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CAP - Comunicato stampa Unipol – Fitch alza il rating IFS di Unipol ad “A” con outlook stabile

Company: Unipol Date: 2025-08-01 Language: English Register to download
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| Informazione<br>Regolamentata n.<br>0265-101-2025 | Data/Ora Inizio Diffusione<br>1 Agosto 2025 07:38:30 |                                                                                             | Euronext Milan |
|---------------------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------|----------------|
| Societa'                                          | :                                                    | UNIPOL                                                                                      |                |
| Identificativo Informazione<br>Regolamentata      | :                                                    | 208693                                                                                      |                |
| Utenza - referente                                | :<br>UNIPOLN08 - Nerdi Alessandro                    |                                                                                             |                |
| Tipologia                                         | :                                                    | 3.1                                                                                         |                |
| Data/Ora Ricezione                                | :                                                    | 1 Agosto 2025 07:38:30                                                                      |                |
| Data/Ora Inizio Diffusione                        | :                                                    | 1 Agosto 2025 07:38:30                                                                      |                |
| Oggetto                                           | :                                                    | Comunicato stampa Unipol – Fitch alza il rating<br>IFS di Unipol ad "A" con outlook stabile |                |
| Testo<br>del<br>comunicato                        |                                                      |                                                                                             |                |

Vedi allegato

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# FITCH ALZA IL RATING IFS DI UNIPOL AD "A" CON OUTLOOK STABILE

Il rating di Unipol è di 3 notches superiore a quello dell'Italia (BBB positivo)

#### Bologna, 1 agosto 2025

Unipol Assicurazioni S.p.A. ("**Unipol**") comunica che Fitch Ratings (Fitch) ha migliorato l'Insurer Financial Strength (**IFS**) Rating di Unipol ad 'A' da 'A-' e il Long-Term Issuer Default Rating (IDR) ad 'A-' da 'BBB+'. Gli *Outlook* sono stabili.

Nella sua decisione, Fitch ha soprattutto tenuto conto della riduzione significativa della leva finanziaria, sia attuale sia prospettica, a seguito del rimborso senza rifinanziamento a marzo di quest'anno del primo debito senior a scadere.

Di conseguenza, i ratings del debito emesso dal Gruppo sono stati tutti migliorati di 1 notch:

- Il debito senior unsecured è passato ad 'A-' da 'BBB+'
- Il debito subordinato è passato ad 'BBB' da 'BBB-'
- Il Restricted Tier 1 è passato ad 'BBB-' da 'BB+'

Inoltre, il rating della Compagnia risulta ora di 3 notches superiore a quello del Paese (BBB positivo).

Si allega il comunicato stampa emesso da Fitch.

#### **Gruppo Unipol**

È uno dei principali gruppi assicurativi in Europa e leader in Italia nei rami Danni (in particolare nei settori Auto e Salute), con una raccolta complessiva pari a 15,6 miliardi di euro, di cui 9,2 miliardi nei Rami Danni e 6,4 miliardi nei Rami Vita (dati 2024). Adotta una strategia di offerta integrata e copre l'intera gamma dei prodotti assicurativi, operando principalmente attraverso la capogruppo Unipol Assicurazioni, UniSalute (leader nella assicurazione sanitaria in Italia), Linear (assicurazione auto diretta), Arca Vita ed Arca Assicurazioni (bancassicurazione Vita e Danni, tramite gli sportelli di BPER, Banca Popolare di Sondrio e altre banche), SIAT (assicurazione trasporti), DDOR (compagnia assicuratrice operante in Serbia). È attivo inoltre nei settori immobiliare, alberghiero (UNA Italian Hospitality), medicosanitario (Santagostino) e vitivinicolo (Tenute del Cerro). Le azioni ordinarie di Unipol Assicurazioni S.p.A. sono quotate alla Borsa Italiana dal 1990 e presenti nel FTSE MIB® e nel MIB® ESG.

#### **Gruppo Unipol**

*Media Relations* Fernando Vacarini pressoffice@unipol.it *Investor Relations* Alberto Zoia investor.relations@unipol.it

#### **Barabino & Partners**

Massimiliano Parboni T. +39 335 8304078 m.parboni@barabino.it Giovanni Vantaggi T. +39 328 8317379 g.vantaggi@barabino.it

[www.unipol.com](http://www.unipol.com/en) Seguici su [Gruppo Unipol](https://www.linkedin.com/company/gruppo-unipol/) [@Unipol\\_PR](https://x.com/unipol_pr) [http://changes.unipol.it](http://changes.unipol.it/)

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31 JUL 2025

# **Fitch Upgrades Unipol's IFS Rating to 'A'; Outlook Stable**

Fitch Ratings - Frankfurt am Main - 31 Jul 2025: Fitch Ratings has upgraded Unipol Assicurazioni S.p.A.'s (Unipol) Insurer Financial Strength (IFS) Rating to 'A', from 'A-', and Long-Term Issuer Default Rating (IDR) to 'A-', from 'BBB+'. The Outlooks are Stable. A full list of rating actions is detailed below.

The upgrade reflects a big reduction in Unipol's financial leverage ratio (FLR) as its EUR1 billion senior debt matured in March 2025 and was not refinanced. This followed the completion of the merger of UnipolSai Assicurazioni S.p.A., the group's main operating company, into Unipol Gruppo S.p.A., the financial holding group, which was renamed Unipol in December 2024.

The ratings continue to reflect the company's high, although declining, investment concentration in the sovereign debt of Italy (IDR: BBB/Positive), its leading position in local non-life insurance and its very strong capitalisation.

#### **Key Rating Drivers**

**Significantly Reduced Financial Leverage:** Unipol's FLR sharply improved to around 18% at end-1Q25 from 24% at end-2024 (end-2023: 24%) following the non-refinancing of EUR1 billion senior debt that matured in March 2025. Fitch expects the company's FLR to be broadly stable in 2025 and 2026 and further reduce after the group's announcement that its outstanding EUR500 million and EUR1 billion senior debt maturing in November 2027 and September 2030, respectively, will not be refinanced.

**Very Strong Capitalisation:** Unipol's Solvency 2 coverage ratio was very strong, at 218% at end-1Q25, slightly up from 212% at end-2024. Unipol's capital position, as measured by Fitch's Prism Global model, was stable at 'Very Strong' based on end-2024 data. We expect capitalisation to remain very strong in 2025 and 2026.

**High Investment Concentration Risk:** Fitch's assessment of Unipol's investment and asset risk is driven by the group's large exposure to Italian sovereign debt. However, the group has reduced its exposure to Italian bonds over the past five years to protect its solvency capital from the volatility of government spreads. Unipol's exposure to Italian bonds was broadly stable in absolute terms, at EUR17.4 billion at end-2024. This corresponded to an unchanged 1.5x the group's consolidated shareholders' equity, including the contractual service margin after tax.

We expect Unipol's Italian sovereign investments to remain stable in absolute terms in 2025 and 2026, while the group's investment and asset risk may improve should the Italian sovereign be upgraded.

![](_page_3_Picture_1.jpeg)

**Leading Franchise in Italy:** Unipol is the largest motor and health underwriter in Italy and has a strong market position in the local life insurance sector. The group has a strong franchise and can exploit its pricing power and strong distribution capabilities through its network of agencies and bancassurance agreements.

**Strong Profitability:** Unipol's reported combined ratio in the non-life business improved to 93.6% in 2024, from 98.2% in 2023, benefitting from lower natural catastrophes claims. In 1Q25, this further improved to 91% but remained broadly stable versus 1Q24 (91.1%). The net income return on equity was 12% in 2024, down from 14% at end-2023, due to a higher equity base. Fitch expects the group's underwriting and net profitability to remain strong in 2025.

#### **RATING SENSITIVITIES**

### **Factors that Could, Individually or Collectively, Lead to Negative Rating Action/ Downgrade**

- A sustained increase in Unipol's sovereign investment concentration risk to above 2x capital

- An increase in FLR to above 23% on a sustained basis

# **Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade**

- A substantial reduction in Unipol's sovereign investment concentration risk to well below 1x capital

# **REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING**

The principal sources of information used in the analysis are described in the Applicable Criteria.

# **ESG Considerations**

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

# **Fitch Ratings Analysts**

#### **Robert Mazzuoli, CFA**

Director Primary Rating Analyst +49 69 768076 167 Fitch Ratings – a branch of Fitch Ratings Ireland Limited Neue Mainzer Strasse 46 - 50 Frankfurt am Main D-60311

#### **Federico Faccio**

![](_page_4_Picture_1.jpeg)

Senior Director Secondary Rating Analyst +44 20 3530 1394

#### **Graham Coutts, ACA**

Senior Director Committee Chairperson +44 20 3530 1654

#### **Media Contacts**

#### **Athos Larkou**

London +44 20 3530 1549 athos.larkou@thefitchgroup.com

#### **Rating Actions**

| ENTITY/DEBT                       | RATING |      |         | RECOVERY | PRIOR |
|-----------------------------------|--------|------|---------|----------|-------|
| Unipol<br>Assicurazioni<br>S.p.A. | LT IDR | A-   | Upgrade |          | BBB+  |
|                                   | LT IFS | A    | Upgrade |          | A-    |
| •<br>senior<br>unsecuredLT        |        | A-   | Upgrade |          | BBB+  |
| •<br>subordinated                 | LT     | BBB  | Upgrade |          | BBB-  |
| •<br>subordinated                 | LT     | BBB- | Upgrade |          | BB+   |
| •<br>senior<br>unsecuredLT        |        | A-   | Upgrade |          | BBB+  |

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#### **RATINGS KEY OUTLOOK WATCH**

| POSITIVE |  |
|----------|--|
| NEGATIVE |  |
| EVOLVING |  |
| STABLE   |  |

#### **Applicable Criteria**

[Insurance Rating Criteria \(pub.04 Mar 2024\) \(including rating assumption sensitivity\)](https://pro.fitchratings.com/research/article/RPT_10260889)

#### **Applicable Models**

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

Prism Global (ex-U.S.) Model, v1.8.1 [\(1\)](https://pro.fitchratings.com/research/article/RPT_1035687)

#### **Additional Disclosures**

[Solicitation Status](https://www.fitchratings.com/research/insurance/fitch-upgrades-unipol-ifs-rating-to-a-outlook-stable-31-07-2025#solicitation-status)

#### **Endorsement Status**

Unipol Assicurazioni S.p.A. EU Issued, UK Endorsed

#### **DISCLAIMER & DISCLOSURES**

All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/ understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitionsdocument details Fitch's rating definitions for each rating scale and rating categories, including definitions relating to default. ESMA and the FCA are required to publish historical default rates in a central repository in accordance with Articles 11(2) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 and The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 respectively.

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Published ratings, criteria, and methodologies are available from this site at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the Code of Conduct section of this site. Directors and shareholders' relevant interests are available at https://www.fitchratings.com/site/regulatory. Fitch may have provided another permissible or ancillary service to the rated entity or its related third parties. Details of permissible or ancillary service(s) for which the lead analyst is based in an ESMA- or FCA-registered Fitch Ratings company (or branch of such a company) can be found on the entity summary page for this issuer on the Fitch Ratings website.

In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch's factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch's ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. Fitch Ratings makes routine, commonly-accepted adjustments to reported financial data in accordance with the relevant criteria and/or industry standards to provide financial metric consistency for entities in the same sector or asset class.

The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Fitch also provides information on best-case rating upgrade scenarios and worst-case rating downgrade scenarios (defined as the 99th percentile of rating transitions, measured in each direction) for international credit ratings, based on historical performance. A simple average across asset classes presents best-case upgrades of 4 notches and worst-case downgrades of 8 notches at the 99th percentile. For more details on sector-specific best- and worst-case scenario credit ratings, please

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see [Best- and Worst-Case Measures](https://www.fitchratings.com/rating-performance#best-case/worst-case-measures) under the Rating Performance page on Fitch's website.

The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US\$1,000 to US\$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US\$10,000 to US\$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

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Copyright © 2025 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.

#### **Endorsement policy**

Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's [Regulatory Affairs](https://www.fitchratings.com/regulatory) page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.

| Fine Comunicato n.0265-101-2025 | Numero di Pagine: 10 |
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