Unipol Gruppo Finanziario Bancassurance Strategy

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1 UNIPOL GRUPPO FINANZIARIO UBS The Italian Financial Services Conference 2010 Unipol Gruppo Finanziario Bancassurance Strategy 21 January 2010 Carlo Cimbri, General Manager

2 Agenda The Bancassurance scenario The UGF Group strategy in Bancassurance and Arca acquisition 2

3 The Bancassurance scenario % premium distribution by banking channel ITALY Non-Life 1.0% 1.1% 1.3% 1.1% 0.7% 1.6% 1.7% 1.9% 2.3% 2.6% Life 61.2% 58.9% 56.3% 54.1% 60.6% 58.6% 59.0% 57.8% 52.6% 61.2% * * * 2009 figures as at 30/9/09 EUROPE Non-Life Life 4.7% 6.1% 6.6% 7.9% 10.0% 2.3% 8.0% 53.7% 63.2% 60.0% 42.7% 52.6% 21.6% 15.0% AT BE DE ES FR IT NL AT BE DE ES FR IT NL 2007 figures data only for France and Italy. 3

4 Trend in premium income (Italian market) Premium income ( bn) Non-Life Life Premium income / GDP 5.6% 6.1% 6.8% N on- Lif e Lif e 7.3% 7.2% 7.6% 7.2% 6.4% 5.9% 7.8% 3.3% 3.7% 4.3% 4.7% 4.7% 5.1% 4.7% 4.0% 3.5% 5.3% Source: figures worked out by the UGF Research Department based on ISVAP and ANIA data premiums: Ania estimate 2009 PIL: OCSE estimate 2.3% 2.4% 2.5% 2.6% 2.5% 2.5% 2.5% 2.4% 2.4% 2.5%

5 Life Premium income by class of business (Italian market) bn 45 Class I Class III Class V ClassVI figures as at 30/9/09 Source: Ania/Isvap data 5

6 Agenda The Bancassurance scenario The UGF Group strategy in Bancassurance and Arca acquisition 6

7 The UGF Group strategy in bancassurance from 1993 up to now Outlook In the 90s the UGF Group set up a growth strategy in the Life bancassurance sector aiming at: controlling a sales channel with notable growth potentials; consolidating the strategic relationships with banking partners, already shareholders of Unipol; high-profitability investments (the bancassurance companies ROE and ROI are usually remarkable). The model used involved the onset of a single bancassurance company for every joint venture with banking partners. The main bancassurance agreements signed by the UGF Group: Company Banking Partner Agreement Status Early 90s Noricum Vita Cassa di Risparmio in Bologna (Unipol shareholder) terminated in 2003 Quadrifoglio Vita Banca Agricola Mantovana (Unipol shareholder) terminated in 2008 Years 2000 BNL Vita Banca Nazionale del Lavoro underway The Group also experienced the sale of Life policies through banking outlets according to distribution agreements, without setting up specific companies: Company Banking Partner Agreement Status Years 2000 Aurora (now UGF Assicurazioni) Reti Bancarie Holding (Banca Popolare di Lodi Group) terminated in 2009 Unipol (now UGF Assicurazioni) UGF Banca underway 7

8 Evolution of the UGF Bancassurance model The UGF Group s agency network is stable and widespread throughout the national territory The Group presence through third parties banking network is instead linked to short-term bancassurance agreements Today s market scenario makes a stable and territorial customer relationship even more necessary Need to evolve the bancassurance model from the commercial joint venture to a strategic and industrial alliance with the banking partner The opportunity to acquire control over the Arca Group and to set up a strategic and industrial partnership with Banca Popolare dell Emilia Romagna and Banca Popolare di Sondrio has been assessed in light of this framework 8

9 The Arca Group Profile The Arca Group is an insurance player which sells its products through: banking channel 2,300 outlets of more than 30 cooperatvie banks belonging to the BPER Group, BPS, BCC, B. Pop. Lazio and others. agency network 154 agencies (50 of which are tied agencies), 47% of which are located in North Italy, 32% in Central Italy and 20% in the South and Isles. PREMIUMS BY CHANNEL Agents Other 3% 9% Banks 88% The main companies of the Arca Group are the following: -ArcaVita(Life business) is the parent company. Its shareholders are six cooperative banks: the Banca Popolare dell Emilia Romagna Group and Banca Popolare di Sondrio are the core shareholders, owning almost 85% of the company s capital. - Arca Assicurazioni (Non-Life business) is controlled by Arca Vita with a 64% stake; the other two core shareholders are Banca Popolare dell Emilia Romagna and Banca Popolare di Sondrio, which own together a direct 29% stake in Arca Assicurazioni. - Arca Vita International is a company under the Irish laws specialized in unit-linked policies and is fully owned by Arca Vita. Gross premiums as at 31/12/2008 were 617m ( 484m Life and 133m Non-Life). The Group shareholders equity as at 31 December 2008 was 145m. The 2008 consolidated net profit amounted to 10m. 9

10 The Arca Group Distribution channels (2008) Life GWP Distribution Channels Non-Life GWP Distribution Channels Agency Channel 0% Others 2% Others 6% BPER Group 31% Other Banks 32% BP Sondrio 14% BPER Group 52% Agency Channel 40% Other Banks 15% BP Sondrio 9% 10

11 Ranking in Non-Life Bancassurance m EURIZONTUTELA ASSIMOCO UBI ASSICURAZIONI ARCA ASSICURAZIONI AXA MPS ASSICURAZIONI DANNI CREDITRAS ASSICURAZIONI AVIPOP ASSICURAZIONI ABC ASSICURA CAPITALIA ASSICURAZIONI CARIGE ASSICURAZIONI Source: 2008 figures worked out by the UGF Research Department based on IAMA data 11

12 Ranking in Life Bancassurance m Poste Vita Eurizonvita + Life Axa Mps Ass Vita+Fin. Creditras Vita Popolare Vita Intesa Vita Cnp Unicredit Vita+Life Bnl Vita Credit Agricole Vita Aviva Sud Polo Vita Lombarda Vita Bipiemme Vita Carige Vita Nuova Arca Vita 0 1,000 2,000 3,000 4,000 5,000 6,000 Source: 2008 figures worked out by the UGF Research Department based on IAMA data 12

13 Acquisition of the Arca Group Strategic rationale STRATEGIC PARTNERSHIP WITH BPER AND BPS Onset of a 10-year strategic partnership with two of the leading national banking groups, with which UGF shares values and market approach. CONSOLIDATING PRESENCE IN BANCASSURANCE WIDENING TERRITORIAL PRESENCE MAXIMIZE KNOW-HOW AND BEST PRACTICE SINERGIES UGF consolidates its presence in the bancassurance channel through Arca a group with over 20-year expertise, tradition and know-how in this sector. Increasing the UGF presence on the national territory: Arca sells its products in over 18 regions through 20 banks (especially in North Italy). Targets: matching the ARCA market expertise with UGF industrial, commercial and management know-how in Life and Non-Life business. sharing both groups operational excellence and best practices. Arca will be a bancassurance platform with a widely known market brand and open to other banking groups which share a similar culture. EXPLOITING UNEXPRESSED MARKET POTENTIAL Opportunity to increase Arca s market penetration ability, which is currently below the benchmarks. 13

14 The Arca Group market penetration vs other players Banking channel m Life res.* / Branches UGF previous bancassurance agreements: BAM (2007 figures) 3.5 Carisbo (2002 figures) 0.0 BNL MPS ISP UBI BPM CARIGE BP CREDEM BPS BPER Life res.* / (Direct + indirect funding) 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 11.0% 8.1% 5.9% 6.6% 6.2% 4.8% 5.0% 3.4% 1.4% 2.4% UGF previous bancassurance agreements: 13.1% BAM (2007 figures) 5.3% Carisbo (2002 figures) 0.0% BNL MPS ISP * Life Reserves, Insurance Portfolio UBI BPM CARIGE BP CREDEM BPS BPER Source: in-house calculation on companies data 14

15 The Arca Group market penetration vs other players Banking channel /1000 Non-life Premiums / branches BP Vicenza ISP Credem UBI Carifi BPER and BPS M PS Other banks Arca BP UCG Source: Deutsche Bank report 15

16 Acquisition of the Arca Group Description of the operation Acquisition of 60% of the share capital of Arca Vita S.p.A., the holding company of the Arca Group. 10-year exclusive distribution agreement with Banca Popolare dell Emilia Romagna Group and Banca Popolare di Sondrio Group for the sale of Life and Non-Life insurance products. Purchase cost: 274m. The purchase cost of these shares will be adjusted and spread over a period to take account of whether specific objectives are achieved. Arca Vita, which already holds 64.08% of the share capital of Arca Assicurazioni S.p.A., is to acquire a further 28.95% from the BPER Group and BPSO for approximately 43.42m. Alongside their partnership UGF, BPER and BPSO will also sign: a shareholders' agreement governing the business aspects of the partnership and the rules of corporate governance of Arca Vita and Arca Assicurazioni; an agreement governing the reciprocal call options that the parties will be entitled to exercise if the partnership is terminated; The deal is subject to the authorization of the relevant authorities. 16

17 The Arca Group Evaluation m Total evaluation of the Arca Group (100%) 510 o/w Non-Life business 150 Life business 360 Total consideration (to acquire 60% of the Arca Group) 274 o/w Non-Life business 58 Life business 216 Transaction implied multiples: Total price / Total Embedded Value * 1.78x Life Business Price / Life Embedded Value 1.53x * Total EV = Life EV + Non-Life NAV 17

18 UGF Banking sales network Proforma including Arca Group Banking branches + + other Banks other Banks % % % % % % % % % 24% 42 37% 44 33% branches, 733 branches (as at 31/10/09) BPER 1,294 branches (as at BANKING SALES o/w 182 co-located with 30/6/09) NETWORK: 3,361 insurance agencies BPS 267 branches (as at 30/6/09) branches Other Banks 768 branches (non-exclusive) 18

19 UGF Ranking Proforma including Arca Group 2008 Figures** market share Life Group Gross Direct Written Premium bn Generali % Italian Insurance market Group Gross Direct Written Premium bn Poste vita Allianz FonSai % 9.9% 8.2% Generali % UGF 3.6 Arca 0.5 Tot % FonSAI % P&C Allianz UGF Arca 0.6 Tot % 9.3% Group Gross Direct Written Premium bn Poste Vita * % Generali % FonSAI % Allianz % * Life Business Company UGF 4.4 Arca 0.1 Tot % ** 2009 market figures not available yet Reale Mutua % Source: ANIA 19

20 Partnership with BNL Vita Supplement to the agreements with BNP Paribas Summary of the agreements entered into with BNP Paribas on 22 December 2009: Confirmation of the termination date on 31 December 2011 New option to be exercised in July 2011 implying the following: BNP Paribas is given an option to acquire 51% of BNL Vita s share capital at a basic price of 280.5m UGF is given and option to sell 51% of BNL Vita s share capital at a basic price of 270.3m Evaluation criteria implied in the options: Put strike price: (270.3) = Embedded Value + 2.5x 1-year New Business Value Call strike price: (280.5) = Embedded Value + 4.2x 1-year New Business Value 20

21 Disclaimer This presentation contains information relating to forecasts of figures, results and events which reflect the current management outlook but these could differ from what actually happens owing to events, risks and market factors that it is presently impossible either to know or to predict. 21

22 Contacts Investor Relations Unipol Gruppo Finanziario - Via Stalingrado 45, Bologna Adriano Donati Tel Devis Menegatti Tel Eleonora Roncuzzi Tel Silvia Tonioli Tel

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