Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — H1 2025 Earnings Presentation
24 slides from Unipol Assicurazioni Spa's earnings presentation, Aug 8, 2025
Slide 1: 1H25 Consolidated Results
1H25 Consolidated Results 8 August 2025
Slide 2: Disclaimer
This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 1H25 results. Luca Zaccherini, Senior Executive responsible for drawing up the corporate accounts of Unipol S.p.A., declares, in accordance with Article 154-bis, para 2, of the
Slide 3: 1H25 Overview / 1H25 Consolidated Results / Appendix
1 2 3 1H25 1H25 Appendix Overview Consolidated Results 3
Slide 4: 1H25 Overview
1 2 3 1H25 1H25 Appendix Overview Consolidated Results 4
Slide 5: Premiums volume, net result and solvency ratio
PREMIUMS VOLUME NET RESULT SOLVENCY RATIO €m €m +12.3% +26 p.p. +30.2% 9,171 260% 286% 8,165 +4.5% 740 622 212% 222% 4,788 555 568 4,581 4,383 +22.3% a 3,584 1H24 1H25 1H24 1H25 FY24 1H25 Non-Life Life Group (reported) Insurance Group b Group (reported) Insurance Group C a +8.4% excl. NB pension fun
Slide 6: 1H25 Consolidated Results
1 2 3 1H25 1H25 Appendix Overview Consolidated Results 6
Slide 7: Group Results and Insurance Group Results
GROUP RESULTS INSURANCE GROUP RESULTS 1H25 €m 1H24 €m 1H24 1H25 Reported Non-Life 475 520 Non-Life 475 520 Life 137 180 Life 137 180 Other 24 47 Other 24 47 Pre-tax result Insurance & Other 636 748 Pre-tax result before dividend from banks 636 748 244m at 1H25 121 122 (198m at 1H24) 134 240 Banking
Slide 8: Non-Life: premiums, combined ratio, pre-tax result
PREMIUMS COMBINED RATIO PRE-TAX RESULT €m €m +4.5% +9.4% 4,581 4,788 -0.4 p.p. 520 475 93.1% 92.7% 1H24 1H25 1H24 1H25 1H24 1H25 Motor 94.4% Bancassurancea +17.5% yoy Non-Motor (escl. Health) 91.9% Fin. Running Yieldc 4.4% Health sectorb +12.0% yoy Health sectorb 89.6% a Including premiums of Arca A
Slide 9: Non-Life premium collection
PREMIUM COLLECTION Breakdown by Business Line Breakdown by Company €m Comp. Var. €m Comp. Var. €m Motor 2,290 48% +4.0% Unipol Ass.ni 3,700 77% +2.3% Motor TPL 1,690 35% +3.3% UniSalute 607 13% +17.4% +4.5% Arca Ass.ni 176 4% +11.6% Motor Other Dam. 600 13% +6.0% 4,788 Linear 137 3% +10.5% 4,581 Non
Slide 10: Non-Life combined ratio: Motor and Non-Motor
Motor 102.6% Motor 94.4% 1H24 Combined Ratio 22.3% 1H25 Combined Ratio 23.1% 93.1% 92.7% 80.3% 71.3% 26.0% 27.5% 1H24 65.2% 1H25 67.1% Non-Motor (incl. Health) Non-Motor (incl. Health) 1H24 1H25 91.3% 84.6% CY undisc. attr. loss ratio 70.7% CY undisc. attr. loss ratio 68.0% 31.5% 29.4% Discount -3.8
Slide 11: Life: premiums, CSM, pre-tax result
PREMIUMS CSM PRE-TAX RESULT €m €m €m +22.3% +32.0% 4,383 +7.5% 3,584 180 2,426 2,608 137 1H24 1H25 FY24 1H25 1H24 1H25 Normalized variationa +8.4% yoy CSM NB 129 €m Fin. Running Yieldb 4.5% CSM Release -136 €m (Life free capital) Bancassurance +8.9% yoy a Excluding new business pension funds and oth
Slide 12: Life premium collection
PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment €m €m Comp. Var. Pure Pure Pension Total Hybrids Traditional 2,430 55% -2.6% Traditional Linked Funds Unit linked 491 11% +59.5% Individual 60.0% 23.6% 34.6% 1.3% 0.4% +22.3%a Pension funds 1,243 28% +77.5% Collective 36.0%
Slide 13: Life yields and technical reserves by minimum guarantee
LIFE YIELDS Technical Reserves by Minimum Guaranteea 3.29% 1.03% FY24 1H25 3.20% 1.00% Min. guar. yield €bn Comp. €bn Comp. 0% 21.9 57% 23.7 60% 2.20% 2.26% 0.75% 0% - 1% 7.0 18% 6.6 17% 0.71% 1% - 2% 4.3 11% 4.1 10% FY24 1H25 2% - 3% 3.9 10% 3.8 9% >3% 1.7 4% 1.7 4% Segregated funds current avg. yi
Slide 14: CSM Roll-forward
€m CSM Roll-forward 2,744 +179 -36 -136 2,608 2,426 +129 +46 FY24 New Expected Economic Operating CSM before Release 1H25 Opening CSM Business Return Variances Variances Release Closing CSM Operating figures 14
Slide 15: Investments by asset class and accounting classification
Investments by Asset Classa Breakdown by Accounting Classification – 1H25 FY24 1H25 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 45.3 78.8% 46.7 79.2% free cap. segr. acc. o/w Italian Govies 17.4 30.3% 17.6 29.8% Govies 46.0% 0.0% 0.1% 2.5% -- 48.6% o/w Non-It
Slide 16: Investment yields
€m 1H24 1H25 Life Life Non-Life Total Non-Life Total free cap. free cap. Coupons and dividends 308 57 365 301 66 367 Yield 4.5% 4.6% 4.5% 4.4% 4.5% 4.5% Realized/unrealized 92 12 104 53 10 63 gains/losses Yield 1.3% 1.0% 1.3% 0.8% 0.7% 0.8% Total 399 69 469 354 76 430 Yield 5.8% 5.5% 5.8% 5.2% 5.2%
Slide 17: Partial Internal Model
€m Partial Internal Model 286% Insurance Group Ratio 5,218 222% 11,606 6,389 Own Funds SCR Excess a The Insurance Group Solvency ratio is an operating figure calculated under the assumption that the banking associates BPER and BPSO are treated as non-strategic equity investments, rather than shareho
Slide 18: Partial Internal Model Own Funds, SCR and Excess
€m Partial Internal Model 11,606 11,606 1,258 19 6,389 7,174 OF Fin. 3,029 OF Tier 1 SCR Fin. OF Tier 2 SCR Ins. 3,155 OF Tier 3 Excessa 2,189 Own Funds SCR and Excess Own funds and solvency ratios are net of approved and/or estimated dividends. Estimates are not an indication of the actual dividend
Slide 19: Appendix
1 2 3 1H25 1H25 Appendix Overview Consolidated Results 19
Slide 20: Group structure
To date Unipol included in the FTSE MIB and MIB® ESG indexes Unipol 19.89% 80.69% BPSO BPER 98.99% 100% 94.69% 100% 63.39% UniSalute Linear Siat DDOR Arca Vita Arca Ass.ni Mobility Welfare Property Gruppo UNA Other companies other companies other companies other companies Banking and Financials Insu
Slide 21: Debt Instruments, Debt Rating and Financial Strength Rating
€m To date Debt Instruments Debt Rating Original Nominal Isin Code Listed a Seniority Tier Maturity Coupon Moody’s Fitch Issuer Amount UnipolSai XS1784311703 ✓ 500 Subordinated Tier II Mar, 2028 3.875% Fixed Annual Ba1 BBB UnipolSai XS2249600771 ✓ 500 Hybrid RTier I Perpetualb 6.375% Fixedc Annual B
Slide 22: 1H25 P&L by Sector
1H25 P&L BY SECTOR Reported figures Banking €m Non-Life Life Othera Total Associates Insurance revenues 4,578 314 0 0 4,893 Insurance costs -4,102 -182 0 0 -4,284 Reinsurance result -144 -6 0 0 -150 Insurance services result 332 126 0 0 459 Net financial result 253 85 122 1 462 Interest exp. on fin.
Slide 23: Insurance Group KPIs 1H25
€m 1H24 1H25 Reported Reported Premium collection 8,165 9,171 Non-Life 4,581 4,788 Life 3,584 4,383 Combined Ratio 93.1% 92.7% Insurance and other businesses pre-tax result 636 748 Banking associates result (BPER and BPSO) 121 122 Pre-tax total result 757 870 Net result 555 622 Insurance Group KPIs
Slide 24: Investor Relations contacts and upcoming event
Alberto Zoia Head of Investor Relations investor.relations@unipol.it Carlo Latini Tel +39 366 789 3402 Eleonora Roncuzzi Tel +39 338 675 9605 Giancarlo Lana Tel +39 335 455234 Giuseppe Giuliani Tel +39 051 507 7218 Silvia Tonioli Tel +39 366 645 6610 Upcoming event 7 November 2025 9M25 Results Repor