Q1 2026 Unipol Assicurazioni SpA Earnings Call Transcript
Key Points
- Significant improvement in technical profitability in both Life and Non-Life segments.
- Combined ratio reached a favorable 90%, aligning with industrial plan targets.
- Strong solvency position bolstered by a EUR1 billion restricted Tier 1 issuance and organic capital generation.
- Bancassurance channel exhibited robust growth, exceeding 30% in the first quarter.
- Increased contribution from coupons and dividends in investment income compared to the previous year.
- Investment income contribution was lower by approximately EUR50 million compared to the previous year due to softer financial market performance.
- Attritional loss ratio increased to 69% from 68% last year, reflecting a more prudential approach.
- Health premiums showed signs of deceleration, attributed to a lack of new large contracts.
- Expense ratios worsened in both Motor and Non-Motor segments, partly due to increased commission ratios linked to technical profitability.
- Non-Motor growth was modest at 0.8%, impacted by a significant reduction in Marine Insurance premiums.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Unipol Group first-quarter 2026 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.
Thank you very much, and good morning to everyone, and thank you for connecting to this call regarding the Q1 '26. You saw the presentation and the press release. So there will not be a presentation on my side, but only a few remarks on how the quarter was. And by comparing Q1 '26 with Q1 '25, I can make only a couple of remarks. First of all, a significant improvement in the technical profitability in Life and Non-Life.
In particular, in Life, the improvement was spread in all the line of business, traditional product, but also unit-linked and patient funds. And also in Non-Life, the improvement was very important in Motor and Non-Motor. Notwithstanding, we maintained a very
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