Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — 9M 2025 Earnings Presentation
24 slides from Unipol Assicurazioni Spa's earnings presentation, Nov 7, 2025
Slide 1: 9M25 Consolidated Results
9M25 Consolidated Results 7 November 2025
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 9M25 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 3: Agenda
AGENDA 1 2 3 9M25 9M25 Appendix Overview Consolidated Results 3
Slide 4: Agenda: 9M25 Overview
AGENDA 1 2 3 9M25 9M25 Appendix Overview Consolidated Results 4
Slide 5: Group Business Overview
9M25 GROUP BUSINESS OVERVIEW PREMIUMS VOLUME NET RESULTb SOLVENCY RATIO €m €m a +10.8% +5 p.p. +45.0% 12,644 260% 265% 11,416 +4.5% 1,120 220% 961 212% 6,783 724 6,488 662 +19.0%a 4,928 5,862 9M24 9M25 9M24 9M25 FY24 9M25 Non-Life Life Group (reported) Insurance Group Group (reported) Insurance Grou
Slide 6: Agenda: 9M25 Consolidated Results
AGENDA 1 2 3 9M25 9M25 Appendix Overview Consolidated Results 6
Slide 7: Group Figures
9M25 CONSOLIDATED RESULTS > GROUP FIGURES GROUP RESULTS INSURANCE GROUP RESULTS 9M25 €m 9M24 €m 9M24 9M25 Reported Non-Life 481 703 Non-Life 481 703 Life 221 276 Life 221 276 Other 46 66 Other 46 66 Pre-tax result Insurance & Other 748 1,045 Pre-tax result before dividend from banks 748 1,045 604m a
Slide 8: Non-Life Business Overview
9M25 CONSOLIDATED RESULTS > NON-LIFE BUSINESS OVERVIEW PREMIUMS COMBINED RATIO PRE-TAX RESULT €m €m +4.5% +46.1% 6,488 6,783 -0.4 p.p. 703 93.9% 93.5% 481 9M24 9M25 9M24 9M25 9M24 9M25 Motor 94.2% Bancassurancea +17.6% yoy Non-Motor 92.9% Financial Running Yieldc 4.3% Non-Motor (excl. Health) 94.6%
Slide 9: Non-Life Premium Collection
9M25 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 5,241 77% +2.4% Motor 3,301 49% +4.3% UniSalute 844 12% +17.8% +4.5% Arca Ass.ni 257 4% +11.6% Motor TPL 2,438 36% +3.7% 6,783 Linea
Slide 10: Non-Life Combined Ratio
9M25 CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO Motor 102.6% Motor 94.2% 9M24 Combined Ratio 22.2% 9M25 Combined Ratio 23.2% 93.9% 93.5% 80.4% 71.0% 26.0% 27.8% 9M24 65.7% 9M25 67.9% Non-Motor (incl. Health) Non-Motor (incl. Health) 9M24 9M25 92.9% 86.1% CY undisc. attr. loss ratio 66.8% CY undi
Slide 11: Life Business Overview
9M25 CONSOLIDATED RESULTS > LIFE BUSINESS OVERVIEW PREMIUMS CSM PRE-TAX RESULT €m €m €m +19.0% 24.7% 5,862 +7.9% 4,928 276 2,426 2,619 221 9M24 9M25 FY24 9M25 9M24 9M25 Normalized variationa +8.9% yoy CSM NB 173 €m Financial Running Yieldb 4.3% CSM Release -211 €m (Life free capital) Bancassurance +
Slide 12: Life Premium Collection
9M25 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Line of Business Breakdown by Market Segment €m €m Comp. Var. Pure Pure Pension Total Hybrids Traditional 3,356 57% +0.5% Traditional Linked Funds Unit linked 667 11% +48.1% Individual 61.3% 24.1% 35.4% 1.4% 0.5% +19
Slide 13: Life Yields
9M25 CONSOLIDATED RESULTS > LIFE YIELDS LIFE YIELDS Technical Reserves by Minimum Guaranteea 3.32% 1.04% FY24 9M25 3.20% 1.00% Min. guar. yield €bn Comp. €bn Comp. 0% 21.9 57% 24.2 60% 2.20% 2.28% 0.75% 0% - 1% 7.0 18% 6.5 16% 0.70% 1% - 2% 4.3 11% 4.0 10% FY24 9M25 2% - 3% 3.9 10% 3.7 9% >3% 1.7 4%
Slide 14: Life CSM
9M25 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward 2,830 +195 -28 2,619 +64 -211 2,426 +173 FY24 New Expected Economic Operating CSM before Release 9M25 Opening CSM Business Return Variances Variances Release Closing CSM Operating figures 14
Slide 15: Investments
9M25 CONSOLIDATED RESULTS > INVESTMENTS Investments by Asset Classa Breakdown by Accounting Classification – 9M25 FY24 9M25 FVPL FVPL €bn Comp. €bn Comp. Amort. FVOCI NL&Life Life cost Other Total Total Bonds 45.3 78.8% 47.7 79.5% free cap. segr. acc. o/w Italian Govies 17.4 30.3% 17.6 29.4% Govies
Slide 16: Financial Investment Yields
9M25 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 9M24 9M25 Life Life Non-Life Total Non-Life Total free cap. free cap. Coupons and dividends 437 79 516 443 93 536 Yield 4.3% 4.2% 4.3% 4.3% 4.3% 4.3% Realized/unrealized 181 13 195 141 17 158 gains/losses Yield 1.8% 0.7% 1.6% 1.4% 0.8% 1.3%
Slide 17: Solvency
9M25 CONSOLIDATED RESULTS > SOLVENCY 2 €m Partial Internal Model 265% Insurance Group Ratio 5,438 220% 11,940 6,502 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
Slide 18: Agenda: Appendix
AGENDA 1 2 3 9M25 9M25 Appendix Overview Consolidated Results 18
Slide 19: Group Structure
APPENDIX > GROUP STRUCTURE As at 30 September 2025 Unipol included in the FTSE MIB and MIB® ESG indexes Unipol 19.74% 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
Slide 20: Unipol SpA – Debt Instruments and Ratings
APPENDIX > UNIPOL SpA – DEBT INSTRUMENTS AND RATINGS €m Breakdown by Maturity Average Cost 1,500 FY24 9M25 Debt instruments 4,250 3,250 Average cost 4.02% 4.22% 1,000 Senior 3.20% 3.27% 750 Subordinated/Hybrid 5.19% 5.03% 500 500 500 a Rating Moody’s Fitch 2027 2028 2030 2034 Senior Baa3 A- Subordin
Slide 21: P&L by Sector
APPENDIX > P&L BY SECTOR 9M25 P&L BY SECTOR Reported figures Banking €m Non-Life Life Othera Total Associates Insurance revenues 6,899 472 0 0 7,371 Insurance costs -6,248 -267 0 0 -6,516 Reinsurance result -204 -7 0 0 -211 Insurance services result 447 197 0 0 644 Net financial result 441 126 489 3
Slide 22: Solvency Own Funds and SCR Details
APPENDIX > SOLVENCY 2 OWN FUNDS AND SCR DETAILS €m 9M25 Partial Internal Model 11,940 11,940 1,268 19 6,502 7,474 OF Fin. 3,060 OF Tier 1 SCR Fin. OF Tier 2 SCR Ins. OF Tier 3 Excessa 3,178 2,377 Own Funds SCR and Excess Own funds are net of approved/estimated dividends. Estimates are not an indicat
Slide 23: KPIs
APPENDIX > KPIs €m 9M24 9M25 Reported Reported Premium collection 11,416 12,644 Non-Life 6,488 6,783 Life 4,928 5,862 Combined Ratio 93.9% 93.5% Insurance and other pre-tax result 748 1,045 Banking associates result (BPER and BPSO) 196 489 Pre-tax total result 944 1,533 Net result 724 1,120 Insuranc
Slide 24: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS 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 24