Unipol closed the first semester of the year with a consolidated net income of 1.056 million euros, up by 42 % over the same period in 2025, including the contribution of Bper for the entire semester. The harvesting, according to a statement, is approximately €9 billion (+3,9% compared to the normalized figure at June 30, 2025), with P&C contributing €5 billion (+3,6%) and life business approximately €4,1 billion (+4,4%). The combined ratio stands at 91,8%, in line with the strategic plan's end-of-year targets, while the solvency ratio rose from 230% to 259% in the first half of the year, with the insurance group's solvency ratio improving from 279% to 290%.
The net accounting profit, which takes into account Bper's contribution up to 31 March, is rose 46,8% to 913 million While the insurance group's net profit, which takes into account only the dividends paid by banking subsidiaries and not their consolidation under net equity, grew by 41,1% to €1.043 million.
“Il improving economic results is determined by the positive technical performance of the core insurance business, as well as the greater contribution of financial management”, explains Unipol in a note, with technical profitability, “driven, in particular, by the excellent performance of the non-motor business which recorded a combined ratio of 88,3%, an improvement of 3 percentage points thanks also to the contribution of the health sector, which closed the period with a combined ratio of 86,6%”, a similar improvement. In the half-year direct insurance income stood at 9.016 million, with volumes supported in particular by the auto sector (+6% to 2.428 million), the non-life bancassurance channel (+10,1% to 346 million) and the health business (+4,1% to 691 million) while the non-auto sector grew by 1,4% to 2.532 million.
The combined ratio for damages, an indicator of technical profitability, stands at 91,8% compared to 92,7% at 30 June 2025, allowing the pre-tax result of damages to rise from 520 million in the first half of 2025 to 885 million, thanks to the greater contribution of the insurance services result and the excellent performance of financial management. C.V. Direct deposits grew by 4,4% to €4.056 million, driven in particular by the agency channel, with pre-tax profit improving from €180 million to €238 million, thanks to the profitable and disciplined development of the business, which guaranteed growing remuneration for customers (increase in the yield on separate management from 2,26% to 2,35%) while maintaining good margins for the group (increase in the retained margin from 1,03% to 1,08%).
The sector's pre-tax result “Bank Associates” It amounts to 103 million taking into account the consolidation of Bper's results for the first quarter only and 246 million including the entire half-year. The sector “Other Activities”, closes with a pre-tax profit growing from 47 to 51 million.
La financial management highlights an overall performance of the8,1% of invested assets, of which 5,1% comes from coupons and dividends and 3,1% from realisations and valuations. The capital gain from SpaceX stock valuation for overall 211 million euro, before the related tax effect. Even net of SpaceX's contribution, gross return on investments would still stand at 6%, higher than the same period in 2025.
“In July, the insurance business continued to operate normally and no significant events have been reported to date. In particular, the main actions undertaken with positive results in line with the expected objectivesUnipol wrote this in its note on the half-year results.
