Unipol Grupo Spa (UFGSY) Q4 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 Full Year 2025 Preliminary Results Conference Call. At this time, I would like to turn the conference over to Mr. Matteo Laterza, CEO of Unipol, for a brief introduction. Please, go ahead, sir. Good morning. Thank you to all of you for participating to this call. Before opening, as usual, the floor to the question, let me make some remarks on the number that we disclosed this morning. We closed the first year of the industrial plan, achieving results mainly above our targets in all the principal industrial and financial sectors. First of all, in P&C, as you have seen, premium performed very well, both in motor and in non-motor, where in non-motor, as usual, the main driver was the health insurance, where we are following a very solid and important trend in the Italian market. The combined ratio closed at 92.9%, that is in line with our target, but I think it's important to underline once again the prudence that we decided to adopt in assessing our technical reserve, and in particular in defining the loss component related to NATCAT event in the line of business, which explains in the big part the impact of NatCat event of 9 percentage point in a year where, as a matter of fact, was quite benign in terms of NatCat. In life, we had a very strong performance in terms of premium, driven both by agents, distribution network, and bank assurance and at the same time we reached our target of new business value and contractual service margin so also in life we performed very well in terms of investments we had a very robust contribution coming from the ordinary yield, which means coupons and dividends coming from our investments and it has been a very important driver for t...