Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Unipol Group First Quarter 2026 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Matteo Laterza, CEO of Unipol. Please go ahead, sir.

Matteo Laterza
GM, CEO & Director

Thank you very much, and good morning to everyone, and thank you for connecting to this call regarding the Q1 '26. You saw the presentation and the press release. So there will not be a presentation on my side, but only a few remarks on how the quarter was. And by comparing Q1 '26 with Q1 '25, I can make only a couple of remarks.

First of all, a significant improvement in the technical profitability in Life and Non-Life. In particular, in life, the improvement was spread in all the line of business, traditional product, but also Unit Linked and Pension Funds. And also in Non-Life, the improvement was very important in Motor and Non-Motor. Notwithstanding, we maintained a very high level of prudence in our approach in reservation as usual. Nevertheless, as you have seen, the combined ratio reached a 90% level. That is a very important number in terms of KPI for us in comparison to what are our target in our industrial plan. So on one side, a very