Latest news with #Unipol
Reuters
15-05-2025
- Business
- Reuters
Unipol posts 18% rise in first-quarter net profit
May 15(Reuters) - Italian financial group Unipol ( opens new tab posted a 17.8% rise in its first-quarter net profit, which came in at 285 million euros ($319 million). Italy's second biggest insurer said its quarterly direct insurance income grew 19% to 5.0 billion euros. ($1 = 0.8946 euros)
Reuters
29-03-2025
- Business
- Reuters
ING met Italy's Popolare di Sondrio amid European expansion plan, source says
LONDON, March 29 (Reuters) - ING Groep ( opens new tab met with Italy's Banca Popolare di Sondrio ( opens new tab in recent weeks as it seeks to grow in Europe through takeovers, a person with knowledge of the matter said. The early stage discussions were not advanced and may not proceed to an offer by the Dutch bank, the person said. BPER and Sondrio both have as lead shareholder Unipol ( opens new tab, Italy's second-largest insurer, which owns nearly 20% of each lender. Unipol Chairman Carlo Cimbri said on Friday a foreign bank was studying a potential bid for Sondrio to rival BPER's. Speaking at the presentation of Unipol's multi-year plan, Cimbri hinted at ING as a possible suitor by saying the bank interested in Sondrio was the colour of a journalist's tie, which was orange. Headquartered in the Valtellina valley, a wealthy mountain area northeast of Milan, Sondrio has enlisted the help of Bank of America and Morgan Stanley as defence advisers against BPER. The bankers have been speaking with potential bidders, the person said, speaking on condition of anonymity because the matter is private. Sondrio has already offered to return 1.5 billion euros to shareholders over 2025-2027, doubling the payout of the past three years, in a move to fend off BPER. BPER said its pursuit of Sondrio was a defensive move given the consolidation wave in the sector. ING said in February it was looking for opportunities to buy rival banks in major European countries including Italy, Spain and Germany to boost its size. The Dutch lender has been active as a retail bank in Italy since 2001 and it is a leading digital bank in the country serving 1.275 million clients. It is currently looking to expand its deposit base by offering a 4% return for a year on new accounts opened before the end of May. ($1 = 0.9236 euros)
Reuters
28-03-2025
- Business
- Reuters
Unipol chair hints that ING could be studying Popolare di Sondrio bid
MILAN, March 28 (Reuters) - Unipol Chairman Carlo Cimbri said on Friday a foreign bank was studying a potential bid for Popolare di Sondrio ( opens new tab to rival the one unveiled by Italy's BPER Banca ( opens new tab. Insurer Unipol is the leading shareholder in both BPER and Pop Sondrio and has thrown its weight behind BPER's bid for Pop Sondrio. Speaking at the presentation of Unipol's multi-year plan, Cimbri hinted at Dutch bank ING as a possible suitor by saying the bank interested in Pop Sondrio was the colour of a journalist's tie, which was orange. ING did not immediately respond to a request for comment. Cimbri said Unipol could be open to considering rival bids for Pop Sondrio. Asked about unconfirmed rumours of foreign interest for the bank, Cimbri said: "It looks like a foreign group has hired lawyers and advisers to study a potential deal for Popolare di Sondrio: it's totally legitimate. We're an investor and if someone else makes a spectacular bid it's not like we've promised eternal love, we don't pick sides." "We don't have eternal friends or eternal foes, only our interests are eternal: ... we're open to any proposition."
Yahoo
28-03-2025
- Business
- Yahoo
Italy's Unipol aims to generate 1 billion euros of capital in new plan
By Andrea Mandala MILAN (Reuters) -Italian financial group Unipol aims to generate 1 billion euros ($1.1 billion) in capital over the next three years to boost its finances and have money for investments. Unveiling its "Stronger/Faster/Better" plan for 2025-2027, Italy's second biggest insurer said on Friday it would target a total net profit of 3.8 billion euros ($4.1 billion). That compares with 2.3 billion euros under the previous three-year plan, a goal that Unipol surpassed. It also pledged to pay out up to 2.2 billion euros in dividends over the period, versus the previous goal of 960 million euros, which it also exceeded. Unipol's shares were down 0.8% at 0930 GMT, with analysts saying the profit and dividend targets were broadly in line with expectations. "We believe that the additional capital generation across the plan after dividend payments comes as a positive surprise, which we could think might be deployed for growth or additional capital return", Barclays analysts said in a note. In-house or 'organic' capital generation is a strategy adopted, for example, by UniCredit under CEO Andrea Orcel, who has focused the bank on activities that maximise profits relative to capital tied up to cover risks. Unipol said it would strengthen its profitability and distribution network, which relies in part on BPER Banca and Banca Popolare di Sondrio, banks in which Unipol owns nearly 20% each. The banking distribution channel will be expanded through more products that require less capital, Unipol said. Unipol has backed a 4.3 billion euro takeover bid that BPER launched last month for Popolare di Sondrio, saying a merger would positively impact its partnerships with the two lenders. In the final year of the plan, Unipol aims to achieve total insurance revenues of 18 billion euros, with 10.6 billion from its non-life business, and the remaining 7.4 billion from life. ($1 = 0.9271 euros) Sign in to access your portfolio
Reuters
28-03-2025
- Business
- Reuters
Unipol targets higher profits, dividends in new plan
MILAN, March 28 (Reuters) - Italian financial group Unipol ( opens new tab aims to make a total net profit of 3.8 billion euros ($4.1 billion) over the next three years as it invests in technology and bancassurance to bolster its core insurance business. Unipol, Italy's second biggest insurer, also pledged to pay out up to 2.2 billion euros in dividends to shareholders over the period, it said in its 2025-2027 business plan, unveiled on Friday. Under the plan - dubbed "Stronger/Faster/Better" - Unipol said it aimed to enhance its industrial profitability and strengthen its distribution network. It aims to generate 1 billion euros in capital organically over the plan to boost its financial strength and capacity for future investments. In the final year of the plan, Unipol aims to achieve total insurance income of 18 billion euros, with non-life business targeted to generate 10.6 billion, and life business the remaining 7.4 billion. The insurer exceeded the targets set out in its previous three-year plan, which had guided for net profits of 2.3 billion euros and dividends totalling 960 million euros. Unipol is the main shareholder in BPER Banca ( opens new tab and Banca Popolare di Sondrio ( opens new tab with a near 20% stake in each Italian bank, which distribute the insurer's products. Unipol has backed the 4.3 billion euro takeover bid BPER launched last month for smaller rival Popolare di Sondrio, saying the proposed merger would have a positive impact on the activities it has in common with the two lenders. ($1 = 0.9271 euros)
