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 1Q20 results.

Maurizio Castellina, 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.

Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group.

3

1

2

1Q20

Appendix

Consolidated Results

4

1

1Q20

Consolidated Results

5

1Q20 Consolidated Results

€m

UNIPOL

1Q19

1Q20

Consolidated pre-tax result

237

191

Non-Life

178

220

Life

83

25

Holding and other

-24

-55

Consolidated net result

171

134

Group net result

132

98

UNIPOLSAI

1Q19

1Q20

Consolidated pre-tax result

253

235

Non-Life

179

221

Life

83

26

Other

-10

-11

Consolidated net result

184

171

Group net result

179

165

1Q20 Consolidated Results

€m

Premiums

2,010 1,980 -1,5%

1,043

1,022

-2.0%

967 958 -1.0%

1Q19 1Q20

Motor Non-Motor

Premiums by Business Line

€m

%

Var%

Mobility

1,108

56%

-0.9%

Motor

1,022

52%

-2.0%

Other

86

4%

+13.5%

Welfare

360

18%

-3.4%

Health

194

10%

-6.8%

Accident

166

8%

+0.8%

Property

511

26%

-1.3%

Property

280

14%

+0.2%

General TPL

158

8%

-3.7%

Other

73

4%

-2.0%

Total

1,980

100%

-1.5%

6

Premiums by Company

€m

%

Var%

UnipolSai S.p.A.

1,665

84%

-1.1%

UniSalute

132

7%

-2.8%

Linear

49

2%

-1.1%

Incontra

41

2%

-25.0%

Arca Assicurazioni

32

2%

+7.9%

Siat, DDOR & PA

61

3%

+7.5%

Total

1,980

100%

-1.5%

Premiums by Distribution Channel

€m

%

Var%

Agents

1,549

78%

-2.0%

Brokers/Head Off.

288

14%

+4.9%

Bancassurance

72

4%

-1.0%

Direct and other

71

4%

-1.5%

Total

1,980

100%

-1.5%

Operating figures

1Q20 Consolidated Results

Net of Reinsurance

94.6%

92.0%

26.9%

27.4%

67.6%

64.7%

1Q191Q20

7

Direct Business

93.4%

90.0%

26.8%

27.0%

66.6%

63.1%

1Q191Q20

Expense ratio

Loss ratio

Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums after reinsurance

Combined ratio direct business: operating expenses/written premiums direct business (before reinsurance) + claims charges /earned premiums direct business (before reinsurance) Operating figures

1Q20 Consolidated Results

€m

Direct Premium Income

1,312

1,139 -13.2%

1Q19 1Q20

Premiums by Company

€m

%

var%

UnipolSai S.p.A.

832

73%

-3.0%

Arca Vita + AVI

293

26%

-32.0%

Other companies

15

1%

-37.3%

Total

1,139

100%

-13.2%

Operating figures

8

Premiums by Line of Business

€m

%

var%

Traditional

595

52%

-35.1%

Unit linked

146

13%

+106.1%

Pension funds

187

16%

+8.4%

Capitalization

212

19%

+38.5%

Total

1,139

100%

-13.2%

Premiums by Distribution Channel

€m

%

var%

Agents

297

26%

-19.1%

Bancassurance/Fin. advisors

308

27%

-39.0%

Pension funds

171

15%

+9.9%

Brokers/Head office

334

29%

+20.3%

Other

30

3%

475.7%

Total

1,139

100%

-13.2%

1Q20 Consolidated Results

€m

Segregated Accounts and Minimum Guaranteed Yields

3.40%

1Q19

1.39%2.01%

3.37%

1Q20

1.21%2.16%

avg. segregated accounts yield avg. minimum guaranteed yield

9

Technical Reserves by Minimum Guaranteed a

FY19

1Q20

Min. guar. yield

€bn

%

€bn

%

0%-1%

17.6

54%

18.4

56%

1%-2%

7.5

23%

7.1

22%

2%-3%

5.4

17%

5.4

16%

>3%

2.2

7%

2.2

7%

Total

32.7

100%

33.0

100%

  1. Class 1 and Class 5 technical reserves Operating figures

1Q20 Consolidated Results

Total Investments 55.5 €bn

Equity and funds 3.3%

Other 1.6%

Cash 1.6%

Real Estate

7.8%

Corporate

22.2%

48.4% Italian

bonds

govies

15.2%

Non-Italian

Govies

Total bonds 85.8%

10

Financial Investment Yields

Non-Life

Life

Total

€m

Yield

€m

Yield

€m

Yield

Coupons and

76

2.5%

278

3.2%

355

3.0%

dividends

Realized/unrealized

44

1.4%

15

0.2%

40

0.3%

gains/losses

Total

119

4.0%

293

3.4%

395

3.3%

Total Investments Duration (years)

Non-Life

Life

Total

Assets

3.3

7.3

6.0

Liabilities

2.7

8.7

6.9

Mismatch

1.1

-1.0

-0.5

Market value Operating figures

1Q20 Consolidated Results

Total Portfolio 3.9 €bn

Development of RE Portfolio (€m)

Breakdown by Cluster

11

Breakdown by Sector

FY19

Book Value

investments

purchases

sales a

depreciation

net write-downs

other

1Q20 Book Value

3,950

+14

0

-30

-19

0

-2

3,913

8% 6%

12%

45%

29%

Breakdown by Use

4% 2% 1%

4%

9%

9%52%

19%

Core

Core instrum.

Development

Trading

Land and Equivalent

Offices

Hotel

Residential

Land

Other RE investm. Condos and ind.

Health centres

5%

5%

4%

Non-Life

55%

Real Estate

36%

Life

Other

Breakdown by Area

1%

1%

Milan

8%

8%

Other

10%

40%

Bologna

Florence

15%

Rome

18%

Turin

Non-domestic

  1. N. 4 deeds as at 31 March 2020. incl. reimbursement of shares in RE funds. Operating figures

Commercial

1Q20 Consolidated Results

€m

NPEs Stock

FY19

1Q20

Gross loans

3,465

3,343

Net loans

516

488

Coverage ratio

85%

85%

NPEs Collection

1Q19

1Q20

Collections

24

36

NPEs reduction (GBV)

78

122

Collections/GBV

31%

29%

Net Result

1

1Q19

1Q20

Net result

1.5

1.9

12

Portfolio

48%

Breakdown

Secured loans

52%

Unsecured loans

14%

Collections

7%

Breakdown

Secured loans

86%

Unsecured loans

1Q20 Consolidated Results

€bn

UNIPOL (consolidated) - Partial internal model

155%

4.4

6.8

2.4

Own Funds

SCR

Excess a

Ratio

13

UNIPOLSAI (consolidated) - Economic capital

200%

3.5

7.1

3.5

Own Funds

SCR

Excess a

Ratio

UNIPOLSAI (solo) - Partial internal model

226%

3.1

6.9

3.8

Own Funds

SCR

Excess a

Ratio

  1. Eligible Own Funds in excess of Solvency Capital Requirements

14

2

Appendix

15

Appendix

€m

UNIPOL

1Q19

1Q20

Premium income a

3,322

3,119

Non-Life

2,010

1,980

Life

1,312

1,139

Combined Ratio b

94.6%

92.0%

Consolid. Net Result

171

134

Group Net Result

132

98

FY19

1Q20

Total Equity

8,305

6,979

Shareholders' Equity

6,687

5,655

UNIPOLSAI

1Q19

1Q20

Premium income a

3,322

3,119

Non-Life

2,010

1,980

Life

1,312

1,139

Combined Ratio b

94.6%

92.0%

Consolid. net result

184

171

Group net result

179

165

FY19

1Q20

Total Equity

7,153

5,949

Shareholders' Equity

6,878

5,681

  1. Direct business
  2. Net of reinsurance

16

Appendix

Unipol

85.24%

9.98%

UnipolReC

BPER

14.76%

83.00% a

9.75%

UnipolSai

100%

98.99%

51%

63.39%

Linear

UniSalute

Incontra

Arca Vita

Arca Ass.ni

Other Non-Life &

AP&B,

Alfa Evolution,

Real Estate

Diversified

Life companies

MyGlass

Car Server

companies

businesses

Companies listed on the Italian Stock Exchange

  1. Including the shares held by Unipol Investment, UnipolPart I and Unipol Finance as at 8 May 2020

17

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

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Unipol Gruppo Finanziario S.p.A. published this content on 15 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2020 05:39:04 UTC