UnipolSai Assicurazioni S.p.A. (UNI) Earnings Call Transcript & Summary

[Interpreted] Ladies and gentlemen, good morning, and welcome. Welcome once again. Now first and foremost, it's a pleasure and it's indeed an honor for me. It's something new, a new pleasure. I really want to share this with you because after 2 years, I mean, we sort of forgot this kind of in-presence meetings. Well, I see all of you still wearing a mask, and thank you for doing this. But at least we can meet here, well, instead of seeing us on a screen. Once again, [Foreign Language]. Welcome to all of my colleagues from Unipol, my colleagues from the Board of Directors. I also would like to welcome all those representing the markets, those representing our agencies, I mean, all the agents whom we have invited here today in Milan. And I'm sure many people are also enjoying our streaming, our digital channels. So thank you so much for joining us this morning. Now today, we are here to tell you a story, and I need to say that our story has deep roots. And you will see that we have a leitmotif or a fil rouge that connects the past, the present and the future. Now we know that, I mean, the key reason, if you will, for this meeting, for this day to be spent together is to be talking about future projects, our plans, programs, numbers, figures, objectives, results, I mean, many things that I will walk you through during the morning. Now all of this is based on solid pillars, now pillars that, over the years, we have been able to build. They have been built by Unipol's men and women, by those who managed to build the modern Unipol. And all of the Unipol-related companies, well, they are relatively young. Unipol was incorporated 60 years ago. But within Unipol, we have ancient traditions, which is what happens in every single company that year after year managed to join the group. Well, I have to say that the modern Unipol, so the company that will showcase its future projects today, has been built thanks to a major set of efforts. And it's a long pathway. I'm now talking through the market experts and also journalists and reporters. I know that in the industrial plans, we usually do not talk about the future. So I need 10 minutes to talk about this. I mean this story is connected. Once again, this is a leitmotif, just like a bridge merging past, present and future. So this is a story made of tradition plus innovation. And this is based on key outcomes, great results and testing, if you will, new pathways, which is, once again, the title of today's meeting. So once again, the modern company formed by Unipol staff, if you will, back in 2010. Now the most ancient, so to say, story of Unipol had some turbulence some years before. And back in 2010, so 12 years ago, we started building the company you are familiar with. So we started building it by clarifying some strategic targets. And of course, we have to clarify the mission, the DNA and even the strength of Unipol. The first strategic plan was named Back to Unipol. So why back? Well, going back to do what we were able to do, once again, insurance. In those years, Unipol has a negative technical result. We also had economic -- negative economic results. And now this was also due to the financial crisis, what happened after the Lehman Brothers crash. But then we lost our soul, our focus on the core business. So the first industrial plan is basically rebuilding the fundamentals of the company. Now no matter what your job is, you really, really have to understand the fundamentals. If you know the fundamentals, of course, you can do many other things. So in those years, once again, a Unipol goes back to profitability. So we were not thinking of volumes, or quantities or market shares, but our mission there was to make money, okay? So shareholders give us money, and we have to make them happy. So we have to protect as well the money that the insured gave us, which is what happens in that 3-year time. So once again, Unipol was an ordinary, average Italian company. Then we go back to profitability, back to solidity, an insurance company having a very strong link between people. So the reconstruction of Unipol was basically based on a deed or an alliance, a very strong, bold alliance with our agents. And it is thanks to this alliance that, of course, we were able to lay the foundations for the future. So we keep going for 3 more years. Now the name of the plan was Unipol Cube, so a plan within which we carry out the major acquisitions that allowed the group to be as big as it is today. So we have seized a market opportunity because of the Fondiaria-SAI difficulties. So Unipol gives a helping hand. There was a general skepticism because Unipol once again was a medium-sized insurance company some years ago. We made 100% market operation with equity, no state aid, no government funds and no extraordinary loan, no bonuses, I mean, absolutely nothing. We just believed in our ideas, projects and credibility together or collected money from the market. So we take over the entire SAI-Fondiaria group so as to redefine the scope of today's Unipol. And we have integrated, I mean, this within a huge process of industrial company rationalization. We also have, let's say, rationalized human resources and many other elements, of course. So once again, we were sure that the size was important in the insurance business, which is what's happening right now in the banking sector. Now that was a fundamental lever to stay competitive. If you consider our business, I mean, small is not beautiful because, of course, you need plenty of investments. You need plenty of resources in order to stay afloat and to keep the pace with competition, taking out the challenges of our times. So to have resources, you have to have the mass, the scale, the size and the so-called economies of scale. Now these are the foundations that we were able to build years ago. Now after that, we had Unipol today. Now Unipol today, this is where we built the main pillars, under which we have built the company that you know, and we will discover more about this. Now these pillars are sort of forward-looking statements, okay? So this is much more than a bunch of figures to share with the financial community or to the mass media. There was more than this. All our plans are based on the rationale, and the rationale at that time was aimed at building, once again, the pillars for the future. And it is also included into a much bigger scope that concerns people in Unipol. The name was Unipol 2030. So we want them to design the company of the future. And we do this by planning. Once again, we never improvised. So we studied, we plan and we execute now. So in those years, Unipol sort of redefined its way to stay in the banking sector. We acquired major stake in the BPER Banking Group. Now this was the basis, if you will, for a development strategy in the bancassurance. Of course, we will give you details and insights about this today. We are building a high-level, evolved relationship with the agency's network. We shared objectives, and we'll also share the income. This is one of our key features. So we are once again all on the same boat. So this is one of the secrets of the success of Unipol. I mean we share objectives. At the same time, we share the fruits of objectives, I mean, income. So based on these strong foundations, we reached the plan that we have just wrapped up, so that we have just created, and the name is Mission Evolve. Now Mission Evolve defines the strategy. Once again, today, we will be talking about the development of Mission Evolve. This is based on ecosystems. Now Unipol is now one of the leading companies in the Protection business. It's been so for many years by now. So depending on how the world is changing, can we do something more? Can we do better? The answer is yes. So we can do this in industries or sectors where Unipol is the undisputed leader in terms of market share, knowledge, relationships and results. Of course, I'm talking about mobility. The Unipol is a leading company from the insurance point of view of the Motor business, well, for 10 years, and then in welfare with UniSalute. Unipol is the largest insurer in the Health business or, let's say, private assistance, private care in Italy and the property, so the -- well, protection of properties. I have to say that in all these industries or sectors, Unipol can do more. We can do better. We can go over or even Beyond Insurance. All what we will be developing, including the business plan, starting in front of black boxes, this is an idea that goes back to 15 years ago. But in the past years, in the recent years, Unipol becomes a strong leader. So we have reached the 4 million black boxes. I mean 40% of our insured portfolio is now equipped with our own technology, our own black box. So apart from insurance or Beyond Insurance, so what do I mean? Well, of course, I don't want to miss the focus on the insurance business. I mean we want to go beyond. Of course, we will keep going, I mean, complying with the same pathways, of course. So we have many in terms of industrial competitiveness and profitability. At the same time, we want to evolve and innovate all the time. So this is a pathway that has led us here today. The pathway will continue, as you will see in a minute. But until today, Unipol has been transformed in this way. I said before, the figures are just a part of our business. But they are very important even if they are not everything. I told you about the strategy and the skills of the people here in Unipol. We've been able to do this and been very specific, very punctual, if you will. So we have transformed the group like this. The turnover was EUR 9 billion. Today, we have EUR 13 billion turnover. We managed to double our size in the protection sector or non-life. We have capsized our relationships. I mean basically, our types of company were Motor-based, while today Motor, of course, is very important. So it's almost 50% of the business. But then we have Health. We have accidents. We have TPLs altogether. The so-called other sectors account for more than the Motor business collection or income. So if you are in the insurance business, you know that this is very positive, especially considering the future. We also managed to double our market share and at the same time, very consistently -- by the way, you can see here the data or the figures from 2021. But after the restructuring, so we have 109 combined ratio. So in the 9 past years, we have never had a combined ratio exceeding 100. So we've been consistently profitable in terms of capacity to produce industrial results. We also managed to double our technical provisions, and all the results that we have had have been obtained in the past -- by the way, I remember in the past, I said it's not just important to reach specific objectives. What is also important is how you reach objectives or how you hit the target. So all the results made, well, have been once again obtained by accumulating consistently capital in terms of provisions or reserves. So there was no excess reserves or provision in 2009. Now we have almost EUR 2 billion. So once again, we are -- we have measurable, reasonable objectives. We never have to change results depending on objectives. If you make money, it's okay. But you always have to have a specific, if you will, dose of prudence or caution. We have reduced the minimum guaranteed level of our management. Under 1% Life portfolio is less risky and more profitable at the same time. We'll also manage, as you can see here, as an example, our investments that have been profitable investments. So we also have increased, I mean, the volume of our real estate portfolio. And well, all in all, I have to say that we managed, I mean, to -- okay. We need the next slide, please. Here we go. Thank you. So we have been able to double our net assets. And at the same time, you can see here profitability, consistent, stable profitability. And we've done this thanks to a very strong, solid capital position. Now this is another fundamental element, right, if you really want to stay competitive on the market. Now this is to wrap up. Now on average, in the past 12 years -- by the way, today, we keep talking about distributed value. We're talking about how our system -- apart from the balance sheet or the financial statements, so how the system now manages the assets. So what is entrusted through an organization. On average, we reached more than EUR 6 billion of profits in the past years. On average, we managed resources, I mean, premiums and financial revenues. The total is EUR 13.5 billion. Most of this -- and by the way, this is included in our mission, is used to protect the insured. So our customers. So we have claims. And then, of course, we have, once again, income flows and again, claims and money paid for the so-called Life business management. Anyway, EUR 4 billion. So around EUR 300 million a year ago to shareholders, EUR 1 billion a year go to all of our colleagues; EUR 1.7 billion a year go to our distribution network; EUR 250 million to the central government; EUR 1 billion a year to supplies; EUR 70 million a year for helping the communities. Now this is the way we have to manage and to redistribute the value. And this is the way we have used to put together and to create a company. I'm saying this for the last time. So today, we will be talking about future projects, but this company has very solid foundations and very solid skills if you keep doing this. Now all what I have shared with you, hopefully, that was not boring for you. Well, someone can do this much better than me. The video will do better than me. [Presentation]

Opening New Ways, that's the title of the new industrial plan of today's event, and I took up even much time until now to go back to what's been the creation of the modern Europe. So let's get into the actual reason why we are here. We've invited you all here today. So Opening New Ways, I said this before, Unipol is a relatively young company with regard to this sector -- in this sector. And when you are small and the others step on you, generally, so you have to get equipped with the number of bank's features that are part of us now, the employees. You have to be quicker. You have to try and anticipate what the others are going to do. And you also have to be courageous enough to try and find new ways because everybody else, the bigger ones, the corporates, they're bigger. They've got more money. And so if you stay on the wake of these people, you lag behind. If you are breaking up and you take the risk, of course, to try and find new ways, then you can find as it has been the case for those sales, better wins enabled you to be quicker to sail faster and find a new way that have you gone for the usual traditional approach and ways, it would have been slower, your development. So to now get you into the future and describe to you our brands, programs, projects by group, I'd like to invite here on the stage to join me, Matteo, Enrico and Giacomo. Please join me. And they are not the Unipol version or the best-known standup comics, who many of you know, very well known in Italy, the standup comedians. And I have seen some smiles around the room here. These are actually the 3 pillars, the main beams of the company, the group. And these are the people who are going to lead thousands of other people via the challenges -- through the challenges of the market, to make the targets and reach the objectives they're going to describe to you shortly according to the tradition, the brand we have and what the video just showed you. Ourselves, we, different from others, don't take much time. It kind of comes naturally for us to set up and to draw our plans. The difficult part is to put this in practice, to implement them and to keep the plans and be able to meet the targets and get the goals, get the objectives. I see many announcements around, generally speaking, but then it's difficult to see the actual results and see whether results are matching what the announcements said. Now we try to study, investigate, plan and put in practice and achieve results, produce results. We've been doing this for many years. We'll continue doing this in the future according to the program that now Matteo is going to describe to you and present to you. Thank you very much.

So good morning, everyone. Welcome on behalf of myself as well -- on my behalf as well. And so I'd like to take the opportunity, this very beautiful video we've just seen to use to make -- to resort to the [indiscernible] because today we're going to describe and talk to you of a new district being designed. And this plan is strongly focused on the way in which we interact with our clients. Opening New Ways, that's the title. We have given this new plan, and this means finding new ways. And with regard to how we want to interact with our clients in the insurance arena and everything that belongs to the Beyond Insurance scenario, all the products and services that relate to the property, welfare and home ecosystem. Should I find the words that I'd like to combine, associate with this plan, what comes to mind is distribution network, specialization, data, omnichannel, sustainability. I do realize that actually these are often used as kind of definitions. But today, in the narrative that we'll be presenting you with Enrico and Giacomo, you'll see that these really -- this concept really apply to everything we intend to do. As Carlo just said, this comes from the previous -- is an evolution of the Mission Evolve previous plan. This is based on a stepwise development. We started from where we were, where we are. So is in the Non-Life insurance business in Italy to evolve and become top players in the mobility ecosystem, property ecosystem and welfare ecosystem with the final goal to be, in the future, the ecosystem leader. This is our goal. It's a long road. This falls within the medium, long-term strategic approach. But this is the approach we have decided to adopt and to go through. So we start from Mission Evolve. So the comments on results we achieved with the previous plan starting from the industrial KPIs. We have done very, very many things in the last 3-year period in terms of insurance, in the insurance business, Motor, Non-Motor, Life, Non-Life. And the very first consideration that comes to mind is that we have really made good progress, very good progress in improving the industrial, technical profitability you see in this -- on the screen and the slight improvement that we have achieved in terms of loss ratio, 3.5 percentage points in the Non-Motor, almost 7 percentage points up. And this was done via very many industrial plan actions focused on the sophistication evolution of our pricing and underwriting models. And this was one of direction of the Mission Evolve strategy plan and also via an additional refinement of our skills in terms of settlement. And there, we already stand out both for Motor and Non-Motor business. Also for the Life business, we've achieved good results, important results. We have exceeded the 3% goal that we set for ourselves in terms of the profitability of the new production, and we've done that via an optimal mix -- or product mix between investment, evaluable investment products, unit-linked policies, focusing mostly on the Protection side products. Now the 3-year period has been featured by COVID. COVID impacted strongly our production abilities and especially with regard to 2020. But in spite of this, we have achieved basically our production goals in the Motor and Non-Motor. On the Motor side, the market has been deeply affected by the average premium trend performance that went down more than we expected. So as for the Non-Motor, we have achieved our goals. We met our goals and targets. And so this is thanks to our distribution network over the 3-year period. This suffered and was characterized by further development in terms of rationalization of the footprint and investment into specialized agent, professionals that enable us to meet our production goals that we've set for ourselves. Now we also have laid the basis for the evolution into ecosystems for mobility. Important for mobility was the acquisition of Car Server. And this was, recall, redefined UnipolRental. And the acquisition of the companies IdentiCar, for example, this year and Cambiomarcia as well. The welfare, we started the evolution and expansion projects in our medical centers. And for the property, we have set up a container that will include all the property-related initiatives that will be discussed by Giacomo for the 2022-'24 strategic plan. The industrial results are important, and these have led also to important results. This was discussed by Carlo just now, results in terms of cumulative profit that exceeded the planned objectives, structurally above those. And also important results in terms of distribution -- dividend distribution capability, both as a group and as UnipolSai, we reached and exceeded our objectives. But as Carlos said, this was done in a way so that we remained with a high solvability profile. Now the range for Unipol Gruppo is 153%, 216%. This is the range for the 3-year period. 153% was during COVID, so high volatility of the financial markets. We finalized -- we closed the 3-year period with the solvency index that's 150%. That's very, very high range for Unipol Gruppo and also for UnipolSai, high range. So ability to distribute capital and also the ability to remain solvable. So high solvency. High solvency, this enables us to deal with the future and face the future, cope with the future with peace of mind because we have enough capital to invest heavily, and these investments, I'm going to describe to you today. What were the actual results in terms of the stock market performance? Now these are shown on this slide here. TSR analyzed. The stock performed more than double vis-a-vis the European insurance index, definitely higher than the Italian Stock Exchange index. Total shareholder return, this also includes dividend distribution. Stock features a higher dividend yield than the market average. And so this is considered in the evolution of the stock index. With regard to the right hand side, you see the ability that we've had to generate capital. The unrestricted Tier 1 pure capital, therefore, now that features the Gruppo and UnipolSai. If you take 100 as the starting point, at the end of 3-year period, we are almost double the starting point. This is due to the ability to generate capital and -- in-house to create industrial profit. This is a typical feature of position in our company and also the ability to generate capital via the financial market evolution. So clearly, the changes in asset allocation that over the few period, we made enabled to generate a capital buffer that's definitely important today. We see a position of ourselves on these levels that are presented here, definitely higher than the capital Tier 1 capital evolution for other peers. And we are talking about top players here on a European level. This is a starting point. Of course, our ambition is to do better, and to do better, we have to put in place projects that enable us to increase our target. It will be more ambitious, and this against a very challenging background or scenario. Now we have put together a plan during the last year, of course. And as usually is the case, then the events that changed sometimes materially substantially the starting scenario. In this case, of course, as you all know, we have the geopolitical crisis, still ongoing, and it's not possible to quantify the effect in terms of macroeconomic picture as a result of the Ukraine war. But we can say that there will be consequences, consequences in negative fallout in terms of growth and also negative fallout in terms of inflation and as well as financial market volatility, as you all can see on a daily basis. But in spite of this view is that the insurance market in Italy will continue being characterized by positive outlooks, encouraging, robust outlook. So we don't expect recession on a European level. We don't expect it for Italy. Our forecast is that there will be a slowdown, slowdown on the Italian economic cycle that will lead in 2023 to 1.1%, and then we'll go back to 2.3%. And these are not exciting rates, but after all, fully in line with the Italian economic growth over the past 20 years rather. We've been even -- we've seen even lower growth rates than the 2.3% for 2024. Inflation is going to be an important element to keep on the focus in terms of asset allocation and also in terms of settlement policies in handling claims. But this is considered to be the temporary provisional phenomenon. 6% for 2022 is expected but then will settle and go down to around 2% in subsequent years. And then we'll have to update the scenario based on the geopolitical conflict basis and to see whether these assumptions are holding or have to be changed. There have been some consequences on the financial markets, as I said before. You can see this from the interest rate structure. This is what we use to define plan, drop the plan that we are above these levels, both in terms of swap rate, and this is the risk-free rate that's used to discount the cash flows also in terms of solvency and the curve of Italian govies. And so you see here in the 5-year maturity at the end of 2022, 1.4%. Today, we are much above this level, definitely above this level. And this is a piece of information that you have to consider positively because especially with reference to the swap rate, this enables us to reinvest the cash flow at higher rates than we have today in the plan as assumptions. Now given this context then, our insurance market vision and view is highly constructive. We see a growing market and not for all channels, not for all businesses, especially for the Non-Motor and more specifically also in the health sector. This is going to be a key part of our strategy for the next 3 years. The car motor business is stable. Increase in premium is to be related with an increase in average prices and as a consequence of the claims frequency, but profitability is bound to reduce because there's a lot of competition. So the strategy must be focused on a greater diversification into the other businesses. And as we -- as I said before, this is positive because is a growing need from our clients to take out insurance both for individuals and SMEs, and profitability there is high and steady. Even more accentuated trend there is seen in the Health business. This is something that has been definitely sped up, accelerated by COVID. Of course, people became more aware of the need to resort to health insurance not just in the collective policies but also for individual ones. And the same need is seen in the Life, in Protection business. This, too, is one of the pillars of our strategy, the life strategy on which we want to focus our attention. So having said that, by way of introduction, the strategic vision is one that considers a number of structural trends in the market. And these refer initially to the consumer behavior. This is a phenomenon that has been there for some time. And the hybrid evolution, this means that our clients, all of them, whatever the age group, not just the young ones, tend to give great importance to the physical network and the role of the insurance adviser, consultant, [indiscernible], especially those that are more standardized and for solid processes. They want to have access to our product also digitally. So hybrid logic. This is the hybrid customer concept. So the need that we have to reply to them, to respond to them with a strong focus on channel approach. The other trend for our clients and customers is to combine a service component to the insurance element. And this is particularly in the Health business, where we have a service component combined with Health. And here, too, digitally provided, and this is the same approach that's used in the Beyond Insurance in a wider way. So the TPL client are usually associated. Service is the most recent one, recently launched in the Unipol move. And this is a commercial initiative that's been very successful because combined insurance products with its service product with value added and great importance, of course, in this banking distribution network. As I said before, banks will be -- bank branches will be protagonists for our growth. As you know, of course, agencies will remain leaders in distribution markets, but the bank's growth rate will be higher just because they go -- they start from a much lower premium base. And so they have an advantage there. They will be able to grow faster than the agencies. And there will be also increased presence of digital players. Insurtech, for example, they are very present in the Motor TPL area. And there will be new operators and players. And they will also work on other businesses. We are talking about small market shares, small areas, but a great growth rate. And this will increase even more over the next few years. What's the infrastructure of our strategy then? This infrastructure starts from the distinctive assets we have, the ones that contribute to create our identity and the assets that are distinctive for us and make a distinction between us and our competitors and use these to open up new ways on 5 strategic directions. And these are omnichannel based on the centrality of our agency network and the health-related and life cycle strategy, the bank insurance approach and also Beyond Insurance enrichment and also last but not least, the one that sets the basis for making all this possible, investment in technology and people. So using our distinctive assets. Now we talked about this during the Mission Evolve, our distinctive assets. In the 3-year period, we really invested very much, and we made good progress. And this enables us to benefit from very many things: the brand, our reputation, first and foremost, our client base and data. Of course, there, we have made good progress in the past 3 years. And the operating modules, the Motor and Health and the networks, the agency distribution networks and the bancassurance cross-wise as a company. We also have, in all areas, initiatives that focus on ESG. ESG is pervasive for all strategic directions, and we'll talk about this with the support of our colleagues. And this is an internal part of the strategic infrastructure of our group. So all of this to carry on along this way. So from being 2 place in the ecosystem, so we will become leaders in the ecosystems, of course, with this important detail, as Carlos said before. You cannot be an ecosystem leader without being a leader in the insurance business. We are and will always be insurers, and we are ambitious enough to evolve and reach wider arenas, wider scenarios, wider areas to provide our clients with a perception that insurance is not a standstill product that you just pay a premium and hoping that you don't have any problems, incidents, accidents. It's a way to keep interacting with our clients and create an emotional relationship with our clients, and this is the main reason why I mentioned interaction ways, interaction modalities with our clients. Now I'd like to review our distinctive assets and then give the floor to my colleagues who will focus more on the strategic directions. So brand reputation, and this is the first and most important asset. We are a financial service company. We live out of our brand reputation. And today, if you ask a sample of Italians, 100 Italians, 1 out of 4 people answers the best known name in insurance is UnipolSai. At the end of 2018, it was not bad. We were at 16%, 1-6. And this to me is the outcome of everything we've done in the past 3 years: advertising campaign, communication and [ month for you ] half the rate initiatives. This all contributed to improving brand awareness and also to improve our reputation. So we were #1 before 2019 in terms of reputation, if you consider the entire insurance market in Italy. So in the past 3 years, we managed, I mean, to increase this positive gap. So this is the most important asset we have. We're still betting on this. We're still investing on it. We also have a large customer base now. I'm not going to highlight this too much in the slide, but it is the way we interact with our customers, which is the most important thing. We have customers that, for example, in 7 cases out of 10, interacted digitally with us. They use our digital touch points to get in touch. 75% of these customers gave us the approval to be contacted in order to have some insurance-related consultancy services. This is the consequence of the way we've been able to share with all of our agents the key contents of data. This is also the consequence of an agreement. The name is Patto Unipol 2.0. So thanks to this deed or agreements, we agreed to share the data of our customers in order to improve our insurance proposal. So we have 4 million apps downloaded by our customers. Just to give you a general idea, the other Italian companies, the main companies, have less than 1 million apps. But these apps are consistently used in order to interact with us. Now this gives us the opportunity, once again, to improve the quality of our service. And of course, this turns into an advantage for our 16 million customers. They also give us the possibility to share details and data. Once again, this is a key distinctive factor. Of course, every single company has data, but our volume is much, much bigger than this because once again, we have 4 million black boxes installed on the vehicles of our customers. They give us the opportunity if you data to reach many types of targets within the value chain that you can see here on the right-hand side of slide. Pricing, underwriting and then all the way to segmentation, targeting policies from the commercial point of view, insurance services but also the noninsurance services for our customers and then plenty of, let's say, policies having to do with the settlement. We have data from the digital touch points that customers use to interact with us. Once again, all these data is used with AI-based algorithms. So for example, we do weather forecasts by leveraging in-house and non-in-house databases, probability analysis in terms of injuries, and this is based on the data from the black boxes in case of an accident. Just a couple of examples that I have on the top of my mind. But AI, of course, is the key driver that gives us the opportunity to use this data and turn it into a consistent improvement of our commercial and operating efficiencies. Back to operating models that I talked about, the Motor business, the Health business. As for the Motor business, we are the best company in the market that you can see here. This is the accidents/premium ratio, 63.5%, while the market is 70%. We are very fast in paying, I mean, the settlement. Once again, we do all of this because, of course, we have some tools available, so plenty of elements that distinguish us versus the rest of the market. First and foremost, in terms of the underwriting. Now our underwriting and pricing policies are very sophisticated. Today, we manage more than 90 parameters that we are using in order to do the pricing of our risks. And so in terms of the settlement model, it is absolutely excellent in terms of repair to damages of things. And of course, in this case, I'm talking about UnipolService and UnipolGlass. They are our both repair shop centers and glass repair shop centers so that the average cost here is very low. In the context of very, very high inflation, very high now in 2022, all of this will help us. It will help us limit this phenomenon also because of the fact that we deal with more than 700,000 spare parts without purchasing central hub. This means we have a strong negotiation power towards main suppliers. So once again, also in this case, we are more powerful than our customers -- competitors, sorry. And then you have all of the injuries, so damages to people. As a percent rate, this is very small versus the total because this is less than 15% of the total and more than 50% in terms of total amount of settled payments. So we have to manage the settlement processes because of interest. This is, of course, a very important element we have to stay focused on. So as for the health industry, we are, once again, the market leader, EUR 750 million premiums. UniSalute brand is the most important of the Italian market. And it is the most effective operating structure on the market. We have agreements with networks, with more 20,000 points, which is the largest one in Italy. We are really investing so much on people. So we have more than 500 people in the so-called operating center, more than 60 doctors in our hub. They are able to offer a top quality service to 11 million customers. Now the big challenge here is still evolve further. So we want to develop the UniSalute operating model because, of course, we want to make it more consistent with the right integration profile between insurance part on side, services part on the other. Once again, omnichannel plus digital platforms go hand in hand. And then as for networks. Now this is not just the largest Italian network that covers the entire country, 8,000 points of sales. So basically, we can say that we are really, really close to each and every Italian. But I think that this is also the most qualified one. Now this happens because our network, also with the help of the company, we made huge investments in top skills or specialization. So this is what customers want today from the insurance consultant. The people want professionalism. Customers are much more informed. They asked for more information. So it's fair. It's right. I mean agents or sellers absolutely have to be able to offer qualified consulting services. So we made the investment in specialized business, 2,000 such units here. Now this is the long pathway that we had started some years ago. Of course, we will continue. We will speed up further. And this is why I'm using the word specialization, which is what I have used before. Now another great leap forward has been done also in terms of intergenerational, let's say, switch or turnover. Now our agents today are represented by more and more young people. More than 600 of them are under 45 years of age. Now this is an encouraging element in order to embrace the future of a profession that is a top-quality job, once again, insurance agent or insurance consultant. So we prefer the word consultant than agent. Last but not least, the banking business. Well, what you see here in the slide is the list of strategic partners: Banca Popolare di Sondrio and BPER. So in light gray, this operation has not yet finalized, but we also have Carige, so the general bank. 6 million customers with very low penetration of insurers' products, less than 10% now. So this is a fertile ground. We have to work on this because we have to, well, increase the level of penetration for our customers. We have to do this in a very specific way, qualified way as we like to say because we have to understand the real needs of the banking customers in order to offer them our bespoke, our highly professional offering represented by our insurance products. Okay. So this was a quick overview on the strategic assets. As I said before, our main guidelines can be found in this slide. We have 5 pillars. The first one is basically data and multichannel insurance. Enrico San Pietro will be talking extensively about this in a minute. We have plenty of projects in these buckets, and they concern the way we would like to improve -- further improve our technical and distribution network excellence level. So highly ambitious projects. So this will be based on digital platforms, aiming at helping your distribution network. They will be able to take advantage of the omnichannel business. We will offer modular insurance products. So instead of just one single product, you will find a highly integrated offering. Now the same goes for many other digital initiatives. Once again, Enrico will be giving insights to you in about a minute. The second pillar has to do with health. We made a major choice. We have concentrated into UniSalute all of the skills or the so-called the health skills of the group. We believe in specialization. We believe in this in terms of distribution. We believe in this also in terms of production. So UniSalute will also be the company or the vehicle to distribute products in all of our channels, agency networks, banks and the direct channel. It's a very simple strategy, but once again, a little bit articulated in terms of operating, execution. As for the bancassurance, this is still the #3. It is different than the traditional bancassurance. And it consists creating JVs or joint ventures with many other third parties or outsourced businesses. And the context is a commercial relationship with the distributor or the bank. We cooperate with Arca, A-R-C-A. The operating model is totally different. And they are highly structured. I mean we have more than 400 staff there. It is independent from UnipolSai. They make specific dedicated products for bancassurance. We offer dedicated services to bancassurance. They also do training, education and after sales management. So we want to accompany our strategic partners into the distribution channel. Of course, they have to be helped in training, educating salespeople. But we'll also encourage, I mean, salespeople with bonuses and incentives because the objective is always the same, improving the productivity of our agencies in terms of bancassurance production. Now Beyond Insurance, this is another guideline. Giacomo Lovati will be talking about this. There are many, let's say, business initiatives in terms of welfare, mobility and property. Now the key objective is to continue our pathway. Once again, we want to become the leader of these ecosystems. Last but not least, pillar #5. So what do we have to do to make sure the 4 key pillars do happen, so investments in people and technologies. Okay. So this is it in terms of the industrial plan or the business plan. But we also have highly challenging, let's say, targets in terms of sustainability. Of course, we want to comply with the UN Agenda 2030. This is something we already talked about when we presented the Mission Evolve. Right now, we are a little bit ambitious than we were before. For example, objective #3, health and wellbeing in this case. But we'll continue the pathway aiming at offering our customers the health-related products to improve their quality of life in order to make sure it is easier for them to access our products. SDG #8, so decent job, economic growth, this is included in all the activities we will have into the so-called property ecosystem with specific initiatives to favor the transparency of the relationships between customers on the one side and supplies on the other. Objective #11 or SDG 11, I should say, this is really very important because, I mean, the most significant project here concerns the way we offer motor insurance policies in order to reduce the emissions of CO2. As for, once again, SDG 12 in this case, I'm talking about the responsible consumption and production. The main target here is the circular economy. Now by this, I mean -- well, I'm sure there would be, for example, secondhand spare parts, and we will leverage this in order not to produce or manufacture polluting products. And last but not least, the climate strategy or climate action. So we will once again try to reduce the production of CO2 plus new investment policies that will be characterized by all the standards having to do to the Net 0 Asset Alliance we have just signed in, and we will be sticking to the guidelines of this new alliance. So this is the central hub of our strategy. I'm now asking Enrico to please help me in the continuation of this narrative. So he will give you insights of every single vertical.

Thank you so much, Matteo, and good morning, ladies and gentlemen. In the next 25 minutes or so, I will try and go through the first 3 guidelines of the business plan having to do with the insurance, data-driven, bancassurance boosting and health focus. Of course, we have to streamline, to optimize many [ tens ] of actions included into the business plan. And unfortunately, we don't have the time to go in depth on the work of hundreds of colleagues here today or enjoying the streaming connection. I do apologize for this. Now let me start from the first strategic guideline, data-driven omnichannel insurance. This is a big box. In the box, we have plenty of actions. And the fil rouge or the leitmotif is the more and more sophisticated use of data. On the other side, we have a further push towards omnichannel. Now if you consider these actions well, you will find the initiatives that we started during the Mission Evolve system. So this is, let's say, an improvement of ongoing strategies. In other cases, we have other actions which are really, really brand new. So this is the so-called cutting edge. Okay. So once again, back to guideline #1, this is our value proposition, Motor business. Now the Motor insurance business is one of the most important businesses for us. And I have to say that these slides, okay, please read it clockwise. We start, okay, from the prices and underwriting and then all the way down. So these are the main pillars already in Mission Evolve and even more so in Opening New Ways today. On the one side, we have excellence in prices and underwriting; on the other, the excellence of other settlement model. 3 years ago, maybe you remember, we shared with you, and we were very proud of this, that our motor price considered 27 different factors to calculate the premium. As Matteo said before, today, we have 90, 9-0, factors that allow us to have a digital pricing. Apart from the quantity of factors that we factor in, what is also important is how sophisticated algorithms are because our pricing is not just calculated based on our specific -- more and more specific risk assessment. But we also consider algorithms that forecast the behavior of the customer. If it's a renewal, we include the risk of dropping the customer or losing the customer. If it's a first sale, we calculate the probability of selling the new product or to have the new customer. Okay. So this is and will be one of the major pillars for us. And the second one is this settlement model. Now Matteo told you that our settlement model today is a great competitive advantage. You can see the positive gaps that we have versus the market. This translates into the average cost of the claim paid and the speed of settlement. Now all of this will, of course, be so important and even more important because now we're going through a time with high inflation rates. We hope we will be able to counteract this situation thanks to this and thanks to the future of this plan. We will keep improving, especially on the streamlining of the management of claims, both physical damages or injuries. Now the cost per year is around EUR 1 billion. We will keep working on optimizing the performances of the experts and networks. And of course, we will keep working to really be able to capitalize on the UnipolService, I mean, the possibility to purchase spare parts at better conditions. And of course, we will manage claims thanks to our networks with which we have special agreements. So once again, this is the real, real pillar of our motor value proposition. So let's continue clockwise in the slide. Let's now talk about distribution in terms of agencies. You know that this is the real driver, I mean, the key driver for our distribution network. We will be talking about this in a second. Now as far as the Motor business is concerned, we have another channel we can really leverage. I'm talking about special agreements with carmakers, dealers, long-term rental companies with whom we already have major relationships and quite big market shares. We have high specialization. We have the right know-how. And in the future, we will have further stronger synergies, thanks to the work we have with I.Car. Maybe you know the IdentiTag or IdentiCar. So this is the glass repair company. Once again, they have a very strong relationship with us, a very fruitful one. I'm sure we will have even better synergies with this company in the future. Once again, follow me clockwise. This is the offering. In terms of the Motor business, we've been characterized in the past years by our telematics solutions. So telematics, I mean, the black boxes, if you will, this is key of the success of our last years. But the average price went down. So the cost of telematics is now attracting our attention. So this is the reason why we will be launching in the next months a brand-new telematics solution, which will be based on an app and a small device. This price is very small. It will give us the possibility to further improve our pricing competitiveness. It goes without saying that this will go on top of the solutions we already have in our offering range. Back to telematics -- by the way, allow me to jump into the Be Rebel. Now this would be one of the value propositions of our brand-new digital venture. The name is Be Rebel. It will be started in 2022. So it will be a real disruption into motor insurance business. As Matteo told you briefly before, we have -- we keep an eye on telematics. It turns into benefits for our industrial activity, major advantages for customers but also advantages in terms of our ESG policies because, of course, the incentives that exist today. And it depends on the good, virtuous, individual behaviors to limit emissions. Now this topic will be more and more important in the future. Now all these actions and many other actions, something I cannot talk about today, have the same target. We all wanted to hit a great or high margin results in a challenging competitive scenario. You can see them here on the right-hand side of the slide, you can see here our 2024 objectives, the CoR from 95.3% will go down to 93.9%. Let me now talk about the Non-Motor business. So this market is particularly complicated because there are many market segments. There are plenty of products. It's really, really difficult to boil all of this down to a couple of words. So we can tell you that, I mean, in the main pillars of our strategy, just like we have in the Motor business, just like Mission Evolve, are the pricing excellence, on the one side. And here, complexity is much higher because we have to apply all of the different tariffs on hundreds of different guarantees. On the other side, we have the evolution of the settlement model. So as of today, this does into a competitive advantage. And just like the Motor business, we want to do the same. So we want to improve the effectiveness of the management of claims with injuries, managing experts. And obviously, in this case, we would like to have direct repair systems, especially in terms of property. Now as for property, and once again, please follow me clockwise, the property is the area on to which we need to really, really improve our margins. Now I know this is a market issue, a global market issue, I should say. Well, we are still working on this. This is what we did to our Mission Evolve, and we are getting major results. We won't stop. This is sort of expensive, but we will be using our dynamic pricing -- mechanism upon renewals. It is a unique system on the market because, of course, in this case, we have the renewal at the same price for the Motor business. Some years ago, 5 years ago, actually, we introduced a new regulation. This means that we can manage hundreds of thousands of policies in order to adjust the pricing considering different risks. Now this is, once again, a key element, and this will translate into a higher value for us. Okay. So let's continue the reading of this clock by talking about the offering. Of course, there are major projects concerning the offer evolution in terms of retail. So in a growing market, and of course, we have taken advantage of the growing market, you can see further opportunities. We are already working so much on this. And we will try to develop this in the next 3 years, thanks to the national recovery and resilience plan. We have the so-called the super bonus, but we also have corporate initiatives, for example, major investments in infrastructure. Now also in the Non-Motor damages. But you can really see all of our engagement in terms of the sustainability. So in particular, in terms of weather forecast and weather risk, we want to have small and medium enterprises and [indiscernible] so that they have really improved their resilience. Once again, there's plenty of actions. I don't have the time to go through this now, but the objective is always the same, further improvements. You saw that we have improved a lot the previous plan. But once again, we want to improve our profitability level of the Non-Motor business. CoR is now 88.9% right now. We want to go down to 85.9% CoR in the future. Now we have to make sure our offering, Motor and Non-Motor offerings, have to evolve. This is really important for us in terms of, again, evolution or development, but this is not enough. I will now be talking about the agency network, which, once again, is the key driver of our strategy. So in order to really understand all of these objectives, we need to keep working together with our agents so that the network is more and more modern and effective. And here, too, if you go clockwise, we start from the area, territorial cover. And we'll be favoring this with the creation of stronger and stronger agencies, better structured. We've been doing this for some years already, we'll be increasing this. We can work better in the various regions and territories, also via the enhancement of the specialized skills, people who deal with family-related risks or risk of SMEs and the offering of long-term rentals. This is key to the success of our strategy. Matteo showed you that, today, we have about 2,000 specialists. In the next 3-year period, we will increase them by about 500 more. So the important work we do with specialist is there, but we'll further enhance the skills of our network. We are ready, and we continue doing better and better. The usage -- a better usage of data, more and more sophisticated data, but also we'll review the data in a sophisticated way so as to provide -- offer our customers something that they are really interested in. And so we try to do this work to some -- whether by posting all the information that we have obtained. Thanks to our agents as well. So that's not all. Our work carries on, and this is significant to our network because we intend to -- and we are developing a hybrid development -- salesperson, sorry. And today, our campaign generate hundreds of thousands of lead. People who go to our site or our app, they upload, estimate. And with some simple products, they can take out the policy directly by the digital channel. And then this goes directly to the local agent portfolio, but in other cases, these potential clients that come in contact with our agencies and they can then finalize the sales process. So this is an effort that as Mission Evolve we've done and put in place. But in the new open U.S. plan, we are much more ambitious there because all of this, with a more and more hybrid client wishing to use the best channel and easier channel to perform everything that deals with insurance, this thing is not enough. This is not enough. So it's not enough because our product are not -- have not been devised to be understood then purchased and used by self-service modality client. So we need to have -- to put in place a real revolution in terms of the offering approach, and we're working on this very important project so as to put together a platform that of uni-channel, single channels natively. So we have to revise our offer that has been to be simplified, better understood by our clients for those who want to go to service. And on the other hand, differentiated enough so that we can support our agents with consultancy. And this is a massive effort. This is an evolutionary effort in our offering platform. And this aims at offering on the retail level, a totally new modality to all our clients and customers. Of course, there's change in the offering, but there is also a change in the distribution of approach or logic. We'll get there through the plan. We are going to set up a fully omnichannel platform. This is going to improve. Of course, the agency always at the center, this is going to improve the client experience via straightforward processes and ease-of-use processes. And also, this will make it easier for agents to support and assist our clients with the retail offering. And of course, this also represents a big challenge, technologically speaking. So an IT system featuring important and highly committing parts and components. And all of this will provide us with the benefits in terms of tight market, in terms of availability of the technical clients 24/7. And also in terms of ease of use and easy integration of the partners, also for the omni insurance element, this is an important transformation for our plan. And I would say now that we can finalize the [ traditional ] part and the omnichannel insurance part, and let's open up the Health and Life business. As Matteo just said, the key point here concerning health, which is more and more important in the life of Italian people, and I think also in terms of the role that insurance can play in providing responses, is based on the health care model we have as an asset. This was created more than 25 years ago and by launching UniSalute, this company that was set up to provide top quality service to millions of people by an active management of the claim not just waiting for the invoice to be repaid and a large network of suppliers that have an agreement with us. And so we can renegotiate with them good, cost-efficient amount. Now the time has come to use this -- all of this, not just for large corporate and funds, but also for SMEs, and focusing on households as well together with SMEs. And the approach we've taken to get there is, as Matteo just said, to have this product in all agencies. So the agencies we have the [indiscernible] mandate and also BPER bank branches and all branches that cooperate with us. There's a big potential there to be exploited with banks and agencies and branches. We want to exploit this also by an additional development in our product offering. This is going to be more and more focusing on the client needs, customer needs in their various stages of life. This means life cycle. And in addition to this, we will be strengthening our offering -- supplementary offering in the health care business for those who have taken out fund, insurance, and the basis there is very large and a good potential there. And with omni insurance, we'll be developing digital health, telemedicine, combining also other flexible benefit services that can provide us with an entry point companies, that's an important thing as well. All of this because we want to drive growth, very importantly, see on the right-hand side, from EUR 700 million approximately to EUR 1 billion approximately in terms of premium income and with the same time, an improvement in the combined ratio from to 96.5% to 90.4%, 96.5% to 90.4%. And so we believe we have the skills and capabilities, and will lead us to be able to achieve these goals. And carrying on with life now, very many things have been said by Matteo. And there, we are in a market that's strongly impacted over the past few years is next to -- by the interest rates dynamics, but also by the offering strategies that are focused on the optimization of capital absorption. In this market, we will continue being players, as we've been doing, in order to enhance our protection offering. This beats essential needs for our customers and also creates value for the company. And also in this case, as I said before, with the health care offering, we'll be working to develop products that are the right ones for all the stages and phases of life for our clients and customers, and also to enhance our distribution network so as to offer these protection solutions are so important. As for investment products, as along the lines of Mission Evolve and the market dynamics, we'll continue our development and evolution towards the so-called capital-light products mixing. You all know this. I think the various businesses so as to provide more dynamics in terms of yield to the customers, clients and optimizing as well capital absorption. And within this area, we carry on with the ESG part, we'll keep increasing our offering and we'll enrich our products with products whose have -- that have ESG as an underlying element. Also because there is a real demand for this. Clients are more aware of this type of solutions, and we believe we can provide them with very interesting returns. We'll be working also on the service models to enable us to serve affluent clients as well with the service-related solutions that enable us to provide them with quality responses and offering and better and better at that. On the right-hand side of the slide, you can see our growth objectives. These are all quite prudent and conservative. You see that the average [ growth ] is 2.5% per year from EUR 5.4 billion to EUR 5.8 billion. And these are not shy in the terms of the step in terms of value generation. So actually, the year -- the present value, future profit margin that has already developed and progressed well in the last plan with 3% there. We are aiming now at 3.5%. So let's come to the last direction that I mentioned before for the insurance industrial plan, and this is the bank insurance. And here, I already said a few things about this. And namely that the actual distribution of the bank insurance can be an important lever for growth. And this distribution channel, as you know, for many years, has been the main life distribution channel. And it grows visibly also in terms of Non-Life and Non-Motor damages and has increased and exceeded [ 10% ] market share. And this phenomenon for us isn't one side a threat, if you allow me to say it, because the large banking groups are trying to develop this strategy. But on the other -- actually, this also accounts for a big opportunity. Because as we said, our strategy with strong partnerships with BPER and of course, the growth they had in terms of size and that they will have in size terms, makes available to us a high -- a great potential distribution channel, and that's 2,600 branches. And we can provide big value added there. And in terms of offering on products whose main quality is that they work in terms of service. They can provide -- immediately provide responses to clients, and we can also continue improving both in terms of the so-called stand-alone products that are not bound to other products offered by the bank. But also once they've been the drivers of growth in the past few years, and the bundled products, namely bundled together with other bank products. So in order to implement the strategy, and this is also a market dynamic on which we are thinking to be able to do much, together with BPER and in the industrial plan, they outlined this journey. We like to make available to them value-added -- added value in terms of know-how, training and assistance support to be able to develop a network of insurance specialists focused specifically on insurance. They can enable to achieve important results in terms of growth. And of course, supporting our banking partners, BPER and Sondrio, and the others with whom we have a distribution relationship, together with Arca, with everything that's needed in terms of offering and training and education but also in terms of incentivization. And in the case of BPER, something we're doing already and that we can improve more and more, also creating synergies, especially for the more complicated and complex requirements of companies, so combining the [indiscernible] and BPER networks of agents. All of this aimed, also here, to grasp and to reach important growth. The goal is to go from a Non-Life 300 premium income to 500 premium income with important growth there. And vice versa on Life, as we've seen more generally, the strategy is more focused on the margin improvement than on the volume growth per se. And so here, we've come to the end. These, as I'd say, they're just highlights of the many actions that belong to the insurance part of the plan. And once again, they aim to get ambitious results and via actions and work that is aimed at improving client service to increase and improve our reputation and the strength of our brand, opening up new ways to continue being a step forward. Giacomo Lovati, the floor is yours. Thank you, everyone.

Of course, I like to tell you that I'm Aldo, 1 of the 3 standup comedians because I resemble him more. I like to thank the colleagues for the introduction. And let's talk about ecosystems. Today, this is a very hot topic. This is pervasive everywhere because in all the industries, the widening from the core business to product services that can be expanded starting from your customer base is a very hot topic. We actually have worked a lot, very much, on mobility, especially we start from our track record, as Carlo Cimbri just said. 15 years ago, 1-5, we invented this insurance telematic concept. So introduction of black boxes in our products. And from there, we went on with mobility. And over time, starting from data mainly from the black boxes, we were able to put together an offering that, today, actually, on the market, we believe, features very little competitors, very few competitors. We can offer our clients a very, very full round service covering the entire client life cycle. We can actually also buy a number of deals that we've gone in the past few years to offer our clients when they need a car. The car itself, we can do this via the long-term rentals. And UnipolRental acquisition that took place about 3 years ago, an important player, got serve and then rebranded as UnipolRental. Following a trend that's quite unavoidable, we keep talking about more and more of a shift in behavior of Italian people, not only, but of course, our clients as well from the ownership of something a car, in this case, to the usage of that object. Today, via UnipolRental, we can offer our clients a car with a rental formula via a channel that somehow we have singled out as being highly powerful, great potential. And this is why the agencies we started off 2 years ago, now we are selling many, many contracts, thanks to the customer base we have and the skills of our agents. If the client does not want to purchase a new car, we can offer the car via two high-tech digital portals, Cambiomarcia, [indiscernible]. tb Cambiomarcia was acquired from someone else. This enables us to sell the end-of-contract UnipolRental cars of 56, 28 months, and then you have to resell the car via this portal. Or tb [indiscernible] is a portal we just launched, and this enables us to sell cars from a private individual to a private individual via our guarantees. That's the strength we have. We can deliver the car via the UnipolService network, more than 1,700 body shops, 1,000 workshops and UnipolGlass 1,000 centers. We're pervasive throughout the country, and we can deliver the car everywhere in Italy after this has been, of course, given over by -- for rental. Now -- then we have UnipolSai in there with -- provides insurance. And then we can follow the owner or the driver of the car for all the needs they have in terms of mobility. They have to pay the road tax, we have the UnipolMove. And then they have use their car for a number of other payments, for example, fines, fuel, parking, UnipolMove again. And we'll see this better for the tolls, highway tolls. There can be a problem, a breakage or a claim, an accident. We repair the car through the network we have, let's say, [ PLFs ] in Italy. They need other mobility means, we have a marketplace that's called Cambiobike to purchase electric bikes and supplementing the offering. In the Life cycle, we can have accidents or breakages and we handle this to the network. At one point, the client wants to sell the car and goes to the ultra-similar portal. We have developed a real-time appraisal algorithm, and so checks on that specific vehicle. And through this, we can generate -- can duly generate for the sale or we go through UnipolRental, and then we start again with the circle. So we handle full round with a complete offering with the client with all these repetitive cycles. And on this, we've been able to put together a really incredible offering, great potential there. Two important focus is now UnipolRental. UnipolRental, we created actually a new network there. And this enables to us to position ourselves as a leader on a number of segments, and these are the ones in which we believe more the product individual, the professional, the SME. And these are actually already our clients, so we've been able to create a network without additional costs. Can come in contact with the segments that other players in long-term rental don't really -- cannot really do. We have made a great digital technological investment, EUR 20 million, to redesign the platform and the UnipolRental offering with the ability to be pervasive throughout the country of very few. Thanks to our network, that's highly, highly capillary. And this is done -- and we believe that we can also be good support to the development of new mobility approaches, electric cars, for example. Something else I'd like to say for UnipolMove, UnipolRental. As we had also before, [indiscernible] Matteo, we put together, starting back 15 years ago, a track record that enables us to understand the mobility behavior of more than 4 million clients who have our black box today. We know how often they change the car, how they drive the car, if they paid the highway or not, if they drive the car every day or during the summer vacations or so. This is a potential that enables us, especially for electric cars, electric mobility, to put together effective offering. We know who's good for electric transportation. One of the brakes stops on electric mobility is the range of anxiety. And 48 of our clients in 5 years have never moved more than 300 kilometers. They are perfect for electric mobility so we can design a highly targeted offering for them. UnipolMove is a monopoly, is our challenge after 25 years or more. Since 2019, the highway toll payment has been liberalized. And after a few years, for testing and authorization of tension, we have joined this market on [ 2nd ] March, 2 months ago, and we've been very successful, more than 120,000 clients in less than 2 months. We entered a market that featured a single competitor before. We're doing this because we believe it to be very important to widen the offering, to talk about payment services for the mobility arena, and this is key right now. And we do this because we have assets to use. We have a network that's high capillary and also 700,000 renewal of policies per month. So high numbers there, and our agents can exploit this, of course. And of course, within this area, it's not just toll payment, it's entire mobility arena or the payment of the city center, receive fuel, but also other nonproprietary payments, [ cap ] sharing. And although limited, we need to have this to have a very complete offering. As for the other two ecosystems, Tier 2, I like to state that over the past few years, we worked a lot in order to put together the actual infrastructure on which to place our ecosystems via acquisitions. We've done that in the mobility, I.Car, Car Server, Cambiomarcia. And we're doing the same in the other ecosystems. The approach is highly focused. We believe it's very important to be able to acquire purchase companies that enable us to speed up our entry into these business sectors, but we don't want to acquire 100% of a startup because we want to maintain the people who have launched the company in-house and enable them to -- enable us to exploit their skills and optimizing our synergies as a group. So we don't want to actually acquire 100% of these companies. And we're doing this in the work force scenario. We start a few years back by creating a number of physical clinics, starting from Bologna, our hometown and now we're expanding this. Also thanks to some partnerships with the actual main players. And of course, lots of synergies should be there. Digitally speaking, we are finalizing start-up acquisitions for this purpose because today, we need to be able to put together, to pull, of course, the performance as a service that you can get only physically in the clinic, but also the digital side, medical records, consultation, telemedicine. Another important synergistic area is the flexible benefit platforms that are used by employers for employees to optimize the tax benefits. This is just an entry point. And so finalizing digital transaction that underway now been able us to have a very large pool and be able to reach our objectives. More than 1 billion services provided with more than 420,000 active users, digital users, based on the physical part with more than 4,500 doctors, more than 1,800 corporate flexible benefits that opened up the offering to more than 130,000 employees. This is by 2024. Now another thing in terms of DNA is the property side. We have millions of customers insuring their homes with us. They have built an important relationship with us for a time and, paradoxically, in fact, during COVID, they know -- took out more and more just for covering their homes. So it's a topic company that's called UnipolHome, January this year, and this is going to be the core on which we apply all the property-related initiatives starting from the first. And this means handling a sector of the banking service agencies in the home-related scenario. Unipol has got a great know-how. Namely, we can really -- we are good at handling networks, 1,000 workshops, 1,800 body shops, doctors, lawyers and we are good in handling professionals networks. And the same is being moved over to the home side. And so now, we are putting together plumbers, masons and everything -- carpenters and the aim is to help out our clients. If there is a pipe that's broken, we don't wait -- have them wait 10 days and they will pay the damage. We go and fix the damage, fix the broken pipe. So we become this problem solver. And so this is a very important project that benefits the clients, and they have the problem solved quickly and enables us to save a lot of money in terms of claims cost. Another initiative that's very important for us, and we talk about digital also here, we are a bit more vintage, we are putting together a network of condominium managers. And why? Because for Italian customers, there is a great demand, 68% of Italians are ready to change their condominium manager right away. And so this would be the Unipol offering. We are serious. We can protect the home. And so this is going to be highly successful. We want to enter the sector with great margins and also open up a new offering channel or process services to the people living in condominiums. And every manager has got about 40, 60 buildings. And in 3 years' time, we want to have more than 5,000 buildings under management. This means we talk about with 350,000 Italians. We can offer services such as bills of all kinds and doc keeper and everything else. And these are important services for buildings. And third block is utilities, and so via our agency network. For 2 years now, we've been offering contracts and services for the utilities. And this is highly synergistic with the condominium managers and the multiservice companies. So in a way, these are our objectives in terms of, let's say, enriching or completing -- I mean, the -- beyond the insurance world. Now to do this, but also to -- well, better improve our operating excellence, we need technologies, we need people and Matteo will tell you more about this. Thank you.

Thank you. Okay. We are basically ready to wrap up all of the long list of strategic guidelines. So this is basically all what we need to do. So the biller #1, 2, 3 and 4 do happen. So invest in -- investments in technology, but also human resources. It's a very ambitious plan. In the next 3 years or so, we think we will invest around EUR 0.5 billion in technology. In the previous plan, I mentioned before, we invested EUR 0.3 billion. It's important to speed up the technological innovation process. Technology is a characterizing driver today, a key factor. And I have to say that -- well, plenty of projects fall within this, let's say, chapter. So this is what we have just said. So building an omnichannel platform, aiming at distributing in our agencies, integrated products with sophisticated top level insurance consulting services. Now all of this requires investments in technologies. We also have to evolve in terms of prices and underwriting. Once again, this does -- and to investing much money in technology. So digital venture, the Rebel. Now once again, this means we have to create the platform in order to sell purely digital insurance products. And once again, all of this turns into -- or requires large investments. And again, investments have to be considered because we need to make sure our people evolve. So once again, we want to offer a higher value-added activity versus what we did before with, if you will, the traditional nondigital technologies. So once again, there is a correlation and the balance between technologies on the one side and people on the other. It's a strong correlation because we want to use technology as a key enabler. I mean, our people, our staff, our employees will be able to improve and increase the value-added that they bring about inside our company. There is more. We want to make huge investments, bigger than what we did in the past 3 years in training and education. So all of those activities that improve the skills, including the soft skills of our people, once again, so as to evolve and, let's say, ride towards the future. We want to improve our efficiency level. Of course, we have compared many other digital platforms. So they have very lightweight structures. They offer products and services with a low value added, but we need to follow this trend, but the ambition is we want to be more competitive. This is an ambitious objective in terms of the CI or cost income. We have to further reduce our ratio. You can see we will reach a little bit less than 28% the end of 2021, down to 55% to end of 2024. So to do this, what is very important is a major step forward that we want to do in terms of improving the productivity of all of our partners. Also for this year, we will create a so-called solidarity fund. Well, the money -- the people covered will be 800 persons out of 8,000, which is the insurance business staff. At the same time, we will hire new resources with high skills. And of course, once again, the objective is to replace people leaving. So of course, they had a huge, let's say, know-how. And this know-how would be, let's say, taken up or, let's say, replaced by the new hires. At the same time, we need to -- and we want to improve, enhance the productivity profile of our organization. In terms of finance and investments, well, let me tell you by way of premise that it is very reductive to talk about finance and investments in just one single slide. Of course -- well, that's much, much more than -- the structure of our strategy is unchanged. I mean, we will keep diversifying our portfolio. And I have to say that there's a reduction of Italian govies. This has nothing to do with our vision on our country. So this is what I have just presented. I mean we do not foresee any recession, but we have -- we foresee a growth rate, which is higher than the one Italy had in the past years. Now this choice is due to the reduction of the volatility profile of our solvability profile. So we want to reduce the volatility of our own funds. To reduce the volatility of our own funds, we have to diversify and because we are over concentrated on Italian govies. Well, the main source of diversification is represented by the Italian govies. So we will invest, if you will, the counter value concerning the reduction of this investment in other, the so-called core govies, so France and Germany, credit components, medium- to high-rating level. The target is, in a way, replicating the portfolio, which is taken into account in order to discount cash flows, the so-called volatility adjustment, including liabilities. Once again, the aim is to reduce the volatility of our own funds. This is very important, especially when you have high volatility levels of the financial markets. Now the interest rate hikes help this process because, of course, we managed to also invest in the low-risk profile part at much higher interest rates versus those of some months ago, but we will keep investing also in the so-called RAs, real assets, so infrastructures, investments in renewable energies. So this is, once again, reflecting the ESG side of our investment policy, which is one of the most important factors because this really qualifies our cash flows investment strategy set. If we are given this opportunity, we will also increase real assets. So once again, all of this will happen within the same logic, which is portfolio requalification. We have started reducing our investments in real assets 10 years ago when we have completed the merger with Fondiaria-SAI Milano. I think that, that adventure is over. Now the activity and the concentration, the focus we need will be on to the enhancements of the quality of assets we have within this sector. Now we set ambitious objectives also in this very case because the 92 basis points I have mentioned before, so this is, of course, the Life business. So this is the part that the company retains of the financial profitability, which is given back to the insured. So based on the evolution of the asset allocation of our portfolio, our objective is to reach this percentage, 1%. It's basically EUR 35 billion of technical reserves or provisions. So at the end of the plan, if you will, the objective is to reach a running contribution, which is around EUR 40 million. This is really very important in terms of the contribution to be given to the profitability of the company. Just like the continuation of the [indiscernible] that has brought to the profitability of 3.6% real estate. So we would like to reach a 4.3% within 2024. Okay. Well, this is basically the general infrastructure of the investments made. So again, we talked about the so-called industrial guidelines. Just a little memo on the solvency component. So as I said before, we now have 209%. This is what we have just communicated today when presenting the quarter results at the Unipol Gruppo. So we are well above 300% in terms of individual solvency for UnipolSai. So we're positioned in the upper operating target range, which is what we have defined in terms of solvency, Unipol Gruppo and UnipolSai. We've also created other ranges that you can see here. So depending on where we are and when, we may activate the specific actions to strengthen the solvency profile. So the target range is between 150% and 180%, 180% to 124% UnipolSai and then all the way down until reaching risk capacity. Now the Solvency II system is characterized by a high volatility of the index depending on the evolution of the financial markets. So being in the upper operating range doesn't mean we are structurally in a comfortable situation. For example, if there's a high volatility of the market, please don't forget what happened in the month of March to April 2020 because of COVID. Well, there's been a huge volatility of solvency indices. In Unipol Gruppo, we reached the 150%. So once again, you really, really have to be very prudent and conservative in positioning in terms of solvency because once again, the objective is to continue with our development strategies without considering the scenario around us -- of the financial markets around us. So once again, we have defined these ranges and have been taken up, so that they increase versus those we define for Mission Evolve. Okay. Once again, this is the end of our presentation. So let me wrap up with industrial targets, which is, once again, the summary, if you will, of what we have shared with you together with Enrico and Giacomo. Now premium growth expectation is 4.5%, basically [ affected ] by the Health business and by the basic sectors in general. In terms of Motor, the premium growth is due to the adjustment of pricing to the recent evolution of the claim frequency and the average cost of claims because, of course, there will be -- I mean, we have to consider the increase of the inflation rates. So prices will also follow the same trends. This objective is also ambitious from the industrial point of view because reducing the combined ratio by almost 3% in a situation where especially on the Motor business, we are in the context of average premiums, which are significantly going down, especially in the past 3 years, and now they are flat. The frequencies go up, and the average cost is due to hike. So once again, this is a major challenging objective. There's another challenging objective, which is the profitability of the Life business. A 3.5% means continuing with the repositioning, a recomposition policy of our Life production. The objective is favoring the production of unit-linked products together with products that can be reassessed or reevaluated, so on a multi-system, multilevel area in the so-called protection. So we have the long-term care, and then we have death. So this is not significant in terms of premium. But very importantly, in terms of contribution to the profitability of the new production. The ambition is to make a step forward plus 50 basis points in terms of productivity of the new life production flow. Financial targets now. And I guess that this is one of my last slides. Now the financial targets we will have will go up, so higher than those we had in Mission Evolve. EUR 2.3 billion accumulated profits UnipolSai, Unipol Gruppo. And UnipolSai dividends, EUR 1.4 billion, up versus the Mission Evolve targets and a significant increase on the Unipol Gruppo level. EUR 750 million mean that -- versus the market cap. This means profitability from dividends is around 7% versus a little bit less than 6% of UnipolSai. So the logic is a higher remuneration for the members or the shareholders of Unipol Gruppo. Now because this is a holding with shares, the risk is a little bit higher than the operating company. This is the logic with which we have interpreted and defined dividend targets versus UnipolSai. We also have sustainability targets. Once again, they are also very ambitious, much higher than Mission Evolve, plus the share of products having a high social environmental content of 30%. We have more than doubled the ESG investments in terms of finance, EUR 1.3 billion. The objective we have in terms of reputational index, it has to be higher than the average of the insurance market. And as we know very well because this is a public domain, the ESG component is 20% of the total, and this is included into the incentive package for the managers of the company starting from this business plan. So once again, a very challenging plan. It starts or, let's say, it is based on difficult macroeconomic context because, as you know, this is characterized by the geopolitical events that we have mentioned at the beginning of the presentation. But we think we have the right distinctive assets to capitalize on, and this is what I have been dwelling upon. This is what we want to use. And again, we also want to increase their value. So as to start off from me with the five strategic guidelines that I've shown you before, we will then be able to take up the major challenges represented by this business plan. Important difficult challenges, of course. But I think we have -- I mean, all the ingredients, I mean, all the skills requires a top level of professionalism in order to take them up and to, once again, hopefully, reach the targets. Thank you so much. Back to Carlo.

Thank you so much, Matteo and Enrico and Giacomo for the three presentations, so you have walked us through the future of our group. Now as I said before, we like doing feasible plans or something that can really be executed. So writing down plans is easy. The execution is much more difficult. But we will do this, as you have seen this morning, by following a solid industrial strategy and an accurate industrial planning. We do not make industrial plans just to enjoy champagne where we present them or just to gather consensus, I mean, when we do the announcements. Well, we draw up plans because of those who believe in us, for those who invest in us, those who trust us have to be happy in 3 years when presenting the actual results and consequences of what we have shared with you this morning. So to wrap up. So once again, this is for our colleagues, but also for the market. So Giacomo, Enrico, please join us and take a seat because we have now the, I guess, the Q&A time, so the representatives of the financial community and our investors in order to have a Q&A session managed by Investor Relations Manager, Adriano Donati.

Thank you, Carlo. Okay then, so let's start off with Q&A part. Now we will accept three questions from the people attending here in the room, then we will take three questions from those of you who are joining the streaming live program. Please give us your name, family name and company you represent, okay? Ready for the first three questions from institutional investors or analysts attending the meeting here in Milan this morning, please.

One question on capital, one question on P&C and one question on Life, please. On capital, you provided a new framework for your solvency position. You talked quite a bit about what happens when you're in the low end of the range, not so much about what happens in the current scenario where you're quite a bit above the 220%. Can you talk a little bit about this? And you mentioned in your slides, capital optimization tools. What do you mean by this? My second question is on P&C. Mr. Cimbri, in your opening remarks, you talked about reserve buffers in P&C that were EUR 2 billion today. How have these evolved in the last 2 years? Maybe you can give us a number before COVID maybe in 2019. And my last question on Life and your new business margin target. What's the sensitivity of your new business margin to market conditions? So the 3% that you presented at the end of the year, where would that be today in the current market conditions?

Now as for the capital position and on our solvency position, of course, Matteo will give you insights but this connects with the second question you raised, I mean, the reserve buffer. Now as you know, this is capital basically, right? So in terms of solvency metrics, it's basically capital. So let me tell you, we have accumulated, I mean, this buffer, not just in the past 2 years, I mean the pandemic years. Now of course, we've also set aside this amount in the last 2 years. But this is included in a long-established strategy. As I've shown you before, in 2009, there was no excess of reserves or capital buffer. We built it step-wise, gradually over the years in order to face the uncertainties that may happen on the market, but also to face adverse scenarios, so as to have the buffer. So the [ margins ], so to say, in order to guarantee our investors, I mean, all of the results, of course, that we have obtained, of course, I'm talking about economic results. Now we have had years where it was possible to do this sort of accumulation, but there may be years where it may be necessary to use this buffer or a reserve excess level in order to stabilize our results. Now as for the size of the buffer, well, this makes us very confident today. So we really think that the benefits or profit targets as a consequence also, the dividends. I mean remuneration of the capital targets that Matteo has just presented, well, those targets will be hit because, once again, in any market scenario also in adverse scenarios, we do have the margin. We do have the buffers, and this is one of them to guarantee the results. Now this also depends on the solidity of the solvency position. But as Matteo will tell you better than me, the choices made in terms of AA or asset allocation, as for the market risk, in the previous financial years, make us less sensitive today through the ups and downs or the rate oscillations, the rate movements that we have seen very strong ones from the beginning of the year because of the energy crisis, because the Russia, Ukraine crisis. So why is this happening? Well, because the duration matching of our profits and liabilities, or assets and liabilities, and the composition of the ALM, so our investments, it allows us to have a discount on liabilities. And once again, this doesn't impact the mark-to-market assessment of the activities we have. So they move together. So once again, a strong movement on the rates as you have seen. This morning, we have just published, I mean, the quarterly results. It turned into a small impact in terms of basis points on the solvency. Matteo?

I'd like to tell you that maybe you remember, I mean, the grid I've shown you before. And don't forget that we don't have -- we don't want to have automatic systems whether that be to -- that have to be applied depending on the ranges. We have a specific process. And the process says the way we manage the situations where we go below, if you will, the -- well, target range in terms of Unipol growth and UnipolSai. So this process concerns an assessment on the possibility to adopt the derisking actions, especially on the investment policies. A concrete example may be the following one. Let me go back to the initial COVID time. At the very beginning, the financial markets, they reacted very strongly, very negatively in terms of the spread level and then equity and all of the, let's say, asset risks. Well, basically, we had to change our asset allocation policy, as Carlo said before, including our position in terms of our rate risk. Because of the variation of the rate at that time, there was a bigger SCR having to do with the risk. So this, for us, turned into actions aiming at limiting this element because if you work on SCR, well, you have a beneficial effect on the solvency instead of working on the numerator, which would be the own funds. We also have derisking policies on the equity components, on the credit component as well. We can also consider policies on the reassurance. Well, in compliance where the possibilities that may be generated. So once again, the process concerns a sort of a protection action. Well, of course, we have to have the right conditions for this on the financial market so that we really have the solvency profile within the target range. If this is not necessary, we have plenty of actions on the capital management, for example, assessments on the distribution or not of the dividends. But once again, we don't have any automatic system. Following which, if it is activated, we have specific behaviors because in some specific situations, it very much depends on how you reach that situation and not -- if you reach that. Maybe there's a high equity situation, and this is one thing, or maybe there's a high risk of subscription or underwriting. So this is totally different. So we assess on a case-by-case basis. So let me also answer your question on the Life business. So from 3% to 3.5% shift, this is one of the objectives in our plan, this is on the same financial condition. So we don't consider the consequence of the financial parameters. Of course, a change of interest rate structure has an impact on the new business margin of the Life business. For example, end of March 2022, we have 3.4%. It's easy to say that we have already hit the target. But again, this is not the meaning, if you will, of this policy because, I mean, we reached this because rates went up. And because rates went up, the margin components of the reassessable policies increased. This is not because of underwriting policies. This is a consequence of the market, and this is why this has happened. Now at the end of the year, we will consider the same financial conditions we had at the beginning. We want to requalify the portfolio towards higher profitability products, especially protection products because their profitability is much higher.

Andrea Lisi, Equita. I'd like to put the question on the bancassurance, that's one of the main pillars and theme of your plan. I'd like to ask specifically, if there is an opportunity, would you expand your bancassurance network? Second question, on your 30 -- stake in Sondrio, are you satisfied with the share, the stakeholding? Would you consider -- under which condition would you consider the increase there? And then on plan, what are, in your opinion, the elements on which you have kept an additional prudential margin so easier to reach? And which one are the more challenging -- most challenging ones?

Bancassurance, I don't know why I expected this question sort of, so to speak. It's true, the pillar. One of the pillars in our plan, not as of today actually, because in the past, we've worked a lot in order to lay the basis for this. We are builders. We build in our -- in the different areas, infrastructures, roads, bridges, railways where we want our goods to circulate quickly. And in this way, the banking sector is an infrastructure, it's a highway, railway where we want to circulate much -- many more goods than we circulated in the past. The assumptions are there, the basis are there. Because today, also for the protection area, banks are one of the ways in which we can support that income statement. We think that we have tried. And with Sondrio, we have tried to put together a strong relationship, a longer-term strategic relationship. Because the bancassurance, in the interest of the bank, of course, not just ours, is at the center of the bank's strategy for distribution purposes. So when I mentioned before, because I wanted to plan and do things, and then you plan and then achieve results, and for that, it's not enough to make announcement. You have to build in-house. And this is what we're doing. This is our current work with a positive relationship with the BPER management to lay the basis and certain conditions so that this takes place more than -- in a more proportional way than in the past. This means that in the banking network, you have professionals specialized -- and employees of the bank who know what they're saying when they talk about insurance. We don't believe in the player operates the branch, the window or the desk of the bank employee in a branch that -- as a modern genius becomes aware, it knows every single thing from credit to insurance, to monetics and everything else. We do believe that you need a specialization in each and every field. Banks, BPER in this case, is setting up in-house and network of specialists. And they are putting in the center of their distribution a network the bancassurance, the insurance also. And this is a key element as it is important. The way in which the bank is incentivizing system, you reward those who actually sell the traditional medals of bancassurance. You establish a joint venture. You pay a lot for goodwill. And this was making happy the corporate offices because they had great results for that year in the income statement. And the poor colleague in the branch and every time who was trying to sell a product for his or her variable fee did not get even a cent of everything he did. Now we have already an inverted paradigm with BPER. And of course, we have to further improve this. And also the incentive part is for those who produce, who actually sell and do the work. This is what we want to grow the presence in the bancassurance scenario. With regard to the shareholder role, I -- you asked me about BPER. We deem that we enabled BPER in the short time and in the short term to develop quite a bit because let's not forget that before our acquisition of a stake, a stable stake in BPER, BPER used to be an important bank, of course, nationally, a macro regional bank with about EUR 60 billion in assets. And this was about 3 years ago, let's say, by and large. Since we became stable shareholders, motivated shareholders to support the bank, BPER by the acquisition of all the branches of UBI Banca and the one that are performing now that's about to be completed as far as I know by year-end, BPER has slightly less than EUR 160 billion in assets, from EUR 60 billion to EUR 160 billion. Over the past few years only, they did all this. So it's not difficult to buy, to purchase, especially if you've got the shareholders that support you. The difficult part is integrate the assets you have acquired, you have obtained and building a strategy, a culture for a national bank, in order to have to create this national culture from a macro regional culture. And to consolidate these new side, this new dimension, concerning also the people. Because, of course, when you grow, you need new professionals, new skills, new expertise, it's like a team. From a championship, you go and play in a different league. And so now you have to play in a different league, so to speak, from the previous one. And we don't want to do too much, to overshoot so to speak. So the near future of BPER features work, commitment. And in order to become fully operational and have a return from these assets they have, in order to grow, you need in time you have to set the basis first in order to be able to grow later because you want to have a healthy, sustainable growth. BPER has got the potential to do that. And we will, of course, support them when they do that as shareholders, of course. With regard to Sondrio, I have already had the opportunity to say at other event that Sondrio is a nice bank in terms of the investors' perspective. In relative terms, of course, with the banking field, we believe to have made a good investment. They're still a bank with the highest CET1 in Italy, a bank that also with very turbulent markets has always been able to protect its assets in terms of quality and provide a return to its shareholders. We have had a historical relationship. We've been always very well acquainted with the management of the bank. We hold each other in high esteem, and we've got good -- great trust in one another. And this led to the support the current management in the most recent AGM. So for the time being, we are satisfied on this. We keep working, of course, as we've done in the past with BPER. And we work with the friends from Sondrio to do the same thing. We wish for Sondrio also to be able to make the investments that the BPER is doing to develop more and better the bancassurance side in a number of segments from cars, to health care. And we do believe they've got the potential. The potential is there, in our opinion. Both BPER and even more Sondrio in the interest of the bank and their own clients, they have the potential to be able to penetrate the insurance products and services area. And we work with the bank management for this to help them out. So they've got great potential there. Last question on the plan and the most difficult things, the most challenging things. This is my opinion. It's up to them to put it in place actually to be able to realize the plan. So my opinion is the following, and then I give the floor to my colleagues here. From the insurance view point, the car business is the most complicated one. And Matteo mentioned this already, in spite of the drop in prices that we've seen in the past 5 years, 6 years, 30% drop. Lots of competition is still there, that puts pressure on prices. And especially at the end of the pandemic, inflation, and we see whether this is going to be a structural inflation or just contingency in a provisional inflation given the time period. But anyway, these will lead -- these factors will lead to a cost increase, and this will further decrease margins. Now comp margins is the more challenging -- most challenging segment. But we're confident for what Enrico just said and for beyond insurance approach and the relationship we have and the ability that our agents have to retain our customers. We have a renewal rate at about [ 38% ] about of customer retention. And so we believe that we have all the instruments to deal and to cope with this complexity actually and obtain the results we have set for ourselves. In this respect, I go back to the question that you put before. Also the reservation -- reserving buffer that we have accumulated, of course, will become handy and this will help us in this approach. With regard to the financial side, the complexity there, the biggest challenge there is the one that comes from the complexity. And so unforeseeability of the time period. It is however happy to a customer, however, when they are -- when it's the time to present the plans because we believe the company and investors are entitled to have an approved very clear direction, very clear. Some people, some groups are not publishing their plan because there is a pandemic, because there's a war and this and that. We believe that this is what we should do. We are aware of the scenarios, and we hope that things are going to improve and extraordinary events are about quite normal recently. And we need to be able to govern change and find countermeasures. We talked about this scenario we have to operate in. Today, we have this scenario with increasing inflation rates in the long term. This is good for insurance. And in the short term, this creates a change in the mark-to-market of the bond portfolio. When you have a robust solvency, you can afford to look at the future without making too much of the mark-to-market. This is our future, and we try to keep to it. Now to start with, easy objectives or potential ones. They're not really there, I can assure you. On top of what Carlo just said, in my opinion, the most challenging ones concern distribution. So production because, of course, the competitive arena is more and more challenging in the country and reaching the growth objectives for the long motor overall in terms of income and also in terms of health care, plus 10% in annualized growth is highly challenging as an objective. If you don't make an investment, you have to invest in skills, expertise, specialization and products. Otherwise, it's much more difficult if you don't make these investments. And everything else were said by Carlos. So that's it for me, I don't want to repeat what he just said. I'd also like to add something concerning the car and motor segment. This is the most challenging arena where market dynamics can have important developments. So I can say, I like to point out again that we have a competitive advantage to start with. And so the lower loss ratio and quicker assessment and lower cost of claims and an ability to price and to handle the settlement, that enable us to have a market scenario where they need to recreate technical margins via price dynamics is going to take place. So the market will have to do that before and more than we have to. And here, we believe that we can handle this stage with the plan horizon should we see a reversal in price trend tendency with all the assets that we can use so as to be able to be protagonist at this stage and make our objectives, get to the targets. Question back there? There is a question back there. Someone raised his hand or her hand.

[Interpreted] Elena Perini from Intesa Sanpaolo. I have a couple of questions. First, now today, we are seeing that the stock is quite weak, the 2 stocks are quite weak. Do you have an idea why? What really led to this drop? And the second question is on the current group structure. We still have the 2 listed companies, and I wanted to understand better, more in depth, whether the fact that you keep this proto structure is to have a given level of flexibility. Also, for any possible deals with other companies, for example, foreign companies. Can you give us some indications there on this point? Thank you very much.

[Interpreted] Right. Coming here this morning, some colleague told me, now the stock opened negative this morning, going downward. And so I had a sort of a crisis of conscience. I thought, I said to myself actually, sorry, what can be the reason? I thought one. And this is it. I'm not sure because, of course, I haven't got a crystal ball here. I said to myself, maybe I forgot to explain to the market during the various meetings that I had publicly. Maybe I did not explain myself well on something or maybe I was not clear enough. So I still have this doubt. I put this question to myself. And also this replies to your second question that you put to me namely, the explanation that I give, I can give you, is that I push the market to say, the market that the investor with a greater short-term investor speculation, investor speculator, actually, who invest in the short term only wanted to speculate on the so-called shortening of the chain of command. And so purchasing, buying the stock and selling another, buying here and selling there, aiming at the fact that from the shortening of the chain, according to the position taken, he would have had a big benefit, they've had a big benefit quickly. And I'm sorry about this for this investor actually. I'm sorry for this investor because more than once, for a number of occasion, in a number of occasions recently, I've been saying everybody would have said the opposite, that shortening the chain is not something that we have on our agenda. This is not something we have on our tables as the top management. This is not a topic that will be discussed by the or will be the focus of the BOD discussions because we're satisfied with the currency type of the group. Why? Because dual listing enables us...

[Interpreted] Can we be strategically flexible? Should we find opportunities on the market to grow in size in the field? And we find businesses that we consider to be important for us? This gives us strategic flexibility.

[Interpreted] Exactly. So for those who invest in Unipol, we try -- as I said before, we are builders -- in replying to a question, we want to create value over time. We want to create stable, sustainable value over time. We want to permanently remunerate capital and value and enhance the assets we have and the assets that our investors have over time in a permanent way, in a steady way. We don't want just to carry out extraordinary transactions in order to favor the speculation on our stock, on our shares. I'm sorry if someone loses money by betting on the fact that since Cimbri has become the Chairman [ Matteo ] is just general manager. So we don't have the CEO. Now this means that they are shortening the chain of command because that's doing and exploiting this untenable idea, they lose money. And this doesn't match what I always said to the market. So what I always announced to the market, I am not a gambler. I don't like gambling. I was taught when I was kid that you lose when you do that. And so anticipating the act of those who are yet to decide what to do, I think that as an investor, you're doing wrong. So we have gone up, starting from the beginning of the year, 12%, 13%. There was stock exchange loss of 15%, 16%. I think that this change, fluctuation, there was no reason for Unipol in the first 3 months to grow so much because we did not announce any incredible things. So I think that the speculation component has been there. And today is the day, since certain expectations are not met in terms of corporate structure, now they are selling the stock. The stock has been sold. But we have never been interested in being uploaded our presentation of the industrial plan just for the announcement that we have made. What we are interested in is that those who invested in us are satisfied at the end of the industrial plan. So one of the things I said at the beginning, the basis for modern Unipol and the Unipol plan to the cube. And so it was a plan that when we presented it in 2012, the market skepticism was pervasive, prevalent. They were almost throwing tomatoes at us. And the media, the market and so on and so forth. And then I take a look at the figures. I am a figure, number, data person. So after the capital increase and the acquisition, I take the value 1st January 2013, the Unipol stock, UnipolSai stock, what was the price and the price at the end of the industrial plan, December 2021. So I compare these figures, and I make a calculation. And I see that the total return, also including dividends distributed was 380%, 370% between the period. The equivalent indices and stock exchange without comparing with peers, with the stock exchange, putting everything together, it's under 25%, the increase. And we're talking about 9 years there. Because then things have to be seen as a track record in a historical perspective. The impact of -- not with a very, very short-term look or perspective. This is our history. This is what happened. And so the reaction also for the reasons I mentioned, does not actually lead us to change our plans at all. And those who invest with us or stay with us for the next 3 years are welcome.

[Interpreted] Okay. So once again, we will be back to the room in a minute. Now let's pick possible questions from the audio conference. We have no questions from the telephone conference. We don't have question from the video conference. Let's check once again. Okay, so we have a question from the room here.

[Interpreted] Alberto Villa from Intermonte, a couple of questions. The first one on the combined ratio target at 92.6%. So excellent level, I should say. Can you give us some color on the assumptions in terms of average premium? And BAFA released that you want to -- you may want to use to reach this target. The second question is on the investment policy and the profitability of investments. We saw movements of rates, which is helping so much in terms of expectations of contribution of the interest margin for banks. So your hypothesis is very prudent especially because of the allocation you think you will be doing in the future. So you are possibly losing money compared to keeping the current level of allocation of investments. So which is your trade-off concerning this? And if you keep this type of asset allocation, what benefit would you have versus the 8 basis points that you talked about for 2024? I also would like to go back to the shortening of the chain. Now you've been very clear. But what I want then is the following. Now because this is a formal occasion versus a quarterly report presentation, so you have a longer time window. You have a new Board of Directors. So how do you think you can face the, let's say, dislocation of value? I mean Unipol shows very penalizing assessments for shareholders but also for the Board of Directors that this is a key topic. This topic has not been taken up or faced. The market is not probably understanding this. So also in this case, this is a trade-off. So maybe you want to keep the current organizational structure versus penalizing the assessments for the shareholders of Unipol. So this strategic flexibility, which is its value for you, it is a bigger value or it is just like the current Unipol discount level.

[Interpreted] Now as for the combined ratio targets, I'm sure Enrico will give you better insights.

[Interpreted] Well, let's say that as you have seen here, these are definitely challenging objectives. And in particular, as far as the motor business is concerned, on the one side, as I said before, we see a market scenario that maybe not so strongly not immediately, anyway, we see a progressive increase of prices because this is what the market needs. So this is not the only reason for the creation of the value we expect. I mean, specific market dynamics. So once again, we haven't talked about the detail, but the value is really, really huge. I'm talking about the actions we have just mentioned. So once again, the value of the actions concerning tariffs and underwriting, this will give us the opportunity to keep improving risk selection. And at the same time, we will be able to once again improve the claim frequency. As for settlement actions, well, they will be able to have major effects. They will combat, if you will, the inflation dynamics on the average cost. So in particular, on the average cost of damages to things. So without forgetting the pathway that we have already launched in terms of Mission Evolve, I mean, repricing and technical improvements of the non, let's say, motor business, so especially on weather events or atmospheric events, we already have a market situation that gives us the opportunity to have major interventions on prices. And this translates into growth and recovery on margins. So once again, we don't have a very optimistic expectations on what the market will bring about by itself. Let's say that we trust on what we will be doing to build these results. Now as for the buffer, so the reserves, so as you must have seen before, the buffer is really big. And this is our important starting point. So as you must have seen, our buffer release is structurally helping the final result. And I have to say that especially with IFRS 17, I'm sure there may be some discontinuities. But in general, this cannot change the ordinary proportion of value generation between the current business on the one side and the buffer release. As for the investments, the consideration is the following. Of course, we cannot remake the plan every 3 weeks because of course of rate hikes have been very, let's say, quick and unexpected. So I'm showing you the assumptions which are right on the basis of the business plan. Now the situation today is different versus those assumptions. We have less capital gains. But basically, we have a future in front of us. In terms of the investment policies that we may be doing, also including the possibility, I mean, if this process continues, we can also, let's say, reconsider the possibility to increase the reassessable product threshold versus the current life business. Now we had so many capital gains before but then once reaching the maturity, these securities are reinvested at very low rates. So between the 2 scenarios, I definitely prefer the current one. Now of course, if this rate structure is as is or if it is improving, we will have a benefit in terms of reinvestment rates. And the advantage this time is that this movement was a rate movement. Also the -- well, Italian spread has increased, but not much. So today, we can invest in all of the fixed income securities. We will continue work on diversification. We will improve the profitability of the portfolio. And at the same time, we will be able to get opportunities from the credit market that didn't exist before, especially on medium to high rating brackets, which is basically the target we are investing in. So if the situation stays unchanged versus the planned assumptions, we would derive a benefit, a financial benefit. It depends, of course, on the rate evolution. We don't want to change the rate assumptions because the planned construction process is very structured and articulated. So we are not repricing it once a week because it wouldn't be an effective policy. So this is a general framework on investments.

[Interpreted] Now as for the transfer or what you call dislocation of value or a mismatch between, let's say, the capitalization of UnipolSai and the capitalization of Unipol, well, believe me, this is a question also for me, and I have analyzed this question in depth. I have launched a sort of a dissemination or information activity. Now this is not necessary because I'm not telling you anything new, but every time we present the quarterly data, I do this. So our duty is to try and build clear situations, easy to be understood by the market. So when we have developed the new initiatives, we've even taken over from site and the situation was different. The holding company had direct stakes. We also had 100% of the bank. We had 60% of UnipolSai and many other things. Now in the past years, we have worked by streamlining and rationalizing the entire group, transforming it into the current configuration. So I have started on so-called dissemination information activity with no major results so far.

[Interpreted] So what is the value of Unipol Group? So what is it?

[Interpreted] Well, Unipol Gruppo or Unipol Group is 3 things: 85% of UnipolSai; we have 10% BPER and we have a residual portfolio stock amounting to EUR 0.3 billion of credits to be -- well, the former bad loans of Unipol Banca, okay? So the exposure is EUR 0.3 billion. Now if I do a calculation or an assessment, if you will, between the mark-to-market value of UnipolSai, which is 85% of UnipolSai today, 10% of BPER today. Both are listed, okay? So this is not my value, it's the market value. And if I subtract the debt of Unipol, okay? Let me round the figures. The value of Unipol is now EUR 5.5 billion of what UnipolSai is EUR 7.5 billion in terms of today's capitalization level.

[Interpreted] So why do people exchanges at 35%, 40% less?

[Interpreted] They would like to shorten the chain.

[Interpreted] If you shorten the chain from our point of view, do you think you can get money? I mean the cost of the holding company? I mean, what, maybe just 1 of Board of Directors, okay? So it's really peanuts, okay? And then, I mean, 4 employees. So do you think it's a synergy? People say a higher value are generated by the synergy. There is no such value, come on.

[Interpreted] Now of course, you've been working in this industry for many years. And you know that the market needs a simplification, so the so-called holding discount. This is another thing that, okay, which kind of holding is it? If we have 20 stakes all in line or diversified with many other types of risk, it's a thing. But if the holding is very linear, just like ours, it's different. It's totally depending on the Unipol side, okay? And so the question is, if you consider our group configuration, don't forget, don't consider the discount now, okay? So let's consider the evolution. So the evolution should be consistent. So UnipolSai goes bad, Unipol goes bad and so on and so forth. Unfortunately, I don't have the right documentation, but you can find it easily. Okay. Just consider what happened during the pandemic, okay? Please go back to March and April 2020, okay? This is one of the many possible examples. Okay, back to March 2020, okay, pandemic shock, lockdowns. Now the banking sector lost much more than other industries immediately. You can see that UnipolSai loses X and Unipol Gruppo loses much more than X, okay? Because Unipol Gruppo is much more similar to the banking sector. So why, why the banking sector? Because -- just because we had Unipol Banca years ago, it's not been there for 3 years. Maybe because the market thinks that we will do a control acquisition in the banking business. I have already said that there won't be any control acquisition. Otherwise, this would be a second problem apart from the control chain, okay? So I'm repeating this. I want to be clear. Once again, this is irrational, okay? This being said, so this is what we think now. If you manage the company, so managers and the Board of Directors, we need to have one key mission, building value, generating revenues, profits, remunerating our capital. Now we can do this. The profitability of our Unipol Gruppo was penalized because the bank had one part of the money. Now this money was used to, let's say, solve bank's problems. Today, we don't have the situation. So Unipol Gruppo is able to offer a capital remuneration level that at current prices is higher than UnipolSai, I think the yield is 6.5% versus 6%. Anyway, it depends on market prices. Okay. Let me also add that Unipol Gruppo has a specific condition, considering our structure, considering our reserve buffer. So we have the capital, even if theoretically, there's no dividend for 1 year. So this is just to mention the size of the assets buffer that we have built. Maybe we can remove the part, which is difficult to understand from the market. So the only unlisted part is EUR 300 million. So you can also tell us that we won't recover any euro from EUR 300 million. The total -- I mean, the general mindset won't change, okay? So this so-called dissemination phase is the one I have just described. For the long-term investors, I mean, the value is here, okay? For example, if you sell Unipol, it's EUR 5.5 billion, okay? This is the value. So sooner or later, this gap, I mean I'm really, really talking about it a very rational way. Now -- so if you really want to force the shorting of the chain, I'm sure you must have understood, this is not one of the solutions we will implement. Okay. Two more questions.

[Interpreted] Alessia Magni from Barclays, I have 2 questions. One is a follow-up on bancassurance. BPER and Banca Popolare di Sondrio are your long-term partners. Are you looking for new JVs, new partners? And the second is on UnipolReC. UnipolReC was part of the previous plan. It is not included into the current plan. What is the position of ReC in the future of the group? And do you have a position on this? Or is this going to be a divestment?

[Interpreted] So we keep getting new opportunities that may be found on the market. Now this being said, we believe in long-term partnerships. We don't believe in opportunistic situations. With BPER and Sondrio, we have a long-established relationship. So we are investing money, and we believe in this so much. We are not looking for other partnerships. And we don't believe in this kind of relationship. I mean, between bank and the insurance, exclusively based on joint ventures or plans where, I mean, everyone does his job long-term plans. And then this falls within the discretionary behavior of banks. We believe in partnerships, and this is why we take stakes in banks because we want to strengthen the strategic level of our link and our long-term vision. This being said, we are on the market. So even if we had the short-term or immediate opportunity, we may consider this but we want to allocate major capital flows for things that have a small value or an ephemerous time window. This is for bancassurance. As for UnipolReC, this is a specific company, a specific vehicle. I'm sure you know that the company was based on the fact that we didn't believe and we don't believe that selling NPLs at the prices we had at that time was economically viable. It was more interesting to do some recovery. So the percent of money that we could have were higher than the money we may have had by selling credits. But once again, we are not a bank. My assessment or our assessment that was also shared by other banks but banks have received regulatory pressure to sell them in any case. So we don't fell within this condition, so we prefer to do this in-house. We had EUR 4.5 billion gross credits. On the other side, we had EUR 700 million net. We have worked a lot with our collection, percent rates that were around 30% during the 3 years of life of ReC. Now we have a residual amount that I have mentioned before. But we have never said and I confirm that ReC is a business line. So credit collection is a business line of the group. So it is a strategic activity of the group. No, I mean it's a functional activity. So it helps us solve some issues. So we will see what to do with ReC but we are not investing in the management of nonperforming loans or nonperforming exposure because this is not our business. Let's carry on with the third question of the audience here in the room. Then we'll carry on with remote questions.

A couple of questions. First of all, about your asset allocation. You said you're going to adjust your asset allocation? And what impact will that actually have on your risk profile in terms of percent of SCR. Is there a material change to be expected? Second question about your Solvency II targets. Can you give us a bit of an indication of how much of your excess capital you will invest every year for -- into growth or rather into the implementation of your strategic plan? Is there kind of a runway you can give us? And can you also link your Solvency II target to the capital structure? Do we have there any target capital structure or optimal capital structure you're aiming for? And also see in your -- in that one slide that you make a distinction between capital optimization actions and actions to restore the risk appetite level. Can you be a bit more clear about what belongs into the other category and what doesn't? So just to clarify that. And finally, a bit of a broader question. IFRS 17 is at the horizon, how would that actually impact the determination of your new financial targets and broader -- was there any impact on the formulation of your strategic plan coming from IFRS 17?

[Interpreted] As for the asset allocation and risk profile, Matteo?

[Interpreted] First question, the impact of the asset allocation changes on the SCR. As I said, we will divest partially, of course, the govies, Italian govies to the benefit of European core investments and 0 impact because govies -- government securities don't impact the calculation of the SCR. So this is a deal -- something that we do to limit volatility of our own funds. So we are going to lose some basis points in terms of returns on yields, but we don't benefit in terms of SCR viewpoint. But we have lower volatility in terms of our own funds. We're going to invest in corporate, in high rating corporates. And this will mean an increase in the SCR derived from the spread risk not significantly so, actually, to tell you the truth. And also there'll an increase in the SCR to be derived from investment in the real asset component. We're talking here about disguise of very smaller amounts vis-a-vis the investments we make in the receivables and credits actually. Now in terms of time development of our solvency, all of this will not have a significant impact on the SCR evolution. Namely our plan expects over the next 3 years, of course, if there are not going to be any essential element for financial risks, our solvency profile will remain around the levels we have singled out in the upper operating range. Even also considering the capital we invest in the insurance activity development. And for sure, growing 4.5% in terms of non-life income premium and this means investment in growth in small extent, and this does not mean an increased insurance risks, not significantly anyway. The other thing you mentioned concerned a distinction between capital optimization and capital structure, right? Now the capital optimization is what we did by reducing BTPs and fostering diversification and we optimized our SCR there to try and reduce volatility of own funds. In terms of capital structure, we have in our CET component -- sorry SCR CET component that you've seen represented in the slide. And on top of this, we have the debt component. And so that's restricted, and we use that according to the market opportunities. We have gone for a Tier 1 unrestricted issue about a year ago and we have a security that becomes callable in June 2024, eligible for the grandfathering period for the solvency and so throughout '24. So we'll have some time to check the opportunity to go for issues to refinance this debt in order to keep an optimal capital structure. And the logic there is if market conditions allow to use the subordinate capital buffer as large as possible to have great capital endowment possible. Last IFRS 17, right? Yes, I discussed the organic growth, yes. IFRS 17, you mentioned. Enrico hinted at this before with reference to the reserving release for previous years. It's clear that this is one of the most important projects we have in store for the operations of our company because the way it will be recognized in our figures or data in accounting. But this is accounting principles. So our financial flows have not changed in terms of profile. We have made a number of runs there and we did, of course, until now. And of course, this will lead to some variability, some variability on a yearly basis. But we don't think this is going to impact, as Enrico said, in terms of the data that we just presented for this plan. That does not consider the application of IFRS 17.

[Interpreted] Good. Let's carry on with the remote participants. And then one last question for the audience. Can we go on? Peter, the floor is yours.

Peter Eliot from Kepler Cheuvreux. First of all, I had a follow-up question on solvency, please. I mean you seem to be saying that even though you're well above the top of the range, you're not looking at capital management actions currently. So I'm just wondering, just trying to understand why you're sort of flagging that as an opportunity, but not looking at it currently? And just playing devil's advocate, well, if I play devil's advocate, I could say, well, are you being efficient with the capital allocation with buffers that high? So I'm just wondering what your answer is on that, whether you think there is an opportunity to be more capital efficient or not? Secondly, Unipol should receive much more cash than the target you've set for dividends. So I'm wondering what your ambitions are for the excess cash that it received over [Technical Difficulty]? And finally, I was wondering if you could be clear a bit more on the advantages back offices are giving you on underwriting. Could you clarify exactly what break point you're using for the underwriting purposes? And also at what point you're seeing some of the benefits in financial? I guess you mentioned [Technical Difficulty] advantage but it's probably offset like both. I'm just wondering how you [Technical Difficulty].

[Interpreted] Sorry, the voice was not very clear. The sound was quite bad. I understood the first. Let's go back to solvency, right, this is something you asked. And Matteo already replied, Peter, but I'm just going to say a few words here. Now in my opinion, it is not right to approach our world talking about capital excess, mentioning -- referring to excess of capital. We have capital there. And all this capital is there for all our risks. We work in considerable scenarios, and we can have a scenario today. As Matteo said, we put together a plan. And then Russia invaded Ukraine and there is energy crisis and everything changes. So all of our capital is used for our strategic plan. There's no excess of capital to be allocated to growth, specifically external growth or other organic, whatever. We work to strengthen this and stabilize our capital against fluctuations, so that if there is an opportunity at this point, we can grasp the opportunity, growth opportunity, for example, from the outside that we can grasp this opportunity. And of course, because we make an assessment of our risks vis-a-vis the capital we have available, I really do not trust plans that indicate excess of capital for the acquisitions, Italian acquisitions, for external growth and everything else. Why? Because acquisitions actually first, you make them and then you tell about them. If you put down on the plan, I want to purchase something, you won't find what you're looking for or you're going to pay more because they expect that. We are not doing this, of course. We look for opportunities all the time, and we try to have available capital to do that. And if needed, if the opportunity arises, we're going to use it for growth or for handling the new risks.

If I understood, you referred to the cash position of the group. So we have putting together a cash position of the group in order not to need to refinance the debt, especially if the context in which we find ourselves is a negative scenario. So the cash production that we obtain via the collection of dividend for UnipolSai is aimed at having a cash outlook from now to the end of the maturity of our debt all the way to 2030. And can this be self-financed with what we receive in terms of dividend?

[Interpreted] This is the goal we set ourselves. So here, too, I'm not mentioning -- talking about the cash excess but cash endowment, the amount you need so that you don't need to necessarily depend on the market. And this, of course, requires the presence of a debt position for Unipol Gruppo. That's about EUR 2.5 billion today. And the cash position that partly offsets this in excess of EUR 1 billion today. And with future dividends, this will enable us to get to 2030 with debt being paid without need to refinance ourselves. And then the capital structure between debt and equity, it depends on the market context. We don't want to just have equity there and no debt. Of course, this is the management logic of a holding company with sizable shareholdings. That's very simple. As Carlos just said, do we need a financial balance there. independently of the market dynamics. Peter, we prefer to incur costs. As I said before, when I mentioned capital, we prefer to have a manageable cost so as to be more flexible and be less exposed to possible market risks should we need to refinance the debt. That's why -- that's the purpose of our liquidity buffer that we have. It's inefficient, of course. It's not efficient, but it's a cost we take stock of for the more flexible operation wise. With regard to, if I understood correctly, the benefit of our telematics strategy and our black boxes, benefit derived from that, this is something that we've been doing for a number of years, also with important volumes there and say the usage of black boxes provides important benefits, both in terms of rates of fees, prices, so the frequency benefit and also in terms of settlement. And so we reduce the fraud or exaggeration of a damage, improve speed of settlement and reduce costs. And these are important advantages and benefits. And for a number of years now, strategically, have been reinvesting almost everything, almost all into price benefits for our clients and customers. So basically, we have not invested heavily in the -- of the loss ratio improvement, but more on the improvement of the competitiveness of our offering and retention of our customers, that's one of the highest in the market. The most recent scenarios over the past few years presented us with a further challenge why they supplies to everywhere in terms of black boxes. The lower premium, the average premium the client pays, the higher the cost of telematic incidents. So the challenge we are working on this, we worked on this and we're ready to launch new solutions. The new challenge is not to lose out, rather to increase the benefit that derives from information that we use, data we use and lower the cost of this model. With regard to the information we use, of course, the information is a lot. A lot of data not easily comparable just because of the portfolio of our clients that use telematic and the rest of the portfolio do not feature the same item statistics in terms of geographies, in terms of size of the car and power of the car. So more in big cities and less in small cities. And once you take out all these effects, you still have -- you still see a convincing benefit for our strategy.

[Interpreted] Good. We should have a second question from the remote users, I think.

It's Michael Huttner. I'm so happy and I just wanted to say, firstly, it's a fantastic presentation. I really appreciated the industrial focus. I have 3 questions, and they're not actually on industrial, sorry. On the dividend, UnipolSai is going from EUR 1.3 billion target to EUR 1.4 billion. But you actually paid EUR 1.5 billion in the past 3 years. So am I to understand that I should put lower numbers in my model? That's my first question. The second is on Unipol Gruppo. And you explained how we could see the value, the EUR 5.5 billion. If indeed the markets agrees and the fair price moves and the value goes to EUR 5.5 billion, beyond opening a champagne bottle, what can you do with this? And then my final question is a bit like Peter Eliot's. On telematics, I noticed in the past 2 years, there has been no growth with EUR 4 million static. And I just wondered if -- why that is not part of your plan?

[Interpreted] In Italy, there's a saying, to respond to your first question, it is not always Sunday. Okay, I'm sure they are translating it to you literally, but I'm sure that the translation is effective. As we say here, it is not always Sunday. So last year and in the past 3 years, I have to say, the planned target was EUR 1.3 billion of distribution of dividends at UnipolSai, which is exactly what you said now, the target goes up to date to EUR 1.4 billion. In the course of the 3 years, this scenario to implement that plan has been completely different. I mean, from '19 to '21, it was characterized by the pandemic in 2020 and 2021. So during the 2 years of the pandemic, that unfortunately generated disasters and unfortunately, so many deaths, we also had plenty of lockdowns where the business just stopped, traffic also stopped. And if you sell, well, non-life insurance, so this generated a major reduction of claims versus the premium paid. We have given back one month of premium paid to our insured, EUR 250 million have been given back to our insured because it was a unique extraordinary situation. So some conditions have been created to create nonordinary margins. So UnipolSai made bigger benefits versus those that we should have made. So we decided to give one significant part back to shareholders by increasing dividends. Today, we don't expect such a special 3-year time. We are going back to a normal ordinary 3 years' time. We try to improve in a stable way, consistent way. So this is not depending on contingencies. So we want to increase remuneration. So you're right, that we can see EUR 1.4 billion, but this is a new objective that we will head to versus EUR 1.3 billion. Now EUR 1.5 billion over the past 3 years, time was a consequence of different special situation. Now when they share -- and this is your second question, so if the value is EUR 5.5 billion, well, maybe you will open a bottle if you believe in this, and I will be happy because my teaching activity, even if I don't think so will have been successful. Because in that case, it means that we've been able to reestablish the right rationale of realignment of the values of our 2 securities or the 2 shares. So Unipol is a passive subject from this point of view.

As for your question on telematics, this is Giacomo now, black boxes or telematics. So once again, this is one of the key fundamental assets in terms of our plan. But once again, it is not always Sunday again. The trend that the market had in the past years allowed us to have an incredible development of something like 90,000 black boxes a month for 4 years. So the market is a little bit saturated. And this is what Enrico said before. So the incidence of the average premium, it has gone down by tens of euros in the past years. So the incidence of the cost of the device and its subscription, its fee has a different weight. We also have another topic, which is the stratification of the average age of customers. I mean, over the years, this portfolio grew a lot and the balance then between the new production and the churn rate, especially in the younger generations, this is higher. This means that we have a specific stabilization of the telematics portfolio. It's still a fundamental asset. And I have to say that by referring to what Enrico said before on Rebel, so the new model that we will launch, so there's a strong lever on telematics. So I really would like to reconfirm how strategic this is.

Very, very last question.

[Interpreted] One last question from the audience, if any. So thank you very much for not asking more questions.

[Interpreted] At this point, I'd just like to thank you very much for coming this morning, for having stayed with us, for waiting until this last hour and looking at the presentation of Matteo, Enrico, Giacomo, and bearing with us. I hope this has been an interesting event for you. And I like to extend greetings to all my colleagues from Unipol, and I thank all the colleagues who have been able -- who have made this event possible, and in this unusual location, given the type of places we usually meet one another. And -- but I actually wanted to go for even newer approaches. And when I saw this type of location, unusual, but any way, where there are usually other types of initiatives, fashion shows and such, so I asked Adriano that in the layout, we could keep within and maybe I guess this would be even more innovative. We were not ready yet for this situation, this very different change, very different thing. So that's it. And to the financial community, we'll see each other on 5 August for the quarter results and the Q2 results. And all the colleagues we see in the company, all the other guests, thank you very much for being with us today again. So have a good day. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]