Unipol Gruppo S p A : 1Q2024 Consolidated Results presentation - Unipol and UnipolSai

1Q24 Consolidated Results

10 May 2024

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 1Q24 results.

Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo 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 document corresponds to the document contents, books and accounting records.

The content of this document does not constitute a recommendation in relation to any financial instruments issued by the companies or by other companies of the Group, nor it constitutes or forms part of any offer or invitation to sell, or any solicitation to purchase any financial instruments issued by the companies or by other companies of the Group, nor it may be relied upon for any investment decision by its addressees.

Numbers in the document may not add up only due to roundings.

Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group and are based on in force IFRS.

AGENDA

1	2
1Q24	Appendix
Consolidated Results

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AGENDA

2

Appendix

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1Q24 CONSOLIDATED RESULTS > RESULTS BY SECTOR

RESULTS BY SECTOR

€m	1Q23	1Q24
Results excluding consolidated banking stakes a
Pre-tax result	323	361
Non-Life	285	298
Life	52	66
Other	-14	-3
Net result	226	242
Group net result	176	195
Results including consolidated banking stakes a
Net result	284	363
Group net result	230	308

1Q24 Unipol Group accounting results do not include the BPER and BPSO contribution. A three-months' time lag in the incorporation of the banks' results is also expected at 1H24 and at 9M24, while a realignment is expected to be carried out at 2024YE.

€m	1Q23	1Q24

Pre-tax result	330	352
Non-Life	284	290
Life	53	68
Other	-7	-5
Net result	231	235
Group net result	218	227

a Unipol has consolidated BPSO since 3Q23 when the stake in the bank reached 19.72%; therefore, 1Q23 does not include BPSO result

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1Q24 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION

Breakdown by Ecosystem

PREMIUM COLLECTION		€m	Comp.	Var.
			Mobility	1,165	51%	+11.4%
€m	Motor	1,062	47%	+11.2%
Other	102	4%	+12.8%
			Welfare	495	22%	+9.3%
	+8.7%

Breakdown by Company

	€m	Comp.	Var.
UnipolSai	1,765	77%	+5.8%
UniSalute	292	13%	+23.1%
Linear	60	3%	+18.2%
Arca Assicurazioni	69	3%	+16.0%
Siat	63	3%	+14.6%

2,097 2,280

955 +11.2% 1,062

1,142 +6.6% 1,218

1Q231Q24

Motor Non-Motor

Health	321	14%	+13.9%
Accident	174	8%	+1.9%
Property	620	27%	+3.7%
Fire & other dam. to prop.	348	15%	+7.9%
General TPL	188	8%	-1.7%
Other	84	4%	0.0%
Total	2,280	100%	+8.7%

Breakdown by Market Segment

	Total	Mobility	Welfare	Property
Retail & SMEs	74%	43%	9%	22%
Corporate	26%	8%	13%	5%
Total	100%

DDOR	30	1%	+21.0%
Total	2,280	100%	+8.7%

Breakdown by Distribution Channel

	Total	Mobility	Welfare	Property
Agents	70%	41%	9%	21%
Bancassurance	6%	2%	2%	1%
Other	23%	8%	10%	5%
Total	100%

1Q23 premiums and yoy variations do not include Incontra (~40 €m). The sale of Incontra was finalized in 4Q23 Operating figures, direct business

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1Q24 CONSOLIDATED RESULTS > COMBINED RATIO

1Q23 Combined Ratio

94.8%

26.3%

68.4%

1Q23

Motor

102.2%

23.1%

79.1%

1Q23

Non-Motor

87.7%

29.4%

58.3%

1Q23

1Q24 Combined Ratio

91.1%

26.6%

64.5%

1Q24

Motor

99.6%

22.6%

77.0%

1Q24

Non-Motor

83.3%

30.2%

53.0%

1Q24

Expense Ratio

Loss Ratio

1Q23 figures do not include Incontra

Combined ratio = 1- (insurance services result/insurance contracts revenues) Operating figures

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1Q24 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION

PREMIUM COLLECTION	Breakdown by Line of Business
€m		€m	Comp.	Var.
			Traditional	1,420	74%	+72.7%
			Unit linked	116	6%	-26.1%
	+11.1%
			Pension funds	344	18%	-51.7%
1,920
1,728			Capitalization	39	2%	+8.4%
			Total	1,920	100%	+11.1%

1Q231Q24

Breakdown by Distribution Channel

Breakdown by Market Segment

	Total	Hybrids	Pure	Pure	Pension
	Traditional	Linked	Funds
Individual	71.3%	12.0%	57.7%	1.0%	0.6%
Collective	28.1%	--	10.7%	--	17.4%
Corporate	0.6%	--	0.6%	--	--
Total	100.0%

Breakdown by Company

Net inflows

€m1Q24

Traditional + Capitaliz.	+496

Other+152

Total+648

	€m	Comp.	Var.
Agents	369	19%	+7.4%
Bancassurance	1,022	53%	+90.8%
Head office	463	24%	-42.4%
Other	65	3%	+46.8%
Total	1,920	100%	+11.1%

	€m	Comp.	Var.
UnipolSai	893	47%	-24.8%
Arca Vita + AVI	1,016	53%	+91.7%
Other companies	10	1%	+0.1%
Total	1,920	100%	+11.1%

Operating figures

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1Q24 CONSOLIDATED RESULTS > LIFE YIELDS

LIFE YIELDS

3.12%	0.98%	3.14%	0.98%
	2.14%		2.16%
		0.84%	0.81%
	FY23		1Q24

Segregated funds current avg. yield b		Avg. yield to policyholders
Avg. yield retained by the Group c		Avg. minimum guaranteed yield

Technical Reserves by Minimum Guaranteea

FY231Q24

Min. guar. yield	€bn	Comp.	€bn	Comp.
0%	19.3	52%	20.2	53%
0% - 1%	7.4	20%	7.4	19%
1% - 2%	4.9	13%	4.7	12%
2% - 3%	4.1	11%	4.0	11%
>3%	1.8	5%	1.8	5%
Total	37.5	100%	38.1	100%

1. Technical reserves of segregated funds in the existing portfolio
2. Calculated at cost basis
3. Gross financial yield on a yearly basis

Operating figures

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1Q24 CONSOLIDATED RESULTS > LIFE CSM

€m

CSM Roll-forward

			+35	+5	2,473	-59	2,414
2,295		+26
+113
2024/1/1	New	Expected Return	Economic	Operating	CSM before	Release	2024/3/31
Opening CSM	Business		Variances	Variances	release		Closing CSM

Operating figures

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