UnipolSai Assicurazioni S.p.A.

Unipol reported first-half net profit of more than EUR 900 million, up almost 50% year on year. Non-Life premium increased almost 4%, and the combined ratio improved to less than 92%. Life business delivered net inflows of almost EUR 800 million. The official Solvency II ratio was 259%, while management highlighted a 290% solvency position for the insurance group. Looking ahead, management said the dividend expectation for 2026 remains EUR 930 million, and it expects to maintain strong capital generation and fund the planned transaction with Monte dei Paschi/BPER-related steps.

CEO Matteo Laterza framed the quarter as proof of the resilience and consistency of Unipol’s model, stressing that growth came with better profitability rather than weaker discipline. He highlighted technical profitability in Non-Life, profitable Life growth, strong recurring investment income, and capital generation as the main value drivers. He also emphasized that the group is ahead of its strategic plan on Non-Life combined ratio and remains confident in its dividend capacity.

Enrico Pietro gave more color on the investment and capital trends. Excluding the volatile SpaceX mark-to-market, he said the overall investment yield in P&C and Life was close to 6%, with a prudent run-rate view of about 5% from coupons and dividends and closer to 4% if dividends are stripped out for the second half. He also pointed to a very strong capital position, noting the 259% Solvency II ratio, the 290% insurance-group solvency level, and a 4 percentage point positive contribution from the partial internal model approval on nat cat exposure. He said the group is preparing to use excess capital for the planned acquisition of the Monte dei Paschi carve-out and reiterated the EUR 930 million dividend floor.

Analysts focused on the sustainability of investment income, Health growth, nat cat exposure, Non-Life pricing, the Intesa/Monte dei Paschi carve-out agreement, dividend policy, and the future structure of the banking stake. Management said the underlying portfolio yield excluding SpaceX is about 6%, with a cautious second-half run-rate view of about 5% or around 4% if dividend income is excluded from the seasonal first-half pattern. On Health, management said growth was subdued because bancassurance and agency channels were already very strong, but expected acceleration in the second half from new corporate contracts. On nat cat, management said first-half losses were around EUR 150 million and July storms were significant but still consistent with the budgeted EUR 550 million full-year expectation.