Unipol: Key takeaways from 2Q26 conference call

Research evidence excerpt

Unipol: Key takeaways from 2Q26 conference call

Equity Research

European Insurance

15 May 2026

Unipol

Key takeaways from 2Q26

conference call

The key message from management was around strong UNPI.MI/UNI IM OVERWEIGHT

premium growth from bancassurance as well as continuous European Insurance NEUTRAL

positive underlying technical performance, with Health and Price Target EUR 23.00

Price (14-May-26) EUR 22.33

Motor key drivers. Capital position remains solid ahead of any Potential Upside/Downside +3.0%

uncertainty and most likely to be deployed within the three- Source: Bloomberg, Barclays Research

year plan.

Alessia Magni, CFA

Health and bancassurance to drive future growth: P&C premium growth remained solid but +44 (0)20 3555 7393

slightly uneven, with Motor performing strongly while parts of Non-Motor were softer. The alessia.magni@barclays.com

slowdown in Non-Motor was driven partly by Marine insurance (-28% GWP YoY) as a result of Barclays, UK

geopolitical disruption and to some extent the Health business. In Health, premium growth Claudia Gaspari

slowed slightly in the quarter, but management attributed this to the non-renewal of some +44 (0)20 3134 6039

unprofitable corporate contracts, while structural growth drivers remain strong and should claudia.gaspari@barclays.com

show positive developments in the following quarter. Bancassurance continues to be a key Barclays, UK

growth engine, with strong momentum in Health. Motor GWP was higher than expected as a

result of higher fleet in Motor and a strong contribution from the Stellantis partnership,

boosting both volumes and profitability in MOD, in our view.

Underwriting and claims trends remain supportive: The increase in the attritional loss ratio