Unipol in the spotlight after better-than-expected 2025 accounts

(Il Sole 24 Ore Radiocor) A hundred-metre shot up in the early going for Unipol in the wake of its above-expected 2025 accounts. The share price gained 5 per cent at Piazza Affari just behind Moncler. Intermonte analysts speak of a "solid" fourth quarter and numbers "above expectations", in particular with a "positive surprise" on dividend per share and capital generation. Not only that. The broker also reports a 'possible upside in terms of shareholder remuneration in the Plan arc'. Unipol, by now also a major player in the banking risiko, closed its preliminary accounts for 2025 with a consolidated net profit of 1.53 billion euro (+36.8% compared to the previous year), while the final result as an insurance group alone - thus excluding the effects of the pro-rata consolidation of the Bper and Popolare di Sondrio banks - came to 1.21 billion (+40.5%). These are numbers, the company itself explains, "significantly higher than the targets set" by the Industrial Plan. Direct insurance inflows grew to EUR 17.4 billion (+11.1% compared to the end of 2024) with non-life business at EUR 9.6 billion (+4.5%) and life business at EUR 7.8 billion (+20.6%).

The last quarter of the year, Intermonte further explained, confirms the 'quality of earnings', while 2025 'crystallises a clear acceleration from the 2025-27 Plan targets', with organic capital generation above target. So with a Solvency ratio at 233% and dividend per share higher than expected, 'the focus is increasingly on capital reallocation'. Indeed, Intermonte believes 'an upward revision of the 2025-27 consensus estimates is likely, especially in terms of cumulative remuneration above the current plan target, which appears decidedly conservative'.