Unipol nine-month profit rises 12.4% as it moves to acquire MPS branches
ROME, Nov 13 (Reuters) - Italian financial group Unipol UNPI.MI said on Friday its nine-month net profit grew 12.4% to €1.39 billion ($1.54 billion), including a contribution from its BPER Banca EMII.MI investment and driven by its core insurance business.
The results come as the Bologna-based insurer moves to take on about 635 Monte dei Paschi di Siena (MPS) branches from Intesa Sanpaolo, with the aim of merging them into BPER in a deal worth up to €3.5 billion that depends on Intesa winning control of MPS.
Net profit of the insurance business rose 30.1% to €1.25 billion in the first nine months of 2026
Direct insurance premiums were €12.8 billion, up 5.3% from a normalised €12.15 billion a year ago
Non-life combined ratio was 92.5%, against 93.5% in the same period last year
Unipol is on track to meet its 2026 targets a despite higher impact from natural catastrophe, Chief Executive Matteo Laterza told analysts
Consolidated solvency ratio was a preliminary 244%, versus 230% at the end of December 2025; the insurance group's ratio reached 275%
Unipol estimated that Italy's budget law could cost it €40-50 mln a year in 2026-2028, for a total of about €140 mln over three years based on current information
Laterza said the group has almost completed divestment from Elon Musk's SpaceX, having locked in €150 million of gains, while about €20 million remains exposed to share price moves.
He said it is too early to discuss valuation of planned MPS branch transfers to BPER. He expects deal to be completed in 2028
Unipol is BPER's largest shareholder
($1 = 0.9042 euros)