Unipol’s three profit measures: why BPER changes the nine-month picture
Unipol presents three profit measures for the first nine months of 2026: they are different accounting views, not three amounts to add together.[2]
In its 13 November release, reported consolidated net profit is €1,262 million, up 12.6%; the restated result including BPER for all nine months reaches €1,388 million, up 12.4%.[2]
Il Sole 24 Ore Radiocor reports both measures in its 08:04:06 dispatch: focusing only on the larger number would obscure the different accounting timetable.[3]
## The banking contribution changes the comparison
The reported figure incorporates BPER for the half-year ended 30 June, whereas the restated figure uses the bank's financial information updated to 30 September.[2]
The third measure, insurance group net profit, stands at €1,249 million, up 30.1%.[2]
The methodological note says this excludes the effects of pro-rata consolidation of banking associates in both comparison periods, leaving their contribution equivalent to dividends for the period.[2]
That distinction matters when interpreting growth: percentages with different bases do not automatically measure the same acceleration.
## Premiums and underwriting performance
Direct insurance income reaches €12,796 million, up 5.3% against a normalised 2025 comparison that excludes significant new group pension contracts considered non-recurring.[2]
The non-life combined ratio falls from 93.5% to 92.5%; Unipol defines it as the sum of its loss ratio and expense ratio for insurance operations.[2]
It is therefore not a policyholder's investment return.
## Capital strength needs its qualifications
The stated consolidated Solvency ratio is 244%, against 230% at the end of 2025, but the company describes it as preliminary and net of estimated pro-rata accrued dividends.[2]
The same note warns that this estimate does not indicate the actual dividend for the financial year.[2]
This reading of yesterday's results separates reporting scope, insurance income and capital. It recommends no security purchase and promises no return.
## Sources
[2] https://www.unipol.com/sites/default/files/documents/2026-11/pre-unipol-risultati-9m26-13-11-2026_1.pdf — unipol-pdf
[3] https://www.ilsole24ore.com/radiocor/nRC_13.11.2026_08.04_9210092 — sole-unipol