Unipol Assicurazioni Spa MIL:UNI

Unipol Assicurazioni S p A : FY2025 Preliminary consolidated results presentation - Unipol

Published

Source: MarketScreener

FY25 Preliminary Consolidated Results

20 February 2026



AGENDA

1 2 3 4

FY25

Overview

FY25

Preliminary

Consolidated Results

2025-2027

Strategic Plan Goals Tracking

Appendix

2

PREMIUMS VOLUME

+11.1%

High core business growth

HEALTH and BANCASSURANCE

Health +11.1%

Bancassurance +14.0%

Strategic catalysts for business development

NET RESULT

+36.8%

+40.5% insurance Group result

on the back of very good CoR 92.9%



RoE

15.0%

Attractive Return on Equity

DIVIDENDS

+31.8%

Compelling shareholders remuneration

on the rise and fully cash

SOLVENCY RATIO

281%

Insurance Group

233%

Group (PIM)

Robust capital position +21 p.p.



PREMIUMS VOLUME

+11.1% a

15,621

17,361

+4.5%

+20.6%a

FY24

FY25

Non-Life

Life

6,446

7,777

9,175

9,584



SOLVENCY RATIO

+21 p.p.

260%

281%

212%

233%

FY24

FY25

Group

Insurance Group



ORGANIC CAPITAL GENERATION

1,384

FY25

0.5 €bn

Excess Organic Capital Generation



€m

NET RESULT

+40.5%

+36.8%

1,530

1,119

1,208

860

FY24

FY25

Group

Insurance Group

DIVIDENDS

+31.8%

804

610

DPS (€) 0.85

FY24

FY25

1.12



AGENDA

1 2 3 4

FY25

Overview

FY25

Preliminary Consolidated Results

2025-2027

Strategic Plan Goals Tracking

Appendix

5

INSURANCE GROUP RESULTS



GROUP RESULTS



Excellent FY25 Group result driven by all business segments

€m

FY24



FY25

Var.

FY24



FY25

Var.

Pre-tax result Insurance & Other

922

1,367

+48%

Pre-tax result before dividend from banks

922

1,367

+48%

o/w Non-Life

537

926

o/w Non-Life

537

926

o/w Life

325

369

o/w Life

325

369

o/w Other

61

72

o/w Other

61

72

Banking associates

393

691

+76%

Dividend from banking associates

134

279

+108%

Pre-tax total result

1,316

2,058

+56%

Pre-tax total result

1,057

1,646

+56%

Net result

1,119

1,530

+37%

Net result

860

1,208

+40%

Group net result

1,074

1,482

+38%

Group net result

815

1,161

+42%

Disciplined growth with a focus on high margin levers (Health and Bancassurance)

Enhanced core business profitability

€m

PREMIUMS

+4.5%

9,175

9,584

FY24

FY25

COMBINED RATIO

-0.7 p.p.

93.6%

92.9%

FY24

FY25

PRE-TAX RESULT

+72.5%

926

537

FY24

FY25



Bancassurance

Health sector

+15.6% yoy

+11.1% yoy

Motor 94.8%

Non-Motor 91.3%

o/w Non-Motor (excl. Health) 92.4% o/w Health sector 87.7%

Financial Running Yield

4.2%

Total Financial Investment Yield 5.4%



PREMIUM COLLECTION

Breakdown by Business Line

€m

9,175

9,584

+3.6%

+5.2%

FY24

FY25

Motor

Non-Motor

4,802

5,053

4,373

4,531

+4.5%



Breakdown by Company

Breakdown by

Customer Segment

Breakdown by

Sales Channel

24%

5%

6%

76%

89%

Retail&SMEs

Corporate

Agents a

Bancassurance Other

a Including Agencies, Head office and Brokers





€m Comp.

Var.

€m

Comp.

Var.

Unipol Ass.ni

7,508

78%

+2.8%

UniSalute

1,169

12%

+15.4%

Arca Ass.ni

344

4%

+10.0%

Linear

275

3%

+9.3%

Other companies

289

3%

-0.8%

Total

9,584

100%

+4.5%

Motor

4,531

47%

+3.6%

Motor TPL

3,342

35%

+2.6%

Motor Other Dam.

1,189

12%

+6.7%

Non-Motor

5,053

53%

+5.2%

Health

1,276

13%

+11.1%

Accident

702

7%

+5.1%

Fire/Other dam. to prop.

1,546

16%

+4.3%

General TPL

812

8%

+0.4%

Other

718

7%

+3.4%

Total

9,584

100%

+4.5%

HEALTH SECTOR

€m

Profitable growth, +14% CAGR in the last 3-years

+14%

981

1,148

1,276

Premiums

FY23

FY24

FY25

UniSalute unique business model since 1995

n. 11 million customers

Successful development also in Retail segment thanks to agency

and bancassurance channels

#1 network of hospitals and medical centres (> 20,600 o/w 60 owned by the Group) drawing on over 50,000 doctors

Excellent technical profitability 87.7% Combined Ratio

NON-LIFE BANCASSURANCE

€m

Steady growth potential, high margins

+21%

522

604

415

Premiums

FY23

FY24

FY25

Solid industrial partnership with BPER

Distribution network of ~3,000 banking branches, boosting the insurance productivity of the Group

Arca Assicurazioni collects most of Non-Life bancassurance premiums with a Combined Ratio <80%



FY24



FY25

FY24



FY25

FY24



FY25

Combined Ratio 93.6%

92.9%

100.0%

94.8%

88.0%

91.3%

Loss Ratio

67.6%

65.2%

77.8%

71.4%

58.7%

59.6%

o/w Current Year undisc. attritional loss ratio

64.5%



63.1%

78.5%

74.7%

52.2%

52.7%

o/w Discount

-2.4%

-2.4%

-3.0%

-2.7%

-1.9%

-2.0%

o/w Atm. Events + Large losses

7.6%

9.0%

2.5%

1.9%

12.1%

15.3%

o/w Prior Year reserve development

-2.1%

-4.6%

-0.3%

-2.5%

-3.7%

-6.4%

Expense Ratio

26.0%

27.8%

22.2%

23.4%

29.3%

31.7%

Combined ratio enhancement

Improvement in current year undiscounted attritional loss ratio Prior year reserve development reflecting overall reserve prudency

Further Motor TPL frequency reduction -12 bps, also driven by the high quality customers portfolio



Non-Life

Motor

Non-Motora

a Including Health

€m

Life business growth, with stable and predictable result supported by financial income

PREMIUMS

+20.6%

7,777

6,446

FY24

FY25

CSM

+15.0%

2,426

2,791

FY24

FY25

PRE-TAX RESULT

+13.6%

325

369

FY24

FY25



Normalized variationa+12.9% yoy

Bancassurance

+13.6% yoy

CSM increase

Stable % release over time

Financial Running Yieldb

4.0%

Total Financial Investment Yieldb4.5%



Breakdown by Market Segment

Corporate

3%

Collective

34%

63%

Individual

Net Inflows

Bancassurance 41%

€m

FY25

Traditional + Capitaliz.

+1,103

U. Linked + Pension funds

+1,373

Total

+2,476

PREMIUM COLLECTION

Breakdown by Business Line

€m

+20.6%a

7,777

6,446

FY24

FY25

Breakdown by Distribution Channel

Head Office

32%

1%

Other

26%

Agents





Net inflows excluding DDOR

Breakdown by Company





€m Comp.

Var.

€m Comp.

Var.

Traditional

4,561

59%

+6.0%

Capitalization

291

4%

+120.6%

Unit linked

910

12%

+42.4%

Pension funds

2,015

26%

+46.7%

Total

7,777

100%

+20.6%

Unipol Ass.ni

4,562

58.7%

+26.7%

Arca Vita

3,179

40.9%

+13.4%

Other companies

36

0.5%

-10.2%

Total

7,777

100%

+20.6%

Strong total returns delivered, to the benefit of both the Group and the policyholders

Increase in the relative weight of reserves with a 0% minimum guarantee, resulting in an average minimum guaranteed yield lowered to 0.68%



0.75%

Buffer segregated funds current avg. yield vs. avg. minimum guaranteed (p.p.)

a Calculated at cost basis. bGross financial yield on a yearly basis

3.35%

1.06%

3.20%

1.00%

2.20%

2.29%

Segregated funds current avg. yielda

Avg. yield retained by the Groupb

FY25

FY24

0.68%

2.67

2.45

LIFE YIELDS

Avg. yield to policyholders

Avg. minimum guaranteed yield



Technical Reserves by Minimum Guarantee

Technical reserves of segregated funds in the existing portfolio



FY24

FY25

Min. guar. yield

€bn

Comp.

€bn

Comp.

0%

21.9

57%

25.4

61%

0% - 1%

7.0

18%

6.5

16%

1% - 2%

4.3

11%

4.1

10%

2% - 3%

3.9

10%

3.7

9%

>3%

1.7

4%

1.7

4%

Total

38.8

100%

41.5

100%

CSM Roll-forward

-35

-295

+79

+232

+61

2,426

2,791

3,086

+321



€m

FY24

New

Business

Expected

Economic

Operating

CSM before

Release

FY25

Opening CSM

Business

combination

Return

Variances

Variances

Release

Closing CSM

(Cronos)

Positive economic variances mainly due to supportive financial markets environment Stable proportion of CSM release over time (9.6% over CSM before release)



Resilient and well diversified asset allocation,

quite stable compared to FY24

Low volatility with only 4.9% impacting on the Group P&L

61.6 €bn Investments

Accounting classification

Corporate/Fin.

30.0%

18.5

Amort. cost Other

Non-Italian Govies

21.0%

FVPL Life segr. acc.

12.9

6.3%

FVPL NL&Life free cap. 4.9%

10.9%

1.4%

Total Bonds

79.9% (49.2 €bn)

3.3 Equity and Funds 5.3%

17.8

3.4

0.9

Alternative Inv. 5.5%

Italian Govies

28.9%

4.8

Cash 1.4%

76.5%

FVOCI

Real Estate 7.9%

Duration mismatch (years)

Non-Life

0.3

-0.4

Life

-0.4

Total

FY24

FY25

Investment portfolio effectively managed,

featuring very low duration mismatch

-0.3

0.5

0.9



Robust return on financial investments over time, underpinning core business profitability

€m

FY24

Non-Life

Life free cap.

Total

Coupons and dividends

575

105

680

Yield

4.2%

4.1%

4.2%

Realized/unrealized gains/losses

185

20

206

Yield

1.4%

0.8%

1.3%

Total

760

125

886

Yield

5.6%

4.9%

5.5%

FY25

Non-Life

Life free cap.

Total

586

124

710

4.2%

4.0%

4.2%

164

15

179

1.2%

0.5%

1.0%

750

140

889

5.4%

4.5%

5.2%

€m

Attractive value delivered to shareholders, fully cash Dividend yield 5.7%

Insurance Group pay-out ratio 71% | Group pay-out ratio 55%

+31.8%

804

610

DPS (€)

FY24

FY25

0.85

1.12



17





FY24: dividend actually paid

FY25: dividend calculated on the total number of shares issued, including own shares

Partial Internal Model

Own Funds and SCR Details

12.2

12.2

233%

OF Fin.

OF Tier 1

OF Tier 2

OF Tier 3 SCR Fin. SCR Ins.

Excess

Own Funds

SCR

Excess a

Own Funds

SCR and Excess a

2.2

3.1

3.0

7.8

6.9

1.3 0.0

5.2



281% Insurance Group Solvency ratio

€bn

12.2



6.9

18





a Eligible Own Funds in excess to Solvency Capital Requirements The Insurance Group solvency ratio is an operating figure

Solvency Ratio

15%

3%

27%

-4%

233%

212%

-16%

-5%

+21 p.p.

0%

Capital Generation

+0.8

+0.1

+1.4

-0.2

12.2

-0.8

10.8

0.0

+1.3 bn

+12%

€bn

FY24

Model

Organic

Economic

Non-Economic

M&A

Capital

FY25

Change/

Capital

Variance

Variance

Movements

Regulatory

Generation

FY24

Model

Organic

Economic

Non-Economic

M&A

Capital

SCR

FY25

Change/

Capital

Variance

Variance

Movements

Change

Regulatory

Generation

€bn

Flourishing Organic Capital Generation

Excess after dividend distribution well on track with Plan target

1.4

-0.1

1.3

-0.8

0.5

Organic

Capital Generation

Organic

Growth Financing

Net Organic

Capital Generation

Dividends

Excess Organic

Capital Generation