Unipol's three-month profit jumped 6.2% to EUR 433 million
Combined ratio falls to 90 per cent and capital strength improves with the insurance group's solvency ratio at 295 per cent
Key points
More profits, rising premiums, increasing capital strength, and a falling combined ratio. This is the mix of key factors that characterised this first quarter 2026 of the Unipol group
The numbers
In particular, the company led by Matteo Laterza and chaired by Carlo Cimbri closed the three months with a consolidated net result of €433m (+6.2% compared to 31 March 2025) including the contribution of the associate Bper. By contrast, the accounting result, i.e. without the bank's contribution, rose by 15.4% to €329m, thanks in particular to "the positive technical performance of the core insurance business".
Premium income grew 7.1% to EUR 4.8 billion, with non-life business up 3.5% to EUR 2.5 billion and life business up 11.2% to EUR 2.3 billion. Capital strength also improved, with the insurance group's solvency ratio at 295% and the consolidated solvency ratio at 248%, compared to 279% and 230% respectively at the end of 2025.
Technical profitability
In this context, the figure that stands out most is the combined ratio, which fell to 90%. A figure that is the result of "the excellent performance of the Non-Motor business", which recorded premium income of €1,288 million (+0.8% compared to 31 March 2025), with a combined ratio of 86.7%, a significant improvement of 3.5 percentage points year-on-year. Within this segment, the Health business recorded premium income of €400 million (+4.4% year-on-year) with a combined ratio of 86.7%, an improvement of 2 percentage points, and with volumes sustained by the contribution of the bancassurance channel (€63 million, +28% year-on-year).
The strong growth in bancassurance was confirmed in both non-life (premium income of EUR 179 million, +21.7% year-on-year) and life (premium income of EUR 1,187 million, +11.6% year-on-year).
