Unipol Gruppo Finanziario S.p.A. http://www.alacrastore.com/company-snapshot/Unipol_Gruppo_Finanziario_S_p_A-1022531 Wednesday, October 08, 2008 5:19:32 AM 1022531 Unipol Gruppo Finanziario S.p.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_162122_820508246moodys/PR_162122_820508246htmlGlobal Credit Research Rating Action # SEP #### Rating Action: Unipol Assicurazioni S.p.A. Moody's Upgrades Unipol Group's Ratings Paris, September ##, #### -- Moody's Investors Service has today announced that it upgraded the insurance...9/2/2008 12:29:45 AMhtmlUnipol Assicurazioni S.p.A.Aurora Assicurazioni SpAUnipol Banca S.p.A.Unipol Gruppo Finanziario S.p.A.Aurora Assicurazioni SpA; Unipol Assicurazioni S.p.A.; Unipol Banca S.p.A.; ...820508246809233616600070836600052957150.0000NewsRating ActionPR_162122_820508246Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/491592spcred/491592normThe latest Research Update from S&Pglobalstructuredpubfin7/10/2008 2:38:00 AM175Research Update491592ItalyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceSovereignsAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsResearch UpdateOn Feb. 7, 2006, Standard&Poor's Ratings Services affirmed its 'A-' long-term counterparty credit and insurer financial strength ratings on Italy-based insurer Compagnia Assicuratrice Unipol SpA (Unipol) and removed them from CreditWatch, where they were first placed on June 3, 2005. The outlook is stable. The rating action follows the announcement that Unipol has reached a conditional agreement with BNP Paribas (AA/Stable/A-1+) to sell its 14.75% stake in Banca Nazionale del Lavoro SpA (BNL; A-/Watch Pos/A-2) at a price of €2.925 per share; and to maintain and extend its bancassurance agreement with BNL, with a view to strengthening the link between the two Italian companies. This alleviates our previous concerns over Unipol's diversification into life business, since the companyITA40301030 403010 4030 40Unipol Gruppo Finanziario SpA313798EUROMIDAFRUNI@IMRESUPDITAFRA05565A05944E066747066748F07886F1062MF1063NT1237U05567MF1059BF1063RF10649F1064P05568HF10633G0730M05566HF1063GT12358Y0701140101010 401010 4010 40Banca Nazionale del Lavoro SpA (former)BNP Paribas102735102754ASIAPACCANUSAEMERGINGEUROMIDAFRLATAMERICASUP1095Z@LXBNP@FPGLOBISSSTRUCPUBFINCORPFIINSSOVABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/CMT_0000444445moodys/CMT_0000444445htmlGlobal Credit Research Issuer Comment # JUL #### Issuer Comment: Unipol Gruppo Finanziario S.p.A. Unipol Group's Ratings Remain Under Review for Possible Upgrade The insurance and banking ratings of Unipol Gruppo Finanzario (UGF) remain...7/5/2008 12:19:03 AMhtmlUnipol Gruppo Finanziario S.p.A.Unipol Gruppo Finanziario S.p.A.600052957150.0000NewsIssuer CommentCMT_0000444445Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656627spcred/656627normThe latest News from S&Pglobal6/27/2008 8:23:06 AM100News656627ItalyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsMILAN (Standard&Poor's) June 27, 2008--Standard&Poor's Ratings Services said today that its counterparty credit rating on Italy-based insurer Unipol Gruppo Finanziario SpA (UGF; BBB/Stable/--), as well as the counterparty credit and insurer financial strength ratings on the core operating companies plus related debt ratings are not affected by the restructuring announced by the group. According to the plan approved by UGF's board of directors, Aurora Assicurazioni SpA (A-/Stable/--) will be merged into Compagnia Assicuratrice Unipol SpA (A-/Stable/--), and UGF's insurance service businesses hived-down into the company resultant from the merger. The ratings on UGF group remain based on its strong competitive position in the Italian insurance market, its strong operating performance in property/casualty insurance, and its strongITA40301030 403010 4030 40Unipol Gruppo Finanziario SpA313798EUROMIDAFRUNI@IMNEWSITA40301030 403010 4030 40Aurora Assicurazioni SpACompagnia Assicuratrice Unipol SpA425426336036EUROMIDAFR1228Z@IMUNI@IMGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/514822bir/514822normUnipol Gruppo Finanziario S.p.A.ItalyInsurance: Head of a Group of Companies with interests in insurance and financial services6311671952411355111296/17/2008 6:39:00 AM514822Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/moodys/COP_600052957moodys/COP_600052957htmlGlobal Credit Research Credit Opinion # SEP #### Credit Opinion: Unipol Gruppo Finanziario S.p.A. Unipol Gruppo Finanziario S.p.A. Bologna, Italy Ratings Category Moody's Rating Rating Outlook STA Aurora Assicurazioni SpA Rating Outlook...1/2/2008 7:28:00 PMhtmlUnipol Gruppo Finanziario S.p.A.Unipol Gruppo Finanziario S.p.A.600052957150.0000NewsCredit OpinionCOP_600052957Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_146240_820508246moodys/PR_146240_820508246htmlRating Action12/15/2007 12:21:27 AMGlobal Credit Research Rating Action ## DEC #### Rating Action: Unipol Assicurazioni S.p.A. Moody's places Unipol Group's ratings on review for possible upgrade New York, December ##, #### -- Moody's Investors Service today placed...Unipol Assicurazioni S.p.A.820508246150.0000Newshtml809233616Aurora Assicurazioni SpA600070836Unipol Banca S.p.A.600052957Unipol Gruppo Finanziario S.p.A.Aurora Assicurazioni SpA; Unipol Assicurazioni S.p.A.; Unipol Banca S.p.A.; ...PR_146240_820508246Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/619647spcred/619647normThe latest News from S&P12/13/2007 1:29:24 PMNews100global619647ItalyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsPARIS (Standard&Poor's) Dec. 13, 2007--Standard&Poor's Ratings Services said today that its counterparty credit and insurer financial strength ratings on the core operating companies of Italy-based insurer Unipol Gruppo Finanziario (UGF, insurer financial strength rating on core operating companies A-/Stable) are not affected by the capital restructuring announced by the group. We had already factored into the ratings the payback of excess capital to UGF shareholders. As expected, the payback amount does not reduce the group's capitalization to a level out of line with the ratings. The ratings on UGF are based on its strong competitive position in the Italian insurance market, its strong operating performance in property/casualty insurance, and its strong financial flexibility and capitalization. OffsettingITA40301030 403010 4030 40Unipol Gruppo Finanziario SpA313798EUROMIDAFRUNI@IMNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_105869moodys/PBC_105869pdfAnalysis11/29/2007 8:12:11 AM...Unipol Assicurazioni S.p.A. ( Unipol ) and Aurora Assicurazioni S.p.A. ( Aurora ), both with insurance financia l strength ratings (IFSR) of A# and positive outlooks, are the main insurance operating entities of Unipol Gruppo Finanziario S.p.A. ( UGF , formerly Comp agnia Assicuratrice Unipol S.p.A.). In the context of the new structure and the level of integration of the insurance operations of the group and de spite different branding and slightly different business models, Moody's considers the combined operations of Unipol and Aurora as one analytic unit. Therefore, this analysis and the rating rationale of the financial strength of the group are based on the combined group ( Unipol Group hereafter). Unipol Group s ratings reflect the comp any s strong market position in Italy, where at year-end #### it ranked fourth with a market share of ##.#%, as well as its relatively low risk profile. Furthermore, Unipol Group s franchise in Italy is further supported by a strong... Unipol Gruppo Finanziario S.p.A.600052957300.0000AnalysispdfUnipol Gruppo Finanziario S.p.A.PBC_105869Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611594spcred/611594normThe latest Full Report from S&P11/6/2007 10:31:04 AMFull Report400global611594ItalyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceFull ReportExpected strong cash flows from operating companies Strong capitalization Strong liquidity profile Very strong coverage ratios at group level Limited diversification of upstreamed dividends The ratings on Italy-based Unipol Gruppo Finanziario SpA (UGF) reflect that of the financial strength ratings on the group's insurance operating companies, which make up more than 91% of the group's net income. The counterparty credit ratings reflect UGF's position as the holding company for the UGF group, the fourth-largest insurance group in Italy. UGF as a pure holding company was only recently created (September 2007). The ratings are based on expected strong cash flow, strong capitalization, and a strong liquidity profile. Offsetting these strengths is the limited diversification of upstreamed dividends. UGF benefits from strongITA40301030 403010 4030 40Unipol Gruppo Finanziario SpA313798EUROMIDAFRUNI@IMFULLITA40301030 403010 4030 40Aurora Assicurazioni SpACompagnia Assicuratrice Unipol SpA336036425426EUROMIDAFR1228Z@IMGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611595spcred/611595normThe latest Summary from S&P11/6/2007 10:31:04 AMSummary175global611595ItalyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceSummaryThe ratings on Italy-based Unipol Gruppo Finanziario SpA (UGF) reflect that of the financial strength ratings on the group's insurance operating companies, which make up more than 91% of the group's net income. The counterparty credit ratings reflect UGF's position as the holding company for the UGF group, the fourth-largest insurance group in Italy. UGF as a pure holding company was only recently created (September 2007). The ratings are based on expected strong cash flow, strong capitalization, and a strong liquidity profile. Offsetting these strengths is the limited diversification of upstreamed dividends. UGF benefits from strong earnings. For the year ended Dec. 31, 2006, 78% of the group's net income came from property/casualty (P/C) operations, 13% from life, and 9%ITA40301030 403010 4030 40Unipol Gruppo Finanziario SpA313798EUROMIDAFRUNI@IMSUMMARYGLOBISSINSCredit & Investment ResearchS&P Credit Research