Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q2 2026 Earnings Presentation
22 slides from Unipol Assicurazioni Spa's earnings presentation, Aug 7, 2026
Slide 1: 1H26 Consolidated Results
1H26 Consolidated Results 7 August 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY Excellent earnings delivered in 1H26 ▪ Net profit of €913m, up 46.8% YoY ▪ Outstanding technical performance: 91.8% Combined Ratio and strong Life profitability ▪ Significant contribution from financial investments with a running yield of 5.1% Disciplined insurance growth ▪ Broad-b
Slide 3: Agenda
AGENDA 1 2 1H26 Appendix Consolidated Results 3
Slide 4: Reported and Insurance Group Results
1H26 CONSOLIDATED RESULTS > REPORTED AND INSURANCE GROUP RESULTS €m Strong earnings growth (+46.8% YoY), underpinned by business performance and enhanced by investment result REPORTED GROUP RESULTS INSURANCE GROUP RESULTS equity-method banking associates banking associates as financial assets 1H25 1
Slide 5: Non-Life Business Overview
1H26 CONSOLIDATED RESULTS > NON-LIFE BUSINESS OVERVIEW €m Premium growth driven by the Group's strategic priorities, supporting stronger market positioning and solid Non-Life profitability PREMIUMS COMBINED RATIO PRE-TAX RESULT +3.6% +70.3% 4,788 4,960 -1.0 p.p. 885 92.7% 91.8% 520 1H25 1H26 1H25 1H
Slide 6: Non-Life Premium Collection
1H26 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Business Line Breakdown by Company €m Comp. Var. €m Comp. Var. €m Unipol Ass.ni 3,837 77% +3.7% Non-Motor 2,532 51% +1.4% UniSalute 642 13% +5.8% +3.6% Arca Ass.ni 180 4% +2.7% Health 691 14% +4.1% 4,788 4,960 Li
Slide 7: Non-Life Combined Ratio
1H26 CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO Non-Life Non-Motora Motor 1H25 1H26 1H25 1H26 1H25 1H26 Combined Ratio 92.7% 91.8% 91.3% 88.3% 94.4% 95.5% Loss Ratio 65.2% 63.9% 59.9% 56.3% 71.3% 72.2% o/w Current Year undisc. attritional loss ratio 68.0% 68.3% 59.1% 59.2% 78.2% 78.4% o/w Discou
Slide 8: Life Business Overview
1H26 CONSOLIDATED RESULTS > LIFE BUSINESS OVERVIEW €m Profitable Life growth supported by positive net inflows and improving portfolio economics PREMIUMS CSM PRE-TAX RESULT +4.4%a +32.1% 3,886 a 4,056 +5.7% 238 2,791 2,951 180 1H25 1H26 FY25 1H26 1H25 1H26 Norm. trend in line with Plan’s target Cont
Slide 9: Life Premium Collection
1H26 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Business Line Breakdown by Company €m €m Comp. Var. €m Comp. Var. Traditional 2,499 62% +2.8% Unipol Ass.ni 2,074 51.1% +7.7%a +4.4%a Capitalization 80 2% -16.2%a Arca Vita 1,969 48.6% +1.1% 4,056 Unit linked 662 16%
Slide 10: Life Yields
1H26 CONSOLIDATED RESULTS > LIFE YIELDS Higher portfolio yields and lower guarantees enhance Life profitability LIFE YIELDS Technical Reserves by Minimum Guarantee 2.81 2.67 FY25 1H26 3.43% 1.08% 3.35% 1.06% Min. guar. yield €bn Comp. €bn Comp. 0% 25.4 61% 27.3 65% 2.29% 2.35% 0% - 1% 6.5 16% 6.1 15
Slide 11: Life CSM
1H26 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward 50 93 44 126 (153) 3,104 2,951 2,791 FY25 New Expected Economic Operating CSM Release 1H26 Opening CSM Business Return Variances Variances before Release Closing CSM Solid CSM growth and stable release ratioa reinforce future earnings visibili
Slide 12: Investments
1H26 CONSOLIDATED RESULTS > INVESTMENTS High-quality and diversified asset allocation supports superior performance and positive FVPL contribution 64.5 €bn Investments €bn Accounting classification Other Amort. cost Non-Italian Govies Corporate/Fin. 23.4% 28.9% FVPL Life segr. acc. 8.8% 15.1 18.7 6.
Slide 13: Financial Investment Yields
1H26 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m Investment performance underpinned by strong running yields and positive mark-to-market gains 1H25 1H26 Life Life Non-Life Total Non-Life Total free cap. free cap. Coupons and dividends 301 66 367 383 108 492 Yield 4.4% 4.5% 4.5% 5.1% 4.9% 5
Slide 14: Solvency II
1H26 CONSOLIDATED RESULTS > SOLVENCY II €bn 259% Group solvency ratio 290% Insurance Group solvency ratio Partial Internal Model Own Funds and SCR Details 13.7 13.7 0.0 1.2 5.3 OF Fin. 259% 8.4 OF Tier 1 9.2 OF Tier 2 13.7 OF Tier 3 8.4 3.0 SCR Fin. SCR Ins. 3.2 2.2 Excess Own Funds SCR Excess a Own
Slide 15: Organic Capital Generation
1H26 CONSOLIDATED RESULTS > ORGANIC CAPITAL GENERATION Strong organic capital generation: 0.3 €bn excess in 1H26 (incorporating an accrued dividend of 0.47 €bn), on top of 0.5 €bn already achieved at FY25, on track to overdeliver on the 1 €bn targeta €bn 0.8 0.8 0.0 -0.5 0.3 Organic Organic Net orga
Slide 16: Agenda
AGENDA 1 2 1H26 Appendix Consolidated Results 16
Slide 17: Unipol S.p.A. – Debt Instruments and Ratings
APPENDIX > UNIPOL S.p.A. – DEBT INSTRUMENTS AND RATINGS €m Breakdown by Maturity Average Cost FY25 1H26 1,500 Debt instruments 3,250 4,250 Average cost 4.21% 4.65% 1,000 b 1,000 Senior 3.25% 3.33% 750 Subordinated/Hybrid 5.03% 5.37% 500 500 500 a Rating 2027 2028 2030 2034 2035 Moody’s Fitch Senior
Slide 18: P&L by Sector
APPENDIX > P&L BY SECTOR 1H26 P&L €m Non-Life Life Banking Othera Total Insurance revenues 4,744 351 0 0 5,095 Insurance costs (4,211) (191) 0 0 (4,401) Reinsurance result (143) (4) 0 0 (147) Insurance services result 390 156 0 0 547 Net financial result 587 122 103 9 821 o/w Insurance finance incom
Slide 19: KPIs
APPENDIX > KPIs €m 1H25 1H26 Var. FY25 1H26 Var. Premiums 8,674a 9,016 +3.9%a Total Equity 10,715 11,813 +10.2% Non-Life 4,788 4,960 +3.6% Group Equity 10,391 11,503 +10.7% Life 3,886a 4,056 +4.4%a Solvency II ratio (PIM) 230% 259% +29 p.p. Combined Ratio 92.7% 91.8% -1.0 p.p. Insurance and other pr
Slide 20: Glossary and Methodology
GLOSSARY AND METHODOLOGY Alternative investments: Real Assets, Private Equity and Hedge Funds Current year undiscounted attritional loss ratio: technical indicator representing the core performance of the portfolio, net of the impact of discount, adverse weather events + large losses and prior year
Slide 21: Disclaimer
DISCLAIMER This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 1H26 results. Francesco Masci, Senior Executive responsible for drawing up the corporate accounts of Unipol S.p.A., declares, in accordance with Article 154-bis, para
Slide 22: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS Alberto Zoia Head of Investor Relations investor.relations@unipol.it Analysts & Investors Carlo Latini +39 366 789 3402 Eleonora Roncuzzi +39 338 675 9605 Giancarlo Lana +39 335 455234 Operations & Investor Relations Events Silvia Tonioli +39 366 645 6610 Research & Analy