Unipol (UNI) investor relations material

Executive summary

• Net profit for 1Q26 reached €329m, up 15.4% year-over-year, driven by strong technical performance and profitability across all non-life and life segments, with life showing broad-based gains across traditional, unit-linked, and pension products.

• Including BPER contribution, consolidated net profit was €433m, a 6.2% increase year-over-year.

• Total premiums grew 7.1% year-over-year, with non-life up 3.5% and life up 11.2%, supported by bancassurance and agency channels.

• Health premiums increased 4.4% with a combined ratio of 86.7%, reflecting outstanding margins.

• Insurance Group solvency ratio stood at 295%, with Group solvency at 248%.

Financial highlights

• Group net result rose 14.8% year-over-year to €313m; pre-tax result up 8.8% to €456m.

• Non-life direct insurance income grew 3.5% year-over-year to €2,471m, with MV income up 6.6%.

• Life direct insurance income increased 11.2% year-over-year to €2,338m, supported by bancassurance and agency channels.

• Combined ratio improved to 90.0% from 91.0% year-over-year, exceeding industrial plan targets.

• Gross investment yield for the group at 5.0%, with financial running yield at 4.3%.

Outlook and guidance

• Strategic plan 2025-2027 emphasizes stronger, faster, and better performance, with continued focus on profitable, disciplined growth in both non-life and life segments.

• Asset allocation remains resilient to market volatility, supporting ongoing profitability.

• Expectation of single-digit growth in health insurance in upcoming quarters after a flat Q1 due to lack of new large contracts.

• Full-year results not to be extrapolated from Q1 due to seasonality, especially NatCat events typically impacting later quarters.

• Capital distribution policy to be revisited at year-end, with no current plans for share buybacks.