1H26 Consolidated Results 7 August 2026
EXECUTIVE SUMMARY
2Strategic transaction progressing, with execution activities underway ▪Shareholder approval of the capital increase on 30 July, with broad support from investors beyond the committed core shareholders ▪Capital increase expected to be executed by year -endExcellent earnings delivered in 1H26 ▪Net profit of €913m, up 46.8% YoY ▪Outstanding technical performance : 91.8% Combined Ratio and strong Life profitability ▪Significant contribution from financial investments with a running yield of 5.1% Capital strength remains a key competitive advantage ▪Solvency II ratio of 259%, sustained by a solid organic capital generation ▪Robust capital position supporting strategic flexibility, future growth and dividend distribution capabilityDisciplined insurance growth ▪Broad -based growth across Non -Life (+3.6%) and Life (+4.4%) ▪Health business combining steady premium growth and continued diversification, with the Retail contribution increasing to 31% of the total Health premiums, supported by double -digit growth in the
Bancassurance channel
3AGENDA
1H26
Consolidated
Results
1 2
Appendix
1H25 1H26
Non-Life 520 885 Life 180 238 Other 47 51 Pre-tax Insurance & Other 748 1,174 Banking associates 122 103 Pre-tax total 870 1,277 Net result 622 913 Group net result 600 883REPORTED GROUP RESULTS equity -method banking associates€m
1H25 1H26
Non-Life 520 885 Life 180 238 Other 47 51 Pre-tax Insurance & Other 748 1,174 Dividend from banking associates 240 233 Pre-tax total 988 1,407 Net result 740 1,043 Group net result 718 1,014
4INSURANCE GROUP RESULTS
banking associates as financial assets The Group 1H reported results include 1Q results of banking associates 1H26 CONSOLIDATED RESULTS > REPORTED AND INSURANCE GROUP RESULTS 246m at 1H26 (244m at 1H25) 1,056m at 1H26 (743m at 1H25)Strong earnings growth (+46.8% YoY), underpinned by business performance and enhanced by investment result
5PREMIUMS
1H25 1H264,788 4,960+3.6%COMBINED RATIO
1H25 1H2692.7% 91.8%-1.0 p.p.1H26 CONSOLIDATED RESULTS > NON -LIFE BUSINESS OVERVIEW
Motor
o/w Health sectorBancassurance +10.1% YoY Health sector +4.1% YoYPRE-TAX RESULT
520885
1H25 1H26+70.3%
Financial Running Yielda Total Financial Investment Yielda5.1% 9.1%bo/w Non -Motor (excl. Health)95.5%
88.9%
86.6%Non -Motor 88.3%Premium growth driven by the Group's strategic priorities, supporting stronger market positioning and solid Non -Life profitability€m aGross investment yield on a yearly basis bIncluding the impact of the unrealized gain on the SpaceX investment as of 30 June 2026 (211 €m)
1H26 CONSOLIDATED RESULTS > NON -LIFE PREMIUM COLLECTION
€m Comp. Var.
3,837 77% +3.7% 642 13% +5.8% 180 4% +2.7% 147 3% +7.1% 81 2% -16.0% 73 1% +1.3%
4,960 100% +3.6%€mPREMIUM COLLECTION
2,498
2,290
1H252,532
2,428
1H264,7884,960
+6.0%
6+1.4%
Breakdown by
Customer SegmentUnipol Ass.ni
UniSalute
Arca Ass.ni
Linear
Siat
Ddor
TotalBreakdown by Company Non -Motor Motor+3.6%Breakdown by Business Line
88%5%7%
Agents
Bancassurance
OtherBreakdown by
Sales Channel
a Operating figures, direct business aIncluding Agencies, Head office and Brokers€m Comp. Var.
Non -Motor 2,532 51% +1.4% Health 691 14% +4.1% Accident 349 7% +3.1% Fire/Other dam. to prop. 746 15% +2.4% General TPL 374 8% -3.3% Other 372 8% -2.0% Motor 2,428 49% +6.0% Motor TPL 1,778 36% +5.2% Motor Other Damages 649 13% +8.2% Total 4,960 100% +3.6% Health business through Bancassurance channel 100% Retail +14% yoy76% 24%
Retail&SMEs
Corporate
1H26 CONSOLIDATED RESULTS > NON -LIFE COMBINED RATIO
aIncluding Health
Operating figures71H25 1H26 Combined Ratio 92.7% 91.8% Loss Ratio 65.2% 63.9% o/w Current Year undisc . attritional loss ratio 68.0% 68.3% o/w Discount -2.4% -2.8% o/w Adverse weather events + Large losses 4.2% 4.1% o/w Prior Year reserve development -4.6% -5.7% Expense Ratio 27.5% 27.9% Improved technical performance driven by pricing discipline, favourable claims trends and active management of CY attritional loss ratio alongside positive PY reserve development1H25 1H26
94.4% 95.5%
71.3% 72.2%
78.2% 78.4%
-2.7% -3.3%
1.0% 2.2%
-5.2% -5.1%
23.1% 23.3%1H25 1H26
91.3% 88.3%
59.9% 56.3%
59.1% 59.2%
-2.2% -2.4%
7.1% 5.8%
-4.1% -6.3%
31.5% 32.0%Non -Life Motor Non -Motora
81H26 CONSOLIDATED RESULTS > LIFE BUSINESS OVERVIEW
PREMIUMS
1H25 1H263,886 4,056+4.4%CSM
FY25 1H262,791 2,951+5.7%PRE-TAX RESULT
180238
1H25 1H26+32.1%
Norm. trend in line with Plan’s target Net Inflows +788 €mContinued CSM growth in all components aYoY variation determined excluding the non -recurring premium components from 1H25 figure bLife free capital. Investment yield on a yearly basisFinancial Running Yieldb Total Financial Investment Yieldb4.9% 4.9%Profitable Life growth supported by positive net inflows and improving portfolio economics€m a Stable release dynamicsa
1H26 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION
9Breakdown by Business Line Breakdown by Distribution Channel aYoY variation determined excluding the non -recurring premium components from 1H25 figure Operating figuresPREMIUM COLLECTION +4.4%a€m €m Comp. Var.
Traditional 2,499 62% +2.8% Capitalization 80 2% -16.2%a Unit linked 662 16% +34.9% Pension funds 815 20% -6.3%a Total 4,056 100% +4.4%a 1H25 1H263,886 4,056Breakdown by Company Breakdown by Market Segment
€m 1H26
Traditional + Capitaliz . +375 U. Linked + Pension funds +413 Total +788Net Inflows 9€m Comp. Var.
Unipol Ass.ni 2,074 51.1% +7.7%a Arca Vita 1,969 48.6% +1.1% Ddor 12 0.3% +2.1% Total 4,056 100% +4.4%a 71% 28% Individual Collective 1%
Corporate24%49%26%
AgentsBancassuranceHead Office
1% Other
Net inflows excluding DDORa
1H26 CONSOLIDATED RESULTS > LIFE YIELDS
10LIFE YIELDS
FY251.06%
0.68%
Segregated funds current avg. yielda Avg. yield retained by the GroupbAvg. yield to policyholders Avg. minimum guaranteed yield aCalculated at cost basis. bGross financial yield on a yearly basisFY25 1H26 Min. guar. yield €bn Comp. €bn Comp.
0% 25.4 61% 27.3 65% 0% -1% 6.5 16% 6.1 15% 1% -2% 4.1 10% 3.7 9% 2% -3% 3.7 9% 3.4 8% >3% 1.7 4% 1.6 4% Total 41.5 100% 42.2 100%Technical Reserves by Minimum Guarantee
3.35%
2.29%
1H261.08%
0.62%3.43%
2.35%
10Technical reserves of segregated funds in the existing portfolio Operating figuresHigher portfolio yields and lower guarantees enhance Life profitability
2.672.81
Buffer segregated funds current avg. yield vs. avg. minimum guaranteed (p.p.)
1H26 CONSOLIDATED RESULTS > LIFE CSM
126449350
FY25
Opening CSMNew
BusinessExpected
ReturnEconomic
VariancesOperating
Variances3,104
1H26
Closing CSM2,951
Release(153)
CSM
before Release2,791€m
aCSM Release / CSM before Release: 9.9% on a yearly basis Operating figures11CSM Roll -forward Solid CSM growth and stable release ratioareinforce future earnings visibility
1H26 CONSOLIDATED RESULTS > INVESTMENTS
Duration mismatch (years)
1217.1
Italian Govies
26.5%15.1Non -Italian Govies
23.4%
18.7Corporate/Fin.
28.9%
3.7 Equity and Funds
5.8%
3.5 Alternative Inv. 5.5% 1.5
Cash 2.3%4.9
Real Estate 7.6%Total Bonds 78.9% (50.8 €bn)
77.3%
FVOCI5.4%FVPL NL&Life free cap.6.2%FVPL Life segr. acc. 8.8%Amort. cost 2.3%OtherHigh -quality and diversified asset allocation supports superior performance and positive FVPL contribution
Market Value
Operating figures64.5 €bn Investments Accounting classification
0.91.3
Non -Life0.3 0.4
Life0.50.7
TotalFY25
1H26Sound asset -liability matching supports balance sheet resilience€bn
1H26 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS
€m 13aIncluding the impact of the unrealized gain on the SpaceX investment as of 30 June 2026 (211 €m) b1H26 total yield excluding SpaceX: 6% Gross investment yields on a yearly basis
Operating figures1H25
Non -LifeLife
free cap.Total
Coupons and dividends 301 66 367 Yield 4.4% 4.5% 4.5%
Realized/unrealized
gains/losses53 10 63 Yield 0.8% 0.7% 0.8% Total 354 76 430 Yield 5.2% 5.2% 5.2%1H26
Non -LifeLife
free cap.Total
383 108 492 5.1% 4.9% 5.1% 298 0 298a 4.0% 0.0% 3.1% 681 109 790 9.1% 4.9% 8.1%bInvestment performance underpinned by strong running yields and positive mark -to-market gains
1H26 CONSOLIDATED RESULTS > SOLVENCY II
Partial Internal Model The Insurance Group solvency ratio is an operating figure The Group (reported) solvency ratio is based on BPER prudential ratios as at 1Q26 aEligible Own Funds in excess to Solvency Capital Requirements13.7
Own Funds5.3
SCR8.4
Excess259%€bn
14Own Funds and SCR Details259% Group solvency ratio 290% Insurance Group solvency ratio
13.7 13.7
OF Fin.
OF Tier 1 OF Tier 2 OF Tier 3 SCR Fin.
SCR Ins.
Excess
a a Robust capital position supporting future growth and dividend distribution capability0.01.2 9.2 3.2
Own Funds8.4
3.0 2.2
SCR and Excess
15€bnStrong organic capital generation: 0.3 €bn excess in 1H26 (incorporating an accrued dividend of 0.47 €bn), on top of 0.5 €bn already achieved at FY25, on track to overdeliver on the 1 €bn targeta1H26 CONSOLIDATED RESULTS > ORGANIC CAPITAL GENERATION 0.8
Organic
capital generation0.0
Organic
growth financing0.8
Net organic
capital generation-0.5
Dividends0.3
Organic excess
capital generation
a1 €bn 2025 -2027 cumulated target
16AGENDA
2
Appendix 1H26
Consolidated
Results1
17APPENDIX > UNIPOL S.p.A. –DEBT INSTRUMENTS AND RATINGS
500 500
500750
2027 20281,000
2030 2034 20351,500
1,000
Senior Subordinated HybridBreakdown by Maturity
FY25 1H26
Debt instruments 3,250 4,250 Average cost 4.21% 4.65% Senior 3.25% 3.33% Subordinated/Hybrid 5.03% 5.37%Average Cost a
Rating
Moody’s Fitch
Senior Baa1 A-
Subordinated Baa2 BBB Hybridc Baa3 BBB-€m All debts represented are listed on the Luxembourg Stock Exchange and have an annual fixed coupon, except Hybrid/RT1 a1stcall date April 2030. b1stcall date July 2035. cRT1 Hybrid issued in 2026 is not rated by Moody’sb
APPENDIX > P&L BY SECTOR
€m Non -Life Life Banking Othera Total Insurance revenues 4,744 351 0 0 5,095 Insurance costs (4,211) (191) 0 0 (4,401) Reinsurance result (143) (4) 0 0 (147) Insurance services result 390 156 0 0 547 Net financial result 587 122 103 9 821 o/w Insurance finance income/expenses (100) (998) 0 0 (1,098) Interest exp. on fin. liabilities (71) (25) 0 4 (93) Other revenues/costs (20) (15) 0 37 2 Pre-tax result 885 238 103 51 1,277 Net result 604 169 103 37 913
181H26 P&L
a “Other” sector here also includes inter -segment eliminations
APPENDIX > KPIs
1H25 1H26 Var.
Premiums 8,674a9,016 +3.9%a Non-Life 4,788 4,960 +3.6% Life 3,886a4,056 +4.4%a Combined Ratio 92.7% 91.8% -1.0 p.p.
Insurance and other pre -tax result 748 1,174 Banking associates result 122 103 Pre-tax total result 870 1,277 +46.8% Net result 622 913 +46.8% Group net result 600 883 +47.2%
Insurance Group:
Net result 740 1,043 +41.1% Group net result 718 1,014 +41.2% 19FY25 1H26 Var.
Total Equity 10,715 11,813 +10.2% Group Equity 10,391 11,503 +10.7% Solvency II ratio (PIM) 230% 259% +29 p.p.
Insurance Group Solvency II ratio 279% 290% +11 p.p.€m aYoY variation determined excluding the non -recurring premium components from 1H25 figure The Group (reported) solvency ratio is based on BPER prudential ratios as at 1Q26
GLOSSARY AND METHODOLOGY
20Alternative investments : Real Assets, Private Equity and Hedge Funds Current year undiscounted attritional loss ratio : technical indicator representing the core performance of the portfolio, net of the impact of discount, adverse weather events + large losses and prior year reserve development (run-off) Financial investment yields : excluding segregated funds, Class D, DDOR, real estate, real estate funds, stakes in associates and own shares Financial running yield : gross yield from coupons and dividends Group net result : profit after tax, post -minorities Health Sector : perimeter including UniSalute + Health LoB of Unipol Assicurazioni + Health LoB of Arca Assicurazioni Insurance Group : perimeter excluding the pro -quota consolidation of the banking associates, considered as non -strategic equity investment. Conseq uently, in the Insurance Group result the contribution of the banking associates is represented only by the dividends they paid to the Group in the period Investments perimeter : perimeter excluding treasury shares, DDOR, Class D and stakes in associates Life Bancassurance : Arca Vita excluding LoB Protection Net inflows (Life) : premiums -lapses -maturities and annuities -claims Net result : profit after tax, pre -minorities Non -Life Bancassurance : perimeter including Arca Assicurazioni + LoB Protection of Arca Vita + business of UniSalute operated through the bancassurance channel Organic Capital generation : represents the change (after tax) in own funds attributable to Unipol Group’s ongoing core operations. As such, it includes e xpected return from new and existing business, contribution of banking associates and interest expense on external debt Solvency ratio and Own Funds : net of the estimate of the accrued pro -rata dividend for the period. Estimates are not an indication of the actual FY26 dividend
DISCLAIMER
21This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 1H 26 results.
Francesco Masci , Senior Executive responsible for drawing up the corporate accounts of Unipol S.p.A., declares, in accordance with Article 154 -bis, para 2, of the ‘Consolidated Finance Act’, that the accounting information reported in this document corresponds to the document contents, books and accounting records.
The content of this document does not constitute a recommendation in relation to any financial instruments issued by the company or by other companies of the Group, nor it constitutes or forms part of any offer or invitation to sell, or any solic itation to purchase any financial instruments issued by the company or by other companies of the Group, nor it may be relied upon for any investment decision by its addressees.
Numbers in the document may not add up only due to roundings .
Unless otherwise specified, all figures reported in this presentation refer to the Unipol Group and are based on in force IFR S.
INVESTOR RELATIONS CONTACTS
22Alberto Zoia
Head of Investor Relations
investor.relations@unipol.it
Analysts & Investors Carlo Latini +39 366 789 3402 Eleonora Roncuzzi +39 338 675 9605 Giancarlo Lana +39 335 455234 Operations & Investor Relations Events Silvia Tonioli +39 366 645 6610 Research & Analysis Devis Menegatti +39 366 675 3546