Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — 9M 2024 Earnings Presentation
22 slides from Unipol Assicurazioni Spa's earnings presentation, Nov 8, 2024
Slide 1: 9M24 Consolidated Results
9M24 Consolidated Results 8 November 2024
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Unipol Gruppo S.p.A. solely for information purposes in the context of the presentation of its 9M24 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo S.p.A. declares, in accordance with Article
Slide 3: Agenda
AGENDA 1 2 9M24 Appendix Consolidated Results 3
Slide 4: Agenda: 9M24 Consolidated Results
AGENDA 1 2 9M24 Appendix Consolidated Results 4
Slide 5: Group Figures
9M24 CONSOLIDATED RESULTS > GROUP FIGURES 9M23 9M24 9M24 Reported Reported Incl. 9M Banks GROUP RESULTS €m Non-Life 514 543 543 Life 221 225 225 Other -3 -20 -20 Pre-tax insurance and other business result 732 748 748 Net result 834 Banking associates (BPER and BPSO) 216 a 196 a 306 b Banking associ
Slide 6: Insurance Group Figures
9M24 CONSOLIDATED RESULTS > INSURANCE GROUP FIGURES 9M23 9M24 INSURANCE GROUP RESULTS €m Non-Life 514 543 Life 221 225 Other -3 -20 Pre-tax result before dividends from banks 732 748 Dividends from banking associates 34 134 Pre-tax total result 766 882 Net result 587 662 Group net result 445 619 FY2
Slide 7: Non-Life Premium Collection
9M24 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION Breakdown by Ecosystem Breakdown by Company €m Comp. Var. €m Comp. Var. PREMIUM COLLECTION Mobility 3,447 53% +10.1% UnipolSai 5,118 79% +6.2% Motor 3,165 49% +10.7% UniSalute 716 11% +27.5% €m Other 282 4% +3.4% Arca Assicurazioni 230 4% +15.5
Slide 8: Combined Ratio
9M24 CONSOLIDATED RESULTS > COMBINED RATIO Motor 103.7% Motor 102.6% 9M23 Combined Ratio 23.0% 9M24 Combined Ratio 22.2% 80.7% 80.4% 99.0% 7.1% 93.9% 2.5% 26.5% 26.0% 9M23 9M24 72.6% Non-Motor 67.9% Non-Motor 11.7% 94.8% 6.1% 86.1% 9M23 29.6% 9M24 29.5% 65.2% 56.6% 15.8% 9.3% 9M23 9M24 Expense Ratio
Slide 9: Life Premium Collection
9M24 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 3,339 68% +18.8% Traditional Linked Funds Unit linked 451 9% +37.8% Individual 68.2% 19.0% 47.5% 1.2% 0.5% +9.
Slide 10: Life Yields
9M24 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea FY23 9M24 3.12% 3.20% 0.99% 0.98% Min. guar. yield €bn Comp. €bn Comp. 2.14% 2.21% 0% 19.3 52% 21.3 55% 0.84% 0% - 1% 7.4 20% 7.2 19% 0.77% 1% - 2% 4.9 13% 4.4 11% 2% - 3% 4.1 11% 3.9 10% FY23 9M24 >3% 1.8 5
Slide 11: Life CSM
9M24 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward +87 -101 2,605 +98 -188 2,417 2,295 +227 FY23 New Expected Return Economic Operating CSM before Release 9M24 Opening CSM Business Variances Variances release Closing CSM Operating figures 11
Slide 12: Investments
9M24 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Class Breakdown by Accounting Classification – 9M24 FY23 9M24 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 44.2 79.4% 45.3 78.7% free cap. segr. acc. o/w Italian Govies 17.6 31.6% 17.5 30.4% Govies 4
Slide 13: Financial Investment Yields
9M24 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 9M23 9M24 o/w Life o/w Life Non-Life Life Total Non-Life Life Total free cap. free cap. Coupons and dividends 388 891 64 1,324 402 959 79 1,396 Yield 3.9% 3.2% 4.0% 3.4% 4.3% 3.3% 4.2% 3.5% Realized/unrealized 149 34 -3 189 172 75 13 256 gai
Slide 14: Real Estate
9M24 CONSOLIDATED RESULTS > REAL ESTATE €m Total Portfolio Real Estate Investment Portfolio (2,841 €m) – Details 4,872 €m 4,199 4,125 market value Gross Yield Breakdown by Cluster 2% (55) 5% (151) Core 2,901 2,841 9M23 9M24 8% (221) Land RE investm. ptf. €m Yield €m Yield Devel. Own use ptf. 1,299 1
Slide 15: Solvency 2
9M24 CONSOLIDATED RESULTS > SOLVENCY 2 €bn Partial Internal Model (consolidated) 286% Insurance Group Ratio 4.9 224% 11.0 6.1 Own Funds SCR Excess a The Insurance Group Solvency ratio is an operating figure calculated under the assumption that the banking associates BPER and BPSO are treated as non-
Slide 16: Agenda: Appendix
AGENDA 1 2 9M24 Appendix Consolidated Results 16
Slide 17: Group Structure
APPENDIX > GROUP STRUCTURE To date Unipol included in the FTSE MIB Unipol and MIB® ESG indexes 10.49% 10.21% BPER BPSO Merger expected by 2024YE Documents available at 9.28% 100% a 9.51% www.unipol.it UnipolSai b 98.99% 100% 94.69% 100% 63.39% UniSalute Linear Siat DDOR Arca Vita Arca Ass.ni Mobilit
Slide 18: 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 2024 €m Nominal Sub./Sen./ Issuer Listed a amount Hyb. Tier Maturity Coupon UnipolSai ✓ 500 Sub. Tier II Mar, 2028 3.88% UnipolSai ✓ 500 Hyb. Tier I Perpetual b 6.38% UnipolSai ✓ 750 Sub. Tier II May 2034
Slide 19: P&L by Sector
APPENDIX > P&L BY SECTOR 9M24 P&L BY SECTOR Banking €m Non-Life Life Other Total Associates Insurance revenue 6,698 430 -- -- 7,127 Insurance costs -6,172 -263 -- -- -6,435 Reinsurance result -118 -9 -- -- -128 Insurance services result 408 158 -- -- 564 Net financial result 425 94 196 14 729 Other
Slide 20: Solvency 2 Own Funds and SCR Details
APPENDIX > SOLVENCY 2 OWN FUNDS AND SCR DETAILS €m 9M24 Partial Internal Model (consolidated) 10,992 10,992 20 1,279 6,078 Solvency 2 Ratio 224% 6,792 OF Fin. OF Tier 1 SCR Fin. 2,924 OF Tier 2 SCR Ins. OF Tier 3 Excess a 2,901 1,990 Own Funds SCR and Excess Calculated on the basis of the informatio
Slide 21: KPIs
APPENDIX > KPIs €m 9M23 9M24 9M24 Reported Reported Incl. 9M Banks Premium collection 10,465 11,416 11,416 Non-Life a 5,969 6,488 6,488 Life 4,496 4,928 4,928 Combined Ratio a 99.0% 93.9% 93.9% Insurance and other businesses pre-tax result 732 748 748 Banking associates result (BPER and BPSO) 216 b
Slide 22: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS Adriano Donati Head of Investor Relations investor.relations@unipol.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 +39 051 507 2371