Presentation of consolidated results as at 30 June Carlo Cimbri CEO Bologna, 6 August 2014
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1 Presentation of consolidated results as at 30 June 2014 Carlo Cimbri CEO Bologna, 6 August 2014
2 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency NOTE: The data reported in this presentation are consolidated unless otherwise specified. Data pertaining to UnipolSai for the period 1H13 are pro-forma consolidated and management figures and they relate to the UnipolSai Group s basis of consolidation after the merger.
3 UNIPOL GROUP: KEY OPERATIONS Antitrust requirement Sale of former Milano Ass.ni insurance business to Allianz Closing of the sale agreement to Allianz and execution of the transfer of insurance business (725 agencies) and 470 employees Decrease in debt exposure to Mediobanca Total placement of UnipolSai undated hybrid subordinated notes of 750m with institutional investors mainly from foreign countries (70%) and, at the same time, early repayment of perpetual hybrid loan previously granted by Mediobanca for an equal amount IVASS indications Reduction of exposure to structured products Reduction of Levels 2 and 3 of about 1.2bn, realising gains for 24m Improvement of the debt maturity profile Exchange offer on UGF loan Exchange offer on Unipol Gruppo Finanziario senior loan of 750m (due 2017). 352m subscribed and new issue of 500m (due 2021) Rationalization of the Group corporate structure Restructuring of RE, banking and sub-holding sectors Approval of the merger project involving 20 companies of the RE sector to be finalized by the end of 2014 Approval of the project to merge Unipol Banca and Banca SAI to be completed subject to obtaining the authorisations prescribed by the law Start of the procedural steps to merge 3 sub-holdings operating under Italian law and to wind up 3 companies of the former Fondiaria-SAI Group operating under foreign law 3
4 SALE OF FORMER MILANO ASSICURAZIONI INSURANCE BUSINESS 14 January 21 January Allianz S.p.A. submitted a proposal for the acquisition of some insurance assets of former Milano Assicurazioni S.p.A. The BoDs of Unipol and UnipolSai convened to proceed to the exclusive negotiation and finalization of binding agreements with Allianz within 15 March 15 March UnipolSai and Allianz executed the sale agreement 30 June Allianz and UnipolSai closed the sale agreement Terms of the agreement (effective date 1 July 2014) immediate transfer to Allianz of 725 agencies and 470 employees relating to a Non-Life insurance portfolio with premiums of 1.1bn (figures as of 31/12/2013), against payment of an amount of 200m transfer of the residual portfolio and payment of the additional amount for up to a maximum of 240m by the end of December Final effective date of the transfer of the ceded portfolio subject to IVASS approval. Payment of the additional amount for up to 240m 4
5 STRUCTURED PRODUCTS FOCUS ON LEVEL 2 AND 3 m Unipol Gruppo Finanziario Evolution of Level 2 and 3 structured products realised gains 1m realised gains 24m -852 Book value 5,295 4,443-1,161 3,282 FY12 decrease FY13 decrease Market value Unrealised gain/loss 4,741 4,086 3, From 1 January 2013 to 30 June 2014: - decrease in investments in Level 2 and 3 structured products for 2.0bn - realised capital gains of 25m - unrealised loss reduced of nearly 500m 5
6 UNIPOL GROUP DEBT STRUCTURE m Debt structure evolution Breakdown by maturity/call date 3,311 1, , /12/ , /12/2013 UGF exchange offer debt with Mediobanca (UnipolSai) debt with other banks (UnipolSai) subordinated listed loans (UnipolSai) listed loans (UGF) UGF issue repayment of former Premafin debt following issue of convertible loan other repayment of Mediobanca loans issue of new loan 30/06/ subordinated senior hybrid /06/ Targets achieved: lengthening of maturity (UGF average life from 2.9 to 5.2 years, UnipolSai from 6.9 to 8.8 years) reduction of exposure to Mediobanca Excluding debts in the banking sector and UnipolSai convertible loan 6
7 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
8 RESULTS BY BUSINESS SECTOR m UNIPOLSAI Non-Life Life RE Other businesses Total UNIPOL GRUPPO FINANZIARIO Non-Life Life Bank RE Holding and other businesses Total consolidated pre-tax result consolidated net result 8
9 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
10 DIRECT INSURANCE INCOME m 1H13 including premiums being ceded to Allianz 10, % 8,177 9,097 8, % 3,403 3,999 4, % 5, % 4, ,097 4, % 1, % +70.1% -2.3% 4, % UnipolSai Other companies Total Unipol Gruppo Finanziario UnipolSai Other companies Total Unipol Gruppo Finanziario Life premiums Non-Life premiums 10
11 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
12 NON-LIFE DIRECT PREMIUM INCOME UnipolSai m 4,774 4, % 10.8% MV 1,723 3,050 1H13 1,665 2, % -9.1% 62.5% 12.8% 7.8% 6.1% Accident&Health Property General TPL Other UnipolSai S.p.A. 4, % Liguria % Siat % DDOR % Incontra % Other % UnipolSai Group 4, % Unipol Gruppo Finanziario m 5,097 4, % 14.0% MV 1,915 3,182 1,869 2, % -9.4% 60.7% 12.2% 7.4% Accident&Health Property General TPL UnipolSai Group 4, % Linear % Unisalute % Arca % Unipol Gruppo Fin. 4, % 1H13 5.8% Other Non-MV MV 12
13 NON-LIFE COMBINED RATIO UnipolSai Unipol Gruppo Finanziario Expense ratio 92.7% 16.3% 7.6% 23.9% 94.0% 17.4% 8.9% 26.3% 92.2% 15.6% 7.8% 23.4% 93.4% 16.6% 9.1% 25.7% Loss ratio a 68.8% 67.7% 68.8% 67.7% 1H13 1H13 commissions/premiums other oper. expenses/premiums loss ratio Combined ratio from direct business a including OTI/premiums 13
14 NON-LIFE MV TPL TECHNICAL INDICATORS UnipolSai S.p.A. var. vs FY13 Total portfolio o/w: retail fleets -0.3% 0.0% -5.8% Combined ratio a Expense ratio 88.1% 12.0% 6.2% 18.2% 91.4% 12.3% 8.5% 20.8% Portfolio average premium -4.2% Loss ratio b 69.9% 70.6% var. vs 1H13 No. of claims reported (followed-up passive claims) -8.7% 1H13 commissions/premiums Frequency -0.3 p.p. other oper. expenses/premiums loss ratio Management figures a direct business b including OTI/premiums 14
15 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
16 LIFE DIRECT INCOME UnipolSai m +31.4% 25.2% Index/Unit linked 1,129 (+11.2%) 3,403 4, % 5.2% 5.0% Capitalization 233 (-55.7%) Pension funds 225 (-2.3%) UnipolSai S.p.A. 1, % Pop. Vita+Lawr. Life 2, % Other companies % UnipolSai Group 4, % 1H13 Traditional 2,883 (+76.9%) Unipol Gruppo Finanziario m +33.0% Index/Unit linked 1,183 (+7.8%) 22.2% 3,999 5, % 4.5% 4.2% Capitalization 238 (-55.0%) Pension funds 225 (-2.3%) UnipolSai Group 4, % Arca Vita % Unipol Gruppo Fin. 5, % 1H13 Traditional 3,672 (+71.2%) 16
17 LIFE NET INFLOWS m 1H13 UnipolSai +3,403-2,026-1, ,471-1,863-1, premiums redemptions maturities/ annuities claims net inflows premiums redemptions maturities/ annuities claims net inflows Unipol Gruppo Finanziario +3,999-2,204-1, ,318-2,071-1, ,426 premiums redemptions maturities/ annuities claims net inflows premiums redemptions maturities/ annuities claims net inflows Management figures 17
18 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
19 BANKING BUSINESS m Direct deposits Indicators 10, , % +73.1% Unipol Group lending indicators Net impaired loans net impaired loans/net loans FY13 2, % 2, % 10,375 10,401 FY13 customer securitisation Lending a 10,071 9,864 2,863 2, % -2.1% -6.7% % bad loans coverage ratio % impaired loans coverage ratio Economic indicators Banking sector 50% 37% 1H13 53% 41% % total loans coverage ratio 12% 13% Net interest income Gross operating income Cost/Income ratio 75.6% 68.5% Net result Banking sector provisions on loans o/w Unipol Gruppo Finanziario S.p.A ,208 7, % Capital indicators Single company FY13 CET1 Unipol Banca Basel 3 8.5% customer securitisation CET1 Banca SAI 23.1% Aggregate management figures including Unipol Banca Group and Banca Sai Group a net of provisions at UGF S.p.A. level 19
20 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
21 REAL ESTATE AND OTHER ACTIVITIES m REAL ESTATE UNIPOL GRUPPO FINANZIARIO 4, ,646 FY13 investments a sales deprec. writedowns other b Management figures a capex ( 37.4m) and purchase ( 0.3m) b exchange variation and movement in associated RE funds OTHER ACTIVITIES Tenute del Cerro (former Saiagricola) Clinics Atahotels Marina di Loano H13 IAS results 21
22 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
23 FINANCIAL INVESTMENTS bn Total investments 46.7bn UnipolSai Bond portfolio 43.6bn equity 1.0 (2.1%) cash 1.5 (3.1%) funds and other 0.6 (1.3%) Government other Countries 5.2% Corporate 4.5% Financials 13.8% bonds 43.6 (93.5%) Government Italy 76.5% Government 81.6% Total investments 52.7bn Unipol Gruppo Finanziario Bond portfolio 48.7bn equity 1.1 (2.0%) cash 2.3 (4.4%) funds and other 0.6 (1.2%) Government other Countries 4.8% Corporate 4.1% Financials 14.0% bonds 48.7 (92.4%) Government Italy 77.1% Government 81.9% Investments relating to insurance companies managed by Unipol Group, excluding DDOR, DDOR RE, Lawrence Life and Class D, investments in subsidiaries, associates and JVs, investments in RE and RE funds. Management figures. 23
24 INCOME FROM FINANCIAL INVESTMENTS m UnipolSai Unipol Gruppo Finanziario 5.31% 4.92% 3.89% 3.84% Total % % 26 1, % % 26 1,164 coupons and dividends gains fair value through P&L total coupons and dividends gains fair value through P&L total 5.75% 5.03% Non-Life 3.45% % % % % % coupons and dividends gains fair value through P&L total coupons and dividends gains fair value through P&L total 4.11% 5.08% 4.09% 4.92% Life % % % % coupons and dividends gains fair value through P&L total coupons and dividends gains fair value through P&L total Income relating to insurance companies managed by Unipol Group, excluding DDOR, DDOR RE, Lawrence Life and Class D, investments in subsidiaries, associates and JVs, investments in RE and RE funds. Management figures. 24
25 AFS RESERVE m Unipol Gruppo Finanziario UnipolSai 1,055 1,158 1,028 1, , , H13 9M13 FY13 1Q14 FY13 1Q14 bonds equity Total AFS reserve (Group+third parties). Break-up based on in-house estimate.. 25
26 Unipol Group key operations Consolidated results Insurance business Non-Life insurance business Agenda Life insurance business Banking business Real Estate and other activities Investment management Solvency
27 SOLVENCY I Unipol Gruppo Finanziario UnipolSai 1.6x 1.6x 1.5x 1.6x FY13 FY13 27
28 DISCLAIMER Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo Finanziario S.p.A. and UnipolSai Assicurazioni S.p.A., declares, in accordance with Article 154-bis, para 2, of the Consolidated Finance Act, that the accounting information reported in this presentation correspond to the figures in the documents, books and accounting records. 28
29 INVESTOR RELATIONS CONTACTS Adriano Donati (IRO) Tel Giancarlo Lana Tel Eleonora Roncuzzi Tel Laura Marrone Tel Giuseppe Giuliani Tel Carlo Latini Tel Silvia Tonioli Tel
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