Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — 1H24 Earnings Presentation
20 slides from Unipol Assicurazioni Spa's earnings presentation, Aug 9, 2024
Slide 1: 1H24 Consolidated Results
1H24 Consolidated Results 9 August 2024
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Unipol Gruppo S.p.A. solely for information purposes in the context of the presentation of its 1H24 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. declares, in accordance with Article
Slide 3: Agenda
AGENDA 1 2 1H24 Appendix Consolidated Results 3
Slide 4: Agenda
AGENDA 1 2 1H24 Appendix Consolidated Results 4
Slide 5: Results by Sector
1H24 CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m 1H23 1H24 1H24 Reported Reported Incl. 1H Banks Non-Life 448 508 508 Life 143 139 139 Other -7 -12 -12 Pre-tax insurance and other businesses 584 636 636 Banking associates (BPER & BPSO) a 113 b 121 c 198 d Pre-tax total 697 757 834
Slide 6: Non-Life Premium Collection
1H24 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m Comp. Var. €m Comp. Var. PREMIUM COLLECTION Mobility 2,398 52% +9.5% UnipolSai 3,618 79% +5.1% Motor 2,202 48% +10.2% UniSalute 517 11% +27.7% €m Other 195 4% +2.1% Arca Assicurazioni 158 3% +18.0%
Slide 7: Combined Ratio
1H24 CONSOLIDATED RESULTS > COMBINED RATIO Motor 101.5% Motor 102.6% 1H23 Combined Ratio 22.5% 1H24 Combined Ratio 22.3% 79.1% 80.3% 97.5% 1.9% 93.1% 1.3% 26.1% 26.0% 1H23 1H24 71.4% Non-Motor 67.1% Non-Motor 7.2% 93.8% 3.6% 84.6% 1H23 29.4% 1H24 29.4% 64.4% 55.2% 12.0% 5.6% 1H23 1H24 Expense Ratio
Slide 8: Life Premium Collection
1H24 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 2,496 70% +31.7% Traditional Linked Funds Unit linked 308 9% +28.1% Individual 69.8% 18.0% 50.2% 1.1% 0.5% +14
Slide 9: Life Yields
1H24 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY23 1H24 3.12% 0.98% 3.18% 0.99% Min. guar. yield €bn Comp. €bn Comp. 2.14% 2.19% 0% 19.3 52% 20.8 54% 0.84% 0.79% 0% - 1% 7.4 20% 7.3 19% 1% - 2% 4.9 13% 4.5 12% 2% - 3% 4.1 11% 4.0 10% FY23 1H24 >3% 1.8 5
Slide 10: Life CSM
1H24 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward +56 -91 2,496 +58 -121 2,375 2,295 +179 FY23 New Expected Return Economic Operating CSM before Release 1H24 Opening CSM Business Variances Variances release Closing CSM Operating figures 10
Slide 11: Investments
1H24 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Classification – 1H24 FY23 1H24 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 44.2 79.4% 43.6 78.2% free cap. segr. acc. o/w Italian Govies 17.6 31.6% 16.9 30.4% Govies 4
Slide 12: Financial Investment Yields
1H24 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 1H23 1H24 o/w Life o/w Life Non-Life Life Total Non-Life Life Total free cap. free cap. Coupons and dividends 265 598 47 898 280 641 57 948 Yield 4.0% 3.2% 4.4% 3.5% 4.5% 3.3% 4.6% 3.6% Realized/unrealized 123 12 -3 144 82 22 12 114 gains/lo
Slide 13: Real Estate
1H24 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,892 €m) – Details 4,916 €m 4,199 4,177 market value Gross Yield Breakdown by Cluster 3% (102) 5% (149) Core 2,901 2,892 1H23 1H24 8% (220) Land RE investm. ptf. €m Yield €m Yield Devel. Own use ptf. 1,299
Slide 14: Solvency
1H24 CONSOLIDATED RESULTS > SOLVENCY 2 €bn Partial Internal Model (consolidated) 276% insurance sector consolid. ratio a 4.8 221% 10.6 5.8 Own Funds SCR Excess b Calculated on the basis of the information available as of today. The definitive results will be reported to the Supervisory Authority wit
Slide 15: Agenda
AGENDA 1 2 1H24 Appendix Consolidated Results 15
Slide 16: Appendix: Group Structure
APPENDIX > GROUP STRUCTURE As at 30 June 2024 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% 96.93% a 9.51% www.unipol.it UnipolSai b 98.99% 100% 94.69% 100% 63.39% UniSalute Linear Siat DDOR Arca Vita Arca A
Slide 17: Appendix: Outstanding Debt Instruments - Unipol and UnipolSai
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 30 June 2024 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 500 Hyb. Tier I Perpetual b 6.38% UnipolSai ✓ 750 Sub. Tier II May 2034 4.90
Slide 18: Appendix: P&L by Sector
APPENDIX > P&L BY SECTOR 1H24 P&L BY SECTOR Banking €m Non-Life Life Other Total associates a Insurance revenue 4,448 285 -- -- 4,733 Insurance costs -4,064 -187 -- -- -4,251 Reinsurance result -80 -5 -- -- -85 Insurance services result 305 92 -- -- 397 Net financial result 258 60 121 17 456 Other r
Slide 19: Appendix: Key Figures
APPENDIX > KEY FIGURES €m 1H23 1H24 1H24 Reported Reported Incl. 1H Banks Premium collection 7,393 8,165 Non-Life a 4,248 4,581 same as Life 3,144 3,584 Reported Combined Ratio a 97.5% 93.1% Insurance and other businesses pre-tax result 584 636 Banking associates result (BPER and BPSO) b 113 c 121 d
Slide 20: Investor Relations Contacts
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 +39 011 654 2088 Giuseppe Giuliani Tel +39 051 507 7218 Silvia Tonioli Tel +39 051 507 2371 Upcoming event 8