Operating performance Unipol Assicurazioni recorded a net profit of €1,640.2m in 2025, an increase of over 111% compared to the previous year (€776.0m at 31/12/2024). The strong growth in the result for the period is attributable to both ordinary and extraordinary components. In particular, note the excellent performance of the core insurance business, with volumes and profitability indices up, as well as the decidedly positive result of financial management, improving compared to the previous year.
The extraordinary components include the capital gain realised as a result of the total voluntary public exchange offer (OPS) promoted by BPER Banca S.p.A. (BPER) on all the ordinary shares of Banca Popolare di Sondrio S.p.A. (BPSO), to which the Company subscribed. In relation to the total transactions carried out on BPER and BPSO shares during the year, illustrated in detail in the section “Information on significant events", Unipol recorded net income of approximately €567m, not repeatable in future years.
Lastly, again in 2025 note the allocation of a solidarity fund for the early retirement of approximately 200 employees, for a total of around €73m, the benefits of which, in terms of a reduction in personnel costs, will be seen over the next few years. In 2024, the allocation amounted to approximately €165m.
At 31 December 2025, direct insurance premiums, gross of reinsurance, stood at €12,069.5m, up (+10.7%) compared to €10,907.5m at 31 December 2024.
Non-Life direct premiums amounted to €7,507.7m, up +2.8% compared to €7,306.4m at 31 December 2024.
The MV segment was up by +3.3% compared to the previous year, recording premiums of €4,160.0m. Operations were positively affected by actions taken to improve business margins to cover the increased cost of claims linked to the inflationary trend affecting the segment. In addition, the accessory guarantees included in the Land Vehicle Hulls class, which recorded growth of +7.1% compared to 2024, are also continuously developing.
The Non-MV segment generated premiums of €3,347.7m, up by +2.1% compared to the previous year. In this segment, there was a gradual decline in premiums in the Health class as a result of the UniSalute 2.0 project, which led to the agency distribution network channelling proposals to customers towards the products offered by UniSalute, a leading company in the reference market.
In the distribution area, note the launch in 2025 of the new Unica retail offering platform: a modular and omnichannel model that offers true made-to-measure protection for the whole family in a single contract. Unica represents the primary action of the “Faster Integrated Offer Model" guideline in the Stronger | Faster | Better Strategic Plan and one of the most significant innovations introduced by Unipol in recent years. Approximately 237k Unica policies had been signed at 31 December 2025 in the Vehicle and Mobility, Home and Family and Individual protection areas.
The direct business combined ratio, including the balance of Other Technical Items and calculated entirely on premiums earned, was 89.5% at 31 December 2025, compared to 90.6% at 31 December 2024:
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the Loss Ratio, including the balance of Other Technical Items, was 58.0% (61.0% in 2024), benefiting, among other things, from the slight reduction in the incidence of Other Technical Items (1.2% compared to 1.5% in 2024);•
the Expense Ratio stood at 31.4% (compared to 29.7% in 2024).In the Life segment, the Company achieved direct premiums of €4,561.8m, an increase of +26.7% compared to € 3,601.2m recorded in 2024: the growth in premiums was driven by the contribution of collective pension agreements, including those newly acquired. Net of the latter, growth stood in any event at +12.9%. The sales network focused on traditional and multi-segment products, with a view to optimising the net flows of segregated funds.
The Life segment profit margins are the result of profitable and disciplined business development, focused on maintaining both satisfactory remuneration for customers, and good profit levels for the Company: the return on Segregated Funds increased by 19 bps (from 3.25% to 3.44%), with an increase in both the return for policyholders by 15 bps (from 2.41% to 2.56%), and the margin retained by the company by 4 bps (from 0.84% to 0.88%).
The overall asset allocation confirmed an attractive risk/return profile.