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2020 Consolidated Integrated Report

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2020 Consolidated Integrated Report Gruppo Unipol | Bilancio Consolidato 2020 | 2 Unipol Gruppo Annual Integrated Report and Consolidated Financial Statements 2020 2020 Translation from the Italian original solely for the convenience of international readers 4 | Integrated Report 2020 | Unipol Group Company bodies BOARD OF DIRECTORS CHAIRMAN Pierluigi Stefanini VICE CHAIRMAN Ernesto Dalle Rive CHIEF EXECUTIVE OFFICER GENERAL MANAGER Carlo Cimbri GROUP CEO DIRECTORS Gianmaria Balducci Antonietta Mundo Mario Cifiello Milo Pacchioni Roberta Datteri Maria Antonietta Pasquariello Patrizia De Luise Roberto Pittalis Massimo Desiderio Annamaria Trovò Daniele Ferrè Adriano Turrini Giuseppina Gualtieri Rossana Zambelli Pier Luigi Morara Carlo Zini SECRETARY OF THE BOARD Fulvia Pirini OF DIRECTORS BOARD OF STATUTORY CHAIRMAN Mario Civetta AUDITORS STATUTORY AUDITORS Silvia Bocci Roberto Chiusoli ALTERNATE AUDITORS Massimo Gatto Rossella Porfido MANAGER IN CHARGE OF Maurizio Castellina FINANCIAL REPORTING INDEPENDENT AUDITORS PricewaterhouseCoopers SpA Unipol Group | Integrated Report 2020 | 5 Synoptic table with non-financial information 118 Contents Summary table of climate change-related disclosures (TCFD) 120 Appendix - Unipol in numbers 121 CoP - United Nations Global Compact 128 Letter from the Chairman 9 Glossary 129 Letter from the Chief Executive Officer 10 2. Consolidated Financial Statements at 31 December 2020 135 1.Annual Integrated Report 13 Tables of Consolidated Financial Statements 135 Consolidated Non Financial Statement pursuant to Italian Legislative Decree 254/2016 14 Statement of Financial Position 136 The Unipol Group 16 Income Statement 138 Unipol Group Vision, Mission and Values 16 Comprehensive Income Statement 139 Activities and sectors 18 Statement of Changes in Shareholders’ equity 140 Highlights 20 Statement of Cash Flows (indirect method) 141 Significant events in 2020 and after 31 December 2020 22 Risks, opportunities and strategy 29 3. Notes to the Financial Statements 143 Macroeconomic background and market performance 29 1. Basis of presentation 144 Main regulatory developments 32 2. Main accounting standards 149 Future orientation in the use of capital 34 3. Notes to the Statement of Financial Position 176 “Mission Evolve”: the 2019-2021 strategies 36 4. Notes to the Income Statement 192 Material stakeholder engagement topics and processes 38 5. Other Information 198 The creation of value 40 5.1 Hedge Accounting 198 Capital performance 42 5.2 Information relating to the actual or potential effects of netting agreements 199 Shared value: the impacts generated by the Unipol Group 58 5.3 Earnings (loss) per share 201 Governance 67 5.4 Dividends 201 Corporate Governance 67 5.5 Non-current assets or assets of a disposal group held for Internal Control and Risk Management System 69 sale and discontinued operations 201 Capital requirements 81 5.6 Transactions with related parties 202 Remuneration system and incentives 82 5.7 Fair value measurements - IFRS 13 207 Unipol Group Performance 84 5.8 Information on public funds received 210 Other information 113 5.9 Share-based compensation plans 211 Transactions with related parties 113 5.10 Non-recurring significant transactions and events 211 Solvency II solvency position 113 5.11 Atypical and/or unusual positions or transactions 211 Report on corporate governance and ownership structures 5.12 Additional information on the temporary exemption from pursuant to Art. 123-bis of Legislative Decree 58 of IFRS 9 211 24 February 1998. 114 5.13 Criteria to determine the recoverable amount of goodwill Ethics Report 115 with an indefinite useful life (impairment test) 213 Business outlook 117 5.14 Notes on Non-life business 216 5.15 Notes on Life business 219 5.16 Risk Report 2020 of the Unipol Group 220 4. Tables appended to the Notes to the Financial Statements 239 Consolidation scope 240 Consolidation scope: interests in entities with material non- controlling interests 246 Details of unconsolidated investments 246 Statement of financial position by business segment 248 Income statement by business segment 250 Details of property, plant and equipment and intangible assets252 Details of financial assets 252 Details of assets and liabilities relating to insurance contracts where the investment risk is borne by policyholders and arising from pension fund management 254 Details of technical provisions – reinsurers’ share 254 Details of technical provisions 255 Details of financial liabilities 256 Details of technical insurance items 257 Investment income and charges 258 Details of insurance business expenses 260 Details of the consolidated comprehensive income statement 260 Details of reclassified financial assets and their effects on the income statement and comprehensive income statement 262 Assets and liabilities at fair value on a recurring and non- recurring basis: breakdown by fair value level 264 Details of changes in level 3 financial assets and liabilities at fair value on a recurring basis 265 Assets and liabilities not measured at fair value: breakdown by fair value level 266 5. Summary of fees for the year services provided by the Independent Auditors 269 6. Statement on the Consolidated Financial Statements in accordance with art. 81-Ter of Consob regulation 11971/1999 273 8 | Integrated Report 2020 | Unipol Group Letter from the Chairman 2020 was a year that was far from ordinary, overturning interpretation formats, relational models, and even how we think about the future and plan for the present. The Unipol Group has faced this crisis with determination, always putting people first, their health, protection of their spending power, and their feelings. It is important to emphasise the initiatives undertaken to mitigate the impact of the crisis on our customers, our colleagues, our agents, and the communities hardest hit by COVID-19. The 2020 Integrated Report represents this major commitment, leveraging all of its aspects, since it was closely linked to our core business, yet at the same time demonstrates the capacity for resilience we have shown and which will guide our work for the near future. We are weary as this difficult phase comes to a close, but also innovated and strengthened. Like everyone, we have accelerated the digitalisation processes, both internal and external, that we are learning to live with and, to best govern them, we have decided to adopt a special data responsibility policy. The new aspects of this Report do not only regard management of the pandemic and its consequences. Our actions to ensure sustainable business management have continued, in fact, and given the Group new policies and new tools. Indeed, in this Report we are reporting for the first time on the results of sustainability risk governance processes activated, with a focus on those assessed by the newly-established ESG Task Force because we believe transparency to be fundamental in relations with stakeholders. The regulatory provisions defined and pending definition for the financial sector in this respect are numerous and complex, and we consider them to be an important market qualification tool and support for the dissemination of responsible finance as a key player in sustainable development. For this reason we have initiated extensive adaptation processes that ensure our positioning is always higher than the legislative requirements, marking us among the good practices in the sector. In this context, our commitment to participating in the reflections on sustainability for the international financial system has increased further, knowing that the integration of the different processes and tools existing at this time, by public and private institutions, is fundamental to ensuring transition of the business system in support of the UN 2030 Agenda. Pierluigi Stefanini Unipol Group | Integrated Report 2020 | 9 Letter from the Chief Executive Officer Dear reader, Dear Unipol Gruppo shareholders, The Shareholders’ Meeting is called upon to approve the Unipol Gruppo financial statements relating to one of the most difficult years in our country’s recent history. In Italy, the COVID-19 pandemic has caused the worst economic recession of the post-war period, with GDP dropping by 8.9% in 2020. The human, social and economic consequences of the health crisis have been terrible. In 2020, we lost almost 450 thousand jobs, i.e. around 2% of the workforce, and tragically have recorded over 100 thousand deaths from COVID-19 to date. The Unipol Group wanted to tangibly express its closeness to our compatriots and to all of those who have suffered due to the pandemic, to law enforcement officers, volunteers and all the healthcare workers, whose enormous efforts - even risking their own lives - was plain to all, by donating over €20m to healthcare facilities in the Italian regions worst hit by the pandemic and making other facilities available to the national health service to house new intensive care beds. It was an extraordinary year for our country, but also for the Unipol Group. We have had to deal with challenges that were previously unimaginable to guarantee the continuity of our services, considered essential since the outset of the pandemic, and which we therefore had to the duty to continue to provide throughout the year, including during lockdown periods. It was necessary to adopt unconventional initiatives to guarantee that agencies could open their doors in compliance with the safety protocols and regulatory provisions implemented over time, providing medical safeguards, changing layouts and, when necessary,
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