Unipol (UNI) Q2 2025 earnings summary

Executive summary

• Consolidated net profit reached €622m, up 12.1% year-over-year; Insurance Group net result was €740m, up 30.2%.

• Direct insurance premiums grew 12.3% to €9,171m, with Life up 22.3% and Non-Life up 4.5%.

• Combined ratio improved to 92.7% from 93.1% in H1 2024, reflecting better technical performance.

• Solvency ratios remained robust at 222% (consolidated) and 286% (Insurance Group).

• New 2025-2027 strategic plan targets €3.8bn cumulative net profit and €2.2bn dividends.

Financial highlights

• Pre-tax total result reached €988m, up from €770m in 1H24.

• Net financial result for H1 2025 was €462m.

• Gross return on financial investments was 5.2%, with 4.5% from coupons/dividends.

• Group equity stood at €9,689m at 1H25, up from €9,628m at FY24.

• Basic and diluted EPS for H1 2025 was €0.82, up from €0.71 in H1 2024.

Outlook and guidance

• Business trends in July remain regular; strategic plan actions are underway and expected to generate effects in coming quarters.

• Management remains cautious on forecasting full-year results due to market uncertainties.

• Solvency ratios are net of approved/estimated dividends; estimates are not an indication of the actual FY25 dividend.

• Dividend payout for 2025 may include extraordinary gains, but these are not considered repeatable.

• Next results reporting scheduled for 7 November 2025 (9M25 results).