Unipol Grupo Spa

Good afternoon, this is the Coruscant Conference Operator. Welcome and thank you for joining the Unipol Full Year 2025 Preliminary Results 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. Thank you to all of you for participating to this call. Before opening, as usual, the floor to the question, let me make some remarks on the number that we disclosed this morning. We closed the first year of the industrial plan, achieving results mainly above our targets in all the principal industrial and financial sectors. First of all, in P&C, as you have seen, premium performed very well, both in motor and in non-motor, where in non-motor, as usual, the main driver was the health insurance, where we are following a very solid and important trend in the Italian market. The combined ratio closed at 92.9%, that is in line with our target, but I think it's important to underline once again the prudence that we decided to adopt in assessing our technical reserve, and in particular in defining the loss component related to NATCAT event in the line of business, which explains in the big part the impact of NatCat event of 9 percentage point in a year where, as a matter of fact, was quite benign in terms of NatCat. In life, we had a very strong performance in terms of premium, driven both by agents, distribution network, and bank assurance and at the same time we reached our target of new business value and contractual service margin so also in life we performed very well in terms of investments we had a very robust contribution coming from the ordinary yield, which means coupons and dividends coming from our investments and it has been a very important driver for the result that we achieved in 2025. As a result of all these items, we reported a consolidated result, as you have seen, of more than 1.5 billion euros. which reflect, of course, a positive impact, also the positive impact coming from the participation to the tender offer that Peter launched in Banca Pua di Sondrio. But much more important for us, and you had to focus on the insurance group net result that was above 1.2 billion, because it represents the contribution coming from the insurance business, and it gives to you the idea in a sort of sense of the cash remittance of insurance. the group. We think this number is very robust in terms of quality of all the items that contributed to produce this number and this is the reason why we decided to pay and to propose a dividend of €1.12 per share, which means more than 70% of the insurance group We think it is a very solid number. that can be considered a floor in terms of dividend that can be paid also for the year that we last in the present industrial plan. It is a very solid number also considering the very strong solvency that we reported, 233%, that as you know, is burdened by the very expensive contribution coming from our banking states. If you look at the number of the insurance group, we are at 281%, which is a very solid number. And again, the main contribution to the solvency number comes from the organic capital generation that we achieved in 2025, that once deducted the 804 million of dividend is close to 500 million, that is more or less half of the net capital generation target of all the industrial plan. So summing up all these numbers, we are above the first-year KPIs in terms of industrial and financial numbers. Of course, we are still in the first year of the industrial plan. We have still two years ahead of us. But our commitment, as we said, when we disclosed and we published industrial plan is to deliver and hopefully over-deliver the number that we have as KPIs and that we disclosed one year ago. Having said that, with Enrico San Pietro, we are open to answer to your questions.

Anyone else? Who wishes to ask a question may press star and 1 on their touch-tone telephone. To remove yourself from the question queue, please press star and 2. Please pick up the receiver when asking questions. Anyone who has a question may press star and 1 at this time. The first question is from Thomas Ognet, due of Kepler-Chevreux. Please go ahead.