olivLaw · European equity research
Unipol Assicurazioni S.p.A. UNI.MI
Italy · Euronext Milan · ISIN IT0004810054 · Vertical: Listed companies from Italy
Unipol Assicurazioni is one of the main insurance companies in Italy, active in Non-Life (especially motor) and Life business, with an agency network and digital channels. In 2025 the company grew premiums while rebuilding technical margins and launching new products for retail customers, against a backdrop of pressure on claims costs from extreme weather events.
At the close of 05 Nov 2026, Unipol Assicurazioni S.p.A. (UNI.MI) stock was 25.85 EUR (−2.27% on the day), with dividend yield 3.29%, beta 1.03, 52-week range 18.47–29.23 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.1
- neutral
- Bollinger (20, 2)
- 24.41 – 26.16
- in the upper half of the band · %B 0.82 · band width 6.9%
- SMA 50 / 200
- 26.55 / 23.81
- mixed trend
- MACD (12, 26, 9)
- -0.15 / -0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.5% | −0.6% | +0.1 pp | — |
| 3 months | −9.6% | −4.2% | −5.4 pp | — |
| 6 months | +16.1% | +4.3% | +11.7 pp | — |
| Year to date | +25.7% | +7.5% | +18.2 pp | — |
| 1 year | +33.2% | +9.9% | +23.3 pp | −5.5% |
| 3 years | +406.3% | +49.8% | +356.4 pp | +8.9% |
| 5 years | +416.0% | +42.8% | +373.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 1.1 bn | 1.5 bn |
| Net income YoY | unavailable | +38.0% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 10.7 bn EUR
- Total assets
- 90.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.6%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.56 – 15.76 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)11.56 – 15.76 (Mid 13.34)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UNIPOL ASSICURAZIONI S.P.A. (UNI.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.6%.
The estimated value range is 11.56–15.76 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.34 EUR, the price of 25.85 EUR leaves a potential of -48.4% (value / price − 1) and a margin of safety of -93.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for UNI.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Unipol Assicurazioni is one of the main insurance companies in Italy, active in Non-Life (especially motor) and Life business, with an agency network and digital channels. In 2025 the company grew premiums while rebuilding technical margins and launching new products for retail customers, against a backdrop of pressure on claims costs from extreme weather events 1.
SWOT
Strengths
- Solid position in Italian motor and health insurance, with an extensive agency network and specialised companies that diversify revenue 1.
- Recovery of technical margins in motor shows management's ability to adjust tariffs and select customers more carefully 1.
- The integrated Unica Unipol product range and digital channels offer a unified experience for retail customers 1.
Weaknesses
- Dependence on the motor segment exposes the company to price cycles and changes in claims frequency 1.
- A shrinking motor customer base and lower health volumes could weigh on short-term growth 1.
- The complexity of reorganising the group, including moving the health portfolio, may generate integration costs 1.
Opportunities
Risks
- Catastrophe claims costhigh
Extreme weather events could affect the technical result if costs exceed forecasts, especially in property and vehicle classes 1.
- Life technical reserveshigh
A large volume of reserves with minimum guarantees could expose the company to interest rate changes and pressure on returns 1.
- Shrinking motor portfoliomedium
A reduction in the number of motor customers could affect premium volume even if the average premium rises 1.
- Transition away from tacit renewalmedium
The move to non-tacit renewal could cause customer losses during the transition period 1.
- Currency and reinsurance exposurelow
The depreciation of the US dollar weighed on marine and goods businesses, and currency exposure could persist if the same operations continue 1.
Investment thesis
What would need to be true (bull case)
- If motor margin recovery holds and claims frequency stays low, segment profitability could keep improving 1.
- Strong growth in the Life segment and pension funds could diversify the group's income sources 1.
- UniSalute's leadership in health insurance provides a stable base for growth in the non-motor segment 1.
What to watch
- Trend in motor claims frequency and cost, and weather-related claims2026
- Effects of the move to non-tacit renewal on the portfolio2026
- Growth of Life premiums and reserves with minimum guaranteesNext annual report
- UniSalute results after the reorganisation of the health portfolio2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Unipol Assicurazioni S.p.A. is the parent of an Italian insurance group operating in Non-Life, with motor, home, health and liability products, and in Life, including investment products and supplementary pension funds 1. In fiscal 2025 direct Non-Life premiums reached €7,508m, up 2.8%, and direct Life premiums reached €7,777m, from €6,446m in 2024 1. Distribution relies on the Unica Unipol agency network and digital channels, and the company aims to keep the agency at the centre of its distribution model 1.
The motor segment remains the largest, with premiums rising in both MTPL and Land Vehicle Hulls, supported by margin recovery measures that reversed the downward trend in average premium of the previous ten years 1. The group also includes specialised companies such as UniSalute in health, Linear in direct electronic sales and SIAT in marine and goods insurance, each contributing to consolidated results 1. The 2025-2027 Strategic Plan puts emphasis on claims management, including resilience to catastrophe events 1.
Segments
Non-Life motor (MV)
Direct motor premiums reached €4,160m in fiscal 2025 (+3.3%), about 55% of total Non-Life, with MTPL up 2.0% and Hulls up 7.1% 1. Claims frequency fell and the average cost of claims remained broadly stable, supporting a better technical result for the class 1.
Non-Life non-motor
Non-motor premiums rose 2.1% in fiscal 2025, supported by Fire and other damage to property, while health premiums fell because of the UniSalute 2.0 project to centralise the health portfolio 1. The launch of the Unica Unipol multi-segment product supported new business in the Accident class 1.
Market context
The Italian motor insurance market has returned to post-pandemic normality, and insurers have adjusted tariffs to recover margins 1. Costs linked to extreme weather events are an important factor, leading the company to strengthen its claims management processes 1. Demand for health and household protection remains a growth driver, but consumer spending is under pressure from the macroeconomic context 1.
In Life, demand for savings and supplementary pension products is growing, while reserves with minimum guarantees remain dominant, exposing the company to the path of interest rates 1.
Trends
- Motor margin recoverytailwind
Higher average premiums and lower claims frequency supported a better technical result on MTPL, and if this dynamic holds it could support segment profitability 1.
- Extreme weather eventsheadwind
NAT-CAT events remain a pressure on claims, and the company has introduced dedicated handling processes that could lower costs if effective, although exposure stays high 1.
- Digitalisation and new channelsmixed
Online sales and digital claims tools are expanding, which could reduce distribution costs, but digital products do not include the complex guarantees available only at the agency 1.
- Pressure on customer spendingheadwind
The macroeconomic context has reduced customers' capacity to spend on non-motor insurance, which could slow premium growth in less compulsory classes 1.
Competitive position
The company competes in the Italian market with other large insurers in motor, health and Life, and its advantage comes from the agency network and the group's specialised companies 1. Competition on MTPL pricing remains intense, and margin recovery may affect portfolio volume 1.
In digital and direct sales segments, online-only competitors may offer more competitive prices, while Unipol seeks to keep its position through integrated products and the agency network 1.
- Generali (Assicurazioni Generali S.p.A.)
Italian insurer competing in motor, non-motor and Life, not listed on a US exchange according to available sources.
- Allianz SE
European insurance group competing in Non-Life and Life, not listed on a US exchange according to available sources.
- Poste Italiane (distribution network)
Distribution channel for some group motor products, through which competition operates indirectly, not listed on a US exchange.
- Online direct-sales insurers
Companies selling directly through electronic channels that compete mainly on MTPL pricing, without a confirmed US listing.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Unipol Assicurazioni S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.