Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q1 2021 Earnings Presentation
20 slides from Unipol Assicurazioni Spa's earnings presentation, May 14, 2021
Slide 1: 1Q21 Consolidated Results
Mission Evolve 1021 Consolidated Results Bologna -14 May 2021 Gruppo | ee HAS SICURAZIONI
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 1Q21 results. Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. and
Slide 3: 1Q21 Consolidated Results and Appendix
1 2 1Q21 Appendix Consolidated Results
Slide 4: 1Q21 Consolidated Results
Mission‘: Evolve 1Q21 Consolidated Results Unipol | UnipolSai
Slide 5: 1Q21 Consolidated Results Unipol UnipolSai
5 1Q21 Consolidated Results €m UNIPOL UNIPOLSAI 1Q20 1Q20 1Q21 1Q21 1Q20 1Q21 reported excl. BPER reported a excl. BPER Consolidated pre-tax result 191 190 461 342 Consolidated pre-tax result 235 352 Non-Life 220 219 419 360 Non-Life 221 359 Life 25 25 10 10 Life 26 11 Holding and other -55 -55 32 -
Slide 6: Premiums by Company and Business Line
6 1Q21 Consolidated Results €m Premiums by Company €m % var% Premiums by Business Line UnipolSai 1,605 84 -3.6 Premiums €m % var% UniSalute 142 7 +7.6 1,980 1,919 -3.0% Mobility 1,024 53 -7.6 Linear 47 2 -4.4 Motor 932 49 -8.8 Siat 45 2 +8.5 Other 91 5 +5.9 Arca Assicurazioni 35 2 +9.5 1,022 932 -8.
Slide 7: Combined Ratio: Net of Reinsurance and Direct Business
7 1Q21 Consolidated Results Net of Reinsurance Direct Business 92.0% 89.1% 90.0% 89.3% 27.4% 26.9% 27.0% 28.0% 64.7% 62.3% 63.1% 61.3% 1Q20 1Q21 1Q20 1Q21 Expense ratio Loss ratio Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums
Slide 8: Life Direct Premium Income
8 1Q21 Consolidated Results €m Direct Premium Income Premiums by Company 1,261 €m % var% 1,139 UnipolSai 774 61 -6.9 +10.7% Arca Vita + AVI 457 36 +56.1 Other companies 30 2 +98.6 Total 1,261 100 +10.7 1Q20 1Q21 Premiums by Line of Business Premiums by Distribution Channel €m % var% €m % var% Tradit
Slide 9: Life Yields and Technical Reserves by Minimum Guarantee
9 1Q21 Consolidated Results Life Yields Technical Reserves by Minimum Guarantee a FY20 1Q21 0.90% Min. guar. yield €bn % €bn % 0.90% 0% 12.1 36 13.4 39 0%-1% 8.0 24 7.8 23 3.16% 3.04% 2.26% 1%-2% 6.5 19 6.1 18 2.14% 2%-3% 5.0 15 4.7 14 1.13% 1.06% >3% 2.1 6 2.0 6 FY20 1Q21 Total 33.7 100 34.0 100 Se
Slide 10: Total Investments FY20 and 1Q21
10 1Q21 Consolidated Results FY20 Total Investments 62.2 €bn 1Q21 Total Investments 61.8 €bn Equity and funds 2.5% Real Assets, P.E., H.F. 1.9% Equity and funds 3.4% Real Assets, P.E., H.F. 2.1% Cash 1.6% Cash 4.5% Real Estate 7.2% Real Estate Corporate bonds 6.9% Corporate bonds 28.5% 28.1% Total b
Slide 11: Investment Yields 1Q20 and 1Q21
11 1Q21 Consolidated Results €m 1Q20 1Q21 Total Non-Life Life Total Non-Life Life Coupons and dividends 355 76 278 Coupons and dividends 341 82 257 Yield 3.0% 2.5% 3.2% Yield 2.7% 2.5% 3.0% Realized/unrealized gains/losses 40 44 15 Realized/unrealized gains/losses 54 44 -3 Yield 0.3% 1.4% 0.2% Yield
Slide 12: Real Estate Portfolio Breakdown
12 1Q21 Consolidated Results €m Total Portfolio Breakdown by Account. Sector 4,064 3,968 4% (158) 4,286 €m 6% (236) 3,968 €m market value 2,928 2,825 Real Estate Non-Life 30% 1,136 1,142 (1,183) 60% Life (2,390) FY20 1Q21 Other RE investm. ptf. Own use ptf. Real Estate Investment Portfolio Details 2
Slide 13: Bad Loans Stock
13 1Q21 Consolidated Results €m Bad Loans Stock FY20 1Q21 Gross loans 3,046 2,965 49% Portfolio Secured loans Net loans 423 406 Breakdown Unsecured loans 51% Coverage ratio 86% 86% Bad Loans Collection 1Q20 1Q21 25% Collections 36 23 Collections Secured 7% loans Bad Loans reduction (GBV) 121 80 Brea
Slide 14: Solvency: Unipol and UnipolSai Capital Position
14 1Q21 Consolidated Results €bn UNIPOL (consolidated) UNIPOLSAI (consolidated) Partial internal model * Economic capital * 277% 210% 3.6 4.7 9.9 10.1 6.4 5.2 Own Funds SCR Excess a Own Funds SCR Excess a UNIPOLSAI (solo) * The reported data on solvency levels do not include the expected positive im
Slide 15: Appendix
Mission Evolve Appendix Unipol | UnipolSai
Slide 16: Appendix: Key Figures Unipol and UnipolSai
16 Appendix €m UNIPOL UNIPOLSAI 1Q20 1Q21 1Q20 1Q21 Premium income a 3,119 3,181 Premium income a 3,119 3,181 Non-Life 1,980 1,919 Non-Life 1,980 1,919 Life 1,139 1,261 Life 1,139 1,261 Combined Ratio b 92.0% 89.1% Combined Ratio b 92.0% 89.1% c Consolid. Net Result reported 134 361 Consolid. Net Re
Slide 17: Group Structure
17 Appendix LAST UPDATE Unipol Banking and Financials Insurance Bancassurance 85.24% 9.55% Services (insurance&ancillary) Hotel and Other 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 Pronto A
Slide 18: Debt Issuers as at 31 March 2021
18 Appendix €m As at 31 March 2021 Nominal Sub./Sen./ Issuer Listed a Tier Maturity Coupon amount Hyb. UnipolSai 262 Sub. Tier II Jul, 2023 Eur3M+2.5% early redemption 28 Apr. 2021 UnipolSai 240 Hyb. Tier I Jul, 2023 Eur6M+2.5% UnipolSai 500 Sub. Tier II Mar, 2028 3.88% UnipolSai 750 Hyb. Tier
Slide 19: Holding Assets and Liabilities as at 31 March 2021
19 Appendix €m As at 31 March 2021 Assets Liabilities Liquid financial assets 1,498 Financial debt to UnipolSai 529 Senior debt 2025 1,000 Senior debt 2027 500 Senior green bond 2030 1,000 Liquid financial assets a 1,498 Financial debts b 3,029 Net Financial Position -1,531 a Including liquid financ
Slide 20: Investor Relations Contacts
20 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 5 August 2