The Unipol Group is today the second-largest insurance group operating in Italy and the largest operating in Non-Life business.
The Unipol Group under the new pro-forma consolidation scope (therefore, including the premiums of the Premafin/Fondiaria-SAI Group) reported as at 31 december 2012 consolidated direct insurance premiums of €16.8bn, of which €10.6bn in the Non-Life business and €6.2bn in the Life business.
It offers the full range of insurance and financial products and is particularly active in the supplementary pension and health sectors.
The Unipol Group has more than 13.5 million customers (Unipol 6.5 million, Fondiaria-Sai 4 million and Milano Assicurazioni 3 million), with a primary sales network of 4,600 branches, a secondary network of 7,300 branches and 300 bank branches on 31 December 2012.
Unipol Gruppo Finanziario S.p.A. is a listed holding and services company, the majority shareholder of which is Finsoe S.p.A., which currently holds 50.75% of the ordinary share capital and which in turn is 64.6% owned direct by 28 cooperatives, including the main Italian consumer, manufacturing and workers' cooperatives.
Pierluigi Stefanini is Chairman of the Unipol Group and Carlo Cimbri is its Chief Executive: they were appointed in January 2006 and April 2010 respectively.
The history of the Unipol Group begins with Unipol Assicurazioni, founded in 1963 following the acquisition by several cooperatives belonging to the Lega delle Cooperative (League of Cooperatives).
It provides its insurance services through Unipol Assicurazioni, Linear, Linear Life, UniSalute, Fondiaria-Sai, Milano Assicurazioni, Dialogo, Liguria and Siat, its bancassurance services through Arca, Arca Vita, Popolare Vita, BIM Vita and Systema and its banking, funds under administration and merchant banking services through Unipol Banca, Unipol Fondi, Unipol SGR, Unicard and BancaSai.
The merger of Unipol Assicurazioni, Fondiaria-Sai, Milano Assicurazioni and Premafin
On 29 January 2012 the Unipol Group announced the launch of the merger of Unipol Assicurazioni, Fondiaria SAI, Milano Assicurazioni and Premafin. The acquisition afforded the Group an important opportunity for expansion; the project was based on a strong business rationale, the cornerstones of which were:
- the creation of a market leader in Non-Life insurance in Italy, with a European dimension;
- restructuring and simplification, based on Unipol's reliable track record of mergers;
- approximately €350m of business synergies in the medium term (recovery of Non-Life profitability, costs, improved productivity);
- a significantly stronger asset base;
- the creation of value for all stakeholders.
The merger was dependent on a series of conditions and operations, in particular:
- Unipol obtained the required permits from all the Supervisory Authorities concerned.
- On 19 July 2012 Unipol carried out the Premafin capital increase reserved for Unipol. At the same time Premafin and its subsidiary Finadin subscribed the capital increase of Fondiaria SAI required to restore the proper solvency ratio. As a result of these operations Unipol became Premafin's majority shareholder with approximately 81% of the share capital and consequently acquired control of the Fondiaria SAI Group.
- On 13 September 2012 Unipol finalised the €1,100m capital increase for the purpose of the merger.
- On 14 November Unipol presented its results for the first nine months of 2012 and the Premafin/Fondiaria-Sai Group results were consolidated for the first time.
Unipol Group structure at November 2012