• Value creation

Key observations:

In its 2016 Integrated Report Unipol clearly identifies, and outlines through graphs, the two business models for insurance and banking that it relies on to create value in the short, medium and long term. This is aligned with the view that “disaggregating the organization into its material constituent operations and associated business models is important to an effective explanation of how the organization operates” (International <IR> Framework, para. 4.21). Accordingly, for business unit the capital inputs that contribute to the value creation of the organization are briefly described and the KPIs outlined. The activities that transform inputs into outputs are then indicated in detail. Finally, the capital outputs are explained in terms of the relevant KPIs.