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Milano Assicurazioni 2012 Consolidated Financial

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Milano Assicurazioni 2012 Consolidated Financial MILANO ASSICURAZIONI S.p.A. 2012 Consolidated Financial Statements MILANO ASSICURAZIONI S.p.A. MILANO ASSICURAZIONI S.p.A. 5 YEAR OVERVIEW – CONSOLIDATED (In Euro thousands) 2008 2009 2010 2011 2011 2012 IAS 8 Restated TOTAL PREMIUMS % % % % % % MOTOR TPL 1,729,077 42.20 1,857,941 51.16 1,852,144 51.00 1,827,309 54.13 1,827,309 54.13 1,658,671 53.31 NON-LIFE 1,198,918 29.26 1,278,188 35.20 1,251,845 34.47 1,151,617 34.11 1,151,617 34.11 1,074,408 34.53 LIFE 1,169,672 28.54 495,528 13.64 527,782 14.53 396,951 11.76 396,951 11.76 378,564 12.17 TOTAL 4,097,667 100.00 3,631,657 100.00 3,631,771 100.00 3,375,877 100.00 3,375,877 100.00 3,111,643 100.00 CLAIMS PAID and related charges 3,733,703 3,120,808 3,233,813 3,126,242 3,126,242 3,014,069 INSURANCE CONTRACT LIABILITIES UNEARNED PREMIUM PROVISION 1,166,756 1,174,114 1,192,062 1,146,826 1,146,826 1,052,922 CLAIMS PROVISION 3,780,404 3,936,933 4,096,194 4,380,552 4,380,552 4,441,402 OTHER NON-LIFE TECH. PROVISION 4,523 3,562 3,287 2,897 2,897 2,488 LIFE TECHNICAL PROVISION 5,821,790 3,899,328 3,852,793 3,541,924 3,541,924 3,377,701 TOTAL 10,773,473 9,013,937 9,144,336 9,072,199 9,072,199 8,874,513 PROVISIONS/PREMIUMS 262.92% 248.20% 251.79% 268.74% 268.74% 285.20% GROUP SHAREHOLDERS' EQUITY SHARE CAPITAL AND RESERVES 1,814,603 2,021,908 1,971,959 1,415,691 1,282,691 1,253,943 NET PROFIT/(LOSS) 167,916 -139,987 -668,711 -487,479 -354,479 -216,047 TOTAL 1,982,519 1,881,921 1,303,248 928,212 928,212 1,037,896 INVESTMENTS 12,562,830 9,443,895 9,101,143 8,355,884 8,355,884 8,475,412 EMPLOYEES 2,087 2,026 1,963 1,855 1,855 1,867 MILANO ASSICURAZIONI S.p.A. CONTENTS CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS’ REPORT……………………………………….. Pag. 5 - Non-Life Insurance Sector………………………………..…..… Pag. 15 - Life Insurance Sector…………………………………………… Pag. 25 - Real Estate Sector…………………………..…………………... Pag. 31 - Other Sectors……………………………….…………………… Pag. 35 - Asset and Financial Management…………….………………… Pag. 37 - Other information .……………………………………………… Pag. 51 - Significant events after the end of the year……………………… Pag. 71 - Outlook……………..…………………………………………… Pag. 75 CONSOLIDATED FINANCIAL STATEMENTS………..…… Pag. 77 - Balance sheet………………..…………......……………….…… Pag. 80 - Income Statement……………………………………………….. Pag. 82 - Statement of change in shareholders’ equity……………….…… Pag. 88 - Cash flow statement……………………………………………… Pag. 90 EXPLANATORY NOTES - Information on the group and activities carried out……….……… Pag. 91 - PART A - Accounting Policies…………….……………………… Pag. 92 Section 1 - Declaration of compliance with IAS/IFRS………… Pag. 92 Section 2 - Consolidation scope and consolidation methods...… Pag. 96 Section 3 - Accounting principles……………………………… Pag. 99 - Group Structure…………………………….……………………… Pag. 127 - PART B - Information on the Consolidated Balance Sheet………. Pag. 133 - PART C - Information on the Consolidated Income Statement…… Pag. 169 - PART D - Segment Information…………………………………… Pag. 181 - PART E – Information on financial risks……………..…………… Pag. 186 - PART F - Amounts, timing and level of uncertainty in the cash flows relating to insurance contracts……..…………… Pag. 210 - PART G - Information on business combinations……….………… Pag. 229 - PART H - Transactions with related parties…………………..…… Pag. 230 - PART I - Subsequent events after the year end……….…………… Pag. 232 - PART L - Other information………………………………………. Pag. 233 Attachments………………………………………….……………. Pag. 242 Information from the latest financial statements of the company that exercises direction and control of the company……………… Pag. 258 Declaration of the Consolidated Financial Statements as per Article 81-ter of Consob Regulation No. 11971 …….…….. Pag. 260 BOARD OF STATUTORY AUDITORS’ REPORT……………... Pag. 261 REPORT OF THE INDEPENDENT AUDIT FIRM……………… Pag. 264 STRUCTURE OF THE GROUP……...................................……… Pag. 269 RELAZIONE DELLA SOCIETÀ DI REVISIONE…………. Pag. 101 * * * * * MILANO ASSICURAZIONI S.p.A. MILANO ASSICURAZIONI S.p.A. Directors’ Report MILANO 344 2012 Consolidated Financial Statements Adjustment to the 2012 consolidated financial statements following CONSOB request of March 17, 2013, Protocol No. 13032790 On April 17, 2013, CONSOB requested the Company pursuant to Article 114, paragraph 5, of Legislative Decree No. 58/98 to issue a press release outlining the reasons why the Board of Directors of the Company, in the consolidated financial statements approved on March 20, 2013, did not apply the provisions of IAS 8 relating to the comparative figures for the 2011 consolidated financial statements in order to correct the errors noted by CONSOB and contained in Decision No. 18432 of December 21, 2012. It is recalled that the CONSOB Decision contested the accounting of part of the revaluation of the Motor TPL claims provisions (concerning years prior to 2011), which, according to CONSOB, should have been considered as a correction of an error of the previous year with the restatement of the 2010 Financial Statements, in compliance with IAS 8. Therefore, the Group should have adjusted the 2010 Consolidated Result, improving consequently the 2011 Consolidated Result, for an amount at least equal to the under- provision in the Motor TPL claims provision of Euro 203 million before the tax effect, highlighted by ISVAP in the Note of significant issues of November 17, 2011 to Milano Assicurazioni S.p.A.. Milano Assicurazioni promptly complied with the request of CONSOB, although not in agreement with its position, publishing in the press release of December 27, 2012 the pro- forma consolidated financial statements, together with comparative figures, of the effects that recognition according to the rules would have on the balance sheet, income statement and net equity for the years 2010 and 2011. Further information is provided in the section “Other information” which also reports the full content of the above mentioned press release, to which reference should be made. Given that the above-mentioned CONSOB decision requested that “the declaration of non- conformity and the additional disclosures requested above should be, in addition, provided together with the 2012 Annual Report as well as the other documents published for the market which refers to reporting on the 2011 financial statements of Milano Assicurazioni”, the Board of Directors, in order to comply with these requests, considered it appropriate to adjust the consolidated financial statement approved on March 20, 2013, including, where applicable, in the consolidated Directors’ Report, Financial Statements and Explanatory Notes the above- mentioned 2011 comparative figures (in accordance with the figures already published on December 27, 2012) restated applying the corrections indicated by CONSOB, in addition to the original figures published. 7 MILANO ASSICURAZIONI S.p.A. Therefore in the present report, financial statements and explanatory notes reference, within the additional disclosures, to “IAS 8 Restated” figures refers to those made in accordance with CONSOB Decision No. 18432 of December 21, 2012. It is again highlighted that this change did not impact the 2012 balance sheet and income statement, which was unchanged and on which the restatement of the 2011 figures did not have any impact. Financial highlights In 2012 the Group reported a net loss of Euro 216 million compared to a loss of Euro 487.5 million in the previous year. In the “IAS 8 Restated” figures, the 2011 loss reduced to Euro 354.5 million, as Euro 203 million of the strengthening of the prior year claims provisions, net of the tax effect, are considered by Consob as a correction of an error in previous years and therefore should not be included in the 2011 income statement. Also 2012 was impacted by extraordinary items: the result was significantly impacted by the revaluation of the Motor TPL and General TPL prior year provisions and impairments on financial instruments and property investments. The current operational performance was however positive, although the difficult economic environment has negatively impacted premiums written. The key figures in the 2012 income statement compared to the previous year are shown below: 8 2012 Consolidated Financial Statements 2012 2011 2011 (in Euro thousands) IAS Restated Net premiums 3,074,067 3,279,514 3,279,514 Commission income 783 851 851 Income and charges from financial instruments at fair value through profit or loss 11,200 -15,127 -15,127 Income from subsid., ass. and jt. ventures 594 388 388 Income from other financial instruments and property investments 384,244 372,321 372,321 - Interest income 237,440 238,143 238,143 - Other income 46,626 51,803 51,803 - Profits realised 96,656 82,375 82,375 - Valuation gains 3,522 - - Other income 168,589 180,098 180,098 Total revenues 3,639,477 3,818,045 3,818,045 Net claims charges -2,669,764 -2,859,765 -3,062,765 Commission expenses -121 -233 -233 Charges from subsid., ass. & jt. ven. -23,446 -17,549 -17,549 Charges from other financial instruments and property investments -267,109 -392,761 -392,761 - Interest expense -10,905 -12,518 -12,518 - Other expenses -20,455 -21,290 -21,290 - Losses realised -61,082 -52,355 -52,355 - Valuation losses -174,667 -306,598 -306,598 Operating expenses -588,484 -632,686 -632,686 - Commissions and other acquisition expenses -473,384 -508,066 -508,066 - Investment management charges -5,526 -5,521 -5,521 - Other administration expenses -109,574 -119,099 -119,099 Other expenses -371,187 -336,679 -336,679 Total costs -3,920,111 -4,239,673 -4,442,673 Loss before taxes -280,634 -421,628 -624,628 Income taxes 63,310 36,170 106,170 Net loss in the year -217,324 -385,458 -518,458 Net result from discontinued activities 1,156 30,851 30,851 Consolidated loss -216,168 -354,607 -487,607 Result pertaining to minority interest -121 -128 -128 Group net loss -216,047 -354,479 -487,479 9 MILANO ASSICURAZIONI S.p.A.
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