Unipol Group. Presentation of consolidated results as at 30 September Carlo Cimbri - CEO Bologna, 14 November 2013

Transcription

1 Unipol Group Presentation of consolidated results as at 30 September 2013 Carlo Cimbri - CEO Bologna, 14 November 2013

2 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

3 UNIPOL GROUP: CONSOLIDATED RESULT BY SEGMENT 9M13 * m Non-life business Life business Banking business Real estate & Other activities Holding Consolidated net result Incl. amortization on intangible assets VOBA of -81 m before tax. Incl. amortization on intangible assets of VIF -37 m before tax. Incl. Unipol Banca loans and other assets write-downs of -245 m before tax. Incl. provisions on Unipol banca loans portfolio of -100 m before tax. Incl. integration costs of -43 m before tax. * Pre-tax results, pre-minorities. 3

4 UNIPOLSAI: 9M13 NET RESULTS OF COMPANIES INVOLVED IN THE MERGER m IAS results Unipol Assicurazioni Fondiaria-SAI Milano Assicurazioni Premafin Italian GAAP results Unipol Assicurazioni Fondiaria-SAI Milano Assicurazioni Premafin Note: stand alone companies result 4

5 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

6 DIRECT INSURANCE INCOME m 9M12 9M13 12,170 12, % 4,466 5, % 7,249 7, % 2,549 4,922 5, % 2, % 1,918 7,704 2, % 7, % 3,004 4,700 2, % 4, % Unipol Group stand alone Fondiaria-SAI consolidated Unipol Group* Unipol Group stand alone Fondiaria-SAI consolidated Unipol Group Life premiums Non-life premiums * Management figures including Premafin-Fondiaria-SAI Group data for the whole period 1 January 30 September

7 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

8 NON-LIFE DIRECT PREMIUM INCOME m 7,704 2,665 7,057 2, % -2.9% 13.0% Motor Accident & Health 5,039 4, % 63.3% 11.2% 7.0% Property General TPL 9M12* 9M13 5.5% Other Non-Motor Motor Income by company (Unipol Group stand alone) Income by company (Fondiaria-SAI cons.) Unipol Ass.ni 2, % Fondiaria-SAI 2, % Unisalute % -4.9% Milano Ass.ni Liguria 126 1, % -18.7% -10.7% Linear % Siat % Arca % Other companies % * Management figures including Premafin-Fondiaria-SAI Group data for the whole period 1 January 30 September

9 NON-LIFE - COMBINED RATIO (DIRECT BUSINESS) Unipol Group stand alone Fondiaria-SAI consolidated Unipol Group Combined ratio Expense ratio 95.7% 15.7% 7.9% 91.8% 16.7% 8.9% 25.6% 101.6% 15.5% 7.5% 78.6% 92.3% 15.5% 8.4% 23.9% 99.3% 15.6% 7.6% 92.1% 16.0% 8.6% 24.6% Loss ratio* 72.1% 66.3% 77,1% 70,2% 68.4% 76.1% 75,2 % 68,8% 67.6% 9M12 9M13 9M12 9M13 9M12** 9M13 Commissions/premiums Other operating expenses/premiums Loss Ratio Combined Ratio net of reinsurance 93.4% * Including OTI/premiums ** Management figures including Premafin-Fondiaria-SAI Group data for the whole period 1 January 30 September

10 NON-LIFE MV TPL TECHNICAL INDICATORS 9M13 Unipol Assicurazioni S.p.A. Fondiaria-SAI S.p.A. Milano Assicurazioni S.p.A. Var vs FY12 Var vs FY12 Var vs FY12 Total portfolio o/w: Retail Fleets -1.9% -1.6% -9.1% -5.2% -5.0% -8.8% -4.3% -4.3% -3.6% Var vs 9M12 Var vs 9M12 Var vs 9M12 Portfolio average premium -2.9% -4.3% -4.7% No. of claims reported (followed up passive claims) -9.0% -16.3% -14.5% Claims settlement speed (current year managed claims) 0.0 p.p p.p p.p. Frequency -0.5 p.p p.p p.p. 10

11 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

12 LIFE DIRECT INCOME m +15.0% Index/Unit linked: 1,131 (+30.7%) 4,466 5,135 9M12* 9M % Traditional: 2,961 (+20.6%) 22.0% 6.6% 13.7% Pension Funds: 338 (-57.4%) Capitalization: 705 (+100.8%) Income by company (Unipol Group stand alone) 9M12 included closed-end pension funds for 411 m one-off. Income by company (Fondiaria-SAI cons.) Unipol Ass.ni 1, % Fondiaria - SAI % Arca Vita+AVI % +20.8% Milano Ass.ni PopVita + LawLife 240 1, % +15.0% +10.6% Linear Life % Other companies % *Management figures including Premafin-Fondiaria-SAI Group data for the whole period 1 January 30 September

13 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

14 UNIPOL BANCA GROUP* m Direct Deposits Third parties Unipol Group Securitization 9, % 9, % 1,288 1, % Indicators Lending indicators vs Unipol Gr. FY12 Net non-performing loans 1,937 Net non-performing loans/loans 19.4% % Bad loans coverage ratio 37% 9M13 2, % 44% 8,108 8, % % NPL coverage ratio 24% 31% % Total loans coverage ratio 6% 10% FY12 9M13 Capital indicators Unipol Banca Gr. FY12 9M13 Lending** Tier 1 ratio (= Core Tier 1 ratio) 8.4% 7.3% Customer Securitised Total capital ratio 14.5% 13.3% 10,009 9, % 3,284 2, % 6,725 6, % Economic indicators Unipol Banca Gr. 9M12 Gross operating income 276 Cost/Income ratio 73% Pre-tax result 14 Net result 6 9M % FY12 9M13 9M13 loans provisions: 245 m in Unipol Banca accounts m in UGF accounts. *Management figures. ** Figures net of UGF SpA provisions 14

15 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

16 UNIPOL GROUP - REAL ESTATE * Total portfolio 4,9 bn Breakdown by company UGF 4% Develop and Land 9% Breakdown by cluster Value Added 13% Core 33% UnipolSai 96% Trading 15% Core-Instrumental 30% Breakdown by business segment Breakdown by type Property and other Activities 44% Non-life 50% Others 19% Commercial 2% Health Centre 3% Land 10% Tourism 12% Offices 42% Life 6% Residential 12% * Management figures. Signed promises of sale for ca. 66 m. 16

17 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

18 FINANCIAL INVESTMENTS 9M13 * bn INVESTMENTS 46.5 bn BOND PORTFOLIO 42.2 bn Cash: 2.2 (4.8%) Breakdown by asset Equity: 1.2 (2.7%) Funds and Other: 0.8 (1.7%) Government: Spain Ireland Portugal 1.9% Government Others 3.3% Corporate 4.8% Financials 15.7% Bonds: 42.2 (90.8%) Government Italy 74.3% Government 79.5% * Insurance investments managed by Unipol Group, mark to market, excluding class D, debt securities issued by Group companies, DDOR and Lawrence Life. Management figures. 18

19 FOCUS ON STRUCTURED m Fair value hierarchy Book value 31/12/2012 Market value Plus/Minus Level 1 2,311 2, Level 2 and 3 5,295 4, Total 7,606 7, Fair value hierarchy Book value 30/09/2013 Market value Plus/Minus Level 1 2,233 2, Level 2 and 3 4,906 4, Total 7,139 6, Exposure reduced by 1 bn ytd achieving 40 m of capital gains. Fair value hierarchy Book value 11/11/2013 Market value Plus/Minus Level 1 2,097 2, Level 2 and 3 4,535 4, Total 6,632 6, The classification according to the fair value hierarchy is based on three Levels used for determining the fair value (mark to market, mark to model, counterparty) and on whether the inputs used in the case of mark to model valuation technique are observable (IFRS13). Level 1: this category includes financial assets and liabilities valued on a mark to market basis; Level 2: this category includes financial assets and liabilities for which a pricing model based on observable market inputs is used; Level 3: this category includes financial assets and liabilities for which the determination of the fair value is based on tecniques which are prevalently based on significant input not available on the market and results, therefore, in estimates and assumptions by management. 19

20 9M13 FINANCIAL INVESTMENTS INCOME * m TOTAL 1, ,540 Yield % coupons and dividends gains fair value through P&L total income 3.86% 0.72% i -0.02% 4.57% FOCUS ON NON-LIFE Yield % coupons and dividends gains fair value through P&L total income 3.26% 0.66% -0.11% 3.82% ,111 FOCUS ON LIFE Yield % coupons and dividends gains fair value through P&L total income 4,25% 0,77% 0.01% i 5.03% *Income from insurance companies managed by Unipol Group, excluding class D, DDOR, Lawrence Life. Management figures. 20

21 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

22 AFS RESERVE TREND* m FY H M13 ~800 m on 11 November FY12 1H13 9M13 Equity* Bonds * * Total AFS reserve (group+third parties). Break-up based on in-house estimates.. 22

23 SOLVENCY AS AT 30 SEPTEMBER 2013 bn Unipol Group Fondiaria-SAI Consolidated Solvency Milano Assicurazioni Consolidated Solvency Solvency I * Solvency I Solvency I x x 1.4x Solvency II** 1.8x Available capital Solvency requirements Excess capital *After IVASS Ruling no. 43 ** Solvency ratio calculated using the internal model and partly the standard formula according to the technical requirements of QIS5. 23

24 Consolidated results Insurance business Non-life insurance business Agenda Life insurance business Banking business Real Estate Investment management Capital and Solvency Fondiaria-SAI and Milano Assicurazioni key consolidated results

25 FONDIARIA-SAI KEY CONSOLIDATED RESULTS m 9M12 9M13 var. % Premium direct income (local GAAP) 7, , % Non-Life business 4, , % Life (including financial contracts) 2, , % Loss Ratio (direct business) 78.6% 68,4% p.p. Expense Ratio (direct business) 23.0% 23,9% 0.9 p.p. Combined Ratio (direct business) 101.6% 92,3% -9.3 p.p. Consolidated pre-tax result ,1 n.m. Non-Life business ,9 n.m. Life business ,2 n.m. RE ,7-19.1% Other business ,3 25.5% Inter-segment eliminations 0.0 0,0 0.0% Pre-minorities net result ,9 n.m. Post-minorities net result ,1 n.m. FY12 9M13 var. % Total shareholders' equity 2, ,9 10.9% Group shareholders' equity 2, ,8 12.0% o/w AFS reserve ,3-0.1% Solvency Ratio 1.1 x 1.3 x +0.2 x 25

26 MILANO ASSICURAZIONI KEY CONSOLIDATED RESULTS m 9M12 9M13 var. % Premium direct income (local GAAP) 2, , % Non-Life business 1, , % Life (including financial contracts) % Loss Ratio (direct business) 80.7% 69.0% p.p. Expense Ratio (direct business) 22.0% 23.3% 1.3 p.p. Combined Ratio (direct business) 102.7% 92.3% p.p. Consolidated pre-tax result n.m Non-life business n.m. Life business n.m. RE n.m. Other business n.m. Inter-segment eliminations n.m. Pre-minorities net result n.m. Post-minorities net result n.m. FY12 9M13 var. % Total shareholders' equity 1, , ,1% Group shareholders' equity 1, , ,1% o/w AFS reserve ,6% Solvency Ratio 1.2x 1.4x +0.3x 26

27 DISCLAIMER 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. 27

28 INVESTOR RELATIONS CONTACTS Group IRO Adriano Donati Tel Unipol Contacts Eleonora Roncuzzi Tel Laura Marrone Tel Giuseppe Giuliani Tel Fondiaria-SAI/Milano Contacts Giancarlo Lana Tel Floriana Amari Tel