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. | ||||
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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.
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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.