Bologna, 6 November 2015 UNIPOLSAI: RESULTS FOR THE FIRST NINE MONTHS OF 2015 APPROVED Consolidated net profit of 602m (+1.6% compared to the first nine months of 2014) Direct insurance income of 10,163m (-10.9%1 compared to 30 September 2014, net of the sale of the business unit to Allianz): Non-Life business: premium income of 5,252m (-5.8% net of the sale of the business unit to Allianz) Life business: income of 4,911m (-15.7%) Combined ratio at 95.7%2 Solvency margin equal to 181%3



The Board of Directors of UnipolSai Assicurazioni S.p.A., which met yesterday under the chairmanship of Fabio Cerchiai, approved the consolidated accounts as at 30 September 2015. UnipolSai closed the first nine months of 2015 with a consolidated net profit of 602m, an increase compared to 593m in the same period of 2014 (+1.6%), which benefitted from capital gains resulting from the completion of the first phase of the partial sale of the Milano Assicurazioni portfolio to Allianz. Direct insurance income gross of outwards reinsurance amounted to 10,163m in the first nine months of the year (-14.4% compared to the same period of 2014) and was impacted by the effects of the sale of the business unit to Allianz: net of the effects of such transaction, the decrease in income 1 would have been equal to 10.9% . The pre-tax result of the insurance business amounted to 954m (963m in the first nine months of 2014). Non-Life business contributed to this result with 653m (773m in the first nine months of 2014), while Life business contributed with 301m (190m in the first nine months of 2014). Non-Life Business Premium income in the first nine months of 2015 was impacted by the effects of the sale of the business unit comprising the former Milano Assicurazioni agencies to Allianz with the relative transfer of the related portfolio. This effect will be prolonged throughout the year. Moreover, premium income continued to be influenced by strong competition, particularly in vehicle liability insurance.
1 2 3

Estimated management figure Combined ratio of direct business The values considered include the effect of the convertible loan issued in April 2014, of which the mandatory conversion into ordinary shares of UnipolSai shall take place by 31/12/2015

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In this context, Non-Life direct premium income stood at 5,252m (-13.2% compared to the first 1 nine months of 2014, or -5.8% on a comparable basis net of the sale of the business unit to Allianz ), 1 of which 3,169m (-16.4%, -7.7% on a comparable basis ) from MV business and 2,083m (-7.9%, 1 2.6% on a comparable basis ) from Non-MV business. In vehicle liability insurance, premium income improved compared to the first half of 2015 thanks to the initiatives launched in the second half of the year aimed at making the offer more competitive in terms of both new acquisitions and renewals. With regard to the trend in claims, technical indicators remain positive in vehicle liability insurance due to the constant monitoring of average costs and the continuation of a decreasing trend in frequency, which, although slowing down, is reflected in the additional reduction of the number of claims. In Non-MV business, the loss ratio improved after a first quarter impacted by extensive material damage due to an adverse climatic event that affected Tuscany in March. In this context, a combined ratio of 95.7% (95.7% net of reinsurance ) was recorded in the first nine months of the year, compared to 94.4% in the same period of 2014. The loss ratio (direct business) was particularly influenced by the extraordinary climatic event that occurred in Tuscany, with an impact of 1.2 percentage points, standing at 67.4% compared to 67.3% recorded in the first nine months of 2014. The expense ratio (direct business) was equal to 28.3%, compared to 27.1% in the first nine months of 2014 and was impacted by the effect of the drop in premiums and the shift in the production mix. The pre-tax result of the business was a profit of 653m compared to 773m in the first nine months of 2014. Life Business In Life business, a market environment characterised by low interest rates continued to favour higher quality production and financial risk containment also in terms of Solvency II. Direct income amounting to 4,911m was recorded in the first nine months of the year, a decrease of 15.7% due to comparison with the very strong performance recorded in the same period of 2014, especially in the bancassurance channel. UnipolSai S.p.A. recorded an income in direct business of 2,363m (-8.5%). A more significant decline was recorded by the Popolare Vita Group, which with 2,404m saw a decrease of 22.6% compared, however, to a growth of 66.4% recorded in the first nine months of 2014. The pre-tax result of the business, which benefitted from particularly high financial profitability, was a profit of 301m compared to 190m recorded in the same period of 2014. Real Estate Business In real estate business, which remains impacted by difficult market conditions, operations were focused on the restoration and development of properties in portfolio.
2 4

4

Indicator calculated on earned premiums after reinsurance

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The pre-tax result of the business as at 30 September 2015 was a loss of 90m (-34m as at 30 September 2014). This result was influenced by gross write-downs amounting to 69m carried out in the first half of 2015. Other Business The commercial development of diversified companies continued during the period under consideration. Such activities, together with the restructuring initiatives implemented in previous years and still in progress, led to results that show gradual improvement. In particular, it should be noted that as at 30 September 2015, the hotel business of Atahotels recorded a positive net income of 4m (-3m as at 30 September 2014), also due to the performance of facilities in the Milan area involved in the Expo Milano 2015 event. With regard to the proposed acquisition of the hotel management business "UNA" and the relative real estate portfolio for hotel use, certain operational processes necessary for the completion of the acquisition are still pending. The pre-tax result of the business was a loss of 6m (a profit of 20m as at 30 September 2014, which referred to a different scope in relation to the companies of the banking business today incorporated in Unipol Banca). Financial Management The profitability of the Group's securities portfolio, despite aiming to preserve the risk/return profile of the assets and consistency between the assets and liabilities underwritten with policyholders, achieved a significant yield in the period under consideration, equal to approximately 5.2% of invested assets. The substantial capital gains recorded during the first half of 2015 due to the disposal of securities in the context of portfolio restructuring also partially contributed to this result. Balance Sheet Consolidated shareholders' equity as at 30 September 2015 amounted to 6,366m (compared to 6,635m as at 31 December 2014) of which 6,034 attributable to the Group. The total AFS reserve amounted to 815m (1,204m as at 31 December 2014), which decreased mainly due to the increase of spreads on corporate/financial bonds. The consolidated solvency margin as at 30 September 2015 amounted to 181% of the required capital, an improvement compared to 166% as at the end of 2014. Business Outlook The Company is currently completing the integration activities defined in the 2013-2015 Business Plan and has begun defining strategic guidelines to support the preparation of the new Business Plan for the years 2016-2018.
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Corporate Governance Further to previous disclosure to the market in this regard, it should be noted that in the aforementioned meeting held yesterday, the Board of Directors of UnipolSai definitively approved, to the extent of its competence, the plan for the merger by incorporation of Liguria ­ Società di Assicurazioni ­ S.p.A. ("Liguria") and Liguria Vita S.p.A. (the "Merger Plan" and the "Merger") into the Company. The Extraordinary Shareholders' Meeting of Liguria has been called to approve the Merger Plan on 18 November; the Extraordinary Shareholders' Meeting of Liguria Vita is scheduled for the same date. In particular, it should be noted that pursuant to Article 2505-bis, Paragraph 1 of the Italian Civil Code, shareholders of Liguria other than UnipolSai are entitled to have their shares purchased by the incorporating company UnipolSai, under the terms and conditions of the Merger Plan, deposited at the relevant companies' registers of the companies involved in the Merger and published on the website of UnipolSai, together with all additional documentation regarding such Merger. **** Results Conference Call At 12:00 pm today, a conference call is scheduled during which financial analysts and institutional investors may submit questions to the Chief Executive Officer and top management with regard to the results as at 30 September 2015. The phone numbers to dial to attend the event are: +39/02/8020911 (from Italy and other countries), +1/718/7058796 (from the U.S.), +44/121/2818004 (from the UK). **** The Interim Financial Report as at 30 September 2015 will be made available, in accordance with law, at the registered office, on the Company's website at www.unipolsai.com and on the website of Borsa Italiana www.borsaitaliana.it. **** Please find attached hereto the Consolidated Balance Sheet, the Consolidated Income Statement, the Condensed Consolidated Income Statement Broken Down by Business Segment and the Balance Sheet Broken Down by Business Segment. **** Maurizio Castellina, Manager in charge of financial reporting of UnipolSai Assicurazioni S.p.A., declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the figures in corporate accounting records, ledgers and documents. **** 4


Glossary COMBINED RATIO: sum of loss ratio and expense ratio EXPENSE RATIO: ratio of Non-Life operating expenses and premiums calculated on written premiums LOSS RATIO: ratio of Non-Life claims and premiums calculated on earned premiums AFS RESERVE: reserve on assets classified as "Available-for-sale"

Contacts Unipol Group Press Office Fernando Vacarini Tel. +39/051/5077705 pressoffice@unipolsai.it Barabino & Partners Massimiliano Parboni m.parboni@barabino.it Tel. +39/335/8304078 Giovanni Vantaggi g.vantaggi@barabino.it Tel. +39/328/8317379 Unipol Group Investor Relations Adriano Donati Tel. +39/051/5077933 investor.relations@unipolsai.it

UnipolSai Assicurazioni S.p.A. UnipolSai Assicurazioni S.p.A. is the insurance company of the Unipol Group, Italian leader in Non-Life business, in particular in vehicle liability insurance. Also active in Life Business, UnipolSai has a portfolio of over 10 million customers and holds a leading position in the national ranking of insurance groups with a direct income amounting to approximately 16bn, of which 8.4bn in Non-Life Business and 7.6bn in Life business (2014 figures). The company currently operates through 5 divisions (Unipol, La Fondiaria, Sai, Nuova MAA and La Previdente) and has the largest agency network in Italy, with over 3,800 insurance agencies and 7,300 sub-agencies spread across the country. UnipolSai Assicurazioni is controlled by Unipol Gruppo Finanziario S.p.A. and like the latter, it is listed on the Italian Stock Exchange, being one of the most highly capitalized securities.

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Consolidated Balance Sheet ­ Assets
Amounts in m

1 1.1 1.2 2 2.1 2.2 3 4 4.1 4.2 4.3 4.4 4.5 4.6 5 5.1 5.2 5.3 6 6.1 6.2 6.3 6.4 6.5 7

INT ANGIBLE ASSETS Goodw ill Other intangible assets P ROP ERT Y , PLANT AND EQUIPMENT P roperty Other items of property, plant and equipment T ECHNICAL PROVISIONS - REINSURERS' SHARE INV ES T MENT S Inv estment property Inv estments in subsidiaries and associates and interests in joint ventures H eld-to-maturity investments Loans and receivables A v ailable-for-sale financial assets Financial assets at fair value through profit or loss S UNDRY RECEIVABLES Receiv ables relating to direct insurance business Receiv ables relating to reinsurance business Other receivables OT HER ASSETS N on-current assets held for sale or disposal groups Deferred acquisition costs Deferred tax assets C urrent tax assets Other assets CAS H AND CASH EQUIVALENTS T OT AL ASSETS

30/9/2015 752 307 446 1,171 1,067 105 908 60,850 2,711 527 1,161 5,300 42,241 8,911 2,523 1,066 67 1,390 783 55 82 185 48 413 997 67,986

31/12/2014 805 307 498 1,196 1,072 124 960 61,122 2,824 608 1,420 5,169 42,114 8,986 3,395 1,631 90 1,675 814 24 76 222 98 396 684 68,976


Consolidated Balance Sheet ­ Equity and Liabilities
Amounts in m

30/9/2015 1 1.1 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 1.1.6 1.1.7 1.1.8 1.1.9 1.2 1.2.1 1.2.2 1.2.3 2 3 4 4.1 4.2 5 5.1 5.2 5.3 6 6.1 6.2 6.3 6.4 EQUIT Y attributable to the owners of the Parent S hare capital Other equity instruments E quity -related reserves Income-related and other reserves (Treasury shares) Translation reserve Gains or losses on available-for-sale financial assets Other gains or losses recognised directly in equity P rofit (loss) for the year attributable to the owners of the Parent attributable to non-controlling interests S hare capital and reserves attributable to non-controlling interests Gains or losses recognised directly in equity P rofit (loss) for the year attributable to non-controlling interests P ROV IS IONS T ECHNICAL PROVISIONS FINANCIAL LIABILITIES Financial liabilities at fair value through profit or loss Other financial liabilities P AY ABLES P ay ables arising from direct insurance business P ay ables arising from reinsurance business Other payables OT HER LIABILITIES Liabilities associated with disposal groups held for sale Deferred tax liabilities C urrent tax liabilities Other liabilities T OT AL EQUITY AND LIABILITIES 6,366 6,034 1,996 101 248 2,336 -50 4 784 36 579 332 277 31 24 547 55,734 3,582 1,263 2,319 938 187 138 613 818 47 58 30 683 67,986

31/12/2014 6,635 6,295 1,996 110 248 2,063 -50 4 1,169 15 740 340 261 34 44 620 56,228 3,813 1,365 2,447 819 144 41 634 862 3 86 16 757 68,976


Consolidated Income Statement
Amounts in m
30/9/2015 9,818 10,162 -344 7 223 17 1,864 1,108 145 579 32 343 12,271 -8,714 -8,862 148 -7 -7 -430 -68 -36 -167 -159 -1,770 -1,298 -82 -390 -484 -11,413 858 -256 602 0 602 579 24 30/9/2014 12,129 12,440 -311 12 152 2 2,157 1,186 153 661 157 474 14,927 -10,974 -11,113 139 -10 -9 -492 -75 -77 -228 -112 -1,910 -1,426 -66 -418 -582 -13,978 949 -355 594 -1 593 559 34

1.1 N et premiums 1.1.1 Gross premiums 1.1.2 Ceded premiums 1.2 Fee and commission income 1.3 Gains and losses on financial instruments at fair value through profit or loss

1.4 Gains on investments in subsidiaries and associates and interests in joint 1.5 Gains on other financial instruments and investment property 1.5.1 Interest income 1.5.2 Other gains 1.5.3 Realised gains 1.5.4 Unrealised gains 1.6 Other revenue 1 T OT AL REVENUE AND INCOME 2.1 N et charges relating to claims 2.1.1 A mounts paid and changes in technical provisions 2.1.2 Reinsurers' share 2.2 Fee and commission expense 2.3 Losses on investments in subsidiaries and associates and interests in joint 2.4 Losses on other financial instruments and investment property 2.4.1 Interest expense 2.4.2 Other charges 2.4.3 Realised losses 2.4.4 Unrealised losses 2.5 Operating expenses 2.5.1 Commissions and other acquisition costs 2.5.2 Investment management expenses 2.5.3 Other administrative expenses 2.6 Other costs 2 T OT AL COSTS AND EXPENSES P RE-T AX PROFIT (LOSS) FOR THE YEAR 3 Income tax P OS T -T AX PROFIT (LOSS) FOR THE YEAR 4 P ROFIT (LOSS) FROM DISCONTINUED OPERATIONS CONS OLIDAT ED PROFIT (LOSS) FOR THE YEAR attributable to the owners of the Parent attributable to non-controlling interests


Condensed Consolidated Income Statement by Business Segment
Amounts in m
N o n -L i fe Business L i fe Business I n su r an ce Business Oth er Businesses R eal Estate Business (*) I n ter seg m en t Elimination C o n so l i d ated Total

Sep-15 Sep -14 v ar. % Sep -15 Sep -14 v ar. % Sep -15 Sep -14

v ar. % Sep -15 Sep -14 v ar. % Sep -15 Sep -14 v ar. % Sep -15 Sep -14 var . % Sep -15 Sep -14 var . %

N et premiums N et fees and commissions Financial income/expense (excl. assets/ liabilities at fair value) Net interest Other income and expenses Realised gains and losses Unrealised gains and losses N et charges relating to claims Operating expenses Commissions and other acquisition costs Other expenses Other income / expense P re-tax profit (loss) Income tax P rofit (loss) on discontinued operations Consolidated profit (loss) for the period

5,252 0 552 254 61

6,344 -17.2 0 -130.9 442 291 47 24.9 -12.5 29.8 56.9 -69.2 -18.0 -9.8 -9.5 -11.3 -79.7 -15.6 -29.4 0.0 -7.8

4,565 0 1,163 792 61

5,785 -21.1 0 -154.1 1,018 14.2 810 -2.2 -10 -724.0 51.4 -9.2 -18.2 -10.5

9,818 12,129 -19.1 0 0 -169.0 1,715 1,460 17.5 1,046 1,100 -4.9 123 37 228.6 534 347 54.0 13 -24 -152.5 -8,693 -10,611 -18.1 -1,693 -1,879 -9.9 -10.5 -8.1 -42.8 -1.1 -18.9 0.0 9.0

0 0 1 1 0 0 0 0 -70 0 -70 64 -6 1 0 -4 -4 0

0 0.0 10 -100.2 44 -98.3 44 -98.4 0 124.5 8 -100.0 -8 -98.1 0 0.0 -58 20.9 0 0.0 -58 20.9 24 171.0 20 -127.8 -11 -110.9 -1 n.s. 8 -155.3 8 0

0 0 -47 -1 30 -1 -74 0 -23 0 -23 -19 -90 24 0 -66 -65 -1

0 0 -11 -1 31

0.0 0.0 n.s. 26.4 -3.4

0 0 -24 0 -24 0 0 0 17 0 17 7 0 0 0 0 0 0

0 0.0 -9 -100.0 -45 47.8 -26 -100.0 -19 24.2 0 0.0 0 0.0 0 -100.0 39 -56.5

9,818 12,129 -19.1 0 2 -114.6 1,645 1,448 13.6 1,045 1,117 -6.4 129 49 162.8 533 354 -62 -72 -8,693 -10,611 -1,770 -1,910 50.4 -14.5 -18.1 -7.3 -9.0 -2.5 -31.2 -9.6 -28.1 n.s. 1.6 3.5 -29.7

255 162 -18 -58 -3,543 -4,319 -1,446 -1,603 -1,161 -1,283 -284 -320 -163 -91 653 -197 0 455 773 -280 0 494

279 185 31 34 -5,150 -6,293 -247 -276 -136 -111 -30 301 -83 0 218 194 23 -167 -109 -44 190 -66 0 124 90 34

-1 118.5 -40 85.2 0 0.0 -11 105.2 0 0.0 -11 105.2 -12 -62.0 -34 -161.5 2 n.s. 0 0.0 -33 -101.8 -32 -1

-18.3 -1,298 -1,450 1.3 -395 -430 32.7 -193 -135 58.1 25.4 0.0 75.6 954 -281 0 673 649 24 964 -346 0 618 583 34

24 -100.0 -1,298 -1,426 15 10.4 -472 -484 16 -56.5 -142 -108 0 0 0 0 0 0 n.s. 0.0 0.0 n.s. 858 -256 0 602 579 24 949 -355 -1 593 559 34

P rofit (loss) attributable to the owners of the Parent 454 493 P rofit (loss) attributable to non-controlling interests 1 1 (*) the Real Estate Business only includes real estate companies controlled by UnipolSai


Balance Sheet by Business Segment
Amounts in m
Non-Life Business 30/9/15 1 2 3 4 4.1 4.2 4.3 4.4 4.5 4.6 5 6 6.1 6.2 7 1 2 3 4 4.1 4.2 5 6 INT ANGIBLE ASSETS T ANGIBLE ASSETS T ECHNICAL PROVISIONS - REINSURERS' SHARE INV ES T MENT S Inv estment property Inv estments in subsidiaries, associates and joint ventures H eld-to-maturity investments Loans and receivables A v ailable-for-sale financial assets Financial assets at fair value through profit or loss S UNDRY RECEIVABLES OT HER ASSETS Deferred acquisition costs Other assets CAS H AND CASH EQUIVALENTS T OT AL ASSETS EQUIT Y P ROV IS IONS T ECHNICAL PROVISIONS FINANCIAL LIABILITIES Financial liabilities at fair value through profit or loss Other financial liabilities P AY ABLES OT HER LIABILITIES T OT AL EQUITY AND LIABILITIES 457 612 824 16,326 1,496 362 399 2,092 11,761 216 2,065 730 34 696 446 21,459 1,859 479 16,098 1,517 47 1,471 825 681 21,459 31/12/14 479 649 856 17,100 1,493 354 639 2,073 12,409 131 2,744 699 27 671 181 22,708 1,992 556 16,866 1,819 184 1,635 753 722 22,708 Life Business 30/9/15 288 6 84 43,259 10 157 762 3,190 30,444 8,695 443 118 48 70 332 44,529 2,493 28 39,637 1,965 1,213 751 170 237 44,529 31/12/14 315 6 104 42,662 10 241 781 3,128 29,646 8,856 682 190 48 142 319 44,277 2,524 24 39,362 1,956 1,178 778 154 257 44,277 Other Businesses 30/9/15 7 146 0 213 45 0 0 167 1 0 88 30 0 30 93 576 392 22 0 43 0 43 101 19 576 31/12/14 11 163 0 282 45 0 0 236 1 0 75 37 0 37 73 641 429 17 0 94 0 94 79 22 641 Real Estate Business 30/9/15 0 408 0 1,241 1,160 8 0 39 34 0 59 41 0 41 128 1,876 1,622 18 0 163 3 160 56 17 1,876 31/12/14 1 378 0 1,383 1,276 13 0 36 57 0 37 25 0 25 111 1,934 1,690 22 0 164 3 161 55 2 1,934 Intersegment Elimination 30/9/15 0 0 0 -188 0 0 0 -188 0 0 -132 -135 0 -135 0 -455 0 0 0 -106 0 -106 -213 -135 -455 31/12/14 0 0 0 -304 0 0 0 -304 0 0 -142 -137 0 -137 0 -583 0 0 0 -220 0 -220 -222 -140 -583 30/9/15 752 1,171 908 60,850 2,711 527 1,161 5,300 42,241 8,911 2,523 783 82 701 997 67,986 6,366 547 55,734 3,582 1,263 2,319 938 818 67,986 Total 31/12/14 805 1,196 960 61,122 2,824 608 1,420 5,169 42,114 8,986 3,395 814 76 738 684 68,976 6,635 620 56,228 3,813 1,365 2,447 819 862 68,976