Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q3 2022 Earnings Presentation
22 slides from Unipol Assicurazioni Spa's earnings presentation, Nov 11, 2022
Slide 1: Unipol 2022-2024 Strategic Plan: 9M22 Consolidated Results
UNIPOL 2022-2024 STRATEGIC PLAN Opening New Ways QM22 Consolidated Results Bologna-11 November 2022
Slide 2: 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 9M22 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and Unipol
Slide 3: 9M22 Consolidated Results
1 2 9M22 Appendix Consolidated Results 3
Slide 4: Appendix
1 2 9M22 Appendix Consolidated Results 4
Slide 5: Results by Sector
Results by Sector €m 9M21 9M22 9M21 9M22 €m 9M21 9M21 9M22 reported reported norm. a norm. b reported norm. c reported Consolid. pre-tax result 974 1,098 777 823 Consolid. pre-tax result 874 832 885 Non-Life 843 864 744 755 Non-Life 769 746 731 Life 160 189 153 189 Life 164 156 190 Holding and other
Slide 6: Non-Life Premiums Breakdown by Ecosystem, Company and Channel
Breakdown by Ecosystem Breakdown by Company €m % var% €m % var% PREMIUMS Mobility 3,099 53 +2.0 UnipolSai 4,781 82 +2.6 Motor 2,823 48 +0.9 UniSalute 410 7 +12.2 €m Other 276 5 +14.4 Linear 145 2 +5.2 Arca Assicurazioni 180 3 +38.1 Welfare 1,149 20 +14.2 +5.6% Siat 132 2 +43.0 Health 653 11 +21.8 5,
Slide 7: Motor and Non-Motor Combined Ratio
Motor NET OF REINSURANCE DIRECT BUSINESS 92.9% 98.4% 24.2% 24.2% 68.7% 74.2% 92.8% 93.2% 91.7% 91.4% 3.3% 3.5% 27.3% 28.9% 9M21 9M22 26.6% 28.7% Non-Motor 65.9% 62.5% 90.5% 85.0% 66.2% 62.9% 33.3% 33.3% 7.3% 7.1% 6.6% 7.1% 57.2% 51.6% 9M21 9M22 9M21 9M22 9.8% 10.5% 9M21 9M22 Expense Ratio Loss Ratio
Slide 8: Life Premium Income Breakdown
Breakdown by Line of Business Breakdown by Line of Product PREMIUM INCOME €m % var% 4% €m Traditional 1,925 48 -23.5 28% Hybrids Unit linked 776 20 -6.7 42% Pure Traditional Pension funds 1,119 28 +160.1 Pension funds Capitalization 162 4 +17.5 Pure Linked +1.7% 26% 3,982 Total 3,982 100 +1.7 3,915
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
LIFE YIELDS Technical Reserves by Minimum Guaranteea FY21 9M22 0.92% 0.94% Min. guar. yield €bn % €bn % 2.00% 0% 15.4 44 16.5 46 2.92% 2.95% 2.01% 0.99% 0.94% 0% - 1% 7.8 22 7.9 22 1% - 2% 5.6 16 5.3 15 2% - 3% 4.6 13 4.4 12 FY21 9M22 >3% 2.0 6 1.9 5 Segregated funds current avg. yieldb Avg. yield t
Slide 10: Life Pre-Tax Result Components
LIFE PRE-TAX RESULT COMPONENTS €m 9M21 9M22 Financial investment margin 243 252 Management fees to the distrib. network -56 -67 Technical margin 92 116 General expenses -121 -128 Other operating items 9 38 Life operating gross margin 167 211 Non-operating income and expenses 17 0 Interests on debts
Slide 11: Total Investments
TOTAL INVESTMENTS FY21 9M22 Duration (years) €bn % €bn % FY21 9M22 Total Bonds 50.5 82.7 41.0 78.7 Total Non-Life Life Total Non-Life Life o/w Italian Govies 23.9 39.1 17.9 34.4 Assets 6.1 3.0 7.5 5.1 3.0 6.3 o/w Non-Italian Govies 8.9 14.6 8.4 16.2 Liabilities 7.2 2.8 8.9 5.9 2.4 7.3 o/w Corporate
Slide 12: Investment Yields
€m 9M21 9M22 Total Non-Life Life Total Non-Life Life Coupons and dividends 1,075 278 787 Coupons and dividends 1,223 351 846 Yield 2.8% 2.8% 3.0% Yield 3.2% 3.4% 3.1% Realized/unrealized gains/losses 99 63 15 Realized/unrealized gains/losses -43 40 -46 Yield 0.3% 0.6% 0.1% Yield -0.1% 0.4% -0.2% Tot
Slide 13: Real Estate Investment Portfolio
€m Total Portfolio Real Estate Investment Portfolio (2,961 €m) Details 4,779 €m 4,005 4,210 market value Gross Yield Breakdown by Cluster 4% (129) 7% Core 2,766 2,961 9M21 9M22 8% (222) Land RE investm. ptf. €m Yield €m Yield (222) Devel. Own use ptf. 1,238 1,249 Ord. yield 81 3.9% 83 3.8% Trading E
Slide 14: Solvency: Partial Internal Model and Economic Capital
€bn Partial Internal Model (consolidated) Economic Capital (consolidated) 3.3 271% 4.7 197% 9.3 9.0 5.7 4.6 Own Funds SCR Excess a Own Funds SCR Excess a Partial Internal Model (solo) 295% 3.0 8.9 5.9 Own Funds SCR Excess a a Eligible Own Funds in excess of Solvency Capital Requirements 14
Slide 15: Appendix
1 2 9M22 Appendix Consolidated Results 15
Slide 16: Appendix: Group Structure
APPENDIX > GROUP STRUCTURE As at 30 September 2022 Unipol included in the FTSE MIB Unipol and in the MIB® ESG indexes UnipolSai included in the MIB® ESG index 85.24% 10.55% UnipolReC a BPER 14.76% 85.22% b 9.34% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe In
Slide 17: Appendix: KPIs
APPENDIX > KPIs €m 9M21 9M22 €m 9M21 9M22 Premium income a 9,454 9,834 Premium income a 9,454 9,834 Non-Life 5,539 5,851 Non-Life 5,539 5,851 Life 3,915 3,982 Life 3,915 3,982 Combined Ratio b 92.8% 93.2% Combined Ratio b 92.8% 93.2% Consolid. Net Result reported 813 854 Consolid. Net Result reporte
Slide 18: Appendix: Outstanding Debt Instruments
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 30 September 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 Perpetu
Slide 19: Appendix: Unipol S.p.A. Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 30 September 2022 Assets Liabilities Liquid financial assets 1,150 Senior debt 2025 1,000 Loan to UnipolRental 150 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,300 Financial liabilities b 2,500 Net ba
Slide 20: Appendix: Unipol NAV Components
APPENDIX > UNIPOL - NAV COMPONENTS As at 30 September 2022 Notes UnipolSai shareholding 85.22% ref. slide 16 UnipolReC shareholding 85.24% ref. slide 16 UnipolReC tangible book value 416 €m BPER direct shareholding 10.55% ref. slide 16 Net financial assets/liabilities -1,200 €m ref. slide 19 9M22 Ne
Slide 21: Appendix: UnipolRental
APPENDIX > UNIPOLRENTAL KPIs €m 9M21 9M22 Total revenues 221.0 262.4 Gross operating margin a 40.2 59.4 FLEET – PROPRIETARY VEHICLES REGISTERED VEHICLES 67,998 56,745 16,865 10,332 FY21 9M22 9M21 9M22 a Net of vehicles’ depreciation Operating figures 21
Slide 22: Investor Relations Contacts
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