unipol group presentation of consolidated results as at 31 ... · presentation of consolidated...

Unipol Group

Presentation of consolidated results as at 31 March 2013

Carlo Cimbri – CEO

Bologna, 9 May 2013

2

CONTEXT

Please be advised that figures as at 31 March 2012 have been appropriately restated and reclassified

following accounting standards, classification parameters and segment reporting changes effective on 2012

Consolidated Financial Statements as approved by the UGF’s Board of Directors of 24 April 2013.

Consolidated result as at 31 March 2012 has been recalculated at 88€m as against 71€m reported in the

Interim Financial Report as at 31 March 2012 (BoD of 10 May 2012).

Agenda

• Consolidated results

• Insurance business

• Non-life insurance business

• Life insurance business

• Banking business

• Investment management

• Capital and Solvency

• Fondiaria-SAI and Milano Assicurazioni

key consolidated results

4

UNIPOL GROUP: CONSOLIDATED RESULT BY BUSINESS SECTOR

1Q13

153 74 -13 -3 -76 135

74 27 3 -0 -16 88

Non-life Life Banking Holding

Other busin.

+ Cons. adj.

Cons.

Net

result

R.E.

€m

Note: after tax and before minorities results

* Figures recalculated vs the1Q12 approved by the BoD of 10 May 2012 following the restatement of the 2011 comparative data included in 2012

Consolidated Financial Statement. The original net results by segment were: Non-life +68, Life +16, Banking +3, Holding and Other -16, Total 71.

1Q12* before Premafin Group acquisition

Non-life Life Banking Holding

Other busin.

+ Cons. adj.

Cons.

Net

result

R.E.

No integration costs in 1Q13

5

Premafin S.p.A.

Fondiaria-SAI S.p.A. Unipol Assicurazioni S.p.A.

Milano Assicurazioni S.p.A.

Italian GAAP result

96.5

59.4

IAS result

1Q13

UNIPOLSAI: NET RESULTS OF COMPANIES INVOLVED IN THE MERGER

Note: stand alone companies’ result

51.3 49.7

1Q13

40.3 46.4

1Q13 1Q13

- 2.5 - 3.1

€m

Agenda










7

DIRECT INSURANCE INCOME

Unipol Group

stand alone

Unipol Group

pro-forma

580

1,075

Fondiaria-SAI

consolidated

872

1,635

2,709

1,452

848

1,008

1,188

1,441

2,449

2,036

1Q13 1Q12

1,654 1,856

2,507 2,629

4,161

4,485

+46.3%

-6.2%

+12.2%

+4.9%

+36.1%

-11.8%

+40.2%

-9.6%

+7.8%

Non-life premiums Life premiums

Unipol Group

stand alone Unipol Group

Fondiaria-SAI

consolidated

€m

Agenda










9

NON-LIFE – DIRECT PREMIUM INCOME

27

55

103

823

Arca

Linear

Unisalute

Unipol Ass.ni

-6.8%

+0.2%

-3.3%

-10.2%

Income by company (Unipol Group stand alone)

2,709 2,449

-12.2%

-5.0%

-9.6%

Income by company (Fondiaria-SAI cons.)

-11.8% -6.2%

pro-forma 1Q12 1Q13

1,726 1,516

983 933

Motor Non Motor

61.9%

15.0%

10.7%

6.8%

5.6%

Motor

Accident & Health

Property

General TPL

Other

o/w ca. 3 pp (estimate) due to MV TPL

premiums’ accounting changes after

elimination of tacit renewal

€m

44

33

50

556

758

Other companies

Siat

Liguria

Milano Ass.ni

Fondiaria - SAI -10.6%

-20.1%

-14.3%

-8.4%

+22.1%

10

NON-LIFE - COMBINED RATIO (DIRECT BUSINESS)

* Including OTI/premiums

71.1% 65.2%

78.0% 70.7% 75.4%

68.6%

7.0% 8.2%

7.1%

7.7% 7.1%

7.9%

15.1% 16.0%

15.5%

15.2% 15.3%

15.5%

1Q12 1Q13 1Q12 1Q13 1Q12 pro-forma

1Q13

Loss Ratio Other operating expenses/premiums Commissions/premiums

Combined ratio

Expense ratio

Loss ratio*

24.1% 22.9%

92.0%

23.4%

Unipol Group

stand alone

Fondiaria -SAI

consolidated

Unipol Group

97.8%

89.4% 93.2% 93.6%

100.6%

11

-6.7%

-6.8%

-4.9%

-10.1%

-7.1%

-40.6%

-3.4%

-3.5%

-1.8%

NON-LIFE – MV TPL TECHNICAL INDICATORS 1Q13

Portfolio

average premium

No. of claims reported (followed up passive claims)

Claims settlement speed (current year managed claims)

Total portfolio o/w:

Retail

Fleets

Frequency

-1.0%

-11.8%

-1.2 p.p.

Var vs 1Q12

-0.8 p.p.

Unipol Assicurazioni S.p.A.

-1.2%

-16.6%

+0.8 p.p.

-0.6 p.p.

-2.0%

-15.4%

+1.3 p.p.

-0.8 p.p.

Var vs 1Q12

Fondiaria-SAI S.p.A.

Var vs 1Q12

Milano Assicurazioni S.p.A.

Agenda










13

LIFE – DIRECT INCOME

+46.3%

1,452 2,036

1Q12 1Q13

+40.2%

Traditional:

928 (+6.6%)

38

854

81

215

Other companies

PopVita + LawLife

Milano Ass.ni

Fondiaria-SAI

+51.2%

+44.8%

+36.1%

pro-forma

Income by company (Unipol Group stand alone)

Income by company (Fondiaria-SAI cons.)

0,0

281

567

Linear Life

Arca Vita

+AVI

Unipol Ass.ni +33.9%

n.s.

+80.0%

Index/Unit linked:

705 (+134.3%)

Capitalization:

271 (+133.6%)

-4.2%

o/w 130 €m for

retirement policy

€m

45.6%

34.6%

13.3%

6.5%

Pension Funds:

132 (-20.1%)

+9.1%

14

LIFE – APE BY COMPANY

* Pro-forma

1Q12 1Q13 var. %

Unipol Assicurazioni S.p.A. 47 62 33.8%

Arca Vita+AVI 16 29 75.4%

Fondiaria-SAI S.p.A. 23 25 9.7%

Milano Assicurazioni S.p.A. 10 11 7.8%

Popolare Vita+Lawrence Life 57 88 53.7%

Other Companies 3 5 37.8%

Unipol Group pro-quota 83* 115 38.7%

€m

Agenda










16

6,828 6,822

3,284 3,232

FY12 1Q13

customers securitised

UNIPOL BANCA GROUP

Direct Deposits*

Lending

9,685

10,112

+0.1%

+72.6%

-0.3%

-13.8%

-0.6%

-1.6%

-0.1%

10,053

9,695**

Indicators

Bad&doubtful loans coverage ratio

NPL coverage ratio

Net non-performing loans

Tier 1 ratio

(= Core Tier 1 ratio)

Total capital ratio

8.4%

14.5%

FY12 Lending indicators

Capital indicators FY12

Economic indicators 1Q12

Interest income

Non-interest income

Gross operating income

47

52

100

Cost/Income ratio 66.5%

Gross result 10

Net result 3

2,040

20.3%

31.9%

Net non-performing loans/loans 20.2%

8,108 8,087

1,288 1,110

289 498

FY12 1Q13

third parties Unipol Group securitisation

8.1%

14.0%

1Q13

1Q13

1Q13

51

37

88

70.9%

-16****

-15

2,114

21.1%

32.1%

21.0%

Unipol

Banca Gr.

Unipol

Banca Gr.

Unipol

Group***

1,952

27.2%

40.0%

19.7%

* Management figures

** Accounting figure 9,952 €m (+0.4%) including collateralized deposits c/o

Cassa Compensazione e Garanzia (258 € m).

*** Including UGF S.p.A. provisions

**** Management figure including assets under disposal

€m

Total loans coverage ratio 5.3% 5.7% 7.2%

Unipol

Group***

1,937

24.3%

36.9%

19.4%

6.2%

Agenda










18

FINANCIAL INVESTMENTS 1Q13*

Breakdown by asset

€bn

Equity and Funds:

2.0 (4.5%)

Cash:

1.8 (4.0%)

Bonds:

41.3 (91.5%)

INVESTMENTS

45.1 €bn

Government

Government:

Others 3.9%

Government:

Spain

Ireland

Portugal

2.2%

Corporate

5%

Financials

17%

Government:

Italy 72.0%

(78% on tot. Bonds)

BOND PORTFOLIO

41.3 €bn

* Insurance investments managed by Unipol Group, mark to market, excluding class D, debt securities issued by group’s companies, DDOR and

Lawrence Life

19

Yield %

coupon and dividends gains

108 19

-14

113

3.00% 0.52% -0.38% 3.13%

Yield %

total income

301 42

-0

343

4.17% 0.58% -0.00% 4.75%

FOCUS ON

NON-LIFE

FOCUS ON

LIFE

€m

INCOME FROM FINANCIAL INVESTMENTS 1Q13*

Yield %

coupons and dividends gains fair value through P&L total income

411 63

-13

462

3.73% 0.57% -0.11% 4.18%

TOTAL

fair value through P&L total income

coupon and dividends gains fair value through P&L

*Income from insurance companies managed by Unipol Group, excluding class D, debt securities issued by group’s companies, DDOR and

Lawrence Life

Agenda










21

AFS RESERVE TREND

* Break-up based on in-house estimates

Spread Btp/Bund 318

301

125

345

49 56

252

69

FY12 1Q13

Equity* Bonds*

€m

22

SOLVENCY I* AS AT 31 MARCH 2013

7.0

4.4

2.6

Unipol Group Fondiaria-SAI

Consolidated Solvency

Milano Assicurazioni

Consolidated Solvency

1.6x

2.4 2.2

1.1x 0.9 0.8 1.2x

Available capital Solvency requirements Excess capital

* After IVASS Ruling no. 43

0.3 0.2

€bn

Agenda










24

FONDIARIA-SAI – KEY CONSOLIDATED RESULTS €m

1Q12 1Q13 var. %

FY12 1Q13 var. %

Premium income (local GAAP) 2,506.9 2,628.8 4.9%

Non-Life business 1,634.6 1,441.2 -11.8%

MV 1,101.6 931.1 -15.5%

Non-MV 533.0 510.1 -4.3%

Life business (inc. financial contracts) 872.4 1,187.7 36.1%

Loss Ratio (direct business) 78.0% 70.7% -7.3 p.p.

o/w Other technical items 6.4% 3.8% -2.6 p.p.

Expense Ratio (direct business) 22.6% 22.9% +0.3 p.p.

Total Shareholders' equity 2,762.7 2,733.6 -1.1%

Combined Ratio (direct business) 100.6% 93.6% -7.0 p.p.

Group Shareholders' equity 2,115.7 2,133.4 0.8% o/w AFS Reserve 257.6 195.2 -24.2%.

Consolidated pre-tax result 53.3 195.0 n.s.

Non-Life business 9.2 132.8 n.s.

Solvency Ratio 1.1x 1.1x 0.0x

Life business 59.8 78.2 30.8%

RE -5.7 -6.1 7.0%

Other businesses -10.0 -9.9 -1.0%

Inter-segment eliminations 0.0 0.0 0.0%

Pre-minorities net result 29.1 99.4 n.s.

Post-minorities net result 29.9 77.1 n.s.

25

MILANO ASSICURAZIONI – KEY CONSOLIDATED RESULTS €m

1Q12 1Q13 var. %

Premium income (local GAAP) 816.8 706.2 -13.5%

Non-Life business 729.1 620.9 -14.8%

MV 513.9 425.3 -17.2%

Non-MV 215.2 195.5 -9.1%

Life business (inc. Financial contracts) 87.7 85.3 -2.7%

Loss Ratio (direct business) 77.8% 72.3% -5.5 p.p.

o/w Other technical items 5.9% 4.0% -2.0 p.p.

Expense Ratio (direct business) 21.2% 22.6% 1.4 p.p.

Total Shareholders' equity 1,039.2 1,051.8 1.2%

Combined Ratio (direct business) 99.0% 94.8% -4.1 p.p.

Group Shareholders' equity 1,037.9 1,050.4 1.2% o/w AFS Reserve 106.7 71.7 -32.8%.

Consolidated pre-tax result -5.8 82.7 n.s.

Non-Life business -22.6 62.8 n.s.

Solvency Ratio 1.2x 1.2x -0.1x

Life business 18.7 22.3 19.0%

RE -1.4 -1.4 -2.0%

Other businesses -0.6 -1.0 n.s.

Inter-segment eliminations 0.0 0.0 0.0%

Pre-minorities net result -18.0 46.7 n.s.

Post-minorities net result -17.9 46.7 n.s.

FY12 1Q13 var. %

26

This presentation contains information relating to forecasts of figures, results and events which reflect the

current management outlook but these could differ from what actually happens owing to events, risks and

market factors that it is presently impossible either to know or to predict.

Maurizio Castellina, Giuseppe Nassi and Massimo Dalfelli, Senior Executives responsible for drawing up the

corporate accounts of Unipol Gruppo Finanziario S.p.A., of Premafin S.p.A. and of Fondiaria-SAI S.p.A. and

Milano Assicurazioni S.p.A. respectively declare, in accordance with Article 154-bis, para 2, of the Consolidated

Finance Act, that the accounting information reported in this presentation corresponds to the figures in the

documents, books and accounting records.

DISCLAIMER

27

INVESTOR RELATIONS CONTACTS

Eleonora Roncuzzi Tel +39 051 507 7063

Silvia Tonioli Tel +39 051 507 2371

Laura Marrone Tel +39 051 507 2183

[email protected]

Unipol Contacts

Giancarlo Lana Tel +39 011 66 57 642

Floriana Amari Tel +39 02 64 02 25 74

[email protected]

Fondiaria-SAI/Milano Contacts

Group IRO Adriano Donati Tel +39 051 507 7063

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