Unipol Grupo Spa (UFGSY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon. This is the Coruscant Conference Operator. Welcome and thank you for joining the Unipol Consolidated Results at September 30th, 2025 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. Good morning to everyone. Thank you for participating to this call. As you have seen, this morning we reported a net profit of 1.12 billion euros in the first nine months of the year. Let me say, first of all, that this number incorporates the exceptional contribution coming from the exchange tender offer launched by Biperbanca on Banca Popolare di Sondrio. In particular, there was a positive impact of 240 million gross of tax and 150 million net. On the negative side, in the third quarter, we charged our numbers with a provision of almost 80 million for the re-edition of the early retirement incentive fund for our employees. Before opening the floor to the question, let me say something on how the business has performed in the quarter. In P&C, we had a very solid trend in the top line, as usual, driven by health business and bank assurance distribution channel. Concerning the technical profitability, the motor business is completely on track compared to our target of the industrial plan, both in terms of average premium claim frequency and average cost of claim. In non-motor, we decided to be very conservative in our reserving policy, mainly regarding the treatment of nut cut in the quarter. In life, we had a very solid growth in the ...