over 3,000 agencies in Italy (and over 20,000 agents/sub-agents) and around 100 branches in Serbia

Transcription

1 Group presentation

2 About us Unipol Gruppo Finanziario is leader in the Italian insurance market It ranks 1 st among the Non-life insurance groups with written premiums of 9.0 bn and a market share of 24% (2014 figures). It is one of the leaders in the Life business in Italy with written premiums of 8.9 bn and a market share of 7% (2014 figures). Leader in the Italian Insurance Occupational Pension Funds market, AUM 3.7 bn It manages financial assets for 60 bn It also operates in the banking sector It has a multichannel strategy through: over 3,000 agencies in Italy (and over 20,000 agents/sub-agents) and around 100 branches in Serbia about 4,300 banking branches (bancassurance distribution agreements) around 300 property banking branches (banking business carried out through Unipol Banca) direct channel (telephone/internet) and company agreements (e.g. in the health business) Unipol Gruppo Finanziario and its subsidiary UnipolSai are listed on the Italian Stock Exchange through Unipol Ordinary Shares and UnipolSai Ordinary Shares. 2

3 Ranking and sales network Insurance group bn Total premiums Generali 23.9 Intesa Sanpaolo 21.3 Italian Market 2014 m.s.% 15.9% 14.1% Unipol Gruppo Finanziario Generali Non-Life premiums m.s.% % 17.3% UnipolSai Sales Network North 50% Unipol Gruppo Finanziario 17.1* 11.3% Allianz % Poste % Cattolica % Centre 23% Allianz % Reale Mutua % Cattolica % AXA % BNP Paribas % Zurich % South 27% Mediolanum % Groupama % Axa % Credit Agricole % Vittoria Sara % 1.6% agencies: 3,157 *including cross-border premiums 3

4 Group structure UNIPOLSAI 2014 direct premium income Non-Life Life Total UnipolSai S.pA % 98.53% 63.39% 61.08%* 57.75% Popolare Vita Lawrence Life Other UnipolSai Group Total UnipolSai Group % 98.12% UNIPOL GRUPPO FINANZIARIO 2014 direct premium income 50% 100% Non-Life Life Total Linear Unisalute Arca Assicurazioni Arca Vita Other Specialist Companies 1 1 Total Specialist Companies Total Unipol Group o/w in Italy = listed company Unipol Gruppo Finanziario: Reuters Code UNPI.MI Bloomberg Code UNI IM UnipolSai: Reuters Code US.MI Bloomberg Code US IM * Including a 9.19% stake indirectly held by Unipol Finance 4

5 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 5

6 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 6

7 1 Group structure evolution December main operations Today Unipol Assicurazioni Unipol Gruppo Finanziario Premafin Premafin, Milano, Unipol Assicurazioni and Fondiaria-Sai merger: creation of UnipolSai Merger by incorporation of Banca Sai in Unipol Banca Unipol Gruppo Finanziario Linear Unisalute Unipol Banca Arca.. Linear Unisalute Unipol Banca Arca.. Fondiaria- SAI Reduction of real estate companies (from 32 to 13) Reduction of holding and banking companies (from 29 to 19) UnipolSai Unipol Assicurazioni Fondiaria- SAI Milano Reduction of insurance companies (from 24 to 21) Milano Premafin n. insurance companies: 24 n. financial companies: 29 n. real estate companies: 32 n. diversified companies: 21 n. insurance companies: 21 n. financial companies: 19 n. real estate companies: 13 n. diversified companies: 20 = listed companies 7

8 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 8

9 2 AGCM requirements met Sale of the former Milano insurance business unit 14 January 2014 Allianz S.p.A. presents a proposal for the acquisition of some insurance assets belonging to the former Milano Assicurazioni 21 January 2014 Unipol and UnipolSai Board of Directors convene to proceed to the exclusive negotiation and finalization on binding agreements with Allianz by 15 March 15 March 2014 UnipolSai and Allianz execute the divestiture agreement 30 June December 2014 Allianz and UnipolSai close the sale agreement for the transfer of 725 agencies and 470 employees, relating to a Non-Life insurance portfolio including premiums of 1.1bn against a payment of 200m Effective date for the transfer of the ceded portfolio within the insurance business belonging to the former Milano Assicurazioni S.p.A. 20 February 2015 Additional payment of 179m Other measures adopted Termination of the shareholders agreement Unicredit-Premafin on Fondiaria-SAI shares Sale of the stakes in Mediobanca Sale of the stakes in Generali Repayment of some Mediobanca loans Rebranding of the trademarks Milano Assicurazioni and Sasa disused as from 31 December 2014 Liberalisation of some agencies to complete the reduction in market shares Merger of Liguria Vita and Liguria Assicurazioni into UnipolSai (still underway) 9

10 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 10

11 3 Acquisition of the hotel business UNA Acquisition of the business unit concerning the hotel management of UNA for a consideration of 27.6m Terms of the agreement* Acquisition of the relative RE portfolio for hotel use Implementation of the transactions to take place subject to approval from the relevant Authorities and to the completion of the debt restructuring procedures of UNA Creation of the national leader in the Italian hotel industry with: Rationale of the transaction over 50 hotel (business and leisure) and 8,600 rooms aggregate revenues of over 170m possibility to attract new investors and aggregate further players of the sector * Agreement comunicated on 25 May

12 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 12

13 4 Group structure after conversion of savings and preference shares % ordinary shares 31.40% ordinary shares Share capital 443,993,991 ordinary shares 273,479,517 preference shares 717,473,508 total shares Share capital 717,473,508 ordinary shares 63.41% ordinary shares 61.08% ordinary shares Share capital 2,275,632,026 ordinary shares 1,276,836 savings A shares 377,193,155 savings B shares* 2,654,102,017 total shares Share capital 2.780,508,781 ordinary shares = listed shares Reducing to 2 from 5 the number of listed shares * 67.75% held (directly and indirectly) by Unipol Gruppo Finanziario 13

14 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 14

15 5 Consolidated results by business area 1Q15 m UNIPOLSAI 1Q14 1Q15 Pre-tax result Net result Pre-tax result Net result Non-Life Life Other Consolidated result Group result UNIPOL GRUPPO FINANZIARIO 1Q14 1Q15 Pre-tax result Net result Pre-tax result Net result Non-Life Life Banking sector * Other Consolidated result Group result * including provisions set aside by the holding company on bank loans object of the indemnity agreement. Operating figures 15

16 5 m Non-Life Direct premium income 1Q15 UNIPOLSAI 2,107 1,315 1, % 1, % pro-forma excl. effect of ptf sale to Allianz * -8.2% pro-forma -1.4% pro-forma 14% 12% 9% 6% 59% Auto MV Accident/ Health Infortuni e Malattia Property Incendio/ ADB RCG Altro General TPL Other Premiums by company 1Q14 1Q15 UnipolSai S.p.A. 1,991 1,703 Other companies UnipolSai Group 2,107 1,801 1Q14 1Q15 Non-MV MV UNIPOL GRUPPO FINANZIARIO 2,288 1, % 1,372 1, % pro-forma excl. effect of ptf sale to Allianz * -8.9% pro-forma -0.8% pro-forma 13% 8% 17% 6% 56% MV Auto Accident/ Health Infortuni e Malattia Property Incendio/ADB General TPL RCG Other Altro Premiums by company UnipolSai Group Linear Unisalute Arca Unipol Gruppo Fin. 1Q14 2, ,288 1Q15 1, ,972 1Q14 1Q15 Non-MV MV * operating estimate 16

17 5 Non-Life Combined Ratio net of reinsurance 1Q15 UNIPOLSAI UNIPOL GRUPPO FINANZIARIO 92.8% +2.0 p.p p.p p.p. 96.1% +1.4 p.p. 97.5% 92.3% +1.8 p.p p.p p.p. 95.3% +1.3 p.p. 96.6% 24.8% 24.8% 26.2% 24.4% 24.3% 25.6% 67.9% 71.2% 71.2% 67.9% 71.0% 71.0% 1Q14 reported NatCat Tuscany Reins. Other 1Q15 pro-forma D unearned premium reserve ptf sold 1Q15 reported 1Q14 reported NatCat Tuscany 1Q15 Reins. Other D unearned pro-forma premium reserve ptf sold 1Q15 reported Loss Ratio Expense Ratio Loss Ratio Expense Ratio Combined ratio net of reinsurance: operating expenses / earned premiums after reins. + claims charges / earned premiums after reins. 17

18 5 Non-Life Combined Ratio direct business 1Q15 UNIPOLSAI UNIPOL GRUPPO FINANZIARIO 94.1% +1.9 p.p p.p p.p p.p p.p. 96.8% 93.1% +1.8 p.p p.p p.p p.p p.p. 95.6% 26.7% 27.4% 25.7% 26.2% 67.4% 69.4% 67.4% 69.4% 1Q14 reported NatCat Tuscany D average Motor TPL premium D previous years Other D expense ratio 1Q15 reported 1Q14 reported NatCat Tuscany D average Motor TPL premium D previous years Other D expense ratio 1Q15 reported Loss Ratio Expense Ratio Loss Ratio Expense Ratio Combined ratio direct business: operating expenses / gross premiums + claims charges / earned premiums 18

19 5 m Non-Life Insurance sector extra UnipolSai 1Q15 1Q14 1Q15 D % Premium income MV Accident + Health Other % -21.9% +3.0% +2.8% CoR direct business Expense ratio Loss ratio (incl. OTI) 82.7% 85.1% 15.6% 15.3% 67.0% 69.8% +2.4 p.p p.p p.p. IAS net result % Aggregate operating figures (Linear + Unisalute + Arca Assicurazioni) 19

20 5 m Life Direct income 1Q15 UNIPOLSAI -2.7% Premiums by company 1,995 1, % 24.0% 6.6% 56.4% Traditional Index/Unit Tradizionali Linked Capitaliz. Index/Unit Linked Pension Capit.ne funds UnipolSai S.p.A. Popolare Vita Other companies UnipolSai Group 1Q , ,995 1Q15 1, ,941 Fondi Pensione 1Q14 1Q15 UNIPOL GRUPPO FINANZIARIO +3.1% 2,473 2, % 9.9% 5.0% Tradiional 59.7% Index/Unit Tradizionali Linked Index/Unit Linked Capitaliz. Capit.ne Pension funds Fondi Pensione Premiums by company 1Q14 1Q15 UnipolSai Group 1,995 1,941 Arca Vita Unipol Gruppo Fin. 2,473 2,550 1Q14 1Q15 20

21 5 m Banking business KPI 1Q15 Direct deposits Indirect deposits Lending * Tangible Book Value +3.0% +9.3% 10,035 10,340 49,117 53, % 9,408 9, % FY14 1Q15 FY14 1Q15 FY14 1Q15 FY14 1Q15 Economic results Coverage ratio trend Gross operating income o/w interest income o/w non-interest income Provisions Gross profit Net profit Cost / Income 1Q14 1Q15 D % % % % % % % 63.7% 82.2% p.p. 55,4% 55,7% 50,2% 51,5% 52,5% 52,8% 40,9% 41,7% 42,3% 42,3% 39,1% 37,2% FY13 1Q14 1H14 9M14 FY14 1Q15 bad loans impaired loans CET1 ratio Unipol Banking Group 11.3% The Banking Business includes Unipol Banca and its subsidiaries. * net of provisions at UGF S.p.A. level 21

22 5 Real Estate 1Q15 UNIPOLSAI Tot. ptf 4,271m UNIPOL GRUPPO FINANZIARIO Tot. ptf 4,464m Land & Develop. Value Added Trading Core instrumental Core Breakdown by cluster 7% 33% 15% 15% Breakdown by ownership FY14 Real Estate evolution ( m) 4,593 30% Breakdown by sector 4% Unipol Gruppo Finanziario investments a +7 Non-Life 4% 96% UnipolSai sales b -108 Life RE 39% 53% depreciations -19 Other sectors 4% Breakdown by use Breakdown by area 1% Milan writedowns 0 Commercial Health centres Condos Land Hotel Residential 45% 3% 3% 6% 9% 11% 11% 12% 7% 7% 11% 15% 22% 37% Other Bologna Florence Turin Rome Foreign countr. other c 1Q15-9 4,464 Offices Other RE investm. Operating figures a the item includes capex, purchases, fixed assets in progress and equity for JVs. b nr. 6 deeds signed in 1Q15 in addition to the disposal of the stakes in R.E. funds involved in the Porta Nuova project to Qatar Holding. c the item includes changes in currency and changes in the related RE funds. 22

23 5 Diversified companies 1Q15 m UNIPOLSAI Atahotels Tenute del Cerro Clinics Marina di Loano Turnover EBITDA IAS net result Q14 1Q15 Operating figures 23

24 5 bn Investment management 1Q15 Equity 1.0 (2.0%) Total investiments 51.5 bn Liquidity 0.9 (1.8%) UNIPOLSAI Breakdown of bond portfolio Government other countries 5.6% Corporate 5.6% Funds and other 1.0 (2.0%) Duration: Non-Life 3.7 Life 6.8 Financials 15.9% Bonds 48.5 (94.1%) Government Italy 72.9% Government 78.5% Total investments 59.5 bn UNIPOL GRUPPO FINANZIARIO Breakdown of bond portfolio Funds and other 1.1 (1.9%) Government other countries Corporate 5.2% 5.5% Equity 1.1 (1.9%) Liquidity 2.4 (4.1%) Duration: Non-Life 3.9 Life 6.8 Financials 15.6% Bonds 54.8 (92.2%) Government Italy 73.8% Government 79.2% Investments relating to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and Class D, investments in subsidiaries, associates and JVs, investments in RE and RE funds. Operating figures. 24

25 5 Income from financial investments 1Q15 UNIPOLSAI 1Q15 Non-Life Life Total m yield% m yield% m yield% Coupons and dividends % % % Fair value through P&L % % % Subtotal % % % Gains % % % Total % % % UNIPOL GRUPPO FINANZIARIO 1Q15 Non-Life Life Total m yield% m yield% m yield% Coupons and dividends % % % Fair value through P&L % % % Subtotal % % % Gains % % % Total % % % Income relating to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and Class D, investments in subsidiaries, associates and JVs, investments in RE and RE funds. Operating figures. 25

26 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 26

27 6 UnipolSai S.p.A reclassified income statement mln FY14 Life Non-Life Total TECHNICAL ACCOUNT Direct business before reinsurance (+) Written premiums 3,696 8,000 11,697 (-) Change in Life provisions and Non-Life premium provision 1, (-) Life payments and charges relating to Non-Life claims 3,301 5,602 8,903 (+) Balance on other technical items (-) Operating expenses 163 2,141 2,304 (+) Net income from investments 1, ,480 Gross result from direct business ,068 Result of the outward reinsurance Net result from direct business Technical result NON-TECHNICAL ACCOUNT (+) Investments income Balance on other income and charges Profit from ordinary operations Balance on extraordinary income and charges Pre-tax profit ,191 (-) Income tax on profit NET RESULT

28 6 UnipolSai S.p.A. Proposal for 2014 company result distribution Company profit and payout Ordinary shares m UnipolSai S.p.A. profit 752 No. of shares carrying rights 2,274,906,406 DPS ( ) Total dividends proposed 483 Dividend Yield 19 June % Payout 64% Dividend Yield 9 February 2015 a 7.2% Dividend Yield 2014 b 7.4% Savings A shares Savings B shares No. of shares carrying right 1,276,836 No of shares carrying right 377,193,155 DPS ( ) 6.5 DPS ( ) Dividend Yield 19 June % Dividend Yield 19 June % Dividend Yield 9 February 2015 a 2.8% Dividend Yield 9 February 2015 a 8.4% Dividend Yield 2014 b 2.8% Dividend Yield 2014 b 8.8% a calculated on the 9 February 2015 closing price b calculated on the 2014 average price 28

29 6 UGF S.p.A reclassified income statement mln FY13 FY14 Income from investments in subsidiaries Other financial income 19 8 Interest expense and other financial charges Total income and financial charges Write-up 19 5 Write-down Total adjustments Total other operating income Total other operating expenses Result of the ordinary business Balance of extraordinary income and charges Pre-tax profit Income tax for the period NET RESULT % 29

30 6 UGF S.p.A. Proposal for 2014 company result distribution Company profit and payout Total dividends m UGF S.p.A. profit 167 m 126 ord. pref. Total dividends proposed Payout 75% 52 Ordinary shares Preference shares No. of shares 437,464,084 No. of shares 273,479,517 DPS ( ) 0.17 DPS ( ) 0.19 Dividend Yield 19 June % Dividend Yield 19 June % Dividend Yield 9 February 2015 a 3.8% Dividend Yield 9 February 2015 a 4.2% Dividend Yield 2014 b 3.9% Dividend Yield 2014 b 4.8% a calculated on the 9 February 2015 closing price b calculated on the 2014 average price 30

31 6 Dividends m 2012 accounts 2013 accounts 2014 accounts Total UnipolSai ,038 pay-out n.a. 64% UGF pay-out 58% 82% 75% 31

32 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 32

33 7 Book Value Per Share UNIPOLSAI UNIPOL GRUPPO FINANZIARIO p.p p.p pro-forma

34 7 Solvency I UNIPOLSAI UNIPOL GRUPPO FINANZIARIO +11 p.p. +10 p.p. 155% 166% 159% 165% 169% 2013 pro-forma Figures including the convertible loan issued in April 2014 and the estimate of dividends to be paid 34

35 APPENDIX FY14 Highlights 35

36 Consolidated results by business area m UNIPOLSAI FY13 FY14 Pre-tax Net Pre-tax Net result result result result Non-Life Life Other Total consolidated result 1, , Total Group result UNIPOL GRUPPO FINANZIARIO FY13 FY14 Pre-tax Net Pre-tax Net result result result result Non-Life , Life Banking sector * Other Total consolidated result Total Group result * including provisions set aside by the holding company on bank loans object of the indemnity agreement. Operating figures 36

37 Non-Life Direct premium income m UNIPOLSAI -6.1% excl. effect of ptf sale to Allianz * Premiums by company 9,257 5,746 8, % 3,511 3,414 FY13 5,009 FY14 13,9% 11,4% 6,2% 9,0% 59,5% MV Accident & Health Property General TPL Other (-12,8%) (-7,6%) (-1,4%) (-2,7%) (+4,0%) FY13 FY14 D % UnipolSai 8,800 8, % Liguria % Siat % DDOR % Other % UnipolSai Group 9,257 8, % Non-MV MV UNIPOL GRUPPO FINANZIARIO -5.9% excl. effect of ptf. sale to Allianz * Premiums by company 9,821 8, % 5,986 5,209 3,835 3, % 14.2% 6.0% 8.5% 58.1% MV Accident & Health Property General TPL (-13.0%) (-4.4%) (-1.3%) (-2.7%) FY13 FY14 D % UnipolSai Group 9,257 8, % Linear % Unisalute % Arca + ISI % Unipol Gruppo Fin. 9,821 8, % FY13 FY14 Other (+3.6%) Non-MV MV * operating estimate 37

38 Non Life Combined Ratio* UNIPOLSAI UNIPOL GRUPPO FINANZIARIO 93.6% 94.6% 93.1% 94.0% 24.3% 26.0% 23.8% 25.4% 69.3% 68.6% 69.3% 68.6% FY13 FY14 FY13 FY14 Loss Ratio Expense Ratio Loss Ratio Expense Ratio * net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums after reinsurance 38

39 Non-Life Insurance sector extra UnipolSai m FY13 FY14 D % Premium income % MV % Accident + Health % Other % CoR direct business 85.1% 86.1% 1.0 p.p. Expense ratio 16.7% 18.4% 1.7 p.p. Loss ratio (incl. OTI) 68.4% 67.7% -0.7 p.p. IAS net result % Aggregate operating figures (Linear + Unisalute + Arca Assicurazioni) 39

40 Life Direct income m UNIPOLSAI +23.6% Premiums by company 6,137 FY13 7,584 FY14 19% 8% 7% Traditional 66% Index/Unit Linked Capitaliz. Pension Funds (+34.7%) (+37.8%) (-35.4%) (+14.5%) FY13 FY14 D % UnipolSai S.p.A. 3,438 3, % Pop. Vita 1,584 2, % Lawr. Life % Other companies % UnipolSai Group 6,137 7, % UNIPOL GRUPPO FINANZIARIO +27.7% Premiums by company 6,983 8,915 18% 7% 6% Traditional 70% Index/Unit Linked Capitaliz. (+39.8%) (+33.0%) (-33.3%) FY13 FY14 D % UnipolSai Group 6,137 7, % Arca Vita + AVI 845 1, % Linear Life % Unipol Gruppo Fin. 6,983 8, % Pension Funds (+14.5%) FY13 FY14 40

41 Banking business KPI m Direct deposits Indirect deposits Lending* Tangible Book Value +13.3% -7.3% -6.6% 10,820 10,035 43,357 49,117 10,071 9, % FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14 Lending review consistent with AQR co FY13 FY14 D % Gross operating income % o/w interest income % o/w non-interest income % Provisions on loans and other assets % Gross result ** n.s. Net result ** n.s. Cost / Income 79.1% 65.2% p.p. Provisions on impaired loans (UGF) % Total provisions on imp. loans and other assets (Bank+UGF) % Total impaired loans coverage ratio 37.2% 42.3% +5.2 p.p. CET1 ratio Banking Group Unipol 10.6% The banking business includes Unipol Banca and its subsidiaries. * net of provisions at UGF S.p.A. level ** equal to - 101m (gross result) and - 83m (net result) in the banking sector of UGF consolidated income statement by business area 41

42 Banking business Focus on lending m Break-down of overall impaired loans portfolio gross loans FY13 coverage ratio gross loans FY14 coverage ratio Bad loans 2, % 2, % Substandard loans % 1, % Restructured loans % % Past due % % Total impaired loans 3, % 3, % Coverage ratio trend 50.2% 51.5% 52.5% 52.8% 55.4% 37.2% 39.1% 40.9% 41.7% 42.3% FY Q H M 2014 FY 2014 bad loans impaired loans Including provisions set aside by UGF. 42

43 Real Estate UNIPOLSAI Tot. ptf 4,397m UNIPOL GRUPPO FINANZIARIO Tot. ptf 4,593m Land & Develop. Value Added Trading Core instrumental Core Breakdown by cluster 9% 33% 15% 14% Breakdown by ownership FY13 a Real Estate evolution ( m) 4,765 29% Breakdown by sector 4% Unipol Gruppo Finanziario investments b Non-Life 4% 96% UnipolSai other increases c Life 41% 51% sales d RE Other sectors 4% depreciation Breakdown by use Breakdown by area 1% Milan Commercial Health centres Condos 3% 3% 11% 7% 10% 7% 7% 11% 37% Other Bologna Florence Turin writedown other Land Hotel Residential 44% 10% 12% 15% 22% Rome Foreign countr. FY14 4,593 Offices Other RE investm. Operating figures a including adjustments following the merger and changes in value of the related RE funds b the item includes capex, purchases, fixed assets in progress and equity for JVs c the item includes the balance of the operation to transform the credit towards Im.Co / Sinergia into properties as a result of bankruptcy d no. of deeds signed in 2014 amounting to 74 43

44 Diversified companies m UNIPOLSAI Atahotels Tenute del Cerro Clinics Marina di Loano Turnover % % % % The decrease in turnover reflects the lower use of premises due to regulatory adjustments The increase in turnover reflects the onset of marketing activities in the large-scale retail trade EBITDA % % % % The improvement in margin reflects the accurate cost control and the exploitation of Group synergies IAS net result * +60% % +26% % -9.1 FY13 FY14 Operating figures * Extraordinary and non recurring charges relating to tax liabilities and property regularisation procedures 44

45 Disclaimer Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo Finanziario 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 correspond to the document contents, books and accounting records. 45

46 Investor Relations Contacts Adriano Donati (IRO) Tel Giancarlo Lana Tel Eleonora Roncuzzi Tel Laura Marrone Tel Giuseppe Giuliani Tel Carlo Latini Tel Silvia Tonioli Tel