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UNIPOL GRUPPO FINANZIARIOUnipol Gruppo Finanziario
FIRST QUARTER 2009 RESULTS
Bologna, 14 May 2009
2
Consolidated Result1
2 Non-Life Insurance Business
4 Banking Business
5 Investment Management
Agenda
3 Life Insurance Business
6 Solvency
3
Consolidated result
123
41
€m
1076
15
11693
39
2
1Q08 FY08 1Q09
Minority interestsGroup net profit
4
Consolidated income statement by business sector – Summary
€m
(*) 2008 excl. Quadrifoglio Vita
1,000,000
Mar-09 Mar-08var %
Mar-09 Mar-08var %
Mar-09 Mar-08var %
Mar-09 Mar-08var %
Mar-09 Mar-08var %
Insurance income (direct business) *
1,022 1,039 -1.6 1,661 633 162.2 2,683 1,672 60.5
Net earned premiums 1,034 988 4.6 1,654 626 164.1 2,687 1,614 66.5
Net income from commissions 0 0 ###### 0 0 276.1 18 23 -23.3 (1) (3) -69.6 17 19 -13.5
Financial income/charges (excl. assets/liab. at fair value ) 59 85 -30.8 151 125 20.9 52 50 3.9 (4) 19 259 280 -7.3
Net claims charges (808) (712) 13.6 (1,744) (713) 144.6 0 2 -83.0 (2,552) (1,423) 79.3
Operating expenses (232) (218) 6.6 (24) (40) -39.5 (61) (55) 11.9 (8) (4) 82.9 (326) (317) 2.8
Other income/charges (4) (9) -56.5 (10) 5 -304.7 (0) 2 #### 1 1 -43.9 (14) (1) #####
Profit (loss) before taxation 48 135 -64.4 27 4 613.3 8 20 -58.0 (12) 13 ##### 72 172 -58.2
Taxation -19 -41 -52.8 -9 -2 292.3 (5) (8) #### (31) (49) ##### (31) (49) -36.7
Consolidated profit 29 95 -69.4 18 1 1,169.7 3 12 #### (43) (37) 17.59 41 123 -66.8
Minorities 0 0 24.6 1 4 -68.1 0 2 #### 2 6 ##### 2 6 -69.7
Holding/Servicesand intersector
eliminationsNON-LIFE BUSINESS LIFE BUSINESS BANKING BUSINESS
TOTALCONSOLIDATED
5
Agenda
Consolidated Result1
2 Non-Life Insurance Business
4 Banking Business
5 Investment Management
3 Life Insurance Business
6 Solvency
6
Non-Life direct written premiums
Accident/Health
Fire/other damage to property
Income by channel
85.6%
8.9%
4.0%
% on total income
Income by type of company
-0.7%
-9.4%
-2.2%
-2.1%
+1.6%
Motor
General TPL
Other
60%
18%
9%
9%
5%
631 610
407 412
1Q08 1Q09Motor Non-Motor
1,039
-3.4%
-1.6%1,022
+1.2%
€m
151
871
Specialistcompanies
Compositecompanies
42
92
889
Direct channel
Head Office/Brokers
Agencies
7
71.2% 76.3%
22.7%
76.9%
22.4% 22.4%
1Q08 FY08 1Q09
Loss Ratio Expense Ratio
Non-Life Combined Ratio (direct business)
93.6% 99.6%98.6%
8
Agenda
Consolidated Result1
2 Non-Life Insurance Business
4 Banking Business
5 Investment Management
3 Life Insurance Business
6 Solvency
9
Life direct insurance business
€m
o/w closed pensionfunds withguarantee
(Class VI) = €101m (+34%)
+162%
1,152
508
BNL Vita
UGFAss.ni
Income by ChannelIncome by Company
+410.7%
+18.3%+6.3%
+645%
Pension Funds114 (+27%)
Index/Unit linked58 (-33%)
Capitalization60 (-7%)
Traditional1,429 (+254%)
1,187
474
Third-partychannels
Groupchannels
633
1,661
1Q08 1Q09
Local GAAP excl Quadrifoglio Vita
10
Life insurance income – APE (*)
(*) Annual Premium Equivalent. Pro-quota figures, net of Quadrifoglio vita
+3.6%
+651.5%+95.0%
€m
(100%)
1Q08 1Q09 1Q08 1Q09 1Q08 1Q09
48 5650
116
109
15
UGFAssicurazioni
BNL Vita UGF GROUP(pro-quota)
11
Agenda
Consolidated Result1
2 Non-Life Insurance Business
4 Banking Business
5 Investment Management
3 Life Insurance Business
6 Solvency
12
Current Accounts (number)
UGF Banca – Highlights
251,150234,200258,300
1Q08 FY08 1Q09
Employees
2,215
81%
Sales Network
1,9472,215
81%82%
115 116
168 185 183
114
1Q08 FY08 1Q09
Integrated branchesOther branches
299283 299
+2.8%
377 411 396
1,5701,804 1,819
1Q08 FY08 1Q09
Head Office Network
13
UGF Banca – Key Financials
Customer Deposits Customer Funds
Doubtful Debts
Net doubtful debts
Lending
Net doubtful debts/lending to customers
20.1
1.03%
78
7,567
1Q08
22.3
1.50%
127
8,480
FY08
8,7318,221
€bn
Lending
1.68%
141
8,395
1Q09
8,4807,567
8,395
€m
8,53119.6
-1.0%
-2.3%
+3.0%
€m €m
20.3 18.4 18.0
2.01.7 1.6
1Q08 FY08 1Q09
Funds under Custody AUM
5,9876,052 5,977
1,5152,503 2,408
1Q08 FY08 1Q09
lending to customers securitised
4,3735,238 5,396
1,141 1,075
2,5322,352 2,059
1,316
1Q08 FY08 1Q09
deposits (third parties) deposits (UGF Group)securitisation
14
UGF Banca – Key Financials
Gross operating income
76
Cost/Income Ratio
80
+5,5%
Net Profit
€m
18 20
58 60
1Q08 1Q09
non-interest income net interest income
65.3%69.6%
72.5%
1Q08 FY08 1Q09
3.2
-88.5
12.4
1Q08 FY08 1Q09
15
Agenda
Consolidated Result1
2 Non-Life Insurance Business
4 Banking Business
5 Investment Management
3 Life Insurance Business
6 Solvency
16
BREAKDOWN BY ASSET
* fixed and floating rate and structured products.
Equities 1.2 (6.0%)
Cash 1.9 (9.6%)
Bonds* 16.9 (84.4%) Available For Sale 12.1
(60.4%)
Fair Value 0.3 (1.4%)
Held ToMaturity 1.9 (9.3%)
Loans & Receivables 3.9(19.3%) Cash 1.9
(9.6%)
BREAKDOWN BY ACCOUNTING STANDARD
Investments breakdown as at 31 March 2009
INSURANCE INVESTMENTS MANAGED BY UGF(excluding Class D)
TOTAL €20.0bn
€bn
17
Life 73%Non-Life 25%
Breakdown by rating Breakdown by typology
above or equal to A+78%
equal to or below BBB+
5%from A to A-
17%
Fixed rate 63%
Floating rate 37%
Government63%
Financials 35%Corporate 2%
2.63
UGF 2%
4.28
2.13
* including monetary investments and cash
Incurance investments managed by UGF. Fixed and floating rate and structured products, excluding Class D. Total €16.9bn
Bond portfolio as at 31 March 2009
Breakdown by Issuer Breakdown by duration*
Total portfolio duration = 3.74
18
195.9
35.3
27.7
(28.7)(19.0)
211.2
% yield 3.87%3.40%
(*) Including put option on equity (§) Change in rates, reduced assets under management
Income from financial investments – 1Q08 vs 1Q09(insurance business – excluding former Class D – organic figures)
€m
31/03/2008 ∆ Realizedcapital gains
∆ Fair valuethrough P&L
costs
∆ Equityhedging (*)
∆ Other (§) 31/03/2009
19
AFS Reserve as at 31 March 2009
€m
AVAILABLE FOR SALE RESERVE ROLL-FORWARD*
* Break-up based on company estimate
-1.304 as at 30/4/09o/w:-767 equities-537 bonds
Total -680 -1,326 -1,524
-162
-518
-589
-645
-879-736
FY07 FY08 1Q09
Equities Bonds
20
Agenda
Consolidated Result1
2 Non-Life Insurance Business
4 Banking Business
5 Investment Management
3 Life Insurance Business
6 Solvency
21
Group Solvency as at 31 March 2009
2.6
1.2x1.2x1.3x1.3x
(0.18)
0.04
Company estimate
Solvencymargincoverage
AVAILABLECAPITAL
SOLVENCY REQUIREMENTS (SOLVENCY I)
0.04
2.5
0.02
€bn
FY08 1Q09
2.02.0
FY08 AFS DELTANET PROFIT
1Q09 HIGHER ELIGIBLE
SUB. DEBTS/OTHER
1Q09
22
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, the Senior Executive Responsible for drawing up
the corporate accounts, declares – in accordance with Article 154-bis (2)
of the ‘Single Financial Services Act’ – that the accounting information
included in this presentation corresponds to the documentary results,
the books and accounting records.
23
Contacts
Adriano Donati Tel +39 051 507 [email protected]
Devis Menegatti Tel +39 051 507 [email protected]
Eleonora Roncuzzi Tel +39 051 507 [email protected]
Silvia Tonioli Tel +39 051 507 [email protected]
Investor RelationsUnipol Gruppo Finanziario - Via Stalingrado 45, Bolo gna