Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — 9M 2023 Earnings Presentation
24 slides from Unipol Assicurazioni Spa's earnings presentation, Nov 10, 2023
Slide 1: 9M23 Consolidated Results
9M23 Consolidated Results Bologna – 10 November 2023
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 9M23 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A.
Slide 3: Agenda
AGENDA 1 2 9M23 Appendix Consolidated Results 3
Slide 4: Agenda: 9M23 Consolidated Results
AGENDA 1 2 9M23 Appendix Consolidated Results 4
Slide 5: Results by Sector
9M23 CONSOLIDATED RESULTS > RESULTS BY SECTOR RESULTS BY SECTOR €m 9M22 rep. 9M22 norm. 9M22 9M23 €m 9M22 9M22 9M23 IFRS4/IAS 39 IFRS4/IAS 39 IFRS17/9 IFRS17/9 IFRS4/IAS39 IFRS17/9 IFRS17/9 Pre-tax result 1,098 823 603 948 Pre-tax result 885 394 771 Non-Life 864 755 448 615 Non-Life 731 315 527 Life
Slide 6: P&L by Sector
9M23 CONSOLIDATED RESULTS > P&L BY SECTOR P&L BY SECTOR €m Non-Life Life Other Total €m Non-Life Life Other Total Insurance revenue 6,634 386 -- 7,019 Insurance revenue 6,634 386 -- 7,019 Insurance costs -6,533 -208 -- -6,741 Insurance costs -6,533 -208 -- -6,741 Reinsurance result -9 -6 -- -15 Rein
Slide 7: Non-Life Premium Collection
9M23 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m % var% €m % var% PREMIUM COLLECTION Mobility 3,131 52 +1.0 UnipolSai 4,821 79 +0.8 Motor 2,858 47 +1.2 UniSalute 562 9 +37.0 €m Other 273 4 -1.1 Linear 159 3 +9.7 Arca Assicurazioni 199 3 +10.3 Wel
Slide 8: Combined Ratio
9M23 CONSOLIDATED RESULTS > COMBINED RATIO Motor Motor 101.5% 103.7% 1H23 Combined Ratio 9M23 Combined Ratio 22.5% 23.0% 79.1% 80.7% 98.6% 97.1% 1.9% 26.7% 7.1% 26.3% 1H23 9M23 70.8% 71.9% Non-Motor Non-Motor 7.1% 11.5% 93.1% 94.1% 1H23 29.7% 9M23 29.9% 63.4% 64.2% 12.8% 15.5% 1H23 9M23 Expense Rati
Slide 9: Life Premium Collection
9M23 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment €m €m % var% Pure Pure Pension Total Hybrids Traditional 2,812 63 +46.1 Traditional Linked Funds Unit linked 327 7 -57.9 Individual 62.2% 15.5% 44.7% 1.5% 0.5% +12.9% Pens
Slide 10: Life Yields
9M23 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY22 9M23 0.97% 0.95% Min. guar. yield €bn % €bn % 2.15% 0% 17.1 47 18.7 50 2.99% 2.04% 3.12% 0.91% 0.86% 0% - 1% 7.8 22 7.4 20 1% - 2% 5.2 14 5.0 13 2% - 3% 4.3 12 4.2 11 FY22 9M23 >3% 1.9 5 1.8 5 Segregate
Slide 11: Life CSM
9M23 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward CSM trend +151 -183 2,409 2,363 2,379 2,409 2,265 2,265 +175 1/1/2023 new operating and release 30/9/2023 FY22 1Q23 1H23 9M23 opening CSM business economic closing CSM variance Operating figures 11
Slide 12: Investments
9M23 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Sector – 9M23 FY22 9M23 FVPL FVPL €bn % €bn % Amort. FVOCI NL&Life Life Other Total cost Total Bonds 41.3 78.7 41.9 78.7 free cap. segr. acc. o/w Italian Govies 17.5 33.3 17.2 32.2 Govies 46% -- -- 4% -- 50% o
Slide 13: Financial Investment Yields
9M23 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 9M22 9M23 Non-Life Life Total Non-Life Life Total Coupons and dividends 346 851 1,223 388 891 1,324 Yield 3.3% 3.1% 3.1% 3.9% 3.2% 3.4% Realized/unrealized gains/losses -563 -280 -879 149 34 189 Yield -5.4% -1.0% -2.3% 1.5% 0.1% 0.5% Total -
Slide 14: Real Estate
9M23 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,928 €m) Details 4,858 €m 4,240 4,224 market value Gross Yield Breakdown by Cluster 4% (117) 5% (143) Core 2,974 2,928 9M22 9M23 7% (213) Land RE investm. ptf. €m Yield €m Yield Devel. Own use ptf. 1,266 1,
Slide 15: Solvency
9M23 CONSOLIDATED RESULTS > SOLVENCY 2 €bn Partial Internal Model (consolidated) Economic Capital (consolidated) 3.2 296% 4.4 218% 9.7 9.4 6.2 5.2 Own Funds SCR Excess a Own Funds SCR Excess a Partial Internal Model (solo) 303% 3.1 9.3 6.2 Own Funds SCR Excess a a Eligible Own Funds in excess of Sol
Slide 16: Agenda: Appendix
AGENDA 1 2 9M23 Appendix Consolidated Results 16
Slide 17: Group Structure
APPENDIX > GROUP STRUCTURE To date Unipol included in the FTSE MIB Unipol and MIB® ESG indexes UnipolSai included in the MIB® ESG index 10.53% 10.21% BPER BPS 9.32% 85.21% a 9.51% UnipolSai 98.99% 100% 94.69% 100% 100% 51% 63.39% UniSalute Linear Siat DDOR UnipolRe b Incontra c Arca Vita Arca Ass.ni
Slide 18: Beyond Insurance Companies
APPENDIX > BEYOND INSURANCE COMPANIES To date MOBILITY WELFARE PROPERTY UnipolRental Centri Medici Santagostino UnipolHome long-term rental health centres with high tech innovation non-insurance services for houses and apartment buildings UnipolTech Centri Medici Dyadea Unicasa Italia insurance tele
Slide 19: Focus on UnipolRental
APPENDIX > FOCUS ON UNIPOLRENTAL KPIs €m 9M22 9M23 Revenues 262 390 Costs -108 -167 Capital gains on assets 23 36 EBITDA 178 264 EBIT 32 59 Net result 24 19 FLEET – PROPRIETARY VEHICLES NEW REGISTERED VEHICLES 131,149 a 72,266 30,651 16,865 FY22 9M23 9M22 9M23 Operating figures a incl n. 38,942 vehi
Slide 20: Outstanding Debt Instruments - Unipol S.p.A. and UnipolSai S.p.A.
APPENDIX > OUTSTANDING DEBT INSTRUMENTS - UNIPOL S.P.A. AND UNIPOLSAI S.P.A. As at 30 September 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 21: Unipol S.p.A. – Financial Assets & Liabilities
APPENDIX > UNIPOL S.P.A. – FINANCIAL ASSETS & LIABILITIES €m As at 30 September 2023 Assets Liabilities Liquid financial assets 1,686 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,686 Financial liabilities b 2,500 Net balance -814 a Including li
Slide 22: Unipol S.p.A. - NAV Components
APPENDIX > UNIPOL S.P.A. - NAV COMPONENTS As at 30 September 2023 Notes UnipolSai shareholding 85.21% ref. slide 17 BPER direct shareholding 10.53% ref. slide 17 Net financial assets/liabilities -814 €m ref. slide 21 9M23 Operating costs a 21 €m adjusted figure excl. non-recurring costs DTA 229 €m D
Slide 23: Key Figures
APPENDIX > KEY FIGURES €m 9M22 9M23 €m 9M22 9M23 Premium collection 9,834 10,570 Premium collection 9,834 10,570 Non-Life 5,851 6,074 Non-Life 5,851 6,074 Life 3,982 4,496 Life 3,982 4,496 Combined Ratio 91.2% 98.6% Combined Ratio 91.2% 98.6% Pre-Tax Result 603 948 Pre-Tax Result 394 771 Net Result
Slide 24: 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