0835 GMT - Unipol's fresh targets could disappoint at first glance, Berenberg says in a note before the Italian insurer's outlines its new plan on Friday. "We highlight that Unipol's plan targets have historically been relatively conservative, and that Unipol usually beats these targets by a significant amount," analyst Michael Huttner writes. Any initial disappointment will likely be short-lived, he says. Huttner forecasts 3.8 billion euros in cumulative net profit in the 2025 to 2027 period, up from 3.0 billion euros between 2022 and 2024. He expects 2.3 billion euros in dividends, which represents a payout ratio of 60%, or 57% excluding the stakes it owns in banks BPER and Sondrio. This compares with 60% for peers AXA and Allianz and gives Unipol more cash to invest. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
March 24, 2025 04:35 ET (08:35 GMT)
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