Unipol (UNI) investor relations material

Executive summary

• Net profit reached €913m in H1 2026, up 46.8% year-over-year, reflecting strong technical performance and investment returns across all segments.

• Core value drivers included technical profitability in non-life, profitable growth in life, resilient recurring investment income, and robust capital generation.

• Premiums grew in both Life (+4.4%) and Non-Life (+3.6%) segments, with Health business showing double-digit growth in Bancassurance and Retail at 31% of Health premiums.

• Shareholders' equity rose to €11,813m, supported by a €1bn Restricted Tier 1 bond issue and robust profit generation.

• Solvency II ratio improved to 259% for the group and 290% for the insurance perimeter.

Financial highlights

• Group net result rose to €913m (+46.8% YoY), with insurance group net profit at €1,043m (+41.1% YoY).

• Total premiums reached €9,016m, up 3.9% year-over-year; Non-Life premiums at €4,960m (+3.6%), Life at €4,056m (+4.4%).

• Combined ratio improved to 91.8% (from 92.7%), with loss ratio at 63.9%.

• Financial investment yield reached 5.1% (Non-Life) and 4.9% (Life), with total yield boosted by a €211m unrealized gain on SpaceX investment.

• Investments and cash equivalents totaled €83,837m (+4.9% from year-end 2025).

Outlook and guidance

• Business outlook remains positive, with income trends in line with the 2025-2027 Strategic Plan and continued strong profitability in health and life segments.

• Dividend distribution for 2026 expected to be at least €930m, up from €800m in 2025.

• Solvency and capital ratios expected to remain robust post-strategic transactions.

• H2 investment income run-rate expected at 4%–5%, with lower dividend contribution.

• Anticipated acceleration in health premium growth in H2 due to potential new contracts.