Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — H1 2022 Earnings Presentation
23 slides from Unipol Assicurazioni Spa's earnings presentation, Aug 5, 2022
Slide 1: Unipol 2022-2024 Strategic Plan: 1H22 Consolidated Results
UNIPOL 2022-2024 STRATEGIC PLAN Opening New Ways 1H22 Consolidated Results Bologna-5 August 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 1H22 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and Unipol
Slide 3: 1H22 Consolidated Results
1 2 1H22 Appendix Consolidated Results 3
Slide 4: 1H22 Consolidated Results
1 2 1H22 Appendix Consolidated Results 4
Slide 5: Results by Sector
Results by Sector €m 1H21 1H22 1H21 1H22 €m 1H21 1H21 1H22 reported reported norm. a norm. b reported norm. c reported Consolid. pre-tax result 743 868 543 589 Consolid. pre-tax result 636 594 618 Non-Life 618 627 517 516 Non-Life 553 531 505 Life 111 145 104 145 Life 114 106 147 Holding and other 1
Slide 6: Non-Life Premiums by Business Line and Company
Premiums by Business Line Premiums by Company €m % var% €m % var% PREMIUMS Mobility 2,155 52 +1.9 UnipolSai 3,390 82 +2.5 Motor 1,967 47 +1.1 UniSalute 301 7 +10.5 €m Other 188 5 +11.1 Linear 99 2 +5.4 Arca Assicurazioni 125 3 +46.8 Welfare 825 20 +13.6 +5.8% Siat 91 2 +35.8 Health 472 11 +20.5 4,15
Slide 7: Motor and Non-Motor Combined Ratio
Motor NET OF REINSURANCE DIRECT BUSINESS 92.0% 98.2% 24.1% 24.0% 68.0% 74.1% 92.6% 94.1% 91.4% 91.1% 0.5% 1.6% 28.4% 28.5% 1H21 1H22 27.5% 28.1% Non-Motor 65.6% 62.7% 90.7% 84.6% 65.0% 63.2% 32.2% 32.4% 3.0% 4.3% 3.5% 4.9% 58.5% 52.2% 1H21 1H22 1H21 1H22 6.4% 7.9% 1H21 1H22 Expense Ratio Loss Ratio
Slide 8: Life Premiums by Line of Business and Channel
Premiums by Line of Business Premiums by Line of Product DIRECT PREMIUM INCOME €m % var% 6% €m 13% Traditional 1,455 59 -13.2 Hybrids Unit linked 633 26 +13.5 Pure Traditional Pension funds 312 13 +9.6 54% Pension funds 28% Capitalization 80 3 -28.0 Pure Linked -5.7% 2,629 Total 2,480 100 -5.7 2,480
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
LIFE YIELDS Technical Reserves by Minimum Guaranteea FY21 1H22 0.92% 0.94% Min. guar. yield €bn % €bn % 2.00% 0% 15.4 44 16.3 45 2.92% 2.97% 2.03% 0.99% 0.95% 0% - 1% 7.8 22 7.9 22 1% - 2% 5.6 16 5.4 15 2% - 3% 4.6 13 4.4 12 FY21 1H22 >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 1H21 1H22 Financial investment margin 166 184 Management fees to the distrib. network -38 -46 Technical margin 61 72 General expenses -82 -89 Other operating items 8 29 Life operating gross margin 115 150 Non-operating income and expenses 12 10 Interests on debts -1
Slide 11: Present Value of Future Profit Margin
PRESENT VALUE FUTURE PROFIT MARGIN €m NB Margin Line of Business NBV PVNBP on PVNBP Insurance with profit participation 21 714 2.9% Index/Unit-linked insurance 12 412 2.9% Other life insurance 10 59 16.7% Total 1H22 43 1,184 3.6% Total 1H21 40 1,367 2.9% Operating figures 11
Slide 12: Total Investments and Duration
Total Investments Duration (years) FY21 1H22 FY21 1H22 €bn % €bn % Total Non-Life Life Total Non-Life Life Total Bonds 50.5 82.7 43.7 79.7 Assets 6.1 3.0 7.5 5.4 3.0 6.7 o/w Italian Govies 23.9 39.1 19.7 35.9 Liabilities 7.2 2.8 8.9 6.1 2.5 7.6 o/w Non-Italian Govies 8.9 14.6 8.4 15.3 Mismatch -0.5
Slide 13: Investment Yields
€m 1H21 1H22 Total Non-Life Life Total Non-Life Life Coupons and dividends 722 182 533 Coupons and dividends 829 241 571 Yield 2.9% 2.8% 3.0% Yield 3.2% 3.6% 3.1% Realized/unrealized gains/losses 80 47 10 Realized/unrealized gains/losses 4 50 -18 Yield 0.3% 0.7% 0.1% Yield 0.0% 0.8% -0.1% Total 802
Slide 14: Real Estate Investment Portfolio
€m Real Estate Investment Portfolio (2,981 €m) Details Total Portfolio 4,756 €m Gross Yield Breakdown by Cluster 4,005 4,219 market value 4% (131) 7% Core 1H21 1H22 2,981 8% (221) Land 2,766 €m Yield €m Yield (221) Devel. RE investm. ptf. Own use ptf. Ord. yield 52 3.7% 54 3.7% Trading 1,238 1,238 E
Slide 15: Solvency: Partial Internal Model and Economic Capital
€bn Partial internal model (consolidated) Economic capital (consolidated) 3.3 276% 4.7 201% 9.5 9.2 5.9 4.8 Own Funds SCR Excess a Own Funds SCR Excess a Partial internal model (solo) 1Q-1H22 Solvency ratio variation 209% -1% -7% 201% 303% 3.0 9.1 6.1 1Q22 Insurance Financial 1H22 ratio sector var.
Slide 16: 1H22 Appendix
1 2 1H22 Appendix Consolidated Results 16
Slide 17: Appendix: Group Structure
APPENDIX > GROUP STRUCTURE As at 30 June 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 BPER 14.76% 85.22% a 9.34% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe Incontra
Slide 18: Appendix: KPIs
APPENDIX > KPIs €m 1H21 1H22 €m 1H21 1H22 Premium income a 6,552 6,632 Premium income a 6,552 6,632 Non-Life 3,923 4,152 Non-Life 3,923 4,152 Life 2,629 2,480 Life 2,629 2,480 Combined Ratio b 92.6% 94.1% Combined Ratio b 92.6% 94.1% Consolid. Net Result reported 652 684 Consolid. Net Result reporte
Slide 19: Appendix: Outstanding Debt Instruments
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 30 June 2022 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai 160 Hyb. Tier I Jul, 2023 Eur6M+1.8% b UnipolSai ✓ 500 Hyb. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Sub. Tier I Perpetual c
Slide 20: Appendix: Unipol S.p.A. Financial Assets and Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 30 June 2022 Assets Liabilities Liquid financial assets 1,213 Financial Debt to UnipolSai b -- Loan to UnipolRental 150 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,363 Financia
Slide 21: Appendix: Unipol NAV Components
APPENDIX > UNIPOL - NAV COMPONENTS As at 30 June 2022 Notes UnipolSai shareholding 85.22% ref. slide 17 UnipolReC shareholding 85.24% ref. slide 17 UnipolReC tangible book value 442 €m BPER direct shareholding 10.55% ref. slide 17 Net financial assets/liabilities -1,137 €m ref. slide 20 Net operatin
Slide 22: Appendix: UnipolRental
APPENDIX > UNIPOLRENTAL KPIs €m 1H21 1H22 Total revenues 144.0 171.2 Gross operating margin a 26.4 38.1 EBIT 9.6 19.6 Net result 7.6 13.6 FLEET – PROPRIETARY VEHICLES REGISTERED VEHICLES 64,787 56,745 11,857 7,241 FY21 1H22 1H21 1H22 a Net of vehicles’ depreciation Operating figures 22
Slide 23: 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 11 November 2