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Unipolsai Assicurazioni Consolidated Interim Financial Report at June

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Unipolsai Assicurazioni Consolidated Interim Financial Report at June UnipolSai Assicurazioni Consolidated Interim Financial Report at June 30th 2015 WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba UnipolSai Assicurazioni S.p.A. _____________________________________________________ Registered Offices at Via Stalingrado 45, Bologna - Share capital €1,996,129,451.62 fully paid-up Tax Code and Bologna Register of Companies No. 00818570012 - R.E.A. No. 511469 Authorised insurance company pursuant to Art. 65, Royal Decree no. 966 of 29 April 1923, converted to Law no. 473 of 17 April 1925. Entered in Section I of the Insurance and Reinsurance Companies List at No. 1.00006 and a member of the Unipol Insurance Group, entered in the Register of Insurance Groups - No. 046. Company subject to management and coordination by Unipol Gruppo Finanziario S.p.A. www.unipolsai.com - www.unipolsai.it Consolidated Half-Yearly Financial Report at 30 June 2015 Bologna, 6 August 2015 WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba CONTENTS Company bodies ............................................................................................................... 5 INTERIM MANAGEMENT REPORT Consolidation Scope at 30 June 2015 .............................................................................. 9 Macroeconomic background and market performance ................................................... 10 Highlights ........................................................................................................................ 13 Alternative performance indicators .................................................................................. 14 Management Report ....................................................................................................... 15 Salient aspects of business operations ........................................................................... 21 Insurance sector ............................................................................................................. 24 Real Estate Sector .......................................................................................................... 32 Other Businesses Sector ................................................................................................ 33 Asset and financial management .................................................................................... 35 Shareholders’ equity ....................................................................................................... 39 Technical provisions and financial liabilities .................................................................... 40 Transactions with related parties .................................................................................... 41 Significant events after the reporting period and business outlook ...................................................................................................... 42 CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS AT 30 JUNE 2015 CONSOLIDATED FINANCIAL STATEMENTS Statement of Financial Position ....................................................................................... 46 Income Statement ........................................................................................................... 48 Comprehensive Income Statement ................................................................................. 49 Statement of changes in shareholders’ equity ................................................................ 50 Statement of cash flow .................................................................................................... 51 NOTES TO THE FINANCIAL STATEMENTS 1. Basis of presentation................................................................................................... 55 2. Notes to the Statement of Financial Position .............................................................. 58 3. Notes to the Income Statement ................................................................................... 71 4. Other information ........................................................................................................ 76 4.1 Hedge Accounting ................................................................................................ 76 4.2 Earnings (loss) per share ..................................................................................... 77 4.3 Dividends ............................................................................................................. 77 4.4 Non-current assets or assets of a disposal group held for sale ............................ 77 4.5 Transactions with related parties ......................................................................... 79 4.6 Fair value measurements – IFRS 13 ................................................................... 83 3 WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba 4.7 Information on personnel ..................................................................................... 86 4.8 Non-recurring significant transactions and events ............................................... 87 4.9 Atypical and/or unusual positions or transactions ................................................ 87 4.10 Risk Report ........................................................................................................ 88 TABLES APPENDED TO THE NOTES TO THE FINANCIAL STATEMENTS Consolidation scope ........................................................................................................ 92 Consolidation scope: Interests in entities with material non-controlling interests ............ 94 Details of unconsolidated investments ............................................................................ 95 Statement of financial position by business segment ...................................................... 96 Income statement by business segment ......................................................................... 97 Details of property, plant and equipment and intangible assets ...................................... 98 Details of financial assets ................................................................................................ 99 Details of assets and liabilities relating to insurance contracts where the investment risk is borne by policyholders and arising from pension fund management ......................100 Details of technical provisions – reinsurers’ share ........................................................ 101 Details of technical provisions ....................................................................................... 102 Details of financial liabilities .......................................................................................... 103 Details of technical insurance items .............................................................................. 104 Investment income and charges ................................................................................... 105 Details of insurance business expenses ....................................................................... 106 Details of the consolidated comprehensive income statement ...................................... 107 Assets and liabilities at fair value on a recurring and non-recurring basis: breakdown by fair value level ........................................................................................ 108 Details of changes in level 3 assets and liabilities measured at fair value on a recurring basis .................................................................. 109 Assets and liabilities not measured at fair value: breakdown by fair value level ........... 110 Statement on the Condensed Consolidated Half-Yearly Financial Statements in accordance with Art. 81-ter of Consob Regulation 11971/1999 ...... 113 Independent Auditors’ Report ................................................................................... 117 4 WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba Company bodies Board of Directors Chairman Fabio Cerchiai (*) Vice Chairman Pierluigi Stefanini (*) Chief Executive Officer Carlo Cimbri (*) Directors Francesco Berardini Massimo Masotti Milva Carletti Maria Rosaria Maugeri Paolo Cattabiani Maria Lillà Montagnani Lorenzo Cottignoli Nicla Picchi (*) Ernesto Dalle Rive Giuseppe Recchi Cristina De Benetti Barbara Tadolini Ethel Frasinetti Francesco Vella (*) Giorgio Ghiglieno Mario Zucchelli Secretary of the Board of Directors Roberto Giay (*) Members of the Executive Committee Board of Statutory Auditors Chairman Paolo Fumagalli Statutory Auditors Giuseppe Angiolini Silvia Bocci Alternate Auditors Domenico Livio Trombone Luciana Ravicini Donatella Busso Independent auditors PricewaterhouseCoopers S.p.A. Manager in charge Maurizio Castellina of financial reporting 5 WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba Interim Management Report WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba WorldReginfo - e08c94b2-283b-45f4-bae7-ebc6044552ba Consolidation Scope chart at 30 June 2015 (direct holding out of total share capital) For more details see the relevant appendix to the Notes “Consolidation Scope” REAL ESTATE INSURANCE OTHER ACTIVITIES SECTOR SECTOR SECTOR Casa di Cura 100% Punta di Ferro 100% Systema 100% Villa Donatello (6) 50% Dialogo 100% Midi 99.85% Centro Oncologico Assicurazioni Città della salute 47.5% Fiorentino Casa 100% in liquidazione di Cura Villanova Donatello Day Surgery in liquidazione
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