FY17 CONSOLIDATED RESULTS UNIPOL AND UNIPOLSAI. Bologna, 23 March 2018

Transcription

1 CONSOLIDATED RESULTS UNIPOL AND UNIPOLSAI Bologna, 23 March 2018

2 2 PART 1 Consolidated results PART 2 Insurance Business Non-Life Life PART 3 Banking Business PART 4 Investments PART 5 Dividend proposal PART 6 Solvency PART 7 Appendix

3 PART 1 CONSOLIDATED RESULTS

4 CONSOLIDATED RESULTS 4 CONSOLIDATED RESULTS m UNIPOL UNIPOLSAI a normalized Consolidated pre-tax result Non-Life Life Banking Holding and other Consolidated net result Group net result a normalized Consolidated pre-tax result Non-Life Life Other Consolidated net result Group net result a Figures restated excluding the impact of the restructuring of the Group banking sector

5 PART 2 NON-LIFE INSURANCE BUSINESS

6 NON-LIFE INSURANCE BUSINESS DIRECT PREMIUM INCOME m 6 UNIPOL UNIPOLSAI 7,809 7, % 9% 7% 7,218 7, % LFL D -0.1% 9% 7% 4,252 4, % 14% 53% 4,083 4, % -2,5% 15% 55% 3,558 3, % 17% 3,135 3, % +3.1% 14% MV Non-MV MV Accident and Health Property General TPL Other MV Non-MV MV Accident and Health Property General TPL Other Premiums by company UnipolSai SpA 6,960 6,901 UniSalute a Linear a Arca Assicurazioni b Other companies a 9M17 under the direct control of Unipol SpA. 4Q17 under the direct control of UnipolSai SpA.. b On 8 November 2017, Unipol, BPER and BPS renewed in advance their strategic bancassurance partnership in Life (Arca Vita) and Non-Life (Arca Assicurazioni) sectors. The agreement will have a 5-year term (from 1 Jan. 2018)

7 NON-LIFE INSURANCE BUSINESS NON-LIFE COMBINED RATIO NET OF REINSURANCE 7 UNIPOL UNIPOLSAI large & natcat claims up by 1.7 pp large & natcat claims up by 1.8 pp 95.6% 96.4% 96.5% 97.2% Expense Ratio 27.5% 27.4% Expense Ratio 28.5% 28.1% Loss Ratio 68.1% 69.0% Loss Ratio 68.0% 69.2% Combined Ratio direct business 95.0% 95.1% Combined Ratio 95.7% 95.9% direct business Combined ratio net of reinsurance: operating expenses/earned premiums after reinsurance+claims charges/earned premiums after reinsurance

8 NON-LIFE INSURANCE BUSINESS UNIPOLSAI S.P.A. MV TPL TECHNICAL INDICATORS DIRECT BUSINESS 8 UNIPOLSAI S.p.A. MV TPL Combined Ratio Direct Business 99.9% 97.7% Expense ratio a 22.7% 22.7% commissions/premiums 14.0% 13.6% other operating expenses/premiums 8.8% 9.1% Loss ratio b (incl. OTI) 77.2% 75.1% Other MV TPL indicators Var. vs Total portfolio -1.0% retail -1.1% fleets +0.4% Portfolio average premium -2.1% No. of claims reported (followed-up passive claims) Frequency -3.6% p.p. No. of black boxes 3.5 million (37% of the portfolio) a Operating expenses / written premiums from direct business (before reinsurance) b Claims charges / earned premiums from direct business (before reinsurance) Operating figures

9 NON-LIFE INSURANCE BUSINESS OTHER INSURANCE COMPANIES m 9 UNISALUTE Premium income Accident & Health Other 1 1 CoR direct business 85.8% 87.5% Expense ratio 11.2% 11.4% Loss ratio (incl. OTI) 74.5% 76.2% IAS net result LINEAR Premium income MV Other CoR direct business 102.4% 99.0% Expense ratio 24.6% 21.6% Loss ratio (incl. OTI) 77.8% 77.4% IAS net result 5 6 ARCA ASSICURAZIONI Premium income MV Other CoR direct business 64.5% 63.3% Expense ratio 29.4% 30.4% Loss ratio (incl. OTI) 35.1% 32.9% IAS net result 28 30

10 PART 2 LIFE INSURANCE BUSINESS

11 LIFE INSURANCE BUSINESS DIRECT INCOME m UNIPOL UNIPOLSAI % 14% 7% -29.7% 16% 8% 6,997 4,424 19% 60% 5,279 3,713 14% 62% Traditional Unit linked Pension funds Capitalization Traditional Unit linked Pension funds Capitalization Income by company UnipolSai (group) 5,279 3,713 Arca Vita + AVI 1, Unipol 6,997 4,424 Income by company UnipolSai S.p.A. 3,042 2,892 Popolare Vita + Lawr. Life a 2, Other companies UnipolSai 5,279 3,713 a On 29 June 2017, the BoD of UnipolSai approved the termination of the agreement with Banco BPM and the exercising of the put option on its stake in Popolare Vita

12 LIFE INSURANCE BUSINESS 12 SEGREGATED ACCOUNTS AND MINIMUM GUARANTEED YIELDS UNIPOL UNIPOLSAI 1.6% 3.2% 1.6% 1.8% 3.3% 1.5% 1.5% 3.2% 1.7% 1.7% 3.2% 1.5% average segregated accounts yield average minimum guaranteed yield average segregated accounts yield average minimum guaranteed yield Technical Reserves a Min. guar. yield 0%-1% 35% 41% 1%-2% 38% 34% 2%-3% 19% 18% 3%-4% 8% 7% Technical Reserves a Min. guar. yield 0%-1% 31% 35% 1%-2% 38% 36% 2%-3% 22% 22% 3%-4% 9% 7% a Class 1 and class 5 technical reserves Operating figures

13 PART 3 BANKING BUSINESS

14 BANKING BUSINESS 14 KPIs m Direct deposits +14% Indirect deposits -2.2% Net loans a -7.8% o/w UnipolReC b ,535 12,008 50,611 49,482 8,579 7,908 normalized Gross operating income interest income normalized non-interest income Net result Loan Loss Provisions (LLPs) LLPs Unipol Banca LLPs Unipol LLPs Finitalia 6 6 Total LLPs 80 1,078 Total NPEs coverage ratio 45.7% 71.1% Unipol CET1 ratio Unipol Banca CET1 ratio 31.5% 15.2% The banking business is comprised of Unipol Banca, its subsidiaries and UnipolSai Investimenti SGR Operating figures a net of loans to the parent company b Proforma figures. Spin-off 1 st February 2018

15 BANKING BUSINESS FOCUS ON NON-PERFORMING EXPOSURES OF THE BANKING SECTOR m 15 Unipol Banca pre-split o/w UnipolRec a proforma net loans gross loans coverage ratio net loans gross loans coverage ratio net loans gross loans coverage ratio Bad loans (Sofferenze) 1,127 2,651 57% 598 3,025 80% 554 2,906 81% Unlikely to pay % % Past due % % Total NPEs 2,040 3,760 46% 1,109 3,839 71% 554 2,906 81% The banking business is comprised of Unipol Banca, its subsidiaries and UnipolSai Investimenti SGR Operating figures Including provisions made by Unipol S.p.A. a Spin-off 1 st February 2018

16 PART 4 INVESTMENTS

17 INVESTMENTS ASSET ALLOCATION 17 UNIPOL UNIPOLSAI Total investments 61.4 bn 2.9% 1.2% Total investments 51.9 bn 3.4% 1.4% Bonds Real Estate 6.8% 4.6% Bonds Real Estate 2.4% 7.8% Cash Cash Equity and funds Equity and funds Other 84.5% Other 85.1% Breakdown of bond portfolio Breakdown of bond portfolio Italian govies Non-Italian govies 29.1% Italian govies Non-Italian govies 30.3% Corporate 11.8% 59.0% Corporate 10.2% 59.5% 70.9 % Total Govies 69.7 % Total Govies Operating figures

18 INVESTMENTS FINANCIAL INVESTMENT YIELDS 18 UNIPOL UNIPOLSAI Non-Life Life Total Non-Life Life Total m Yield% m Yield% m Yield% m Yield% m Yield% m Yield% Coupons and dividends % 1, % 1, % Coupons and dividends % 1, % 1, % Realized and unrealized gains/losses % % % Realized and unrealized gains/losses % % % Total % 1, % 1, % Total % 1, % 1, % Figures net of the Atlante Fund write-down amounting to 62 m

19 INVESTMENTS REAL ESTATE UNIPOL Tot. portfolio 4.1 bn 19 Development of RE portfolio Breakdown by cluster Breakdown by sector m 4,355 investments purchases sales a % 9% 12% 30% 42% Core Core instrum. Value Added 28% Trading Land and Development 6% 5% 61% Non-Life Real Estate Other Life depreciations -74 write-downs -22 Breakdown by use Breakdown by area other b -52 4,143 Breakdown by ownership UnipolSai 97% Unipol S.p.A. 3% 5% 1% 5% 3% 11% 11% 16% 48% Offices Hotel Residential Land Other RE investm. Condos and ind. Health centres Commercial 7% 1% 9% 13% 15% 17% 38% Milan Other Bologna Florence Rome Turin Non-domestic a No. 126 deeds as at 31 December b Including exchange variation and operations on RE funds and associated SPV Operating figures

20 PART 5 DIVIDEND PROPOSAL

21 DIVIDEND PROPOSAL 2017 DIVIDEND PROPOSAL 21 m Statutory accounting result Pay-out Total dividends UNIPOL DPS ( ) Statutory accounting result Pay-out Total dividends DPS ( ) % % Statutory accounting result Pay-out Total dividends UNIPOLSAI DPS ( ) Statutory accounting result Pay-out Total dividends DPS ( ) % %

22 PART 6 SOLVENCY

23 SOLVENCY SOLVENCY UNIPOL (consolidated) bn 23 ECONOMIC CAPITAL STANDARD FORMULA USP x x Own Funds SCR Excess Own Funds SCR Excess Figures net of dividend distribution proposal

24 SOLVENCY SOLVENCY UNIPOLSAI bn 24 ECONOMIC CAPITAL (consolidated) PARTIAL INTERNAL MODEL (UnipolSai solo) x x Own Funds SCR Excess Own Funds SCR Excess Figures net of dividend distribution proposal

25 SOLVENCY SOLVENCY OWN FUNDS AND SCR DETAILS bn 25 UNIPOL UNIPOLSAI UNIPOLSAI S.p.A. solo 7.1 OF Tier OF Tier OF Tier OF Tier Surplus 3.9 Surplus 4.5 Surplus OF Tier SCR OF Tier OF Tier SCR 3.2 SCR OF financial sector Req. financial sector OF financial sector Req. financial sector Figures net of dividend distribution proposal

26 PART 7 APPENDIX

27 APPENDIX GROUP STRUCTURE 27 UNIPOL 57.75% 57.75% 63.39% Unipol Banca 42.25% b UnipolReC 42.25% b Arca Vita Arca Ass.ni 73.18% a UNIPOLSAI 100% 98.53% Linear UniSalute Other Non-Life & Life companies Other ancillary companies Real Estate Diversified businesses Structure after the streamlining of the insurance business, following the sale of UniSalute and Linear to UnipolSai (effective since November 2017) a Including the shares held by Unipol Finance and Unipol Investment b O/w 27.49% is the subject of a put option granted by Unipol to UnipolSai and of a call option granted by UnipolSai to Unipol

28 APPENDIX KEY PERFORMANCE INDICATORS m 28 UNIPOL a normalized Consolidated net result Group net result Premium income direct business 14,806 12,291 o/w Non-Life 7,809 7,867 o/w Life 6,997 4,424 Combined Ratio 95.6% 96.4% UNIPOLSAI a normalized Consolidated net result Group net result Premium income direct business 12,497 11,068 o/w Non-Life 7,218 7,355 o/w Life 5,279 3,713 Combined Ratio 96.5% 97.2% normalized Total equity 8,134 7,453 8,277 Shareholders equity 5,649 5,486 6,281 normalized Total equity 6,535 6,194 6,306 Shareholders equity 6,156 5,869 5,982 a Figures restated excluding the impacts of the restructuring of the Group banking sector

29 29 DISCLAIMER Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo 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 corresponds to the document contents, books and accounting records. This document has been prepared by Unipol Gruppo S.p.A. and by UnipolSai Assicurazioni S.p.A. solely for information purposes in the context of the presentation of their results. The content of this document does not constitute a recommendation in relation to any financial instruments issued by the companies of the Unipol Group, nor it constitutes or forms part of any offer or invitation to sell, or any solicitation to purchase any financial instruments issued by the companies of the Unipol Group, nor it may be relied upon for any investment decision by its addressees. Unless otherwise specified all the figures reported in this presentation are on a consolidated basis.

30 30 INVESTOR RELATIONS CONTACTS Adriano Donati Head of Investor Relations Tel Giancarlo Lana Tel Eleonora Roncuzzi Tel Carlo Latini Tel Giuseppe Giuliani Tel Silvia Tonioli Tel Colm Begley Tel