Unipol 1H21: Net Profit Boosted by One-off Items; Combined Ratio Normalises as COVID-19 Impact Recedes
Unipol Gruppo S.p.A. (Unipol or the Company)'s consolidated net profit in 1H21 was EUR 652 million, up 6% year-on-year (YoY). The extraordinary accounting items resulting from the acquisition of former UBI Banca and Intesa Sanpaolo branches had a positive impact on the performance of BPER Banca, which is consolidated into Unipol's results on a pro rata basis. As a result, the BPER contribution was a positive EUR 138 million compared to EUR 22 million 1H20. Excluding this effect, Unipol's consolidated net result was EUR 514 million, compared to EUR 595 million in the same period last year.
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