Unipol Group

Results as at 30 September 2006

2

28.2 31.7 33.6

4.14.2 4.3

3Q05 31/12/05 3Q06

Inv. on behalf of policyholders (former Class D)Other investments

INSURANCE BUSINESS

INSURANCE INCOME*INSURANCE BUSINESS

MARKET SHARES (Ins. Income)

UNIPOL GROUP

TOTAL INVESTMENTS

BANKING BUSINESS

BANKING INCOMEUNIPOL GROUP

NET PROFIT (EUR/m)

(EUR/bn)(EUR/m)

* Direct premium income – local GAAP

BANKING BUSINESS

LOANS TO CUSTOMERS(EUR/m)

Unipol Group Key Consolidated Figures – Summary

2,73

1

2,76

3

2,80

9 4,79

9

4,02

2

4,60

1

3Q04 3Q05 3Q06

Non-Life Life

6,184 7,0219,278

26,12123,645

21,950

3Q05 31/12/2005 3Q06

Deposits Funds

20

4,921 5,2616,193

3Q05 31/12/2005 3Q06

7,364+9.0%

7,608+3.3%6,753

+2.0%

35.9 37.9

32.2

+0.6%

347312

+11.2%

+111.4%

+5.5%over2005

(EUR/m)

10.9% 10.9% 10.8%

8.7%9.2%

9.9%

2004 2005 1H06

Total Non-Life Total Life

282 284

30 64

3Q05 3Q06

Group Minority interests

3

AGENDA

LIFE BUSINESS

NON-LIFE BUSINESS

BANKING BUSINESS

INVESTMENTS AND FINANCIAL MANAGEMENT

INCOME STATEMENT

PREMIUM INCOMEPREMIUM INCOME11

2

3

4

5

6

4

Insurance income(Premium Income - Local GAAP)

Operating Company and Group Holding

INSURANCE BUSINESS BANCASSURANCE BUSINESS

COMPANY PREMIUMS IN €/m

123

(§) 147

717

1,889

54

2,289

2,388

COMPANY PREMIUMS IN €/m

(§) Including Navale Vita’s premiums of €0.5m

30/09/0630/09/05

2,267 +1.0%

2,294 +4.1%

121 +1.8%

43 +26.4%

154 -4.4%

30/09/0630/09/05

579 +23.7%

1,906 -0.9%

TOTALE BANCASSICURAZIONE: 3.843 (+2,5%)

TOTAL BANCASSURANCE

2,606 (+4.9%)

% on tot. premium income 34.3%

2,485TOTALE SETTORE ASSICURATIVO:

Danni: 4.087 (+3,5%)Vita: 2.843 (-6,2%)Totale 6.930 (-0,7%)

TOTAL INSURANCE BUSINESS Non-Life 2,809 (+1.7%)

Life 2,193 (+3.7%)

Total 5,002 (+2.5%)

2,7632,1154,879

TOTALE PREMI 2005: Danni: 4.087 (+3,5%)

Vita: (-1,4%)Totale 10.773 (+0,4%)

3Q06 TOTAL PREMIUM INCOME Non-Life 2,809 (+1.7%)

Life 4,799 (+4.3%)

Total 7,608 (+3.3%)

2,7634,6017,364

5

EUR/m

6,305

3,496

4,799

2,80

9

Life DirectPremium Income

(Local GAAP)

-50%Bancassurance

IFRSLife Insurance

Income

Non-Life Premiums

IFRS DirectInsuranceIncome

Investment Products

Total IFRSDirect

Premiums

7,608

(1,303)

(16)

+4.3%

+3.3% +10%

+4.1%

6,288+3.0%Direct premiums

Local GAAP

IFRSdirect

premiums

+1.7%-96%

+4.9%

Direct Insurance Income - Local GAAP vs. IFRS

6

AGENDA

LIFE BUSINESSLIFE BUSINESS

NON-LIFE BUSINESS

BANKING BUSINESS

INVESTMENTS AND FINANCIAL MANAGEMENT

INCOME STATEMENT

PREMIUM INCOME1

22

3

4

5

6

7

4,60

1

4,79

9

3,47

9

2,95

2

3Q05 3Q06

Ins. income (local Gaap) Life premiums - IFRS 4

Life premium income

Insurance income & Life premiums

+4.3%

Income by channel

Pension funds 1%

Traditional 38%

Index/Unit Linked 21%

Capital redemption

39%

Composite Companies

2,193 +3.7%

Bancassurance 2,606 +4.9%

Income by company

Agencies/Brokers/Head Office

1,777 +9.5%

Banking counters 2,891 +6.3%

Financial shops 76 +72.8%

EUR/m EUR/m

Pension funds 55 -74.6%

+17.9%

37%

60%

2%

1%

% on total

8

New business volume

EUR/m

4,45

7

4,23

7

3,03

2

3,19

0

3Q5 3Q06N.B. aggregate (local Gaap) N.B. consolidated (*)

+5.2%

Pension funds 1%

Traditional 34%

Index/Unit Linked 23%

Capital redemption

42%

(*) Bnl Vita and Quadrifoglio Vita: 50%

Composite companies

1,922 +5.2%

Bancassurance 2,535 +5.2%

New business by company

EUR/m

New business by type of premium

Recurrent 112 -14%

Single 4,345 +5.8%

EUR/m

3%

97%

% on total

Life business volumes

9

AGENDA

LIFE BUSINESS

NON-LIFE BUSINESSNON-LIFE BUSINESS

BANKING BUSINESS

INVESTMENTS AND FINANCIAL MANAGEMENT

INCOME STATEMENT

PREMIUM INCOME1

2

33

4

5

6

10

Non-Life direct premiums

Non-Life premium income

Accident/Health

Unipol 997 +2.2%

OtherCompanies

of the Group

1,812 +1.4%

Income by company Income by channel

Agencies 2,454 +1%

Head office and Brokers 232 +11%

Motor

Fire/Other damage toproperty

General T.P.L.

63%

Direct channels 123 +2%

14%

10%

9%

Other

5%

87.3%

8.3%

4.4%

EUR/m

% on totalEUR/m EUR/m

1,767 1,780

996 1,029

3Q05 3Q06

Motor Non-Motor

+0.7%

+3.4%

+1.7%2,763 2,809

11

Non-Life business

94.0% 93.8% 96.9%96.6%

Combined ratio net of reinsurance(consolidated accounts)

Factors highlighted:• Increase in average claims cost while

Motor T.P.L. tariffs remain stable• Higher presence of large claims

8.2% 8.0% -20 b.p.

Claims frequency Motor T.P.L.

2004 2005 3Q06

stable

Total Non-Life ProvisionsIAS / IFRS

(EUR/m)

+6.6% 7,2937,1476,701

2004 2005 3Q06

+2.0%

72.6% 71.2% 73.8% 74.4%

22.6% 22.8% 22.5%21.3%

31/12/04 31/12/05 3Q05 3Q06

Loss Ratio Expense Ratio

12

AGENDA

LIFE BUSINESS

NON-LIFE BUSINESS

BANKING BUSINESSBANKING BUSINESS

INVESTMENTS AND FINANCIAL MANAGEMENT

INCOME STATEMENT

PREMIUM INCOME1

2

3

44

5

6

13

Cost/Income

Gross operating income

+28.1%

Growth in distribution network

-9.6 p.p.

237 250 257

46 45 40

440 440 425

3Q05 2005 3Q06

Branches Fin. Shops Fin. Advisers

76,2%66,6%

3Q05 3Q06

Net profit

+147%

140.9180.5

3Q05 3Q06

9.8

24.1

3Q05 3Q06

Unipol Banca – Highlights (IAS)

EUR/m EUR/m

14

6,1847,021

9,278

6,192

4,921 5,261

3Q05 31/12/2005 3Q06

Customer deposits (third parties)Customer deposits (Group)Lending

Unipol Banca – Key financials (IAS)

20,0

62

21,5

91

23,9

07

2,214

1,8882,055

3Q05 31/12/2005 3Q06

Funds under custody AUM

23,64526,121

Customer deposits and lending to customers Customer funds

21,950

Unipol Banca

Bankingsector *

Unipol Banca

Bankingsector *

Substandard loans / Net loans 2.99% 5.31% 2.06% 5.11%

Gross bad and doubtful loans / Net loans 1.54% 3.63% 1.61% 3.67%

Net bad and doubtful loans / Net loans 0.64% 1.20% 0.59% 1.23%

* Banking sector figures date at 30 June 2006.Please note: all % incidences calculated according to IAS-compliant financial figures.

30/09/200631/12/2005

EUR/m

+10%

+18%

over 31/12

EUR/mover 31/12+32%

1,8763,915

1,973

4,308

5,363

5,048

15

AGENDA

LIFE BUSINESS

NON-LIFE BUSINESS

BANKING BUSINESS

INVESTMENTS AND FINANCIAL MANAGEMENTINVESTMENTS AND FINANCIAL MANAGEMENT

INCOME STATEMENT

PREMIUM INCOME1

2

3

4

55

6

16

Unipol Group – Breakdown of investments

30/9/06 % 31/12/05 % % var. (a) comp. (b) comp. (a/b)

346 0.9 352 1.0 -1.7

26 0.1 28 0.1 -8.5

1,049 2.8 949 2.6 10.5

10,641 28.1 10,926 30.4 -2.6

-Loans and receivables from banking customers 6,496 5,486 18.4

-Interbanking loans and receivables 2,625 2,027 29.5

-Deposits with ceding undertakings 26 27 -2.9

-Other loans and receivables 1,494 3,386 -55.9

15,506 40.9 9,723 27.1 59.5

8,886 23.4 13,085 36.4 -32.1

4,620 8,888 -48.0

4,266 4,197 1.6

1,441 3.8 861 2.4 67.4

37,895 100.0 35,925 100.0 5.5

Buildings

Shareholdings in subsidiaries, affiliated comp. and JVs

Investments held to maturity

Cash and cash equivalentsTOTAL INVESTMENTS AND LIQUID ASSETS

- held for trading

Loans and receivables

Financial assets available for sale

Financial assets at fair value through profit and loss

- designated at fair value through profit and loss

EUR/m

17

Unipol Group – Net capital gains and investment income

The table below shows the breakdown of net capital gains and investment income:

30/9/2006 % 30/9/2005 % %

(EUR/m) (a) comp. (b) comp. var.Investments in property 16.3 1.8 107.0 13.4 -84.8

Income from shareholdings in subsidiaries, affiliated companies and joint ventures 1.4 0.1 7.9 1.0 -82.7

Net income from investments held to maturity 36.0 3.9 27.8 22.1 29.5

Net income from loans and receivables 290.6 31.7 176.0 26.1 65.1

Net income from financial assets available for sale 470.4 51.3 208.2 26.1 125.9

Net income from financial assets/liabilities at fair value (excluding income and charges from assets the investment risk of which was borne by policyholders) 215.3 23.5 345.3 43.4 -37.7

Proceeds from cash and cash equivalents 19.3 2.1 22.1 2.8 -12.8

Net charges from other financial liabilities -132.9 -14.5 -98.0 -12.3 35.6

SUB-TOTAL NET INCOME 916.3 100.0 796.3 100.0 15.1

Income and charges from assets the investment risk of which was borne by policyholders

13.5 39.6 -65.9

Total net income 929.8 835.9 11.2

SUB-TOTAL NET INCOME 916.3 100.0 796.3 100.0 15.1

Average stock 32,581 26,471Yield 3.8% 4.0%

18

Breakdown by rating

< A-: 2%

AA+ AA AA-: 68%

A+ A A-: 12%

AAA: 18%

Other (1): 22%

Government bonds: 76%

Corporate bonds: 2%

Breakdown by category

(1) Over 99.7% issued by banks* Bnl Vita and Quadrifoglio Vita at 50%

Fixed rate: 58%Floating

rate: 42%

Breakdown by rate

Breakdown by durationNon-Life:

25%

Life: 75% 4.89

4.96

Breakdown of Group bond portfolio (€18,659m*)Figures as at 30 September 2006

19

AGENDA

LIFE BUSINESS

NON-LIFE BUSINESS

BANKING BUSINESS

INVESTMENTS AND FINANCIAL MANAGEMENT

INCOME STATEMENTINCOME STATEMENT

PREMIUM INCOME1

2

3

4

5

66

20

Income statement by sector - Summary

21

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.

DISCLAIMER