Unipol (UNI) Q3 2026 earnings summary

Executive summary

• 9M26 consolidated net profit was €1,262m, up 12.6% YoY; including BPER’s full 9M contribution, profit was €1,388m, up 12.4%.

• Insurance Group net profit rose 30.1% to €1,249m, supported by stronger underwriting and investment performance.

• Premiums grew 5.3% to €12,796m and the Combined Ratio improved 1.0 p.p. to 92.5%, despite higher NatCat losses and adverse market movements.

• 2026 industrial-plan targets remain on track; actions under the 2025–2027 Strategic Plan continue.

Financial highlights

• Insurance and other pre-tax result rose to €1,472m from €1,045m; total pre-tax result increased 12.0% to €1,718m.

• 9M26 insurance revenues were €7,676m; insurance services result was €776m and net financial result was €1,076m.

• Gross return on insurance-based investments was 6.3%, including 4.7% from coupons and dividends and 1.6% from gains and valuations; the SpaceX investment contributed €170m.

• Technical profitability improved through attritional loss ratio, prior-year reserve development and discount effects; combined improvements of ~4% more than offset 2.8% NatCat-related worsening.

• Staff-turnover integration charges of €70–80m are expected in Q4 2026, broadly matching the prior-year amount.

Outlook and guidance

• P&C reinvestment yields are expected at 4.5–5%; Life yields could be higher if rates hold at current levels.

• Proposed 2027 tax-law measures could have an €80–90m impact; a separate Superbonus measure could contribute ~€50m negatively in 2026.

• The €930m dividend is viewed as solid, includes dividends on rights-issue shares, and excess capital is also needed to fund the Monte dei Paschi acquisition.

• Target net profit for 2030 is €2bn after the Monte dei Paschi transaction and integration into BPER, including identified €800m synergies.