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Investing.com - Berenberg raised its price target on Unipol (BIT:UNPI) Assicurazioni SpA (BIT:UNI) to EUR19.60 from EUR18.50 on Tuesday, while maintaining a Buy rating on the Italian insurer.
The price target increase follows Unipol’s H1 2025 results released on August 8, which showed pre-tax profit of EUR748 million, representing an 18% year-over-year increase and exceeding Berenberg’s estimate of EUR730 million.
Unipol’s combined ratio in Non-Life insurance improved to 92.7% in H1 2025 from 93.1% in H1 2024, driven by an enhancement in the underlying loss ratio from 70.7% to 68.0%, partially offset by a 1.5% increase in the combined ratio.
The Italian insurance market is experiencing consolidation, highlighted by AXA’s acquisition of Prima insurance business for EUR1.1 billion announced last week, creating a more concentrated market where the top four motor insurers—Unipol, Generali (BIT:GASI), Allianz (ETR:ALVG), and AXA—now control an estimated 75% market share.
Berenberg believes this increased market concentration will help maintain strong margins in motor insurance, contributing to its positive outlook for Unipol.
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