Unipol Grupo Spa

Good afternoon. This is the Coral School conference operator. Welcome and thank you for joining the Unipol Group first quarter 2026 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 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.

Thank you very much, and good morning to everyone, and thank you for connecting to this call regarding the Q126 issue. You saw the presentation and the press release, so there will not be a presentation on my side, but only a few remarks on how the quarter was, and by comparing Q1 26 with Q1 25, I can make only a couple of remarks. First of all, a significant improvement in the technical profitability in life and non-life. In particular, in life, the improvement was spread in all the line of business, traditional product, but also unit linked and commercial. pension funds and also in non-life, the improvement was very important in motor and non-motor. Notwithstanding, we maintained a very high level of prudence in our approach in reservation as usual. Nevertheless, as you have seen, the combined ratio reached a 90% level That is a very important number in terms of KPI for us in comparison to what are our targets in our industrial plan. So on one side a very important improvement in technical profitability that more than offset a lower contribution coming from investment income. Q126 was a quite soft quarter in terms of performance of financial market. Q125 was a very positive quarter in terms of performance of financial market and consequently the contribution coming from investment was lower, more or less 50 million less than what we got in 2025. Nevertheless, the quality of the number in 2026 in terms of investment contribution was very positive in the sense that the contribution coming from coupon and dividends in 2026 was stronger than what we got in 2025. we missed the contribution coming from financial assets that are marked as fair value to P&L that in 2020 Five gave a contribution of more or less 80 million and in 2026 the contribution was close to zero and consequently the overall contribution coming from investment income was lower than 50 million as I mentioned before. Very good the position in terms of solvency, not only due to the issuance of the restricted tier 1 that we did in January of 1 billion euros, but also thanks to the contribution coming from the organic capital generation that also in the quarter was quite important and in line with our target of the industrial plan. Having said that, I will stop with my remarks, and as usual, I am with Enrico San Pietro, ready to answer to your question. Thank you very much.

Thank you. This is the Coral School Conference operator. We will now begin the question and answer session. Anyone 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 do. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one at this time. The first question is from Thomas Onied to Kepler-Chevreux.