Q2 2025 Unipol Assicurazioni SpA Earnings Call Transcript
Key Points
- Unipol Assicurazioni SpA (UFGSY) reported solid top-line revenue growth, with a 4.5% increase in premiums driven by strong performance in health and bancassurance sectors.
- The company achieved a combined ratio of 92.7%, indicating improved technical profitability, particularly in the motor segment.
- Life insurance premiums grew by more than 22%, supported by significant contracts and consistent CSM release.
- The solvency ratio stood at 222%, driven by consistent organic capital generation, aligning with the company's industrial plan targets.
- The company anticipates a net positive effect of approximately EUR170 million from the Banca Popolare di Sondrio tender offer in the third quarter of 2025.
- The non-life net financial results showed realized losses in the quarter, attributed to negative effects from mark-to-market assets.
- The expense ratio increased due to higher commissions to agents, linked to technical profitability incentives.
- The financial income for the PNC segment declined year-over-year, despite an increase in the investment portfolio.
- The company experienced large losses in the non-motor segment, affecting overall profitability.
- The improvement in life financial income is partly due to non-repeatable factors, making future performance uncertain.
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Unipol Group first-half 2025 results conference call.
(Operator Instructions)
At this time, I would like to turn the conference over to Mr. Matteo Laterza, CEO of Unipol . Please go ahead, sir.
Good morning to everyone and thank you for participating to this call. Before opening the floor to the question, let me make some remarks on the number that we disclosed this morning.
They were very solid numbers above all in terms of top-line revenues and in terms of improving technical profitability. Starting from [PNC], we achieved the premium growth at 4.5% driven by all the line of business above all as usual. Health with a growth of 12% and bancassurance above 17%.
Also in terms of technical profitability, the improvement was quite consistent with the combined ratio at 92.7% driven by above all by motor. But also non-motor even if the
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