Q2 2026 Unipol Assicurazioni SpA Earnings Call Transcript
Key Points
- Net profit surged nearly 50% year-on-year to over EUR900 million, demonstrating strong earnings growth.
- Non-Life combined ratio improved to below 92%, hitting the strategic plan target ahead of schedule.
- Life business delivered strong premium growth, positive net inflows of almost EUR800 million, and improved profitability.
- Investment yield reached close to 6% (excluding SpaceX), with a resilient recurring component of 5% from dividends and coupons.
- Solvency II ratio remained robust at 259% (290% for the insurance group), supporting a solid dividend policy with a EUR930 million floor for 2026.
- Nat cat losses in July from convective storms could be significant, though still within budget expectations.
- Motor combined ratio slightly worsened due to nat cat events on Motor Other Damages.
- Price momentum in Motor Third-Party Liability is slowing, with increases now around 2%.
- Non-Motor market is softening, with general third-party liability premiums decreasing due to increased profitability and competition.
- SpaceX stake's unrealized gain halved to about EUR100 million by early August, highlighting volatility and potential for further mark-to-market losses.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Unipol Consolidated Results at June 30, 2026 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, and thank you very much for attending this conference. Before opening the floor to the questions, as usual, let me make some remarks on the first-half numbers that you saw this morning. They were numbers that confirms the strength, resilience, and consistency of our business model. We were able to deliver excellent results across all key metrics with the net profit reaching more than EUR900 million, up almost 50% year on year.
More importantly, these results reflect not only a strong -- a very strong earnings growth, but also a significant improvement in the quality of our earnings. Our performance is based and supported by all the core drivers of value
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