FIRST QUARTER 2009 RESULTS Bologna, 14 May 2009 · 5/14/2009 · FIRST QUARTER 2009 RESULTS...

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



4 Banking 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



4 Banking 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



4 Banking 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



4 Banking 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



4 Banking 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

[email protected]

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

FIRST QUARTER 2009 RESULTS Bologna, 14 May 2009 · 5/14/2009 · FIRST QUARTER 2009 RESULTS...

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Transcript of FIRST QUARTER 2009 RESULTS Bologna, 14 May 2009 · 5/14/2009 · FIRST QUARTER 2009 RESULTS...