Consolidated interim
financial report
at 30 June 2026
Unipol Assicurazioni
Consolidated interim
financial report at 30 June 2026
2025
T ranslation from the Italian original solely for the convenience of international readers
Unipol Group – Consolidated interim financial report at 30 June 2026
5 Comp
any bodies
BOARD OF DIRECTORS CHAIRMAN Ca rlo Cimbri
VICE CHAIRMAN Er nesto Dalle Rive
CHIEF EXECUTIVE OFFICER Matteo Laterza
DIRECTORS Gianmaria Balducci Raul Mattaboni Franca Brusco Claudia Merlino Stefano Caselli Paola Minini Roberta Datteri Valeria Picchio Alfredo De Bellis Roberto Pittalis Giusella Dolores Finocchiaro Rosaria Pucci Rossella Locatelli Domenico Livio Trombone Francesco Malaguti Carlo Zini
SECRETARY OF THE
BOARD OF DIRECTORS Alessandro Nerdi GENERAL MANAGER Ma tteo Laterza
BOARD OF STATUTORY AUDITORS CHAIRMAN Ce sare Conti
STATUTORY AUDITORS Maurizio Leonardo Lombardi
Rossella Porfido
ALTERNATE AUDITORS Antonella Bientinesi
Luciana Ravicini
MANAGER IN CHARGE OF FINANCIAL
REPORTING Francesco Masci INDEPENDENT AUDITORS EY S.p.A.
Macroeconomic background and market performance 7
Consolidation Scope 11
1.Management Report 13 Group highlights 14 Unipol Group Performance 16 Information on significant events during the first six months 16 Operating performance 20 Insurance Sector performance 24 Banking associates Sector performance 32 Other Businesses Sector performance 33 Asset and financial performance 34 Shareholders’ equity 37 Insurance and financial liabilities 38 Other information 40 Significant events after the reporting period and b usiness
outlook 42
2.Condensed Consolidated Half-Yearly Financial Statements at 30 June 2026 Tables of Consolidated Financial Statements 45 Balance sheet 46 Income statement 48 Comprehensive income statement 49 Statement of changes in shareholders’ equity 50 Statement of cash flows (indirect method) 51 3.Notes to the Financial Statements 53 1. Basis of presentation 54 2. Notes to the Financial Statements 57 3. Other Information 87 3.1 Earnings/(loss) per share 87 3.2 Dividends 87
3.3 Non-current assets or assets of a disposal group held for sale and discontinued operations 87 3.4 Transactions with related parties 87 3.5 Information on personnel 89 3.6 Non-recurring significant transactions and event s 90 3.7 Atypical and/or unusual positions or transactio ns 90 3.8 Analysis of recoverability of goodwill with ind efinite useful life (impairment test) 90 3.9 Details of other consolidated comprehensive inc ome 92 3.10 Information by operating segment 94 3.11 Risk Report 98 4.Statement on the Consolidated Half-Yearly Financial Statements in accordance with art. 81-ter of Consob regulation 11971/1999 101
5.Independent Auditors’ Report 105
Contents
Unipol Group – Consolidated interim financial report at 30 June 2026
7 2022
Macroeconomic background and market performance
Macroeconomic background
After closing 2025 with GDP growth of 2.9%, in the first half of 2026 the international economy experi enced significant geopolitical uncertainty, triggered by the conflict between the United States and Iran, and the consequent increase in energy prices. In the first quarter of 2026, global GDP grew by 0.4% compared to the previous quarter and, based on available information, global GDP growth is estimated at +0.5% in the second quarter.
In the United States , 2025 closed with GDP growth of 2.1%, while in the first quarter of 2026 growth stood at 0.5% compare d to the fourth quarter of 2025, driven by private investmen ts and, in particular, investments linked to the tr end in artificial intelligence. On the other hand, the contribution of consumption decreas ed, adversely impacted by significant inflation-rel ated tensions attributable to the rising prices of energy goods. The conflict in the Middle East and the closure of the Strait of Hormuz to international oil and gas trade have led to a huge increase in energy prices, pushi ng headline inflation from 2.4% in February to 4.2% in May. The increase in the prices of energy goods, combined with pressures on the pri ces of IT equipment linked to investments in artifi cial intelligence and the tonic nature of the labour market (in June, the unemploym ent rate stood at 4.2%, down compared to 4.4% at th e close of 2025), also pushed up core inflation, which in the same period rose fr om 2.5% to 2.9%. For the second quarter, GDP growth in the United States is estimated at +0.7%, again driven by investments related to ar tificial intelligence.
In China , it is estimated that GDP growth will accelerate i n the second quarter of 2026, thanks to the contrib ution of exports and high-
tech manufacturing, despite a sharply rising inflat ion rate, from +0.2% in January to +1.2% May, due e xclusively to the upward shock to energy prices resulting from the conflict in the Mi ddle East. Chinese domestic demand remained stable, thanks to the slight reduction in the unemployment rate (5% in May compared to 5.1% i n April).
In Japan , the acceleration in GDP growth in the first quart er of 2026 was confirmed, after an increase of 1.1% in 2025, (+0.5% over the previous quarter, compared to 0.2% in the fourth qu arter of 2025), driven by public investments and ex ports of IT equipment. The unemployment rate remains very low (2.5% in May), w hile inflation has remained stable at around 1.5% s ince the beginning of the year.
By contrast, in the second quarter, GDP growth is e xpected to slow down (+0.1% compared to the first q uarter), with consumption and investments held back by the increase in energy pri ces.
After closing 2025 with annual growth of +1.5% (acc elerating compared to +1% in 2024), the GDP of the Euro Area recorded a decline of -0.2% in the first quarter of 2026 compared to the fourth quarter of 2025, attributable almost entirel y to the negative trend in Irish exports, influenced by the reduced uncertainty surr ounding US tariff policies and the expiry of some i mportant European pharmaceutical patents. In fact, excluding Ireland, the GDP of the Euro Area grew by 0.3% on a quarterly basis, with only France declining (-0.1%) among the main countries, with Spain posting an increase of +0.6% and Germany and Italy up by +0.3%. For the second quarter of 2026, a rebound in Euro Area GDP of 0.4% is estimated, also supported by an unemployment rate which in May was confirmed as stable at 6.2%.
The conflict in the Middle East, which has driven u p energy prices, instead led to a significant incre ase in headline inflation, which rose from 1.9% in February to 2.8% in June (down slightl y from 3.2% in May).
In Italy , GDP grew by +0.7% in 2025, accelerating compared to +0.6% in 2024. In the first quarter of 2026, gro wth continued at +0.3% on a quarterly basis, in line with the fourth quarter of 2025, supported by the positive trend in consump tion and private investments and the improvement in the balance of trade. In particular, the increase in investments in means of transport (+2.0% compared to the end of 2025) and in durable goods consumption (+1.1%) cont ributed to the growth, driven by state incentives w hich boosted the increase in new vehicle registrations. By contrast, substantial sta gnation is estimated in the second quarter due to t he conflict in the Middle East (-0.1% compared to the first quarter), as a result of the decline in foreign demand despite an unemployment r ate that continues to fall (5% at May). Consistent with the trend in prices observed in the Euro Area, inflation in Italy was also affec ted by the conflict in the Middle East, rising from 1.5% in February to 3.0% in June (down slightly compared to 3.2% in May).
Unipol Group – Consolidated interim financial report at 30 June 2026
8 Financial markets
In the first half of 2026, the Fed maintained a cau tious approach, keeping the monetary policy rate at 3.75% after the 75 basis point cuts made in 2025. The decision to keep rates stable is driven by the need to cope with an economic scenari o marked by rising inflation, mainly due to the energy shock linked to the conflict betw een the United States and Iran, and by a labour mar ket that is confirmed to be healthy despite the early signs of cooling.
In the Euro Area, the ECB raised the key interest r ates by 25 basis points at its meeting in June, bri nging the refinancing rate to 2.4% and the deposit rate to 2.25%. The ECB justified the ri se with the need to cool the growth of headline inf lation, which rose from 1.9% in February to 2.8% in June due to the Middle East con flict, and to prevent a de-anchoring of expectation s of medium-term inflation, preventing the surge in energy costs from spreading to the entire economy through services and wages.
The more restrictive approach by the ECB drove rate s upwards especially on the short-term maturities o f the European monetary and government curves, in contrast to the substantial s tability of the long-term maturities. The 3-month E uribor rate closed the first half of 2026 at 2.32%, up by about 30 basis points compared to the end of 2025, while the 10-year swap rate re mained stable in the same period, closing the first half of 2026 at 2.93%. In Germany , the 10-year Bund closed the first half of 2026 at 2.9%, stable compared to the end of 2025, whilst in Italy the 10-year BTP closed at 3.6 3%, up by approximately 8 basis points compared to the end of 2025. The 10-year spread between Italian and German rates therefore stood at 76 basis points at 30 June 2026, up by 7 basis poi nts from the end of 2025.
The first half of 2026 ended favourably for Europea n stock markets. The Eurostoxx 50 index, which refe rs to the Euro Area stock price lists, showed an increase of 9.3% compared to the e nd of 2025. The FTSE Mib index, referring to Italia n listed companies, recorded an increase of 15% in the same period. Lastly, the DAX index, referring to German listed companies, close d the first half of 2026 up 2.1% compared to December 2025.
As far as the US is concerned, the S&P 500 index en ded the first half of 2026 up 9.6% compared to the end of 2025. The expansion of interest rate spreads between the United States and the Euro Area favoured the appreciation of the US dollar against the Euro, with the EUR/USD exchange rate actually closing the first ha lf of 2026 at USD 1.14 per euro against USD 1.17 at the end of 2025.
International stock markets also registered rising trends in the first half of 2026. At 30 June 2026, the Nikkei share index was up by 39.2% compared to December 2025. The Morgan Stanley Emerg ing Markets index, referring to emerging markets, s aw a more limited increase of 22.7% in the same period.
Insurance Sector
The final figures for 2025 showed premiums in the I talian and non-EU direct insurance market of approx imately €162.2bn, up 7.2% year-
on-year. In the first quarter of 2026, premiums wer e up by 1.1% compared to the same quarter of the pr evious year, amounting to roughly €43.4bn.
In 2025, premiums from Italian and non-EU direct No n-Life business increased by 6.8% compared to 2024. The year 2026 opened with a first quarter growth of about 4.5% compared to the same quarter of 2025, with premiums of about €11.3b n. Expansion is also expected to have continued at a fast pace in the first half of the year.
Total premiums in the MV TPL, Marine Vessels TPL an d Land Vehicle Hulls classes were up by 3.6% compar ed to the first quarter of 2025, reaching approximately €4.8bn, mainly driven by the positive performance of premiums from the MV TPL component (+3.4%), and amplified by the expansionary trend in the Land Veh icle Hulls component (+6%). The increase in MV TPL premiums is related firstly to the increase in the average premium which, in the f irst quarter of 2026, rose by approximately 3.2% co mpared to the same quarter of 2025 (to €423 compared to €410 in the first quarter of last year), and secondly the substantial stabil ity of the insured vehicle fleet. The increase in the average premium is also reflected i n the ISTAT list values, which increased by 4.5% in June compared to the same month in 2025. The increase in the MV segment should rema in high throughout the first half of the year, albe it at a slower pace than in the first quarter.
The Non-MV Non-Life business aggregate recorded gro wth of 4.7% in the first quarter of 2026 compared t o the first quarter of 2025, standing at €6.6bn. Growth was driven by a consider able increase in premiums for Health (+11.5%) and P roperty (+3.6%) coverage. The volumes of the remaining Non-Life business were als o up (+2.9% compared to the first quarter of 2025), thanks in particular to the positive contribution of the Credit (+11%) and Assi stance (+7.8%) classes. This development should con solidate in the second quarter with a significant increase for the entire Non-MV s egment.
In the first quarter of 2026, all the distribution channels of the MV segment, except for the Broker c hannel, showed an increase in premiums. The Agents channel recorded an increase i n premiums of about 2.5% compared to the first quar ter of 2025, and a reduction in its overall share from 82.9% to 81.6%. The Direct c hannel recorded growth of +18% in premiums, with a share up from 7.4% to around 8.4%. The Banking channel recorded an increase in p remiums of 17.3% compared to the first quarter of t he previous year and an overall share of approximately 5.4% (+0.6 percentage points compared to 4.8% in the first quarter of 2025). In the first quarter of 2026, in the
Unipol Group – Consolidated interim financial report at 30 June 2026
9 Non-MV segment, all channels saw their premiums ris e, with the exception of the Broker channel, with t he most significant increase achieved by the Bank Branches channel (+5%), which saw its share rise to 14.2% compared to 14.1% in th e first quarter of the previous year. The Agents channel recorded a market share of 60%, down by around 0.7 percentage points compared to the same quarter of the previous year, against a 3.6% increase in premiums.
In 2025, Italian and non-EU direct Life business pr emiums amounted to €118.7bn, up 7.4% compared to th e previous year. Class I premiums amounted to €73.8bn (+0.5%), while Class III premiu ms amounted to €37.4bn (+18.8%). Premiums for Class IV (+19.2%) and Class VI (+48.1%) were up, while Class V premiums contracted (-4%).
In the first quarter of 2026, Italian and Non-EU di rect Life business premiums were down by 1.2% compa red to the first quarter of 2025, standing at €31.7bn, supported by the recovery in C lass III premiums (+7.7%). Class I premiums amounte d to €19bn, down compared to the first quarter of 2025 (-4.3%). Class V and VI premi ums also decreased, with total premiums amounting t o €1.7bn. Class IV premiums were up by +17.6% compared to the same period of the pre vious year. These trends are expected to continue f or the second quarter.
The breakdown of premiums for the distribution chan nels in the Life business recorded in the first qua rter of 2026 was heavily biased towards the Banking channel, with a 56.9% share of total premiums, down by 2.3 percentage points compa red to the first quarter of 2025 when the share stood at 59.2%. The share of Agents channels increased (+1.3 percentage points) from 11 .9% in the first quarter of 2025 to 13.2% in the first quarter of 2026. The Broker s hare was also up slightly (from 1.4% to 1.5%), whil e the share of the Direct channel decreased (from 11.7% to 11.5%). The share of Consu ltants increased (from 15.8% to 16.9%), with premiu ms down by 2.4% compared to the first quarter of 2025.
Pension funds
In 2025, on the basis of Assogestioni data, net dep osits of assets under management (mutual funds, ind ividual asset management, collective and individual pension plans) amounted t o a positive €38.2bn, of which €21.5bn referring to collective management (open and closed funds) and €16.7bn to portfolio management.
In the first quarter of 2026, net deposits of pensi on assets amounted to approximately €0.3bn, down fr om the €8.3bn in net deposits recorded in the same quarter of the previous year. Assets managed by pension funds and individual pens ion plans came to €132.8bn at the end of the first quarter of 2026 (around 5.1% o f total assets under management), down by 0.1% comp ared to the fourth quarter of 2024.
In 2025, existing positions with supplementary pens ion schemes, reported by COVIP, increased by 551 th ousand units compared to the end of 2024. Therefore, in December 2025, COVIP rec orded 11.7 million existing positions, of which 8.7 million held by employees (74.8%).
In the first quarter of 2026, existing positions eq ualled 11.9 million (+1.7%), up by 199 thousand uni ts.
In March 2026, for occupational funds, COVIP record ed a 1.8% increase in positions compared with Decem ber 2025, amounting to 83 thousand positions; this brought the total at the e nd of the quarter to 4.6 million positions, with a 12.2% increase in the total value of contributions. The provision for trade workers (+17 ,700 positions) and that for public sector workers (+10,300 positions) provided the biggest contributions to this growth. The provision for the construction sector also increased (by rou ghly 6.7 thousand positions), and the provision for public sector school employees (b y approximately 6.7 thousand positions). The market pension schemes recorded an increase in the existing positions of open funds (+ 3.1%) and “new” PiPs (+1.1%) and an increase in the total value of contributions of 18% and 7.8% year-on-year, respectively. Pre-existing p ension funds showed substantial stability in terms of the number of outstanding positions compared to December 2025.
According to COVIP findings, in March 2026, the res ources allocated to supplementary pension benefits increased by 0.2%, amounting to around €263bn compared to the €262bn recorded in December 2025, due to the positive balance of pens ion management, higher than the capital losses caused by financial market trend s.
As far as returns are concerned, in March 2026, the re was a net return since the beginning of 2016 (i. e. over the historical time horizon of 10 years and 3 months as reported by COVIP) of 2.3% on average per year for occupational funds, 2.5% f or open funds, 2.8% for “new” unit-linked PiPs and 1.5% for the segregated fund c omponent of “new” PiPs. Only the return on “new” Pi Ps is higher than the post-
employment benefits revaluation threshold, equal to approximately 2.6%.
Unipol Group – Consolidated interim financial report at 30 June 2026
10 Real Estate market
In the first half of 2026, sales of residential pro perties increased by +2.9% compared to the same per iod of 2025 (with annual net transactions exceeding 750 thousand units). The gro wth in the housing sector is still mainly based on recourse to bank credit: according to Bank of Italy data of last March, purchases fina nced by mortgages now account for 64.5% of sales, u p compared to 63.9% in March 2025. The fear of further increases in bank i nterest rates also contributes to this trend, linke d to the ECB’s more restrictive monetary policy stance, which prompts households to bring forward their decisions to purchase their fi rst home, in particular when it comes to replacing their main residence. This is au gmented by the strong performance of the Milanese m arket, in particular with residential sales (up by +4.2%) and transactions on new homes (which account for 11.6% of the total), which drove the broadest expansion of the Italian new build market, which rose to 6.0% of the total against 5.5% recorded in the first ha lf of 2025. Lastly, despite a rapid deterioration in the demand expectations of real es tate agencies, attributable to the climate of inter national uncertainty, the speed of market absorption remains high: in fact, the time b etween assignment and sale was further reduced to 5 .2 months, the lowest value since 2010.
The solidity of the residential market in the first half of 2026, combined with greater consistency be tween offered and requested prices (with an average discount down to 7.2% in March), s upported the growth in house prices, averaging +1.8 % in large urban centres according to Nomisma surveys. High rents, which have continue d to grow (+3.3% in the half-year) uninterruptedly since 2021, are instead weakening rental demand and shifting housing demand towards b uying. At the same time, total returns (up to 7.3%, including cap-rate and capital-
gain) continue to incentivise the demand for purcha ses for investment purposes, supported in particula r by an increase in rents that remains higher than that of prices.
The non-residential market, on the other hand, reco rded a reduction in sales in the first half of 2026 , mainly due to the contraction in the industrial sector. In fact, purchases of warehouses in central and southern Italy have returned to the levels of 2024, after the substantial growth recorded in 2025 thanks to the introduction of tax credits linked to the “Special Economic Zone s” (SEZ). Sales of offices and stores in the first quarter of the year also fell s lightly compared to 2025. However, corporate invest ments increased by 14% compared to the same quarter of the previous year (€2.9bn, w ith an estimated €4.4bn for the second quarter). In contrast to the decline in corporate investments in the office segment, the overall expa nsion was driven by considerable growth in the livi ng and alternative assets segments, which include data centres, which as a whole have t ripled compared to the first quarter of 2025.
Also in the first half of 2026, the weak demand for stores and offices was reflected in prices and ren ts which, after the recession of 2025, continued to decline in all large urban centres due to the difficulty in guaranteeing constant cash fl ows, as instead required by demand, which is highly selective in terms of location and energy efficiency. On average, Nomisma reported dec reases of -1.8% for prices and -
1.3% for rents for stores, while for offices it rec orded decreases of -2.5% and -1.2%, respectively.
Weak demand for stores and offices impacted prices and rents, which continued to fall in the first hal f of 2026 in all major urban centres as a result of the 2025 recession. The difficulty o f guaranteeing constant cash flows, an essential el ement for demand that is confirmed to be very selective in terms of location and energ y efficiency, is an underlying factor of this trend . Nomisma reported an average decrease of 1.8% for prices and 1.3% for rents for stores, while for offices the decreases stood at 2. 5% and 1.2%, respectively.
Unipol Group – Consolidated interim financial report at 30 June 2026
11 Consolidation Scope (line-by-line method and main investees consolidated using the eq uity method - direct holding out of total share cap ital. For more details see the chapter
“Consolidation Scope”)
1.Management Report
1 Management Report
14
Group highlights
Amounts in €m
30/6/2026 30/6/2025 31/12/2025 Result of insurance services 547 459 944 % variation 19.2 11.7 12.2 Net financial result 728 366 1,208 % variation 98.9 2.8 40.3 Consolidated profit (loss) 913 622 1,530 % variation 46.8 12.1 36.8 Balance on the statement of comprehensive income 964 694 1,864 % variation 38.9 30.0 50.6 Investments and cash and cash equivalents 83,837 74,728 79,911 % variation 4.9 4.3 11.5 Insurance liabilities 57,907 54,568 56,469 % variation 2.5 2.5 6.1 CSM Life business 2,951 2,608 2,791 % variation 5.7 7.5 15.0 Life New business CSM 126 129 233 % variation (2.5) (27.9) (14.3) Financial liabilities related to investment contrac ts 15,233 12,879 14,322 % variation 6.4 9.7 22.0 Other financial liabilities 5,060 4,845 5,198 % variation (2.7) (14.6) (8.4) Non -current assets or assets of a disposal group held f or salea 33 95 30 Shareholders' Equity attributable to the owners of the Parent 11,503 9,402 10,391 % variation 10.7 0.9 11.5 Solvency ratio 1 259 222 230 No. Staff 13,815 13,249 13,187
1
1 Value calculated on the basis of the information av ailable as of today. The definitive results will be reported to the Supervisory Authority with the tim ing required by regulations in force.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
15 Alternative performance indicators 2
Alternative performance indicators classes 30/6/2026 30/6/2025 31/12/2025 Non-Life direct insurance premiums (millions of eur os) Non-Life 4,960 4,788 9,584 % variation Non-Life 3.6 4.5 4.5 Life direct insurance premiums (millions of euros) Life 4,056 4,383 7,777 % variation Life (7.5) 22.3 20.6 of which Life investment products (millions of eur os) Life 1,476 1,728 2,916 % variation Life (14.6) 72.8 46.0 Direct insurance premiums (millions of euros) Total 9,016 9,171 17,361 % variation Total (1.7) 12.3 11.1 Loss ratio Non-Life 63.9% 65.2% 65.2% Expense ratio Non-Life 27.9% 27.5% 27.8% Combined ratio Non-Life 91.8% 92.7% 92.9% Premium retention ratio Non-Life 92.5% 92.7% 94.0% Premium retention ratio Life 99.2% 99.2% 99.5% Premium retention ratio Total 94.7% 95.0% 95.8% Insurance Group net result (millions of euros) Total 1,043 740 1,208
2 In the Management Report, Premiums represent the to tal volume of premiums issued by insurance companie s during the year. As these are operating figures, not attributable to any income statement item, referring to all insurance contracts signed b y the Group Companies in the Non-Life and Life clas ses, they are recognised in application of IFRS 17 or IFRS 9.
Combined ratio is the indicator that measures the b alance of overall Non-Life technical management, or the ratio between insurance expenses and revenue. The ratio is calculated using the following formula 1 - (insurance service result/insurance rev enue from insurance contracts).
The Combined ratio corresponds to the sum of the Lo ss ratio (which includes indemnities and expenses r elating to claims under costs) and the Expense rati o (which includes all other insurance costs such as acquisition and management costs and other costs attributable to insurance contracts).
The premium retention ratio, which represents the p ortion of risks underwritten that is not transferre d to reinsurers through outwards reinsurance contra cts, is equal to the ratio of premiums retained (total direct and indirect premiums net of premiums ceded) to total direct and indirect premiums. Inve stment products are not included in calculating thi s ratio.
The Net profit of the insurance group corre sponds to the consolidated net profit calculated by excluding the effects of the consolidation of the associates BPER and BPSO with the equity method. Th e economic contribution of these investees to the net profit of the insurance group therefore co rresponds only to the dividends collected during th e period.
1 Management Report
16 Unipol Group Performance Information on significant events during the first six months Strategic project to strengthen the banking market On 7 June 2026, the Board of Directors of Unipol As sicurazioni S.p.A. (“ Unipol” or the “Company ”) approved a strategic project aimed at strengthening the Group’s positioning in the Italia n banking market with a significant increase in dis tribution capacity and the customer base.
The initiative is part of the full voluntary public purchase and exchange offer promoted by Intesa San paolo S.p.A. (“ ISP ”) on Banca Monte dei Paschi di Siena S.p.A. (the “ OPAS ”). As part of this transaction, Unipol signed an a greement with ISP pursuant to which Unipol undertakes to purchase from ISP (the “ Acquisition ”), subject, inter alia, to completing the OPAS and obtaining the necessary authorisations, the entire share capital of a bank (the “Bank ”) that will be the owner of a specific company com plex of MPS (the “Unipol Complex”) including 635 branches and the central st ructures and activities needed to operate independe ntly.
Since the Acquisition is subject to ISP achieving c ontrol of MPS during and upon the conclusion of the OPAS, neither ISP nor Unipol has accounting data or non-public information relating to MPS. Therefore, the exact perimeter of the Unipo l Complex will be determined only after completion of the aforementioned OPAS. On the basis of the preliminary estimates made, the Unipo l Complex at 31 December 2025 would be composed and characterised by:
• 635 branches;
• Direct Premiums of approximately €56bn;
• Loans to customers amounting to roughly €42bn;
• Net profit of between €400m and €460m;
• CET 1 Capital Ratio of 16%;
• Risk-Weighted Assets equal to a maximum of €20bn;
• the Monte dei Paschi di Siena brand;
• around 2 million customers.
The following will not be included in the Unipol Co mplex:
• assets and liabilities relating to Large Corporat e and Investment Banking;
• the main equity investments of MPS;
• non-performing loans;
• the risk relating to the existing dispute not rel ating to the branches of the Unipol Complex.
The Bank’s branches will also be free from distribu tion restrictions on insurance products.
The maximum consideration for the Acquisition will be €3.5bn and will be calculated, at the end of the OPAS, on the basis, inter alia, of the net profit of the Unipol Complex.
The Acquisition is also subject to obtaining the au thorisations and approvals from the competent Super visory Authorities required by the regulations in force.
Strategic rationale for the transaction From a strategic point of view, the Acquisition is intended to enable the Unipol Group to:
• strengthen its positioning in the Italian banking m arket, by expanding its distribution network, incre asing its market penetration and, consequently, boosting insurance premiums by levera ging its distinctive products, thereby consolidatin g its second-place position in the Italian insurance sector;
• diversify sources of revenue, increasing the contri bution of the banking sector to overall profitabili ty and the resilience of solvency indicators, also through a reduction in intrinsic v olatility;
• improve the current and prospective income profile, accelerating the execution of the 2025-2027 Plan s trategy and the achievement of the related objectives.
From this perspective, Unipol intends to offer BPER Banca S.p.A. (“ BPER ”) a combination with the Bank, also proposing to n ame the Combined Entity Banca Monte dei Paschi (the “ Combination ”). The methods used to achieve the Combination mus t in any case be as such to allow Unipol to achieve de facto control over BP ER. The definition of these methods will be part of negotiations with the competent
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
17 corporate bodies of BPER, in compliance with the re gulations on transactions with related parties, wit hout prejudice to the fact that Unipol does not intend to promote any public purcha se or exchange offer on BPER shares.
If BPER were to value the Combination positively, i ts strategic and industrial value would be further strengthened, laying the foundations
for:
• the creation of a new Italian champion in the natio nal banking sector that would be ranked second in t erms of direct premiums, loans to customers and number of branches, benefiting fro m highly complementary industrial and territorial f actors capable of keeping the business model close to the respective areas of reference;
• establishing deeper local roots, strengthening the positioning as the leading operator in Lombardy, an d a sizeable increase in dimensions in some of the high potential regions (f or example, Tuscany and Veneto), allowing extensive network coverage throughout the country, which guarantees close prox imity to customers, the local community and all sta keholders;
• the consolidation of the domestic banking system, l ed by leading national operators with Italian “core ” shareholders, enhancing the brand of the oldest bank in the world and its local roots, while preserving its identity and historica l profile;
• the creation of significant cost and revenue synerg ies, preliminarily estimated at over €800m gross of the related tax effect, as a driver of value creation, further strengthening the transaction’s strategic rationale.
The newly formed Banca Monte dei Paschi, with over 2,600 bank branches, approximately €170bn in loans to customers and approximately €225bn in direct funding, in addition to combining a centuries-old history with the lega cy of the most important former Italian cooperative banks, will enhance its economi c value, social relevance and market positioning.
Share capital increase In support of the initiative, on 25 June 2026, the Board of Directors of Unipol Assicurazioni S.p.A. r esolved to convene the Company’s Extraordinary Shareholders’ Meeting for 30 July 202 6, in a single call, with the agenda containing the proposal to grant the administrative body, pursuant to Art. 2443 of the Italian Civil Co de, the right, to be exercised by 31 December 2027, to increase the share capital in one or more tranches, in a divisible manner, against pa yment, by a maximum total amount of €2,500,000,000, including any share premium, through the issue of ordinary shares, with no nomin al value expressed, with full dividend rights, to b e offered under option to entitled parties pursuant to Art. 2441, paragraph 1, of the Italian Civil Code (the “Share Capital Increase”), as well as the inherent amendments to the By-Laws that must be approved by IVASS.
In the same context, also on 25 June 2026, Unipol a nd J.P. Morgan SE signed a pre-underwriting agreeme nt pursuant to which J.P. Morgan SE, as Lead Global Coordinator, undertook to enter into, under conditions in line with market practice for similar transactions, an underwriting agreement for the subscription of any newly issued ordinary shares that may not have been subscribed at the end of the auction of the unexercised rights at the end of the offer period.
As per the normal practice, the underwriting agreem ent will be entered into - subject to the fulfilmen t of the conditions set forth in the aforementioned pre-underwriting agreement - shortly before the launch of the offer under option and as soon as the Board of Directors has established the final conditions of the Share C apital increase.
Before the start of the option offer, additional le ading financial institutions could join J.P. Morgan SE in forming a guarantee consortium relating to the Share Capital Increase.
In order to ensure the successful outcome of the Sh are Capital Increase, the main shareholders of the shareholders’ agreement applicable to the Company, as well as the latter’s other shareholders, holding a total of 50.267% of t he share capital, have undertaken a binding and irrevocable commitment to subscribe, di rectly or through connected vehicles, all newly iss ued Unipol shares due to them within the context of the exercise of the option ri ght relating to the Unipol shares held by them.
Impacts on equity and dividend policy As a result of the transaction, Unipol estimates th at the Group’s capital strength would be confirmed with a Solvency Ratio higher than 200%, with an underlying Solvency Ratio of the insu rance segment alone greater than 280% and a CET1 Ca pital Ratio of the banking segment resulting from the Combination higher than 15%.
Unipol estimates that as early as the 2026 financia l year, shareholder remuneration may involve the di stribution of total dividends of at least €930m, compared to approximately €800m in 202 5.
Signing of derivative contracts on BPER shares On 7 June 2026, Unipol also signed two “total retur n equity swap” derivative contracts with leading ba nks, with a maximum of 104,192,486 BPER shares as underlying assets, corresponding to 4.99% of BPER’s share capital, giving Unipol the op tion to settle the price differential either in cash or by physical delivery of the shares.
The signing of these derivative contracts is key to increasing Unipol’s economic exposure to BPER and also having an additional option to achieve de facto control of BPER, in the event t hat Unipol decides to exercise the right to acquire , subject to obtaining the necessary authorisations, the BPER shares underlying the afor ementioned derivatives.
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Unipol Assicurazioni S.p.A. issue of Restricted Tie r 1 subordinated bonds
On 13 January 2026, the Board of Directors of Unipo l Assicurazioni S.p.A. approved the Company issue o f Restricted Tier 1 (RT1) subordinated bonds, intended for qualified Italian and international investors, to be issued in demate rialised form and centralised with Euronext Securities Milan (Monte Titoli).
The transaction was structured in a single tranche and entrusted to Mediobanca and J.P. Morgan SE as G lobal Coordinator, with BNP Paribas, Goldman Sachs International and Intesa San paolo as Joint Lead Managers.
On 14 January 2026, Unipol announced completion of the Restricted Tier 1 subordinated bonds placement for a nominal amount of €1bn.
The issue met with strong investor interest, confir ming the solid reputation of the Unipol Group in in ternational markets. During the bookbuilding phase, orders exceeded €4.2bn, with co verage of 4.2 times the amount issued. Approximatel y 93% of the Bonds were placed with international investors.
The bonds, perpetual and subordinated, were issued on 21 January 2026, with a fixed coupon of 6.00% up to 2036 and five-year resets thereafter. The Restricted Tier 1, which was assign ed a rating of BBB- by Fitch, is listed on the Euro MTF market of the Luxembourg Stock Exchange.
In relation to the features of the issue, which do not establish an obligation on the part of the issu er to return the capital or pay coupons, the RT1 Instrument was recognised in the consolidat ed financial statements under shareholders’ equity items, in compliance with the reference international accounting standards.
Merger by Incorporation of Banca Popolare di Sondri o S.p.A. and related transactions on BPER shares an d derivative contracts with underlying BPER shares On 20 April 2026, the merger by incorporation of Ba nca Popolare di Sondrio S.p.A. into BPER became leg ally effective, for which the latter issued 121,798,164 ordinary shares. With a view to repositioning its equity investment, and taking int o account the dilutive effect resulting from the merger, Unipol purchased 25,054,830 BPER s hares on the market for a total consideration of €3 13m, bringing its investment, at the date of this Report, to 416,769,945 shares, rep resenting approximately 19.98% of BPER’s share capi tal. Similarly, the equity swap derivative contract, signed on 21 June 2024 and whi ch can be settled exclusively in cash, was amended, increasing the number of underlying shares to 104,192,486 BPER shares, equal to approximately 4.99% of BPER’s share capital.
Moody’s raises Unipol’s IFSR rating to A3
On 29 May 2026, the rating agency Moody’s Ratings a nnounced its upgrade of the Insurer Financial Stren gth Rating (IFSR) of Unipol Assicurazioni S.p.A. to “A3”, with stable outlook. The Unipol rating is now two notches higher than th at of Italy. The agency also improved all associated debt ratings by one notch, including Restricted Tier 1, which is now investment grade.
As regards the rationale for the upgrade, the Moody ’s Committee highlighted a solid corporate and fina ncial profile, which ensures the group has a relatively low sensitivity to national economic conditions and a strong capacity to withst and a prolonged crisis in the credit and capital markets.
Trade union agreement regarding Personnel and acces s to the Solidarity Fund For some years, the Group has pursued continuous an d gradual generational turnover, as well as the str engthening of new specialisations and skills, entering into agreements with the trade unions to implement voluntary pre-retirement plans for employees.
In execution of the agreement signed on 15 July 202 4, 607 employees subscribed to the pre-retirement p lan, of which 5 in the first half of 2026, with mutually agreed termination of their emp loyment contracts.
On 17 December 2025, a new trade union agreement wa s signed for the implementation of a voluntary pre- retirement plan for around 230 employees, through exclusive use of the extraordina ry section of the Solidarity Fund, for those meetin g pension requirements in the period between 1 January 2028 and 31 December 2030. In this regard, in the first half of 2026, 153 emp loyees subscribed to the plan, with the mutually agreed termination of their employment contracts from 1 July 2026 (termination/last day o f work on 30/6/2026).
Lastly, it should be noted that, in 2026 and up to the date of this Report, agreements were also signe d for the mutually agreed termination of the employment contracts with an additional 14 e mployees who had reached the old age requirements f or access to INPS services.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
19 With reference to executive personnel, in December 2024, a trade union agreement was signed on volunta ry pre-retirement arrangements for senior executives who will meet pe nsion requirements due to either the number of year s of contributions or to age by 31 December 2029. This agreement refers to the prov isions of the system governed by Art. 4, paragraphs 1 to 7-ter, of Law no. 92 of 28 June 2012 (“Fornero” law), as amended by Art. 34 , paragraph 54, of Law no. 221 of 17 December 2012 and Art. 1, paragraph 160, of Law no. 205 of 27 December 2017.
The potential recipients of the pre-retirement plan include 15 senior executives, of which 8 signed up by 31 December 2025, for whom the employment contract was terminated by mutual consen t as from 1 January 2026. In the first half of 2026 , an additional 3 senior executives signed up to the plan, with termination of their employment contracts by mutual agreement a s from 1 July 2026.
Lastly, in December 2025, a new trade union agreeme nt was signed on voluntary pre-retirement arrangeme nts for executive personnel who will meet pension requirements due to either th e number of years of contributions or to age by 31 December 2030. The above agreement refers to the aforementioned Fornero law, as well as the subsequent amendments and additions , already mentioned in the previous trade union agreement.
The potential recipients of the voluntary pre-retir ement plan include 20 senior executives.
Insurance tax
The entry into force of Law no. 199 of 30 December 2025 (Budget Law 2026) from 1 January 2026 made pro vision for an increase in the tax rate on Driver Injury, Traffic Accidents (if li nked to a licence plate) and Roadside Assistance Gu arantees. In particular, from that date the tax applied to Accident cover increased from th e previous tax rate of 2.5% to the current 12.5% an d that applied to Roadside Assistance cover rose from the previous 10% to the current 12.50%, with the Company recognising – as a reduction in the amount payable by the Policyholder – a sum corresponding to two th irds of the higher tax due, equal to 6.67% and 1.67 % respectively of the taxable premium. Therefore, the policies affected by the ta x changes, i.e. policies stipulated and/or renewed from 1 January 2026, require application of the new tax rate.
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Operating performance
It should be noted that, taking into account the ti me actually needed for consolidation operations, th e income statement and statement of financial position figures at 30 June 2026 and 2 025 posted in the condensed consolidated half-yearl y financial statements referring to the Banking Associates sector, were calculated b ased on the financial information of the associates at the previous quarter (31/3/2026 and 31/3/2025, respectively).
The Unipol Group closed the first half of 2026 with a consolidated profit of €913m (€622m at 30/6/2025) which includes the c ontribution of the equity investment in BPER solely for the fir st quarter of 2026. The first half of 2026, conside ring the half-yearly financial information recently disclosed by the Bank, would a mount to € 1,056m (€743m at 30/6/2025 on a like-for -like basis).
The net profit of the Insurance Group , a management indicator determined by excluding th e pro-rata consolidation effects of the result of the banking associate BPER at 30 June 2026 and t he associates BPER and Banca Popolare di Sondrio at 30 June 2025 and considering the contribution of dividends received from these a ssociates, amounted to €1,043m (+41.1% compared to €740m at 30/6/2025).
The improvement in economic results is attributable in particular to the positive technical performanc e of the core insurance business, as well as to the stronger contribution from financ ial management.
In the first six months of 2026, direct insurance premiums , gross of reinsurance, totalled €9,016m, up +3.9% compared to the normalised figure of €8,674m 3at 30 June 2025.
Non-Life direct premiums at 30 June 2026 amounted t o €4,960 m, up +3.6% compared to the same period of 2025.
All of the sales channels and business segments of the Group contributed to this growth. In particular , the Health segment continued to see very significant growth (+4.1%), with excellent performance in the retail channels (Agency Network and Banking Networks).
The results of the MV segment were positive, with p remiums of €2,428m and marking growth of +6.0%, tha nks in particular to the development of LVH guarantees (+8.2%).
The Non-MV segment achieved premiums of €2,532m, up +1.4% on the first half of 2025.
In terms of the individual companies, the growth tr end was particularly evident at Unipol Assicurazion i, with Non-Life MV premiums totalling €2,232m (+6.1% compared to 30/6/2025).
The following should also be noted:
- UniSalute reached €642m (+5.8%), with excellent p erformance by the retail channels (Agency Network a nd Banking Networks);
- Arca Assicurazioni recorded growth of +2.7%, reac hing premiums of €180m;
- Linear recorded premiums of €147m (+7.1%)
- SIAT, active in the Transport segment, recorded a figure of €81m, down compared to the same period o f the previous year (-16.0%);
- DDOR, the Group’s Serbian company, stood at €73m (+1.3%).
Operations benefitted from the improvement in busin ess margins, in line with the actions envisaged in the 2025-2027 Strategic Plan.
The Group’s Non-Life Combined ratio stood at 91.8% compared to 92.7% at 30 June 2025, with an improvement in the Loss ratio of 1.3 p.p. to 63.9% at 30 June 2026, compared to 65.2% at 30 June 2025.
Technical profitability is driven, in particular, b y the excellent performance of the Non-MV business, with a Combined ratio of 88.3%, an improvement of 3 percentage points compared to the same period of the previous year. Within this segme nt, the Health business recorded a Combined ratio of 86.6%, an improvement of 3 percentage points.
The growth in the bancassurance segment was confirm ed both in the Non-Life segment (premiums of €346m, +10.1%) - and in particular in Health (premiums of €112m, +13.6%) - and in the Life segment (premiums of €1,893m, +0.6%).
The Non-Life pre-tax profit was equal to €885m compared to €520m in the first six months of 2025, benefitting from a greater contribution from the insurance service result and an excellent performance by financial management.
In the Life segment , the Group achieved direct premiums of €4,056m, up 4.4% compared to the normalised 4figure at 30 June 2025, fuelled by the bancassurance and agency channels.
3 Values calculated by excluding, from the figures as at 30 June 2025, the non-recurring contribution to net inflows arising from significant newly acquire d collective pension scheme mandates.
4 Values calculated by excluding, from the figures as at 30 June 2025, the non-recurring contribution to net inflows arising from significant newly acqui red collective pension scheme mandates.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
21 The Life pre-tax profit amounted to €238m, an increase compared to the res ult in the same period of the previous year (€180m) , thanks to the profitable and disciplined business developm ent, which ensured satisfactory remuneration for cu stomers (increase of 9 bps in the return on segregated funds for policyholders, from 2.26% to 2.35%), maintaining healthy profit levels for the Group (increase in the retained margin by 5 bps, from 1.03% to 1.08%).
With regard to financial management , the gross profitability of the Group’s insurance financial investments (referring to the Non-Life and Life Capital portfolio) obtained an overall ret urn of 8.13% on the assets invested, of which 5.06% deriving from coupons and dividends and 3.07% from sales and valuations that reflect, among other things, the positive effects o f gains from the measurement at market value of SpaceX shares in the portfolio.
The pre-tax profit of the Banking Associates sector amounted to €103m and shows the pro-rata consolida tion of the consolidated result of BPER at 31 March 2026.
Based on the financial information updated at 30 Ju ne 2026, the contribution of BPER to the Group’s re sult would amount to €246m.
As regards the Other Businesses sector, the positive contribution of Gruppo UNA, a ctive in the hotel sector, continued, recording a p re-
tax profit of approximately €19.6m. Società e Salut e (Santagostino) and SiSalute also recorded a posit ive contribution.
The pre-tax profit for the sector was €51m (€47m at 30/6/2025).
At 30 June 2026, consolidated shareholders’ equity amounted to €11,813m (€10,715m at 31/12/2025), pos itively influenced, inter alia, by the issue of Restricted Tier 1 bonds for a nominal amount of €1bn finalised during the half-year. Shar eholders’ equity attributable to the owners of the Parent amounted to €11,503m (€10,391m at 31/12/2025).
The consolidated solvency ratio was 259%, an increase compared to 230% at 31 Decem ber 2025. The solvency ratio of the Insurance Group was 290% (279% at 31/12/2025).
1 Management Report
22 Condensed Consolidated Operating Income Statement b roken down by business segment
Non -Life business Life business Insurance Business 30/6/2026 30/6/2025 % var. 30/6/2026 30/6/2025 % var. 30/6/2026 30/6/2025 % var.
Insurance revenues from insurance contracts issued 4,744 4,578 3.6 351 314 11.6 5,095 4,893 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 Reinsurance contracts held result (143) (144) (0.8) (4) (6) (30.5) (147) (150) (2.0) Result of insurance services 390 332 17.5 156 126 23.7 547 459 19.2 Balance on investments 687 318 116.1 1,120 818 36.9 1,807 1,136 59.1 Net financial costs/revenues relating to insurance contracts (100) (65) 54.8 (998) (733) 36.1 (1,098) (798) 37.7 Net financial result (excluding interest expense on financial liabilities) 587 253 131.7 122 85 43.4 709 338 109.5 Other revenue/costs (20) 17 n.s. (15) (13) 15.3 (35) 4 n.s.
Profit(Loss) before tax and interest expense on fin ancial liabilities 957 603 58.8 264 199 32.7 1,220 801 52.3 interest expense on financial liabilities (71) (83) (13.5) (25) (18) 38.5 (97) (101) (4.1) Pre -tax Profit/(Loss)for the period 885 520 70.3 238 180 32.1 1,123 700 60.4 Income taxes (281) (174) 62.0 (69) (59) 16.3 (350) (233) 50.4 Profit (Loss) from discontinued operations Consolidated Profit (Loss) 604 346 74.4 169 121 39.7 774 468 65.4 Consolidated Profit (Loss) attributable to the owne rs of the
Parent
Consolidated Profit (Loss) attributable to non-cont rolling
interests
The factors that marked the economic performance of the Group included the following:
- direct insurance premiums , gross of reinsurance, amounted to €9,016m (€9,171 m at 30/6/2025, -1.7%). Non-Life direct premiums amounted to €4,960m (€4,788m at 30/6/2025, +3.6%) a nd Life direct premiums amounted to €4,056m (€4,383 m at 30/6/2025, -7.5%), of which €1,476m related to Life investment products (€1,728m at 30/6/2025);
- the combined ratio , net of reinsurance, of the Non-Life business was 91.8% (92.7% at 30/6/2025).
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
23
- Amounts in €m
Banking associates Other businesses Inter -segment eliminations Total consolidated 30/6/2026 30/6/2025 % var. 30/6/2026 30/6/2025 % var. 30/6/2026 30/6/2025 30/6/2026 30/6/2025 % var.
5,095 4,893 4.1 (4,401) (4,284) 2.7 (147) (150) (2.0) 547 459 19.2 103 122 (16.0) 30 18 67.9 (21) (17) 1,919 1,260 52.4 (1,098) (798) 37.7 103 122 (16.0) 30 18 67.9 (21) (17) 821 462 77.9 25 34 (25.6) 12 8 2 45 (95.4) 103 122 (16.0) 55 52 6.2 (9) (9) 1,370 966 41.7 (4) (5) (3.4) 9 9 (93) (96) (3.8) 103 122 (16.0) 51 47 7.1 1,277 870 46.8 (14) (16) (8.8) (364) (248) 46.7
103 122 (16.0) 37 32 14.9 913 622 46.8
883 600
30 22
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24 Insurance Sector performance The Group’s insurance business closed the period wi th a pre-tax profit of €1,123m (€700m at 30/6/2025, +60.4%), of which €885m relating to the Non-Life business (€520m at 30/6/20 25, +70.3%) and €238m relating to the Life business (€180m at 30/6/2025, +32.1%).
Investments and cash and cash equivalents of the Insurance sector (including business proper ties for own use) amounted, at 30 June 2026, to €78,686m (€74,874m at 31/12/2025), of which €17,024m in the Non-Life business (€15,90 0m at 31/12/2025) and €61,662m in the Life business (€58,794m at 31/12/2025).
Insurance liabilities amounted to €57,907m (€56,469m at 31/12/2025), of which €14,631m in the Non-Life business (€14,262m a t 31/12/2025) and €43,276m in the Life business (€42, 207m at 31/12/2025).
Financial liabilities amounted to €20,814m (€20,044m at 31/12/2025), of which €4,108m in the Non-Life business (€4,276m at 31/12/2025) and €16,706m in the Life business (€15, 768m at 31/12/2025).
Total premiums (direct and indirect premiums and investment produc ts) at 30 June 2026 amounted to €9,057m (€9,194m at 30/6/2025, -1.5%). Non-Life premiums amounted to €5,001m (€4,8 11m at 30/6/2025, +4.0%) and Life premiums amounted to €4,056m (€4,383m at 30/6/2025, -7.5%), of which €1,476m relating to inv estment products (€1,728m at 30/6/2025, -14.6%).
Direct premiums amounted to €9,016m (€9,171m at 30/6/2025, -1.7%), of which €4,960m in Non-Life business (+3.6%) and € 4,056m in Life business (-7.5%).
Amounts in €m
30/6/2026 % comp. 30/6/2025 % comp. % var.
Non-Life direct premiums 4,960 55.0 4,788 52.2 3.6 Life direct premiums 4,056 45.0 4,383 47.8 (7.5) Total direct premium income 9,016 100.0 9,171 100.0 (1.7)
Indirect premiums from Non-Life and Life businesses at 30 June 2026 a mounted to a total of €41m (€23m at 30/6/2025, +80. 1%), almost entirely made up of Non-Life business.
Amounts in €m
30/6/2026 % comp. 30/6/2025 % comp. % var.
Non-Life indirect premiums 41 99.5 23 98.8 81.4 Life indirect premiums 0.5 1.2 (23.7) Total indirect premiums 41 100.0 23 100.0 80.1
Unipol Group - Consolidated interim financial report at 30 June 2026 25 Group premiums ceded t otalled €399m (€374m at 30/6/2025), of which €377m of premiums ceded in Non-Life business (€353m at 30/6/2025) and €22m in Life business (€21m at 30/6/2025). Retention ratios remained essentially stable in both Non-Life and Life businesses.
Amounts in €m Amounts in €m 30/6/2026 % comp. 30/6/2025 % comp. % var.
Non-Life ceded premiums 377 94.5 353 94.3 6.7 Retention ratio - Non-Life business (%) 92.5% 92.7% Life ceded premiums 22 5.5 21 5.7 2.2 Retention ratio - Life business (%) 99.2% 99.2% Total premiums ceded 399 100.0 374 100.0 6.5 Overall retention ratio (%) 9 4.7% 95.0%
Non-Life business
To tal Non-Life premiums (direct and indirect) at 30 June 2026 amounted to €5,001m (€4,811m at 30/6/2025, +4.0%). Direct business pr emiums alone amounted to €4,960m (€4,788m at 30/6/2025, +3.6%).
Non-Life business direct premiums Amounts in €m In the MV segment , premiums in the MV TPL class amounted to €1,778m, up by 5.2% compared to 30 June 2025, as was also the Land Vehicle Hulls with premiums of €649m (€600m at 30/6/2025). The Non-MV segment also grew, with premiums amounting to €2,532m, recording an increase of 1.4%. 30/6/2026 comp. % 30/6/2025 % comp. % var.
Land, sea, lake and river motor vehicles TPL (classes 10 and 12) 1,778 1,690 5.2 Land Vehicle Hulls (class 3) 649 600 8.2 Total premiums - Motor Vehicles 2,428 48.9 2,290 47.8 6.0 Accident and Health (classes 1 and 2) 1,047 1,009 3.7 Fire and Other damage to property (classes 8 and 9) 746 729 2.4 General TPL (class 13) 374 386 (3.3) Other classes 366 373 (2.1) Total premiums - Non-M-V 2,532 51.1 2,498 52.2 1.4 Total Non-Life direct premiums 4,960 100.0 4,788 100.0 3.6
35.9
13.1 21,1 15.0 7,5 7,4
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Non-Life claims
In the first half of 2026, operations were positive ly affected by the margin improvement action to com bat the growing cost of claims linked to the inflationary trend affecting the segm ent as regards vehicle repair costs.
The loss ratio (net of reinsurance in Non-Life business) stood at 63.9% (65.2% at 30/6/2025).
The number of claims reported, without considering MV TPL, increased by 11.2% due in particular to the Health class. The table with the changes by class is provided below.
Number of claims reported (excluding MV TPL)
30/6/2026 30/6/2025 % var.
Land Vehicle Hulls (class 3) 182,357 176,516 3.3 Accident (class 1) 64,336 62,443 3.0 Health (class 2) 5,540,651 4,964,855 11.6 Fire and Other damage to property (classes 8 and 9) 132,332 131,027 1.0 General TPL (class 13) 42,513 43,476 (2.2) Other classes 274,114 229,221 19.6 Total 6,236,303 5,607,538 11.2
The Non-Life business expense ratio , net of reinsurance, was 27.9% (27.5% at 30/6/2025 ).
The combined ratio , net of reinsurance, was 91.8% at 30 June 2026 (92 .7% at 30/6/2025).
As regards the MV TPL class, where the CARD agreeme nt 5 is applied, in the first six months of 2026, 247,3 82 “fault” claims (Non-Card, Debtor Card or Natural Card) were reported, down 0. 9% (249,570 at 30/6/2025).
Claims reported that present at least one Debtor Ca rd claims handling numbered 157,318, down 1.2% comp ared to the same period in the previous year.
Handler Card claims totalled 185,850 (including 33, 505 Natural Card claims, claims between policyholde rs with the same company), down by 1.2%. The settlement rate for the first half of 2026 was 62.2% as compared to 62.4% recorded in the same period of the previous year.
The weight of cases to which the Card agreement may be applied (both Handler Card and Debtor Card clai ms) out of the total cases (Non-
Card + Handler Card + Debtor Card) at June 2026 was equal to 85.9% (86.2% at 30/6/2025).
5 Below is a brief description of the terms used:
- Non-Card claims: claims governed by the ordinary regime, to which CARD is not applied, such as claim s involving three or more vehicles or with injuries totalling more than 9 points (i.e. serious claims) ;
- Debtor Card claims: claims governed by CARD where “our” policyholder is fully or partially liable, w hich are settled by the counterparty’s insurance co mpanies, to which “our” insurance company must pay a flat rate pay-out (“Debtor Flat Rate”);
- Handler Card claims: claims governed by CARD wher e “our” policyholder is fully or partially not liab le, which are settled by “our” insurance company, t o which the counterparty’s insurance companies must pay a flat rate pay-out (“Handler Flat Rate”).
However, it must be noted that this classification is a simplified representation because, in reality, each individual claim may contain damages included in each of the three above-indicated cases .
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
27 Non-Life premiums of the main Group insurance compa nies
The direct premiums of the Parent Unipol stood at €3,837m (+3.7%), of which €2,232m in the MV segment (+6.1%) and €1,605m in the Non-MV segment (+0.5%).
Unipol Assicurazioni S.p.A. - Non -Life business direct premiums income Amounts in €m
30/6/2026 % comp. 30/6/2025 % comp. % var.
Land, sea, lake and river motor vehicles TPL (clas ses 10 and 12) 1,615 42.1 1,535 41.5 5.2 Land Vehicle Hulls (class 3) 617 16.1 569 15.4 8.5 Total premiums - Motor Vehicles 2,232 58.2 2,104 56.9 6.1 Accident and Health (classes 1 and 2) 312 8.1 318 8.6 (1.9) Fire and Other damage to property (classes 8 and 9) 674 17.6 665 18.0 1.4 General TPL (class 13) 356 9.3 359 9.7 (0.8) Other classes 262 6.8 254 6.9 3.3 Total premiums - Non -MV 1,605 41.8 1,597 43.1 0.5 Total Non -Life direct premiums 3,837 100.0 3,700 100.0 3.7
As regards MV premiums, €1,615m related to the MV T PL and Sea, Lake and River Vessels TPL classes (€1, 535m at 30/6/2025, +5.2%).
In the MV segment, premium growth concerned both the MV TPL segment, and Land Vehicle Hulls . In particular, the premiums of the MV TPL and Sea, Lake and River Vessels TPL classes amo unted to €1,615m (€1,535m at 30/6/2025).
With reference to the MV TPL class, the rise in the average premium, which accelerated in the second h alf of 2023 and continued, albeit to a lesser extent, from 2024 to 2026, guaranteed a n increase in collections for both the Single Car a nd the Car Fleet segments, offsetting the contraction of the customer portfolio. The incr ease in premium income was particularly significant in the Car Fleet segment, driven by higher premiums written under the main contracts in force.
The return to post-pandemic normality led to a favo urable evolution in the claims frequency, marking a further reduction compared to 2025, with a consequent decline in the number of cl aims, also due to the reduction of the portfolio; t he cost of claims rose in 2026, caused in particular by an increase in the average cost of claims due to inflationary pressures stemming from global geo-political and trade instabilities.
In general, the increase in the average premium and the improvement in the claims frequency ensured th at the positive technical result of the class was maintained.
By contrast, as regards the Land Vehicle Hulls clas s, the premium growth trend was confirmed, due to b oth the Single Car and the Car Fleet segments, as a result of the increase in the average premium of some significant guarantees, inc luding Natural Events, Kasko (Comprehensive) and Glass. The increase is particul arly significant for the Car Fleets and is due to t he growth, in the first half of 2026, of important distribution agreements.
The increase in claims reported and charges relatin g to claims, despite portfolio actions and tariff m easures, aimed at an increasingly better selection of customers with healthy margins, is due to an increase compared to 2025 in weather events that heavily impact the Natural Events guarantee.
The trends observed confirmed the positive technica l result of the class.
In the Non-MV segment, the growth in premiums recorded in the Pro perty classes is attributable to the mandatory insu rance for companies against catastrophe risks and the increas e in the average premium in Home and Condominium pr oducts; premiums on guarantees linked to the road traffic segment incre ased, in particular in the Assistance and Legal Exp enses classes, while the decline in the Health class due to the Unisalute 2.0 project, which aims to centralise the Health portfolio in th e Group’s specialist company, was confirmed.
Accident premiums in the first half of 2026 showed a positive sign, albeit limited, despite the fact t hat the macroeconomic scenario continues to cause a contraction in customers’ insu rance spending capacity.
The growth in premiums is mainly concentrated in th e Retail Line, with a particularly significant cont ribution from Traffic Accidents. The road products underwritten together with the MV pol icies benefit from the positive trend in MV TPL pri ces and growth of the guarantee portfolio, factors that determine an overall increa se in premiums. On products not linked to MV polici es, growth is supported by the new issues of the new multi-scope product Unica Unipol, also thanks to the sales and communication initiat ives launched to support its marketing.
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28 In the segment of collective risk coverage in the c ontext of Tenders for Public Entities, there was a decrease compared to the corresponding period of the previous year, due to t he maintenance of underwriting policies based on th e recovery of margins and risk selection, in a market context characterised by sig nificant competitive pressure. As regards Sports Fe derations, on the other hand, after a more restrictive underwriting policy phase aimed at recovering margins that led to a contraction in premiums, we are witnessing an increase in premiums. For the remaining segments of Small and Medium Enterprises, there was a moderate decline in premiums as in the Corporate segment.
With regard to claims, there was a slight increase in the number of claims reported and in the amount of claims paid which, however, did not affect the rebalancing and recovery policies un dertaken in previous years, within the framework of the consolidated positive technical balance of the class.
Premiums in the Fire and Other Damage to Property c lasses recorded an increase of 1.4%.
The increase in the Fire class concerned both the R etail Business Line and the SME (Small and Medium E nterprise) Line segments, with particular significance in the Trade, Business and Construction segments. This was due not only to tar iff changes and repositioning in the portfolio and products on the price list, but also to the sale of the new product dedicated to Catastr ophe Events linked to the legal obligation for companies and the launch of the new Retail product Unica Unipol in the second half of 2 025.
The growth of the Other Damage to Property class, w hich mainly concerned the Retail Line, is instead m ainly due to the release of the new product Unica Unipol. The SME (Small and Medium Enterprise) Line recorded substantial stability, w hile the Corporate Line registered a slight decrease compared to the previo us half, due to tariff policies particularly attent ive to the risk profile and with a view to recovering margins.
Premiums in the General TPL class, again based on p articularly careful underwriting policies, recorded a slight decline, especially in the SME (Small and Medium Enterprise) and Corporate Lin es, while the Retail Line recorded an increase in p remiums. For the Corporate Line, this reduction is due to both the loss of certain r isks subject to public tender and a prudent underwr iting policy. As regards the SME Line, the reduction was mainly observed in the Businesses and Public Entities segment as a result of profit margin recovery actions, as well as in the Professionals segments, still partly affecte d by actions to manage the effects of Decree no. 23 2 of 15 December 2023 implementing the Gelli-Bianco Law.
With regard to direct business claims reported, 856 ,846 claims were received in the first half of 2026 , an increase of 3.6% compared to those received in the first half of 2025, equal to 826,919, of which 461,793 relating to Non-MV classe s (increase of 6.3% compared to the first half of 2025) and 395,053 referring to the MV classes (+0.7% compared to the first half of 2025) . In particular, the growth in Non-MV claims was heavily influenced by the increase recor ded in the Assistance class (+21.8%), mainly attrib utable to Single Cars. With regard to the MV segment, the increase in claims in the La nd Vehicle Hulls class (+3.5%) was partly offset by the reduction recorded in the MV TPL class (-1.3%).
Overall, charges relating to claims (direct and ind irect business) for the current and previous years, net of reinsurance, came to €3m, up compared to the first half of 2025 (+2.4%).
Arca Assicurazioni recorded a net profit of €29m, up compared to the e nd of the first half of 2025 (€25.2m), reaching dir ect premiums of €180m (up by 2.7% compared to the first half of 2025). Specifically, there was a slight decrease in the MV segment (-3.3%) and an increase in the Non-MV segment (+6%). Premiums are almost entirely concentrated in the banking channel which, at 30 June 2026, collected 99.2% of total Non-Life premiums (99.3% a t the end of the first half of 2025) with total bus iness of €179m (+2.5% compared to 30/6/2025). At 30 June 2026, claims reported wit h follow-up totalled 62,352 (of which 7,608 reporte d late), up by 7.2% compared to 30 June 2025.
Compagnia Assicuratrice Linear , specialised in the direct sale of insurance produ cts through “telematic” channels, recorded a profit of €10m in the first half of 2026 (€6m at 30/6/2025). The company issued premiums of €147m, an increase o f 7.1% compared to the same period of the previous year. The result is mainly a ttributable to both the growth in the average TPL p remium and a growing policy portfolio, close to 778 thousand units (+6.1% compa red to June 2025). The total cost of claims (paid a nd reserved) for the year, incurred in the first half of 2026, amounted to €117m, an in crease of 3.6% compared to the first half of 2025.
DDOR Novi Sad recorded a total result (Non-Life and Life sectors ) at 30 June 2026 of €8.5m (€7.4m at 30/6/2025). Pr emiums written (Non-Life and Life business) increased from €84m at 30 June 2025 (of which €72m in the Non-Life busine ss) to €85m at 30 June 2026 (of which approximately €73m in the Non-Life business).
In the first half of 2026, SIAT recorded a profit of €5.3m (€5.8m at 30/6/2025). G ross premiums totalled €90m, down by 15.5% compared to €107m in the same period of the previous year.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
29 With reference to the “Hulls” sector, premiums reac hed €60m, compared to €73m in the first six months of 2025, marking a decrease of 17.8%. This performance was affected by the decreas e in premiums due to war risks and the effect of th e renewal of an important contract for a shorter contractual duration than th e previous year.
Charges relating to claims, net of reinsurance, amo unted to €16m, down from €18m in the first six mont hs of 2025.
UniSalute, an insurance company specialised in the healthcare sector, recorded a profit of €62m at 30 June 2026, up compared to the €53m recorded at 30 June 2025. Direct business prem iums amounted to €642m, an increase of 5.8% compare d to €607m in the same period of the previous year. This performance is at tributable to new business in the corporate segment and the growth in premiums in the banking and agency channels.
Charges relating to direct business claims amounted to €412m, compared to €393m at 30 June 2025, subst antially in line with the figure in the previous half.
New products
A series of initiatives were adopted in the MV TPL and Land Vehicle Hulls segment, dedicated to enhanc ing the offer of Unica Unipol, KM&Servizi MV TPL and/or Other MV Risks products, w ith a view to improving policy margins and competit iveness. The new edition of the products, introduced from May 2026, was charact erised by significant innovations, including:
• the strengthening of the channelling model towards UnipolService and Network Grandine (Hail repair net work), with a review of the vehicle repair activation process for the cu stomer. In fact, the new method provides that the c hannelling will take place through preventive direct contact with UnipolServic e or Network Grandine, or through a support request to one’s intermediary, thus removing the previous approach that required y ou to contact a car repair centre selected from tho se belonging to the authorised repair shop circuit;
• the evolution of the spare parts management model i n UnipolService and Network Grandine, introduced wi th the aim of optimising the spare part procurement and managemen t processes, as well as reducing waiting times even in the most complex cases.
In the first half of 2026, a number of tariff revie w measures were adopted for the MV price list with the aim of consolidating the level of competition observed in 2025 on new business and bu ilding loyalty among customers already in the portf olio.
The tariff changes planned from May 2026 are part o f a broader programme to review the offer, aimed at improving its competitive positioning and strengthening its technical-commerc ial balance, with particular reference to the Unipo l KM&Servizi retail offer and the Unica Unipol product.
With regard to the MV TPL and Land Vehicle Hulls gu arantees, the reference premiums and ratios of the main parameters were updated, in order to maintain an adequate tariff positioning on the risk profiles with positive margins.
With regard to the Non-MV segment, Unipol has adjus ted the pre-contractual and contractual documentati on in line with the new regulations in force and the new regulatory framewo rks on the products in the price list.
With regard to the company Arca Assicurazioni, star ting from June, the “ Arca Ti Indennizzo Sempre con te ” product was made available as part of the General Classes, replacing the “Ti I ndennizzo New” product, which provides more extensi ve protection through the offer of optional guarantees and the removal of the concept of family unit.
Life business
Life direct premiums , which represent almost all premiums, totalled €4, 056m (€4,383m at 30/6/2025), of which €1,476m were investment products (€1,728 m at 30/6/2025), and is composed as follows:
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30
Life business direct premiums
Amounts in €m
Pension Funds
Unipol has continued to maintain its considerable p osition within the supplementary pension schemes ma rket. At 30 June 2026, the Company managed a total of 28 Occupational Pension Fund mandates (23 of them for accounts “with guaranteed capital and/or minimum return”). At the same date, resources under management totalled €7,830m (€7,296m with guarante ed capital).
As regards Open Pension Funds , at 30 June 2026 the Group managed 2 open pension funds (Unipol Previdenza FPA and Fondo Pensione Aperto BIM Vita) that, at that date, had a total of 44,756 members and total assets of around €1,125m. At 31 December 2025, those Funds had total assets of €1,079m and a total of 43,193 m embers.
Life premiums of the main Group insurance companies
Direct premiums for the Parent Unipol were equal to €2,072m (€2,416m at 30/6/2025, -14.3 %).
Amounts in €m
Total premium income 30/6/2026 % comp. 30/6/2025 % comp. % var.
I - Whole and term Life insurance 1,060 51.1 876 36.2 21.0 III - Unit-linked/index-linked policies 107 5.2 72 3.0 49.8 IV - Health 12 0.6 10 0.4 25.5 V - Capitalisation insurance 80 3.8 219 9.1 (63.6) VI - Pension funds 813 39.2 1,241 51.3 (34.5) Total Life business direct premium income 2,072 100.0 2,416 100.0 (14.3) Total Life investment products 920 44.4 1,312 54.3 (29.9)
The comparison with the first half of the previous year shows a different development of premiums by i nsurance class and by type. In particular, there was an increase of 10.1% in the i ndividual policies sector, deriving largely from th e development of the Investment segment also thanks to the recovery of capital by t he Company through the issue of new policies, in or der to offset the outgoing volumes.
The decline of 27.4% relating to the premiums of Co llective Policies is influenced by the aforemention ed extraordinary transaction of 2025 that affected Class VI.
30/6/2026 % comp. 30/6/2025 % comp. % var.
Total premium income I - Whole and term Life insurance 2,487 61.3 2,420 55.2 2.7 III - Unit-linked/index-linked policies 662 16.3 491 11.2 34.9 IV - Health 12 0.3 10 0.2 25.5 V - Capitalisation insurance 80 2.0 219 5.0 (63.6) VI - Pension funds 815 20.1 1,243 28.4 (34.5) Total Life business direct premium income 4,056 100.0 4,383 100.0 (7.5)
- of which Life investment products 1,476 36.4 1,728 39.4 (14.6) 5%
28%
61 .3
2.0
20 .1
0.3
16.3
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
31 The distribution choice for 2026 confirmed a strate gy in line with 2025 of continuing to push the stan d-alone Segregated Fund products through new tranches of the Unipol Investimento Mul tiGest product, built with a mix of Segregated Fund s to ensure a high outlook return such as to make the product competitive with respec t to other financial instruments.
To complete the reading of the data by insurance cl ass, there was a notable increase in Class III, whi ch shows significant interest from customers in Unit and Multi-segment products.
The amounts paid, including settlement expenses, fo r the direct portfolio alone amounted to €2m, with an increase of 21.5% compared to the same period of the previous year; also consi dering indirect business, they amounted to €2m. The reinsurers’ share amounted to €0.9m.
Settlements at 30 June 2026 show an overall increas e of 21.5%, mainly due to the increase in policies expiring compared to the previous year, which determined a significant increase in se ttlements on capital and annuities accrued, equal t o +167.4%.
During the year, the Company strengthened its capit al recovery activities through the issue of new pol icies, in order to offset the outgoing volumes.
Surrender payments recorded a slight decrease (-0.6 %) compared to the first half of 2025. This perform ance, however, is influenced by the settlement, in the first half of 2025, of a Cla ss V Corporate policy for an amount of €124m. Exclu ding this transaction, surrender payments in the first half of 2026 would have incre ased by 8.1%. The worsening trend is affected by th e acquisition of the Cronos Portfolio, finalised in the last quarter of 2025, w hose contracts have surrender amounts and frequency of exercise of the right of surrender higher than those observed on average in the individual policy portfolio.
To complete the analysis, there was also a +8.9% in crease in the amounts paid for claims.
BIM Vita recorded a profit, at 30 June 2026, of €0.3m (loss of €0.5m at the end of the first half of 2025). In terms of premium income, premiums referring to insurance contracts amounted to €0.4m (€2.5m at 30/6/2025, -86%), plus financial products for €2.0m (€4.5m at 30/6/2025). The volume of investments stood at €329 m (€406m at 31/12/2025).
The bancassurance channel of Arca Vita achieved an economic result, net of dividends coll ected from subsidiaries, of €23.5m (€5m recognised at 30/6/2025). The company recorded dire ct premiums (including investment premiums from fin ancial contracts) of €1,969m (€1,935m at 30/6/2025, +1.8%). Specifically, the br eakdown by business class, compared to 30 June 2025 , shows an increase in Class III volumes and a reduction in Class I volumes. The vol ume of total investments reached €20,283m (€18,851m at 31/12/2025).
New products
In April 2026, Unipol updated its offer of revaluable products with the restyling of the single-premium product, Investimento MultiGest, whose services are linked to four segregated funds. The new version is characterised by two different investment compositions: a Basic combination (20% PRESS, 20% Fondivita, 20% PlusValo re Unipol, 40% Real Estate Unipol), aimed at all cu stomers, and a Dedicated combination (30% PRESS, 30% Fondivita, 30% PlusValo re Unipol, 10% Real Estate Unipol), aimed at custom ers who, since 1 January 2026, have signed at least one TCM Vita P remium contract, with a minimum duration of 10 year s and a minimum annual premium of €250, or a LTC Autonomia Costante contract.
In continuity with the previous version, the produc t provides the option of scheduled partial redempti ons and the possibility of making additional payments on the Basic version, while on the Reinvestment version, to facilitate the recover y of capital at maturity, it is possible to pay a maximum additional amount of €100,000 with in seven days from the start of the contract.
In May 2026, the new Unipol single-premium Class I revaluable product, Investimento Rilancio , was marketed, developed to encourage the retention of customers who express their intent ion to request an early exit from one or more Guara nteed Investment contracts, with maturity between 2028 and 2039. The product provide s for a fixed allocation of the insured capital in the two associated Segregated Funds: 50% in Real Estate Unipol and the remaining 50% in PlusValore Unipol. The product is only provi ded in the Basic version, has no loading or fixed costs and does not provide for the possibility of making additional payments.
Lastly, as regards the company Arca Vita , with a view to streamlining the offer and boostin g competitiveness, the unit-linked offer was renewed, making the “ Unitverse ” product range available to Banks for placement, s ingle-premium products which make provision for the allocation of the invested capital in external fund s and/or ETFs which the contracting party can acces s directly or through investment portfolios, with the possibility of changing the as set allocation over time as well as making addition al payments.
With reference to the Protection segment, during t he half-year, the products were restyled with chang es that concerned in particular the increase in the duration of the contract and th e maximum insurable capital.
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Reinsurance
Unipol Group reinsurance policy
At Group level, the following covers were negotiate d and acquired:
- excess of loss treaties for the protection of MV TP L, Boats TPL, General TPL, Fire, Land Vehicle Hulls by event, Technological Risk by risk and event, Theft, Accident, Transport, Bond s and Aviation (Accident, Aircraft and TPL), Health (medical expense
reimbursement);
- stop loss treaty for the Hail class;
- proportional treaties for: Technological risk (C.A. R. - Contractors’ All Risks -, Erection all Risks, Decennale Postuma and PNRR -
National Recovery and Resilience Plan - whose reten tion is protected by a “risk attaching” excess of l oss), Bonds (whose retention is then protected by a “risk attaching” excess of loss ), Aviation (Accident, Aircraft and TPL, whose rete ntion is protected by a “risk attaching” excess of loss), Transport, Legal Expens es, TPL sector, “D&O”, Pollution and, lastly, “Cybe r” risks.
During the half-year, the Nat Cat Aggregate cover w as also renewed for protection against retention of XL catastrophe treaties, aimed at limiting the volatility deriving from the freque ncy of medium and large-scale catastrophic events.
In 2026, Unipol sold 5% of the portfolio to the “AN IA Nat-Cat Pool”, in accordance with “Budget Law” n o. 213/2023 (introducing mandatory natural catastrophe insurance for companies - effec tive from 2025), to cover the risks relating to Ear thquake, Flood, Inundation, Overflow and Landslide. This sale has priority over optional/compulsory sales.
To minimise counterparty risk, reinsurance cover co ntinued to be spread out and placed with the major professional reinsurers that have been given a high credit rating by major rating age ncies, in order to provide a comprehensive and comp etitive service. As regards the Transport and Legal Expenses risks, recourse to spe cialised reinsurers and/or specialist Group compani es was confirmed, through the reinsurance instrument, with the main purpose of pr oviding our customers with a more qualified service , achieving economies of scale and minimising the allocation of capital to the ser vice of these risks.
As regards the Life business, in 2026 the cover in place in the previous year was confirmed, represent ed by two proportional treaties in excess of the risk premium (Individual and Collecti ve), protecting the retention with non-proportional cover by event relative to the Life and/or Accident classes. The proportional Life cove rs relating to Weighted Risk and LTC guarantees (In dividual, lifetime Collective and 1-year SME Collective) were renewed again, as was t he proportional cover relating to the LTC guarantee for Individual Serious Illnesses.
Lastly, the single-premium temporary proportional c over in the event of death, with decreasing capital linked to the repayment of a loan through the sale of portions of the current pension , was confirmed.
Banking associates Sector performance
Below are the main income statement figures relating to the Banking As sociates sector at 30 June 2026 and 2025, entirely attributable to the consolidation using the equity method of the investments in the associates BPER Banca and Banca Popolare di Sondrio, with reference to the 2025 values:
Amounts in €m
30/6/2026 30/6/2025 % var.
Gains/losses on investments in associates and inter ests in joint ventures 103 122 (16.0) Pre -tax Profit (Loss) for the period 103 122 (16.0)
The pre-tax profit of the Banking Associates sector at 30 June 2026 amounted to €103 million, determin ed on the basis of the financial information of BPER Banca in the previous quarter ( 31/3/2026).
At 30 June 2026, the equity investment in the assoc iate BPER Banca was recognised in consolidated stat ement of financial position assets in the amount of €3,272m (€3,103m at 31/12/2 025), corresponding to its measurement using the eq uity method.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
33 Other Businesses Sector performance
The main income statement figures for the Other Businesses s ector are summarised below:
Amounts in €m
30/6/2026 30/6/2025 % var.
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 1 4 (80.3) Gain/losses on other financial assets and liabiliti es and investment property 24 8 190.4 Net financial result 25 13 92.7 Other revenue 296 265 11.7 Other costs (*) (270) (230) 17.3 Pre -tax Profit (Loss) for the period 51 47 (7.1)
(*) Includes Operating expenses, Net provisions for risks and charges, Net impairment losses/reversals on property, plant and equipment and intangible as sets, Other operating expenses/income
The pre -tax profit at 30 June 2026 was €51m (+€47m at 30/6/2025).
At 30 June 2026, the Investments and cash and cash equivalents of the Other Businesses sector (including properti es for own use for €869m) amounted to €2,648m (€2,747m at 31/12/2025).
Financial liabilities totalled €247m (€308m at 31/12/2025).
With regard to the hotel sector , the first half of 2026, compared to the first hal f of 2025, showed an increase in both the Average D aily Rate (+9.5%, €175.5 compared to €160.3) and in occu pancy (+2.9 percentage points, 76.6% compared to 73 .7%). The revenue of the subsidiary Gruppo UNA increased by approximately 10 .1% compared to 30 June 2025 (from around €111.3m t o roughly €123.7m). At 30 June, 32 properties were under direct management . The period closed with an IAS profit of €12.9m.
With regard to the healthcare companies in the Florence hub , Casa di Cura Villa Donatello and Centro Florence achieved a total turnover of €27.6m in the first half of 2026, up compared to 30 June 2025 (€25.5m). The revenue performance con firms the positive trend of general growth across all business lines, from visi ts and diagnostics to hospitalisation.
The companies recorded a total profit of €2.7m, up compared to 30 June 2025 (€2.1m).
Società e Salute S.p.a. (Centro Medico Santagostino) instead manages a network of 45 specialist health centres in Lombardy, Emilia Romagna, Lazio and Liguria. At 30 June 2026, the co mpany recorded revenue of €61.5m, up by approximate ly €7m compared to 30 June 2025 (+12.8%), thanks to generalised growth in almo st all Business Units. The net result for the first half of 2026 was positive and amounted to €1.7m.
With regard to agricultural activities , considering the combined data of Tenute del Cerro and Tenute del Cerro Wines, total revenue remained substantially stable (from €5.34m to €5.30 m), despite the negative performance of the sector due to the imposition of duties on wine and adverse socio-political events that hav e resulted in a blockade of part of the maritime co mmercial traffic. In particular, compared to 30 June 2025, sales of packaged wine re corded a decrease of 5.1%, reaching €4.31m, due to the decline in the Foreign channel, while the healthy performance of agri-tour ism, events and tastings continued, up 21.2% and am ounting to €0.65m. The period ended with an IAS loss of €1.09m.
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34 Asset and financial performance
Investments and cash and cash equivalents
At 30 June 2026, the Group’s Investments and cash and cash equivalents totalled €83,837m (€79,911 m at 31/12/2025):
Amounts in €m
30/6/2026 % comp. 31/12/2025 % comp. % var.
Insurance sector 78,686 93.9 74,874 93.7 5.1 Banking associates 3,272 3.9 3,103 3.9 5.4 Other businesses sector 2,648 3.2 2,747 3.4 (3.6) Intersegment eliminations (769) (0.9) (812) (1.0) (5.3) Total Investments and cash and cash equivalentsquid e 83,837 100.0 79,911 100.0 4.9
The breakdown by investment category is as follows:
Amounts in €m
Investments 30/6/2026 % comp. 31/12/2025 % comp. % var.
Property (*) 3,696 4.4 3,697 4.6 (0.0) Investments in associates and interests in joint ve ntures 3,294 3.9 3,124 3.9 5.4 Financial assets at amortised cost 1,179 1.4 1,826 2.3 (35.5) Debt securities 578 0.7 1,201 1.5 (51.8) Other loans and receivables 600 0.7 625 0.8 (4.0) Financial assets at fair value through OCI 50,644 60.4 48,008 60.1 5.5 Financial assets at fair value through profit or lo ss 23,758 28.3 22,076 27.6 7.6 Held-for-trading financial assets 865 1.0 618 0.8 40.0 Financial assets at fair value 15,406 18.4 14,544 18.2 5.9 Other financial assets mandatorily at fair value 7, 487 8.9 6,914 8.7 8.3 Cash and cash equivalents 1,267 1.5 1,180 1.5 7.4 Total Investments and Cash and cash equivalents 83,837 100.0 79,911 100.0 4.9
(*) Including properties for own use
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
35 Transactions carried out in the first half of the y ear
This section provides information on financial tran sactions with reference to the Group’s investments other than those where the risk is borne by customers.
In the first half of 2026, the investment policies adopted in the financial area continued to apply, i n the medium/long term, the general criteria of prudence and preservation of asset qual ity, in compliance with the Guidelines defined in t he Group Investment Policy.
Specifically, financial transactions were geared to wards reaching profitability targets consistent wit h the asset return profile and with the trend in liabilities over the long term, mainta ining a high-quality portfolio through a process of selecting issuers on the basis of their diversification and strength, with a particular foc us on the liquidity profile.
With regard to the bond segment , a prudent approach was maintained in the first hal f of 2026, assuming a positioning consistent with a context of volatile interest rates following the co nflict in the Middle East, also characterised by in flation that has returned to quite high levels as a result of increases in energy commoditi es.
During the half-year, the process of restructuring of the exposure to government bonds also continued, involving in particular a reduction in exposure to Italian government bonds and purchas es focussed primarily on France, EU and Belgium.
The non-government bond component increased in the Life business while it decreased in the Non-Life bu siness. Gross sales of credit instruments mainly concerned senior securities of f inancial issuers on short/medium maturities and wer e intended to achieve short- and medium-term profit goals and modify the exposure to issuer risk, while purchases mainly concerned seni or securities of good quality (investment grade) financial and corporate issuers on intermediate maturities, exploiting steep credit curves while also maintaining a good level of diversification.
During the first half of 2026, exposure to level 2 and 3 structured securities was increased by invest ing in fixed rate issues, with risk linked exclusively to French sovereign risk.
The following table shows the Group’s exposure to s tructured securities:
Amounts in €m
30/6/2026 31/12/2025 variation Carrying Market Implied +/- Carrying Market Implied +/- Carrying Market amount value amount value amount value Structured securities - Level 1 Structured securities - Level 2 637 617 (20) 484 497 13 153 120 Structured securities - Level 3 101 93 (8) 101 90 (10) 2 Total structured securities 738 710 (28) 585 587 2 153 123
During the first half of 2026, equity exposure was increased by approximately €286m. In Europe, e xposure increased to sectors with good fundamentals and low valuations and which guar antee attractive returns to shareholders in the for m of distributable dividends (primarily industrial, pharmaceutical and insurance ). Overall, the equity portfolio achieved a dividen d yield of approximately 5.4%.
Exposure to alternative funds , a category that includes Private Equity Funds, He dge Funds and Real Assets, amounted to €3,523m, a n et increase by €107m compared to 31 December 2025.
Currency operations were actively managed following the performance of currency prices with a view to managing net exposu re to the currency risk of outstanding equity and bond positi ons.
The overall investment duration was 5.91 years for the Group, up on the 5.19 years recorded at the end of 2025. The Non-Life business duration was 3.52 years (2.58 at the end of 2025), while in the Life business it was 6.96 years (6.53 at the end of 2025). The fixed rate and floating rate components of the bond portfolio amou nted to 93% and 7%, respectively. The government co mponent accounted for approximately 63% of the bond portfolio whilst the corporate component accounted for the remaining 37% , split into 25% financial sector issuers and 11% industrial sector issuers.
1 Management Report
36 95% of the bond portfolio was invested in securitie s with ratings above BBB-.
As part of its financial operations for 2026, it sh ould also be noted that, on 7 June 2026, Unipol sig ned two “total return equity swap” derivative contracts, with a maximum of 104.2 milli on BPER shares as underlying assets, corresponding to 4.99% of BPER’s share capital, giving Unipol the option to settle the price differ ential either in cash or by physical delivery of th e shares, subject to obtaining the relevant authorisations from the competent authorities. At t he end of the half-year, the number of shares under lying the swap contracts stood at 46.5 million, equal to 44.6% of the total specified in the contracts.
It should be noted that derivative instruments are classified as financial assets/liabilities mandator ily measured at fair value through profit and loss, and that the impact on the Unipol Group’s profit or loss arising from the measurement of these derivative instruments at fair value is not material.
Net financial result
Details of the Net financial result are shown in th e following table:
Amounts in €m Net investment income
30/6/2026 % comp. 30/6/2025 % comp. % var.
Gains/losses on investment property 6 0.3 (2) (0.2) n.s.
Gains/losses on investments in associates and interests in joint ventures 104 5.5 127 9.9 (17.9) Net gains on financial assets recognised at amortis ed cost 60 3.2 71 5.5 (14.9) Net gains on financial assets at fair value through OCI (*) 1,003 53.3 784 61.3 27.8 Net gains on financial assets at fair value through profit or loss (**) 705 37.5 309 24.1 128.6 Foreign exchange gains/losses 4 0.2 (10) (0.8) (138.6) Total net gains on investments 1,883 100.0 1,279 100.0 47.2 Total net losses on financial liabilities (94) (99) (5.2) Total net gains (***) 1,789 1,180 51.6 Net gains on financial assets at fair value(****) 543 155 n.s.
Net losses on financial liabilities at fair value(* ***) (505) (140) n.s.
Total net gains on financial instruments at fair va lue (****) 38 15 147.6 Balance on investments 1,826 1,164 56.9 Net financial costs/revenues relating to insurance contracts issued (1,106) (792) 39.6 Net financial revenues/costs relating to reinsuranc e contracts held 8 (6) n.s.
Net financial result 728 366 98.9
(*) excluding measurement of financial assets at fa ir value through OCI subject to hedge accounting (**) excluding net gains and losses on financial in struments at fair value through profit or loss for which investment risk is borne by customers (index- and unit-linked) and arising from pension fund management; including measurement of financial asse ts at fair value through OCI subject to hedge accou nting (***) excluding net gains and losses on financial i nstruments at fair value through profit or loss for which investment risk is borne by customers (index - and unit-linked) and arising from pension fund
management
(****) net gains and losses on financial instrument s at fair value through profit or loss for which in vestment risk is borne by customers (index- and uni t-linked) and arising from pension fund management
Net gains at 30 June 2026, amounting to €1,789m, in clude net gains of €103m (€122m at 30/6/2025) from the consolidation of BPER using the equity method (€122m at 30/6/2025 including, as of that date, the contribution of the investment h eld at that time in BPSO).
The item Gains/losses on investment property includ ed €26m in depreciation (€27m at 30/6/2025).
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
37
Shareholders’ equity
At 30 June 2026, Shareholders’ equity amounted to € 11,813m (€10,715m at 31/12/2025). Shareholders’ equity attributable to the owners of the Parent , standing at €11,503m (€10,391m at 31/12/2025), is composed of:
Amounts in €m
30/6/2026 31/12/2025 variation in amount Share capital 3,365 3,365 Other equity instruments 1,489 496 993 Capital reserves 1,801 1,801 Income-related and other equity reserves 3,636 2,870 766 Treasury shares (-) (3) (40) 37 Valuation reserves 332 417 (85) Profit (loss) for the year attributable to the owne rs of the Parent (+/-) 883 1,482 (599) Total shareholders' equity attributable to the owne rs of the Parent 11,503 10,391 1,112
The main changes over the period were as follows:
- an increase of €993m following the new issue, by th e Parent Unipol Assicurazioni, of a perpetual regul atory capital instrument classified as “Restricted Tier 1” with a nominal va lue of €1bn, net of the related issue costs;
- a decrease of €804m for the distribution of dividen ds to shareholders and of €12m for the payment, net of the related tax effect, of the coupon to holders of the perpetual regulatory c apital instrument (“Restricted Tier 1”) issued by t he merged entity UnipolSai in 2020 with a nominal value of €500m;
- an increase of €883m as a result of the Group profi t at 30 June 2026;
- an increase of €52m in other comprehensive income a t 30 June 2026.
Shareholders’ equity attributable to non -controlling interests at 30 June 2026 amounted to €310m (€324m at 31/12/ 2025).
The main changes over the period were as follows:
- a decrease of €43m for payment of dividends to thir d parties;
- an increase of €30m due to profit attributable to n on-controlling interests.
Treasury shares
At 30 June 2026, the treasury shares held by Unipol and its subsidiaries totalled 267,465 (2,309,430 a t 31/12/2025), of which 137,771 shares held directly.
In execution of the Performance share-based compens ation plans for the executive personnel of Unipol a nd its subsidiaries, during March, 2,068,115 Unipol shares were allocated under the 2019-21 Long-Term Incentive Compensation Plan and the 2022-24 Long-Term Incentive Compensation Plan and, during May, 2,550 Unipol shares were allocated in accordance with the 2023 and 2025 Short-Term Incentive Compensation Plan.
1 Management Report
38 Insurance and financial liabilities
At 30 June 2026, Insurance liabilities amounted to €57,907m (€56,469m at 31/12/2025) and Financial lia bilities amounted to €20,293m (€19,520m at 31/12/2025).
Amounts in €m
Insurance and financial liabilities 30/6/2026 31/12/2025 % var.
Non-Life Insurance liabilities 14,631 14,262 2.6 Life Insurance liabilities 43,276 42,207 2.5 Total Insurance liabilities 57,907 56,469 2.5 Financial liabilities at fair value 15,471 14,512 6.6 Investment contracts - insurance companies 15,233 14,322 6.4 Other 238 190 25.3 Financial liabilities at amortised cost 4,822 5,008 (3.7) Subordinated liabilities 1,254 1,282 (2.2) Other 3,568 3,726 (4.2) Total financial liabilities 20,293 19,520 4.0 Total 78,200 75,989 2.9
Unipol Group Debt
For a correct representation of the accounts under examination, information is provided below of finan cial debt only, which is the total amount of the financial liabilities not strictly as sociated with normal business operations.
Amounts in €m
30/6/2026 31/12/2025 variation in amount Subordinated liabilities 1,254 1,282 (28) Debt securities issued by Unipol 1,434 1,411 23 Other loans 2,133 2,315 (182) Total debt 4,822 5,008 (186)
Subordinated liabilities amounted to €1,254m and re late to a 10-year subordinated bond loan issued by UnipolSai Assicurazioni S.p.A. on 1 March 2018 with a nominal value of €500m listed o n the Luxembourg Stock Exchange and to a 10-year su bordinated bond loan issued on 23 May 2024 with a nominal value of €750m listed on the Luxembourg Stock Exchange.
The Debt securities issued by Unipol amounted to €1 ,434m and relate to one senior unsecured bond loan listed on the Luxembourg Stock Exchange, with a total nominal value of €500m, and a 10-year senior green bond loan with a nominal val ue of €902m, listed on the Luxembourg Stock Exchange, issued in two tranches o n 23 September and 26 November 2020.
The issues described above were implemented as part of the Euro Medium Term Notes (EMTN Programme), wi th a maximum total nominal amount of €3,000m, established in December 2009 for €2,000m with the latest renewal and increa se to €3,000m in September 2020.
Other loans, amounting to €2,133 million (€2,315m a t 31 12/2025) relate mainly to:
- loans taken out, for the purchase of real estate an d improvements, by the Athens R.E. Closed Real Esta te Fund for €123m and the Tikal Closed-end Real Estate Fund for €70m;
- loans taken out by UnipolRental from banks and othe r lenders for a total of €1,286m;
- funding amounting to €532m, provided by a number of banks and deriving from the business assets acquir ed by Unipol Assicurazioni on 1 October 2025 following the total non-proportio nal demerger of Cronos Vita.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
39 The item also includes the financial liabilities de riving from the present value of future lease payme nts due on lease agreements accounted for on the basis of IFRS 16 for a total o f €112m.
Transactions with related parties
The Procedure for related-party transactions (the “ Procedure ”) − prepared pursuant to Art. 4 of Consob Regulati on no. 17221 of 12 March 2010, as amended (the “ CONSOB Regulation ”) − defines the rules, methods and principles that ensure the transparency and substantive and procedural fairness of the transact ions with related parties carried out by Unipol, ei ther directly or through its subsidiaries.
The Procedure is published in the “Governance/Relat ed Party Transactions” section of the Unipol Group’ s website (http://www.unipol.com ).
Please note that in the first half of 2026, Unipol did not approve, nor carry out, directly or through subsidiaries, any Transactions with Related Parties qualified as of “Major Significance ”, or which significantly influenced the financial position or results of the companies, pursuant to Art. 5, paragraph 8 of the CONSOB Regul ation.
The information required by IAS 24 and Consob Commu nication DEM/6064293/2006 is provided in paragraph 3.4 – Transactions with Related Parties in the Notes to the financial state ments.
1 Management Report
40
Other information
Partial proportional demerger of Tenute del Cerro i nto Tenute del Cerro Wines On 1 January 2026, the partial proportional demerge r of Tenute del Cerro took effect with the allocati on of part of its assets to Tenute del Cerro Wines. The transaction consists in the tr ansfer by Tenute del Cerro to Tenute del Cerro Wine s of a business unit consisting of the production activities carried out at the Montep ulciano Wineries.
Advertising and Sponsorships Unipol title sponsor of the most innovative venue i n Italy: Unipol Dome Unipol and CTS Eventim have signed an important par tnership that sees the insurance group acquire, as title sponsor, the naming rights of Arena Santa Giulia Milano, owned by the CTS Even tim group, the leading entertainment and ticketing services operator (owner in Italy of the company TicketOne). The innovative Milan ven ue takes the name Unipol Dome under a ten-year agre ement lasting from Spring 2026 to December 2035, as part of a long-term strat egic partnership. The title sponsorship of one of t he most iconic and sustainable Italian and international arenas in the field of mu sic and sports entertainment allows Unipol to conso lidate its brand positioning through a naming strategy that supports Unipol Dome with mu lti-year sponsorships on the two most important ind oor arenas in Italy: Unipol Arena in Casalecchio di Reno - Bologna and Unipol F orum in Assago - Milan.
Unipol is hosting the “Road Safety Leadership Round table” organised by UNECE – the United Nations Econ omic Commission for Europe On 5 February 2026, Unipol hosted the “Road Safety Leadership Roundtable”, organised by the UNECE, at the Unipol Tower in Milan, bringing together international leaders from instit utions, businesses and organisations to promote roa d safety.
A common view emerged from the roundtable: road saf ety requires a shared commitment between the public and private sectors, particularly with regard to education and the imple mentation of technology to improve safety.
Unipol makes a significant contribution to this obj ective by providing its expertise and its wealth of electronic forecasting data.
Unipol main sponsor of the exhibition “Anselm Kiefe r. The women Alchemists” at Palazzo Reale of Milan From 7 February to 27 September 2026, Unipol was th e main sponsor of the exhibition “Anselm Kiefer. Th e women Alchemists” at Palazzo Reale and, as part of this partnership, from 9 Febr uary to 30 June 2026, it hosted a work by the great artist at Unipol Tower in Piazza Gae Aulenti. Through this twofold initiative, Unipol is reaffirming its commitment to promoting culture an d the arts by supporting one of the most influential figures on the international art s cene.
Unipol with the new generations of IFAB 4 Next Gene ration Talents 2026 During the half-year, Unipol took part in the fourt h edition of IFAB 4 Next Generation Talents, an ini tiative aimed at fostering connections between businesses and young talent through the dev elopment of innovative solutions to real-world busi ness cases. As part of the programme, Leithà collaborated with students and re cent graduates to develop “DataStorm AI”, an advanc ed solution for managing climate-related claims.
This initiative reaffirms the Group’s commitment to promoting innovation, developing advanced skills a nd strengthening the dialogue between the education sector and industry, with a p articular focus on artificial intelligence, big dat a and resilience to climate-related risks.
Recognitions
MF Insurance Awards 2026 On 12 March 2026, at the 24th edition of the MF Ins urance Awards, the Unipol Group received 10 awards, confirming its ongoing commitment to achieving high levels of technical pe rformance, innovation and value creation through it s product range. As part of the event, Chairman Carlo Cimbri was also awarded the s pecial “Insurer of the Year” award.
In particular, Unipol Assicurazioni stood out in th e “Companies of Value” category, winning awards for the Best Technical Result in the Non-Life, Accident, MV TPL, General TPL, Legal Expe nses and Assistance classes. The Company has also r eceived two MF Innovation Awards for the “Unibox Smart Move” and “Unica Unipo l” solutions, as well as the “Insurance Elite” awar d for the Best ESG rating. Finally, UniSalute was awarded the Best Technical Result in the Health class.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
41 UniSalute Per Te has been named “Product of the Yea r 2026” among health insurance solutions On 23 March 2026, the “Product of the Year 2026” ce remony took place in Milan; this is an innovation a ward based on consumers’ assessments of innovation and satisfaction. Among h ealth insurance policies, “UniSalute Per Te” was re cognised as a winner – a modular and customisable solution that combines insurance c over with innovative healthcare services. This reco gnition confirms the company’s commitment to making healthcare more accessible, wi th a focus on innovation and service quality.
Insurance Communication Grand Prix On 28 April 2026, the Unipol Group won two awards a t the fourth edition of the Insurance Communication Grand Prix, the event organised by InsurZine and TouchpointNews.
The vodcast “Listen to the Future”, produced in col laboration with the IIF – Italian Institute for the Future Foundation, won the award in the “Corporate Communication” category thanks to it s format focusing on issues that will shape the fut ure, such as AI, climate, demographics and the space economy.
Second prize was awarded to BeRebel, which was reco gnised for its #NONSENSE campaign as “Best Integrat ed Online/Offline Communication Campaign”.
Insurance Italy Forum On 12 May 2026, the Unipol Group received an award at the 13th Insurance Italy Forum, one of the leadi ng events dedicated to the insurance sector in Italy.
The “Best Innovative Project” award was presented t o “AI Driven Claims”, an initiative that uses artif icial intelligence to simplify and speed up the handling of high-frequency general lia bility claims, improving accuracy, transparency and settlement times.
The “Best Digital CX Project” award was won by “The New Customer Journeys for Motor & Property Claims” , a project that introduces advanced digital tools for customers and loss adjus ters, with the aim of making the claims experience simpler and more effective.
These awards underscore Unipol’s commitment to tech nological innovation and the ongoing development of services designed to support its customers and sales network.
UNA Italian Hospitality named “Hotel Chain of the Y ear – Italy” On 18 May 2026, UNA Italian Hospitality was awarded the prestigious title of “Hotel Chain of the Year – Italy” at the 2026 Italian Mission Awards.
The event, which brings together the leading player s in the tourism, corporate mobility and business t ravel sectors every year, saw Italy’s largest hotel chain honoured by the jury for its op erational flexibility, high level of professionalis m and the consistent support it provides to its customers, as well as for the quality of its catering service.
Unipol Tower named Iconic Building of the Year On 12 June 2026, Unipol Tower was awarded the Urban file 2026 Architecture and Urban Planning Prize in the “Iconic Building” category, as the “most representative project amongst those c ompleted in 2025”.
This award recognises not only the architectural ex cellence of the building but also the contribution that Unipol Tower has made to the contemporary transformation of Milan and to the cre ation of a new urban identity for the city.
1 Management Report
42 Significant events after the reporting period and b usiness outlook Significant events after the reporting period
Acquisition of BPER’s equity investment in UnipolRe ntal
On 25 June 2026, Unipol entered into an agreement w ith BPER Banca for the purchase of the latter’s ent ire equity investment in UnipolRental S.p.A. (“UnipolRental”), amounting to approximately 2.22%. The agreement allows the trans fer of the investment to be carried out directly, without resorting to the reci procal put/call option mechanism provided for in th e Framework Agreement signed between Unipol and BPER on 28 March 2023, whilst ma intaining financial terms consistent with the prici ng criteria set out in that agreement. The agreed consideration was €630k. The closing took place on 23 July 2026. Following the t ransaction, Unipol therefore holds 100% of UnipolRental’s share capital.
Acquisition of full ownership of the share capital of Unicasa On 30 June, UnipolHome S.p.A., the majority shareho lder of Unicasa S.p.A. with a 70% stake, notified t he non-controlling shareholders of its intention to exercise the call option on the sh ares held by them. The payment made to non-controll ing shareholders amounted to €750k. The closing took place on 22 July 2026. As a result of the transaction, UnipolHome therefore ho lds the entire share capital of Unicasa S.p.A.
Merger by incorporation of BIM Vita into Unipol Ass icurazioni
On 1 July 2026 the Merger by incorporation of BIM V ita into Unipol Assicurazioni took effect, with acc ounting and tax effects from 1 January 2026. The Merger deed was signed on 22 Ju ne 2026. The Merger, pursuant to Art. 2505 of the C ivil Code, did not result in any share swap or ensuing share capital increase of the merging company as the entire share capital of the merged company was already directly held by Unipol Assicurazioni.
Unipol Title Sponsor of Unipol Hall
On 13 July 2026, Unipol and BolognaFiere signed an important partnership in which the insurance group acquired, as title sponsor, the naming rights of the new multi-purpose pavilion. Th e innovative venue, as agreed between Unipol and Bo lognaFiere, will be named Unipol Hall under a ten-year sponsorship agreement running from the end of 2026 to December 2036. The new mul ti-purpose venue forms part of BolognaFiere’s wider strategy to integrate the e xhibition centre with cultural and sporting activit ies. Covering an area of 12,000 square metres, with a height of 25 metres and a maximum ca pacity of 12,000 spectators, the venue is a state-o f-the-art facility, designed to meet high standards of sustainability and energy efficie ncy, and is set to become a new benchmark for major international trade fairs, sporting events and entertainment shows.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
43
Business outlook
Uncertainty surrounding the protectionist trade pol icies adopted by the US administration remains high . On the geopolitical front, the ongoing wars in Ukraine and Palestine, compounded b y the conflict in Iran which began in late February 2026 – with the resulting restrictions on shipping in the Strait of Hormuz – have contributed to maintaining a high level of unc ertainty in the international arena.
Against this backdrop, global uncertainty indices r emain at high levels.
Given the current situation, in the United States, GDP is expected to grow by +2.3% in 2026, after +2. 1% in 2025, thanks to the contribution of consumer spending, as well as subst antial private investment in the IT sector related to the development of artificial intelligence. Inflation is expected to rise, taking into account the shock to energy prices, the impac t of import duties and expansionary fiscal measures.
In the Euro Area, the macroeconomic forecasts for 2 026 point to a slowdown in growth, expected to be a round 0.5%, attributable mainly to the sharply negative contribution from net expor ts, against a backdrop of lower orders from abroad and a weakening contribution from private investment, while inflation is expecte d to remain at high levels even in the second half of the year.
In Italy, growth forecasts for 2026 remain modest ( GDP +0.5%) due to the blockade of the Strait of Hor muz. The modest growth in GDP will be driven mainly by a positive contribution fr om private investment. Private consumption is expec ted to be affected by the deteriorating international outlook during 2026, as increased inflationary pressures will erode househ olds’ purchasing power.
The key initiatives set out in the 2025-2027 Strate gic Plan are continuing, and are expected to contin ue to yield results progressively over the coming quarters.
As far as the Group’s non-insurance companies are c oncerned, the focus continues to be on the consolid ation of initiatives underway and the integration of the main services with the insur ance offer.
The management of Group investments continues to be aimed at the consistency of assets and liabilities , optimising the risk/return profile and liquidity of the portfolio, as well as the maintenance of an adequate level of solvency.
The performance recorded in the first half of the y ear and the information currently available enable the Group to confirm, in the absence of currently unforeseeable events linked to the pos sible aggravation of the reference context, that it s consolidated income trends for the year under way are in line with the objectives laid out in the 2025-2027 Strategic Plan.
Milan, 6 August 2026
The Board of Directors
2.Condensed Consolidated Half -
Yearly Financial Statements at 30 June 202 6 Tables of Consolidated Financial
Statements
- Balance sheet
- Income statement and comprehensive income stateme nt
- Statement of changes in shareholders’ equity
- Statement of cash flows
U
u
2 Consolidated Financial Statements
46
Balance sheet
Assets
Amounts in €m
Asset items 30/6/2026 31/12/2025
1. INTANGIBLE ASSETS 2,610 2,642
of which: goodwill 1,895 1,895
2. PROPERTY, PLANT AND EQUIPMENT 4,209 4,235
3. INSURANCE ASSETS 639 645
3.1 Insurance contracts issued that are assets 3 3 3.2 Reinsurance contracts held that are assets 636 642
4. INVESTMENTS 80,824 76,997
4.1 Investment property 1,949 1,963 4.2 Investments in associates and interests in joint ve ntures 3,294 3,124 4.3 Financial assets at amortised cost 1,179 1,826 4.4 Financial assets at fair value through OCI 50,644 48,008 4.5 Financial assets at fair value through profit or lo ss 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. OTHER FINANCIAL ASSETS 1,064 1,140
6. OTHER ASSETS 2,569 3,577
6.1 Non-current assets or assets of a disposal group he ld for sale 33 30 6.2 Tax assets 950 1,082 a) current 532 571 b) deferred 418 511 6.3 Other assets 1,586 2,465
7 CASH AND CASH EQUIVALENTS 1,267 1,180
TOTAL ASSETS 93,182 90,416
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
47
Balance sheet
Shareholders’ equity and liabilities Amounts in €m
Items of Shareholders’ Equity and Liabilities 30/6/2026 31/12/2025
1. SHAREHOLDERS' EQUITY 11,813 10,715
1.1 Share capital 3,365 3,365 1.2 Other equity instruments 1,489 496 1.3 Capital reserves 1,801 1,801 1.4 Income-related and other equity reserves 3,636 2,870 1.5 Treasury shares (-) (3) (40) 1.6 Valuation reserves 332 417 1.7 Shareholders' equity attributable to non-controllin g interests (+/-) 280 276 1.8 Profit (loss) for the year attributable to the owne rs of the Parent (+/-) 883 1,482 1.9 Profit (loss) for the year attributable to non-cont rolling interests (+/-) 30 48
2. PROVISIONS FOR RISKS AND CHARGES 700 743
3. INSURANCE LIABILITIES 57,907 56,469
3.1 Insurance contracts issued that are liabilities 57,842 56,395 3.2 Reinsurance contracts held that are liabilities 65 74
4. FINANCIAL LIABILITIES 20,293 19,520
4.1 Financial liabilities at fair value through profit or loss 15,471 14,512 a) Financial liabilities held-for trading 238 190 b) Financial liabilities at fair value 15,233 14,322 4.2 Financial liabilities at amortised cost 4,822 5,008
5. PAYABLES 832 1,110
6. OTHER LIABILITIES 1,637 1,859
6.1 Liabilities associated with disposal groups held fo r sale 6.2 Tax liabilities 290 472 a) current 226 429 b) deferred 64 43 6.3 Other liabilities 1,347 1,387
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 93,182 90,416
2 Consolidated Financial Statements
48
Income statement
Amounts in €m
Items 30/6/2026 30/6/2025 1. Insurance revenue from insurance contracts issued 5,095 4,893 2. Insurance service expenses from insurance contracts issued (4,401) (4,284) 3. Insurance revenue from reinsurance contracts held 75 54 4. Insurance service expenses from reinsurance contrac ts held (222) (204) 5. Result of insurance services 547 459 6. Gains/losses on financial assets and liabilities at fair value through profit or loss 731 349 7. Gains/losses on investments in associates and inter ests in joint ventures 104 127 8. Gain/losses on other financial assets and liabiliti es and investment property 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. Balance on investments 1,826 1,164 10. Net financial costs/revenues relating to insurance contracts issued (1,106) (792) 11. Net financial revenues/costs relating to reinsuranc e transfers 8 (6) 12. Net financial result 728 366 13. Other revenue/costs 723 700 14. Operating expenses: (379) (321) 14.1 - Investment management expenses (38) (35) 14.2 - Other administrative expenses (341) (286) 15. Net provisions for risks and charges (1) 21 16. Net impairment losses/reversals on property, plant and equipment (245) (278) 17. Net impairment losses/reversals on intangible asset s (92) (76) of which: Value adjustments to goodwill 18. Other operating expenses/income (4) (1) 19. Pre -tax Profit (Loss) for the period 1,277 870 20. Income taxes (364) (248) 21. Profit (Loss) for the year after taxes 913 622 22. Profit (Loss) from discontinued operations 23. Consolidated Profit (Loss) 913 622 of which: attributable to the owners of the Parent 883 600 of which: attributable to non-controlling interests 30 22
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
49 Comprehensive income statement Amounts in €m
Items 30/6/2026 30/6/2025 1 Profit (Loss) for the period 913 622 2 Other income items net of taxes not reclassified to profit or loss 94 147 2.1 Portion of valuation reserves of equity investments valued at equity (1) 26 2.2 Change in the revaluation reserve for intangible as sets 2.3 Change in the revaluation reserve for property, pla nt and equipment 2.4 Financial revenues or costs relating to insurance c ontracts issued (20) (71) 2.5 Gains and losses on non-current assets or disposal groups held for sale 2.6 Actuarial gains and losses and adjustments relating to defined benefit plans (1) (4) 2.7 Gains or losses on equity instruments at fair value through OCI 116 196 2.8 Reserve deriving from variation on credit risk on fi nancial liabilities at fair value through profit or loss 2.9 Other items 3 Other income items net of taxes reclassified to pro fit or loss (43) (71) 3.1. Change in the reserve for foreign currency translat ion differences 5 2 3.2 Gains or losses on financial assets (other than equ ity instruments) at fair value through OCI (41) (92) 3.3 Gains or losses on cash flow hedges (12) (30) 3.4 Gains or losses on hedges of a net investment in fo reign operations 3.5 Portion of valuation reserves of equity investments valued at equity (6) 1 3.6 Financial revenues or costs relating to insurance c ontracts issued 15 48 3.7 Financial revenues or costs relating to reinsurance transfers (1) 3.8 Gains and losses on non-current assets or disposal groups held for sale 3.9 Other items (3)
4 TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE) 51 76
5 TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) ( Item 1+4) 964 694
5.1 of which: attributable to the owners of the Parent 935 671 5.2 of which: attributable to non -controlling interests 29 23
2 Consolidated Financial Statements
50 Statement of changes in shareholders’ equity Amounts in €m
Share
capital Other equity
instruments Capital
reserves Income-
related and
other equity
reserves Treasury
shares Valuation
reserves Profit (loss) for the
year attributable
to the owners of the Parent Equity
attributable to
the owners of the Parent Shareholder
s' equity
attributable
to non-
controlling Total equity
Balance at
1.1.2025 3,365 496 1,801 2,613 (14) 247 1,119 9,321 307 9,628 of which: Changes to opening balance
Allocation of
profit (loss) for the year 2024 Reserves 466 (466)
Dividends and
other allocations (12) (652) (621) (44) (665)
Changes during
the year
Issuance of new
shares
Purchase of
treasury shares 13 13 13
Changes in
investments
Comprehensive
Income Statement 73 622 671 24 695 Other changes 19 19 19
Balance at
31.12.2025 3,365 496 1,801 3,085 (1) 321 622 9,402 287 9,689
Balance at
1.1.2026 3,365 496 1,801 3,139 (40) 424 1,530 10,391 324 10,715 of which: Changes to opening balance
Allocation of
profit (loss) for the year 2025 Reserves 684 (684)
Dividends and
other allocations (12) (847) (816) (43) (859)
Changes during
the year
Issuance of new
shares
Purchase of
treasury shares 37 37 37
Changes in
investments
Comprehensive
Income Statement 51 913 935 29 964 Other changes 993 99 (137) 955 955
Balance at
31.12.2026 3,365 1,489 1,801 3,910 (3) 338 913 11,503 310 11,813
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
51 Statement of cash flows (indirect method) Amounts in €m
30/6/2026 30/6/2025
Net cash flows generated by/used for:
- Profit (loss) for the period (+/ -) 913 622
- Net revenues and costs of insurance contracts iss ued and reinsurance transfers (+/-) 551 339
- Capital gains/losses on financial assets at fai r value through profit or loss (-/+) (749) (216)
- Other non-monetary gains and losses on financia l instruments, investment property and investments (+/-) (213) (537)
- Net provisions for risks and charges (+/-) (43) (54)
- Interest income. dividends, interest expense. t axes (+/-) (941) (937)
- Other adjustments (+/-) (334) (259)
- interest income collected (+) 764 623
- dividends collected (+) 197 136
- interest expense paid (-) (120) (139)
- paid taxes (-) (413) (228) Net cash flows generated by/used for other monetary items from operating activities
- Insurance contracts classifiable as liabilities/ass ets (+/ -) 1,020 1,152
- Reinsurance transfers classifiable as assets/lia bilities (+/-) (121) 92
- Liabilities from financial contracts issued by insurance companies 385 865
- Receivables of banking subsidiaries (+/-)
- Liabilities of banking subsidiaries (+/-)
- Other financial instruments and liabilities at fair value through profit or loss (+/-) 1,053 1,024
- Other financial instruments and liabilities (+/ -) 172 286 Total net cash flow generated by/used for operating activities 2,121 2,768 Net cash flows generated by/used for:
- Sale/purchase of investment property (+/ -) (35) (11)
- Sale/purchase of investments in associates and joint ventures (+/-) (314)
- Dividends collected on equity investments (+) 234 516
- Sale/purchase of financial assets measured at a mortised cost (+/-) 693 260
- Sale/purchase of financial assets measured at f air value through other comprehensive income (+/-) (2,365) (2,236)
- Sale/purchase of property, plant and equipment and intangible assets (+/-) (297) (208)
- Sale/purchase of subsidiaries and business unit s (+/-)
- Other net cash flows from investing activities (+/-) 6 9 Total net cash flow generated by/used for investing activities (2,078) (1,670) Net cash flows generated by/used for:
- Issues/purchases of equity instruments (+/ -) 993
- Issues/purchases of treasury shares (+/-) (1) 18
- Distribution of dividends and other purposes (- ) (859) (665)
- Sale/purchase of non-controlling interests (+/- ) 4
- Issues/purchases of subordinated liabilities an d participating financial instruments (+/-)
- Issues/purchases of liabilities measured at amo rtised cost (+/-) (93) (1,008) Total net cash flow generated by/used for financing activities 44 (1,655)
NET CASH FLOW GENERATED/USED DURING THE YEAR 87 (557)
Key:
(+) generated
(–) used
T = reference year of the financial statements
RECONCILIATION
Financial statement items 30/6/2026 30/6/2025 Cash and cash equivalents at 1 January 1,180 1,713 Total net cash flow generated/used during the year 87 (557) Cash and cash equivalents: effect of exchange rate changes Cash and cash equivalents at 31 December 1,267 1,156
ii
3.Notes to the Financial Statements
3 Notes to the Financial Statements
54 1. Basis of presentation
The Condensed Consolidated Half-Yearly Financial St atements of the Unipol Group at 30 June 2026 are dr awn up in application of IAS 34 and in compliance with the provisions of Art. 15 4-ter of Italian Legislative Decree 58/1998 (Consol idated Law on Finance) and with ISVAP Regulation no. 7 of 13 July 2007 as amended.
They do not comprise all the information required f or the annual financial statements and must be read together with the Consolidated Financial Statements at 31 December 2025.
The layout conforms to the provisions of ISVAP Regu lation no. 7 of 13 July 2007, Part III as amended ( the “Regulation”), relating to the layout of the consolidated financial statements of insurance and reinsurance companies that must adopt international accounting standards.
The Condensed Consolidated Half-Yearly Financial St atements of the Unipol Group at 30 June 2026 compri se the following:
- Statement of Financial Position;
- Income Statement and Comprehensive Income Stateme nt;
- Statement of Changes in Shareholders’ Equity;
- Statement of Cash Flows;
- Notes to the Financial Statements.
The information requested in Consob Communication D EM/6064293 of 28 July 2006 is also provided.
The accounting standards used, to which special ref erence is made and that are an integral part hereof , the recognition and measurement criteria, as well as the consolidation principles a pplied in drawing up the Condensed Consolidated Hal f-Yearly Financial Statements at 30 June 2026, conform to those adopted in preparing the Consolidated Financial Statements at 31 Decemb er 2025, except for expressly specified in the section “New accounting standards” .
While drawing up the Condensed Consolidated Half-Ye arly Financial Statements at 30 June 2026, by reaso n of the fact that it is an interim report, the Management had to make a greate r use of evaluations, estimates and assumptions tha t affect the application of the accounting standards and the amounts related to ass ets and liabilities, as well as costs and revenue r ecognised in the accounts.
However, it should be noted that, as these are esti mates, the final results will not necessarily be th e same as amounts disclosed herein.
These estimates and assumptions are reviewed on a r egular basis. Any changes resulting from the review of the accounting estimates are recognised in the period in which such review i s performed and in the related future periods.
In addition, it should be noted that, taking into a ccount the technical time required for consolidatio n operations, the income statement and statement of financial position figures at 30 J une 2026 posted in the condensed half-yearly consol idated financial statements relating to the associate BPER Banca were determine d on the basis of that company’s financial position at the end of the previous quarter (31/3/2026), duly adjusted to reflect the main effe cts arising from the merger by incorporation of Ban ca Popolare di Sondrio S.p.A. into BPER, which was completed on 20 April 2026.
The layout of the Condensed Consolidated Half-Yearl y Financial Statements offers a comparison with the figures of the previous year.
Where necessary, in the event of a change to the ac counting standards, measurement or classification c riteria, the comparative data are restated and reclassified in order to provide homog eneous and consistent information.
The presentation currency is the euro and all the a mounts, unless otherwise indicated, are disclosed i n €m. Note that, in line with the provisions of ISVAP Regulation no. 7 of 13 July 200 7, with reference to the Statement of Financial Pos ition, Income Statement, Comprehensive Income Statement, Statement of Cash F lows and Statement of Changes in Shareholders’ Equi ty (the “Financial Statements”), the amounts of the sub-items have bee n rounded, disregarding fractions of amounts equal to or less than €500K and rounding fractions greater than €500K up to the nearest mill ion. The rounded total of items is the sum of round ed sub-item amounts. The algebraic sum of the differences deriving from the rounding c arried out on the items refers to the items in each financial statement specifically indicated in the Regulation. The amounts in the Exp lanatory Notes are rounded according to the same cr iterion and are expressed in €m, ensuring that the amounts therein are aligned with those of the Financial Statements.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
55 The Condensed Consolidated Half-Yearly Financial St atements at 30 June 2026 are subject to a limited a udit by the company EY S.p.A., charged to audit the accounts for the years 2021 to 2029.
Segment reporting
Segment reporting is provided according to the prov isions of IFRS 8 and structured on the basis of the major business segments in which the Group operated in the year reported in these co nsolidated financial statements and in the previous year:
• Non-Life insurance business;
• Life insurance business;
• Banking associates;
• Other Businesses.
Segment reporting is carried out by separately cons olidating the accounting items for the individual s ubsidiaries that belong to each identified segment, eliminating intragroup balances between companies in the same segment and cancelli ng, where applicable, the carrying amount of the investments against the corr esponding portion of shareholders’ equity.
In the column “Intersegment eliminations”, the intr agroup balances between fully consolidated companie s in different sectors are eliminated.
This rule does not apply in the following cases:
• investment relations between companies in different sectors, since the elimination of the investment t akes place directly in the sector of the company that holds the investment;
• collected dividends, eliminated in the sector of th e company that collects the dividend;
• realised profits and expenses, since the eliminatio n takes place directly in the sector of the company that realises the capital gain or loss.
The economic and financial results deriving from th e consolidation using the equity method of the asso ciates are attributed to the sector to which the investing entity belongs, with the exc eption of the investment held in BPER Banca, which is reported separately under the “Banking associates” segment.
No segment reporting based on geographical area has been provided since the Group operates mainly at t he national level and there appears to be no significant diversification of ris ks and benefits, for a given type of business activ ity, based on the economic situation of the individual regions.
The segment reporting layout conforms to the provis ions of ISVAP Regulation no. 7/2007 as amended.
3 Notes to the Financial Statements
56 New accounting standards
The changes to the accounting standards previously in force are summarised below, whose application to ok effect from 1 January 2026, for which no accounting impacts worthy of note were recorded.
IASB - Annual Improvements to IFRS Accounting Stand ards – Volume 11
On 10 July 2025, Regulation (EU) 2025/1331 was publ ished, adopting the IASB document “Annual Improveme nts to IFRS Accounting Standards – Volume 11” which, though not introducin g new accounting standards, does pursue the aim of promoting greater consistency and comparability of application of the IFRS. The a forementioned amendments concerned in particular th e following accounting
standards:
• IFRS 1 “First-time Adoption of IFRS”, which clar ifies the application methods for hedge accounting criteria envisaged in IFRS 9 for an entity adopting IFRS for the first time;
• IFRS 7 “Financial Instruments: Disclosures”, whi ch specifies which profit/loss elements qualify as “gains/losses” in the event of derecognition of financial instruments;
• IFRS 9 “Financial Instruments”, which provides more information on the disclosure relating to credit r isk;
• IFRS 10 “Consolidated Financial Statements”, whi ch specifies the criteria for identifying a “de fac to agent” exercising control of a company.
Amendments to IFRS 9 and IFRS 7 – Contracts Referen cing Nature-dependent Electricity
Regulation (EU) 2025/1266 has implemented certain a mendments to IFRS 9 and IFRS 7 relating to “Contrac ts Referencing Nature-
dependent Electricity”. The objective of the IASB i ntervention, launched in 2024, was to perfect the c lassification and measurement of the financial effects in the financial statements o f nature-dependent electricity contracts, which are often structured as electricity purchase and sale agreements. In particular, the Bo ard added a number of specific paragraphs to IFRS 9 “Financial Instruments” and to IFRS 7 “Financial Instruments: Disclosures”. The la tter amendment introduced new disclosure requiremen ts to provide investors with a clearer and more transparent view of the financial impact of these contracts (e.g. financial performan ce, future cash flows).
Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments
Regulation (EU) 2025/1047 has adopted the “Amendmen ts to the Classification and Measurement of Financi al Instruments -
Amendments to IFRS 9 and IFRS 7” issued by the IASB on 30 May 2024 and forming part of the IFRS 9 “Fin ancial Instruments” Post Implementation Review (PIR) project, deployed by th e Board to assess financial instrument classificati on and measurement requirements. In this context, the IASB had stated that it did not find any material critical issue wi th regard to the clarity or adequacy of the objectives of the standards, without prejudice to some issues such as financial assets with ESG-li nked features and cash via electronic transfer as settlement for a financial a sset or liability. In detail, with regard to financ ial assets with ESG-linked features, the Board proposed some clarifications on the general p rinciples of the SPPI test applicable to those inst ruments and also provided some application examples.
Update on the main activities of the IASB/Authority on accounting matters
IASB - IFRS 18 Presentation and Disclosure in Finan cial Statements
On 13 February 2026, Regulation (EU) 2026/338 was p ublished, concerning the endorsement of IFRS 18 “Pr esentation and Disclosure in Financial Statements” issued by the IASB on 9 April 2024 and applicable from 1 January 2027, though ea rly adoption is permitted. The new standard, which will replace IAS 1 “Presentatio n of Financial Statements”, envisages significant c hanges regarding the disclosure and presentation requirements in reporting, with a particular focus on the Income Statement, with the aim of improving the comparability of financial statements, as well as increasing the transparency of business performance.
Firstly, IFRS 18, which is due to come into force f rom the 2027 financial year, introduces in the Inco me Statement the following categories in which the entity is required to classify the res pective costs and revenue: operating (income statem ent items deriving from the entity’s core activity), investing and financing. The new st andard also requires that certain sub-totals be hig hlighted in the Income Statement.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
57 Secondly, IFRS 18 innovates the disclosure requirem ents of “alternative performance measures” (definin g them as Management-defined Performance Measures - MPM) which will become an in creasingly integral part of the financial statement s and which must necessarily be reconciled with the reporting values.
Lastly, the new standard strengthens the criteria f or grouping/selecting the information to be introdu ced in the financial statements, requiring greater consistency between the main item s of the statements and what is argued and envisage d in the notes..
IASB - ED Risk Mitigation Accounting model
On 3 December 2025, the IASB published the Exposure Draft on the “Risk Mitigation Accounting model”, p roposing a new accounting criterion to better reflect how entities manage int erest rate risk in their dynamic portfolios. In par ticular, the IASB proposes a new accounting model to represent in the financial stat ements how entities manage interest rate repricing risk through dynamic strategies and open portfolios, at the same time simplifying t he numerous operational complexities and problems d eriving from the current macro-
hedge accounting pursuant to IAS 39/IFRS 9. The Exp osure Draft will be open for consultation until 30 November 2026, and EFRAG has already published the Draft Comment Letter for cons ultation until 9 October 2026.
IVASS – Consultation Paper 3/2026
At national level, it should be noted that on 9 Apr il 2026, IVASS published Consultation Paper no. 3/2 026, setting out a proposed amendment to ISVAP Regulation no. 7/2007 on the fin ancial reporting frameworks for insurance and reins urance undertakings that adopt international accounting standards; the consu ltation period ran until 8 June 2026. Through its D raft Measure, IVASS has sought to incorporate the recent amendments to IFRS 9 “Financ ial Instruments” and IFRS 7 “Financial Instruments: Disclosures”, the changes introduced by IFRS 18 “Presentation and Disclosure in Financial Statements” applicable from 1 January 2027, as well as the provisions of the Communication of 6 March 2025 issued by the Ban k of Italy and Consob regarding crypto-assets. Furt hermore, with a view to enhancing the transparency of disclosures and the c omparability of financial statement data, IVASS has reorganised the disclosures to be provided in the Notes to the Financial Statement s into Parts and Sections, introducing new informat ion consistent with the disclosure requirements set out in IAS/IFRS and simplifying th e existing tables required by IFRS 17 “Insurance Co ntracts”.
In light of the above, the Group is monitoring deve lopments in the regulatory initiative and has comme nced the necessary preliminary analyses to assess the potential impacts associated with the adoption of the Supervisory Authority’s f inal decision.
2. Notes to the Financial Statements
Consolidation scope
The changes to the consolidation scope and the list s of equity investments consolidated on a line-by-l ine basis are shown below.
Changes in the consolidation scope compared with 31 December 2025 and other transactions
On 20 April 2026, the merger by incorporation of Ba nca Popolare di Sondrio S.p.A. into BPER became leg ally effective, for which the latter issued 121,798,164 ordinary shares. With a view to repositioning its equity investment, and taking int o account the dilutive effect resulting from the merger, Unipol purchased 25,054,830 BPER s hares on the market for a total consideration of €3 13m, bringing its investment, at the date of this Report, to 416,769,945 shares, rep resenting approximately 19.98% of BPER’s share capi tal.
On 30 April 2026, the merger by incorporation of Pe gaso Finanziaria S.p.A. into Unipol Finance S.p.A. took effect, with accounting and tax effects from 1 January 2026.
Following the merger, the equity investments held b y Pegaso Finanziaria S.p.A. in Assicoop Bologna Met ropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A. and Assicoop Toscana S.p.A. are now held directly b y Unipol Finance S.p.A.
On 13 May 2026, Cambiomarcia S.r.l. in liquidazione , a subsidiary directly controlled by Unipol Assicu razioni S.p.A., was struck off the Companies Register.
3 Notes to the Financial Statements
58
On 26 May 2026, Unipol Assicurazioni S.p.A. acquire d the remaining 19.74% stake in the share capital o f DaVinci Healthcare S.r.l. – of which it already held 80.26% – for a consideration of €1.8m. Following the completion of the transacti on, Unipol Assicurazioni S.p.A. holds 100% of the share capital of DaVinci Healthcare S.r .l.
On 31 May 2026, the merger by incorporation of Esse aeffe S.r.l. into its parent company, IRMA S.r.l., took effect. The merger did not result in any increase in the capital of the merging compa ny.
During June 2026, Unipol subscribed to the share ca pital increase – approved on 28 April 2026 by the g eneral meeting of shareholders of Tantosvago S.r.l. – for a total amount of €3.1m, co vering both its own allocation and the portion not taken up by the other shareholders.
As a result of these subscriptions, Unipol’s stake in Tantosvago S.r.l. at 30 June 2026 increased from 75% to 99.95%.
Equity investments in wholly -owned subsidiaries
Name Country of
registered
office Country of
operations
(1) Method (2) Business activity (3) Type of
relationship
(4) % Direct holding % Total
participating
interest (5) % Votes
available at
ordinary
General
Meetings (6) %
Consolidation
Arca Assicurazioni SpA 086 - Italy G 1 1 98.12% 62.20% 100.00% Arca Direct Assicurazioni Srl 086 - Italy G 11 1 100.00% 63.39% 100.00% Arca Inlinea Scarl 086 - Italy G 11 1 100.00% 62.92% 100.00% Arca Sistemi Scarl 086 - Italy G 11 1 100.00% 63.19% 100.00% Arca Vita SpA 086 - Italy G 1 1 63.39% 63.39% 100.00% Assicoop Bologna Metropolitana SpA 086 - Italy G 11 1 62.21% 62.21% 100.00% Assicoop Emilia Nord Srl 086 - Italy G 11 1 62.00% 62.00% 100.00% Assicoop Romagna Futura SpA 086 - Italy G 11 1 51.50% 51.50% 100.00% Assicoop Toscana SpA 086 - Italy G 11 1 69.67% 69.67% 100.00% Athens R.E. Fund 086 - Italy G 10 1 89.82% 89.82% 100.00% BeRebel SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% BIM Vita SpA 086 - Italy G 1 1 100.00% 100.00% 100.00% Casa di Cura Villa Donatello - SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% Centro Oncologico Fiorentino Casa di Cura Villanova Srl in Liquidazione 086 - Italy G 11 1 100.00% 100.00% 100.00% Compagnia Assicuratrice Linear SpA 086 - Italy G 1 1 100.00% 100.00% 100.00% Consorzio Castello 086 - Italy G 10 1 99.57% 99.57% 100.00% Consorzio tra Proprietari Centro Commerciale Porta Marcolfa 086 - Italy G 11 1 68.46% 68.46% 100.00% DaVinci Healthcare Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Ddor Auto - Limited Liability Company 289 - Serbia G 3 1 100.00% 100.00% 100.00% Ddor Novi Sad 289 - Serbia G 3 1 100.00% 100.00% 100.00% Ddor Re 289 - Serbia G 6 1 100.00% 100.00% 100.00% Distribuzione Prodotti Assicurativi S.r.l. 037 - S. Marino G 11 1 60.00% 30.90% 100.00% Finsai International Sa 092 -
Luxembourg G 11 1 100.00% 100.00% 100.00% Florence Centro di Chirurgia Ambulatoriale Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Fondazione Unipolis 086 - Italy G 11 1 100.00% 100.00% 100.00% Fondo Emporion 086 - Italy G 10 1 100.00% 100.00% 100.00% Fondo Landev 086 - Italy G 10 1 100.00% 100.00% 100.00% Fondo Oikos 086 - Italy G 10 1 100.00% 100.00% 100.00% Gruppo UNA SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% I.Car Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Immobiliare C.S. Srl 086 - Italy G 10 1 100.00% 100.00% 100.00% IRMA Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Ital H&R Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Leithà Srl 086 - Italy G 11 1 100.00% 100.00% 100.00%
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
59 Name Country of
registered
office Country of
operations
(1) Method (2) Business activity (3) Type of
relationship
(4) % Direct holding % Total
participating
interest (5) % Votes
available at
ordinary
General
Meetings (6) %
Consolidation
LinearNext Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Marina di Loano SpA 086 - Italy G 10 1 100.00% 100.00% 100.00% Meridiano Secondo Srl 086 - Italy G 10 1 100.00% 100.00% 100.00% Midi Srl 086 - Italy G 10 1 100.00% 100.00% 100.00% Nuove Iniziative Toscane 086 - Italy G 10 1 100.00% 100.00% 100.00% Nuove Terme Petriolo Srl 086 - Italy G 11 1 100.00% 89.82% 100.00% Santagostino Servizi e Prodotti Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Siat-Societa' Italiana Assicurazioni e Riassicurazioni - per Azioni 086 - Italy G 1 1 94.69% 94.69% 100.00% SiSalute Srl 086 - Italy G 11 1 100.00% 98.99% 100.00% Società e Salute SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% Tantosvago Srl 086 - Italy G 11 1 99.95% 99.95% 100.00% Tenute del Cerro SpA - Societa' Agricola 086 - Italy G 11 1 100.00% 100.00% 100.00% Tenute del Cerro Wines Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Tikal R.E. Fund 086 - Italy G 10 1 100.00% 100.00% 100.00% UniAssiTeam Srl 086 - Italy G 11 1 65.00% 65.00% 100.00% Unicasa Italia SpA 086 - Italy G 11 1 70.00% 70.00% 100.00% Unipol Finance SpA 086 - Italy G 9 1 100.00% 100.00% 100.00% Unipol Investimenti Sgr SpA 086 - Italy G 8 1 100.00% 100.00% 100.00% Unipol Motor Partner Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% Unipol Welfare Solutions Srl 086 - Italy G 11 1 100.00% 100.00% 100.00% UnipolAssistance Scrl 086 - Italy G 11 1 100.00% 99.95% 100.00% UnipolGlass Srl 086 - Italy G 11 1 70.00% 70.00% 100.00% UnipolHome SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% UnipolPay SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% UnipolReC SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% UnipolRental SpA 086 - Italy G 11 1 97.78% 97.78% 100.00% UnipolService SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% UnipolTech SpA 086 - Italy G 11 1 100.00% 100.00% 100.00% UniSalute SpA 086 - Italy G 1 1 98.99% 98.99% 100.00% WelBee SpA 086 - Italy G 11 1 100.00% 100.00% 100.00%
(1) This disclosure is required only if the country of operations is different from the country of the reg istered office
(2) Consolidation method: G=on a line-by-line basis; U= on a line-by-line basis as per unitary management
(3) 1 = Italian insurance companies; 2 = EU insurance c ompanies; 3 = Non-EU insurance companies; 4 = insur ance holding companies; 4.1 = mixed financial holdi ng companies. 5 = EU reinsurance companies;
6 = Non-EU reinsurance companies; 7 = banks; 8 = as set management companies; 9 = other holding compani es; 10 = real estate companies; 11 = other companie s;
(4) Type of relationship:
1 = majority of voting rights at ordinary shareholder s’ meetings 2 = dominant influence at ordinary shareholders’ meet ings 3 = agreements with other shareholders 4 = other forms of control 5 = unitary management pursuant to Art. 96, paragraph 1 of “Legislative Decree 209/2005” 6 = unitary management pursuant to Art. 96, paragraph 2 of “Legislative Decree 209/2005” (5) The product of investment relations concerning all companies positioned in the investment chain.
(6) Availability of votes at ordinary shareholders’ mee tings, distinguishing between actual votes and pote ntial votes. The availability of votes is indicated only if different from the direct shareholding.
3 Notes to the Financial Statements
60 Equity investments in wholly -owned subsidiaries with material non -controlling interests: non -controlling interests, availability of non -controlling votes, dividends distributed to non -controlling interests, profit (loss) for the year and shareholders’ equi ty of non -controlling interests Amounts in €m
Name %
Non -controlling
interests % Votes available to non -controlling interests at ordinary General Meetings Dividends distributed to non -controlling interests Consolidated profit (loss) attributable to non -controlling interests Shareholders’ Equity attributable to non -
controlling interests
Arca Vita 36.61% 38 26 251 Disclosure on transfers between portfolios of finan cial assets
During the period, there were no transfers between portfolios of financial assets following a change i n the business model.
Fair Value Disclosure
As regards the disclosure of fair value measurement policies and criteria adopted by the Unipol Group, reference is made to Chapter 1, Basis of presentation - Main accounting standards i n the 2025 Consolidated Financial Statements.
Fair value measurement on a recurring basis
The table below shows a comparison between the asse ts and liabilities measured at fair value at 30 Jun e 2026 and 31 December 2025, broken down based on fair value hierarchy level.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level Amounts in €m Level 1 Level 2 Level 3 Total 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Financial assets and liabilities at fair value Financial assets at fair value through OCI 46,706 44,284 3,374 3,085 564 639 50,644 48,008 Financial assets at fair value through profit or lo ss: 18,375 17,030 1,011 769 4,371 4,278 23,758 22,076 a) held for trading 23 24 821 575 21 19 865 618 b) at fair value through profit or loss 15,293 14,436 113 108 15,406 14,544 c) mandatorily at fair value 3,058 2,569 190 194 4,238 4,151 7,487 6,914
Investment property
Property, plant and equipment
Intangible assets
Total 65,080 61,314 4,386 3,855 4,936 4,917 74,402 70,084 Financial liabilities at fair value through profit or loss:
a) held for trading 23 25 190 161 25 4 238 190 b) at fair value through profit or loss 15,233 14,322 15,233 14,322 Total 23 25 190 161 15,257 14,326 15,471 14,512
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
61 The amount of financial assets classified in Level 3 at 30 June 2026 stood at €4,936m. Details of chan ges in Level 3 financial assets and liabilities in the same period are shown below.
Yearly changes in Level 3 financial assets and liab ilities at fair value on a recurring basis
Amounts in €m
Financial assets at fair value through OCI Financial assets at fair value through profit or lo ss
Investment
property Property,
plant and
equipment Intangible
assets Financial liabilities at fair value through profit or loss held for trading at fair value
through profit
or loss mandatorily at fair value held for trading at fair value
through profit
or loss
1. Opening balance 639 19 108 4,151 4 14,322 2. Increases 154 5 6 348 22 911 2.1 Acquisitions 92 1 180 2.2 Gains recognised through: 2 5 5 161 2.2.1 Profit and Loss 5 5 161 of which gains 5 5 161 of which losses 2.2.2 Other Comprehensive
Income 2
2.3 Transfers to other levels 60 6 2.4 Other increasing changes 22 911 3. Decreases (228) (3) (1) (261) (2) 3.1 Sales (93) (1) (19) 3.2 Repayments (16) (1) (137) 3.3 Losses recognised through: (2) (104) (2) 3.3.1 Profit and Loss (104) (2) of which losses (104) (2) of which gains 3.3.2 Other Comprehensive
Income (2)
3.4 Transfers to other levels (117) 3.5 Other decreasing changes (2) 4. Closing balance 564 21 113 4,238 25 15,233
The transfers from Level 1 to Level 2 which occurre d during the reference period were insignificant.
3 Notes to the Financial Statements
62 Analysis and stress testing of non -observable parameters (Level 3)
The table below shows, for Level 3 financial assets and liabilities measured at fair value, the effect s of the change in the non-observable parameters used in the fair value measurement.
With reference to “assets at fair value on a recurr ing basis” and belonging to Level 3, the stress tes t of non-observable parameters is performed with reference to financial instruments v alued on a Mark to Model basis and on which the mea surement is carried out through one or more non-observable parameters.
The portion of securities subject to analysis has a market value of €192.6m at 30 June 2026.
The non-observable parameters subject to a shock ar e benchmark spread curves constructed to assess bon ds of issuers for which the prices of the bonds issued or Credit Default Swap c urves are unavailable.
The following table shows the results of the shocks :
Curve Spread
Fair Value
Shock +10 bps -10 bps +50 bps -50 bps Fair Value delta (1.36) 1.40 (6.71) 7.03 Fair Value delta % (0.71) 0.73 (3.48) 3.65
Fair value measurement on a non-recurring basis
IFRS 13 governs the fair value measurement and the associated disclosure also for assets and liabiliti es not measured at fair value on a recurring basis.
For these assets and liabilities, fair value is cal culated only for the purpose of market disclosure r equirements. It should also be noted that, since these assets and liabilities are usuall y not exchanged, the calculation of their fair valu e is based primarily on the use of internal parameters not directly observable on the market.
Assets and liabilities not measured at fair value o r measured at fair value on a non-recurring basis: b reakdown by fair
value level
Amounts in €m
Fair value
Carrying amount Level 1 Level 2 Level 3 Total 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/12/2025
Assets
Financial assets at amortised cost 1,179 1,826 76 103 383 993 690 704 1,149 1,800 Investment property 1,949 1,963 2,386 2,438 2,386 2,438 Non-current assets or assets of a disposal group held for sale 33 30 33 30 33 30 Total assets 3,161 3,819 76 103 383 993 3,109 3,171 3,568 4,268
Liabilities
Financial liabilities at amortised cost 4,822 5,008 2,756 2,762 2,133 2,315 4,889 5,077 Liabilities associated with disposal groups held for sale Total liabilities 4,822 5,008 2,756 2,762 2,133 2,315 4,889 5,077
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
63 Notes to the Statement of Financial Position
Comments and further information on the items in th e Statement of financial position and the changes t hat took place compared to balances at 31 December of the previous year are gi ven below (the numbering of the notes relates to th e mandatory layout for the preparation of the Statement of financial position) .
In application of IFRS 5, assets and liabilities he ld for sale are shown respectively under items 6.1 in Assets and 6.1 under Liabilities. As regards Non-current assets or assets of a disposal group held for sale, please refer to paragraph 3.3, for more information on their composition and measurement criteria.
ASSETS
1. Intangible assets Intangible assets: breakdown of assets Amounts in €m
Assets/Values 30/6/2026 31/12/2025 Fixed period Indefinite period Fixed period Indefinite period A.1 Goodwill 1,895 1,895 A.1.1 attributable to the owners of the Parent 1,895 1,895 A.1.2 attributable to non-controlling interests A.2 Other intangible assets 716 747 of which software 670 701 A.2.1 Assets measured at cost: 716 747 a) Internally generated intangible assets b) Other assets 716 747 A.2.2 Assets measured at restated value:
a) Internally generated intangible assets b) Other assets Total 716 1,895 747 1,895
3 Notes to the Financial Statements
64 2. Property, plant and equipment
At 30 June 2026, Property, plant and equipment, net of accumulated depreciation, amounted to €4,209m ( €4,235m at 31/12/2025): the breakdown is shown below.
Property, plant and equipment: breakdown of assets Amounts in €m Assets/Values Assets for own use Inventories from IAS 2 At cost At restated value 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025 1. Owned assets 4,018 4,060 84 58 a) land 65 65 b) buildings 1,600 1,578 c) office furniture and machines 115 115 d) plant and equipment 219 223 e) other assets 2,019 2,079 84 58 2. Rights of use acquired through leasing 107 117
a) land
b) buildings 82 89 c) office furniture and machines d) plant and equipment 24 26 e) other assets 1 1 Total 4,124 4,177 84 58
3. Insurance assets
This section provides information on the reinsuranc e contracts held that are assets and liabilities (a sset item 3.2 and liability item 3.2).
The following table summarises the breakdown of the se assets and liabilities broken down by accounting model applied.
Amounts in €m
Items/Basis of aggregation BBA PAA Total BBA PAA Total 30/06/2026 30/06/2026 30/06/2026 30/06/2025 30/06/2025 30/06/2025 1. Reinsurance classifiable as assets 134 502 636 185 609 793 2. Reinsurance transfers classifiable as liabilities (2 2) (43) (65) (33) (83) (116) 3. Net assets on the balance sheet 112 459 571 151 525 677 of which Life segment (1) (1) (2) (2) of which Non-Life segment 112 460 572 151 527 679
More specifically, to be noted is that the half-yea rly disclosure is limited to changes in the values of reinsurance contracts held recognised using the general measurement model (GMM /BBA), which at 30 June 2026 refer only to the Non- Life business.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
65 Changes in the carrying amount of reinsurance contr acts held by features underlying measurement
NON -LIFE SEGMENT
Features underlying the measurement of the book val ue of reinsurance transfers Amounts in €m
Items/Features underlying measurement Present value of cash flows Adjustment for non -financial Contractual service margin Total Present value of Adjustment
for non-Contractual
service Total
30/6/2026 30/6/2026 30/6/2026 30/6/2026 30/6/2025 30/6/2025 30/6/2025 30/6/2025 A. Initial book value 1. Reinsurance classifiable as assets 104 6 32 142 160 6 19 185 2. Reinsurance transfers classifiable as liabili ties (16) 1 10 (6) (30) 1 (29) 3. Net value of financial statements as at 1 January 88 7 42 137 130 7 19 156 B. Changes in current services (6) (25) (31) (6) (8) (15) 1. Contractual service margin recorded in the income statement (25) (25) (8) (8) 2. Change for non-financial risks past due 3. Changes related to experience (6) (6) (6) (6) C. Changes relating to future services (20) 20 (11) 11 1. Changes in estimates that modify the Contractual service margin (10) 10 (9) 9 2. Effects of contracts recognised during the year (9) 9 (2) 2 3. Adjustment of the Contractual service margin connected with recoveries relating to the initial 4. Releases of the loss recovery component other than changes in cash flows from reinsurance 5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance D. Changes relating to past services 1. adjustments to assets for claims incurred 7 7 10 9 E. Effects of changes in the default risk of
reinsurers
F. Result of insurance services (B + C + D + E) (18) (5) (24) (7) 3 (5) G. Net financial revenues/costs 1 1 1 1 1. Reinsurance transfers 1 1 1 1 1.1 Recorded in the Income Statement 1 1 1 1 1 1.2. Recorded in the Comprehensive Income
Statement
2. Effects associated with changes in exchange
rates
H. Total amount recorded in the Income Statement and in the Comprehensive Income (17) (5) (23) (7) 3 (4) I. Other changes (1) L. Cash movements (2) (2) (1) (1) 1. Premiums paid net of amounts not related to claims recovered from reinsurers 30 30 12 12 2. Amounts recovered from reinsurers (32) (32) (13) (13) 3. Other movements M. Net value of financial statements as at the reporting date (A.3 + H + I + L) 68 7 37 112 122 7 22 151 N. Final book value 1. Reinsurance classifiable as assets 89 6 39 134 156 6 22 185 2. Reinsurance transfers classifiable as liabilit ies (21) (1) (22) (34) 1 (33) 3. Net value of financial statements as at the reporting date 68 7 37 112 122 7 22 151
3 Notes to the Financial Statements
66
4. Investments
At 30 June 2026, total Investments amounted to €80, 824m (€76,997m at 31/12/2025) and is broken down by type in the table below:
Amounts in €m
30/6/2026 % comp. 31/12/2025 % comp. % var.
Investment property 1,949 2.4 1,963 2.5 (0.7) Investments in associates and interests in joint ve ntures 3,294 4.1 3,124 4.1 5.4 Financial assets at amortised cost 1,179 1.5 1,826 2.4 (35.5) Financial assets at fair value through OCI 50,644 62.7 48,008 62.4 5.5 Financial assets at fair value through profit or lo ss 23,758 29.4 22,076 28.7 7.6 Held-for-trading financial assets 865 1.1 618 0.8 39.9 Financial assets at fair value 15,406 19.1 14,544 18.9 5.9 Other financial assets mandatorily at fair value 7,487 9.3 6,914 9.0 8.3 Total Investiments 80,824 100.0 76,997 100.0 5.0
4.1 Investment property
At 30 June 2026, Investment property, net of the re lated accumulated depreciation, amounted to €1,949m (€1,963m at 31/12/2025): the breakdown is shown below.
Amounts in €m Assets/Values At cost At fair value 30/6/2026 31/12/2025 30/6/2026 31/12/2025 1. Owned assets 1,946 1,959 a) land 62 61 b) buildings 1,884 1,897 2. Rights of use acquired through leasing 4 4
a) land
b) buildings 4 4 Total 1,949 1,963
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
67 4.2 Investments in associates and interests in join t ventures Equity investments: information on shareholding rela tionships
Name Country of
operations
(1) Country of
registered
office Business
activity
(2) Type of
relationship
(3) % Direct holding % Total
participating
interest (4) % Votes available at
ordinary General
Meetings
(5)
Associates
AssiCia Servizi Assicurativi S.r.l 086 - Italy 11 b 50.00% 25.75% Assicoop Modena & Ferrara SpA 086 - Italy 11 b 43.75% 43.75% Borsetto Srl 086 - Italy 10 b 44.93% 44.93% BPER Banca SpA 086 - Italy 7 b 19.98% 19.98% Ddor Garant 289 - Serbia 11 b 40.00% 40.00% Funivie del Piccolo San Bernardo SpA 086 - Italy 11 b 23.55% 23.55% SCS Azioninnova SpA 086 - Italy 11 b 42.85% 42.85% Uci - Ufficio Centrale Italiano 086 - Italy 11 b 39.36% 39.35% Universo S.r.l 086 - Italy 11 b 50.00% 31.00%
(1) This disclosure is required only if the country of operations is different from the country of the reg istered office.
(2) 1=Italian insurers; 2=EU insurers; 3=non-EU insurer s; 4=insurance holdings; 4.1=mixed financial holdin g companies; 5=EU reinsurers; 6=non-EU reinsurers; 7=banks; 8=asset management companies;
9=other holdings; 10=real estate companies; 11=othe r.
(3) b= associates; c= joint ventures.
(4) The product of investment relations concerning all companies positioned in the investment chain.
(5) Availability of votes at ordinary shareholders’ mee tings, distinguishing between actual votes and pote ntial votes. The availability of votes is indicated only if different from the direct shareholding.
Significant investments: carrying amount, fair value and dividends received Amounts in €m Name Type of relationship (1) Book value Fair value Dividends received
Associates
BPER Banca SpA b 3,272 5,723 233 Total 3,272 5,723 233
(1) b= associates; c= joint venture
3 Notes to the Financial Statements
68 4.3 Financial assets at amortised cost Financial assets at amortised cost: product breakdow n and credit risk stages Amounts in €m
30/6/2026 31/12/2025
First stage Second stage Third stage First stage Second stage Third stage Government bonds 138 137 Other debt securities 440 1 1,063 1 Loans and Receivables 600 625 a) to banks 48 50 b) to customers 552 575
- Mortgage loans
- Policy loans 11 11
- Other loans and receivables 542 564 Total 1,178 1 1,826 1
4.4 Financial assets at fair value through other co mprehensive income Financial assets at fair value through other compre hensive income: product breakdown and percentage com position
Amounts in €m
30/6/2026 31/12/2025
Book value % Comp. Book value % Comp.
Equity instruments 3,022 6.0 2,888 6.0 a) listed 2,800 5.5 2,577 5.4 b) unlisted 222 0.4 312 0.6
Debt securities 47,623 94.0 45,120 94.0 Government bonds 31,749 62.7 29,812 62.1 a) listed 30,052 59.3 28,288 58.9 b) unlisted 1,697 3.4 1,524 3.2
Other debt securities 15,874 31.3 15,307 31.9 a) listed 13,853 27.4 13,420 28.0 b) unlisted 2,021 4.0 1,888 3.9
Other financial instruments Total 50,644 100.0 48,008 100.0
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
69 4.5 Financial assets at fair value through profit o r loss Financial assets at fair value through profit or lo ss: product breakdown and percentage composition Amounts in €m Items/Values Held-for-trading financial assets Financial assets at fair value through profit or loss Other financial assets mandatorily at fair
value
30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025
Book
value % Comp. Book value % Comp. Book value % Comp. Book value % Comp. Book value % Comp. Book value % Comp.
Equity instruments 162 1.1 171 1.2 298 4.0 0.0 a) listed 162 1.1 171 1.2 298 4.0 b) unlisted 0.0 0.0
Treasury shares
Own financial
liabilities
Other debt
securities 7,464 48.4 7,092 48.8 2,046 27.3 1,867 27.0 a) listed 7,464 48.4 7,092 48.8 1,796 24.0 1,619 23.4 b) unlisted 250 3.3 249 3.6 UCITS units 7,479 48.5 6,928 47.6 5,143 68.7 5,047 73.0
Non-hedging
derivatives 803 92.8 546 88.4
Hedging
derivatives 62 7.2 72 11.6
Other financial
instruments 302 2.0 354 2.4 Total 865 100.0 618 100.0 15,406 100.0 14,544 100.0 7,487 100.0 6,914 100.0
Information on hedging transactions
Fair value hedges
During the first half of 2026, no new transactions were carried out concerning fair value hedging. At 30 June 2026, the fair value change related to the hedged bonds came to a positive €5m, while the fair value change in interest rate swaps (IRS) amounted to a loss of €5.7m, resulting in a negative impact on profit of €0.7m b efore tax of €0.2m.
Cash flow hedges
During the first half of 2026, the pre-existing cas h flow hedging transactions relating to bonds class ified as FVOCI by means of IRS continued, in order to transform the rate on financ ial assets from variable to fixed, thus stabilising cash flows. At 30 June 2026, the cumulative effect recognised in Shareholders’ Equit y in the Reserve for gains or losses on cash flow h edges was a positive €0.8m (after tax, the impact was positive at €0.5m).
3 Notes to the Financial Statements
70 5. Other financial assets Amounts in €m
30/6/2026 31/12/2025 % var.
Receivables from intermediaries and companies 402 616 (34.7) Other receivables 662 523 26.4 Total Other financial assets 1,064 1,140 (6.7)
The item Other receivables included primarily:
• trade receivables amounting to €330m (€408m at 31/1 2/2025);
• payments made as cash collateral against derivative payables totalling €89.2m (€62m at 31/12/2025).
6. Other assets Amounts in €m
30/6/2026 31/12/2025 % var.
Non-current assets or assets of a disposal group he ld for sale 33 30 10.0 Deferred tax assets 418 511 (18.2) Current tax assets 532 571 (6.8) Other assets 1,586 2,465 (35.7) Total other assets 2,569 3,577 (28.2)
6.1 Non-current assets or assets of a disposal grou p held for sale
Non-current assets or assets of a disposal group he ld for sale amounted to €33m and include assets pri marily represented by investment properties.
6.2 Current tax assets and deferred tax assets
The item Deferred tax assets is shown net of the of fsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax liabilities, as described in chapter “2. Main accounting standards” in the Co nsolidated Financial Statements at 31 December 2025.
6.3 Other assets
The item Other assets includes primarily €384m in “ Ecobonus” and “Sismabonus” tax credits, purchased f rom direct beneficiaries or their assignees, which can be recovered by offsetting the m against future payments (€1,139m at 31/12/2025) a nd other tax items not recognised under item 6.2 Current tax assets for €4 77m (€810m at 31/12/2025).
7. Cash and cash equivalents
At 30 June 2026, Cash and cash equivalents amounted to €1,267m (€1,180m at 31/12/2025).
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
71
LIABILITIES
1. Shareholders’ equity
Shareholders’ equity, excluding non-controlling int erests, is composed as follows:
Amounts in €m
30/6/2026 31/12/2025 variation in
amount
Share capital 3,365 3,365 Other equity instruments 1,489 496 993 Capital reserves 1,801 1,801 Income-related and other equity reserves 3,636 2,870 766 (Treasury shares) (3) (40) 37 Valuation reserves 332 417 (85) Reserve for foreign currency translation differences 10 5 5 Gains/(losses) on financial assets at fair value th rough OCI (590) (482) (108) Financial revenues/(costs) relating to insurance/re insurance contracts 905 866 39 Other gains or losses recognised directly in equity 7 28 (21) Profit (loss) for the year 883 1,482 (599) Total shareholders' equity attributable to the owne rs of the Parent 11,503 10,391 1,112
The main changes over the period were as follows:
- an increase of €993m following the new issue, by th e Parent Unipol Assicurazioni, of a perpetual regul atory capital instrument classified as “Restricted Tier 1” with a nominal va lue of €1bn, net of the related issue costs;
- a decrease of €804m for the distribution of dividen ds to shareholders and of €12m for the payment, net of the related tax effect, of the coupon to holders of the perpetual regulatory c apital instrument (“Restricted Tier 1”) issued by t he merged entity UnipolSai in 2020 with a nominal value of €500m;
- an increase of €883m as a result of the Group profi t at 30 June 2026;
- an increase of €52m in other comprehensive income a t 30 June 2026.
1.1 Share capital “Share capital” and “Treasury shares”: breakdown
At 30 June 2026, the Parent Unipol’s fully paid-up share capital amounted to €3,365m, and was made up of 717,473,508 ordinary shares (unchanged compared to 31/12/2025).
At 30 June 2026, the treasury shares held directly or indirectly by Unipol totalled 267,465 shares (2, 309,430 at 31/12/2025), of which 137,771 are held directly and 129,694 are held by t he following subsidiaries:
- Arca Vita held 488;
- Assicoop Bologna Metropolitana held 104,479;
- Gruppo UNA held 98;
- I.car held 13;
- Leithà held 3,479;
- Linear Assicurazioni held 14,743;
- SIAT held 3,384;
3 Notes to the Financial Statements
72
- UnipolAssistance held 176;
- UnipolRental held 1,140;
- UnipolService held 12;
- UnipolTech held 77;
- UniSalute held 1,605.
During the first half of the year, 2,070,665 Unipol shares were allocated to Unipol Group Executives i n implementation of the Share-
based compensation plans.
1.7 Shareholders’ equity attributable to non-contro lling interests
Shareholders’ equity attributable to non-controllin g interests at 30 June 2026 amounted to €310m (€324 m at 31/12/2025).
The main changes over the period were as follows:
- a decrease of €43m for payment of dividends to thir d parties;
- an increase of €30m due to profit attributable to n on-controlling interests.
2. Provisions for risks and charges
The item “Provisions for risks and charges” totalle d €700m at 30 June 2026 (€743m at 31/12/2025) and m ainly consisted of provisions for litigation, various disputes, charges relating to t he sales network, provisions for salary policies an d personnel leaving-incentive schemes.
Ongoing disputes and contingent liabilities
This section reports updated information on proceed ings, whose developments in the first half of 2026 are worth reporting herein. For exhaustive information on the ongoing causes and co ntingent liabilities, reference is made to informat ion given in the 2025 Consolidated Financial Statements.
Relations with the Tax Authorities Proceedings in progress or settled during the year
Unipol Assicurazioni (former UnipolSai) A number of disputes are pending for the years from 2010 to 2012 concerning tax on insurance regarding the proper application of the tax rate on policies against employment risks. The amou nts in dispute rose to a total of €1.4m. At present , the disputes for 2010, 2011 and 2012 are pending before the Court of Cassation agai nst rulings on the merits completely in favour of t he company.
The other dispute proceedings relate to registratio n tax, allocation of cadastral income and local tax es for minor amounts.
UnipolRental
With regard to the stamp duty on vehicles registere d in the province of Trento and not allocated to us ers for the years 2020-2024, the Emilia-Romagna Region has issued assessment notices for the recovery of the full amount of the tax all egedly unpaid. Following the same approach used for the years up to 2019, it was agreed with the same Region that only the tax diff erential, amounting to €3.9m, would be paid. The same situation applies to the ve hicles resulting from the merger of Sifà, in respec t of which discussions are currently under way with a view to reaching a similar agreeme nt.
In June 2026, following an audit by the Emilia-Roma gna Regional Directorate of the Italian Revenue Age ncy relating to the 2021 financial year, assessment notices were served for IRES and I RAP purposes totalling €0.4m concerning the “Patent Box” scheme and the calculation of super-depreciation. The Company has submitted an application for a tax assessment by mu tual agreement, believing that it can secure the cancellation or, at any rate, a s ubstantial reduction in the tax claim relating to t he tax relief applied.
Unipol Glass
In July 2026, following a targeted audit under the Patent Box scheme, the Turin Provincial Directorate of the Italian Revenue Agency served assessment notices relating to the financial years 2021-2024 for a total amount of approximatel y €1m, including penalties. The
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
73 Company will make use of the procedural safeguards provided for by law in order to put forward its arg uments and demonstrate the correctness of the tax treatment adopted.
Adequate provisions are set aside in the financial statements to cover the risk associated with any hi gher taxes due.
Antitrust Authority proceedings On 26 November 2020, the Antitrust Authority notifi ed UnipolSai Assicurazioni of the initiation of pre liminary proceedings concerning the settlement of MV TPL claims, characterised by a n alleged hindrance of the right of consumers to ac cess the relevant deeds and the failure to specify the criteria for the quantificat ion of damages in the phase of formulating the comp ensation offer. On 16 April 2021, the Antitrust Authority then notified the objective ext ension of these proceedings, claiming failure to co mply with the terms of Art. 148 of the Private Insurance Code for the settlement/chall enge of MV TPL claims.
UnipolSai deems these charges to be completely unfo unded and, to protect its rights, has appointed its lawyers to represent it in the proceedings, which closed with a decision received by UnipolSai on 8 August 2022, whereby the Antitrus t Authority imposed a penalty of €5m. Since UnipolSai does not deem the conclusions of the Authority to be acceptable in any way, it ap pealed against this decision before the Lazio Regional Administrative Court (TAR).
The case was suspended by order dated 13 September 2023 of the Lazio Regional Administrative Court, pe nding a ruling by the European Court of Justice, as part of another case, on a pre liminary issue relevant to the Lazio Regional Admin istrative Court decision concerning the Antitrust Authority’s failure to comply with th e terms for launch of the investigation.
On 30 January 2025, the European Court of Justice p ublished the expected ruling and, at the Company’s request, a hearing was scheduled for 21 May 2025 to continue the proceedings before the Regional Administrative Court.
On 21 November 2025, the Regional Administrative Co urt partially upheld the Unipol appeal and redeterm ined the extent of the penalty imposed to €1.6m.
On 20 February 2026, Unipol filed an appeal before the Council of State requesting annulment or partia l amendment of the first instance ruling, in the part in which it partially rejected the appeal for cancellation of the Antitrust Author ity measure. The case will be discussed at the hearing on 4 February 2027.
Ongoing disputes with investors Unipol Assicurazioni (as successor of UnipolSai Ass icurazioni S.p.A.) has for some time been a party i n legal proceedings referring to events occurring during the previous management of Fondiaria-SAI and Milano Assicurazioni. As describe d in greater detail in the financial statements of previous years, the crimina l proceedings were all settled with acquittal or di smissal. Three civil proceedings also ended with final judgments (two with rulings for th e acquittal of Unipol with respect to all compensat ion claims, while in the other the opposing party’s demands were partially accepted).
More specifically, the following proceedings are st ill pending:
1) the Court of Rome, with a sentence published on 12 May 2020, fully rejected the compensation claims su bmitted by an investor in relation to the aforementioned events. The sente nce was challenged before the Court of Appeal of Ro me which, with a judgment dated 2 May 2022, rejected the investor’s appeal in full, confirming the first instance judgm ent. The shareholder first filed a summons for revocation of the sentence of t he Court of Appeal of Rome, which was rejected on 1 4 October 2024 with an order to pay costs. Subsequently, the sentence was appealed before the Court of Cassation. At the hear ing, the Public Prosecutor requested that all the grounds of appeal put forward by the opposing party be dismissed in their entirety. By order of 24 July 2026, however, the Court of Cassation ac cepted the investor’s first three grounds of appeal and remanded the case to the Court of Appeal of Rome.;
2) in another case pending on the same issues, the Cou rt of Milan accepted the compensation claims of ano ther investor, with a judgment dated 20 March 2019. The judgment, followi ng an appeal by the Company, was fully reversed by the Court of Appeal of Milan with a judgment dated 22 October 2020. The counterparty filed an appeal before the Court of C assation which, on 28 May 2025, declared the opposing party’s appeal i nadmissible, ordering the counterparty to pay legal costs. The counterparty has now filed an appeal for revocation against the ruling of the Court of Cassation. At the hearing, t he Public Prosecutor requested that all the grounds of appeal put forwar d by the opposing party be dismissed in their entir ety. The Court has scheduled the hearing in chambers to deliver its de cision for 3 July 2026;
3) on 15 February 2021, the Court of Milan partially u pheld the compensation claims of other shareholders . After being appealed by the Company, the judgment was overruled in full by the Milan Court of Appeal with a judgment dated 14 April 2023. The
3 Notes to the Financial Statements
74 appeal judgment was challenged by the opposing part ies before the Court of Cassation, which has not ye t scheduled a hearing for discussion of the case;
4) for two other proceedings, which concern the same i ssues and are pending before the same Presiding Jud ge, at the end of the decision-making phase, the Court referred the cases for investigation, deeming it necessary to have a court-appointed expert witness report on the alleged offences (financial s tatements and prospectus), on the causal link and o n the quantification of damages. Following the submission of the expert rep ort, the case was decided at the hearing on 21 May 2026.
By judgment of 31 July 2026, the Court of Milan acc epted the claims brought by the claimants. The Comp any will file an appeal within the deadline set for 30 September 2026.
Provisions deemed suitable were made in relation to the disputes with investors described above.
3. Insurance liabilities
This section provides information on the insurance contracts issued that are liabilities and assets (l iability item 3.1 and asset item 3.1).
The following table summarises the breakdown of the se assets and liabilities broken down by accounting model applied.
Amounts in €m
Items/Basis of aggregation VFA BBA PAA Total VFA BBA PAA Total 30/06/2026 30/06/2026 30/06/2026 30/06/2026 30/06/2025 30/06/2025 30/06/2025 30/06/2025 1. Insurance contracts issued that are liabilities 42,975 5,745 9,122 57,842 40,226 5,852 8,373 54,452 2. Insurance contracts issued that are assets (3) (1) (3) (11) (13) (24) 3. Net liabilities on the balance sheet 42,975 5,742 9,121 57,838 40,226 5,841 8,360 54,427 of which Life segment 42,975 272 1 43,249 40,226 205 1 40,432 Contracts issued with direct participation features - Life segment 42,975 42,975 40,226 40,226 Contracts issued without direct participation features - Life segment 272 1 273 205 1 205 of which Non-Life segment 5,470 9,120 14,590 5,636 8,360 13,996 Contracts issued without direct participation features - Non-Life Motor segment 2,163 5,527 7,690 2,231 4,991 7,221 Contracts issued without direct participation features - Non-Life Non-
MV segment 3,307 3,592 6,900 3,405 3,369 6,774
More specifically, the half-yearly disclosure is li mited to changes in the values of insurance contrac ts recognised using the general measurement model (GMM/BBA) or according to the VFA method, and investment contracts with discretionar y participation features recognised with the VFA accounting method.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
75 Changes in the carrying amount of insurance contrac ts issued, broken down by features underlying measu rement
Amounts in €m LIFE SEGMENT - Insurance contracts issued with direct participatio n features and Investment contracts issued with dis cretionary participatio n features Features underlying the measurement of the book val ue of insurance contracts issued
Items/Features underlying measurement Present value of cash flows Adjustment for non -
financial
risks Contractual
service margin Total 30/6/2026 Present value of cash flows Adjustment
for non-
financial risks Contractual
service
margin Total
30/6/2025
30/6/2026 30/6/2026 30/6/2026 30/6/2025 30/6/2025 30/6/2025 A. Initial book value 1. Insurance contracts issued that are liabilities 39,276 310 2,373 41,958 36,870 249 2,043 39,161 2. Insurance contracts issued that are assets 3. Net book value as at 1 January 39,276 310 2,373 41,958 36,870 249 2,043 39,161 B. Changes in current services 6 (14) (115) (123) 10 (11) (101) (102) 1. Contractual service margin recorded in the incom e statement (115) (115) (101) (101) 2. Change for non-financial risks past due (14) (14) (11) (11) 3. Changes related to experience 6 6 10 10
C. Changes relating to future services (271) 23 246 (3) (309) 50 259 1. Changes in the Contractual service margin (165) 8 158 (206) 39 168 2. Losses on groups of onerous contracts and relate d recoveries (3) (3) 3. Effects of the contracts initially recognised in the reference year (103) 15 88 (102) 11 91
D. Changes relating to past services 6 6 5 5 1. Adjustments to liabilities for claims incurred 6 6 5 5
E. Result of insurance services (B + C + D) (259) 9 131 (119) (294) 39 158 (97) F. Financial costs/revenues 1,027 1,027 740 740 1. Relating to insurance contracts issued 1,027 1,027 740 740 1.1 Recorded in the Income Statement 995 995 749 749 1.2 Recorded in the Comprehensive Income Statement 31 31 (9) (9) 2. Effects associated with changes in exchange ra tes (1)
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
(E + F) 768 9 131 908 446 39 158 643
H. Other changes 1 1 (2) (1) (3) I. Cash movements 109 109 425 425 1. Premiums received 2,516 2,516 2,785 2,785 2. Payments associated with contract acquisition costs (32) (32) (32) (32) 3. Claims paid and other cash outflows (2,376) (2,376) (2,328) (2,328) 3. Other movements
L. Net book value as at the reporting date (A.3 + G + H
+ I) 40,153 319 2,504 42,975 37,739 288 2,200 40,226
M. Final book value 1. Insurance contracts issued that are liabilities 40,153 319 2,504 42,975 37,739 288 2,200 40,226 2. Insurance contracts issued that are assets 3. Net book value as at the reporting date 40,153 319 2,504 42,975 37,739 288 2,200 40,226
3 Notes to the Financial Statements
76
Amounts in €m LIFE SEGMENT - Insurance contracts issued without direct participa tion features Features underlying the measurement of the book val ue of insurance contracts issued
Items/Features underlying measurement Present value of cash flows Adjustment for
non -financial
risks Contractual
service
margin Total
30/6/2026 Present value of cash flows Adjustment for
non-financial
risks Contractual
service
margin Total
30/6/2025
30/6/2026
30/6/2026
30/6/2026 30/6/2025 30/6/2025 30/6/2025 A. Initial book value 1. Insurance contracts issued that are liabilities (203) 13 418 228 78 7 139 225 2. Insurance contracts issued that are assets (315) 4 245 (66) 3. Net book value as at 1 January (203) 13 418 228 (236) 11 384 159 B. Changes in current services 11 (1) (38) (29) 14 (1) (36) (22) 1. Contractual service margin recorded in the incom e statement (38) (38) (36) (36) 2. Change for non-financial risks past due (1) (1) (1) (1) 3. Changes related to experience 11 11 14 14
C. Changes relating to future services (65) 2 63 (59) 2 57 1. Changes in the Contractual service margin (26) 1 25 (20) 1 19 2. Losses on groups of onerous contracts and relate d
recoveries
3. Effects of the contracts initially recognised in the reference year (39) 1 38 (39) 1 38
D. Changes relating to past services (12) (12) (12) (12) 1. Adjustments to liabilities for claims incurred (12) (12) (12) (12)
E. Result of insurance services (B + C + D) (66) 1 25 (41) (57) 1 21 (35) F. Financial costs/revenues (2) 4 2 (4) 4 (1) 1. Relating to insurance contracts issued (2) 4 2 (4) 4 (1) 1.1 Recorded in the Income Statement (2) 4 2 (3) 4 1 1.2 Recorded in the Comprehensive Income Statement (2) (2) 2. Effects associated with changes in exchange ra tes
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
(E + F) (68) 1 29 (38) (61) 1 25 (35)
H. Other changes 7 7 I. Cash movements 82 82 74 74 1. Premiums received 165 165 147 147 2. Payments associated with contract acquisition costs (38) (38) (30) (30) 3. Claims paid and other cash outflows (45) (45) (43) (43) 3. Other movements
L. Net book value as at the reporting date (A.3 + G + H
+ I) (189) 14 447 272 (216) 13 408 205
M. Final book value 1. Insurance contracts issued that are liabilities (189) 14 448 273 (216) 13 408 204 2. Insurance contracts issued that are assets (1) (1) 3. Net book value as at the reporting date (189) 14 447 272 (216) 13 408 205
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
77
Amounts in €m NON -LIFE MOTOR SEGMENT - Insurance contracts issued without direct participa tion features Features underlying the measurement of the book val ue of insurance contracts issued
Items/Features underlying measurement Present value of cash flows Adjustment for
non -financial
risks Contractual
service
margin Total
30/6/2026 Present value of cash flows Adjustment for
non-financial
risks Contractual
service
margin Total
30/6/2025
30/6/2026 30/6/2026 30/6/2026 30/6/2025 30/6/2025 30/6/2025 A. Initial book value 1. Insurance contracts issued that are liabilities 1,999 205 10 2,213 2,249 185 29 2,462 2. Insurance contracts issued that are assets 3. Net book value as at 1 January 1,999 205 10 2,213 2,249 185 29 2,462 B. Changes in current services 3 (3) (5) (5) (1) (1) (13) (15) 1. Contractual service margin recorded in the incom e statement (5) (5) (13) (13) 2. Change for non-financial risks past due (3) (3) (1) (1) 3. Changes related to experience 3 3 (1) (1)
C. Changes relating to future services 5 16 3 24 7 5 2 15 1. Changes in the Contractual service margin (10) 6 4 (3) 2 2. Losses on groups of onerous contracts and relate d recoveries 20 3 23 14 1 15 3. Effects of the contracts initially recognised in the reference year (5) 7 (1) 1 (4) 2 2
D. Changes relating to past services 32 (14) 18 (82) (25) (107) 1. Adjustments to liabilities for claims incurred 32 (14) 18 (82) (25) (107)
E. Result of insurance services (B + C + D) 40 (2) 38 (76) (20) (11) (107) F. Financial costs/revenues 4 5 22 2 24 1. Relating to insurance contracts issued 4 5 22 2 24 1.1 Recorded in the Income Statement 7 1 8 6 7 1.2 Recorded in the Comprehensive Income Statement (3) (3) 15 1 16 2. Effects associated with changes in exchange ra tes
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
(E + F) 44 (2) 43 (55) (18) (11) (84)
H. Other changes (2) 1 (1) 1 (1) I. Cash movements (93) (93) (148) (148) 1. Premiums received 185 185 138 138 2. Payments associated with contract acquisition costs (90) (90) (65) (65) 3. Claims paid and other cash outflows (188) (188) (221) (221) 3. Other movements
L. Net book value as at the reporting date (A.3 + G + H
+ I) 1,948 206 8 2,162 2,048 165 18 2,231
M. Final book value 1. Insurance contracts issued that are liabilities 1,948 206 8 2,162 2,048 165 18 2,231 2. Insurance contracts issued that are assets 3. Net book value as at the reporting date 1,948 206 8 2,162 2,048 165 18 2,231
3 Notes to the Financial Statements
78
Amounts in €m NON -LIFE NON -MV SEGMENT - Insurance contracts issued without direct participa tion features Features underlying the measurement of the book val ue of insurance contracts issued
Items/Features underlying measurement Present value of cash flows Adjustment for non -
financial risks Contractual
service
margin Total
30/6/2026 Present value of cash flows Adjustment for
non-financial
risks Contractual
service
margin Total
30/6/2025
30/6/2026 30/6/2026 30/6/2026 30/6/2025 30/6/2025 30/6/2025 A. Initial book value 1. Insurance contracts issued that are liabilities 2,669 351 351 3,370 2,851 278 336 3,465 2. Insurance contracts issued that are assets (2) (2) (10) 1 6 (3) 3. Net book value as at 1 January 2,667 351 351 3,368 2,841 279 342 3,463 B. Changes in current services 53 (9) (110) (66) 53 (3) (126) (77) 1. Contractual service margin recorded in the incom e statement (110) (110) (126) (126) 2. Change for non-financial risks past due (9) (9) (3) (3) 3. Changes related to experience 53 53 53 53
C. Changes relating to future services (99) 28 69 (2) (126) 26 103 3 1. Changes in the Contractual service margin (18) 8 10 (27) 6 21 2. Losses on groups of onerous contracts and relate d recoveries (15) (6) (21) (6) (6) 3. Effects of the contracts initially recognised in the reference year (65) 26 59 20 (93) 20 82 9
D. Changes relating to past services (24) (28) (52) (5) (20) (26) 1. Adjustments to liabilities for claims incurred (24) (28) (52) (5) (20) (26)
E. Result of insurance services (B + C + D) (70) (8) (41) (119) (79) 2 (22) (99) F. Financial costs/revenues 10 1 4 15 22 2 4 29 1. Relating to insurance contracts issued 10 1 4 15 23 2 4 29 1.1 Recorded in the Income Statement 16 2 4 22 14 2 4 20 1.2 Recorded in the Comprehensive Income Statement (6) (1) (7) 8 1 9 2. Effects associated with changes in exchange ra tes
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
(E + F) (59) (7) (37) (104) (57) 5 (18) (70)
H. Other changes (1) 3 2 I. Cash movements 41 41 13 13 1. Premiums received 703 703 641 641 2. Payments associated with contract acquisition costs (153) (153) (148) (148) 3. Claims paid and other cash outflows (509) (509) (481) (481) 3. Other movements
L. Net book value as at the reporting date (A.3 + G + H +
I) 2,648 346 314 3,308 2,797 284 324 3,405
M. Final book value 1. Insurance contracts issued that are liabilities 2,649 346 314 3,309 2,811 283 322 3,417 2. Insurance contracts issued that are assets (2) (2) (14) 1 2 (12) 3. Net book value as at the reporting date 2,648 346 314 3,308 2,797 284 324 3,405
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
79 4. Financial liabilities
Financial liabilities at 30 June 2026 totalled €20, 293m (€19,520m at 31/12/2025).
4.1 Financial liabilities at fair value through pro fit or loss Financial liabilities at fair value through profit or loss: product breakdown and percentage compositio n
Amounts in €m Financial liabilities held -for trading Financial liabilities at fair value Total Items/Values 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025
Book
value %
Comp Book
value %
Comp Book
value %
Comp Book
value %
Comp Book
value %
Comp Book
value %
Comp
Liabilities from financial contracts issued in accordance with IFRS 9: 15,233 100.0 14,322 100.0 15,233 98.5 14,322 98.7 a) From contracts with services linked to indexes and UCITS units 15,182 99.7 14,270 99.6 15,182 98.1 14,270 98.3 b) Pension fund 51 0.3 51 0.4 51 0.3 51 0.4 c) Other financial contracts issued Non-hedging derivatives 4 1.6 8 4.5 4 0.0 8 0.1 Hedging derivatives 234 98.4 181 95.5 234 1.5 181 1.3 Other financial liabilities Total 238 100.0 190 100.0 15,233 100.0 14,322 100.0 15,471 100.0 14,512 100.0
4.2 Financial liabilities at amortised cost .
Financial liabilities at amortised cost: product bre akdown, percentage composition and fair value hiera rchy
Amounts in €m
Items/Values 30/6/2026 31/12/2025 Book value % Comp L1 L2 L3 Total Fair Value Book value % Comp L1 L2 L3 Total Fair Value
Liabilities
Equity instruments
Subordinated liabilities 1,254 26.0 1,306 1,306 1,282 25.6 1,322 1,322 Debt securities issued 1,437 29.8 1,450 3 1,453 1,414 28.2 1,441 3 1,444 Other loans obtained 2,130 44.2 2,130 2,130 2,312 46.2 2,312 2,312 a) from banks 990 20.5 1,020 20.4 b) from customers 1,140 23.6 1,292 25.8 Total 4,822 100.0 2,756 2,133 4,889 5,008 100.0 2,762 2,315 5,077
3 Notes to the Financial Statements
80 Subordinated liabilities amounted to €1,254m and related to two bonds issue d by Unipol Assicurazioni S.p.A. for a total nomina l value of €1,250m as set forth in the table below:
Amounts in €m Issuer Nominal amount outstanding Subord.
level Year of maturity call Rate L/NL Unipol €750.0m Tier II 2034 fixed rate 4.900% L Unipol €500.0m Tier II 2028 fixed rate 3.875% L
The Debt securities issued amounted to €1,437m and referred for €1,434m to securities issued by Unipol Assicurazioni and for €3m to securities issued by the subsidiary Società e Salut e S.p.A.
The Debt securities issued by Unipol Assicurazioni S.p.A. related to two senior bonds, listed on the L uxembourg Stock Exchange, with a total nominal value of €1,402m:
- €500m nominal value, 3.5% fixed rate, 10-year durat ion, maturity in 2027;
- €902m nominal value, 3.25% fixed rate, 10-year dura tion, maturity in 2030.
Other loans, amounting to €2,130m (€2,312m at 31/12 /2025), mainly referred to:
- loans taken out, for the purchase of real estate an d improvements, by the Athens R.E. Closed Real Esta te Fund for €123m and the Tikal Closed-end Real Estate Fund for €70m;
- loans taken out by UnipolRental from banks and othe r lenders for a total of €1,286m;
- funding amounting to €532m, provided by a number of banks and deriving from the business assets acquir ed by Unipol Assicurazioni on 1 October 2025 following the total non-proportio nal demerger of Cronos Vita.
The item also includes the financial liabilities de riving from the present value of future lease payme nts due on lease agreements accounted for on the basis of IFRS 16 for a total o f €112m.
5. Payables
Amounts in €m
30/6/2026 31/12/2025 % var.
Payables to intermediaries and companies 137 287 (52.16) Trade payables 412 411 0.11 Post-employment benefits 34 34 (0.91) Social security charges payable 55 55 1.27 Sundry payables 194 324 (40.11) Total payables 832 1,110 (25.02)
6. Other liabilities Amounts in €m
30/6/2026 31/12/2025 % var.
Current tax liabilities 226 429 (47.3) Deferred tax liabilities 64 43 48.8 Liabilities associated with disposal groups held fo r sale Accrued expense and deferred income 60 57 4.9 Other liabilities 1,287 1,330 (3.2) Total other liabilities 1,637 1,859 (11.9)
The item Deferred tax liabilities is shown net of t he offsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax assets.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
81 Notes to the Income Statement
Comments and further information on the items in th e income statement and the variations that took pla ce compared with the previous year are given below (the numbering of the notes re lates to the mandatory layout for the preparation o f the income statement).
1. Insurance revenue from insurance contracts issue d 2. Insurance service expenses from insurance contra cts issued 3. Insurance revenue from reinsurance contracts hel d 4. Insurance service expenses from reinsurance cont racts held
3 Notes to the Financial Statements
82 Insurance revenue and costs from insurance contract s issued – Breakdown Amounts in €m
Items/Business combination basis Basis A1 Basis A2 Basis A3 Basis A4 Total Basis A1 Basis A2 Basis A3 Basis A4 Total 30/6/2026 30/6/2026 30/6/2026 30/6/2026 30/6/2026 30/6/2025 30/6/2025 30/6/2025 30/6/2025 30/6/2025 A. Insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA A.1 Amounts associated with changes in liabilities for residual coverage 243 87 66 551 947 215 82 58 523 878 1. Claims incurred and other costs for expected insurance services 114 48 53 384 599 103 45 42 331 522 2. Changes in the adjustment for non-financial ri sks 14 1 8 30 53 11 1 3 19 33 3. Contractual service margin recorded in the inc ome statement for services provided 115 38 5 110 268 101 36 13 126 275 4. Other amounts 27 27 47 47 A.2 Acquisition costs of recovered insurance contracts 9 12 30 121 172 8 10 16 108 142 A.3 Total insurance revenues from insurance contracts issued, valued on the basis of GMM and
VFA 252 99 95 672 1,118 223 92 74 631 1,020
A.4 Total insurance revenues from insurance contracts issued valued on the basis of PAA 3,977 3,873
Life segment
Non-life segment - Motor 2,162 2,073 Non-life segment - Non-MV 1,814 1,800 A.5 Total insurance revenues from insurance contracts issued 252 99 95 672 5,095 223 92 74 631 4,893 B. Costs for insurance services from insurance contracts issued under GMM and VFA 1. Claims incurred and other directly attributabl e costs (124) (44) (188) (509) (866) (117) (41) (221) (481) (859) 2. Changes in liability for claims incurred 1 (2) 109 79 187 1 (6) 284 65 344 3. Losses on onerous contracts and recovery of th ese losses 3 (24) 1 (20) (15) (3) (18) 4. Amortisation of insurance contract acquisition costs (12) (12) (30) (125) (178) (10) (10) (16) (113) (149) 5. Other amounts B.6 Total costs for insurance services from insuran ce contracts issued under GMM and VFA (133) (58) (133) (553) (877) (125) (57) 33 (532) (681) B.7 Total insurance costs from insurance contracts issued, valued on the basis of PAA (3,524) (3,602)
- Life segment
- Non-life segment - Motor (2,014) (2,048)
- Non-life segment - Non-MV (1,510) (1,555) B.8 Total insurance costs from insurance contracts issued (B.6 + B.7) (133) (58) (133) (553) (4,401) (125) (57) 33 (532) (4,284) C. Total net costs/revenues from insurance contract s issued (A.5 + B.8) 119 41 (38) 119 694 97 35 107 99 609
Basis of aggregation 1 = Insurance contracts issued with direct participation features and investment contracts issued with discretionary participation f eatures - Life segment Basis of aggregation 2 = Insurance contracts issued without direct participation features - Life segme nt Basis of aggregation 3 = Insurance contracts issued without direct participation features - Non-Life M V segment Basis of aggregation 4 = Insurance contracts issued without direct participation features - Non-Life N on-MV segment
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
83 Insurance costs and revenue from reinsurance contra cts held – Breakdown Amounts in €m
Items/Business combination basis Life Segment Non -Life Segment Total Life Segment Non -Life
Segment Total
30/6/2026 30/6/2026 30/6/2026 30/6/2025 30/6/2025 30/6/2025 A. Allocation of premiums paid relating to reinsura nce transfers valued on the basis of GMM (38) (38) (20) (20) A.1 Amounts associated with changes in assets by re sidual coverage (38) (38) (20) (20) 1. Amount of claims and other expected recoverabl e costs (13) (13) (11) (11) 2. Changes in the adjustment for non-financial ri sks 3. Contractual service margin recorded in the inc ome statement for services received (25) (25) (8) (8) 4. Other amounts A.2 Other directly attributable costs specific to r einsurance transfers B. Allocation of premiums paid relating to reinsura nce transfers valued on the basis of
PAA (12) (172) (184) (13) (171) (184)
C. Total reinsurance transfers costs (A.1 + A.2 + B ) (12) (210) (222) (13) (191) (204) D. Effects of changes in the risk of default by rei nsurers 1 1 E. Amount of claims and other expenses recovered 9 91 100 8 112 120 F. Changes in assets due to claims incurred (25) (25) (65) (66) G. Other recoveries H. Total net costs/revenues from reinsurance (C+D+E +F+G) (4) (143) (147) (6) (144) (150)
Basis A.1 = Life segment Basis A.2 = Non-Life segment Breakdown of costs for insurance and other services Amounts in €m
Costs/Business
combination basis 30/6/2026 30/6/2025 Basis A1 – with DFP Basis A2 –
without
DFP Basis A1
+ Basis
A2 Basis A3 Basis A4 Basis A3 + Basis A4 Other Basis A1 – with DFP Basis A2 –
without
DFP Basis
A1 +
Basis
A2 Basis
A3 Basis A4 Basis A3 + Basis A4 Other Costs attributed to the acquisition of insurance contracts (12) (12) (24) (395) (648) (1,042) (10) (10) (20) (365) (621) (987) Other directly attributable costs (121) (46) (167) (1,753) (1,415) (3,168) (115) (47) (162) (1,650) (1,465) (3,115)
Investment management
expenses (3) (24) (10) (3) (21) (11) Other costs (63) (355) (183) (63) (369) (165) Total (133) (58) (257) (2,148) (2,063) (4,590) (193) (125) (57) (248) (2,015) (2,086) (4,491) (176)
Basis A1 – with DPF = Insurance contracts issued wi th direct participation features – Life segment Basis A2 – without DPF = Insurance contracts issued without direct participation features – Life segme nt Basis A1 + Basis A2 = Life segment Basis A3 = Insurance contracts issued without direc t participation features – Non-Life segment – MV Basis A4 = Insurance contracts issued without direc t participation features – Non-Life segment – Non-M V Basis A3 + Basis A4 = Non-Life segment
3 Notes to the Financial Statements
84 6. Gains/losses on financial assets and liabilities at fair value through profit or loss Amounts in €m
30/6/2026 30/6/2025 % var.
Net gains/losses::
on other financial assets mandatorily at fair value 434 206 110.5 on financial assets/liabilities held-for-trading 472 40 1,083.6 on financial assets/liabilities at fair value throu gh profit or loss (175) 102 (271.1) Total net gains/losses 731 349 109.5
7. Gains/losses on investments in associates and in terests in joint ventures
At 30 June 2026, they amounted to €104m (€127m at 3 0/6/2025) and included the contribution from the co nsolidation of BPER Banca using the equity method, amounting to €103m (€122m at 30/6/2025 including, as of that date, the contri bution of the investment held at that time in BPSO).
8. Gains/losses on other financial assets and liabi lities and investment property Gains on other financial assets and liabilities and investment property Amounts in €m
30/6/2026 30/6/2025 % var.
Interests
on financial assets at amotised cost 54 78 (31.1) on financial assets at fair value through OCI 862 711 21.2
Other income
from investment property 66 63 5.3 from financial assets at fair value through OCI 139 102 36.8
Realised gains
on investment property 3 2 n.s.
on financial assets at fair value through OCI 52 43 20.3 on financial liabilities at amortised cost Unrealised gains and reversals of impairment losses on financial assets at fair value through OCI 12 7 73.7 on other financial liabilities 2 3 (18.5) Foreign exchange gains 7 3 176.5 Total 1,200 1,011 18.7
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
85 Losses on other financial assets and liabilities an d investment property Amounts in €m
30/6/2026 30/6/2025 % var.
Interests:
on other financial liabilities (93) (96) (3.8)
Other charges:
from investment property (29) (23) 25.7 from financial assets at fair value through OCI (2) (1) 164.7 from other financial liabilities (1) (3) (52.7)
Realised losses:
on investment property on financial assets at fair value through OCI (39) (48) (17.7) Unrealised losses and impairment losses:
on investment property (34) (43) (23.1) on financial assets at fair value through OCI (9) (54) (84.0) on other financial assets 1 (10) (113.6) on other financial liabilities Foreign exchange losses (4) (45) (92.0) Total (209) (323) (35.3)
The Unrealised losses and impairment losses relatin g to investment property refer to depreciation of € 24m and impairment losses of €10m (at 30/6/2025, they related to depreciation of €27m and impairment losses of €16m).
10. Net finance expenses/income relating to insuran ce contracts issued
The item includes net expenses of €1,106m (€792m at 30/6/2025) and relate to:
- for €995m (€750m at 30/6/2025) to net costs due to the application of the option to reduce to zero the net financial profitability recognised in the Income Statement arising from the assets underlying insurance contracts accounted fo r under the VFA method
(so-called “mirroring”);
- for the remainder, equal to net expenses of €111m ( net expenses of €42m at 30/6/2025), to the effects of the capitalisation of the cash flows accounted for with the BBA or PAA at the locked-in rate and to the effects of exchange rate adjustments. The significant change is attributable, among other things, to an a dverse exchange rate effect compared with the previ ous year.
11. Net finance income/expenses relating to reinsur ance contracts held
Net finance income relating to reinsurance contract s held came to €8m (net expenses of €6m at 30/6/202 5).
3 Notes to the Financial Statements
86 13. Other revenue/costs Amounts in €m
30/6/2026 30/6/2025 % var.
Extraordinary gains 11 16 (32.0) Other income 971 994 (2.3) Other costs (259) (310) (16.5) Total Other revenue/costs 723 700 3.4
The items Other income and Other costs include reve nue and costs typical of non-insurance companies.
14. Operating expenses
These amounted to €379m (€321m at 30/6/2025), of wh ich €38m related to investment management expenses (€35m at 30/6/2025) and €341m related to other administrative expenses not included in the calculation of insurance liabilitie s and assets and not allocated to insurance contract acquisition costs and investment management expenses (€286m at 30/6/2025).
16. Net impairment losses/reversals on property, pl ant and equipment
These amounted to €245m (€278m at 30/6/2025) and ma inly relate to depreciation of property, plant and equipment.
17. Net impairment losses/reversals on intangible a ssets
These amounted to €92m (€76m at 30/6/2025) and rela te exclusively to amortisation of intangible assets .
20. Income tax
Against pre-tax profit of €1,277m, taxes pertaining to the period of €364m were recorded, correspondin g to a tax rate of 28.5% (28.5% at 30/6/2025).
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
87 3. Other Information
3.1 Earnings/(loss) per share Amounts in €m
30/6/2026 30/6/2025
Profit/loss allocated to ordinary shares (€m) 850 588 Weighted average of shares outstanding during the y ear (no./m) 718 717 Basic and diluted earnings (loss) per share ( € per share) 1.18 0.82
3.2 Dividends
The Unipol Shareholders’ Meeting held on 29 April 2 026, in view of the Parent Unipol’s positive financ ial result at 31 December 2025 amounting to €1,640m (as shown in the financial sta tements drawn up in accordance with national accoun ting standards), approved the distribution of dividends amounting to €1.12 per sh are and, taking into account the treasury shares he ld, totalling approximately €804m.
The Shareholders’ Meeting also set the dividend pay ment date for 20 May 2026 (ex-dividend date 18/5/20 26 and record date 19/5/2026).
3.3 Non-current assets or assets of a disposal group held for sale and discontinued
operations
At 30 June 2026, the reclassifications made in appl ication of IFRS 5 to assets item 6.1 amounted to €3 3m, of which €32m related to properties held for sale (€30m at 31/12/2025, of wh ich €29m related to properties held for sale).
3.4 Transactions with related parties
The Group companies that provide various types of s ervices to other Group companies are: Unipol, UniSa lute, SiSalute, Siat, UnipolService, UnipolGlass, Unipol Welfare Solution s, UnipolAssistance, UnipolRental, UnipolTech, Leit hà, UnipolHome, WelBee, Tantosvago, DaVinci, Società e Salute, UnipolPay, A rca Vita, Arca Inlinea, Arca Sistemi and Arca Direc t Assicurazioni.
For a detailed description of the services provided , please make reference to the 2025 Consolidated Fi nancial Statements.
Furthermore, note that the Group companies, also in cluding companies not mentioned above, enter into o rdinary relations with one
another regarding:
- insurance and reinsurance;
- leasing of property;
- long-term vehicle rental;
- agency mandates;
- secondment of personnel.
No atypical or unusual transactions were carried ou t in the execution of these services.
Fees are mainly calculated on the basis of the exte rnal costs incurred, for example the costs of produ cts and services acquired from suppliers, and the costs resulting from activities carried out directly, i.e., generated by their own staff, and taking account of:
- performance targets set for the provision of the se rvice to the company;
- strategic investments required to ensure the agreed levels of service.
The following elements are specifically taken into consideration:
- personnel costs;
3 Notes to the Financial Statements
88
- operating costs (logistics, etc.);
- general costs (IT, consultancy, etc.).
As regards services rendered by Leithà, the conside ration was determined to the extent equal to costs, as previously defined, to which a mark-up was applied, which is the operating margin for the service rendered.
The costs for financing activities are calculated b y applying a fee on managed volumes. The services p rovided by UniSalute (except for operating services provided to SiSalute for which t he costs are split), SiSalute and UnipolService pro vide for fixed prices.
The Parent Unipol exercised the Group tax consolida tion option governed by Title II, Chapter II, Secti on II of Italian Presidential Decree 917/86 (the Consolidated Income Tax Act, Articles 1 17 et seq.) as consolidating entity, jointly with t he companies belonging to the Unipol Group meeting the established regulatory requiremen ts over time. The option has a three-year duration and is renewed automatically unless cancelled.
___________________________________________________ ___________________________________________________ ___________________________________________________ __________________________
The following table shows transactions with related parties (associates and other companies) carried o ut during the first half of 2026, as laid down in IAS 24 and in Consob Communication no. DEM/6064293/2006. It should be noted that the appl ication scope of the Procedure to perform transactions with related part ies, adopted pursuant to Consob Regulation no. 1722 1 of 12 March 2010, as amended, also includes some counterparties that are included , on a voluntary basis, pursuant to Art. 4 thereof, including the company Coop Alleanza 3.0 Società Cooperativa (shown, together with other items, in the following table under item “Others”) .
Transactions with subsidiaries have not been recogn ised since in drawing up the Consolidated Financial Statements transactions among Group companies consolidated using the line-by-line method have been eliminated as part of the normal consolidation process.
Amounts in €m Information on transactions with related parties
Associates Others Total % inc. (1) % inc. (2) Financial assets at amortised cost 9 9 0.0 0.4 Financial assets at fair value through OCI 20 20 0.0 0.9 Other financial assets 31 2 33 0.0 1.6 Other assets 117 117 0.1 5.5 Cash and cash equivalents 1,065 1,065 1.1 50.2
TOTAL ASSETS 1,243 2 1,245 1.3 58.7
Financial liabilities at amortised cost 270 270 0.3 12.7 Payables 29 29 0.0 1.4
OTHER LIABILITIES 15 15 0.0 0.7
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 237 237 0.3 11.2
Insurance service expenses from insurance contracts issued (22) (22) (1.7) (1.0) Interest income calculated with the effective inter est method 1 1 0.1 0.0 Interest expense (6) (6) (0.5) (0.3) Other income/Charges 2 2 0.2 0.1 Other revenue/costs 17 17 1.3 0.8 Operating expenses: (2) (1) (3) (0.2) (0.1)
(1) Percentage based on total assets in the consoli dated statement of financial position recognised un der shareholders’ equity, and on pre-tax profit/(lo ss) for income statement items.
(2) Percentage on total net cash flow from operatin g activities mentioned in the statement of cash flo ws.
Financial assets at amortised cost from associates included €1m relating to receivables from insurance brokerage agencies for agents’ reimbursements, €6m of interest-free loans disburse d by Unipol to the associate Borsetto and €2m in de posits held by the companies of the Group with BPER Banca.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
89 Financial assets at fair value through other compre hensive income from associates related to listed de bt securities issued by BPER Banca, subscribed by Group companies.
The item Other financial assets from associates mai nly included €3m in receivables from insurance brok erage agencies for commissions, €4m in receivables relating to contributions paid b y Unipol to U.C.I. (Ufficio Centrale Italiano) and €12m in receivables from Finitalia for premiums it had advanced for the service concerning the split payment of policies.
Other assets included current accounts, temporarily unavailable, that Unipol has opened with BPER Banc a.
Cash and cash equivalents included the balances of current accounts opened by Group companies with BPE R Banca.
The item Financial liabilities at amortised cost du e to associates related to loans and mortgages gran ted by BPER Banca to Group companies, of which €260m disbursed to UnipolRental .
Payables included payables for commissions due to B PER Banca for the placement of insurance products, in addition to payables for other services rendered.
Other liabilities refer to invoices to be received.
Insurance service expenses from insurance contracts issued included costs for commissions paid to insu rance brokerage agencies (€17m) and commissions paid to BPER Banca for the p lacement of insurance policies issued by Group comp anies (€4m).
The item Interest income calculated with the effect ive interest method included interest income on lis ted debt securities issued by BPER Banca subscribed by Group companies.
The item Interest expense mainly refers to interest expense paid by the subsidiary UnipolRental for lo ans and mortgages granted by BPER Banca.
The item Other income/charges included lease paymen ts relating to properties leased to BPER Banca by G roup companies.
The item Other revenue/costs included interest inco me accrued on current accounts held by Group compan ies with BPER Banca.
Operating expenses included the costs of managing b anking relations with BPER Banca.
3.5 Information on personnel
30/6/2026 31/12/2025 variation Total number of Unipol Group employees 13,815 13,187 628 of which on a fixed-term contract 996 596 400 Full Time Equivalent – FTE 13,292 12,691 601
The foreign company employees (1,241) include 485 i nsurance agents.
The increase of 628 in the number of personnel at 3 0 June 2026 compared to 31 December 2025 is due, ne t of movements to fixed-term contracts or for seasonal work started and complete d in the half-year period, to 983 new hires and 355 exits.
Share -based compensation plans
The Unipol Group pays variable benefits (long-term incentives) to the General Manager, Key Managers an d other senior executives under closed three-year, share-based compensation plans b y which Unipol and former UnipolSai shares (perform ance shares) are granted if specific targets of profitability, creation of valu e for shareholders and ESG sustainability are achie ved.
The 2019-2021 Performance share-based compensation plans, if the prerequisites were met, envisaged for short-term incentives the assignment of former UnipolSai and Unipol shares in the year following the year of accrual. With regar d to long-term incentives, if the prerequisites were met, it envisaged the assignment of former UnipolSai and Unipol shares in at least three annual tranches starting from 2023.
The 2022-2024 Performance share-based compensation plans, if the prerequisites are met, envisages the assignment of the same shares in at least three annual tranches with effec t from 2026.
The 2025-2027 Performance share-based compensation plans, if the prerequisites are met, envisages the assignment of Unipol shares in at least three annual tranches with effect from 2029.
In March 2026, 349,240 Unipol shares (of which 226, 384 related to shares in the merged entity UnipolSa i) as part of a long-term incentive plan for the 2019-21 financial years, as well as 1, 718,875 Unipol shares as part of a long-term incent ive plan for the 2022-24 financial years.
3 Notes to the Financial Statements
90 Furthermore, during May 2026, 2,550 Unipol shares w ere granted to eligible executives as a short-term incentive relating to the financial years 2023 and 2025.
The Information Documents, prepared pursuant to Art . 114-bis of the Consolidated Law on Finance and Ar t. 84-bis of Consob Issuers’ Regulation no. 11971/1999, are available on the res pective websites, in the Governance/Shareholders me etings section.
3.6 Non-recurring significant transactions and event s
There were no non-recurring significant transaction s and events during the half-year period in additio n to those set out in the Management Report.
3.7 Atypical and/or unusual positions or transactio ns
In the first half of 2026, there were no atypical a nd/or unusual transactions that, because of their s ignificance, importance, nature of the counterparties involved in the transaction, transfe r pricing procedures, or occurrence close to the en d of the year, could give rise to doubts relating to: the accuracy and completeness o f the information in these Condensed Consolidated H alf-Yearly Financial Statements, a conflict of interest, the safeguardin g of the company’s assets or the protection of non- controlling shareholders 3.8 Analysis of recoverability of goodwill with ind efinite useful life (impairment test)
In the context of the preparation of the consolidat ed financial report at 30 June 2026 of Unipol (“Int erim Report”), sensitivity analyses were carried out, as specified herein, relating to the results of the impairment testing performed at 31 December 2025, with reference to the recoverable amount of goodwill allocated to the Non-Life and Life CGUs.
To this end, in applying the same methodological ap proach adopted at the time of the impairment test a t 31 December 2025, the sensitivity analyses developed took into considerat ion the following determining factors:
- Non-Life CGU: (i) update at 30 June 2026 of Own Fun ds and of the Solvency Capital Requirement (“SCR”); (ii) update of the discount rate at 30 June 2026 (in the risk-free rat e, risk premium, Beta components) of the prospectiv e cash flows theoretically available and of the terminal value, to take accoun t of the developments in the first half of 2026.
- Life CGU: (i) update at 30 June 2026 of Own Funds a nd of the Solvency Capital Requirement (“SCR”); (ii ) update of the discount rate at 30 June 2026 (in the risk-free rate, risk p remium, Beta components) of the prospective cash fl ows theoretically available and of the terminal value, to take account of the d evelopments in the first half of 2026.
These simulations show the staying power of the car rying amount of the aforementioned goodwill, booked to the consolidated financial statements of Unipol at 31 December 2025 and 30 Jun e 2026, also upon a change in the parameters subjec t to analysis.
The development in the discount rates (cost of equi ty) is reported below, broken down for the Non-Life CGU and the Life CGU, in continuity with what was recognised at 31 December 2025, to take into account the changes in the half- year period:
Estimate Cost of Equity Danni 31/12/25 30/6/26 Risk free rate (a) 3.46% 3.77% Risk Premium (b) 5.68% 5.51% Beta average adj (c) 0.96 0.97 Specific Risk Premium (d) 0.40% 0.40% Costo del Capitale 9.29% 9.52%
(a): Average yield on 10-year BTP in the last three months, October-December 2025 and April-June 2026, respectively.
(b): Exponentially weighted moving average (exponen tial smoothing) of the last three values, recorded on a half-yearly basis, taking as a reference the “ current risk premium for a mature equity market” an d the “average cash flow yield last 10 years” estimat ed by Mr. Damodaran in the twelve months prior to t he measurement date.
(c): Adjusted 2-year beta relating to a sample of E uropean listed companies considered comparable.
(d): A Specific Risk Premium was taken into account due to the presence, in the Non-Life CGU, of compa nies operating in diversified sectors.
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
91 Stima Cost of Equity Vita 31/12/25 30/6/26 Risk free rate (a) 3.46% 3.77% Risk Premium (b) 5.68% 5.51% Beta average adj (c) 1.13 1.07 Costo del Capitale 9.90% 9.67%
(a): Average yield on 10-year BTP in the last three months, October-December 2025 and April-June 2026, respectively.
(b): Exponentially weighted moving average (exponen tial smoothing) of the last three values, recorded on a half-yearly basis, taking as a reference the “ current risk premium for a mature equity market” an d the “average cash flow yield last 10 years” estimat ed by Mr. Damodaran in the twelve months prior to t he measurement date.
(c): Adjusted 2-year beta relating to a sample of E uropean listed companies considered comparable.
The comparison between the results at 31 December 2 025 and those deriving from the sensitivity analysi s at 30 June 2026 are reported
below:
Amounts in €m
31/12/2025 Recoverable
amount (a) Allocation of goodwill Excess Non-Life CGU 3,281 1,573 1,709 Life CGU 1,368 322 1,046 Total 4,649 1,895 2,754
(a): Recoverable amount obtained as the difference between the pro-rata value of the CGU and the pro-r ata Adjusted Shareholders’ equity Amounts in €m
30/06/2026 Recoverable
amount (a) Allocation of goodwill Excess (b) Non-Life CGU 2,929 1,573 1,356 Life CGU 1,317 322 995 Total 4,246 1,895 2,351
(a): Recoverable amount obtained as the difference between the pro-rata value of the CGU and the pro-r ata Adjusted Shareholders’ equity (b): The excess indicated provides for a g-rate of 1.5%, unchanged compared to 31 December 2025
A Sensitivity test is also reported, highlighting t he rate that eliminates the aforementioned excess i n the event of a g rate of 1.5% and
0%, respectively:
Amounts in €m
Recoverable Amount - Goodwill Delta = 0
Recoverable
Amount -
Goodwill Delta Sensitivity (Value range) (g rate assumed to be 1.5) (g rate assumed to be 0) CGU Min Max g Discounting rate g Discounting rate Unipol - Non-Life 1,356 1,051 1,735 1.50% 12.75% 0% 12.82%
Amounts in €m
Recoverable Amount - Goodwill Delta = 0
Recoverable
Amount -
Goodwill Delta Sensitivity (Value range) (g rate assumed to be 1.5) (g rate assumed to be 0) CGU Min Max g Discounting rate g Discounting rate Unipol - Life 995 891 1,125 1.50% 18.71% 0% 19.63%
3 Notes to the Financial Statements
92 3.9 Details of other consolidated comprehensive inc ome
Items 30/6/2026 30/6/2025 1 Profit (Loss) for the period 913 622 2 Other income items net of taxes not reclassified to profit or loss 93 147 2.1 Portion of valuation reserves of equity investments valued at equity (1) 25 2.2 Change in the revaluation reserve for intangible as sets 2.3 Change in the revaluation reserve for property, pla nt and equipment 2.4 Financial revenues or costs relating to insurance c ontracts issued (29) (102) 2.5 Gains and losses on non-current assets or disposal groups held for sale 2.6 Actuarial gains and losses and adjustments relating to defined benefit plans (3) (6) 2.7 Gains or losses on equity instruments at fair value through OCI 166 283 a) change in fair value (87) 318 b) transfers to other shareholders' equity componen ts 254 (35) 2.8 Reserve deriving from variation on credit risk on f inancial liabilities at fair value through profit o r loss a) change in fair value b) transfers to other shareholders' equity componen ts 2.9 Other items:
a) change in fair value (hedged instrument) b) change in fair value (hedging instrument) c) other changes in fair value 2.10 Income taxes relating to other revenue components w ithout reclassification in the Income Statement (41) (54) 3 Other income items net of taxes reclassified to pro fit or loss (42) (71) 3.1 Change in the reserve for foreign currency translat ion differences 4 1 a) changes in value 4 1 b) reclassification in the Income Statement c) other changes 3.2 Gains or losses on financial assets (other than equ ity instruments) at fair value through OCI (60) (133) a) changes in fair value 92 (125) b) reclassification in the Income Statement (151) (8)
- credit risk adjustments (8) 6
- gains/losses on sale (144) (14) c) other changes 3.3 Gains or losses on cash flow hedges (18) (44) a) changes in fair value (18) (44) b) reclassification in the Income Statement c) other changes 3.4 Gains or losses on hedges of a net investment in fo reign operations a) changes in fair value b) reclassification in the Income Statement c) other changes 3.5 Portion of valuation reserves of equity-accounted i nvestments: (6) a) changes in fair value (5) b) reclassification in the Income Statement (2) (3)
- impairment losses
- gains/losses on sale (2) (3) c) other changes 1 3 3.6 Financial revenues or costs relating to insurance c ontracts issued 21 69 a) changes in fair value 21 69 b) reclassification in the Income Statement c) other changes
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
93 Amounts in €m
Items 30/6/2026 30/6/2025 3.7 Financial revenues or costs relating to reinsurance transfers (2) 1 a) changes in fair value (2) 1 b) reclassification in the Income Statement c) other changes 3.8 Gains and losses on non-current assets or disposal groups held for sale a) changes in fair value b) reclassification in the Income Statement c) other changes 3.9 Other items:
a) changes in fair value b) reclassification in the Income Statement c) other changes 3.10 Income taxes relating to other revenue components w ith reclassification in the Income Statement 18 33
4 TOTAL OF OTHER COMPONENTS OF THE COMPREHENSIVE INCO ME STATEMENT
(Sum of items 2.1 to 3.10) 51 76
5 TOTAL CONSOLIDATED COMPREHENSIVE INCOME (Items 1 + 4) 964 694
5.1 of which: attributable to the owners of the Parent 935 671 5.2 of which: attributable to non -controlling interests 29 23
3 Notes to the Financial Statements
94 3.10 Information by operating segment Statement of financial position by business segment
NON -LIFE BUSINESS LIFE BUSINESS
Asset items 30/6/2026 31/12/2025 30/6/2026 31/12/2025
1 INTANGIBLE ASSETS 2,221 2,249 359 361
2 PROPERTY, PLANT AND EQUIPMENT 2,973 3,052 197 192
3 INSURANCE ASSETS 614 628 26 17
3.1 Insurance contracts issued that are assets 3 3 1 3.2 Reinsurance transfers classifiable as assets 611 625 25 17
4 INVESTIMENTS 15,998 14,785 60,679 58,198
4.1 Investment property 177 166 914 914 4.2 Investments in associates and interests in joint ventures 6 6 4.3 Financial assets at amortised cost 1,148 1,483 90 396 4.4 Financial assets at fair value through OCI 11,445 10,420 39,149 37,529 4.5 Financial assets at fair value through profit or lo ss 3,221 2,710 20,526 19,359
5 OTHER FINANCIAL ASSETS 910 919 146 224
6 OTHER ASSETS 1,482 2,313 996 1,175
7 CASH AND CASH EQUIVALENTS 340 401 792 590
TOTAL ASSETS 24,537 24,348 63,196 60,758
1 SHAREHOLDERS' EQUITY 3,399 2,999 2,610 2,063
2 PROVISIONS FOR RISKS AND CHARGES 613 654 62 64
3 INSURANCE LIABILITIES 14,631 14,262 43,276 42,207
3.1 Insurance contracts issued that are liabilities 14, 592 14,207 43,250 42,188 3.2 Reinsurance transfers classifiable as liabilities 3 9 55 26 19
4 FINANCIAL LIABILITIES 4,108 4,276 16,706 15,768
4.1 Financial liabilities at fair value through profit or loss 169 134 15,301 14,377 4.2 Financial liabilities at amortised cost 3,938 4,141 1,405 1,391
5 PAYABLES 634 672 83 330
6 OTHER LIABILITIES 1,152 1,485 458 325
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 24,537 24,348 63,196 60,758
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
95
Amounts in €m
BANKING ASSOCIATES OTHER BUSINESSES INTERSEGMENT ELIMINATIONS TOTAL
30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025 30/6/2026 31/12/2025 31 31 2,610 2,642 1,038 992 4,209 4,235
639 645
3 3
636 642
3,272 3,103 1,641 1,699 (765) (787) 80,824 76,997 858 883 1,949 1,963 3,272 3,103 15 15 3,294 3,124 705 734 (765) (787) 1,179 1,826 51 59 50,644 48,008 11 9 23,758 22,076 102 88 (94) (91) 1,064 1,140 98 94 (7) (7) 2,569 3,577 138 214 (3) (25) 1,267 1,180 3,272 3,103 3,047 3,118 (869) (910) 93,182 90,416 3,272 3,103 2,533 2,551 11,813 10,715 25 25 700 743
57,907 56,469
57,842 56,395
65 74
247 308 (769) (833) 20,293 19,520
15,471 14,512
247 308 (769) (833) 4,822 5,008 173 165 (59) (57) 832 1,110 70 69 (42) (20) 1,637 1,859 3,272 3,103 3,047 3,118 (869) (910) 93,182 90,416
3 Notes to the Financial Statements
96
Income statement by business segment
NON -LIFE BUSINESS LIFE BUSINESS
Items 30/6/2026 30/6/2025 30/6/2026 30/6/2025 1 Insurance revenues from insurance contracts issued 4,744 4,578 351 314 2 Insurance service expenses from insurance contracts issued (4,211) (4,102) (191) (182) 3 Insurance revenue from reinsurance contracts held 67 47 8 8 4 Insurance service expenses from reinsurance contrac ts held (210) (191) (12) (13) 5 Result of insurance services 390 332 156 126 6 Gains/losses on financial assets and liabilities at fair value through profit or loss 317 78 413 270 7 Gains/losses on investments in associates and inter ests in joint ventures 1 8 Gain/losses on other financial assets and liabiliti es and investment property 298 157 681 530 9 Balance on investments 616 235 1,094 800 10 Net financial costs/revenues relating to insurance contracts issued (108) (59) (998) (733) 11 Net financial revenues/costs relating to reinsuranc e transfers 8 (6) 12 Net financial result 515 171 97 67 13 Other revenue/costs 428 442 44 38 14 Operating expenses: (162) (124) (37) (34) 15 Altri oneri/proventi (287) (301) (22) (16) 16 Pre -tax Profit/(Loss)for the period 885 520 238 180
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
97
Amounts in €m
BANKING ASSOCIATES OTHER BUSINESSES INTERSEGMENT ELIMINATIONS TOTAL
30/6/2026 30/6/2025 30/6/2026 30/6/2025 30/6/2026 30/6/2025 30/6/2026 30/6/2025
5,095 4,893
(4,401) (4,284)
75 54
(222) (204)
547 459
731 349
103 122 1 4 104 127 24 8 (12) (8) 991 688 103 122 25 13 (12) (8) 1,826 1,164
(1,106) (792)
8 (6)
103 122 25 13 (12) (8) 728 366 240 213 12 8 723 700 (182) (163) (379) (321) (33) (16) (342) (334) 103 122 51 47 1,277 870
3 Notes to the Financial Statements
98 3.11 Risk Report
The Risk Report aims to provide an overview of the risk management system, the own risk and solvency a ssessment process and the Unipol Group risk profile, in compliance with the p rinciples introduced in the European Solvency II re gulations.
As regards the Internal control and risk management system adopted by the Company, reference is expres sly made to the paragraph regarding the Risk Report in Chapter 3 relating to the Notes to the 2025 Consolidated Financial Statem ents.
With reference to the sensitivity analyses on risk factors included in the 2025 Consolidated Financial Statements, the following is an estimate of the impact on shareholders’ equity resu lting from the Market Consistent Balance Sheet (MCB S), required by the Solvency II regulations, relative to a change in the curve of i nterest rates updated at 30 June 2026.
Impact with respect to central scenario Impact on MCBS Amounts in €m Sensitivities: Upward shift in rate curve interest rate: +100 bps (343) Sensitivities: Downward shift in rate curve interest rate: -100 bps 400
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
99 Information relating to exposure to sovereign debt securities
The following table shows details of Sovereign expo sures (i.e., bonds issued by central and local gove rnments and by government organisations and loans granted to them) held by th e Unipol Group at 30 June 2026.
Balance at 30 june 2026 Amounts in €m Nominal value Carrying amount Market value Italy 19,368 17,199 17,201 Financial assets at fair value through OCI 19,305 17,141 17,141 Financial assets at fair value through profit or lo ss 28 28 28 Financial assets at amortised cost 36 30 32 Spain 4,636 3,470 3,471 Financial assets at fair value through OCI 4,580 3,412 3,412 Financial assets at fair value through profit or lo ss 23 24 24 Financial assets at amortised cost 33 33 35 Portugal 399 377 377 Financial assets at fair value through OCI 399 377 377 Great Britain 171 171 171 Financial assets at fair value through OCI 171 171 171 Ireland 268 229 229 Financial assets at fair value through OCI 268 229 229 Germany 562 321 321 Financial assets at fair value through OCI 562 321 321 Canada 40 40 40 Financial assets at fair value through OCI 40 40 40 Belgium 1,287 948 948 Financial assets at fair value through OCI 1,287 948 948 Slovenia 176 161 161 Financial assets at fair value through OCI 176 161 161 Serbia 155 152 152 Financial assets at fair value through OCI 81 77 77 Financial assets at amortised cost 75 75 75 Israel 56 55 55 Financial assets at fair value through OCI 56 55 55 Mexico 369 340 340 Financial assets at fair value through OCI 369 340 340 Poland 216 221 221 Financial assets at fair value through OCI 216 221 221 Latvia 85 76 76 Financial assets at fair value through OCI 85 76 76 Chile 114 111 111 Financial assets at fair value through OCI 114 111 111 Cyprus 53 50 50 Financial assets at fair value through OCI 53 50 50 France 7,281 4,057 4,057 Financial assets at fair value through OCI 7,281 4,057 4,057 Austria 40 34 34 Financial assets at fair value through OCI 40 34 34
3 Notes to the Financial Statements
100 cont. from previous page Balance at 30 june 2026 Amounts in €m Nominal value Carrying amount Market value Finland 67 47 47 Financial assets at fair value through OCI 67 47 47 Netherlands 72 64 64 Financial assets at fair value through OCI 72 64 64
USA 35 35 35
Financial assets at fair value through OCI 35 35 35 Slovakia 518 467 467 Financial assets at fair value through OCI 518 467 467 Lithuania 244 245 245 Financial assets at fair value through OCI 244 245 245 China 55 49 49 Financial assets at fair value through OCI 55 49 49 Croatia 62 61 61 Financial assets at fair value through OCI 62 61 61 Romania 204 191 191 Financial assets at fair value through OCI 204 191 191 Turkey 96 91 91 Financial assets at fair value through OCI 96 91 91 Peru 49 41 41 Financial assets at fair value through OCI 49 41 41 Hong Kong 50 35 35 Financial assets at fair value through OCI 50 35 35 South Korea 22 18 18 Financial assets at fair value through OCI 22 18 18 Greece 10 9 9 Financial assets at fair value through OCI 10 9 9 Bulgaria 200 201 201 Financial assets at fair value through OCI 200 201 201 Luxembourg 4 4 4 Financial assets at fair value through OCI 4 4 4 Australia 10 10 10 Financial assets at fair value through OCI 10 10 10 Brazil 21 21 21 Financial assets at fair value through OCI 21 21 21 Morocco 11 11 11 Financial assets at fair value through OCI 11 11 11 Colombia 31 32 32 Financial assets at fair value through OCI 31 32 32 Hungary 128 133 133 Financial assets at fair value through OCI 128 133 133 Iceland 7 7 7 Financial assets at fair value through OCI 7 7 7
TOTAL 37,172 29,783 29,786
The carrying amount of the Sovereign exposures repr esented by debt securities at 30 June 2026 totalled €29,783m, 58% of which is concentrated on securities issued by the Italian St ate (63% at 31/12/2025). Moreover, the bonds issued by the Italian State account for 26% of total investments of the Unipol Group (28% a t 31/12/2025).
Milan, 6 August 2026
The Board of Directors
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4.Statement on the Consolidated Half -Yearly Financial Statements in accordance with art. 81 -ter of Consob regulation 11971/1999
Unipol Group - Consolidated interim financial report at 30 Jun e 2026
103
STATEMENT ON THE CONDENSED CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS
IN ACCORDANCE WITH ART. 81-ter OF CONSOB REGULATION NO. 11971 OF 14 MAY 1999 AND
SUBSEQUENT AMENDMENTS AND ADDITIONS
1. The undersigned, Matteo Laterza, as Chief Executive Officer, and Francesco Masci, as Manager in charge of financial reporting of Unipol Assicurazio ni S.p.A., hereby certify, also taking into account the provisions of Art. 154-bis, paragraphs 3 and 4 of Italian Legislative Decree no. 58 of 24 February 1998:
• the adequacy in relation to the characteristics of the company and • the effective application, of the administrative and accounting proce dures for the preparation of the condensed consolidated half-yearly financial statements for t he first half of 2026.
2. The assessment of the adequacy of the administrativ e and accounting procedures for preparing the condensed consolidated half-yearly financial st atements at 30 June 2026 is based on a process defined by Unipol Assicurazioni S.p.A., inspired by the COSO Framework (Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Tread way Commission), internationally recognised as the reference standa rds for the implementation and evaluation of internal control systems.
3. It is also certified that:
3.1. the condensed consolidated half-yearly financial st atements at 30 June 2026:
− were drafted in compliance with the IAS/IFRS Intern ational Accounting Standards adopted by the European Union in accordance with EC Regulation no. 1606/2002, and Italian Legislative Decree no. 38/2005, Italian Le gislative Decree no. 209/2005 and the applicable IVASS provisions, regulations and circul ars;
− correspond to the book results and accounting recor ds;
− are suitable for providing a true and fair view of the equity, economic and financial situation of the issuer and of the consolidated com panies;
3.2. the interim Management Report includes a reliable a nalysis of the references to the significant events that occurred in the first six m onths of the year and their impact on the condensed consolidated half-yearly financial statem ents, together with a description of the main risks and uncertainties for the remaining six months of the year. The interim Management Report also includes a reliable analysis of the information on relevant transactions with related parties.
Bologna, 6 August 2026
The Manager in charge of financial reporting Francesco Masci The Chief Executive Officer
Matteo Laterza
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5.Independent Auditors’ Report
108
Unipol Assicurazioni S.p.A.
Registered Office
Via Stalingrado, 45 40128 Bologna (Italy)
unipol@pec.unipol.it
ph. +39 051 5076111 fax +39 051 5076666
Share capital
€ 3,365,292,408.03 fully paid-up Bologna Register of Companies T ax No. 00284160371
V A T No. 03740811207
R.E.A. No. 160304
Company entered in Section I of the Insurance and Reinsurance Companies List at No. 1.0083 and parent company of the Unipol Insurance Group, entered in the Register of the parent companies No. 046
unipol.com
Unipol Assicurazioni S.p.A.
Registered Office
Via Stalingrado, 45 40128 Bologna (Italy) unipol.com