Unipol Grupo Spa

Good afternoon, this is the Coruscall Conference Operator. Welcome and thank you for joining the Unipol Group First Half 2025 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star N2 on their telephone. At this time, I would like to turn the conference over to Mr. Matteo La Terza, CEO of Unipol. Please go ahead, sir.

Good morning to everyone and thank you for participating to this call. Before opening the floor to the question, let me make some remarks on the number that we disclosed this morning. They were very solid numbers above all in terms of top line revenues and in terms of improving technical profitability. Starting from PNC, we achieved a premium growth at 4.5% driven by all the line of business above all, as usual, Health with a growth of 12% and bank assurance above 17%. Also in terms of technical profitability, the improvement was quite consistent with the combined ratio. at 92.7%, driven above all by motor, but also no motor, even if the comparison versus the first half of 2024 was negative because of a very tough comparison, we are on target compared to the numbers that we disclosed in the industrial plan. In life, also very solid premium growth, more than 22%, also due to some very important contracts we achieved in the second half of 2025, but also normalizing this number, the growth was above 8%, that is a very good number in terms of top-line growth. Also in terms of technical profitability, the numbers were very solid with a very high and consistent CSM release in the second half of 2025. Concerning investment, the first quarter was, as you remember, very strong due to an unrepeatable positive effect of some assets that we marked to market through P&L. In the second quarter, in the P&C area, we had, on the contrary, some negative effects, not repeatable as well, coming from the same category of assets. But Nevertheless, the number overall is above the target that we have in our industrial plan, and so also in terms of contribution coming from investment, we are on track on delivering our target. Finally... In terms of solvency, the number is 222%, driven by organic capital generation that was quite consistent in the first half of 2025, and also in this case on track compared to the number that we disclosed in our industrial plan. Before opening the floor to the question, let me say that with me there is Alberto Zoya that since last month is in charge of investor-relator. He takes the place of Adriano Donati. Adriano was investor-relator for a very long time. He did a very wonderful job in promoting the equity story of Unipol and Zoya. if the result in terms of high performance are the one that we have is also due to the effort that he dedicated to this job. I ask Adriano to take another very important role in our organization. I hope that Alberto will be in the position to continue the heritage of Adriano and hopefully to do better in his job. Having said that, I am here with Enrico San Pietro and I open the floor for the question. Thank you very much.

Thank you. This is the Coruscant Conference Operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touch-tone telephone. To remove yourself from the question queue, please press star N2. We kindly ask you to use the handset when asking questions. Anyone who has a question may press star N1 at this time. The first question is from Tommaso Niedu Kepler-Schwerer.