Unipol Grupo Spa

Good morning. This is the Coruscant Conference Operator. Welcome and thank you for joining the Unipol Group 9 Months 2024 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Matteo Laterza, CEO of Unipol. Please go ahead, sir.

Good morning to everyone and thank you for participating to this call. As usual, before opening the floor to the questions, let me make some comments on the presentation that you saw earlier. this morning. It was, again, a very solid quarter, both in PNC and in life. On PNC, on top of the usual remarks that I do on the good performance in terms of top line in health and in the bank assurance distribution network, I can say that also At Tuniposai level, we are combining our target of increase of premium with our ambition of reducing our risk where we think there is an overexposure in terms of line of business or in terms of geographic areas. we are on track on achieving this target, and you can see by looking at the numbers at September 24, but you will see also, I guess, a positive evolution also in the next quarters, both in motor and in on-motor. In life, we had also a very good performance, above all driven by bank assurance business, in particular, I'm talking about the Archavita performance. We had also, on top of that, a very good and positive contribution coming from the protection area at Unipol Sai level, and also there was... a positive contribution coming from the investment component in the life business area. Talking about investments, again, the third quarter was a very good number. You have to look at, above all, the yield coming from coupons and dividends, the current yield at 4.3%, way above the same number that we achieved yesterday. In September 23, on top of that, as you can see in the presentation, we had also a positive component coming from unrealized gain booked at P&L, a little bit less than 2%. Of course, it is a consequence of the positive evolution of financial markets. in 2024 and as a consequence of that are not replicable going forward. You have to focus only on the 4.3% that as a matter of fact is a very positive number in terms of asset yield. Finally, the solvency we close at 224%. That is a very solid number. We added in the presentation also the Solvency of the insurance group that is a new number that make reference to the business coming from insurance beyond insurance and what we define diversified area. at which we had only the dividend coming from our investment in banks. That, in a sort of sense, gives to you an idea of what is the cash remittance of our groups in terms of assets. in terms of cash generation. Looking at this perimeter, and so without considering the consolidation of the banking stakes in our numbers, our solvency would have been 286%. It means that we consider the equity stakes as equity investments and as a consequence have an effect on the market risk as opposed to the approach based on the consolidation of the banking stakes as we do. in the number represented at 224, that is the representation with the consolidation of the two banks. I close the remarks. As you know, in the numbers you have also an impact gross of tax of a little bit less than 150 million coming from the solidarity fund that we signed with the trade unions a few months ago and as a consequence we decided to make a provision of this entity and of course it has an impact net of tax of about 100 million euros in our numbers. Having said that I am here with the general manager Enrico San Pietro and I open the floor for the question. Thank you very much.

This is the Coruscant Conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. To remove yourself from the question queue, please press star and 2. Please pick up the receiver when asking questions. Anyone who has a question may press star and 1 at this time. The first question is from Alberto Villa of Intermonte. Please go ahead.