Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — FY2023 Earnings Presentation
39 slides from Unipol Assicurazioni Spa's earnings presentation, Mar 22, 2024
Slide 1: FY23 Consolidated Results and Rationalization Project
FY23 Consolidated Results Razionalization Project of the Unipol Group Corporate Structure 22 March 2024
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 FY23 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A.
Slide 3: Agenda
AGENDA 1 1.1 1.2 FY23 2022-2024 Appendix Consolidated Results Strategic Plan Goals Tracking 2 Rationalization Project of the Unipol Group Corporate Structure 3
Slide 4: Agenda
AGENDA 1 1.1 1.2 FY23 2022-2024 Appendix Consolidated Results Strategic Plan Goals Tracking 2 Rationalization Project of the Unipol Group Corporate Structure 4
Slide 5: Results by Sector
FY23 CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m FY22 rep. FY23 rep. FY22 norm. FY23 norm. €m FY22 rep. FY22 norm. FY23 IFRS4/IAS 39 IFRS17/9 IFRS4/IAS 39 IFRS17/9 IFRS4/IAS 39 IFRS4/IAS 39 IFRS17/9 Pre-tax result 1,108 1,565 1,078 1,298 Pre-tax result 920 1,119 1,019 Non-Life 846
Slide 6: P&L by Sector
FY23 CONSOLIDATED RESULTS > P&L BY SECTOR P&L BY SECTOR €m Non-Life Life Other Total €m Non-Life Life Other Total Insurance revenue 8,947 623 -- 9,571 Insurance revenue 8,947 623 -- 9,571 Insurance costs -9,029 -376 -- -9,405 Insurance costs -9,029 -376 -- -9,405 Reinsurance result 247 -6 -- 241 Rei
Slide 7: Non-Life Premium Collection
FY23 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m Comp. Var. €m Comp. Var. PREMIUM COLLECTION Mobility 4,365 50% +3.0% UnipolSai 6,952 80% +1.0% Motor 4,006 46% +3.0% UniSalute 796 9% +38.7% €m Other 358 4% +2.6% Linear 216 2% +12.2% Arca Assicura
Slide 8: Combined Ratio
FY23 CONSOLIDATED RESULTS > COMBINED RATIO Motor Motor 103.7% 9M23 Combined Ratio FY23 Combined Ratio 97.1% 23.0% 23.0% 80.7% 98.2% 74.1% 98.6% 7.1% 26.7% 6.2% 26.7% 9M23 FY23 71.9% 71.5% Non-Motor Non-Motor 11.5% 14.1% 94.1% 99.0% 9M23 29.9% FY23 29.8% 64.2% 69.2% 15.5% 21.1% 9M23 FY23 Expense Rati
Slide 9: Life Premium Collection
FY23 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 4,000 62% +38.3% Traditional Linked Funds Unit linked 466 7% -50.7% Individual 62.8% 16.3% 44.4% 1.5% 0.6% +20
Slide 10: Life Yields
FY23 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY22 FY23 3.12% 0.98% 2.99% 0.95% Min. guar. yield €bn Comp. €bn Comp. 0% 17.1 47% 19.3 52% 2.04% 2.14% 0.91% 0.84% 0% - 1% 7.8 22% 7.4 20% 1% - 2% 5.2 14% 4.9 13% 2% - 3% 4.3 12% 4.1 11% FY22 FY23 >3% 1.9 5
Slide 11: Life CSM
FY23 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward +104 -188 2,528 +99 2,265 +248 -233 2,295 1/1/2023 New Expected Return Economic Operating CSM before Release 31/12/2023 Opening CSM Business Variances Variances release Closing CSM 1Q23 56 2Q23 68 3Q23 51 4Q23 73 Tot. NB CSM 248 Operating figu
Slide 12: Present Value of Life New Business
FY23 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 70 2,089 3.3% Index/Unit-linked insurance 11 331 3.3% Other life insurance 24 140 17.0% Total FY23 105 2,560 4.1% Tot
Slide 13: Investments
FY23 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Sector – FY23 FY22 FY23 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 41.3 78.7% 44.2 79.4% free cap. segr. acc. o/w Italian Govies 17.5 33.3% 17.6 31.6% Govies 46% -- --
Slide 14: Financial Investment Yields
FY23 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m FY22 FY23 Non-Life Life Total Non-Life Life Total Coupons and dividends 501 1,181 1,723 525 1,215 1,798 Yield 3.6% 3.2% 3.3% 4.0% 3.2% 3.4% Realized/unrealized gains/losses -714 -276 -1,015 118 79 194 Yield -5.2% -0.7% -2.0% 0.9% 0.2% 0.4% T
Slide 15: Real Estate
FY23 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,901 €m) Details 4,916 €m 4,240 4,199 market value Gross Yield Breakdown by Cluster 4% (110) 5% (145) Core 2,974 2,901 FY22 FY23 7% (212) Land RE investm. ptf. €m Yield €m Yield Devel. Own use ptf. 1,266 1,
Slide 16: Dividend Proposal
FY23 CONSOLIDATED RESULTS > DIVIDEND PROPOSAL €m FY22 FY23 FY22 FY23 Dividend per share DPS (€) 0.370 0.380 Dividend per share DPS (€) 0.160 0.165 Total dividends 265 273 Total dividends 453 467 Local GAAP net result 363 378 Local GAAP net result 145 624 Pay-out ratio 73% 72% Pay-out ratio -- 75% Di
Slide 17: Solvency 2
FY23 CONSOLIDATED RESULTS > SOLVENCY 2 €bn 267% Partial Internal Model (consolidated) insurance sector Economic Capital (consolidated) consolid. ratio a 2.9 320% 4.7 215% 10.1 9.3 6.4 5.4 Own Funds SCR Excess b Own Funds SCR Excess b Partial Internal Model (solo) a Group consolidated Solvency 2 rati
Slide 18: Solvency Own Funds and SCR Details
FY23 CONSOLIDATED RESULTS > SOLVENCY 2 OWN FUNDS AND SCR DETAILS €m UNIPOL (consolidated) – Partial Internal Model UNIPOLSAI (consolidated) – Economic Capital UNIPOLSAI (solo) – Partial Internal Model 10,064 10,064 9,340 9,340 440 24 9,274 9,274 492 23 492 5,376 7,100 6,426 6,310 8,799 8,782 2,833 2
Slide 19: ESG Highlights
FY23 CONSOLIDATED RESULTS > ESG HIGHLIGHTS 2023 ACTIONS… … AND FIRST RESULTS • Definition of commitments within the Net-Zero Asset Owners Alliance (50% reduction in the carbon intensity of its directly managed portfolios of listed equities and publicly traded corporate bonds by 2030) Baseline €m FY2
Slide 20: Agenda
AGENDA 1 1.1 1.2 FY23 2022-2024 Appendix Consolidated Results Strategic Plan Goals Tracking 2 Rationalization Project of the Unipol Group Corporate Structure 20
Slide 21: Strategic Plan Goals Tracking: Status Update
STRATEGIC PLAN GOALS TRACKING > STATUS UPDATE Streamlining the price increase in Motor and Property through machine learning and dynamic pricing Data Driven Spreading the premium payment by monthly instalments without extra costs Omnichannel Insurance Insurance new business growth from digital and h
Slide 22: Strategic Plan Goals Tracking: Quantitative Targets
STRATEGIC PLAN GOALS TRACKING > QUANTITATIVE TARGETS Cum. Target Cum. Target € FY22 FY23 € FY22 FY23 FY22-FY23 2024 FY22-FY23 2024 Non-Life Premiums 8,304m 8,651m 8.9bn Non-Life Premiums 8,304m 8,651m 8.9bn Combined Ratio Non-Life Combined Ratio Non-Life 93.8% 98.2% 92.6% 93.8% 98.2% 92.6% (net of r
Slide 23: Agenda
AGENDA 1 1.1 1.2 FY23 2022-2024 Appendix Consolidated Results Strategic Plan Goals Tracking 2 Rationalization Project of the Unipol Group Corporate Structure 23
Slide 24: Group Structure
APPENDIX > GROUP STRUCTURE As at 31 December 2023 Unipol included in the FTSE MIB Unipol and MIB® ESG indexes UnipolSai included in the MIB® ESG index 10.53% 10.21% BPER BPSO Merger expected by 2024YE Documents available at 9.32% 85.21% a 9.51% www.unipol.it UnipolSai 98.99% 100% 94.69% 100% 63.39%
Slide 25: Beyond Insurance Companies
APPENDIX > BEYOND INSURANCE COMPANIES To date MOBILITY WELFARE PROPERTY UnipolRental Centro Medico Santagostino UnipolHome long-term rental health centres with high tech innovation non-insurance services for houses and apartment buildings UnipolTech Casa di Cura Villa Donatello Unicasa Italia insura
Slide 26: Focus on UnipolRental
APPENDIX > FOCUS ON UNIPOLRENTAL KPIs €m FY22 a FY23 Revenues 364 584 Costs -349 -545 Capital gains on assets 34 53 Net Operating Margin 48 92 EBIT 43 89 Net result 30 26 a 2022 figures refer to UnipolRental stand alone FLEET – PROPRIETARY VEHICLES NEW REGISTERED VEHICLES 133,948 72,266 38,061 23,37
Slide 27: Outstanding Debt Instruments - Unipol and UnipolSai
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 31 December 2023 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 750 Hyb. Tier I Perpetual b 5.75% UnipolSai ✓ 500 Hyb. Tier I Perpetual
Slide 28: Unipol S.p.A. Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 31 December 2023 Assets Liabilities Liquid financial assets 1,475 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,475 Financial liabilities b 2,500 Net balance -1,025 a Including l
Slide 29: Unipol S.p.A. NAV Components
APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS As at 31 December 2023 Notes UnipolSai shareholding 85.21% ref. slide 24 BPER direct shareholding 10.53% ref. slide 24 BPS direct shareholding 10.21% ref. slide 24 Net financial assets/liabilities -1,025 €m ref. slide 28 FY23 Operating costs a 29 €m adjusted
Slide 30: Key Figures
APPENDIX > KEY FIGURES €m FY23 IFRS17/9 €m FY23 IFRS17/9 Premium collection 15,060 Premium collection 15,060 Non-Life 8,651 Non-Life 8,651 Life 6,409 Life 6,409 Combined Ratio 98.2% Combined Ratio 98.2% Pre-Tax Result rep. 1,565 Pre-Tax Result rep. 1,019 Cons. Net Result rep. 1,331 Cons. Net Result
Slide 31: Agenda
AGENDA 1 1.1 1.2 FY23 2022-2024 Appendix Consolidated Results Strategic Plan Goals Tracking 2 Rationalization Project of the Unipol Group Corporate Structure 31
Slide 32: Disclaimer
DISCLAIMER This presentation does not constitute or form any part of an offer to exchange or purchase, or solicitation of an offer to buy or exchange, any securities. Any such offer or solicitation will be made only pursuant to an official offer documentation approved by the appropriate regulators.
Slide 33: The Transaction
RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURE THE TRANSACTION Merger of UnipolSai (and Unipol Finance, UnipolPart I and Unipol Investment) into Unipol, whose corporate name PROPOSED will change to “Unipol Assicurazioni” TRANSACTION Public Voluntary Cash Tender Offer (PVTO) by Unipo
Slide 34: Rationalization Steps and Evolution of the Group Strategic Framework
RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURE RATIONALIZATION STEPS AND EVOLUTION OF THE GROUP STRATEGIC FRAMEWORK Acquisition of control of Fondiaria-SAI Group Unipol–UnipolSai merger 2012 ✓ 4 listed companies 2024 ✓ 8 listed shares ✓ 1 listed company ✓ 1 listed share Start of Uni
Slide 35: Strategic Rationale
RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURE STRATEGIC RATIONALE STRATEGIC RATIONALE The transaction is aimed at: streamlining the Group corporate structure simplifying the decision-making processes under a unified Group governance shareholders will: shareholders will: ▪ become sh
Slide 36: Merger Highlights
RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURE MERGER HIGHLIGHTS Merger by incorporation of UnipolSai and intermediate holdings into Unipol All UnipolSai shares will be cancelled and exchanged with Unipol shares, except for the shares held by Unipol both directly and indirectly thro
Slide 37: PVTO Highlights
RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURE PVTO HIGHLIGHTS Public Voluntary Tender Offer, entirely in cash, for all the shares of UnipolSai ▪ except for the shares already directly and indirectly owned by Unipol and the treasury shares directly and indirectly owned by UnipolSai
Slide 38: VPTO - Premium vs Market Prices
RATIONALIZATION PROJECT OF THE UNIPOL GROUP CORPORATE STRUCTURE VPTO - PREMIUM VS MARKET PRICES Difference between Difference between the Weighted average price price and average price Month price and the average per Share (in Euro) per Share (in % from price per Share (in Euro) average price) 15 Fe
Slide 39: 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