Unipol Profit Surges, Backs BPER-Pop Sondrio Merger Amid Banking Sector Competition

Italian financial group Unipol Assicurazioni S.p.A. Reported a significant jump in full-year profit and proposed a higher dividend payout, exceeding analyst expectations. This positive performance comes as Unipol continues to navigate a competitive banking landscape, highlighted by its support for the BPER Banca’s acquisition of Banca Popolare di Sondrio.

Strong Financial Performance

Unipol’s full-year profit increased by 37%, driving a surge in its share price, up as much as 6% on Friday, February 20, 2026 Reuters. The company’s core insurance business was a key driver of this success. The company also announced plans for an increased dividend payout to shareholders.

BPER-Pop Sondrio Merger

Unipol played a crucial role in facilitating the merger between BPER Banca and Banca Popolare di Sondrio. In June 2025, Unipol’s Board of Directors approved the acceptance of a public exchange offer from BPER Banca for all outstanding ordinary shares of Banca Popolare di Sondrio Unipol.

BPER launched a public exchange operation on Popolare di Sondrio, with Unipol holding a 24.6% stake in BPER (approximately 20% in shares and the remainder through swaps) and a 19.7% stake in Sondrio StartMag. BPER aimed to acquire at least a 50% stake in Popolare di Sondrio, but indicated it could proceed with a stake exceeding 35%.

Unipol’s Ownership and Market Impact

The total value of the offer for Banca Popolare di Sondrio reached 4.32 billion euros, representing a 6.6% premium on the stock market closing price StartMag. Following the completion of the deal in July, Unipol is a major shareholder in both banks Finance News Network. The merger is expected to result in Unipol’s group participation weighting approximately 20% of the new entity.

Competitive Banking Landscape

BPER’s move to acquire Popolare di Sondrio adds to a series of consolidation efforts within the Italian banking sector, including offers involving Banco BPM, Unicredit, MPS-Mediobanca, and Banca Ifis-Illimity StartMag.