Unipol shares fall; first-half results receive a lukewarm reception

Unipol’s results received a cool reception, with the share price falling on the Milan Stock Exchange (FTSE MIB ). This morning, the insurance group released its figures for the first six months of the year, which showed a 42 per cent rise in profit to 1.06 billion ‘including the contribution from the associate Bper’ up to 30 June. ‘Reported’ profit, which includes Bper only up to the end of March, stands at 913 million (+46.8%), whilst the net profit of the insurance group alone is 1.04 billion (+41.1%). In the first half of the year, direct insurance premiums amounted to approximately 9 billion euros (+3.9% compared with the figure normalised to 30 June 2025), of which approximately 5 billion in the Non-Life sector (+3.6%) and approximately 4.1 billion in Life (+4.4%). In detail, the Motor segment recorded premiums of 2.4 billion (+6%), the Non-life bancassurance channel 346 million (+10.1%) and the Health business 691 million (+4.1%). The results were also boosted by “the capital gain on the valuation of SpaceX shares totalling 211 million, before the related tax effect”, the company emphasised in a statement.

“Unipol has published its second-quarter and first-half results , which exceeded expectations in terms of profitability ,” emphasise analysts at Intermonte, who have an ‘Outperform’ rating on the share with a target price of 29 euros. The experts highlight, in particular, the strong contribution from the non-life insurance division. According to Unipol, the improvement in financial results “is driven by the positive technical performance of the core insurance business, as well as by the greater contribution from financial management”.

The experts at Intermonte share this view: “The insurance business remains solid, with the quarterly results beating expectations, driven by the financial component”, write the analysts, who also highlight that “the business outlook remains solid: Unipol continues to demonstrate robust technical margins and strong capital generation capacity”. Indeed, “the SpaceX revaluation accounts for a significant portion of the financial performance, but even excluding this, the return on investments remains above 2025, confirming the quality of the portfolio and the group’s ability to capitalise on a favourable market environment”. According to the experts, the most important figure remains capital: “with Solvency II at 259 per cent and organic excess capital generation already totalling 800 million between 2025 and the first half of 2026, Unipol appears to be in a very strong position ahead of the capital increase and the MPS/BPER deal”.