Informazione
Regolamentata n.
0265-124-2026Data/Ora Inizio Diffusione 7 Agosto 2026 07:03:32Euronext Milan
Societa' :UNIPOL
Utenza - referente :UNIPOLN13 - Nerdi Alessandro
Tipologia :1.2
Data/Ora Ricezione :7 Agosto 2026 07:03:32 Data/Ora Inizio Diffusione :7 Agosto 2026 07:03:32 Oggetto :Press Release Unipol: consolidated results for the first half of 2026 approved Testo del comunicato
Vedi allegato
• Reported consolidated net profit of €913m1 (+46.8% compared to 30 June 2025), with contribution from associate BPER limited to the quarter ended on 31 March
2026
• Consolidated net profit of €1,056m2 (+42.0 % compared to 30 June 2025) including the cont ribution from associate BPER for the entire half -year period ended on 30 June 2026
• Insurance Group net profit of €1,043m3 (+41.1% compared to 30 June 2025)
• Direct insurance income of approximately €9.0bn (+3.9% compared to the normalised figure of appr oximately €8.7bn4 as at 30 June 2025), of which:
Non -Life: approximately €5.0bn (+3.6%) Life: approximately €4.1bn (+4.4%4)
• Combined ratio5 of 91.8% in line with Strategic Plan end targets
• Solvency ratio 259%6 (Solvency ratio of the Insurance Group 29 0%7)
All footnotes can be found below.
Milan, 7 August 2026 The board of directors of Unipol Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the consolidated results as at 30 June 2026.
The Unipol Group ended the first half of 2026 with a consolidated net profit of €913m (€622m as at 30 June 2025, +46.8% yoy), including the contribution from its investment in BPER for the first quarter of 2026 only.
The Unipol Group result for the first half of 2026, including the contribution from associate BPER for the entire half- year period, restated on the basis of the financial information recently disclosed by the Bank, stood at €1,056m (€743m as at 30 June 2025, +42.0% yoy).
The Insurance Group net profit 3 amounted to €1,043m (+41.1% compared to €740m as at 30 June 2025) .
The improvement in the results is due to the positive performance of the core insurance business and a higher contribution from the management of investments.
Underwriting profits were driven especially by the excellent Non -MV business performance whic h recorded a combined ratio of 88.3%, up by 3 percentage points and due in part to the contribution of the Health8 business, which ended the period with a combined ratio of 86.6% (also up by 3 percentage points compared to the same period of the previous y ear).
Direct insurance income , including reinsurance ceded, amounted to €9,016m in the first six months of 2026, up by 3.9% on the normalised figure of €8,674m at 30 June 2025, with volumes supported in particular by the MV business (€2,428m, +6.0% yoy), the non-life bancassurance channel (€346m, +10.1% yoy ), and the health insurance business (€691m, +4.1% yoy).
Direct income from the non -life business at 30 June 2026 amounted to €4,960m, recording a 3.6% increase compared to the same period of 2025. All Group business segments contributed towards this development.
Growth in the MV business was achieved through positive results in both Motor TPL (premiums of €1,778m, +5.2%) and “CVT” (comprehensive and collision) insurance cover (€649m, +8.2%) .
Linear put in an excellent performance to grow 7.1% YOY.
The Non -MV business collected €2,532m in premiums, up 1.4% on the first half of 2025.
Operations benefitted from improved industrial margins in the first half of 2026 in keeping with the actions set out under the 2025 -2027 Strategic Plan.
The Group non -life combined ratio stood at 91.8% compared to 92.7% at 30 June 2025, with the loss ratio improving by 1.3 percentage points to 63.9% at 30 June 2026 compared to 65.2% at 30 June 2025.
The pre-tax result for the non -life business amounted to €885m compared to €520m recorded in the first six months of 2025 thanks to a higher contribution from insurance services and the excellent investment management performance.
The Group registered direct income of € 4,056m in the life business , up 4.4% on the normalised figure at 30 June 2025 and fuelled in particular by the agency channels.
The pre-tax result for the life business amounted to €238m, up on the result for the same period of the previous year (€180m) due to profitable, disciplined development which rewarded customers with satisfactory remuneration (increase in the return of policyholder segregated accounts of 9 bps, from 2.26% to 2.35%), while the Group continued to enjoy positive margins (5 bps increa se in the maintenance margin from 1.03% to 1.08%).
Banking Associates
The pre-tax result of the banking associates business amounted to €103m, expressing the proportional consolidation of the BPER consolidated results for the quarter ended on 31 March 2026 only, down on the figure of €122m for the same period the previous year.
The BPER contribution to the Group result amounted to €246m on the basis of the financial information updated to cover the entire half- year period up to 30 June 2026.
Othe r businesses
With regard to other businesses, the Gruppo UNA operating in the hotel sector continued to add value thanks in part to the knock- on effect of the Milan -Cortina Winter Olympics, recording a pre -tax profit of €20m (€12m as at 30 June 2025, +70.1%). Società e Salute (Santagostino) and SiSalute also contributed positively.
There was a pre -tax profit in the business of €51m (€47m at 30 June 2025).
Financial Management
With regard to financial management, the combined gross return on the Group’s insurance -based financial investment (referring to the non -life business portfolio and the life capital stock business) amounted to 8.1% of invested assets, of which 5.1% from coupons and dividends and 3.1% from gains and valuations notwithstanding the fact that the market has been buffeted by multiple geopolitical, business and macroeconomic uncertainties. This result included the capital gains from valuation of the SpaceX security, for a total of €211m including tax. Without the SpaceX contribution, the gross return on investments would still have been 6%, higher than the same period of 2025.
Financial Position
As at 30 June 2026, the consolidated shareholders’ equity amounted to €11,813m (€10,715m at 31 December 2025), favourably impacted by, inter alia, the issue of Restricted Tier 1 bonds for a nominal amount of €1bn finalised during the half -year period. The shareholders’ equity attributable to the Group amounted to €11,503 m (€10,391m as at 31 December 2025).
The consolidated solvency ratio was 259% 6, up on 230% at 31 December 2025 as testament to the Group’s robustness.
The Insurance Group solvency ratio stood at 290%7 (279% at 31 December 2025).
Business Outlook
The in surance business continued as expected in July with nothing of significance to report as things stand; the main actions undertaken are progressing well with positive results that are in line with planned targets.
Presentation of the 1H2026 results to the financial community
A conference call will be held at 1:30 p.m. today and financial analysts and institutional investors may submit questions to the Chief Executive Officer and the Insurance General Manager on the results at
Unipol Group
Media Relations
Fernando Vacarini
pressoffice@unipol.it
Investor Relations
Alberto Zoia
investor.relations@unipol.it Barabino & Partners
Massimiliano Parboni
T. +39 335 8304078
m.parboni@barabino.it
Giovanni Vantaggi
T. +39 328 8317379
g.vantaggi@barabino.it
30 June 2026. Please register using the following link to obtain the information needed to access the event Unipol Conference Call 1H26 Results .
Otherwise, the usual telephone numbers can be used: +39 02 8020911 (from Italy and all other countries), +1 718 7058796 (from the USA) and +44 1212 818004 (from the UK).
Please read the Privacy Policy State ment carefully before attending the event.
****
Francesco Masci, financial reporting manager of Unipol Assicurazioni S.p.A., declares, pursuant to article 154 -bis, paragraph 2, of the “Consolidated Law on Finance” , that the accounting information contained in this press release corresponds to the figures in the corporate accounting records, ledgers and documents.
Please refer to the press releases that can be downloaded from the website www.unipol.com for significant events in the period and after 30 June 2026.
FOOTNOTES
1 - Amount includes the portion attributable to non- controlling interests.
2 - Amount includes the portion attributable to non- controlling interests, including the economic effects for a total of €246m deriving from the proportional consolidation of the associate BPER and estimated on the basis of the financial information updated to 30 June 2026 and publi shed by BPER on 6 August 2026.
As at 30 June 2025, the contribution from the proportional co nsolidation of associates BPER and BPSO on said date amounted to €244m.
3 - The Insurance Group net profit is calculated without including the effects deriving from the proportional consolidation of as sociate BPER and the associates BPER and BPSO in the two applicable periods respectively. The financial contribution of said associates to the consolidated r esult therefore corresponds to the dividends for the period only.
4 - Amount calculated by excluding, as of 30 June 2025, the income component, considere d to be non- recurring and resulting from significant newly acquired collective pension contracts.
5 - Ratio that measures the stability of overall non- life management. The ratio is calculated as 1 - (insurance services result/insurance contract revenue). The combined ratio corresponds to the sum of the loss ratio (which includes claim -related compensation and expenditure among its expenses) and the expense ratio (which includes all other insurance expenses like acquisition and administration costs and other costs attributable to insurance contracts).
6 - Figure calculated on the basis of the partial internal model, to be taken as preliminary since the supervisory authorities wi ll be notified of the definitive figure in accordance with legally required deadlines. The 1H26 solvency ratio is calculated net of the estimated dividends ac crued pro rata temporis based on the 2026 result. This estimate should not be taken to indicate the actual 2026 dividend which will be defined in accordance with the capital manage ment policy of the parent company Unipol Assicurazioni S.p.A.
7 - The solvency ratio of the Insurance Group is an administrative database figure calculated in the hypothesis of classifying the shares held in BPER as a non-
strategic capital instrument investment rather than a shareholding in a credit institution. Figure net of a pro rata temporis dividend estimate.
8 - Unipol and Arca Assicurazioni figures only refer to the health business; UniSalute figures refer to the total premiums.
Unipol Group
It is one of the leading insurance groups in Europe as well as being leader in Italy in the non -life insurance business (especially MV and health), with total premiums of €17.4bn that include €9.6bn in non- life income and €7.8bn in life income (2025 figures). Its integrated approach covers the entire range of insurance products and services, mainly operating through the parent company Unipol Assicurazioni, UniSalute (the leading health insurer in Italy), Linear (direct MV insurance), Arca Vita and Arca Assicura zioni (life and non -life bancassurance through BPER branches), SIAT (transport insurance) and DDOR (insurance company operating in Serbia). It also op erates in the real estate, hotel (UNA Italian Hospitality), medical- healthcare (Santagostino) and viticultural (Tenute del Cerro) sectors. The ordinary shares of Unipol Assicurazioni S.p.A. have been listed on the Italian Stock Exchange since 1990, and are also on the FTSE MIB ® and MIB®
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Consolidated Balance Sheet – Assets Accounting records, amounts in €m
30/6/2026 31/12/2025
1. 2,610 2,642
1,895 1,895
2. 4,209 4,235 3. 639 645 3.1 3 3 3.2 636 642 4. 80,824 76,997 4.1 1,949 1,963 4.2 3,294 3,124 4.3 1,179 1,826 4.4 50,644 48,008 4.5 23,758 22,076 a) Held-for-trading financial assets 865 618 b) Financial assets at fair value 15,406 14,544 c) Other financial assets mandatorily at fair value 7 ,487 6,914 5. 1,064 1,140 6. 2,569 3,577 6.1 33 30 6.2 950 1,082 a) current 532 571 b) deferred 418 511 6.3 1,586 2,465 7. 1,267 1,180 93,182 90,416 Asset items
INTANGIBLE ASSETS
of which: goodwill
PROPERTY, PLANT AND EQUIPMENT
INSURANCE ASSETS
Insurance contracts issued that are assets Reinsurance contracts held that are assets
INVESTMENTS
Investment property
Investments in associates and interests in joint ve ntures Financial assets at amortised cost Financial assets at fair value through OCI Financial assets at fair value through profit or lo ss
OTHER FINANCIAL ASSETS
OTHER ASSETS
CASH AND CASH EQUIVALENTS
TOTAL ASSETS Non-current assets or assets of a disposal group he ld for sale
tax assets
Other assets
Consolidated Balance Sheet - Shareholders' Equity a nd Liabilities Accounting records, amounts in €m
30/6/2026 31/12/2025
1. 11,813 10,715 1.1 3,365 3,365 1.2 1,489 496 1.3 1,801 1,801 1.4 3,636 2,870 1.5 (3) (40) 1.6 332 417 1.7 280 276 1.8 883 1,482 1.9 30 48 2. 700 743 3. 57,907 56,469 3.1 57,842 56,395 3.2 65 74 4. 20,293 19,520 4.1 15,471 14,512 a) Financial liabilities held-for trading 238 190 b) Financial liabilities at fair value 15,233 14,322 4.2 4,822 5,008 5. 832 1,110 6. 1,637 1,859 6.1 6.2 290 472 a) current 226 429 b) deferred 64 43 6.3 1,347 1,387 93,182 90,416 Items of Shareholders’ Equity and Liabilities
SHAREHOLDERS' EQUITY
Share capital
Other equity instruments
Capital reserves
Income-related and other equity reserves Treasury shares (-)
Valuation reserves
Shareholders' equity attributable to non-controllin g interests (+/-) Profit (loss) for the year attributable to the owne rs of the Parent (+/-) Profit (loss) for the year attributable to non-cont rolling interests (+/-)
PROVISIONS FOR RISKS AND CHARGES
INSURANCE LIABILITIES
Insurance contracts issued that are liabilities Reinsurance contracts held that are liabilities
FINANCIAL LIABILITIES
Financial liabilities at fair value through profit or loss Financial liabilities at amortised cost
PAYABLES
OTHER LIABILITIES
Liabilities associated with disposal groups held fo r sale
Tax liabilities
OTHER LIABILITIES
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
Consolidated Income Statement Accounting records, amounts in €m
30/6/2026 30/6/2025
1. 5,095 4,893 2. (4,401) (4,284) 3. 75 54 4. (222) (204) 5. 547 459 6. 731 349 7. 104 127 8. 991 688 8.1 - Interest income calculated with the effective interest method 915 789 8.2 - Interest expense (93) (96) 8.3 - Other income/Charges 173 138 8.4 - Realised gains/losses 19 (4) 8.5 - Unrealised gains/losses (23) (139) of which: Related to impaired financial assets 9. 1,826 1,164 10. (1,106) (792) 11. 8 (6) 12. 728 366 13. 723 700 14. (379) (321) 14.1 - Investment management expenses (38) (35) 14.2 - Other administrative expenses (341) (286) 15. (1) 21 16. (245) (278) 17. (92) (76) of which: Value adjustments to goodwill 18. (4) (1) 19. 1,277 870 20. (364) (248) 21. 913 622 22.
23. 913 622 of which: attributable to the owners of the Parent 8 83 600 of which: attributable to non-controlling interests 30 22 Items Insurance revenue from insurance contracts issued Insurance service expenses from insurance contracts issued Insurance revenue from reinsurance contracts held Insurance service expenses from reinsurance contrac ts held Result of insurance services Gains/losses on financial assets and liabilities at fair value through profit or loss Gains/losses on investments in associates and inter ests in joint ventures Gain/losses on other financial assets and liabiliti es and investment property Balance on investments Net financial costs/revenues relating to insurance contracts issued Net financial revenues/costs relating to reinsuranc e transfers Net financial result
Other revenue/costs
Operating expenses:
Net provisions for risks and charges Net impairment losses/reversals on property, plant and equipment Net impairment losses/reversals on intangible asset s Other operating expenses/income Pre-tax Profit/(Loss)for the period
Income taxes
Profit (Loss) for the year after taxes Profit (Loss) from discontinued operations Consolidated Profit (Loss)
Condensed Consolidated Income Statement by Business Segment Accounting records, amounts in €m 30/6/2026 30/06/2025 var. % 30/6/2026 30/06/2025 var. % 30/6/2026 30/06/2025 var. % 30/6/2026 30/06/2025 var. % 30/6/2026 30/06/2025 var. % 30/6/2026 30/06/2025 30/6/2026 30/06/2025 var. % Insurance revenues from insurance contracts issued 4 ,744 4,578 3.6 351 314 11.6 5,095 4,893 4.1 5,095 4,8 93 4.1 Insurance service expenses from insurance contracts issued (4,211) (4,102) 2.7 (191) (182) 4.6 (4,401) (4,284) 2.7 (4,401) (4,284) 2.7 Reinsurance contracts held result (143) (144) (0.8) (4) (6) (30.5) (147) (150) (2.0) (147) (150) (2.0) Result of insurance services 390 332 17.5 156 126 23.7 547 459 19.2 547 459 19.2 Balance on investments* 687 318 116.1 1,120 818 36.9 1,807 1,136 59.1 103 122 (16.0) 30 18 67.9 (21) (17) 1,919 1,260 52.4 Net financial costs/revenues relating to insurance contracts (100) (65) 54.8 (998) (733) 36.1 (1,098) (798) 37. 7 (1,098) (798) 37.7 Net financial result (excluding interest expense on financial liabilities) 587 253 131.7 122 85 43.4 709 338 10 9.5 103 122 (16.0) 30 18 67.9 (21) (17) 821 462 77.9 Other revenue/costs (20) 17 n.s. (15) (13) 15.3 (35) 4 n.s. 25 34 (25.6) 12 8 2 45 (95.4) Profit(Loss) before tax and interest expense on fin ancial liabilities 957 603 58.8 264 199 32.7 1,220 801 52.3 1 03 122 (16.0) 55 52 6.2 (9) (9) 1,370 966 41.7 interest expense on financial liabilities (71) (83) (1 3.5) (25) (18) 38.5 (97) (101) (4.1) (4) (5) (3.4) 9 9 (93) ( 96) (3.8) Pre-tax Profit/(Loss)for the period 885 520 70.3 238 180 32.1 1,123 700 60.4 103 122 (16.0) 51 47 7.1 1,277 870 46.8 Income taxes (281) (174) 62.0 (69) (59) 16.3 (350) (233) 50. 4 (14) (16) (8.8) (364) (248) 46.7 Profit (Loss) from discontinued operations Consolidated Profit (Loss) 604 346 74.4 169 121 39.7 774 46 8 65.4 103 122 (16.0) 37 32 14.9 913 622 46.8 Consolidated Profit (Loss) attributable to the owne rs of the Parent 883 600 Consolidated Profit (Loss) attributable to non-cont rolling interests 30 22
* excluding interest expense on financial liabiliti es Total consolidated Non-Life business Life business Ins urance Sector Other businesses Sector Inter-segment e liminations Banking Associates
Consolidated Balance Sheet by business segment Accounting records, amounts in €m Asset items 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025
1 INTANGIBLE ASSETS 2,221 2,249 359 361 31 31 2,610 2,64 2
2 PROPERTY, PLANT AND EQUIPMENT 2,973 3,052 197 192 1,0 38 992 4,209 4,235
3 INSURANCE ASSETS 614 628 26 17 639 645 3.1 Insurance contracts issued that are assets 3 3 1 3 3 3.2 Reinsurance transfers classifiable as assets 611 6 25 25 17 636 642
4 INVESTIMENTS 15,998 14,785 60,679 58,198 3,272 3,103 1,64 1 1,699 (765) (787) 80,824 76,997
4.1 Investment property 177 166 914 914 858 883 1,949 1, 963 4.2 Investments in associates and interests in joint ventures 6 6 3,272 3,103 15 15 3,294 3,124 4.3 Financial assets at amortised cost 1,148 1,483 90 39 6 705 734 (765) (787) 1,179 1,826 4.4 Financial assets at fair value through OCI 11,445 10,420 39,149 37,529 51 59 50,644 48,008 4.5 Financial assets at fair value through profit or loss 3,221 2,710 20,526 19,359 11 9 23,758 22,076
5 OTHER FINANCIAL ASSETS 910 919 146 224 102 88 (94) (91) 1 ,064 1,140
6 OTHER ASSETS 1,482 2,313 996 1,175 98 94 (7) (7) 2,569 3,5 77
7 CASH AND CASH EQUIVALENTS 340 401 792 590 138 214 (3) (2 5) 1,267 1,180
24,537 24,348 63,196 60,758 3,272 3,103 3,047 3,118 (869) (9 10) 93,182 90,416
1 SHAREHOLDERS' EQUITY 3,399 2,999 2,610 2,063 3,272 3,103 2,533 2,551 11,813 10,715
2 PROVISIONS FOR RISKS AND CHARGES 613 654 62 64 25 25 700 743
3 INSURANCE LIABILITIES 14,631 14,262 43,276 42,207 57,907 56,469
3.1 Insurance contracts issued that are liabilities 1 4,592 14,207 43,250 42,188 57,842 56,395 3.2 Reinsurance transfers classifiable as liabilitie s 39 55 26 19 65 74
4 FINANCIAL LIABILITIES 4,108 4,276 16,706 15,768 247 30 8 (769) (833) 20,293 19,520
4.1 Financial liabilities at fair value through prof it or loss 169 134 15,301 14,377 15,471 14,512 4.2 Financial liabilities at amortised cost 3,938 4,14 1 1,405 1,391 247 308 (769) (833) 4,822 5,008 5 PAYABLES 634 672 83 330 173 165 (59) (57) 832 1,110 6 OTHER LIABILITIES 1,152 1,485 458 325 70 69 (42) (20) 1, 637 1,859 24,537 24,348 63,196 60,758 3,272 3,103 3,047 3,118 (869) (9 10) 93,182 90,416
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES NON-LIFE BUSINESS LIFE BUSINESS BANKING ASSOCIATES OTHER BUSINESSES
SECTOR INTERSEGMENT
ELIMINATIONS TOTAL
TOTAL ASSETS
Fine Comunicato n.0265-124-2026 Numero di Pagine: 13