Unipol Grupo Spa

Good afternoon. This is the Corosco Conference Operator. Welcome and thank you for joining the Unipol Consolidated Results at June 30th, 2026 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 send the conference over to Mr. Matteo Laterza, CEO of Unipol. Please go ahead, sir.

Good morning and thank you very much for attending this conference. Before opening the floor to the question, as usual, let me make some remarks on the first half numbers that you saw this morning. They were numbers that confirms the strength, resilience and consistency of our business model. We were able to deliver excellent results across all key metrics with the net profit reaching more than 900 million up almost 50% year on year. More importantly, these results reflect not only a very strong earnings growth but also a significant improvement in the quality of our earnings. Our performance is based and supported by all the core drivers of value creation, technical profitability in non-life, Profitable growth in life and resilient recurring investment income and strong capital generation. What I would particularly like to emphasize in our ability to combine business growth and improving profitability is in non-life premium increased by almost 4%, while the combined ratio improved to less than 92%, allowing us to reach ahead of schedule the target originally envisaged for the end of the strategic plan. This is a particularly important achievement because It demonstrates that growth has not come at the expense of underwriting discipline. On the contrary the quality of our portfolio continues to improve. The result is even more remarkable considering The operating environment compared to the first half of this year we had a larger impact coming from NATCAT that were offset by lower impact coming from large losses. The combined effect of the two is pretty in line with the numbers of 2025 and is way in line with the expectation and the assumption of our budget and industrial plan. Life business is also performing very well. We delivered strong premium growth, positive net inflows at almost 800 million, and a significant improvement in profitability. This recovery in earnings is being driven both by the technical component of the business and the investment income, while improving portfolio economics continue to support future profitability. Finally, investment performance was very strong independently on the effect of the SpaceX IPO, that is a non-recurring component of the investment income, but Even not considering the impact of SpaceX, the investment yield of the portfolio is close to 6%. That is very robust, significant and persistent in terms of contribution coming from dividend and coupon. Finally, capital position remains a key competitive advantage for us. We closed the first half with a solvency to a ratio of 259%, that is the official number. But as usual, I underline and remark the importance of the 290% that is the solvency position of the insurance group. That is a very strong number and paved the way to be very consistent with our policy. Metrics and target in dividend distribution policy that, as I said last time that we met, is based on the 930 million for the dividend expectation for 2026. and pave the way to the dividend capability for the rest of the industrial plan and in general for the next future. Having said that, I am here as usual with Enrico Sanpietro to answer to your question. Thank you very much.

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 touch-note 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 comes from Tomas Onyedu with Kepler-Chevreux. Please go ahead.