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UNIPOL 2025-2027 STRATEGIC PLAN Stronger Faster Better 1H26 Consolidated Results Unipol 7 August 2026 distribution emarket sdir storage CERTIFIED
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EXECUTIVE SUMMARY 2 Strategic 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-end Excellent 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 capability Disciplined 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
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3 AGENDA 1H26 Consolidated Results 1 2 Appendix
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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 600 883 REPORTED 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 4 INSURANCE 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
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5 PREMIUMS 1H25 1H26 4,788 4,960 +3.6% COMBINED RATIO 1H25 1H26 92.7% 91.8% -1.0 p.p. 1H26 CONSOLIDATED RESULTS > NON-LIFE BUSINESS OVERVIEW Motor o/w Health sector Bancassurance +10.1% YoY Health sector +4.1% YoY PRE-TAX RESULT 520 885 1H25 1H26 +70.3% Financial Running Yielda Total Financial Investment Yielda 5.1% 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 a Gross investment yield on a yearly basis b Including the impact of the unrealized gain on the SpaceX investment as of 30 June 2026 (211 €m)
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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% €m PREMIUM COLLECTION 2,498 2,290 1H25 2,532 2,428 1H26 4,788 4,960 +6.0% 6 +1.4% Breakdown by Customer Segment Unipol Ass.ni UniSalute Arca Ass.ni Linear Siat Ddor Total Breakdown by Company Non-Motor Motor +3.6% Breakdown by Business Line 88% 5%7% Agents Bancassurance Other Breakdown by Sales Channel a Operating figures, direct business a Including 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% yoy 76% 24% Retail&SMEs Corporate
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1H26 CONSOLIDATED RESULTS > NON-LIFE COMBINED RATIO a Including Health Operating figures 7 1H25 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 development 1H25 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 MotorNon-Motora
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8 1H26 CONSOLIDATED RESULTS > LIFE BUSINESS OVERVIEW PREMIUMS 1H25 1H26 3,886 4,056 +4.4% CSM FY25 1H26 2,791 2,951 +5.7% PRE-TAX RESULT 180 238 1H25 1H26 +32.1% Norm. trend in line with Plan’s target Net Inflows +788 €m Continued CSM growth in all components a YoY variation determined excluding the non-recurring premium components from 1H25 figure b Life free capital. Investment yield on a yearly basis Financial Running Yieldb Total Financial Investment Yieldb 4.9% 4.9% Profitable Life growth supported by positive net inflows and improving portfolio economics €m a Stable release dynamics a
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1H26 CONSOLIDATED RESULTS > LIFE PREMIUM COLLECTION 9 Breakdown by Business Line Breakdown by Distribution Channel a YoY variation determined excluding the non-recurring premium components from 1H25 figure Operating figures PREMIUM 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 1H26 3,886 4,056 Breakdown by Company Breakdown by Market Segment €m 1H26 Traditional + Capitaliz. +375 U. Linked + Pension funds +413 Total +788 Net 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% Corporate 24% 49% 26% Agents Bancassurance Head Office 1% Other Net inflows excluding DDOR a
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1H26 CONSOLIDATED RESULTS > LIFE YIELDS 10 LIFE YIELDS FY25 1.06% 0.68% Segregated funds current avg. yielda Avg. yield retained by the Groupb Avg. yield to policyholders Avg. minimum guaranteed yield a Calculated at cost basis. b Gross financial yield on a yearly basis FY25 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% 1H26 1.08% 0.62% 3.43% 2.35% 10 Technical reserves of segregated funds in the existing portfolio Operating figures Higher portfolio yields and lower guarantees enhance Life profitability 2.67 2.81 Buffer segregated funds current avg. yield vs. avg. minimum guaranteed (p.p.)
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1H26 CONSOLIDATED RESULTS > LIFE CSM 126 44 93 50 FY25 Opening CSM New Business Expected Return Economic Variances Operating Variances 3,104 1H26 Closing CSM 2,951 Release (153) CSM before Release 2,791 €m a CSM Release / CSM before Release: 9.9% on a yearly basis Operating figures 11 CSM Roll-forward Solid CSM growth and stable release ratioa reinforce future earnings visibility
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1H26 CONSOLIDATED RESULTS > INVESTMENTS Duration mismatch (years) 12 17.1 Italian Govies 26.5% 15.1 Non-Italian Govies 23.4% 18.7 Corporate/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% FVOCI 5.4%FVPL NL&Life free cap. 6.2% FVPL Life segr. acc. 8.8% Amort. cost 2.3% Other High-quality and diversified asset allocation supports superior performance and positive FVPL contribution Market Value Operating figures 64.5 €bn Investments Accounting classification 0.9 1.3 Non-Life 0.3 0.4 Life 0.5 0.7 Total FY25 1H26 Sound asset-liability matching supports balance sheet resilience €bn
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1H26 CONSOLIDATED RESULTS > FINANCIAL INVESTMENT YIELDS €m 13 a Including the impact of the unrealized gain on the SpaceX investment as of 30 June 2026 (211 €m) b 1H26 total yield excluding SpaceX: 6% Gross investment yields on a yearly basis Operating figures 1H25 Non-Life Life free cap. Total Coupons and dividends 301 66 367 Yield 4.4% 4.5% 4.5% Realized/unrealized gains/losses 53 10 63 Yield 0.8% 0.7% 0.8% Total 354 76 430 Yield 5.2% 5.2% 5.2% 1H26 Non-Life Life 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%b Investment performance underpinned by strong running yields and positive mark-to-market gains
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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 a Eligible Own Funds in excess to Solvency Capital Requirements 13.7 Own Funds 5.3 SCR 8.4 Excess 259% €bn 14 Own Funds and SCR Details 259% 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 aa Robust capital position supporting future growth and dividend distribution capability 0.01.2 9.2 3.2 Own Funds 8.4 3.0 2.2 SCR and Excess
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15 €bn Strong 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 targeta 1H26 CONSOLIDATED RESULTS > ORGANIC CAPITAL GENERATION 0.8 Organic capital generation 0.0 Organic growth financing 0.8 Net organic capital generation -0.5 Dividends 0.3 Organic excess capital generation a 1 €bn 2025-2027 cumulated target
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16 AGENDA 2 Appendix1H26 Consolidated Results 1
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17 APPENDIX > UNIPOL S.p.A. – DEBT INSTRUMENTS AND RATINGS 500 500 500 750 2027 2028 1,000 2030 2034 2035 1,500 1,000 Senior Subordinated Hybrid Breakdown 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 a 1st call date April 2030. b 1st call date July 2035. c RT1 Hybrid issued in 2026 is not rated by Moody’s b
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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 18 1H26 P&L a “Other” sector here also includes inter-segment eliminations
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APPENDIX > KPIs 1H25 1H26 Var. Premiums 8,674a 9,016 +3.9%a Non-Life 4,788 4,960 +3.6% Life 3,886a 4,056 +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% 19 FY25 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 a YoY 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
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GLOSSARY AND METHODOLOGY 20 Alternative 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. Consequently, 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 expected 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
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DISCLAIMER 21 This document has been prepared by Unipol S.p.A. solely for information purposes in the context of the presentation of its 1H26 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.
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INVESTOR RELATIONS CONTACTS 22 Alberto 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