Unipol (UNI) Q3 2025 earnings summary

Executive summary

• Net profit reached €1,120m for the first nine months of 2025, up 54.7% year-over-year, including a positive one-off from the BPR Banca exchange tender offer and higher banking associate contributions.

• Total premium volume rose 10.8% year-over-year to €12.6bn, with strong growth in both Non-Life and Life segments.

• Solvency 2 ratio for the Insurance Group improved to 265%, up 5 percentage points from FY24.

• A provision of nearly €80m was made in Q3 for the early retirement incentive fund, supporting generational change and technology adoption.

• Dividend payments and capital movements factored into solvency calculations.

Financial highlights

• Non-Life premiums grew 4.5% year-over-year to €6.8bn, while Life premiums surged 19.0% to €5.9bn.

• Group net result increased 45.0% year-over-year to €1,120m, reflecting robust operational performance and higher banking associate contributions.

• Combined ratio in Non-Life improved to 93.5% from 93.9% in 9M24.

• Financial investment yields remained stable at 4.3% for both Life and Non-Life free capital.

• Investments and cash equivalents increased 7.1% to €76.7bn.

Outlook and guidance

• No changes to industrial plan targets despite potential impacts from proposed Italian tax law changes; any tax increases are not expected to materially affect targets.

• The Group expects continued growth in both Non-Life and Life segments, supported by strong solvency and capital positions.

• Early retirement fund provisions are expected to continue for at least the next two years to support HR transformation.

• Strategic Plan 2025-2027 actions are being implemented and expected to yield further results in coming months.

• Dividend estimates are included in solvency calculations, but actual FY25 dividends are not yet determined.