Unipol (UNI) Q4 2025 earnings summary

Executive summary

• Consolidated net profit reached €1,530m, up 36.8% year-over-year, with Insurance Group net profit at €1,208m, driven by strong performance in all business lines and robust financial management.

• Direct insurance income rose 11.1% to €17.4bn, with non-life up 4.5% to €9.6bn and life up 20.6% to €7.8bn, reflecting strong growth in Health and Bancassurance.

• Return on Equity reached 15.0%, and the Group maintained a robust solvency position.

• Proposed dividend per share is €1.12 (+31.8%), with a 5.7% yield, fully distributed in cash and representing over 70% payout of insurance group result.

• Achieved results above targets for all principal industrial and financial KPIs in the first year of the industrial plan.

Financial highlights

• Total premiums reached €17,361m (+11.1% YoY), with Non-Life at €9,584m (+4.5%) and Life at €7,777m (+20.6%).

• Group net result rose to €1,482m (+38% YoY), Insurance Group net result at €1,161m (+42.5%).

• Combined ratio improved to 92.9%, with Motor at 94.8% and Non-Motor at 91.3%.

• Solvency 2 ratio (PIM) increased to 233% (Insurance Group at 281%), supported by organic capital generation and positive economic variance.

• ROE improved to 15.0% from 11.5% in FY24.

Outlook and guidance

• On track to meet or exceed 2027 strategic plan targets, including Non-Life premiums of €10.6bn and net result of €3.8bn, with a combined ratio target of 92.0%.

• Commitment to deliver and potentially over-deliver KPIs set in the industrial plan, with two years remaining.

• Dividend payout of €800 million considered a floor for the next couple of years, with potential for over-delivery versus the €2.2 billion cumulative plan target.

• Business outlook for 2026 expects consolidated income from operating activities to align with 2025-2027 Strategic Plan targets, barring unforeseen events.

• No current plans for interim dividend, but possible in the future if bylaws are amended.