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May 2026
AGENDA
1 2 3 4
About us
2025-2027
Strategic Plan
Highlights
1Q26
Consolidated Results
Appendix
2
23% market share in Italy
High growth business +11.1% at FY25 | +7.7% premiums CAGR 2024-2027 target
1,800 insurance agencies and 4,900 sub-agencies
Fees proportionate to the agencies' technical performance (loss ratio)
Main shareholder in BPER (19.98%)
Distinctive bancassurance model: steady inflows, low lapse risk, via 3,000 bank branches
Conservative provisioning, industry-leading settlement speeda, and a best-in-class
reserved/paid claims ratiob
53% market share in Italy and 31% in Europe
Telematics enhances bespoke pricing and helps frauds tackling
99% premiums collected in Italy
Investor in IT Govies (<30%), EU Corporate (30%), pioneer in Alternative inv. (6%)
High proportion of retail & SMEs clients (75%)
#1 in Motor in Italy | 22% market share
Excellent retention rate | 84% in Motor TPL
Top-tier player in Health | 23% market share Profitable business model, outstanding Combined Ratio
Life earnings stable and predictable overtime, smoothed by CSM accounting
Significant savings on the cost of claims, enabled by the two networks of
3,200 body repair shops and windshield repairs in Motor TPL
20,600 hospitals & medical centres (o/w 60 owned by the Group) in Health
Solid industrial partnership with BPER
Steady and outperforming growth of the bancassurance channel
Improving Group profitability through high margins
Solvency Ratio sound and steady overtime: 230% at FY25 | 248% at 1Q26
High financial strength ratings
Track record in reaching strategic plans financial targets | ||
2022-2024 | Net result | Dividends |
3€bn vs. 2.3€bn target | 1.3€bn vs. 1€bn target | |
1.5€bn FY25 net result (+36.8% yoy)
3.8€bn net result target 2025-2027 (25% of the current market cap.)
• +13% EPS CAGR 2024-2027a
FIRST-CLASS DIVIDEND0.8€bn FY25 dividends (+31.8% yoy) | 5.7% dividend yield
2.2€bn dividends target 2025-2027 (15% of the current market cap.)
• +10% DPS CAGR 2024-2027
Health +11.1%
Bancassurance +14.0%
Strategic catalysts for business development NET RESULT +36.8% +40.5% insurance Group result on the back of very good CoR 92.9%Insurance Group
230%Group (PIM)
Robust capital position+11.1%a
15,621
17,361
+4.5%
+20.6%a
FY24
FY25
Non-Life
Life
6,446
7,777
9,175
9,584
+19 p.p.
260%
279%
212%
230%
FY24
FY25
Group
Insurance Group
1,384
FY25
0.5 €bn
Excess Organic Capital Generation
€m
NET RESULT+40.5%
+36.8%
1,530
1,119
1,208
860
FY24
FY25
Group
Insurance Group
DIVIDENDS+31.8%
804
610
DPS (€) 0.85
FY24
FY25
1.12
MARKET SHARES IN ITALY
Generali
Unipol
18.6% Other
Other
38.4%
31.8%
21.9%
6.1%
6.4%
18.5% Unipol
16.0%
12.1% Reale Group
6.1%
8.4%
Generali
15.8%
Reale Group
Axa Italia
Allianz
Axa Italia
Allianz
Generali
16.5%
Other
Other
24.7%
Generali
23.7%
39.6%
15.4% Poste Vita
5.9%
7.4%
15.2%
ISP Ass.ni
Poste Vita 7.6%
9.3%
Allianz
23.2%
11.6%
Unipol
Unipol
Allianz
ISP Ass.ni
17.6 milion customers of the Group
Strong leadership in the domestic market, regulated by a local Authority (IVASS)
Health
Life
Motor
Non-Life
DISTRIBUTION NETWORK
North
47%
Centre
21%
South
32%
1,800 agencies and 4,900 sub-agencies
(3,500 agents and 14,000 sub-agents)
3,000 banking branches
(via BPER bancassurance agreement) BPER is the #3 banking player in Italy and #1 in Lombardy
€m
Profitable growth, +14% CAGR in the last 3-years+14%
981
1,148
1,276
Premiums
FY23
FY24
FY25
UniSalute unique business model since 1995
n. 11 million customers
Successful development also in Retail segment thanks to agency
and bancassurance channels
#1 network of hospitals, medical centres (> 20,600 o/w 60 owned by the Group) drawing on over 50,000 doctors
Excellent technical profitability 87.7% Combined Ratio
NON-LIFE BANCASSURANCE€m
Steady growth potential, high margins+21%
522
604
415
Premiums
FY23
FY24
FY25
Solid industrial partnership with BPER
Distribution network of ~3,000 banking branches, boosting the insurance productivity of the Group
Arca Assicurazioni collects most of Non-Life bancassurance premiums with a Combined Ratio <80%
AGENDA
1 2 3 4
About us
2025-2027
Strategic Plan Highlights
1Q26
Consolidated Results
Appendix
9
COMPETITIVE SCENARIO
Ageing population: increased demand for medical services, public health system under pressure
Climate Change: growing demand for protection driven by the increase in frequency and severity of atmospheric events
Technology & AI: pervasive diffusion of technology and AI enabling high-potential opportunities
Customer Behaviour: evolution of the customers' purchasing behaviour, requiring customised and real-time services
STRATEGIC GUIDELINES
STRONGER INDUSTRIAL PROFITABILITY: risk-based portfolio growth - product engineering - sustainable growth in Health sector
FASTER INTEGRATED OFFERING MODEL: innovative data-driven retail platform - phygital Health offering STRONGER DISTRIBUTION NETWORK: omnichannel distribution model - Bancassurance productivity boosting BETTER TECH & PEOPLE SKILLS: tech platforms and skills evolution - AI driven solutions scale-up
MOTOR
Stronger profitability driven by advanced use of data & analytics and omnichannel platform scale-up
NON-MOTOR
Stronger product engineering supported by AI and faster portfolio management through de-risking and exposures management
Pricing & Underwriting: over 130 variables for Motor pricing - AI/ML algorithms to further improve retention
Claims settlement: cost savings through the network of body repair shops and windshields repair centers
Telematics: 3.4m Unipol devices, recording several billion journeys per year
Offer: 10m insured vehicles - data-driven retail omnichannel platform scale-up
Pricing & Underwriting: 600 data specialists and AI experts - dynamic pricing model sophistications
Claims settlement: new NatCat claims settlement model
Offer: NatCat offering with focus on disciplined exposures management
LIFE AND HEALTH
Better insurance-services integrated model for customers
Distribution: Health business mix across channels (incl. digital) - 1st network of clinics, 20,600 o/w 60 owned by
the Group - Investment and Savings products enlarged
Offer: 11m Health customers, 2.8m Life customers - new omnichannel and modular offer
Technical excellence: Unipol brand top-of-mind
BANCASSURANCE
Boosting the insurance productivity through the banking channel leveraging the distinctive Unipol bancassurance model
Non-Life offer: product innovation and multichannel services to increase volumes, maximising profitability
Life offer: capital-light offer - strengthening the protection business with bundled solutions
2024 2027
Alternative Investments & Real Estate
14.1
Equity
4.1
Cash
3.0
%
30.3
Italian Govies
Greater diversification of the fixed income segment
(refinement of risk/return profile)
ALM-SAAa aimed at optimising long term
capital generation and reducing volatility
Corporate
Bonds
30.0
18.5
Non-Italian Govies
Consolidation of alternative investments, maintaining the overall high quality and diversification
Progressive reduction of leverage
a ALM: Asset and Liability Management, SAA: Strategic Asset Allocation
€bn
2,7
2.7
3.6
3,6
-0,4
3,2
3.2
-0.4
-2,2
1,0
1.0
-2.2
2022-2024
Organic capital generation a
2025-2027
Organic capital generation a
2025-2027
Organic growth financing
2025-2027
Net organic capital generation
2025-2027
Dividends
2025-2027
Organic excess capital generation
Insurance KPIs
€bn | 2025-2027 cum. target | 2024-2027 CAGR |
Non-Life premiums 10.6 +4.9%
o/w Motor | 4.9 | +4.2% |
o/w Non-Motora | 4.2 | +4.7% |
o/w Health | 1.4 | +7.7% |
Non-Life Combined Ratio 92.0% -1.6 p.p.
o/w Motor CoR | ~95% | |
o/w Non-Motora CoR | ~90% | |
Life premiums | 7.4 | +4.8% |
Life New Business Value | 1.0 | |
Avg. yield retained by the Groupb | 1.1% | |
Bancassurance Non-Life premiums | 1.0 | +24.0% |
Bancassurance Life premiums | 3.4 | +7.8% |
a Excluding Health
Financial KPIs
€bn | 2025-2027 cum. target | 2024-2027 CAGR |
Consolidated net profit 3.8
Insurance Group net profit | 3.4 | ~+13% EPS |
Dividends | 2.2 | ~+10% DPS |
Excess Organic Capital Generation | 1.0 | |
Running yieldc (2025-2027 average) | 3.8% | |
Tech Investments | 0.5 |
€bn
FY25 STRATEGIC PLAN GOALS TRACKINGAchievements in FY25 | 2027 target |
Achievements in FY25 | 2025-2027 cum. target |
On pace to deliver on all the Group insurance and financial targets
Non-Life premiums 9.6 10.6
Net result 1.5 3.8
o/w Motor | 4.5 | 4.9 |
o/w Non-Motor (excl. Health) | 3.8 | 4.2 |
o/w Health | 1.3 | 1.4 |
Non-Life Combined Ratio | 92.9% | 92.0% |
o/w Motor CoR | 94.8% | ~95% |
o/w Non-Motora CoR | 92.4% | ~90% |
Life premiumsb | 7.8 | 7.4 |
Avg yield retained by the Group | 1.06% | 1.1% |
Coupons and dividend yield | 4.2% | 3.8% average 2025-27 |
Bancassurance Non-Life premiums | 0.6 | 1.0 |
Bancassurance Life premiums | 3.1 | 3.4 |
Insurance Group net result | 1.2 | 3.4 |
Dividends | 0.8 | 2.2 |
Excess Organic Capital Generation | 0.5 | 1.0 |
AGENDA
1
About us
2
2025-2027
Strategic Plan Highlights
3
1Q26
Consolidated
Results
4
Appendix
16
1Q26 Net Result at 329 €m (+15.4%), driven by excellent technical performance
1Q26 Net Result at 433 €m (+6.2%), including 1Q BPER contribution
Sound profitability across all Non-Life segments: CoR Motor 93.6%, Non-Motor 86.7% and Health 86.7%
Strong growth in insurance business volumes: total premiums grew +7.1%a enhanced by Bancassurance contribution (Non-Life +21.7%, Life +11.6%a) further improving Group profitability through high margins
Solid growth in Health premiums (+4.4%) with outstanding margins (CoR 86.7%)
Solid Financial contribution underpinned by 4.3% running yield (+17bps) and asset allocation resilient to
heightened volatility
Insurance Group Solvency robust at 295% (Group Solvency ratio at 248%)
17
YoY variations
a Normalised yoy variation
1Q26 CONSOLIDATED RESULTS > GROUP FIGURES€m
GROUP RESULTS
1Q25 1Q26 Var.
1Q25
incl. 1Q BPER
1Q26incl. 1Q BPER
Var.
Pre-tax result Insurance & Other | 419 | 456 | +8.8% | 419 | 456 | |
o/w Non-Life | 336 | 365 | +8.6% | 336 | 365 | |
o/w Life | 72 | 70 | -1.8% | 72 | 70 | |
o/w Other | 12 | 21 | +79.9% | 12 | 21 | |
Banking associates | -- | -- | -- | 122 | 103 | -15.4% |
Pre-tax total result | 419 | 456 | +8.8% | 541 | 560 | +3.4% |
Net result | 285 | 329 | +15.4% | 407 | 433 | +6.2% |
Group net result | 272 | 313 | +14.8% | 394 | 416 | +5.6% |
Sustained growth in Bancassurance channel and Health sector
boosts underwriting efficiency and delivers solid pre-tax result
€m
PREMIUMS+3.5%
2,387
2,471
1Q25
1Q26
COMBINED RATIO-1.1 p.p.
91.0%
90.0%
1Q25
1Q26
PRE-TAX RESULT+8.6%
336
365
1Q25
1Q26
Bancassurance
Health sector
+21.7% yoy
+4.4% yoy
Motor 93.6%
Non-Motor 86.7%
o/w Non-Motor (excl. Health) 86.7% o/w Health sector 86.7%
Financial Running Yield
4.6%
Total Financial Investment Yield 5.6%
Breakdown by Company
Breakdown by
Customer Segment
Breakdown by
Sales Channel
75%
25%
88% 7% 5%
Retail&SMEs
Corporate
Agents a
Bancassurance Other
Health business through Bancassurance channel
100% Retail +28% yoy
20
Breakdown by Business Line
€m
2,387
2,471
+0.8%
+6.6%
Motor
1,183
48%
+6.6%
Motor TPL
857
35%
+5.5%
1Q25
1Q26
Motor Other Damages
326
13%
+9.5%
Non-Motor
Motor
Total
2,471
100%
+3.5%
1,110
1,183
1,277
1,288
+3.5%
€m Comp. | Var. |
€m | Comp. | Var. | |
Unipol Ass.ni | 1,864 | 75% | +3.4% |
UniSalute | 375 | 15% | +5.8% |
Arca Ass.ni | 87 | 4% | +13.2% |
Linear | 72 | 3% | +8.7% |
Siat | 39 | 2% | -28.5% |
Ddor | 34 | 1% | +3.2% |
Total | 2,471 | 100% | +3.5% |
Non-Motor | 1,288 | 52% | +0.8% |
Health | 400 | 16% | +4.4% |
Accident | 173 | 7% | +5.8% |
Fire/Other dam. to prop. | 354 | 14% | -0.2% |
General TPL | 183 | 7% | -1.2% |
Other | 178 | 7% | -6.5% |
Operating figures, direct business
a Including Agencies, Head office and Brokers
