UnipolSai Assicurazioni

Annual Report

2023

The official document containing the 2023 Financial Statements, accompanied by the Management Report, prepared according to the technical requirements of Regulation (EU) 815/2019 (European Single Electronic Reporting Format - ESEF) is available, in accordance with the law, on the Company's website (www.unipolsai.com).

This document in PDF format provides the text of the 2023 Financial Statements, accompanied by the Management Report, for ease of reading.

Translation from the Italian original solely for the convenience of international readers.

CONTENTS

Company bodies

9

Introduction

10

Macroeconomic background and market performance

10

Main regulatory developments

13

1. Management Report

19

Information on significant events

20

Insurance business highlights

28

Share performance

29

Shareholding structure

29

Operating performance

30

Non-Life insurance business

35

Life business and Pension Funds

42

Sales and settlement organisation

45

Reinsurance

48

Operations to combat fraud and claims management

49

Asset and financial management

51

Investments and cash and cash equivalents

51

Risk management policies (Art. 2428 of the Civil Code)

56

Treasury shares and shares of the holding company

57

Performance of Group companies

58

Transactions with Group companies and transactions with

related parties

60

Transactions with Group companies (Art. 2497-bis of the Civil

Code)

60

Transactions with related parties

62

Disclosure about Solvency II prudential supervision

69

Other Information

72

Human resource management and development

72

Research and development activities

74

Adoption of the cooperative compliance programme

74

IT services

74

Communications

75

Statement pursuant to Art. 2.6.2, paragraph 9 of

the

Regulation governing markets organised and managed by

Borsa Italiana SpA

76

Report on corporate governance and ownership structures for

2023

76

Significant events after the reporting period

77

Business outlook

79

2. Financial Statements for the year 2023

81

Statement of financial position

84

Income statement

96

3. Notes to the Financial Statements

107

Foreword

108

Part A: Measurement criteria

110

Part B: Information on the Statement of Financial Position and

Income Statement

122

Part C: Other Information

177

Statement summarising the key figures of the financial

statements of Unipol Gruppo at 31 December 2022

and

31 December 2021

177

Consolidated Financial Statements

178

Information on public funds received

178

Fees for audit and non-audit services

179

Proposals to approve the financial statements, allocate the

profit and the relative effects on shareholders' equity

180

4. Tables appended to the Notes to the Financial

Statements

183

5. Additional tables appended to the Notes to the

Financial Statements

259

Reclassified income statement

262

Statement of changes in shareholders' equity occurred during

the years ended 31 December 2023 and 31 December 2022

263

Analysis of the shareholders' equity pursuant to Art. 2427,

number 7 bis of the Civil Code

264

Statement of cash flows at 31 December 2023

265

Statement summarising write-backs

266

Statement of changes in property, plant and equipment and

intangible assets

267

Subordinated Bonds

268

List of properties

274

6. Statement on the Financial Statements in accordance with Art. 81-ter of CONSOB Regulation no.

11971 of 14 May 1999

287

7. Board of Statutory Auditors' Report

291

8. Independent Auditor's Report

309

UnipolSai Assicurazioni 2023 Annual Report

Company bodies

BOARD OF DIRECTORS

CHAIRMAN

Carlo Cimbri

VICE CHAIRMAN

Fabio Cerchiai

CHIEF EXECUTIVE OFFICER

Matteo Laterza

DIRECTORS

Bernabò Bocca

Jean Francois Mossino

Stefano Caselli

Milo Pacchioni

Mara Anna Rita Caverni

Paolo Pietro Silvio Peveraro

Giusella Dolores Finocchiaro

Daniela Preite

Rossella Locatelli

Elisabetta Righini

Maria Paola Merloni

Antonio Rizzi

SECRETARY OF THE BOARD OF

Alessandro Nerdi

DIRECTORS

BOARD

OF

STATUTORY

CHAIRMAN

Cesare Conti

AUDITORS

STATUTORY AUDITORS

Silvia Bocci

Angelo Mario Giudici

ALTERNATE AUDITORS

Sara Fornasiero

Luciana Ravicini

Roberto Tieghi

MANAGER

IN

CHARGE OF

Luca Zaccherini

FINANCIAL REPORTING

INDEPENDENT AUDITORS

EY S.p.A.

9

UnipolSai Assicurazioni 2023 Annual Report

Introduction

Macroeconomic background and market performance

Macroeconomic background

In 2023, global GDP growth continued, estimated at +2.7%, despite slowing compared to +3.1% in 2022. The slower pace of global economic growth depends, firstly, on the restrictive monetary policies implemented by the main international central banks and, secondly, on economic growth rates in China which are still below the pre-pandemic average and in turn penalised the evolution of global trade.

In the United States, GDP increased by 2.5% in 2023 (+1.9% in 2022). GDP growth was mainly supported by the good performance of private consumption and public spending, which offset the reduction in private investments, in turn penalised by high interest rates. The trend in consumption was supported by the positive labour market results, with an unemployment rate remaining at very low values in 2023 (3.6% on average). Growth was also accompanied by a gradual reduction in the inflation rate, which on average stood at 4.2% compared to 8.0% in 2022.

In China, GDP rose by 5.2% (+3% in 2022) thanks to the recovery in domestic demand assisted by the end of the restrictive "Zero-Covid" policies of 2022. However, growth remains below the pre-pandemic average due to tensions in the real estate market and lower exports, not fully offset by the expansion in domestic demand. In this context, the average unemployment rate in 2023 was 5.2%, while the average inflation rate was 0.2%, with deflation on average in the last quarter. In 2023, China resumed growing more rapidly than emerging countries. The estimated growth in 2023 for the block of Emerging Countries as a whole is 4.2%.

In Japan, it is estimated that GDP will close 2023 with growth of 2% (+0.9% in 2022). Despite the slowdown in the third quarter (-0.7% compared to the previous quarter), Japanese growth was supported by the improvement in foreign trade, which offset a low growth in domestic demand. The labour market continued to record a low unemployment rate, averaging 2.6% per year, while the inflation rate rose to 3.3% compared to 2.5% in 2022.

In the Euro Area, GDP rose by 0.5% in 2023 (+3.4% in 2022). Growth was essentially stagnant throughout 2023 due to the effects of the ECB's restrictive monetary policy. In addition, the reduced demand for goods from China penalised economies more dependent on exports such as Germany, whose slowdown in turn negatively affected economic growth throughout the Euro Area. Despite the slowdown in economic growth, the unemployment rate fell slightly and on average was 6.5% in 2023 compared to 6.7% in 2022, while the inflation rate fell on average to 5.5% compared to 8.4% in 2022, with the December figure down further to 2.9%.

In 2023, Italian GDP increased by 0.7% (+3.9% in 2022). In particular, in the second quarter the GDP trend was negative (-0.3% compared to the first quarter) due to the decline in both final consumption and investments. The recovery in final domestic consumption led to a return to growth in the third quarter (+0.1% on the second quarter), while in the fourth quarter growth mainly benefited (+0.2% on the third quarter) from the improved net foreign component. The average annual inflation rate was 6% (8.7% in 2022). The labour market remains resilient with respect to the slowdown in growth, with the annual average unemployment rate down to 7.6% (+8.1% in 2022).

Financial markets

In 2023, the Fed raised the Fed funds rate by 100 basis points, also continuing the process of downsizing the portfolio of securities purchased during the various quantitative easing programmes.

Similarly, the ECB also maintained a restrictive monetary policy, increasing the two main monetary policy rates (refi and deposit rate) by 200 basis points. At the end of 2023, the deposit rate stood at 4% from 2% at the end of 2022 while the refi rate stood at 4.5% at the end of 2023, from 2.5% at the end of 2022. The ECB also continued its process of reducing the amount of securities purchased for monetary policy purposes.

10

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UnipolSai Assicurazioni S.p.A. published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 08:59:09 UTC.