UNIPOL GROUP

2006 RESULTS PRESENTATION

2

Disclaimer

This presentation contains information relating to forecasts

of figures, results and events which reflect the current

management outlook, but these could differ from what

actually happens owing to events, risks and market factors

that it is presently impossible either to know or to predict.

3

Agenda

Insurance Business3

2 Summary of Consolidated Results

Banking Business4

5 Conclusions

11 2006 -2007 Key Events2006 -2007 Key Events

4

2006/2007 Key events

January 2006: Appointment of Mr. P. Stefanini as Chairman and

Mr. V. Galanti as Vice-Chairman

February 2006: Agreement with BNP Paribas to sell the BNL Stake

and 5-year exclusive agreement to distribute

bancassurance products through the BNL Network

April 2006: Sold BNL stake

June 2006: Appointment of Mr. C. Salvatori as new CEO

September 2006: 2006 – 2009 Industrial Plan

December 2006: Start of the Reorganization Plan to set-up the new

group Unipol Gruppo Finanziario

March 2007: Conclusion of the PTO launched on Aurora: 87.47%

shares, subject to the Offer were tendered for a final

657 EUR/m expenditure. As of today, Unipol owns

95.8% of Aurora Assicurazioni share capital.

5

Agenda

Insurance Business3

22 Summary of Consolidated ResultsSummary of Consolidated Results

Banking Business4

5 Conclusions

1 2006-2007 Key Events

6

2004 2005 2006

INSURANCE BUSINESS (Direct Premium Income - local GAAP) INSURANCE BUSINESS MARKET SHARES

BANKING INCOME – UNIPOL BANCA LOANS TO CUSTOMERS - UNIPOL BANCA

10,77710,730EUR/m

Life

Non.Life

+0.4%

Life

Non-Life

2005 2006

Funds

Deposits

EUR/m

+12%

+14%

2005 2006

5,2616,251 +19%

EUR/m

Unipol Group – Summary of key consolidated figures

4,06

1

3,94

8 6,71

6

6,78

2

2005 2006

10.9% 10.9% 10.9%E

8.7%

9.2% 9.4%E

23,6

45

26,3

54

6,95

1

7,91

2

-1%

+2.9%

+18.6%

+2.1%

7

EUR/m

254 281

2880

2005 2006

283

362

2005 2006

EUR/m

TOTAL INVESTMENTS

CONSOLIDATED RESULTS

2005 2006

EUR/m

INVESTMENT INCOME & CHARGES

+4%

+22%

+28%Net Profit

Minorities

Unipol Group – Summary of key consolidated figures

957 1,16335,925

37,350

+186%

+10.5%

8

Agenda

Insurance BusinessInsurance Business33

2 Summary of Consolidated Results

Banking Business4

5 Conclusions

1 2006-2007 Key Events

9

Life Premium Income

Insurance Income and Life Premiums

Income by channel

Pension Funds 1% (3% in 2005)

Traditional 35%(37% in 2005)

Index/Unit Linked 33%(21% in 2005)

Capital redemption

31%(38% in 2005)

Multi business companies 2,730 -10.0%

Bancassurance 3,986 +6.3%

Income by Company

EUR/m EUR/m

Agencies 1,231 +17.5% 18%

BankingOutlets 4,396 +7.5% 65%

FinancialAdvisers 115 +79.7% 2%

% on total

Head OfficeBroker 15%974 -38.4%

6,78

2

6,71

6

4,69

5

4,23

8

2005 2006

Local Gaap IFRS4 premiums

-1.0%

+10.8%

EUR/m

10

Embedded Value

IN-FORCE VALUE430

In Force 31.12.2005

Var.

(23)

Change inBNL Vita

agreement

In Force 31.12.2006(same rates)

(6)

424389

In Force 31.12.2006

(BNL Vitanew agreement)

In Force 31.12.2006

366

Discount rate: 6.0% Yield rate: 4.25%

(35)

Change in rates

EUR/m

Discount rate: 6.5%Yield rate: 4.25%

HYPOTHESIS ADOPTED

Figures relating to New Business Value and Life Embedded Value are net of taxes, policyholders’ benefits, cost of capital and minorities.

HYPOTHESIS ADOPTED 2005:

- Discount rate: 6.00% - Yield rate: 4.25% - Tax-rate: 35%

HYPOTHESIS ADOPTED 2006:

- Discount rate: 6.50% - Yield rate: 4.25% - Tax-rate: 35%

LIFE EMBEDDED VALUE

20062005

EUR/m

430

1,609

Adj. shareholders’ equity and reserves In Force Value

2,039

366

1,849

1,483

-9%

of whichchanges in

AFS reservesfor 130 EUR/m

11

New Business Value and A.P.E.

NEW BUSINESS VALUE

97.3

EUR/m

61.2

100

68.3

2005 2006 2006 2006

A.P.E.EUR/m

20062005

470437 -7.0%

Old rates and previous

agreement with BNL

New agreement with BNL

Change in rates and new

agreement with BNL

12

2005 2006

Unipol 1,476 +3.3%

Othercompanies of

the Group

2,585 +2.6%

62%

15%

10%

4%EUR/m

EUR/m

+2.0%

+4.2%

+2.9%

Non-Life Premium Income

NON-LIFE DIRECT PREMIUMS

INCOME BY COMPANY INCOME BY CHANNEL

Accident/Health

Motor

Fire/Other damage to property

General T.P.L.

Other

3,948 4,061

2,454 2,503

1,494 1,558

Agencies 3,527 +2.5%

Head Office/Brokers 357 +3.3%

DirectChannel +8.7%

86.8%

8.8%

4.4%

% on total

177

3,527

EUR/m

Motor Non - Motor

9%

13

Non-Life business: Figures

COMBINED RATIOnet of reinsurance

94.6%

73.1%

21.5%

20062005

93.8%

22.6%

71.2%

Expense Ratio

Loss Ratio

RESERVES AND RESERVE RATIO (*)

7.1 7.4

181%180%

2005 2006

+3%

EUR/bn

* Non-Life Technical Provisions / Non-Life Gross Written Premiums

MOTOR T.P.L. SETTLEMENT SPEED

64.5%65.4% +90 b.p.

(current year)

20062005

MOTOR T.P.L. AVG. CLAIMS COST

2006

7,570 +1.6%*

EUR

2005

7,450

*vs 2.1% 2006 inflation rate (ISTAT)

14

Agenda

Insurance Business3

2 Summary of Consolidated Results

Banking BusinessBanking Business44

5 Conclusions

1 2006-2007 Key Events

15

Unipol Banca – Key Financials

DEPOSITS AND LOANS CUSTOMER FUNDS

+19%

EUR/M

2005 2006

+12%

EUR/M

4,96

8

5,26

1 5,29

5

6,25

1

LendingCustomer Deposits

2005 2006

21,5

91

24,2

04

2,0552,15123,64526,354

Funds Under Custody

+11%

+14%Assets Under Management

NON-PERFORMING LOANS

2005 2006

Cover Ratio 58.3% 62.5%

0.64% 0.66%

Net Non-Performing Loans 34 41

EUR/M

Lending 5,261 6,251

Net bad and doubtful loans/Net loans

6,95

1

7,91

2

16

Unipol Banca – Key Financials

GROSS OPERATING INCOME COST / INCOME RATIO

187241

+29% 84.3%69.5% -148 b.p.

EUR/M

2005 2006 2005 2006

NET PROFITEUR/M

2005 2006

30.2

-4.0

DISTRIBUTION NETWORK

2005

440

250

45

Branches

FinancialAdvisers

Fin. Countes 418

39

mar 2007

268

o/w 146 integratedwith ins. agencies

o/w 129 integratedwith ins. agencies

17

Agenda

Insurance Business3

2 Summary of Consolidated Results

Banking Business44

5 ConclusionsConclusions

1 2006-2007 Key Events

18

2005 2006

+28%

283

362

Consolidated Profit and R.O.E.

R.O.E.

7.7%

2005 2006

CONSOLIDATED PROFIT (EUR/M)

9.1%*

* Excess Capital excluded

6.3%

19

Proposed dividend

Ordinary 88.4 %

Total Dividends (ord.+pref.) 20062005

97.1%

20062005

Preference shares

2006

0.1252DPS

Dividend Yield

0.1252

5.45%

2005

4.90% Dividend Yield 4.51% 4.26%

Payout*

0.12000.1200

20062005

Extraord.

Ordinary 193.5

94.4

287.9

181.7

106.2

287.9

-6.1%

+12.5%

Ordinary shares

DPS

EUR/m

Dividend yield as calculated on the Board Directors’ Meeting previous date.

Share Price Share Price2.299 2.6632.554 2.814

Number of shares 1,460,524,546899,619,864 Number of shares

* On Parent Company result

20

2.7 -0.3

2.5 -0.7

1.8

EUR/bn

Unipol Group Excess Capital rolled-forward

2.8Ord: 0.182 Extr.: 0.106

Preliminary figures

ExcessCapital

as at31/12/2005

Dividendpayment

Unipol Ass.

PTO on Aurora

ExcessCapitalas at

15/3/2007(pro-forma)

ExcessCapital

as at31/12/2006

(before dividendPayment)

ExcessCapital

as at31/12/2006

(after dividendPayment)

21

Up-date of 2006-2009 Strategic Plan *

Confirmation of 2006-2009 Strategic Targets

Ecom

onic

s

2006 2007 2008 2009

14% ROE

• New Strategic Plan

• Group Restructuring and product innovation

• Focus on Insurance-Bankingintegrated model

•Hit strategictargets

* The current strategic plan does not include any M&A operation

• New Total Compensation forManagement

22

Contacts

Adriano Donati

a.donati@unipol.it

Francesco Fronzoni

f.fronzoni@unipol.it

Investor Relations

Unipol Assicurazioni - Via Stalingrado 45 Bologna

Tel. +39.051.507.6166

Tel. +39.051.507.6563