Unipol Gruppo Reports Strong FY 2023 Results, Announces Merger by Incorporation of OpCo UnipolSai

This commentary addresses Unipol Gruppo S.p.A.’s FY 2023 results and the recent announcement of its merger by incorporation of UnipolSai Assicurazioni S.p.A. (UnipolSai).

Key highlights include:

-- Unipol Gruppo announced the merger by incorporation of UnipolSai, the main operating company of the group, into Unipol Gruppo.

-- Unipol’s life insurance premiums increased by 20% YoY mostly driven by higher premiums from traditional life products and pension funds.

-- Unipol’s non-life insurance premiums increased across all of the Group’s ecosystems.

“Unipol reported a consolidated net profit of EUR 1,331 million in 2023, a significant increase from EUR 866 million in 2022 (reported according to the IFRS 4/IAS 39 accounting standards,” said Mario De Cicco, Vice President, Global Insurance Ratings at Morningstar DBRS. “Unipol Gruppo also announced the merger by incorporation of UnipolSai, and three other subsidiaries into Unipol Gruppo. The transaction aims at rationalize and simplify the Group’s corporate structure and will allow Unipol to optimize its cash, funding and solvency position going forward.”