Unipol pushes profits. And he studies the third pole: central Bper and Sondrio

Unipol pushes profits. And he studies the third pole: central Bper and Sondrio
Unipol pushes profits. And he studies the third pole: central Bper and Sondrio

Unipol is preparing for the new industrial plan, which will focus on dividends and bancassurance, with a growing quarterly report in which it announces that the targets indicated for the three-year period will be exceeded. In Piazza Affari, however, the stock closed at 5 euros, down by 0.6%, “an irrational evaluation”, in the opinion of Carlo Cimbri, CEO of the insurance group of the coop which claims: “The stock is negotiated at a 40% discount on the value net of assets held “.

The Bologna insurance company closed the nine months with a net profit of 813 million (up 7.2% from 2020) and with direct deposits of 9.45 billion (+ 9.5%) of which 5.5 billion in Non-Life (+ 0.3%) where the combined ratio stood at 92.8% (from 86% in 2020 which had benefited from the lockdown) and 3.9 billion in Life (+ 25.7% thanks to multi-branch products and branch III). At the capital level, the solvency ratio stood at 208% (from 216%). As for Unipolsai (controlled 84.9% of the share capital), it achieved profits of € 704 million (+ 0.5%).

«We are now two months after the end of the plan, we will close the three-year period exceeding all the targets we had set for ourselves both in terms of overall results and in terms of shareholder remuneration. The results also tell us that our dividend distribution capacity is confirmed, “said Cimbri in the conference call with analysts, assuring us in terms of future shareholder remuneration:” We are working to make it even more interesting “. At a strategic level, the CEO then underlined the importance of bancassurance in the next plan that will be presented in the spring. “The positions taken in the capital of the banks – Bper (at 18.9% ed) and Popolare di Sondrio (at 9.5% ed) – have an industrial value for us”.

The top manager also stressed that “RC Auto must find a technical balance that today cannot exist if the claims were to return to normal conditions and with inflationary pressures”. In the last 5-6 years, he added, the market has seen “a decrease of more than 20% of the average price” and “tariffs will have to gradually tend to increase”. A statement that has alarmed the consumer associations, given the leadership in the sector.

After having planned the consolidation of Bper with the 587 branches of Ubi and after having carried out the blitz on the popular Valtellinese in view of its transformation into a spa, Cimbri continues to be considered by the market to be the potential architect of the “third pole” of banking. Whether it is a strengthening of the positions held or whether it is a question of forays on Banco Bpm (which Cimbri had made advances a year ago) or on the assets of the two banks currently on sale but without buyers. Unipol’s chief executive recently stated that he will evaluate participation in consolidation operations only if they increase in terms of value and expansion of the network. But the game has only just begun. And, in the eleven years at the helm of Unipol, Cimbri has already proved to be an excellent strategist, marking the rebirth of the group after the knockout of Bnl and, thanks to the ability to weave relationships and alliances, Unipol is at the center of the system. Italian financial.

Also for this reason the movement of shareholder co-ops has not gone unnoticed. In these days MF announced the 100 million capital increase of Holmo (21% owned by Manutencoop), which holds 6.6% of Unipol, to stabilize the balance sheet, while only a few months ago, Koru (vehicle also owned by Coop Alleanza 3.0 and Nova Coop which already hold 22.2% and 6.3% of the share capital respectively) had strengthened its hold on Unipol by acquiring 3.345% of the share capital.

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