Unipol Assicurazioni Spa · MIL:UNI
Unipol Assicurazioni Spa — Unipol Grupo — Q1 2026 Earnings Presentation
21 slides from Unipol Assicurazioni Spa's earnings presentation, May 15, 2026
Slide 1: 1Q26 Consolidated Results
1Q26 Consolidated Results 15 May 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY 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 vo
Slide 3: Agenda
AGENDA 1 2 1Q26 Appendix Consolidated Results 3
Slide 4: Group Figures
1Q26 CONSOLIDATED RESULTS > GROUP FIGURES €m Off to a strong start in 2026: very solid Q1 results GROUP RESULTS 1Q25 1Q26 Var. 1Q25 1Q26 Var. incl. 1Q BPER incl. 1Q BPER 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
Slide 5: Non-Life Business Overview
1Q26 CONSOLIDATED RESULTS > NON-LIFE BUSINESS OVERVIEW €m Sustained growth in Bancassurance channel and Health sector boosts underwriting efficiency and delivers solid pre-tax result PREMIUMS COMBINED RATIO PRE-TAX RESULT +3.5% +8.6% 2,387 2,471 -1.1 p.p. 365 336 91.0% 90.0% 1Q25 1Q26 1Q25 1Q26 1Q25
Slide 6: Non-Life Premium Collection
1Q26 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 1,864 75% +3.4% Non-Motor 1,288 52% +0.8% UniSalute 375 15% +5.8% +3.5% Arca Ass.ni 87 4% +13.2% Health 400 16% +4.4% 2,387 2,471 Li
Slide 7: Non-Life Combined Ratio
1Q26 CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO Non-Life Non-Motora Motor 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Combined Ratio 91.0% 90.0% 90.2% 86.7% 92.0% 93.6% Loss Ratio 63.4% 61.9% 58.4% 54.1% 69.1% 70.2% o/w Current Year undisc. attritional loss ratio 67.6% 69.0% 59.0% 60.8% 77.3% 77.9% o/w Discou
Slide 8: Life Business Overview
1Q26 CONSOLIDATED RESULTS > LIFE BUSINESS OVERVIEW €m Brisk growth in normalized premiums and CSM, driven by strong Bancassurance performance, while pre-tax result reflects moderated financial unrealized losses outweighed by solid recurring income PREMIUMS CSM PRE-TAX RESULT +11.2% -1.8% 2,338 +0.6%
Slide 9: Life Premium Collection
1Q26 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION PREMIUM COLLECTION Breakdown by Business Line Breakdown by Company €m €m Comp. Var. €m Comp. Var. Traditional 1,485 64% +12.3% Unipol Ass.ni 1,105 47.2% +10.8%a +11.2%a Capitalization 39 2% -40.1%a Arca Vita 1,226 52.5% +11.9% 2,338 Unit linked 380
Slide 10: Life Yields
1Q26 CONSOLIDATED RESULTS > LIFE YIELDS Performance is improving, while average minimum guaranteed rate shows a steady downward trend LIFE YIELDS Technical Reserves by Minimum Guarantee 2.74 2.67 FY25 1Q26 3.37% 1.07% 3.35% 1.06% Min. guar. yield €bn Comp. €bn Comp. 0% 25.4 61% 26.8 64% 2.29% 2.30%
Slide 11: Life CSM
1Q26 CONSOLIDATED RESULTS > LIFE CSM €m CSM Roll-forward 21 22 76 (32) 2,878 (71) 2,807 2,791 FY25 New Expected Economic Operating CSM Release 1Q26 Opening CSM Business Return Variances Variances before Release Closing CSM Solid New Business contributing to CSM growth. CSM Release consistent overtim
Slide 12: Investments
1Q26 CONSOLIDATED RESULTS > INVESTMENTS Positive FVtPL contribution High-quality asset mix driving portfolio solidity confirms effective asset allocation 63.3 €bn Investments €bn Accounting classification Other Corporate/Fin. Amort. cost Non-Italian Govies 23.0% 29.5% 10.1% FVPL Life segr. acc. 14.6
Slide 13: Financial Investment Yields
1Q26 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m Strong running yield driving overall solid total investment return 1Q25 1Q26 Life Life Non-Life Total Non-Life Total free cap. free cap. Coupons and dividends 142 30 172 167 39 206 Yield 4.2% 4.1% 4.2% 4.6% 3.5% 4.3% Realized/unrealized 105
Slide 14: Solvency
1Q26 CONSOLIDATED RESULTS > SOLVENCY 2 €bn 295% Insurance Group Solvency ratio Partial Internal Model Own Funds and SCR Details 13.2 13.2 0.0 1.3 5.3 OF Fin. 248% 7.9 OF Tier 1 8.8 OF Tier 2 13.2 OF Tier 3 7.9 3.1 SCR Fin. SCR Ins. 3.1 2.2 Excess Own Funds SCR Excess a Own Funds SCR and Excess a Sol
Slide 15: Agenda
AGENDA 1 2 1Q26 Appendix Consolidated Results 15
Slide 16: Unipol S.p.A. – Debt Instruments and Ratings
APPENDIX > UNIPOL S.p.A. – DEBT INSTRUMENTS AND RATINGS €m Breakdown by Maturity Average Cost 1,500 FY25 1Q26 Debt instruments 3,250 4,250 1,000 b Average cost 4.21% 4.63% 1,000 750 Senior 3.25% 3.33% 500 500 Subordinated/Hybrid 5.03% 5.34% 500 a Rating 2027 2028 2030 2034 2035 Moody’s Fitch Senior
Slide 17: P&L by Sector
APPENDIX > P&L BY SECTOR 1Q26 P&L €m Non-Life Life Banking Othera Total Insurance revenues 2,335 170 0 0 2,504 Insurance costs (2,017) (100) 0 0 (2,117) Reinsurance result (84) (2) 0 0 (86) Insurance services result 234 68 0 0 301 Net financial result 167 18 0 1 185 o/w Insurance finance income/expe
Slide 18: KPIs
APPENDIX > KPIs €m 1Q25 1Q26 Var. FY25 1Q26 Var. Premiums 4,490 4,809 +7.1%a Total Equity 10,715 11,952 +11.5% Non-Life 2,387 2,471 +3.5% Group Equity 10,391 11,615 +11.8% Life 2,103 2,338 +11.2%a Solvency 2 ratio (PIM) 230% 248% +18 p.p. Combined Ratio 91.0% 90.0% -1.1 p.p. Insurance Group Solvency
Slide 19: 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 20: Disclaimer
DISCLAIMER This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 1Q26 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 21: 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