Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — 9M 2021 Earnings Presentation
22 slides from Unipol Assicurazioni Spa's earnings presentation, Nov 12, 2021
Slide 1: Mission Evolve: 9M21 Consolidated Results
Mission Evolve QMz21 Consolidated Results Bologna - 12 November 2021 Unipol = UnipolSai ASSICURAZIONI
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 9M21 results. Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and
Slide 3: 9M21 Consolidated Results and Appendix
1 2 9M21 Appendix Consolidated Results
Slide 4: 9M21 Consolidated Results
Mission‘: Evolve 9M21 Consolidated Results Unipol | UnipolSai
Slide 5: 9M21 Consolidated Results
5 9M21 Consolidated Results €m UNIPOL UNIPOLSAI 9M20 9M21 9M20 9M21 9M20 9M21 reported reported excl. BPER excl. BPER Consolidated pre-tax result 939 974 898 819 Consolidated pre-tax result 980 874 Non-Life 985 843 965 766 Non-Life 971 769 Life 51 160 51 160 Life 53 164 Holding and other -98 -29 -11
Slide 6: Non-Life Premiums by Business Line and Company
6 9M21 Consolidated Results €m Premiums by Business Line Premiums by Company €m % var% €m % var% Mobility 3,038 55 -4.0 UnipolSai 4,661 84 -1.3 Premiums Motor 2,797 50 -4.4 UniSalute 366 7 +12.5 5,521 5,539 +0.3% Other 241 4 +0.8 Linear 138 2 -0.6 Arca Assicurazioni 131 2 +30.4 Welfare 1,006 18 +7.0
Slide 7: Non-Life Combined Ratio
7 9M21 Consolidated Results Net of Reinsurance Direct Business 94.1% 92.8% 96.0% 86.0% 91.7% 85.5% 26.9% 26.6% 28.1% 26.8% 28.7% 28.3% 67.2% 59.2% 66.2% 67.8% 62.9% 57.2% 4.6% 6.6% 7.3% 7.5% 6.9% 6.6% 9M19 9M20 9M21 9M19 9M20 9M21 Expense Ratio Loss Ratio Atm. Events + Heavy Losses Combined ratio ne
Slide 8: Life Direct Premium Income
8 9M21 Consolidated Results €m Direct Premium Income Premiums by Company 3,915 €m % var% 3,114 UnipolSai 1,975 50 -9.6 +25.7% Arca Vita + AVI 1,871 48 +113.4 Other companies 69 2 +31.8 Total 3,915 100 +25.7 9M20 9M21 Premiums by Line of Business Premiums by Distribution Channel €m % var% €m % var% T
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
9 9M21 Consolidated Results Life Yields Technical Reserves by Minimum Guarantee a 9M20 9M21 3.25% 0.89% Min. guar. yield €bn % €bn % 2.91% 0.90% 0% 11.6 34 14.8 43 2.36% 2.01% 0%-1% 7.8 23 7.7 22 1.17% 1%-2% 6.8 20 5.8 17 1.01% 2%-3% 5.3 16 4.6 13 >3% 2.1 6 2.0 6 9M20 9M21 Total 33.7 100 34.8 100 Se
Slide 10: Total Investments
10 9M21 Consolidated Results Total Investments FY20 9M21 €bn % €bn % Total Bonds 54.0 86.8 51.2 82.6 o/w Italian Govies 26.2 42.2 24.4 39.3 o/w Non-Italian Govies 10.2 16.2 9.8 15.9 o/w Corporate 17.7 28.5 17.0 27.5 Cash 1.0 1.6 2.6 4.2 Equity and Funds 1.5 2.5 2.3 3.8 Real Assets, P.E., H.F. 1.2 1.
Slide 11: Investment Yields 9M20 vs 9M21
11 9M21 Consolidated Results €m 9M20 9M21 Total Non-Life Life Total Non-Life Life Coupons and dividends 1,105 254 843 Coupons and dividends 1,075 278 787 Yield 3.0% 2.8% 3.2% Yield 2.8% 2.8% 3.0% Realized/unrealized gains/losses -43 -1 -34 Realized/unrealized gains/losses 99 63 15 Yield -0.1% -0.0%
Slide 12: Real Estate Portfolio Breakdown
12 9M21 Consolidated Results €m Total Portfolio Breakdown by Account. Sector 4,064 3,911 4% (161) 4,282 €m 6% (237) 3,911 €m market value 2,928 2,765 Real Estate Non-Life 30% 1,136 1,146 (1,179) 60% Life (2,335) FY20 9M21 Other RE investm. ptf. Own use ptf. Real Estate Investment Portfolio Details 2
Slide 13: Bad Loans Stock and Balance Sheet Highlights
13 9M21 Consolidated Results €m Bad Loans Stock FY20 9M21 Gross loans 3,046 2,801 50% Portfolio Secured loans Net loans 423 376 Breakdown Unsecured loans 50% Coverage ratio 86% 87% Bad Loans Collection 9M20 9M21 Collections 80 60 23% Collections Secured 7% loans Bad Loans reduction (GBV) 277 244 Bre
Slide 14: Solvency Position: Own Funds and SCR
14 9M21 Consolidated Results €bn UNIPOL (consolidated) UNIPOLSAI (consolidated) Partial internal model Economic capital 282% 208% 3.5 4.6 9.6 10.0 6.5 5.0 Own Funds SCR Excess a Own Funds SCR Excess a UNIPOLSAI (solo) Partial internal model 330% 3.0 9.9 6.9 Own Funds SCR Excess a a Eligible Own Fund
Slide 15: Appendix
Mission Evolve Appendix Unipol | UnipolSai
Slide 16: Group Structure
16 Appendix LAST UPDATE Unipol Unipol included in the FTSE MIB 85.24% 9.55% Unipol and UnipolSai included in the MIB® ESG1 UnipolReC BPER 14.76% 84.93% 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 Unipol
Slide 17: Unipol and UnipolSai Key Figures
17 Appendix €m UNIPOL UNIPOLSAI 9M20 9M21 9M20 9M21 Premium income a 8,635 9,454 Premium income a 8,635 9,454 Non-Life 5,521 5,539 Non-Life 5,521 5,539 Life 3,114 3,915 Life 3,114 3,915 Combined Ratio b 86.0% 92.8% Combined Ratio b 86.0% 92.8% Consolid. Net Result reported 759 813 Consolid. Net Resu
Slide 18: KPIs 9M20 vs 9M21
18 Appendix €m KPIs 9M20 9M21 Total revenues 213 221 Gross operating margin a 36 41 EBIT 16 17 Net result 9 12 Fleet – Proprietary Vehicles Registered Vehicles 55,129 50,804 51,605 9,562 10,332 6,673 9M20 FY20 9M21 9M20 FY20 9M21 a Net of vehicles’ depreciation Operating figures
Slide 19: Debt Issues as at 30 September 2021
19 Appendix €m As at 30 September 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 U
Slide 20: Assets and Liabilities as at 30 September 2021
20 Appendix €m As at 30 September 2021 Assets Liabilities Liquid financial assets 1,552 Financial debt to UnipolSai 300 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,552 Financial liabilities b 2,800 Net balance -1,248 a Including liquid financi
Slide 21: Notes
21 Appendix As at 30 September 2021 Notes UnipolSai shareholding 84.93% ref. slide 16 UnipolReC shareholding 85.24% ref. slide 16 UnipolReC tangible book value 442 €m ref. slide 13 BPER direct shareholding 9.55% ref. slide 16 Net financial assets/liabilities -1,248 €m ref. slide 20 difference betwee
Slide 22: Investor Relations Contacts
22 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