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Consolidated Half-Year Report at 30 June 2013

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Consolidated Half-Year Report at 30 June 2013 CONSOLIDATED HALF-YEAR REPORT AT 30 JUNE 2013 FONDIARIA-SAI S.P.A. FONDIARIA-SAI S.P.A. - TURIN HEADQUARTERS – CORSO G. GALILEI, 12 - FLORENCE HEADQUARTERS – VIA LORENZO IL MAGNIFICO - SHARE CAPITAL EURO 1,194,572,973.80 FULLY PAID-IN – TAX, VAT AND TURIN COMPANY REGISTRATION NO. 00818570012 - COMPANY AUTHORISED TO UNDERTAKE INSURANCE ACTIVITIES PURSUANT TO ARTICLE 65 R.D.L. NO. 966 OF APRIL 29, 1923, ENACTED INTO LAW NO. 473 OF APRIL 17, 1925 1 WorldReginfo - a117f847-815b-470d-93e7-e5d2975149d3 CORPORATE BOARDS OF FONDIARIA-SAI S.p.A. BOARD OF DIRECTORS Fabio Cerchiai* Chairman Pierluigi Stefanini* Vice Chairman Carlo Cimbri* Chief Executive Officer Francesco Berardini Milva Carletti Lorenzo Cottignoli Ernesto Dalle Rive Ethel Frasinetti Vanes Galanti Giorgio Ghiglieno Massimo Masotti Maria Rosaria Maugeri Maria Lillà Montagnani Maria Antonietta Pasquariello Marco Pedroni Nicla Picchi Barbara Tadolini Francesco Vella Mario Zucchelli Roberto Giay Secretary of the Board and the Executive Committee BOARD OF STATUTORY AUDITORS Giuseppe Angiolini Chairman Antonino D’Ambrosio Statutory Auditor Giorgio Loli Statutory Auditor Sergio Lamonica Alternate Auditor Maria Luisa Mosconi Alternate Auditor Giovanni Rizzardi Alternate Auditor INDEPENDENT AUDIT FIRM RECONTA ERNST & YOUNG S.P.A. JOINT REPRESENTATIVE OF THE CLASS “A” SAVINGS SHAREHOLDERS Dario Trevisan * Members of the Executive Committee 2 WorldReginfo - a117f847-815b-470d-93e7-e5d2975149d3 JOINT REPRESENTATIVE OF THE CLASS “B” SAVINGS SHAREHOLDERS Giuseppe Dolcetti EXEUCTIVE OFFICER RESPONSIBLE for preparation of the company’s financial statements Massimo Dalfelli The Board of Directors was appointed by the Shareholders’ Meeting of 29 April 2013 for the three-year period 2013, 2014 and 2015 and therefore until the approval of the 2015 Annual Accounts. The Shareholders’ Meeting appointed Mr. Fabio Cerchiai as Chairman of the Company. The Board of Directors of FONDIARIA-SAI in the meeting of 8 May 2013 appointed the corporate officers and the internal committees of the Board as reported below. The Board appointed, for the duration of its mandate, and therefore until the approval of the 2015 Annual Accounts, Pierluigi Stefanini as Vice Chairman and Carlo Cimbri as Chief Executive Officer. The Vice Chairman Pierluigi Stefanini was also appointed Director in charge of the internal control and risk management system, in accordance with the Self-Governance Code for listed companies. The Board of Directors appointed, for the duration of its mandate and therefore until the approval of the 2015 Annual Accounts, an Executive Committee comprising 3 Directors in the persons of those qualifying under Article 18 of the By-laws and therefore the Chairman Fabio Cerchiai, the Vice Chairman Pierluigi Stefanini and the Chief Executive Officer Carlo Cimbri. The Board of Directors also appointed: - the Remuneration Committee as Directors Francesco Vella (Chairman), Giorgio Ghiglieno and Maria Rosaria Maugeri; - the Control and Risks Committee as Directors Massimo Masotti (Chairman), Maria Lillà Montagnani and Nicla Picchi; - Massimo Dalfelli as the executive officer responsible for the preparation of the company’s financial statements. 3 WorldReginfo - a117f847-815b-470d-93e7-e5d2975149d3 4 WorldReginfo - a117f847-815b-470d-93e7-e5d2975149d3 CONTENTS CONSOLIDATED HALF-YEAR REPORT AT 30 JUNE 2013 OTHER INFORMATION................................................... 85 - First half-year 2013 highlights ......................................... 6 - Solvency margin .............................................................. 87 - Operating performance ..................................................... 8 - Number of Group employees ........................................... 87 - Group industrial relations ................................................. 87 DIRECTORS’ REPORT ........................................................... 17 - Sponsorship ...................................................................... 88 - Further information .......................................................... 89 - Economic overview and the insurance market .................... 18 - Litigation .......................................................................... 93 - Subsequent events after the end of the half-year............... 95 NON-LIFE .......................................................................... 25 - Outlook ............................................................................. 97 - The Non-Life insurance market ........................................ 26 - Operating performance ..................................................... 27 CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL - DDOR Novi Sad ADO ..................................................... 34 STATEMENTS - Dialogo Assicurazioni S.p.A. ........................................... 35 - Liguria Società di Assicurazione S.p.A. ........................... 35 FINANCIAL STATEMENTS ................................................. 101 - Milano Assicurazioni S.p.A.............................................. 36 - SIAT Società Italiana Assicurazioni e - STATEMENT OF FINANCIAL POSITION ..................... 102 Riassicurazioni S.p.A ...................................................... 37 - INCOME STATEMENT .................................................... 104 - The Lawrence Re Ireland Ltd ........................................... 38 - STATEMENT OF CHANGES IN EQUITY ...................... 107 - CASH FLOW STATEMENT ............................................. 109 LIFE ................................................................................... 40 - The life insurance market ................................................. 41 EXPLANATORY NOTES ...................................................... 112 - Bim Vita S.p.A. ................................................................ 45 - Liguria Vita S.p.A. ........................................................... 46 - PART A - Accounting principles ........................................ 113 - Milano Assicurazioni S.p.A.............................................. 46 - PART B - Information on the Consolidated Statement - Popolare Vita S.p.A. ......................................................... 47 of Financial Position ......................................... 127 - PART C - Information on the Consolidated REINSURANCE................................................................. 49 Income Statement ............................................... 153 - PART D – Segment Information ......................................... 161 REAL ESTATE .................................................................. 53 - PART E - Information on business combinations and sold or discontinued operations .................. 163 OTHER ACTIVITIES ........................................................ 63 - PART F - Transactions with related parties ....................... 166 - BancaSai S.p.A. ................................................................ 65 - PART G - Other information............................................... 173 - Finitalia S.p.A. ................................................................. 66 - Atahotels S.p.A. ............................................................... 67 ATTACHMENTS .................................................................... 183 - Centro Oncologico Fiorentino S.r.l... ................................ 69 - Declaration of the Consolidated Financial Statements as per Article 81-ter of CONSOB Regulation No. 11971 of 14 May ASSET AND FINANCIAL MANAGEMENT ................... 71 1999 and subsequent amendments and supplements ................ 199 - Investments and liquidity ................................................. 72 - Supplementary information concerning events subsequent to - Financial management ...................................................... 74 the approval of the 2013 Condensed Consolidated - Fondiaria SAI Group debt ................................................ 77 Half-Year Report ..................................................................................... 201 - Treasury shares, shares of the holding companies and its subsidiaries ....................................................................... 80 AUDITORS’ REPORT ........................................................... 203 - Performance of the listed shares of the Group ................. 81 RELATED PARTY TRANSACTION DISCLOSURE ...... 83 5 WorldReginfo - a117f847-815b-470d-93e7-e5d2975149d3 FIRST HALF-YEAR 2013 HIGHLIGHTS . On 15 January 2013 IVASS announced the opening of the authorisation procedure of the merger by incorporation into Fondiaria-SAI of Premafin, Unipol Assicurazioni and, pending further approval, Milano Assicurazioni, on 28 December 2012. On 25 July 2013, on conclusion of the process, IVASS approved the merger, as described in greater detail below; . On 28 January 2013, in accordance with Article 2501 quarter, first paragraph of the Civil Code, the merger by incorporation proposal of Fondiaria-SAI S.p.A, Premafin Finanziaria S.p.A. - Holding di Partecipazioni, Unipol Assicurazioni S.pA., and, pending further approval, Milano Assicurazioni S.p.A., approved by the Board of Directors of the participating companies in the merger on 20 December 2012 was filed at the registered office of the Company and published on the Company website in the Unipol - Fondiaria-SAI merger proposal section. The registration of the merger proposal at the Competent Company Registration offices is subjected to the authorisation
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