Unipol Grupo Spa (UFGSY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon. This is the Coral School conference operator. Welcome and thank you for joining the Unipol Group first quarter 2026 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Matteo La Terza, CEO of Unipol. Please go ahead, sir. Thank you very much, and good morning to everyone, and thank you for connecting to this call regarding the Q126 issue. You saw the presentation and the press release, so there will not be a presentation on my side, but only a few remarks on how the quarter was, and by comparing Q1 26 with Q1 25, I can make only a couple of remarks. First of all, a significant improvement in the technical profitability in life and non-life. In particular, in life, the improvement was spread in all the line of business, traditional product, but also unit linked and commercial. pension funds and also in non-life, the improvement was very important in motor and non-motor. Notwithstanding, we maintained a very high level of prudence in our approach in reservation as usual. Nevertheless, as you have seen, the combined ratio reached a 90% level That is a very important number in terms of KPI for us in comparison to what are our targets in our industrial plan. So on one side a very important improvement in technical profitability that more than offset a lower contribution coming from investment income. Q126 was a quite soft quarter in terms of performance of financial market. Q125 was a very positive quarter in terms of performance of financial market and consequently ...