# Unipol (UNI.MI)

Canonical: https://gigainvestors.com/s/UNI.MI

Analysis as of: 2026-10-16T07:34:39.786Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 25.22 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.65×

Chart: Net income; fiscal year observations.

- FY2016: EUR 330M

- FY2017: EUR -346M

- FY2018: EUR 401M

- FY2019: EUR 903M

- FY2020: EUR 707M

- FY2021: EUR 627M

- FY2022: EUR 683M

- FY2023: EUR 1.1B

- FY2024: EUR 1.1B

- FY2025: EUR 1.5B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 13.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.1%

- FY2017: -9.9%

- FY2018: 13.0%

- FY2019: 19.3%

- FY2020: 12.7%

- FY2021: 11.0%

- FY2022: 14.8%

- FY2023: 20.1%

- FY2024: 15.9%

- FY2025: 19.1%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.0%

- Book return interval: 9 years

- Starting book value per share: EUR 7.97

- Ending book value per share: EUR 14.53

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: -0.8%

- FY2018: -6.7%

- FY2019: 35.3%

- FY2020: 13.8%

- FY2021: 7.4%

- FY2022: -7.4%

- FY2023: 21.5%

- FY2024: 21.4%

- FY2025: 21.9%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: 0.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.23×

- Book value created per share: EUR 6.56

- Earnings retained per share after dividends and buybacks: EUR 5.35

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 101

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 101

- FY2023: 101

- FY2024: 101

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 393% since Oct 2023 · net income +38%

Story as of 2026-10-16T10:00:01.778Z; price observation 2026-10-14.

### Net income · FY2025

net income +38%; source https://filings.xbrl.org/8156005CE5E7340CCA86/2025-12-31/ESEF/IT/1/8156005CE5E7340CCA86-2025-12-31-1-it/reports/8156005CE5E7340CCA86-2025-12-31-1-it.xhtml; observed 2026-04-09.

- FY2016: EUR 330M 

- FY2017: EUR -346M 

- FY2018: EUR 401M 

- FY2019: EUR 903M 

- FY2020: EUR 707M 

- FY2021: EUR 627M 

- FY2022: EUR 683M 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.1B 

- FY2025: EUR 1.5B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are EUR 13.7 billion.

- Source: https://eodhd.com/api/fundamentals/UIPN.F.json#2025-12-31 (filed 2026-04-09); FY2025: revenue 13713000000.

### Why customers stay

It earns 13.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on tangible equity observations [[2016,0.09080390104137968],[2017,-0.09853817000541419],[2018,0.1304432601065904],[2019,0.19303161226846902],[2020,0.12689472079215025],[2021,0.10994525547445255],[2022,0.14842340874024817],[2023,0.20083910981393652],[2024,0.15882874889086068],[2025,0.19125048393341076]]; median 0.1394333344234193. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2016,127400000],[2017,127600000],[2018,128200000],[2019,129000000],[2020,0],[2021,401400000],[2022,321000000],[2023,388000000],[2024,350000000],[2025,953000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 1.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Closing price 25.219999313354492 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 19.17462079240507; price multiple 1.3152802126519214. FY2025 cash earnings/share 1.6011034971475853. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 2.92 per share

- 2016-12: EUR 3.42 per share

- 2017-01: EUR 3.42 per share

- 2017-02: EUR 3.59 per share

- 2017-03: EUR 3.88 per share

- 2017-04: EUR 4.09 per share

- 2017-05: EUR 3.71 per share

- 2017-06: EUR 3.84 per share

- 2017-07: EUR 3.96 per share

- 2017-08: EUR 3.63 per share

- 2017-09: EUR 3.88 per share

- 2017-10: EUR 3.87 per share

- 2017-11: EUR 3.85 per share

- 2017-12: EUR 3.91 per share

- 2018-01: EUR 4.44 per share

- 2018-02: EUR 4.11 per share

- 2018-03: EUR 3.98 per share

- 2018-04: EUR 4.45 per share

- 2018-05: EUR 3.64 per share

- 2018-06: EUR 3.31 per share

- 2018-07: EUR 3.56 per share

- 2018-08: EUR 3.56 per share

- 2018-09: EUR 3.84 per share

- 2018-10: EUR 3.56 per share

- 2018-11: EUR 3.66 per share

- 2018-12: EUR 3.52 per share

- 2019-01: EUR 4.00 per share

- 2019-02: EUR 4.01 per share

- 2019-03: EUR 4.44 per share

- 2019-04: EUR 4.54 per share

- 2019-05: EUR 4.13 per share

- 2019-06: EUR 4.28 per share

- 2019-07: EUR 4.64 per share

- 2019-08: EUR 4.57 per share

- 2019-09: EUR 4.89 per share

- 2019-10: EUR 5.00 per share

- 2019-11: EUR 5.32 per share

- 2019-12: EUR 5.11 per share

- 2020-01: EUR 4.60 per share

- 2020-02: EUR 4.48 per share

- 2020-03: EUR 3.13 per share

- 2020-04: EUR 3.14 per share

- 2020-05: EUR 3.16 per share

- 2020-06: EUR 3.46 per share

- 2020-07: EUR 3.53 per share

- 2020-08: EUR 4.04 per share

- 2020-09: EUR 3.73 per share

- 2020-10: EUR 3.13 per share

- 2020-11: EUR 4.02 per share

- 2020-12: EUR 3.91 per share

- 2021-01: EUR 3.62 per share

- 2021-02: EUR 4.30 per share

- 2021-03: EUR 4.76 per share

- 2021-04: EUR 4.55 per share

- 2021-05: EUR 4.58 per share

- 2021-06: EUR 4.59 per share

- 2021-07: EUR 4.49 per share

- 2021-08: EUR 5.02 per share

- 2021-09: EUR 5.05 per share

- 2021-10: EUR 4.97 per share

- 2021-11: EUR 4.60 per share

- 2021-12: EUR 4.78 per share

- 2022-01: EUR 4.96 per share

- 2022-02: EUR 4.53 per share

- 2022-03: EUR 4.98 per share

- 2022-04: EUR 5.22 per share

- 2022-05: EUR 4.98 per share

- 2022-06: EUR 4.34 per share

- 2022-07: EUR 4.09 per share

- 2022-08: EUR 4.18 per share

- 2022-09: EUR 3.99 per share

- 2022-10: EUR 4.36 per share

- 2022-11: EUR 4.89 per share

- 2022-12: EUR 4.56 per share

- 2023-01: EUR 4.80 per share

- 2023-02: EUR 5.00 per share

- 2023-03: EUR 4.74 per share

- 2023-04: EUR 5.10 per share

- 2023-05: EUR 4.67 per share

- 2023-06: EUR 4.89 per share

- 2023-07: EUR 5.07 per share

- 2023-08: EUR 5.14 per share

- 2023-09: EUR 5.12 per share

- 2023-10: EUR 5.11 per share

- 2023-11: EUR 5.26 per share

- 2023-12: EUR 5.16 per share

- 2024-01: EUR 5.76 per share

- 2024-02: EUR 7.43 per share

- 2024-03: EUR 7.77 per share

- 2024-04: EUR 8.42 per share

- 2024-05: EUR 9.45 per share

- 2024-06: EUR 9.28 per share

- 2024-07: EUR 9.96 per share

- 2024-08: EUR 9.58 per share

- 2024-09: EUR 10.67 per share

- 2024-10: EUR 11.43 per share

- 2024-11: EUR 11.42 per share

- 2024-12: EUR 12.03 per share

- 2025-01: EUR 13.12 per share

- 2025-02: EUR 14.34 per share

- 2025-03: EUR 14.72 per share

- 2025-04: EUR 15.75 per share

- 2025-05: EUR 17.23 per share

- 2025-06: EUR 16.83 per share

- 2025-07: EUR 17.61 per share

- 2025-08: EUR 17.85 per share

- 2025-09: EUR 18.26 per share

- 2025-10: EUR 18.97 per share

- 2025-11: EUR 19.75 per share

- 2025-12: EUR 20.57 per share

- 2026-01: EUR 18.77 per share

- 2026-02: EUR 21.16 per share

- 2026-03: EUR 19.84 per share

- 2026-04: EUR 22.20 per share

- 2026-05: EUR 21.24 per share

- 2026-06: EUR 24.41 per share

- 2026-07: EUR 27.07 per share

- 2026-08: EUR 28.22 per share

- 2026-09: EUR 26.84 per share

- 2026-10: EUR 24.98 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/8156005CE5E7340CCA86/2025-12-31/ESEF/IT/1/8156005CE5E7340CCA86-2025-12-31-1-it/reports/8156005CE5E7340CCA86-2025-12-31-1-it.xhtml); period 2025-12-31, filed 2026-04-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.