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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.
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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% |
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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
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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
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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% |
- 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%
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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 |
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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 | |||
- 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 |
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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 |
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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 |
- Eligible Own Funds in excess of Solvency Capital Requirements
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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 |
- Direct business
- Net of reinsurance
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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
- Including the shares held by Unipol Investment, UnipolPart I and Unipol Finance as at 8 May 2020
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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