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Unipol Earnings Release 2025
4405_rns_2026-03-27_727f06c0-8567-4962-b49b-1d6f829b9ccb.pdf
Earnings Release
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| Informazione Regolamentata n. 0265-69-2026 | Data/Ora Inizio Diffusione 27 Marzo 2026 07:24:22 | Euronext Milan |
|---|---|---|
Societa': UNIPOL
Utenza - referente : UNIPOLN10 - Nerdi Alessandro
Tipologia : 1.1; REGEM; 3.1
Data/Ora Ricezione : 27 Marzo 2026 07:24:22
Oggetto : Press release Unipol Assicurazioni – 2025 Draft financial statements and consolidated financial statements approved
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UNIPOL ASSICURAZIONI
2025 DRAFT FINANCIAL STATEMENTS AND
CONSOLIDATED FINANCIAL STATEMENTS APPROVED
CONSOLIDATED RESULTS
- Consolidated net profit¹ of €1,530m (+36.8% compared to 31 December 2024)
- Insurance Group net profit² of €1,208m (+40.5% compared to 31 December 2024), confirming the strength of the Group's core business
- Proposed dividend of €1.12 per share (+31.8%), dividend yield³ of 5.7% fully distributed in cash
- Direct insurance income significantly up at €17.4bn (+11.1%⁴ compared to 31 December 2024) with excellent performance by all businesses:
- ☑ Non-life: €9.6bn (+4.5%)
- ☑ Life: €7.8bn (+20.6%⁴)
- Non-life combined ratio⁵ at 92.9% an improvement on 2024
- Greater financial strength with a consolidated solvency ratio of 230% (Insurance Group solvency ratio⁶ of 279%)
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The Group is integrating more sustainability factors into the business and reinforcing its commitment to support sustainable development and the environmental transition:
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42.6% (31.5% in 2024) of total premium income comprises products with social or environmental value
- Maximum solvency capital requirement (SCR) of €600m⁷ to cover NatCat risks subject to statutory obligations
- 16.1% of Italians covered by Unipol Group welfare insurance (life and health)
- At 2025 year end, 60.1% reduction (compared to 2019⁸) in Scope 1 and 2 emissions linked to the energy consumption of Group operating property assets and the employee car fleet.
- Scope 3 emissions associated with investments⁹ reduced to 25.3 tCO2eq/m€ by 2025 year end from 59 tCO2eq/m€ in 2022¹⁰
- €1.71bn in investments supporting the 2030 Agenda
Milan, 27 March 2026
The board of directors of Unipol Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the draft financial statements and consolidated financial statements at 31 December 2025, confirming the preliminary results already reported on 20 February last.
CONSOLIDATED ECONOMIC-FINANCIAL RESULTS
The Unipol Group ended FY 2025 with a consolidated net profit¹ of €1,530m (+36.8% compared to €1,119m in 2024) and an Insurance Group net profit² of €1,208m (+40.5% compared to €860m in 2024), mainly due to the effective performance of the core insurance business, the solid financial results and the contribution from the banking associates.
Direct Insurance Income, including reinsurance ceded, stood at €17,361m at 31 December 2025, up 11.1%⁴ on the amount of €15,621m at 31 December 2024.
There was 4.5% growth in direct income in the non-life business to €9,584m compared to €9,175m at 31 December 2024.
MV business results were up 3.6% over the previous financial period with premiums of €4,531m, linked mainly to the expansion of "CVT" (comprehensive and collision) insurance cover (+6.7%). The non-MV business amounted to €5,053m (+5.2% compared to 2024) thanks to the contribution of all the Group sales channels and business activities.
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Operations benefitted from improved industrial margins in line with the actions set out under the 2025-2027 Strategic Plan. The Group non-life combined ratio⁵ stood at 92.9% compared to 93.6% at 31 December 2024, with the loss ratio improving by 2.5 p.p. from 67.6% in 2024 to 65.2% in 2025. The MV combined ratio stood at 94.8% (-5.2 p.p. compared to the figure of 100.0% recorded in 2024).
The pre-tax result of the non-life business amounted to €926m, up on the figure of €537m recorded on 31 December 2024 (+72.5%) as it benefitted from a higher result from insurance services.
Direct income of €7,777m was reported by the Group in the life business, up 20.6%⁴ on the figure of €6,446m recorded in 2024, boosted by the bancassurance¹¹ (+13.6%) and agency channels and the contribution of large-scale collective pension contracts, including newly acquired ones. Even without said contracts, growth stood at 12.9%⁴.
The pre-tax result for the life business amounted to €369m compared to €325m the previous year (+13.6%) due to the profitable, disciplined development of the business which focused on satisfactory remuneration for customers (with the return on policyholder segregated accounts increasing by 9 bps, from 2.20% to 2.29%) and the good margins maintained by the Group (6 bps increase in the maintenance margin from 1.00% to 1.06%).
Financial Management
The risk/reward ratio of the combined asset allocation continued to be advantageous. The gross return on the Group's insurance-based financial investment portfolio (referring to the non-life business portfolio and the life free capital business) amounted to 5.2% of invested assets, of which 4.2% from coupons and dividends and 1.0% from gains and valuations.
Banking Associates Business
The pre-tax result of the banking associates amounted to €691m (€393m at 31 December 2024), reflecting the pro rata consolidation of the consolidated BPER results at 31 December 2025 and the BPSO results for the first half of 2025, along with the financial effects of BPER's public exchange offer for BPSO.
Other Businesses
There was a pre-tax result in other businesses of €72m (compared to €61m at 31 December 2024). The Gruppo UNA, a leading hotel operator in Italy, continued to perform well, posting a 4.5% increase in revenue compared to the previous year. Gruppo UNA also recorded higher gross profits of approximately €34m after paying rents of €52.8m, most of which relate to properties leased by the Unipol Group with a gross average remuneration of over 9%.
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Financial Position
As at 31 December 2025, the consolidated shareholders' equity amounted to €10,715m (€9,628m at 31 December 2024), of which €10,391m attributable to the Group. Own funds amounted to €12.2bn, approximately €7bn higher than the minimum capital requirement and clearly demonstrating Unipol's ability to maintain solid capital resources.
The Group solvency ratio at 31 December 2025 amounted to 230%, up on 212% at 31 December 2024, confirming the Group's robust strength. The Insurance Group solvency ratio⁶ was 279% compared to 260% at 31 December 2024.
The organic excess capital generation amounts to approximately €0.5bn.
INDIVIDUAL STATUTORY RESULT AND DIVIDENDS
Unipol Assicurazioni S.p.A. ended 2025 with an accounting profit of €1,640m. In view of the accounting results and overall financial strength, the board of directors approved a 100% cash dividend payment of €1.12 per share (dividend yield³ 5.7%) which compares to a dividend of €0.85 per share in 2024 (+31.8%), for a total amount of approximately €804m.
If the shareholders' meeting approves the dividend, it will be payable from 20 May 2026, with the ex dividend date from 18 May 2026 and a record date of 19 May 2026.
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CONTRIBUTION TO SUSTAINABLE DEVELOPMENT
In 2025, premiums relating to propositions with social or environmental value¹² amounted to €7,401m (€4,923m in 2024) accounting for 42.6% (31.5% in 2024) of direct insurance income.
52% of these premiums relate to the non-life business like those from products that protect customers against illness or extreme weather events or those that support connected mobility; 48% of the premiums relate to the life business and result from the significant role that the Group plays in the pension area and the fact that a significant portion of the products distributed through the bancassurance channel can be classified under article 8 of the Sustainable Finance Disclosure Regulation (SFDR).
As required under applicable law on catastrophe insurance risk, based on its estimated exposure, Unipol calculated that its maximum solvency capital requirement (SCR) should be €600m to cover mandatory NatCat risks for 2025. Consistent with the 2025-2027 Sustainability Plan targets, this commitment confirms the Group's role as a leading insurance company in bolstering the resilience of Italy's manufacturing system.
In view of increasing public demand for social, healthcare and pension support, Unipol confirmed its status as a key player in the integration of public and private welfare insurance, now covering 16.1% of Italian residents with its (life and health) welfare policies (14.8% in 2024).
Climate and Biodiversity
The Unipol Group strategy on climate change was initially approved in 2022 and is updated periodically; the aim is to specify how to tackle climate-related risks and take any related opportunities that may arise. The strategy defines the medium-long term targets to reduce
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greenhouse gas emissions and support the gradual decarbonisation of business activities and the chain of value principally through its investments and underwriting policies.
In 2025, total Scope 1 and 2 emissions (calculated using a market-based approach) amounted to 12,804 tonnes of CO₂eq (15,904 tonnes of CO₂eq in 2024), down 60.1% from the 2019 baseline (and in line with a reduction target of 63% by 2030).
As regards Scope 3 emissions associated with investments⁹, the Group is committed to reducing the carbon emission intensity of directly managed listed equities and publicly traded corporate bond portfolios by 50% by 2030 compared to the 2022 baseline. In 2025, the emissions calculated according to the Carbon to Value Invested - C/V metric¹³ were down to 25.3 tCO₂eq/m€ from 59 tCO₂eq/m€ in 2022.
As at 31 December 2025, investments supporting the 2030 Agenda amounted to €1.71bn (€1.64bn in 2024) in line with the €1.8bn target by 2027; €1.2bn of this amount is focused on reducing climate change and protecting biodiversity.
Contribution to the Community
The commitment of Unipol to support and work in its territories involves contributing towards the development and realisation of projects that foster sport (to empower young people in particular), projects with social benefits, projects supporting scientific research and active community support. Fondazione Unipolis continues to sustain projects that tackle inequality and support vulnerable people in the areas of welfare and mobility in 2025.
Reputation
In 2025, the Gruppo Unipol reputation score with the general public in Italy was still 76.9 out of 100 according to the RepTrak Company RepTrak® analysis model as testament to its ongoing “strong” reputation.
NOTICE CALLING THE SHAREHOLDERS' MEETING
The Board of Directors decided to call an ordinary and extraordinary session of the Shareholders' Meeting for 29 April 2026 in a single call.
As permitted under prevailing law, eligible parties may not enter the meeting place and can only attend the Shareholders' Meeting by giving a proxy to a designated representative pursuant to article 135-undecies of Legislative Decree no. 58/1998 using the mechanisms specified in the notice calling the Meeting.
The full text of the proposed resolutions and the directors' reports relating to the items on the agenda and all related documentation will be made available, in accordance with the legally required deadline, at the registered office, on the authorised storage mechanism eMarket Storage
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() and on the Company website www.unipol.com (Governance/Shareholders' Meeting/Ordinary and Extraordinary Shareholders' Meeting – 29 April 2026 section).
The consolidated financial statements for 2025 (not yet including the report by the independent auditors that will be published subsequently in accordance with the legally required deadline) will be made available to the public by the end of today at the registered office of the company, on the authorised storage mechanism eMarket Storage (), and on the Company website www.unipol.com (Governance/Shareholders' Meeting/Ordinary and Extraordinary Shareholders' Meeting – 29 April 2026 section).
A more comprehensive disclosure of the consolidated results for FY 2025 can be found attached in the consolidated balance sheet, consolidated income statement, statement of comprehensive income, balance sheets by operating segment, summaries of the consolidated income statements produced for management purposes by business segment and the balance sheet and income statement of Unipol Assicurazioni S.p.A.
Francesco Masci, financial reporting manager of Unipol Assicurazioni S.p.A., declares, pursuant to article 154-bis, paragraph 2, of the "Consolidated Law on Finance", that the accounting information contained in this press release corresponds to the figures in the corporate accounting records, ledgers and documents.
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FOOTNOTES
1 - Including the portion attributable to non-controlling interests.
2 - The Insurance Group net profit is calculated without including the effects of the proportional consolidation of associates BPER and BPSO. The financial contribution of said associates to the consolidated result therefore corresponds to the dividends for the period only.
3 - Calculated on the average closing price of the share for January 2026.
4 - The normalised life business rate of growth amounted to 12.9%, excluding the large-scale collective pension contracts, including newly acquired ones. The total normalised rate of growth amounted to 8.0%.
5 - Ratio that measures the stability of overall non-life management. The ratio is calculated as 1 - (insurance services result/insurance contract revenue). The combined ratio corresponds to the sum of the loss ratio (which includes claim-related compensation and expenditure among its expenses) and the expense ratio (which includes all other insurance expenses like acquisition and administration costs and other costs attributable to insurance contracts).
6 - The solvency ratio of the Insurance Group is an administrative figure where the shareholdings in BPER and BPSO are considered as non-strategic capital investments rather than shareholdings in credit institutions with consequent proportional consolidation of own funds and capital requirements held in accordance with the relevant sectorial rules as set out under articles 335 and 336 of Delegated Regulation (EU) 2015/35.
7 - Net of reinsurance.
8 - Baseline for definition of the 2030 target.
9 - Emissions associated with the directly managed listed equities and publicly traded corporate bond portfolios.
10 - Compared to 30 September 2022 which is the baseline for definition of the 2030 target.
11 - This includes Arca Vita without LoB Protection.
12 - A product or service must be capable of supporting people according to current requirements or increase security going forward, encourage behaviour with positive environmental impacts or respond to weather-related concerns in order to be considered as a "proposition with social or environmental value".
13 - Carbon emission intensity measures the total emissions produced by the portfolio in tCO2eq on the value of the portfolio in millions of euros according to the Carbon to Value Invested - C/V metric; the commitment to reduce carbon emission intensity relates to Scope 1 and 2 emissions of the companies in the operating area.
Unipol Group
It is one of the leading insurance groups in Europe as well as being leader in Italy in the non-life insurance business (especially MV and health), with total premiums of €17.4bn that include €9.6bn in non-life income and €7.8bn in life income (2025 figures). It takes an integrated approach to cover the entire range of insurance products and services, mainly operating through the parent company Unipol Assicurazioni, UniSalute (the leading health insurer in Italy), Linear (direct MV insurance), Arca Vita and Arca Assicurazioni (life and non-life bancassurance through the branches of BPER, Banca Popolare di Sondrio and other banks), SIAT (transport insurance) and DOOR (insurance company operating in Serbia). It also operates in the real estate, hotel (UNA Italian Hospitality), medical-healthcare (Santagostino) and viticultural (Tenute del Cerro) sectors. The ordinary shares of Unipol Assicurazioni S.p.A. have been listed on the Italian Stock Exchange since 1990, and are also on the FTSE MIB® and MIB® ESG indexes
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CERTIFIED
Consolidated Statement of Financial Position – Assets
Accounting records, amounts in €m
| Asset items | 31/12/2025 | 31/12/2024 | |
|---|---|---|---|
| 1. | INTANGIBLE ASSETS | 2,642 | 2,558 |
| of which: goodwill | 1,895 | 1,883 | |
| 2. | PROPERTY, PLANT AND EQUIPMENT | 4,235 | 4,467 |
| 3. | INSURANCE ASSETS | 645 | 1,089 |
| 3.1 | Insurance contracts issued that are assets | 3 | 78 |
| 3.2 | Reinsurance contracts held that are assets | 642 | 1,011 |
| 4. | INVESTMENTS | 76,997 | 68,189 |
| 4.1 | Investment property | 1,963 | 2,080 |
| 4.2 | Investments in associates and interests in joint ventures | 3,124 | 2,942 |
| 4.3 | Financial assets at amortised cost | 1,826 | 2,081 |
| 4.4 | Financial assets at fair value through OCI | 48,008 | 42,644 |
| 4.5 | Financial assets at fair value through profit or loss | 22,076 | 18,442 |
| a) Held-for-trading financial assets | 618 | 185 | |
| b) Financial assets at fair value | 14,544 | 11,980 | |
| c) Other financial assets mandatorily at fair value | 6,914 | 6,277 | |
| 5. | OTHER FINANCIAL ASSETS | 1,140 | 1,142 |
| 6. | OTHER ASSETS | 3,577 | 4,267 |
| 6.1 | Non-current assets or assets of a disposal group held for sale | 30 | 82 |
| 6.2 | tax assets | 1,082 | 993 |
| a) current | 571 | 364 | |
| b) deferred | 511 | 629 | |
| 6.3 | Other assets | 2,465 | 3,192 |
| 7. | CASH AND CASH EQUIVALENTS | 1,180 | 1,713 |
| TOTAL ASSETS | 90,416 | 83,425 |
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Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities
Accounting records, amounts in €m
| Items of Shareholders' Equity and Liabilities | 31/12/2025 | 31/12/2024 | |
|---|---|---|---|
| 1. | SHAREHOLDERS' EQUITY | 10,715 | 9,628 |
| 1.1 | Share capital | 3,365 | 3,365 |
| 1.2 | Other equity instruments | 496 | 496 |
| 1.3 | Capital reserves | 1,801 | 1,801 |
| 1.4 | Income-related and other equity reserves | 2,870 | 2,356 |
| 1.5 | Treasury shares (-) | (40) | (14) |
| 1.6 | Valuation reserves | 417 | 243 |
| 1.7 | Shareholders' equity attributable to non-controlling interests (+/-) | 276 | 262 |
| 1.8 | Profit (loss) for the year attributable to the owners of the Parent (+/-) | 1,482 | 1,074 |
| 1.9 | Profit (loss) for the year attributable to non-controlling interests (+/-) | 48 | 45 |
| 2. | PROVISIONS FOR RISKS AND CHARGES | 743 | 712 |
| 3. | INSURANCE LIABILITIES | 56,469 | 53,226 |
| 3.1 | Insurance contracts issued that are liabilities | 56,395 | 53,137 |
| 3.2 | Reinsurance contracts held that are liabilities | 74 | 89 |
| 4. | FINANCIAL LIABILITIES | 19,520 | 17,412 |
| 4.1 | Financial liabilities at fair value through profit or loss | 14,512 | 11,862 |
| a) Financial liabilities held-for trading | 190 | 126 | |
| b) Financial liabilities at fair value | 14,322 | 11,736 | |
| 4.2 | Financial liabilities at amortised cost | 5,008 | 5,550 |
| 5. | PAYABLES | 1,110 | 953 |
| 6. | OTHER LIABILITIES | 1,859 | 1,494 |
| 6.1 | Liabilities associated with disposal groups held for sale | 0 | 0 |
| 6.2 | Tax liabilities | 472 | 107 |
| a) current | 429 | 90 | |
| b) deferred | 43 | 17 | |
| 6.3 | OTHER LIABILITIES | 1,387 | 1,387 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 90,416 | 83,425 |
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Consolidated Income Statement
Accounting records, amounts in €m
| Items | 31/12/2025 | 31/12/2024 | |
|---|---|---|---|
| 1. | Insurance revenue from insurance contracts issued | 10,066 | 9,810 |
| 2. | Insurance service expenses from insurance contracts issued | (8,820) | (8,797) |
| 3. | Insurance revenue from reinsurance contracts held | 118 | 220 |
| 4. | Insurance service expenses from reinsurance contracts held | (420) | (392) |
| 5. | Result of insurance services | 944 | 841 |
| 6. | Gains/losses on financial assets and liabilities at fair value through profit or loss | 990 | 572 |
| 7. | Gains/losses on investments in associates and interests in joint ventures | 703 | 402 |
| 8. | Gain/losses on other financial assets and liabilities and investment property | 1,222 | 1,421 |
| 8.1 | - Interest income calculated with the effective interest method | 1,632 | 1,526 |
| 8.2 | - Interest expense | (189) | (223) |
| 8.3 | - Other income/Charges | 205 | 169 |
| 8.4 | - Realised gains/losses | (172) | 1 |
| 8.5 | - Unrealised gains/losses | (254) | (52) |
| of which: Related to impaired financial assets | 0 | (4) | |
| 9. | Balance on investments | 2,915 | 2,395 |
| 10. | Net financial costs/revenues relating to insurance contracts issued | (1,702) | (1,554) |
| 11. | Net financial revenues/costs relating to reinsurance transfers | (5) | 20 |
| 12. | Net financial result | 1,208 | 861 |
| 13. | Other revenue/costs | 1,293 | 1,064 |
| 14. | Operating expenses: | (643) | (638) |
| 14.1 | - Investment management expenses | (71) | (72) |
| 14.2 | - Other administrative expenses | (572) | (566) |
| 15. | Net provisions for risks and charges | (38) | (44) |
| 16. | Net impairment losses/reversals on property, plant and equipment | (534) | (624) |
| 17. | Net impairment losses/reversals on intangible assets | (169) | (143) |
| of which: Value adjustments to goodwill | 0 | 0 | |
| 18. | Other operating expenses/income | (3) | (1) |
| 19. | Pre-tax Profit/(Loss)for the period | 2,058 | 1,316 |
| 20. | Income taxes | (528) | (197) |
| 21. | Profit (Loss) for the year after taxes | 1,530 | 1,119 |
| 22. | Profit (Loss) from discontinued operations | 0 | 0 |
| 23. | Consolidated Profit (Loss) | 1,530 | 1,119 |
| of which: attributable to the owners of the Parent | 1,482 | 1,074 | |
| of which: attributable to non-controlling interests | 48 | 45 |
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Comprehensive Income Statement
Accounting records, amounts in €m
| Items | 31/12/2025 | 31/12/2024 | |
|---|---|---|---|
| 1 | Profit (Loss) for the period | 1,530 | 1,119 |
| 2 | Other income items net of taxes not reclassified to profit or loss | 366 | 95 |
| 2.1 | Portion of valuation reserves of equity investments valued at equity | (33) | 13 |
| 2.2 | Change in the revaluation reserve for intangible assets | ||
| 2.3 | Change in the revaluation reserve for property, plant and equipment | 1 | |
| 2.4 | Financial revenues or costs relating to insurance contracts issued | (127) | (21) |
| 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 | (2) | 2 |
| 2.7 | Gains or losses on equity instruments at fair value through OCI | 527 | 101 |
| 2.8 | Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss | ||
| 2.9 | Other items | ||
| 3 | Other income items net of taxes reclassified to profit or loss | (32) | 25 |
| 3.1 | Change in the reserve for foreign currency translation differences | 1 | |
| 3.2 | Gains or losses on financial assets (other than equity instruments) at fair value through OCI | (280) | 363 |
| 3.3 | Gains or losses on cash flow hedges | 11 | 15 |
| 3.4 | Gains or losses on hedges of a net investment in foreign operations | ||
| 3.5 | Portion of valuation reserves of equity investments valued at equity | 1 | 16 |
| 3.6 | Financial revenues or costs relating to insurance contracts issued | 237 | (377) |
| 3.7 | Financial revenues or costs relating to reinsurance transfers | (2) | 8 |
| 3.8 | Gains and losses on non-current assets or disposal groups held for sale | ||
| 3.9 | Other items | ||
| 4 | TOTAL OTHER COMPREHENSIVE INCOME (EXPENSE) | 334 | 120 |
| 5 | TOTAL CONSOLIDATED COMPREHENSIVE INCOME (EXPENSE) (Item 1+4) | 1,864 | 1,238 |
| 5.1 | of which: attributable to the owners of the Parent | 1,814 | 1,206 |
| 5.2 | of which: attributable to non-controlling interests | 50 | 32 |
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Statement of financial position by business segment
Accounting records, amounts in €m
| NON-LIFE BUSINESS | LIFE BUSINESS | BANKING ASSOCIATES | OTHER BUSINESSES | INTERSEGMENT ELIMINATIONS | TOTAL | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset items | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | |
| 1 | INTANGIBLE ASSETS | 2,249 | 2,164 | 361 | 366 | 31 | 29 | 2,642 | 2,558 | ||||
| 2 | PROPERTY, PLANT AND EQUIPMENT | 3,052 | 3,279 | 192 | 198 | 992 | 989 | 4,235 | 4,467 | ||||
| 3 | INSURANCE ASSETS | 628 | 1,001 | 17 | 88 | 645 | 1,089 | ||||||
| 3.1 | Insurance contracts issued that are assets | 3 | 13 | (0) | 66 | 3 | 78 | ||||||
| 3.2 | Reinsurance transfers classifiable as assets | 625 | 989 | 17 | 23 | 642 | 1,011 | ||||||
| 4 | INVESTMENTS | 14,785 | 12,790 | 58,198 | 51,606 | 3,103 | 2,833 | 1,699 | 1,721 | (787) | (758) | 76,997 | 68,189 |
| 4.1 | Investment property | 166 | 242 | 914 | 954 | 883 | 884 | 1,963 | 2,080 | ||||
| 4.2 | Investments in associates and interests in joint ventures | 6 | 62 | 0 | 0 | 3,103 | 2,833 | 15 | 47 | 3,124 | 2,942 | ||
| 4.3 | Financial assets at amortised cost | 1,483 | 1,487 | 396 | 614 | 734 | 738 | (787) | (758) | 1,826 | 2,081 | ||
| 4.4 | Financial assets at fair value through OCI | 10,420 | 8,587 | 37,529 | 34,011 | 59 | 46 | 48,008 | 42,644 | ||||
| 4.5 | Financial assets at fair value through profit or loss | 2,710 | 2,412 | 19,359 | 16,026 | 9 | 6 | 22,076 | 18,442 | ||||
| 5 | OTHER FINANCIAL ASSETS | 919 | 941 | 224 | 216 | 88 | 111 | (91) | (127) | 1,140 | 1,142 | ||
| 6 | OTHER ASSETS | 2,313 | 2,659 | 1,175 | 1,512 | 94 | 99 | (7) | (5) | 3,577 | 4,267 | ||
| 7 | CASH AND CASH EQUIVALENTS | 401 | 1,071 | 590 | 500 | 214 | 145 | (25) | (3) | 1,180 | 1,713 | ||
| TOTAL ASSETS | 24,348 | 23,905 | 60,758 | 54,486 | 3,103 | 2,833 | 3,118 | 3,095 | (910) | (894) | 90,416 | 83,425 | |
| 1 | SHAREHOLDERS' EQUITY | 2,999 | 2,365 | 2,063 | 1,886 | 3,103 | 2,833 | 2,551 | 2,545 | 10,715 | 9,628 | ||
| 2 | PROVISIONS FOR RISKS AND CHARGES | 654 | 621 | 64 | 46 | 25 | 45 | 743 | 712 | ||||
| 3 | INSURANCE LIABILITIES | 14,262 | 13,817 | 42,207 | 39,409 | 56,469 | 53,226 | ||||||
| 3.1 | Insurance contracts issued that are liabilities | 14,207 | 13,750 | 42,188 | 39,387 | 56,395 | 53,137 | ||||||
| 3.2 | Reinsurance transfers classifiable as liabilities | 55 | 67 | 19 | 22 | 74 | 89 | ||||||
| 4 | FINANCIAL LIABILITIES | 4,276 | 5,218 | 15,768 | 12,707 | 308 | 275 | (833) | (788) | 19,520 | 17,412 | ||
| 4.1 | Financial liabilities at fair value through profit or loss | 134 | 60 | 14,377 | 11,803 | 0 | 14,512 | 11,862 | |||||
| 4.2 | Financial liabilities at amortised cost | 4,141 | 5,158 | 1,391 | 905 | 308 | 275 | (833) | (788) | 5,008 | 5,550 | ||
| 5 | PAYABLES | 672 | 686 | 330 | 161 | 165 | 170 | (57) | (64) | 1,110 | 953 | ||
| 6 | ALTRI ELEMENTI DEL PASSIVO | 1,485 | 1,199 | 325 | 277 | 69 | 59 | (20) | (41) | 1,859 | 1,494 | ||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 24,348 | 23,905 | 60,758 | 54,486 | 3,103 | 2,833 | 3,118 | 3,095 | (910) | (894) | 90,416 | 83,425 |
Unipol
CERTIFIED
Condensed Consolidated Income Statement by Business Segment
Accounting records, amounts in €m
| Non-Life business | Life business | Insurance Business | Banking Associates | Other businesses | Inter-segment eliminations | Total consolidated | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31/12/2025 | 31/12/2024 | % sec | 31/12/2025 | 31/12/2024 | % sec | 31/12/2025 | 31/12/2024 | % sec | 31/12/2025 | 31/12/2024 | % sec | 31/12/2025 | 31/12/2024 | % sec | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | |
| Insurance revenues from insurance contracts issued | 8,294 | 8,112 | 2.4 | 773 | 699 | 10.7 | 10,088 | 8,810 | 2.6 | 10,088 | 8,810 | ||||||||
| Insurance service expenses from insurance contracts issued | (8,344) | (8,369) | (0.3) | (476) | (428) | 11.3 | (8,829) | (8,797) | 0.3 | (8,829) | (8,797) | ||||||||
| Reinsurance contracts held result | (293) | (181) | 81.9 | (9) | (11) | (14.8) | (302) | (172) | 73.9 | (302) | (172) | ||||||||
| Result of insurance services | 857 | 592 | 12.6 | 287 | 259 | 11.0 | 944 | 841 | 12.2 | 944 | 841 | ||||||||
| Balance on investments* | 663 | 750 | (11.5) | 1,795 | 1,407 | 19.0 | 2,408 | 2,217 | 8.7 | 691 | 393 | 75.8 | 41 | 77 | (47.3) | (38) | (69) | 3,108 | 2,618 |
| Net financial costs/revenues relating to insurance contracts | (122) | (184) | 37.4 | (1,589) | (1,340) | (18.2) | (1,706) | (1,534) | (11.2) | (1,707) | (1,534) | ||||||||
| Net financial result (excluding interest expense on financial liabilities) | 542 | 506 | (2.5) | 181 | 127 | 27.4 | 753 | 682 | 3.6 | 691 | 393 | 75.8 | 41 | 77 | (47.3) | (38) | (69) | 1,397 | 1,084 |
| Other revenue/costs | (115) | (404) | (71.6) | (28) | (21) | 99.5 | (184) | (425) | (63.7) | 40 | (4) | n.s. | 21 | 42 | (88) | (386) | |||
| Profit(Loss) before tax and interest expense on financial liabilities | 1,084 | 734 | 47.6 | 469 | 365 | 12.2 | 1,483 | 1,099 | 35.9 | 691 | 393 | 75.8 | 81 | 73 | 10.4 | (18) | (27) | 2,247 | 1,539 |
| Interest expense on financial liabilities | (156) | (197) | (20.0) | (46) | (40) | 3.9 | (188) | (237) | (16.5) | 39 | (13) | (29.3) | 18 | 27 | (188) | (223) | |||
| Pre-tax Profit(Loss)for the period | 926 | 537 | 72.0 | 389 | 325 | 13.6 | 1,295 | 861 | 50.3 | 691 | 393 | 75.8 | 72 | 61 | 10.6 | 2,059 | 1,316 | ||
| Income taxes | (260) | (85) | n.s. | (121) | (92) | 32.0 | (413) | (177) | 133.8 | (90) | (25) | (20) | 25.1 | (528) | (197) | ||||
| Profit (Loss) from discontinued operations | |||||||||||||||||||
| Consolidated Profit (Loss) | 638 | 492 | 40.4 | 248 | 233 | 9.4 | 882 | 685 | 20.8 | 601 | 393 | 52.9 | 47 | 41 | 15.4 | 1,539 | 1,119 | ||
| Consolidated Profit (Loss) attributable to the owners of the Parent | 1,482 | 1,014 | |||||||||||||||||
| Consolidated Profit (Loss) attributable to non-controlling interests | 90 | 46 |
- excluding interest expense on financial liab.lities
Unipol
PRESS RELEA
CERTIFIED
Statement of financial position assets - Reclassification statement - Unipol Assicurazioni S.p.A.
Accounting records, amounts in €k
| ASSETS | 2025 | 2024 | |
|---|---|---|---|
| Subscribed capital, unpaid | 0 | 0 | |
| Intangible assets | |||
| Acquisition costs being amortised | 82,730 | 84,549 | |
| Start-up costs, goodwill and other long-term costs | 1,994,151 | 2,054,418 | |
| Total intangible assets | 2,076,881 | 2,138,966 | |
| Investments and cash and cash equivalents | |||
| I | Land and buildings | 809,771 | 897,441 |
| II | Investments in group companies and other investees | ||
| Shares and holdings | 5,415,790 | 4,880,549 | |
| Bonds | 16,487 | 75,396 | |
| Loans | 761,515 | 701,015 | |
| III | Other financial investments | ||
| Shares and holdings | 2,006,395 | 1,587,637 | |
| Mutual investment fund units | 5,759,164 | 5,650,399 | |
| Bonds | 32,966,341 | 29,499,065 | |
| Loans | 22,036 | 21,424 | |
| Mutual investment units | 0 | 0 | |
| Sundry financial investments | 69,970 | 179,558 | |
| IV | Deposits with ceding companies | 536,554 | 435,168 |
| V | Cash and cash equivalents | 635,459 | 1,273,290 |
| Total investments and cash and cash equivalents | 48,999,483 | 45,200,943 | |
| Investments benefiting life business policyholders that bear the risk arising from pension fund management | |||
| Linked to investment funds and market indices | 2,188,564 | 1,403,522 | |
| Arising from pension fund management | 8,003,809 | 6,819,748 | |
| Total | 10,192,373 | 8,223,270 | |
| Receivables | |||
| I | Arising from direct insurance and reassurance business | ||
| Policyholders for premiums | 610,343 | 602,459 | |
| Intermediaries | 1,013,623 | 929,647 | |
| Insurance and reinsurance companies | 126,685 | 355,986 | |
| Policyholders and third parties for amounts to be collected | 174,324 | 180,662 | |
| II | Other receivables | 2,501,008 | 3,119,534 |
| Total receivables | 4,425,983 | 5,188,287 | |
| Other assets | |||
| Tangible assets and inventories | 95,505 | 88,561 | |
| Other assets | 1,650,536 | 1,606,371 | |
| Total other assets | 1,746,041 | 1,694,932 | |
| TOTAL ASSETS | 67,440,760 | 62,446,398 |
Unipol
PRESS RELEAS
CERTIFIED
Statement of financial position liabilities and shareholders' equity - Reclassification statement - Unipol Assicurazioni S.p.A.
Accounting records, amounts in €k
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2025 | 2024 | |
|---|---|---|---|
| Shareholders' equity | |||
| Share capital | 3,365,292 | 3,365,292 | |
| Equity reserves and unallocated profit | 3,116,210 | 2,950,022 | |
| Retained profit (loss) | 0 | 0 | |
| Profit (loss) for the year | 1,640,236 | 775,991 | |
| Negative reserve for treasury shares | (39,465) | (14,058) | |
| Total shareholders' equity | 8,082,274 | 7,077,248 | |
| Subordinated liabilities | 1,750,000 | 1,750,000 | |
| Technical provisions, net of the quotas ceded and retroceded | |||
| Non-Life premium provision | 3,316,617 | 3,194,542 | |
| Non-Life claims provision | 10,458,639 | 10,388,173 | |
| Other Non-Life business provisions | 83,609 | 69,886 | |
| Life business mathematical provisions | 26,874,671 | 25,699,880 | |
| Life business provision for amounts payable | 357,151 | 239,814 | |
| Other Life business provisions | 108,000 | 103,072 | |
| Total technical provisions | 41,198,686 | 39,695,368 | |
| Net technical provisions when investment risk is borne by policyholders and provisions arising from pension fund management | |||
| Contracts linked to investment funds and market indices | 2,188,564 | 1,403,522 | |
| Arising from pension fund management | 8,003,809 | 6,819,748 | |
| Total | 10,192,373 | 8,223,270 | |
| Provisions for risks and charges | |||
| Post-employment benefits and similar obligations | 1,366 | 1,455 | |
| Provisions for taxes | 19,139 | 35,254 | |
| Other provisions | 637,790 | 595,110 | |
| Total provisions for risks and charges | 658,294 | 631,819 | |
| Payables and other liabilities | |||
| Arising from direct insurance and reinsurance business | |||
| Intermediaries | 36,181 | 42,300 | |
| Insurance and reinsurance company current accounts | 119,527 | 91,871 | |
| Insurance and reinsurance company deposit accounts | 150,087 | 119,616 | |
| Sundry payables | 68,324 | 60,289 | |
| II | Bond loans | 1,402,000 | 2,402,000 |
| III | Sundry loans and other financial payables | 481,132 | 33,439 |
| IV | Post-employment benefits | 19,106 | 26,200 |
| V | Other payables | ||
| Policyholders' tax due | 172,038 | 156,160 | |
| Sundry tax payables | 453,189 | 116,344 | |
| Sundry payables | 1,298,898 | 905,602 | |
| VI | Other liabilities | 1,358,651 | 1,114,871 |
| Total payables and other liabilities | 5,559,132 | 5,068,693 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 67,440,760 | 62,446,398 |
Unipol
PRESS RELEAS
CERTIFIED
Reclassified income statement - Unipol Assicurazioni S.p.A.
Accounting records, amounts in €k
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| TECHNICAL ACCOUNT | Life | Non-Life | Total | Life | Non-Life | Total |
| Direct business gross of reinsurance | ||||||
| (+) Written premiums | 4,561,789 | 7,507,681 | 12,069,470 | 3,601,178 | 7,306,361 | 10,907,539 |
| (-) Change in technical provisions and premium provision | 1,420,655 | 133,509 | 1,554,164 | 913,677 | 109,296 | 1,022,973 |
| (-) Charges relating to claims | 3,916,572 | 4,197,515 | 8,114,087 | 3,520,407 | 4,284,198 | 7,804,605 |
| (+) Balance of other technical items | 6,045 | (88,763) | (82,718) | 2,356 | (108,632) | (106,276) |
| (-) Operating expenses | 196,209 | 2,323,131 | 2,519,339 | 174,622 | 2,138,884 | 2,313,506 |
| (+) Net income from investments (1) | 1,415,756 | 484,776 | 1,900,532 | 1,217,180 | 387,806 | 1,604,986 |
| Direct business gross result | 450,154 | 1,249,539 | 1,699,693 | 212,008 | 1,053,158 | 1,265,165 |
| Outwards reinsurance result | (6,281) | (242,433) | (248,714) | (6,893) | (190,490) | (197,383) |
| Indirect business net result | 586 | (30,421) | (29,834) | (357) | (61,964) | (62,322) |
| Technical account result | 444,459 | 976,686 | 1,421,145 | 204,757 | 800,704 | 1,005,461 |
| NON-TECHNICAL ACCOUNT | ||||||
| (+) Income from investments (2) | 134,976 | 213,825 | 348,801 | 98,917 | 228,975 | 327,892 |
| (+) Other income | 68,202 | 209,829 | 278,031 | 69,552 | 253,535 | 323,087 |
| (-) Other charges | 115,184 | 491,817 | 607,001 | 93,869 | 553,796 | 647,665 |
| Profit (loss) from ordinary operations | 532,453 | 908,523 | 1,440,976 | 279,357 | 729,418 | 1,008,775 |
| (+) Extraordinary income | 120,507 | 700,818 | 821,325 | 2,192 | 208,327 | 210,519 |
| (-) Extraordinary expenses | 169,946 | 89,543 | 259,489 | 25,902 | 192,132 | 218,034 |
| Pre-tax profit (loss) | 483,014 | 1,519,798 | 2,002,812 | 255,647 | 745,613 | 1,001,260 |
| (-) Taxes | 94,882 | 267,694 | 362,576 | 47,813 | 177,456 | 225,269 |
| NET PROFIT (LOSS) | 388,132 | 1,252,104 | 1,640,236 | 207,834 | 568,157 | 775,991 |
(1) Included for the Life business is the income net of the share transferred to the non-technical account.
Included for the Non-Life business is the income transferred from the non-technical account.
(2) Included for the Life business is the income transferred from the technical account.
Included for the Non-Life business is the income net of the share transferred to the technical account.
| Fine Comunicato n.0265-69-2026 | Numero di Pagine: 19 |
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