Unipol Grupo Spa

Good afternoon. This is the Coruscant Conference Operator. Welcome and thank you for joining the Unipol Consolidated Results at September 30th, 2025 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 and zero 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. Thank you for participating to this call. As you have seen, this morning we reported a net profit of 1.12 billion euros in the first nine months of the year. Let me say, first of all, that this number incorporates the exceptional contribution coming from the exchange tender offer launched by Biperbanca on Banca Popolare di Sondrio. In particular, there was a positive impact of 240 million gross of tax and 150 million net. On the negative side, in the third quarter, we charged our numbers with a provision of almost 80 million for the re-edition of the early retirement incentive fund for our employees. Before opening the floor to the question, let me say something on how the business has performed in the quarter. In P&C, we had a very solid trend in the top line, as usual, driven by health business and bank assurance distribution channel. Concerning the technical profitability, the motor business is completely on track compared to our target of the industrial plan, both in terms of average premium claim frequency and average cost of claim. In non-motor, we decided to be very conservative in our reserving policy, mainly regarding the treatment of nut cut in the quarter. In life, we had a very solid growth in the top line, driven both by the agents and bank assurance. As you have seen in the presentation, we succeeded to increase quite consistently the yield of the asset under management by almost 12 basis points by rebating almost eight to the policyholder and keeping four basis points to remunerate our capital. This in good part explains the improvement of the profitability of the life business. The finance department did a very good job, not only in life, but also in non-life. And they gave a substantial contribution to the overall numbers. And finally, concerning solvency, we had a small reduction of a couple of basis points where the organic capital generation was more than offset by some change in non-economic variance and in the SCR calculation almost regarding the banking business. Having said that, I am here with Enrico San Pietro and we are ready to answer to your 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 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.