Unipol

Investor Presentation • Nov 7, 2025

This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 9M25 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 solicitation 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 IFRS.

2 3 1

9M25 Overview

9M25 Consolidated Results

Appendix

9M25 GROUP BUSINESS OVERVIEW

9M25 Consolidated Results 9M25 Overview 2 3 Appendix

9M25 CONSOLIDATED RESULTS > GROUP FIGURES

GROUP RESULTS

€m	9M24	9M25 Reported
Non-Life	481	703
Life	221	276
Other	46	66
Pre-tax result Insurance & Other	748	1,045
Banking associates	196	489 —	604m at 9M25 (306m at 9M24)
Pre-tax total result	944	1,533
Net result	724	1,120 —	1,235m at 9M25 (834m at 9M24)
Group net result	681	1,086
	FY24	9M25 Reported
Solvency 2 Ratio a	212%	220%

The Group 9M reported results include 1H results of BPER and BPSO (realignment expected at 2025YE)

INSURANCE GROUP RESULTS

€m	9M24	9M25
Non-Life	481	703
Life	221	276
Other	46	66
Pre-tax result before dividend from banks	748	1,045
Dividend from banking associates	134	240
Pre-tax total result	882	1,285
Net result	662	961
Group net result	619	926
	FY24	9M25
Solvency 2 Ratio a	260%	265%

The "Insurance Group" perimeter excludes the pro-quota consolidation of the banking associates, considering them as non-strategic equity investment

As a result of the Unipol-UnipolSai merger, the "Holding" sector - formerly part of the "Other" sector - no longer exists. 9M24 numbers were reclassified to make them comparable with 9M25 a Solvency ratios are net of approved/estimated dividends. Estimates are not an indication of the actual dividend for FY25

9M25 CONSOLIDATED RESULTS > NON-LIFE BUSINESS OVERVIEW

Financial Running Yield^c 4.3%

a Including premiums of Arca Assicurazioni (257m) and UniSalute (89m) collected by the bancassurance channel

^b At Group level, the Health sector refers to UniSalute (844m total premiums) + Health LoBs of Unipol Assicurazioni (30m total premiums) and Arca Assicurazioni (48m total premiums)

^c Gross investment yield on a yearly basis

9M25 CONSOLIDATED RESULTS > NON-LIFE PREMIUM COLLECTION

€m PREMIUM COLLECTION 3,165 3,323 9M24 3,301 3,482 9M25 6,488 6,783 +4.8% +4.3% Motor Non-Motor +4.5%

b

Breakdown by Business Line

	€m	Comp.	Var.
Motor	3,301	49%	+4.3%
Motor TPL	2,438	36%	+3.7%
Motor Other Dam.	863	13%	+6.1%
Non-Motor	3,482	51%	+4.8%
Healtha	923	14%	+12.7%
Accident	485	7%	+4.6%
Fire/other dam. to prop.	1,018	15%	+1.7%
General TPL	518	8%	-0.8%
Other	538	8%	+4.0%
Total	6,783	100%	+4.5%

Breakdown by Company

	€m	Comp.	Var.
Unipol Ass.ni	5,241	77%	+2.4%
UniSalute	844	12%	+17.8%
Arca Ass.ni	257	4%	+11.6%
Linear	207	3%	+11.0%
Other companies	234	3%	-1.2%
Total	6,783	100%	+4.5%

^a At Group level, the Health sector refers to UniSalute (844m premiums) + Health LoBs of Unipol Assicurazioni (30m premiums) and Arca Assicurazioni (48m premiums)

Including Agencies, Head office and Brokers

9M25 CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO

9M25 CONSOLIDATED RESULTS > LIFE BUSINESS OVERVIEW

Normalized variation^a +8.9% yoy Bancassurance +8.5% yoy CSM NB 173 €m CSM Release -211 €m

^a Excluding large collective pension schemes and other renewals

^b Gross investment yield on a yearly basis

9M25 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION

€m 9M25 Traditional + Capitaliz. +854 Other +1,167 Total +2,020

Breakdown by Line of Business

			€m	Comp.	Var.
		Traditional	3,356	57%	+0.5%
+19.0%a		Unit linked	667	11%	+48.1%
	5,862	Pension funds	1,602	27%	+53.9%
		Capitalization	237	4%	+144.0%
		Total	5,862	100%	+19.0%

Breakdown by Market Segment

	Total	Hybrids	Pure Traditional	Pure Linked	Pension Funds
Individual	61.3%	24.1%	35.4%	1.4%	0.5%
Collective	35.6%		8.8%		26.8%
Corporate	3.1%		3.1%
Total	100%

Breakdown by Distribution Channel

	€m	Comp.	Var.
Agents	1,249	21%	+15.9%
Bancassurance	2,564	44%	+8.5%
Head Office	2,000	34%	+46.0%
Other	48	1%	-58.9%
Total	5,862	100%	+19.0%

Breakdown by Company

	€m	Comp.	Var.
Unipol Ass.ni	3,280	56.0%	+28.7%
Arca Vita + AVI	2,555	43.6%	+8.7%
Other companies	26	0.5%	-8.8%
Total	5,862	100%	+19.0%

Net Inflows

9M25 CONSOLIDATED RESULTS > LIFE YIELDS

Technical Reserves by Minimum Guarantee^a

	FY24			9M25
Min. guar. yield	€bn	Comp.	€bn	Comp.
0%	21.9	57%	24.2	60%
0% - 1%	7.0	18%	6.5	16%
1% - 2%	4.3	11%	4.0	10%
2% - 3%	3.9	10%	3.7	9%
>3%	1.7	4%	1.7	4%
Total	38.8	100%	40.1	100%

^c Gross financial yield on a yearly basis Operating figures

^aTechnical reserves of segregated funds in the existing portfolio

^b Calculated at cost basis

9M25 CONSOLIDATED RESULTS > LIFE CSM

€m

Operating figures

9M25 CONSOLIDATED RESULTS > INVESTMENTS

Investments by Asset Class^a

		FY24		9M25
	€bn	Comp.	€bn	Comp.
Total Bonds	45.3	78.8%	47.7	79.5%
o/w Italian Govies	17.4	30.3%	17.6	29.4%
o/w Non-Italian Govies	10.6	18.5%	11.5	19.2%
o/w Corporate	17.2	30.0%	18.6	30.9%
Cash	1.7	3.0%	0.9	1.5%
Equity and Funds	2.4	4.1%	3.1	5.2%
Alternative Investmentsb	3.2	5.6%	3.4	5.6%
Real Estate	4.9	8.5%	4.9	8.2%
Total	57.4	100%	60.1	100%

Total	75.9%	4.9%	6.3%	11.4%	1.5%	100%
Real Estate		0.1%	0.5%	7.6%		8.2%
Alternative Investmentsb		2.7%	3.0%			5.6%
Equity and Funds	4.2%	1.0%	0.0%			5.2%
Cash		0.0%			1.5%	1.5%
Corporate	25.3%	1.2%	2.7%	1.7%		30.9%
Govies	46.4%	0.0%	0.1%	2.1%		48.6%
	FVOCI	FVPL NL&Life free cap.	FVPL Life segr. acc.	Amort. cost	Other	Total

Duration (years)

		FY24			9M25
	Non-Life	Life	Total	Non-Life	Life	Total
Assets	2.1	6.0	4.8	2.7	6.5	5.2
Liabilities	2.6	7.2	5.7	2.2	7.5	5.8
Mismatch	-0.3	-0.4	-0.4	1.0	0.0	0.3

^aExcluding treasury shares, DDOR and Class D. Market value

^b Real Assets, Private Equity, Hedge Funds Operating figures

9M25 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS

€m

		9M24			9M25
	Non-Life	Life free cap.	Total	Non-Life	Life free cap.	Total
Coupons and dividends	437	79	516	443	93	536
Yield	4.3%	4.2%	4.3%	4.3%	4.3%	4.3%
Realized/unrealized gains/losses	181	13	195	141	17	158
Yield	1.8%	0.7%	1.6%	1.4%	0.8%	1.3%
Total	618	93	711	584	110	694
Yield	6.0%	4.9%	5.9%	5.6%	5.0%	5.5%

9M25 CONSOLIDATED RESULTS > SOLVENCY 2

€m

The Insurance Group solvency ratio is an operating figure calculated under the assumption that the banking associates BPER and BPSO are treated as non-strategic equity investments, rather than shareholdings in credit institutions with the ensuing pro-quota consolidation of own funds and capital requirements as determined in accordance with the relevant sectoral regulations.

The Group (reported)solvency ratio is based on BPER and BPSO prudential ratios as at 30 June 2025; the final ratio will be reported to the Supervisory Authorities within the timeframe required by the regulation in force.

3 9M25 Appendix Consolidated 2 9M25 Overview

APPENDIX > GROUP STRUCTURE

APPENDIX > UNIPOL SpA – DEBT INSTRUMENTS AND RATINGS

FY24 9M25 Debt instruments 4,250 3,250 Average Cost

Senior	3.20%	3.27%
Subordinated/Hybrid	5.19%	5.03%

Average cost 4.02% 4.22%

Rating

	Moody's	Fitch
Senior	Baa3	A
Subordinated	Ba1	BBB
Hybrid	Ba2	BBB-

APPENDIX > P&L BY SECTOR

9M25 P&L BY SECTOR

Reported figures

€m	Non-Life	Life	Banking Associates	Othera	Total
Insurance revenues	6,899	472	0	0	7,371
Insurance costs	-6,248	-267	0	0	-6,516
Reinsurance result	-204	-7	0	0	-211
Insurance services result	447	197	0	0	644
Net financial result	441	126	489	3	1,057
Interest exp. on fin. liabilities	-120	-28	0	7	-141
Other revenues/costs	-65	-20	0	56	-27
Pre-tax result	703	276	489	66	1,533
Net result	491	186	400	43	1,120

APPENDIX > SOLVENCY 2 OWN FUNDS AND SCR DETAILS

€m

€m	9M24 Reported	9M25 Reported
Premium collection	11,416	12,644
Non-Life	6,488	6,783
Life	4,928	5,862
Combined Ratio	93.9%	93.5%
Insurance and other pre-tax result	748	1,045
Banking associates result (BPER and BPSO)	196	489
Pre-tax total result	944	1,533
Net result	724	1,120
Group net result	681	1,086
€m	FY24	9M25
Total Equity	9,628	10,230
Group Equity	9,321	9,938
Solvency 2 ratio (PIM)a	212%	220%

9M25

Net result	961
Group net result	926
Solvency 2 ratioa	265%

Alberto Zoia

Head of Investor Relations

investor.relations@unipol.it

Carlo Latini Tel +39 366 789 3402

Eleonora Roncuzzi Tel +39 338 675 9605

Giancarlo Lana Tel +39 335 455234

Giuseppe Giuliani Tel +39 051 507 7218

Silvia Tonioli Tel +39 366 645 6610