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1. Company Snapshot

1.a. Company Description

Unipol Gruppo S.p.A., together with its subsidiaries, provides insurance and banking services primarily in Italy.The company operates through Non-Life Insurance Business, Life Insurance Business, Banking Business, Real Estate Business, and Holding and Other Businesses segments.It offers non-life insurance products for vehicles, sports craft, and travel; home and condominiums; work related to businesses, traders, professionals, and legal protection; accident and health protection; and investments and welfare.


The company also provides life insurance products; and reinsurance services to individuals and legal entities through its agency network.In addition, it is involved in the management of non-performing loans; operation and management of real estate properties; operation of resorts and hotels; and agricultural, harbor, and healthcare businesses.The company was formerly known as Unipol Gruppo Finanziario S.p.A. and changed its name to Unipol Gruppo S.p.A. in June 2017.


Unipol Gruppo S.p.A. was founded in 1961 and is based in Bologna, Italy.

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1.b. Last Insights on UNI

Unipol Gruppo S.p.A.'s recent performance was negatively impacted by the lingering effects of natural catastrophes, which led to increased claims and expenses. The company's robust solvency and proposed dividend in its Q4 2025 earnings call highlights were overshadowed by the challenges posed by these events. Additionally, the mixed economic landscape in Europe, with indices like the STOXX Europe 600 showing slight declines, has created a cautious environment for investors. Furthermore, the company's recent earnings release did not provide any significant updates or guidance, contributing to the negative sentiment.

1.c. Company Highlights

2. Unipol's Strong 2025 Preliminary Results: A Closer Look

Unipol reported a consolidated result of over EUR 1.5 billion, driven by a strong performance in both Property and Casualty (P&C) and Life insurance businesses. The company's insurance group net result was above EUR 1.2 billion, representing the contribution from the insurance business. The earnings per share (EPS) came in at 0.06276, below analyst estimates of 0.14. Unipol's Property and Casualty business achieved a combined ratio of 92.9%, in line with its target, indicating a solid underwriting performance. The company's revenue growth is expected to be around 4.9% next year, according to analyst estimates.

Publication Date: Feb -24

📋 Highlights
  • Outperformed KPIs: Unipol exceeded all key performance indicators in 2025, including a P&C combined ratio of 92.9% (in line with target) and strong Life premium growth driven by agents and bancassurance.
  • Consolidated Result: Reported EUR 1.5B consolidated result, with EUR 1.2B from the insurance business, and proposed a EUR 1.12/share dividend (70% of insurance group result).
  • Solvency Strength: Insurance group solvency rose to 281% (vs. 233% overall), driven by EUR 500M organic capital generation post-EUR 804M dividend distribution.
  • Technical Profitability: Prudent nat cat risk management added EUR 220M in risk adjustment, while motor business saw a 12 bps frequency benefit from improved loss trends.
  • Capital Allocation: Prioritizing organic growth over capital return, with a EUR 800M dividend floor and commitment to maintain solvency above targets (281%) to avoid short-term capital restatements.

Business Segment Performance

The Life insurance business saw a strong performance in premium driven by agents, distribution networks, and bancassurance. Unipol reached its target of new business value and contractual service margin. Enrico Pietro, during the earnings call, highlighted that the technical profitability was good in both motor and non-motor business, with a prudent approach to nat cat risk. The motor combined ratio is already better than the target, but the company is being cautious and keeping the target at 95%.

Capital Management and Dividend Policy

Unipol's solvency increased to 233%, with the insurance group solvency at 281%, a very solid number. The company proposed a dividend of EUR 1.12 per share, more than 70% of the insurance group result. Matteo Laterza mentioned that EUR 800 million is the floor for dividend payments, and the possibility of an interim dividend is not currently being considered. The company's dividend yield stands at 4.05%, which is attractive for income investors.

Valuation and Outlook

Unipol's Price-to-Book Ratio (P/B) is 1.63, indicating a reasonable valuation. The company's Return on Equity (ROE) is 9.38%, which is a respectable number. Given the company's strong performance and commitment to delivering its KPIs, it is well-positioned for future growth. With a dividend yield of 4.05% and a P/B ratio of 1.63, Unipol appears to be reasonably valued. The company's commitment to using its capital in a profitable way and ensuring a satisfactory remuneration for shareholders is positive for investors.

3. NewsRoom

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Unipol Assicurazioni SpA (UFGSY) Q4 2025 Earnings Call Highlights: Strong Financial Performance ...

Feb -20

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Unipol Assicurazioni SpA (UFGSY) Q3 2025 Earnings Call Highlights: Strong Profitability Amidst ...

Nov -07

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AM Best Upgrades Credit Ratings of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A.

Jul -17

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AM Best Assigns Credit Ratings to Unipol Assicurazioni S.p.A.

Jul -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Non-life Business

Expected Growth: 4.83%

Unipol Gruppo S.p.A.'s Non-life Business growth of 4.83% is driven by increasing demand for motor insurance, expansion into new regions, and strategic partnerships. Additionally, the company's focus on digitalization and process efficiency has improved customer experience, leading to higher retention rates and new business acquisition.

Life Business

Expected Growth: 4.83%

Unipol Gruppo S.p.A.'s Life Business growth of 4.83% is driven by increasing demand for protection and savings products, expansion into new distribution channels, and strategic partnerships. Additionally, the company's focus on digitalization, cost optimization, and product innovation have contributed to its growth momentum.

Holding and Other

Expected Growth: 4.83%

Unipol Gruppo S.p.A.'s Holding and Other segment growth of 4.83% is driven by strategic investments in digital transformation, cost optimization initiatives, and expansion into new business lines, such as asset management and real estate services, which have improved operational efficiency and diversified revenue streams.

Intersegment Eliminations

Expected Growth: 4.83%

Unipol Gruppo S.p.A.'s 4.83% intersegment eliminations growth is driven by increased insurance premiums, expansion of bancassurance channels, and cost savings from operational synergies. Additionally, the company's diversified business model, strong brand presence, and strategic investments in digitalization have contributed to this growth.

Real Estate

Expected Growth: 4.83%

Unipol Gruppo S.p.A.'s Real Estate segment growth of 4.83% is driven by increasing demand for residential and commercial properties, strategic acquisitions, and effective asset management. Additionally, favorable interest rates, government incentives, and a strong Italian economy contribute to the segment's growth.

7. Detailed Products

Life Insurance

Unipol Gruppo S.p.A. offers a range of life insurance products that provide financial protection to individuals and families in the event of death, disability, or critical illness.

Non-Life Insurance

Unipol Grupao S.p.A. provides non-life insurance products that cover damages or losses to properties, vehicles, and businesses.

Health Insurance

Unipol Gruppo S.p.A. offers health insurance products that provide medical coverage to individuals and families.

Pension Funds

Unipol Gruppo S.p.A. provides pension fund products that help individuals save for retirement.

Bancassurance

Unipol Gruppo S.p.A. offers bancassurance products that combine banking and insurance services.

Asset Management

Unipol Gruppo S.p.A. provides asset management services that help individuals and institutions manage their investments.

Real Estate Services

Unipol Gruppo S.p.A. provides real estate services that help individuals and businesses buy, sell, and manage properties.

8. Unipol Gruppo S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Unipol Gruppo S.p.A. operates in the insurance industry, where substitutes are limited. However, the company faces competition from other insurance providers, which can be considered as substitutes.

Bargaining Power Of Customers

Unipol Gruppo S.p.A. has a large customer base, which reduces the bargaining power of individual customers. Additionally, the company's diversified product offerings and strong brand reputation further reduce customer bargaining power.

Bargaining Power Of Suppliers

Unipol Gruppo S.p.A. relies on a network of agents and brokers to distribute its insurance products. While the company has some bargaining power due to its size, suppliers still have some negotiating power due to the specialized nature of their services.

Threat Of New Entrants

The insurance industry has high barriers to entry, including regulatory requirements and capital requirements. Additionally, Unipol Gruppo S.p.A.'s strong brand reputation and established distribution network make it difficult for new entrants to compete.

Intensity Of Rivalry

The Italian insurance market is highly competitive, with many established players competing for market share. Unipol Gruppo S.p.A. faces intense competition from other insurance companies, which can lead to pricing pressure and reduced profitability.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.37%
Debt Cost 5.54%
Equity Weight 69.63%
Equity Cost 9.63%
WACC 8.39%
Leverage 43.61%

11. Quality Control: Unipol Gruppo S.p.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Grupo Catalana Occidente

A-Score: 8.1/10

Value: 8.4

Growth: 4.3

Quality: 7.9

Yield: 9.4

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Aviva

A-Score: 7.4/10

Value: 6.5

Growth: 5.4

Quality: 5.8

Yield: 9.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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ASR Nederland

A-Score: 7.1/10

Value: 5.7

Growth: 4.0

Quality: 6.4

Yield: 8.8

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Unipol Gruppo

A-Score: 6.9/10

Value: 5.0

Growth: 4.1

Quality: 6.4

Yield: 8.8

Momentum: 9.5

Volatility: 7.3

1-Year Total Return ->

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UNIQA

A-Score: 6.8/10

Value: 4.8

Growth: 3.4

Quality: 4.8

Yield: 8.8

Momentum: 10.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
NN Group

A-Score: 6.7/10

Value: 3.9

Growth: 3.4

Quality: 5.9

Yield: 8.8

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

20.56$

Current Price

20.56$

Potential

-0.00%

Expected Cash-Flows