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FONDIARIA-SAI S.P.A REPORTS AND FINANCIAL STATEMENTS YEAR 2007 FONDIARIA-SAI S.p.A. FONDIARIA-SAI S.P.A. REGISTERED OFFICE AND HEADQUARTERS FLORENCE - P.ZA DELLA LIBERTA 6 - TURIN HEADQUARTERS - CORSO G. GALILEI, 12 - SHARE CAPITAL EURO 168,692,679 FULLY PAID IN - TAX VAT AND FLORENCE 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 5 YEAR OVERVIEW - PARENT COMPANY Euro/thousand 2003 % 2004 % 2005 % 2006 % 2007 % TOTAL PREMIUMS MOTOR AND MARITIME TPL 2.303.226 46,99 2.299.623 45,40 2.269.758 43,22 2.278.106 43,29 2.180.755 42,99 NON-LIFE DIVISION 1.550.396 31,63 1.581.699 31,22 1.611.663 30,69 1.618.246 30,75 1.673.393 32,99 LIFE DIVISION 1.048.100 21,38 1.184.394 23,38 1.370.593 26,10 1.365.612 25,95 1.218.049 24,01 TOTAL 4.901.722 100,00 5.065.716 100,00 5.252.014 100,00 5.261.964 100,00 5.072.197 100,00 CLAIMS PAID and related charges 3.312.062 3.623.340 3.692.246 3.905.853 4.269.219 GROSS TECHNICAL RESERVES UNEARNED PREMIUM RESERVE 1.301.395 1.310.287 1.342.538 1.346.849 1.388.467 CLAIMS RESERVE 5.124.933 5.193.967 5.094.202 4.965.603 4.801.785 OTHER TECHNICAL RESERVES 18.732 16.191 17.872 19.789 25.144 LIFE TECHNICAL RESERVES 6.900.147 7.352.975 8.083.783 8.427.512 8.373.535 TOTAL 13.345.207 13.873.420 14.538.395 14.759.753 14.588.931 TECHNICAL RESERVES/PREMIUMS 272,26% 273,87% 276,82% 280,50% 287,63% SHAREHOLDERS' EQUITY SHARE CAPITAL AND RESERVES 2.186.526 2.251.107 2.394.071 2.547.373 2.468.001 NET PROFIT 133.060 258.473 300.603 272.074 323.071 2.319.586 2.509.580 2.694.674 2.819.447 2.791.072 INVESTMENTS %%%% % BUILDINGS 1.315.002 8,91 1.085.550 7,19 1.123.656 6,96 1.161.592 6,92 1.192.798 7,02 SECURITIES AND TIME DEPOSITS 12.073.403 81,77 12.643.622 83,74 13.626.677 84,46 14.627.153 87,17 14.892.268 87,64 LOANS 153.799 1,04 101.025 0,67 96.569 0,60 70.206 0,42 70.091 0,41 DEPOSITS AT REINSURING COMPANIES 432.416 2,93 381.149 2,52 326.286 2,02 67.970 0,41 65.592 0,39 DEPOSITS AT CREDIT INSTITUTIONS 184.443 1,25 162.884 1,08 230.509 1,43 156.297 0,93 160.501 0,94 CLASS D INVESTMENTS 606.842 4,11 725.228 4,80 729.406 4,52 696.482 4,15 610.923 3,60 TOTAL 14.765.905 100,00 15.099.458 100,00 16.133.103 100,00 16.779.700 100,00 16.992.173 100,00 EMPLOYEES PARENT COMPANY 2.806 2.749 2.673 2.649 2.624 2 MAIN EVENTS IN 2007 Acquisitions and Bancassurance Popolare Vita S.p.A. On September 7, 2007, the Banco Popolare Group and the Fondiaria-SAI Group completed the agreement for an exclusive strategic partnership in the Banco Popolare Group bancassurance Life and Pension sectors. Having obtained the necessary authorisations from the relevant Authorities, Fondiaria-SAI acquired from the Banco Popolare Group a total holding of 50% in the share capital of Popolare Vita S.p.A. (formerly BPV VITA) at the price of Euro 530 million. Specifically, Fondiaria-SAI acquired a holding of 35% in Popolare Vita S.p.A. (formerly BPV VITA) from Banco Popolare Soc. Coop., at a price of Euro 371 million, and a holding of 15% in Credito Bergamasco S.p.A. at a price of Euro 159 million. Within this agreement, Fondiaria-SAI acquired a further share of Popolare Vita S.p.A. (formerly BPV VITA), consequently becoming the majority shareholder in the company. The Banco Popolare Group and the Fondiaria-SAI Group also signed a shareholder agreement in order to govern both the industrial aspects of the partnership and the corporate governance regulations of Popolare Vita S.p.A.. The agreement provides for reciprocal options in the case of the dissolution of the partnership, valuing the holding of Fondiaria-SAI at the appraisal value. Also on September 7, 2007, Popolare Vita S.p.A. and the Banco Popolare Group signed a ten year distribution agreement, renewable for a further 5 year period. This exclusive agreement will commence from January 1, 2008, except in relation to the existing distribution agreements with AVIVA and AURORA (exclusive agreements expiring in May 2009 in the branches of the former Reti Bancarie S.p.A.). Once fully operational, the distribution of Popolare Vita S.p.A. can therefore count on a total network of approximately 2,200 branches. Banca Gesfid S.A. On May 31, 2007, Fondiaria-SAI concluded an agreement with Meliorbanca S.p.A. for the residual purchase of 40% of the share capital of Banca Gesfid S.p.A. at a price of CHF 47 million. The operation was completed in July, after obtaining the necessary authorisations from the relevant Italian and Swiss authorities. DDOR Novi Sad On November 26, 2007, the sale was concluded through a public auction of the second Serbian insurance company DDOR Novi Sad with Fondiaria-SAI successful in obtaining 83.3% of the share capital at a price of Euro 220 million. On January 31, 2008, the sales/purchase contract of the above quota was completed, sold by the Deposit Insurance Agency of Serbia as shareholder and representative for the minority shareholders. For further details in relation to the closing of the operation reference should be made to the paragraph “subsequent events after the year end”. 3 Bipiemme Vita S.p.A. On June 29, 2007, Milano Assicurazioni, on the basis of the agreements completed on June 14, 2006 with Banco Popolare di Milano, exercised the option for the purchase of a further quota of 1% in the share capital of Bipiemme Vita S.p.A., increasing its total holding to 51%; the operation resulted in the transfer of control of Bipiemme Vita to Milano Assicurazioni. Banca Italease On January 8, 2008, following the changed conditions in the proposed industrial partnership, Banca Italease and Fondiaria-SAI mutually agreed to resolve the sales/purchase agreement and the related agreements signed on April 26, 2007. Banca Italease and Fondiaria-SAI also signed, on the same date, a new agreement which provides for the exclusive distribution of the Life insurance products of the Fondiaria-SAI Group through the branches and networks of the agents and conventional intermediaries of the Banca Italease Group. This commercial agreement refers to Life products prevalently in Classes I, III, and V and for a duration of 5 years, renewable for a further 5 years. On February 20, 2008, Fondiaria-SAI ceded the distribution agreement with Banca Italease to its subsidiary EFFE VITA S.p.A., the insurance company of the Group which acts as a vehicle for the realisation of distribution agreements with banks in the Life Division. Other events 2006 - 2008 Industrial Plan On April 12, 2007, at the annual meeting with the Financial Community, the Chief Executive Officer Prof. Fausto Marchionni provided updated information on the 2006-2008 Industrial Plan of the Group, underlining the bancassurance relationships in the Non Life and Life Divisions, on the relaunch of the direct sales channel and on the excess capital. Rating Standard & Poor’s On June 29, 2007, the rating agency Standard & Poor’s improved the rating of the Fondiaria-SAI Group, increasing the rating from BBB to BBB+, confirming the positive outlook. Acquisition of treasury shares On June 5, 2007, the buy back programme commenced, in accordance with the programme approved by the shareholders’ meeting of April 30, 2007, within the wider programme contained in the 2006-2008 industrial plan of the Group. 4 On September 12, 2007, the buy-back programme of saving shares commenced, in accordance with the buy- back programme approved by the shareholders’ meeting of April 30, 2007, within the wider programme contained in the 2006-2008 Industrial Plan of the Group. From October 1, 2007, the Company commenced the purchase of 800,000 saving shares, for a maximum payment of Euro 20 million within the limits of the maximum quantity of ordinary and/or saving shares and the total maximum payment for the two categories of shares authorised by the shareholders’ meeting of April 30, 2007. Stock options On June 20, 2007, the vesting period established by the regulations of the stock option plan was brought forward, concerning the saving shares of the Company, in favour of the executive directors and management of Fondiaria-SAI, of its subsidiaries and of the parent company, as approved by the shareholders’ meeting of April 28, 2006. The decision takes into account, on the one hand, the reaching of some objectives in the 2006- 2008 Industrial Plan of the Group and, on the other hand, the future changes to the relative various fiscal regulations. EDS Italia On February 5, 2007, Fondiaria-SAI signed a ten-year contract with EDS Italia for the supply of services for the management of the Information Technology infrastructure of the Group.
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