Results Goals Tracking 24
Slide 25: Group Structure
APPENDIX > GROUP STRUCTURE As at 31 December 2022 Unipol included in the FTSE MIB Unipol and in the MIB® ESG indexes UnipolSai included in the MIB® ESG index 85.24% 10.53% UnipolReC a BPER 14.76% 85.22% b 9.32% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe Inc
Slide 26: Beyond Insurance Companies
APPENDIX > BEYOND INSURANCE COMPANIES To date MOBILITY WELFARE PROPERTY UnipolRental Centri Medici Santagostino a 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 te
Slide 27: Focus on UnipolRental
APPENDIX > FOCUS ON UNIPOLRENTAL KPIs €m FY21 FY22 Revenues 305 364 Costs -296 -349 Capital gains on assets 23 34 EBITDA 31 48 EBIT 19 43 Net result 15 30 FLEET – PROPRIETARY VEHICLES NEW REGISTERED VEHICLES 72,266 56,745 23,377 14,438 FY21 FY22 FY21 FY22 Operating figures 27
Slide 28: 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 December 2022 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai 80 Hyb. Tier I Jul, 2023 Eur6M+1.8% b UnipolSai ✓ 500 Hyb. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Sub. Tier I Perpetua
Slide 29: Unipol S.p.A. – Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 31 December 2022 Assets Liabilities Liquid financial assets 1,640 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,640 Financial liabilities b 2,500 Net balance -860 a Including liq
Slide 30: Unipol S.p.A. - NAV Components
APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS As at 31 December 2022 Notes UnipolSai shareholding 85.22% ref. slide 25 BPER direct shareholding 10.53% ref. slide 25 Net financial assets/liabilities -860 €m ref. slide 29 FY22 Net operating costs 27 €m adjusted figure excl. non-recurring costs DTA 260 €m
Slide 31: Key Figures
APPENDIX > KEY FIGURES €m FY21 FY22 €m FY21 FY22 Premium income a 13,329 13,645 Premium income a 13,329 13,645 Non-Life 7,943 8,304 Non-Life 7,943 8,304 Life 5,386 5,341 Life 5,386 5,341 Combined Ratio b 95.0% 93.8% Combined Ratio b 95.0% 93.8% Consolid. Net Result reported 796 866 Consolid. Net Res
Slide 32: 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