Unipol Grupo Spa

Good afternoon. This is the Coruscant Conference Operator. Welcome and thank you for joining the Unipol Group Consolidated Results at March 31st, 2025 Q&A session conference call. At this time, I would like to turn the conference over to Mr. Matteo Laterza, CEO of Unipol, for a brief introduction. Please go ahead, sir.

Good morning to everyone, and thank you for participating to this call on first quarter 25 result. I am here with Enrico Sanpietro, general manager of Unipol, to answer to your call. As usual, let me make some remarks on the numbers that we disclosed yesterday evening. It was a solid quarter, both in PNC and in life. On P&C, we had a good growth on premium driven by all distribution channel, mainly bank assurance. And at the same time, we had also a solid improvement in technical profitability with a combined ratio reaching 91%. Also in life, we had an improvement in technical profitability in the margin of life. And at the same time, we had also a quite significant improvement in net inflows driven both by the and bank assurance distribution network, but also by a slowdown that we are observing in the surrender rate in the first quarter of 2025. On the investment side, the contribution to earnings was very strong, driven by an improvement in the current yield, a coupon plus dividend, and also by the contribution of realized gains in our financial asset portfolio. Finally, solvency, 218%, driven by the contribution of the capital generation, that gross of dividend is in the whereabout of 4%. And as you have seen in the presentation, the numbers that we disclosed incorporates also the estimated dividend for 2025. And so it is, for the first time, a number net of dividend for the current year. Having said that, as I said before, I am with Enrico ready to open the floor to the questions. Thank you very much.

Thank you. Anyone who wishes to ask a question may press a star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Tomaso Niedu of Kepler-Chevreux. Please go ahead.