Unipol Gruppo S p A : Corporate›FinancialConsolidated results as at first Half 2020 approved

• Consolidated net profit of €617m compared to €353m1 at 30 June 2019
• Direct insurance income of €6.1bn (-16.4%)
• • Non-lifebusiness: €3.9bn (-4.4%)
  • Life business: €2.2bn (-31.8%)
• Combined ratio net of reinsurance 82.1% compared to 94.6% in the first half of 2019
• Consolidated solvency ratio 188%2

1. Normalised figure calculated by subtracting a total of €421m (€176m in the non-life business and €244m in the holdings and other businesses) resulting from the first-time consolidation of the stake in BPER Banca using the equity method from the profit of the previous period.
2. Figure calculated on the basis of the partial internal model, to be taken as preliminary since the Supervisory Authorities will be notified of the definitive figure in accordance with legally required deadlines.

Bologna, 7 August 2020

The Board of Directors of Unipol Gruppo S.p.A., which met yesterday under the chairmanship of Pierluigi Stefanini, approved the consolidated results as at 30 June 2020. The Group supported significant projects in favour of customers, the agency distribution network, employees and the community in this half-year period marked by the outbreak of the Covid-19 emergency.

With regard to customers, the Group established a Coronavirus medical consultation service available 24/7 for its insured parties through the UniSalute Medical Centre. UnipolSai created a healthcare protection product #AndràTuttoBene and launched the #UnMesePerTe campaign in April to reimburse 10 million customers for an amount equal to a month's car insurance through a discount-voucher to be used when renewing their policies. The campaign will last for a full year to enable all policyholders to use their vouchers when renewing their policies. With regard to the agency distribution network, significant financial support measures were introduced along with support to ensure safe working conditions. Remote working mechanisms were introduced for Group employees to safeguard their health, with technological solutions implemented in just a few weeks to enable over 9,300 people to work from home. In the half-yearperiod, UnipolSai donated €20m to the community to help tackle the Coronavirus emergency.

The consolidated net profit amounted to €617m in the first six months of 2020 compared to €353m1 in June 2019. The profit for the half-year period was influenced by a reduction in claims during the lockdown period.

Direct insurance income, including reinsurance ceded, stood at €6,100m in the first quarter of 2020 (€7,294m as at 30 June 2019, -16.4%).

Direct non-lifeincome reflects the slowdown in commercial activity due to the healthcare emergency, and amounted to €3,927m at 30 June 2020 (down 4.4% compared to €4,109m recorded at 30 June 2019). The insurance company UnipolSai contributed to this result, with Non-Life premiums of €3,354m (-3.6%) along with a number of the other main Group companies. UniSalute recorded premiums of €239m (up 0.2%), Linear recorded a total amount of €96m in premiums (up 0.3%), while Arca Assicurazioni reported premiums of €69m which was substantially in line with the figure for the first half of the previous year.

The MV business stood at €2,041m (-5.1%). Premiums amounted to €1,887m in the Non-MV business, with less of a fall-off(-3.6%) due to the sale of specific products linked to the healthcare emergency.

Against this background, at 30 June 2020, the Unipol Group recorded a combined ratio, net of reinsurance, of 82.1% (80.5% direct business), a significant improvement on the figure of 94.6% reported at 30 June 2019 (93.2% direct business). The loss ratio, net of reinsurance, stood at 54.6% (compared to 66.7% for the first half of 2019), while the expense ratio, net of reinsurance, stood at 27.4% (compared to 27.9% at 30 June 2019).

The pre-taxresult for the non-life business amounted to €810m (€386m in the first six months of 20191).

In the life business, the Unipol Group reported direct income of €2,173m, a decrease of 31.8% due to the effects of the healthcare emergency and the commercial policies adopted in the period to reduce the risks; this figure is also compared against the first half of 2019 which benefitted from extraordinary income from two new pension funds for a total of €630m.

UnipolSai reported €1,507m in direct income (-35.3%), while in the bancassurance channel, Arca Vita, along with its subsidiary Arca Vita International, reported direct income of €632m (-22.1% compared to €811m in the first half of 2019).

The pre-taxresult for the life business amounted to €14m compared to €139m in the first six months of 2019 due to the lower financial income contribution from the companies.

Real Estate Business

Property management continued to revolve around the redevelopment of certain properties with a view towards enhancing their value or using them for operational purposes.

During the half-year period, Unipol launched the "INOLTRE. Sharing the city" project to regenerate a number of areas in the suburbs of Milan. This is a significant project that will extend over 300,000 m2 to give three outlying city suburbs (Bruzzano area, via Stephenson, via dei Missaglia and via

Senigallia) opportunities for social occasions, culture, debate and research along with a series of architectural and artistic installations.

There was a pre-taxloss of €10m in the business compared to a loss of €26m at 30 June 2019.

Holdings and Other Businesses

In the other businesses in which the Group operates, the Covid-19 emergency is having an adverse effect on the hotel sector with most of the directly-managed Gruppo UNA hotels (27 out of 31) closed for the period. A small number of hotels were opened towards the end but the half-year period ended with a loss of approximately €16m. For the most part, the other Group businesses broke even.

UnipolReC recorded a net profit of approximately €4.1m, ending the half-year period with a reduction of €179m of gross non-performing loans on which it collected €54m (30% of their gross value).

There was a pre-taxloss of €60m in the business, including the holding business compared to a loss of €25m1 at 30 June 2019.

Financial Management

With regard to the management of financial investments, the gross return on the portfolio amounted to 2.9% of the invested assets, of which 3.1% relating to the coupon and dividend component.

Balance Sheet

Consolidated equity as at 30 June 2020 amounted to €7,934m (€8,305m as at 31 December 2019), of which €6,674m attributable to the Group (€6,687m as at 31 December 2019).

The Group solvency ratio as at 30 June 2020 amounted to 188%2.

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Significant events after the closure of the half-year period

The public purchase and exchange offer launched by Intesa Sanpaolo for the shares of UBI Banca was successfully concluded on 30 July 2020. Finalisation of that operation was one of the conditions provided for under the agreement signed by Unipol and UnipolSai with Intesa Sanpaolo and BPER Banca on 17 February 2020 concerning, inter alia, the subsequent acquisition by UnipolSai, directly or through subsidiaries, of company branches relating to one or more insurance companies in which UBI Banca currently has stakes.

Business Outlook

The current global spread of the Covid-19 pandemic and the risk of its potential resurgence in our country with the consequent potential reflections on the economy could also affect the markets in which the Group operates. Despite this, in view of the first-half performance and the information currently to hand, the Group can confirm that its income from operating activities for the current year is in line with the targets established in the 2019-2021 Industrial Plan, due in part to its strong capital position.

Presentation of results to the financial community

A conference call will be held at 12:00 p.m. today during which financial analysts and institutional investors may submit questions to the Group CEO and Senior Management on the results at 30 June 2020. The phone numbers to dial to attend the event are: [phone] (from Italy and all other

countries besides the USA or the UK), [phone] (from the USA) and [phone] (from the UK). You can also follow the presentation through the digital channels described below:

• Connection via Web Link:https://hditalia.choruscall.com/?calltype=2&info=company
• Connection via App: Chorus Call HD, ID system CCHDVA

Please carefully read the Privacy Policy Statementbefore attending the event.

The multimedia file with the pre-recorded comment on the results can be found in the Investors section of the website www.unipol.it.

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In order to allow more complete disclosure of the results at 30 June 2020, please find attached hereto the Consolidated Balance Sheet, the Consolidated Income Statement, the summary of the Consolidated Income Statement by Business Segment and the Balance Sheet by Business Segment.

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Maurizio Castellina, Manager in charge of financial reporting of Unipol S.p.A. and UnipolSai Assicurazioni S.p.A., declares, pursuant to Article 154-bis, paragraph 2, of the "Consolidated Law on Finance", that the accounting information contained in this press release corresponds to the figures in the corporate accounting records, ledgers and documents.

Glossary

DIRECT BUSINESS COMBINED RATIO: indicator that measures the balance of non-life direct technical management, given by the sum of the loss ratio, including the OTI ratio and expense ratio.

COMBINED RATIO NET OF REINSURANCE: indicator that measures the balance of non-life total technical management, given by the sum of the loss ratio net of reinsurance and the expense ratio net of reinsurance.

Unipol Gruppo S.p.A.

Unipol is one of the biggest insurance groups in Europe and the leading company in Italy in the non-life insurance sector, (especially in the MV and health businesses), with total premiums of approximately €14.0bn, of which €8.2bn in non-Life and €5.8bn in life (2019 figures). Unipol adopts an integrated offer strategy and covers the entire range of insurance and financial products, operating primarily through the subsidiary UnipolSai Assicurazioni S.p.A. The Group is also active in direct MV insurance (Linear Assicurazioni), transport and aviation insurance (Siat), health insurance (UniSalute), supplementary pensions and also covers the bancassurance channel (Arca Vita, Arca Assicurazioni and Incontra). It also manages significant diversified assets in the debt collection (UnipolReC), real estate, hotel (Gruppo UNA), medical-healthcare and agricultural (Tenute del Cerro) sectors. Unipol Gruppo S.p.A. is listed on the Italian Stock Exchange.

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Consolidated Statement of Financial Position - Assets

Accounting records, amounts in €m

		30/6/2020	31/12/2019
1	INTANGIBLE ASSETS	2,011.4	2,012.1
1.1	Goodwill	1,625.0	1,625.0
1.2	Other intangible assets	386.3	387.1
2	PROPERTY, PLANT AND EQUIPMENT	2,403.8	2,484.2
2.1	Property	1,567.5	1,633.2
2.2	Other items of property, plant and equipment	836.3	851.1
3	TECHNICAL PROVISIONS - REINSURERS' SHARE	925.9	989.6
4	INVESTMENTS	63,935.3	65,116.9
4.1	Investment property	2,001.7	1,991.1
4.2	Investments in subsidiaries and associates and interests in joint ventures	1,001.1	1,003.4
4.3	Held-to-maturity investments	414.7	454.6
4.4	Loans and receivables	4,457.5	4,006.6
4.4 bis	Financial assets at am ortised cost	475.1	516.1
4.5	Available-for-sale financial assets	47,792.7	48,620.0
4.5 bis	Financial assets at fair value through OCI	839.8	689.5
4.6	Financial assets at fair value through profit or loss	6,952.6	7,835.6
4.6.1	Held-for-trading financial assets	296.8	283.8
4.6.2	Financial assets at fair value	6,582.6	7,465.6
4.6.3	Other financial assets mandatorily at fair value	73.2	86.1
5	SUNDRY RECEIVABLES	2,848.2	3,184.0
5.1	Receivables relating to direct insurance bus iness	1,229.1	1,456.2
5.2	Receivables relating to reinsurance business	260.0	260.8
5.3	Other receivables	1,359.2	1,467.1
6	OTHER ASSETS	1,454.5	1,308.0
6.1	Non-current assets held for sale or disposal groups	193.6	189.2
6.2	Deferred acquis ition costs	105.8	101.2
6.3	Deferred tax assets	589.3	510.9
6.4	Current tax assets	20.5	3.9
6.5	Other as sets	545.4	502.7
7	CASH AND CASH EQUIVALENTS	904.9	1,007.0
	TOTAL ASSETS	74,484.0	76,101.9

Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities

Accounting records, amounts in €m

		30/6/2020	31/12/2019
1	EQUITY	7,933.7	8,304.6
1.1	attributable to the owners of the Parent	6,673.5	6,687.5
1.1.1	Share capital	3,365.3	3,365.3
1.1.2	Other equity ins truments	0.0	0.0
1.1.3	Equity-related reserves	1,639.4	1,639.4
1.1.4	Income-related and other res erves	785.0	-127.2
1.1.5	(Treas ury shares )	-3.8	-3.4
1.1.6	Trans lation reserve	4.5	4.1
1.1.7	Gains or loss es on available-for-sale financial as sets	433.5	936.2
1.1.7bis	Gains or loss es on financial ass ets at fair value through OCI	-1.0	8.5
1.1.8	Other gains or los ses recognis ed directly in equity	-63.6	-37.9
1.1.9	Profit (los s) for the year attributable to the owners of the Parent	514.2	902.5
1.2	attributable to non-controlling interests	1,260.1	1,617.1
1.2.1	Share capital and res erves attributable to non-controlling interes ts	1,064.8	1,196.4
1.2.2	Gains or loss es recognised directly in equity	92.8	236.6
1.2.3	Profit (los s) for the year attributable to non-controlling interests	102.4	184.1
2	PROVISIONS	431.7	476.9
3	TECHNICAL PROVISIONS	56,843.3	57,567.3
4	FINANCIAL LIABILITIES	7,494.2	7,772.0
4.1	Financial liabilities at fair value through profit or loss	2,960.1	2,914.4
4.1.1	Financial liab ilities held-for trading	249.6	252.6
4.1.2	Financial liab ilities at fair value	2,710.5	2,661.8
4.2	Other financial liabilities	4,534.1	4,857.7
5	PAYABLES	852.0	1,012.6
5.1	Payables aris ing from direct insurance bus ines s	131.1	164.7
5.2	Payables aris ing from reins urance bus iness	112.1	96.6
5.3	Other payables	608.8	751.3
6	OTHER LIABILITIES	929.2	968.4
6.1	Liabilities as sociated with dispos al groups held for s ale	3.3	3.3
6.2	Deferred tax liabilities	56.8	83.0
6.3	Current tax liabilities	38.6	50.9
6.4	Other liabilities	830.5	831.2
	TOTAL EQUITY AND LIABILITIES	74,484.0	76,101.9

Consolidated Income Statement

Accounting records, amounts in €m

		30/6/2020	30/6/2019
1.1	Net premiums	5,675.7	6,897.2
1.1.1	Gross prem ium s	5,906.0	7,115.2
1.1.2	Ceded prem iums	-230.3	-218.0
1.2	Fee and comm iss ion income	16.7	17.5
1.3	Gains and los ses on financial instrum ents at fair value through profit or los s	-299.9	-124.3
1.4	Gains on inves tm ents in s ubs idiaries and as sociates and interes ts in joint ventures	29.5	485.7
1.5	Gains on other financial instruments and inves tm ent property	1,311.2	1,233.0
1.5.1	Interest income	693.9	740.0
1.5.2	Other gains	87.9	109.4
1.5.3	Realised gains	289.9	320.0
1.5.4	Unrealised gains	239.5	63.6
1.6	Other revenue	412.0	325.2

1	TOTAL REVENUE AND INCOME	7,145.2	8,834.3
2.1	Net charges relating to claim s	-4,215.7	-5,958.0
2.1.1	Am ounts paid and changes in technical provisions	-4,305.5	-6,072.0
2.1.2	Reinsurers' share	89.8	113.9
2.2	Fee and comm iss ion expens e	-9.9	-11.1
2.3	Los s es on inves tments in s ubs idiaries and as sociates and interes ts in joint ventures	-10.7	-0.3
2.4	Los s es on other financial instruments and inves tment property	-393.7	-253.0
2.4.1	Interest expense	-78.7	-84.1
2.4.2	Other charges	-19.5	-20.4
2.4.3	Realised losses	-255.3	-101.1
2.4.4	Unrealised losses	-40.1	-47.5
2.5	Operating expenses	-1,245.2	-1,330.5
2.5.1	Com m issions and other acquisition costs	-882.8	-929.2
2.5.2	Investm ent m anagem ent expenses	-59.8	-58.7
2.5.3	Other administrative expenses	-302.6	-342.7
2.6	Other cos ts	-516.7	-387.2

2	TOTAL COSTS AND EXPENSES	-6,391.9	-7,940.2
	PRE-TAX PROFIT (LOSS) FOR THE YEAR	753.3	894.1
3	Incom e tax	-136.7	-120.8
	POST-TAX PROFIT (LOSS) FOR THE YEAR	616.6	773.3
4	PROFIT (LOSS) FROM DISCONTINUED OPERATIONS	0.0	0.0
	CONSOLIDATED PROFIT (LOSS) FOR THE YEAR	616.6	773.3
	attributable to the owners of the Parent	514.2	656.5
	attributable to non-controlling interests	102.4	116.8

Condensed Consolidated Income Statement by Business Segment

Accounting records, amounts in €m

		NON-LIFE			LIFE		INSURANCE		HOLDINGS/SERVICES/ OTHER	REAL ESTATE		Intersegment		CONSOLIDATED
	BUSINESS			BUSINESS			BUSINESS			BUSINESSES		BUSINESS (*)		Elimination			TOTAL
	Jun-2020 Jun_2019	var.%	Jun-2020 Jun_2019	var.%	Jun-2020 Jun_2019	var.%	Jun-2020 Jun_2019	var.%	Jun-2020 Jun_2019	var.%	Jun-2020 Jun_2019	Jun-2020 Jun_2019	var.%
Net prem iums	3,756	3,885	-3.3	1,920	3,012	-36.3	5,676	6,897	-17.7	0	0		0	0		0	0	5,676	6,897	-17.7
Net fees and com m issions	-1	-1	22.4	8	7	14.8	7	6	13.7	3	4	-24.9	0	0		-3	-4	7	6	5.4
Financial incom e/expense (excl. Ass ets/ liabilities at fair
value) (**)	171	396	-56.7	526	614	-14.4	697	1,010	-31.0	-21	239	n.s.	-8	-19	-55.3	-7	-10	660	1,219	-45.8
Net interest	127	162		515	534		642	696		-23	-34		-1	-3		0	0	618	659
Other incom e and expenses	41	278		51	45		92	323		23	248		7	7		-17	-10	104	568
Realised gains and losses	44	77		-64	74		-20	152		1	27		-9	0		11	0	-17	179
Unrealised gains and losses	-40	-122		24	-39		-16	-161		-23	-3		-6	-23		0	0	-45	-186
Net charges relating to claim s	-1,960	-2,502	-21.6	-2,279	-3,334	-31.6	-4,240	-5,836	-27.4	0	0		0	0		0	0	-4,240	-5,836	-27.4
Operating expenses	-1,060	-1,115	-4.9	-111	-122	-9.2	-1,171	-1,238	-5.3	-74	-95	-21.8	-11	-10	4.0	11	12	-1,245	-1,330	-6.4
Com m issions and other acquisition costs	-837	-872	-4.0	-47	-57	-17.6	-884	-929	-4.8	0	0		0	0		2	0	-883	-929	-5.0
Other expenses	-223	-243	-8.2	-64	-65	-1.9	-287	-308	-6.8	-74	-95	-21.8	-11	-10	4.0	10	12	-362	-401	-9.7
Other incom e / expense	-95	-100	4.6	-49	-38	-29.2	-145	-138	-4.7	32	72	-55.3	9	3	n.s.	-1	2	-105	-62	-68.9
Pre-tax profit (loss)	810	563	43.9	14	139	-89.8	824	701	17.5	-60	219	n.s.	-10	-26	62.1	0	0	753	894	-15.8
Incom e tax	-232	-84	176.0	-4	-39	-89.5	-236	-123	92.1	98	1	n.s.	1	1	56.8	0	0	-137	-121	13.2
Profit (loss ) on dis continued operations	0	0	0.0	0	0	0.0	0	0	0.0	0	0	0.0	0	0	0.0	0	0	0	0	0.0
Consolidated profit (loss) for the period	578	479	20.7	10	100	-90.0	588	578	1.6	38	221	-82.9	-9	-26	65.5	0	0	617	773	-20.3
Profit (loss) attrib utab le to the owners of the Parent																		514	657
Profit (loss) attrib utab le to non-controlling interests																		102	117

(*) Real Estate b usiness only includes real estate com panies controlled b y the Group

(**) Excluding assets/liab ilities at fair value related to contracts issued b y insurance com panies with investm ent risk b orne b y custom ers and arising from pension fund m anagem ent

Unipol Gruppo - Consolidated Statement of financial position by business segment

Accounting records, amounts in €m

		Non-Life Business	Life Business	Holdings/Other Businesses	Real Estate Business (*)	Intersegment Elimination	Total
		30/6/2020	31/12/2019	30/6/2020	31/12/2019	30/6/2020	31/12/2019	30/6/2020	31/12/2019	30/6/2020	31/12/2019	30/6/2020	31/12/2019
1	INTANGIBLE ASSETS	1,603.0	1,595.9	394.6	401.7	13.8	14.5	0.0	0.0	0.0	0.0	2,011.4	2,012.1
2	TANGIBLE ASSETS	1,564.3	1,595.9	74.6	74.5	166.3	198.9	598.5	615.0	0.0	0.0	2,403.8	2,484.2
3	TECHNICAL PROVISIONS - REINSURERS' SHARE	883.3	950.0	42.6	39.7	0.0	0.0	0.0	0.0	0.0	0.0	925.9	989.6
4	INVESTMENTS	14,302.3	15,697.0	46,991.8	47,476.0	2,072.7	1,955.6	1,427.8	782.0	-859.3	-793.7	63,935.3	65,116.9
4.1	Inves tm ent property	580.0	1,189.3	6.5	6.5	32.9	35.7	1,382.3	759.5	0.0	0.0	2,001.7	1,991.1
4.2	Inves tm ents in subsidiaries, ass ociates and joint ventures	486.6	494.3	3.2	3.4	511.2	505.8	0.0	0.0	0.0	0.0	1,001.1	1,003.4
4.3	Held-to-m aturity investments	44.6	83.0	370.1	371.6	0.0	0.0	0.0	0.0	0.0	0.0	414.7	454.6
4.4	Loans and receivables	2,234.9	2,029.7	2,940.8	2,672.0	111.0	91.9	23.5	0.0	-852.6	-787.0	4,457.5	4,006.6
4.4bis	Financial ass ets at amortis ed cost	0.0	0.0	0.0	0.0	475.1	516.1	0.0	0.0	0.0	0.0	475.1	516.1
4.5	Available-for-s ale financial assets	10,804.8	11,724.9	36,943.2	36,848.8	29.4	30.6	21.9	22.5	-6.7	-6.7	47,792.7	48,620.0
4.5bis	Financial ass ets at fair value through OCI	0.0	0.0	0.0	0.0	839.8	689.5	0.0	0.0	0.0	0.0	839.8	689.5
4.6	Financial ass ets at fair value through profit or los s	151.4	175.9	6,727.9	7,573.6	73.2	86.1	0.0	0.0	0.0	0.0	6,952.6	7,835.6
5	SUNDRY RECEIVABLES	2,156.9	2,428.5	605.2	695.4	306.5	231.7	13.8	8.4	-234.2	-180.0	2,848.2	3,184.0
6	OTHER ASSETS	942.7	805.5	72.0	88.5	406.6	404.1	127.4	124.9	-94.1	-115.0	1,454.5	1,308.0
6.1	Deferred acquisition costs	46.7	42.1	59.1	59.1	0.0	0.0	0.0	0.0	0.0	0.0	105.8	101.2
6.2	Other as sets	896.0	763.4	12.9	29.3	406.6	404.1	127.4	124.9	-94.1	-115.0	1,348.7	1,206.8
7	CASH AND CASH EQUIVALENTS	260.1	285.7	302.2	354.3	326.9	338.4	15.7	28.6	0.0	0.0	904.9	1,007.0
	TOTAL ASSETS	21,712.5	23,358.5	48,483.0	49,130.0	3,292.9	3,143.3	2,183.2	1,558.9	-1,187.7	-1,088.7	74,484.0	76,101.9
1	EQUITY											7,933.7	8,304.6
2	PROVISIONS	358.6	403.4	19.5	20.1	48.9	48.9	4.7	4.5	0.0	0.0	431.7	476.9
3	TECHNICAL PROVISIONS	14,696.7	15,067.2	42,146.6	42,500.2	0.0	0.0	0.0	0.0	0.0	0.0	56,843.3	57,567.3
4	FINANCIAL LIABILITIES	1,917.5	2,133.5	3,709.2	3,718.9	2,516.7	2,481.1	210.0	231.9	-859.2	-793.3	7,494.2	7,772.0
4.1	Financial liabilities at fair value through profit or loss	117.4	65.6	2,842.7	2,848.8	0.0	0.0	0.0	0.0	0.0	0.0	2,960.1	2,914.4
4.2	Other financial liabilities	1,800.1	2,067.9	866.5	870.1	2,516.7	2,481.1	210.0	231.9	-859.2	-793.3	4,534.1	4,857.7
5	PAYABLES	838.3	880.6	131.7	168.9	75.3	110.6	37.2	35.0	-230.5	-182.4	852.0	1,012.6
6	OTHER LIABILITIES	678.9	733.5	296.7	282.9	32.3	50.2	19.2	14.8	-98.0	-113.0	929.2	968.4
	TOTAL EQUITY AND LIABILITIES											74,484.0	76,101.9

(*) Real Estate b usiness only includes real estate companies controlled b y the Group