---
title: Generali/2023/FY/Financial supplement
---
# Generali/2023/FY/Financial supplement
## Summary P&L
Caption: Consolidated operating and non-operating result build-up
| EUR million | FY 2022 | FY 2023 |
| --- | --- | --- |
| '''Consolidated operating result''' | '''6,374''' | '''6,879''' |
| Life operating result | 3,672 | 3,735 |
| P&C operating result | 2,507 | 2,902 |
| Asset & Wealth Management | 954 | 1,001 |
| Holding and other businesses | (339) | (320) |
| Consolidation Adjustments | (420) | (439) |
| '''Consolidated non-operating result''' | '''(2,434)''' | '''(1,262)''' |
| Non-operating investment result | (1,015) | 64 |
| Net investment result from FVTPL and net gains on foreign currency | (881) | (115) |
| Net non-operating realized gains | 55 | 421 |
| Net non-operating ECL and impairment losses | (189) | (241) |
| Net other non-operating expenses | (788) | (683) |
| Non-operating holding expenses | (631) | (644) |
| Interest expenses on financial debt | (470) | (447) |
| Other non-operating holding expenses | (161) | (197) |
| '''Earnings before taxes''' | '''3,940''' | '''5,617''' |
| Income taxes | (1,378) | (1,579) |
| Result for discontinued operations | (93) | 84 |
| '''Consolidated result for the period''' | '''2,470''' | '''4,122''' |
| Minority interests | (235) | (375) |
| '''Net result''' | '''2,235''' | '''3,747''' |
Caption: Adjusted net result build-up
| EUR million | FY 2022 | FY 2023 |
| --- | --- | --- |
| Profit or Loss on assets at FVTPL on non-par & SH fund | (795) | (84) |
| Hyperinflation effect (IAS 29) | (103) | (48) |
| Amortization of intangibles related to M&A | — | — |
| Gains & losses from acquisitions & disposal | — | 304 |
| '''Adjusted net result (footnote: Adjusted net result and EPS definitions include adjustments for: I) profit or loss on assets at fair value through profit or loss (FVTPL) on non-participating business and shareholders’ funds II) hyperinflation effect under IAS 29 III) amortisation of intangibles related to M&A, if material IV) impact of gains and losses from acquisitions and disposals, if material.)''' | '''3,133''' | '''3,575''' |
Caption: Adjusted earnings per share
| EUR million | FY 2022 | FY 2023 |
| --- | --- | --- |
| Closing number of shares | 1,586,833,696 | 1,559,281,461 |
| Weighted average number of shares | 1,570,223,226 | 1,541,766,041 |
| Adjusted EPS (footnote: Adjusted net result and EPS definitions include adjustments for: I) profit or loss on assets at fair value through profit or loss (FVTPL) on non-participating business and shareholders’ funds II) hyperinflation effect under IAS 29 III) amortisation of intangibles related to M&A, if material IV) impact of gains and losses from acquisitions and disposals, if material.) | 2.00 | 2.32 |
## Summary P&L Segment
Caption: Consolidated operating and non-operating result build-up by business unit
| EUR million | Group | Group | Life | Life | P&C | P&C | Asset & Wealth management | Asset & Wealth management | Holding and other businesses | Holding and other businesses | Consolidation | Consolidation |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Consolidated operating result''' | '''6,374''' | '''6,879''' | '''3,672''' | '''3,735''' | '''2,507''' | '''2,902''' | '''954''' | '''1,001''' | '''(339)''' | '''(320)''' | '''(420)''' | '''(439)''' |
| Net insurance service result | 4,815 | 5,548 | 2,896 | 3,009 | 1,563 | 2,169 | (7) | (11) | — | — | 363 | 381 |
| Operating investment result | 2,210 | 2,317 | 832 | 833 | 1,210 | 1,095 | 263 | 437 | 169 | 261 | (263) | (309) |
| Other operating income and expenses | (651) | (986) | (55) | (108) | (266) | (361) | 699 | 575 | (508) | (580) | (520) | (512) |
| of which operating holding expenses | (548) | (572) | — | — | — | — | — | — | (548) | (572) | — | — |
| '''Consolidated non-operating result''' | '''(2,434)''' | '''(1,262)''' | '''(557)''' | '''169''' | '''(1,138)''' | '''(679)''' | '''(2)''' | '''(11)''' | '''(738)''' | '''(710)''' | '''2''' | '''(32)''' |
| Non-operating investment result | (1,015) | 64 | (353) | 200 | (653) | (70) | 11 | 2 | (21) | (66) | 2 | (3) |
| Net investment result from FVTPL and net gains on foreign currency | (881) | (115) | (328) | (113) | (533) | 29 | 10 | 6 | (30) | (36) | — | (2) |
| Net non-operating realized gains | 55 | 421 | 18 | 390 | 24 | 20 | 9 | 7 | 4 | 3 | — | — |
| Net non-operating ECL and impairment losses | (189) | (241) | (43) | (77) | (144) | (119) | (9) | (12) | 5 | (33) | 2 | (1) |
| Net other non-operating expenses | (788) | (683) | (204) | (31) | (485) | (609) | (13) | (13) | (86) | (1) | — | (29) |
| Non-operating holding expenses | (631) | (644) | — | — | — | — | — | — | (631) | (644) | — | — |
| Interest expenses on financial debt | (470) | (447) | — | — | — | — | — | — | (470) | (447) | — | — |
| Other non-operating holding expenses | (161) | (197) | — | — | — | — | — | — | (161) | (197) | — | — |
| '''Earnings before taxes''' | '''3,940''' | '''5,617''' | '''3,115''' | '''3,903''' | '''1,368''' | '''2,224''' | '''952''' | '''990''' | '''(1,077)''' | '''(1,030)''' | '''(419)''' | '''(471)''' |
| Income taxes | (1,378) | (1,579) | | | | | | | | | | |
| Result from discontinued operations | (93) | 84 | | | | | | | | | | |
| '''Consolidated result for the period''' | '''2,470''' | '''4,122''' | | | | | | | | | | |
| Minority interests | (235) | (375) | | | | | | | | | | |
| '''Net result''' | '''2,235''' | '''3,747''' | | | | | | | | | | |
## Summary BS
Caption: Assets and liabilities by business unit
| EUR million | Group | Group | Life | Life | P&C | P&C | Asset & Wealth management | Asset & Wealth management | Holding and other businesses | Holding and other businesses | Consolidation | Consolidation |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Intangible assets | 10,031 | 9,990 | 4,674 | 4,666 | 4,838 | 4,781 | 489 | 495 | 30 | 48 | 0 | 0 |
| Tangible assets | 3,963 | 3,683 | 821 | 810 | 2,587 | 2,335 | 218 | 200 | 444 | 437 | -108 | -100 |
| Insurance assets | 4,154 | 4,876 | 863 | 554 | 3,291 | 4,322 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 447,728 | 466,046 | 394,616 | 408,696 | 42,863 | 43,388 | 16,554 | 14,221 | 11,849 | 15,481 | -18,152 | -15,740 |
| Investment properties | 25,627 | 23,831 | 22,601 | 20,985 | 3,022 | 2,838 | 0 | 0 | 4 | 8 | 0 | 0 |
| Investments in subsidiaries, associated companies and joint ventures | 2,492 | 2,712 | 5,252 | 3,129 | 2,577 | 2,983 | 14 | 11 | 118 | 122 | -5,469 | -3,533 |
| Financial assets | 419,609 | 439,503 | 366,763 | 384,582 | 37,265 | 37,567 | 16,540 | 14,210 | 11,726 | 15,351 | -12,684 | -12,207 |
| Other financial assets | 6,484 | 6,334 | 3,413 | 2,772 | 2,497 | 2,874 | 424 | 508 | 150 | 180 | 0 | 0 |
| Other assets | 23,988 | 10,613 | 19,287 | 5,188 | 3,872 | 4,446 | 749 | 782 | 259 | 250 | -180 | -54 |
| Cash and cash equivalents | 6,887 | 7,070 | 3,379 | 3,549 | 2,309 | 2,455 | 993 | 810 | 380 | 457 | -173 | -201 |
| '''Total Assets''' | '''503,236''' | '''508,611''' | '''427,054''' | '''426,235''' | '''62,258''' | '''64,602''' | '''19,428''' | '''17,017''' | '''13,110''' | '''16,853''' | '''-18,613''' | '''-16,095''' |
| Insurance liabilities | 395,764 | 412,409 | 362,301 | 377,040 | 33,463 | 35,369 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financial liabilities | 45,642 | 44,086 | 19,857 | 20,451 | 7,978 | 4,505 | 15,077 | 13,125 | 6,076 | 9,591 | -3,346 | -3,586 |
| Financial liabilities at fair value through profit or loss | 9,417 | 8,740 | 9,040 | 8,361 | 243 | 230 | 124 | 133 | 11 | 17 | -1 | 0 |
| Financial liabilities at amortized cost | 36,225 | 35,346 | 10,817 | 12,090 | 7,734 | 4,275 | 14,954 | 12,992 | 6,065 | 9,574 | -3,346 | -3,586 |
| Other provisions | 2,406 | 2,318 | 629 | 800 | 1,160 | 876 | 268 | 314 | 349 | 300 | 0 | 29 |
| Payables | 7,774 | 8,746 | 2,676 | 3,202 | 3,667 | 4,068 | 537 | 460 | 894 | 1,016 | 0 | 0 |
| Other liabilities | 22,677 | 9,768 | 17,444 | 3,342 | 4,389 | 5,504 | 742 | 641 | 265 | 325 | -163 | -43 |
| '''Total Liabilities''' | '''474,263''' | '''477,327''' | '''402,906''' | '''404,834''' | '''50,656''' | '''50,321''' | '''16,625''' | '''14,540''' | '''7,585''' | '''11,232''' | '''-3,509''' | '''-3,600''' |
| Shareholders' equity attributable to the Group | 26,650 | 28,968 | | | | | | | | | | |
| Shareholders' equity attributable to minority interests | 2,323 | 2,316 | | | | | | | | | | |
| '''Shareholders' equity''' | '''28,973''' | '''31,284''' | | | | | | | | | | |
| '''Total Liabilities & shareholders' equity''' | '''503,236''' | '''508,611''' | | | | | | | | | | |
Caption: Gross present value future cash-flows, risk adjustment, and contractual service margin (footnote: Including (re)insurance contracts that are assets.)
| EUR million | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- |
| Gross Present Value Future Cash-Flows (PVFCF) (footnote: Net of any receivables, payables, policy loans and reinsurance deposits included in insurance assets and liabilities.) | 361,683 | 377,625 | 330,153 | 344,317 | 31,530 | 33,308 |
| Gross Risk Adjustment (RA) | 2,764 | 2,578 | 1,669 | 1,435 | 1,095 | 1,144 |
| Gross Contractual Service Margin (CSM) | 31,025 | 31,807 | 30,207 | 30,911 | 818 | 896 |
| Net Contractual Service Margin (CSM) (footnote: CSM presented net of reinsurance, taxes and minorities.) | 21,509 | 22,049 | | | | |
## Volumes
Caption: Gross written premium by geography and line of business, property & casualty
| EUR million | Gross Written Premium | Gross Written Premium | Gross Written Premium | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Reinsurance accepted | Reinsurance accepted | Reinsurance accepted |
| | P&C | P&C | P&C | Motor | Motor | Motor | Non Motor | Non Motor | Non Motor | P&C | P&C | P&C |
| | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 8,310 | 8,790 | 5.8% | 3,019 | 3,167 | 4.9% | 5,045 | 5,333 | 5.7% | 246 | 290 | 17.9% |
| France | 3,449 | 3,943 | 6.9% | 1,139 | 1,241 | 7.5% | 2,240 | 2,631 | 6.9% | 71 | 71 | 0.7% |
| DACH | 6,370 | 6,654 | 4.6% | 2,466 | 2,523 | 1.9% | 3,895 | 4,114 | 6.2% | 9 | 17 | 95.7% |
| Germany | 3,959 | 4,130 | 5.2% | 1,478 | 1,503 | 1.7% | 2,476 | 2,614 | 7.0% | 5 | 13 | 149.2% |
| Austria | 1,661 | 1,785 | 7.5% | 677 | 717 | 5.9% | 980 | 1,064 | 8.5% | 4 | 4 | 18.0% |
| Switzerland | 750 | 740 | -4.6% | 310 | 304 | -5.4% | 439 | 437 | -3.9% | 0 | 0 | -31.8% |
| International | 8,017 | 8,882 | 23.1% | 3,264 | 3,577 | 43.5% | 4,377 | 4,917 | 9.6% | 376 | 388 | 3.1% |
| CEE | 3,317 | 3,656 | 9.7% | 1,559 | 1,774 | 11.9% | 1,720 | 1,841 | 7.6% | 37 | 41 | 8.9% |
| MedLat | 3,839 | 3,873 | 39.0% | 1,508 | 1,409 | 81.1% | 2,239 | 2,372 | 12.2% | 92 | 91 | -0.3% |
| Asia | 861 | 1,354 | 4.4% | 197 | 394 | 6.2% | 418 | 705 | 4.1% | 247 | 255 | 3.5% |
| Group Holdings and other companies | 2,308 | 2,850 | 23.5% | 27 | 91 | 62.8% | 1,697 | 2,060 | 23.4% | 583 | 700 | 19.9% |
| '''Total Group''' | '''28,454''' | '''31,120''' | '''12.0%''' | '''9,915''' | '''10,599''' | '''17.5%''' | '''17,254''' | '''19,055''' | '''8.7%''' | '''1,285''' | '''1,466''' | '''14.0%''' |
Caption: Gross written premium by geography and line of business, life
| EUR million | Gross Written Premium | Gross Written Premium | Gross Written Premium | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Gross Primary Premiums | Reinsurance accepted | Reinsurance accepted | Reinsurance accepted |
| | Life | Life | Life | Savings & Pension | Savings & Pension | Savings & Pension | Protection | Protection | Protection | Unit / Index Linked | Unit / Index Linked | Unit / Index Linked | Life | Life | Life |
| | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like | FY 2022 | FY 2023 | Change % like for like |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 17,755 | 18,538 | 4.4% | 12,552 | 13,975 | 11.3% | 603 | 714 | 18.5% | 4,600 | 3,849 | -16.3% | 0 | 0 | - |
| France | 12,121 | 11,553 | -4.7% | 3,096 | 3,215 | 3.8% | 2,390 | 2,713 | 13.5% | 5,369 | 4,269 | -20.5% | 1,266 | 1,356 | 7.1% |
| DACH | 12,947 | 12,965 | -0.4% | 3,601 | 3,532 | -2.1% | 5,111 | 5,301 | 3.0% | 4,179 | 4,132 | -1.8% | 56 | 0 | n.m. |
| Germany | 10,655 | 10,693 | 0.0% | 2,999 | 2,951 | -1.6% | 4,504 | 4,684 | 3.2% | 3,097 | 3,058 | -1.2% | 56 | 0 | n.m. |
| Austria | 1,220 | 1,189 | -2.6% | 432 | 419 | -3.1% | 472 | 482 | 2.2% | 316 | 287 | -9.0% | 0 | 0 | -5.2% |
| Switzerland | 1,072 | 1,084 | -2.3% | 170 | 162 | -8.2% | 135 | 135 | -3.1% | 766 | 786 | -0.8% | 0 | 0 | - |
| International | 6,623 | 7,175 | 13.1% | 3,174 | 3,766 | 24.2% | 2,610 | 2,542 | 4.3% | 817 | 846 | -1.3% | 22 | 21 | -1.4% |
| CEE | 1,123 | 1,171 | -0.7% | 189 | 171 | -10.4% | 575 | 636 | 2.5% | 353 | 359 | -0.4% | 7 | 5 | -30.9% |
| MedLat | 1,303 | 1,359 | 16.8% | 275 | 292 | 4.4% | 816 | 792 | 18.0% | 212 | 275 | 28.6% | 0 | 0 | - |
| Asia | 4,196 | 4,646 | 15.8% | 2,710 | 3,303 | 28.7% | 1,219 | 1,115 | -4.2% | 252 | 211 | -27.8% | 15 | 17 | 12.2% |
| Group Holdings and other companies | 1,120 | 1,115 | -0.4% | 0 | 0 | -60.4% | 148 | 150 | 1.4% | 21 | 0 | n.m. | 950 | 965 | 1.5% |
| '''Total Group''' | '''50,565''' | '''51,346''' | '''2.0%''' | '''22,423''' | '''24,488''' | '''10.0%''' | '''10,860''' | '''11,420''' | '''6.4%''' | '''14,987''' | '''13,095''' | '''-13.1%''' | '''2,295''' | '''2,343''' | '''2.1%''' |
Caption: Volumes
| EUR million | Group | Group | Group |
| | FY 2022 | FY 2023 | Change % like for like |
| --- | --- | --- | --- |
| | '''79,019''' | '''82,466''' | '''5.6%''' |
Caption: Volumes by business unit
| EUR million | Group | Group | Group |
| | Life net inflows | Life net inflows | Life net inflows |
| | FY 2022 | FY 2023 | Change % like for like |
| --- | --- | --- | --- |
| Italy | 1,170 | -3,022 | n.m. |
| France | 975 | -1,685 | n.m. |
| DACH | 2,823 | 761 | -73.5% |
| Germany | 2,444 | 657 | -73.4% |
| Austria | 153 | -94 | -161.7% |
| Switzerland | 226 | 199 | -15.2% |
| International | 2,931 | 2,599 | -7.2% |
| CEE | 259 | 290 | -2.8% |
| MedLat | 181 | 71 | -3.1% |
| Asia | 2,492 | 2,239 | -8.0% |
| Group Holdings and other companies | -36 | 33 | 191.8% |
| '''Total Group''' | '''7,863''' | '''-1,313''' | '''-114.9%''' |
Caption: Volumes by product type
| EUR million | Savings & Pension | Protection | Unit Linked |
| | FY 2023 | FY 2023 | FY 2023 |
| --- | --- | --- | --- |
| '''Total Group''' | '''-10,222''' | '''4,552''' | '''4,357''' |
## Life New Business
Caption: Life new business by business unit
| EUR million | Group | Group | Italy | Italy | France | France | DACH | DACH | International | International | Group Holdings and other companies | Group Holdings and other companies |
| | FY 2022 | FY 2023 | | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Annual premiums | 2,168 | 2,202 | 898 | 800 | 150 | 118 | 510 | 531 | 538 | 668 | 71 | 85 |
| Single premiums | 21,629 | 19,949 | 9,825 | 10,049 | 7,579 | 5,637 | 2,064 | 2,103 | 2,161 | 2,160 | — | — |
| Total premiums | 23,797 | 22,152 | 10,723 | 10,850 | 7,729 | 5,756 | 2,574 | 2,634 | 2,699 | 2,828 | 71 | 85 |
| '''PVNBP''' | '''44,449''' | '''40,300''' | '''16,539''' | '''15,617''' | '''12,665''' | '''9,199''' | '''10,382''' | '''10,115''' | '''4,737''' | '''5,227''' | '''127''' | '''141''' |
| '''PVNBP - mix by LoB''' | | | | | | | | | | | | |
| Savings | 39% | 43% | 62% | 69% | 22% | 29% | 23% | 17% | 34% | 44% | 0% | 0% |
| Protection | 24% | 23% | 6% | 6% | 26% | 18% | 39% | 41% | 46% | 43% | 100% | 100% |
| Unit Linked | 38% | 34% | 32% | 25% | 52% | 52% | 38% | 42% | 19% | 14% | 0% | 0% |
| '''Total''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' |
| '''New business value''' | '''2,528''' | '''2,331''' | '''1,140''' | '''1,030''' | '''565''' | '''502''' | '''494''' | '''462''' | '''328''' | '''334''' | '''0''' | '''3''' |
| '''New business margin''' | '''5.69%''' | '''5.78%''' | '''6.89%''' | '''6.60%''' | '''4.46%''' | '''5.45%''' | '''4.76%''' | '''4.57%''' | '''6.92%''' | '''6.40%''' | '''0.17%''' | '''2.16%''' |
Caption: Life new business by geography
| EUR million | DACH, of which Germany | DACH, of which Germany | DACH, of which Austria | DACH, of which Austria | DACH, of which Switzerland | DACH, of which Switzerland | International, of which CEE | International, of which CEE | International, of which MedLat | International, of which MedLat | International, of which Asia | International, of which Asia |
| | FY 2022 | FY 2023 | | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Annual premiums | 406 | 428 | 62 | 65 | 42 | 38 | 118 | 155 | 35 | 51 | 386 | 462 |
| Single premiums | 1,852 | 1,925 | 162 | 126 | 50 | 52 | 274 | 81 | 889 | 943 | 997 | 1,136 |
| Total premiums | 2,259 | 2,353 | 223 | 190 | 92 | 91 | 392 | 235 | 924 | 995 | 1,383 | 1,598 |
| '''PVNBP''' | '''8,822''' | '''8,607''' | '''1,009''' | '''1,020''' | '''550''' | '''489''' | '''966''' | '''965''' | '''1,147''' | '''1,236''' | '''2,624''' | '''3,027''' |
| '''PVNBP - mix by LoB''' | | | | | | | | | | | | |
| Savings | 26% | 18% | 14% | 15% | 3% | 4% | 4% | 6% | 15% | 16% | 54% | 67% |
| Protection | 39% | 40% | 54% | 58% | 12% | 12% | 68% | 68% | 67% | 61% | 30% | 27% |
| Unit Linked | 36% | 42% | 32% | 27% | 86% | 84% | 28% | 25% | 18% | 24% | 16% | 6% |
| '''Total''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' | '''100%''' |
| '''New business value''' | '''383''' | '''361''' | '''67''' | '''62''' | '''44''' | '''39''' | '''90''' | '''93''' | '''125''' | '''115''' | '''113''' | '''126''' |
| '''New business margin''' | '''4.34%''' | '''4.19%''' | '''6.62%''' | '''6.12%''' | '''8.08%''' | '''7.98%''' | '''9.27%''' | '''9.68%''' | '''10.90%''' | '''9.32%''' | '''4.32%''' | '''4.16%''' |
Caption: Life new business by line of business
| EUR million | New business value | New business value | New business margin | New business margin |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- |
| Savings | 716 | 764 | 4.17% | 4.38% |
| Protection | 880 | 931 | 8.39% | 10.16% |
| Unit Linked | 931 | 636 | 5.55% | 4.65% |
| '''Total''' | '''2,528''' | '''2,331''' | '''5.69%''' | '''5.78%''' |
Caption: Life new business build-up
| EUR million | FY 2023 |
| --- | --- |
| '''New business CSM''' | '''2,796''' |
| Perimeter | 654 |
| Tax, minorities & other | -1120 |
| '''New business value''' | '''2,331''' |
Caption: Life new business sensitivity
| EUR million | FY 2023 |
| --- | --- |
| Interest rate -50 bps | (44) |
| Interest rate +50 bps | 39 |
| Admin. and invest. manag. exp. -10% | 77 |
| Lapse rates *110% | (184) |
| Lapse rates *90% | 204 |
| Mortality/morbidity rates *95% | 62 |
## Life CSM
Caption: CSM roll-forward
| EUR million | Group | Group |
| | FY 2022 | FY 2023 |
| --- | --- | --- |
| '''Opening CSM''' | '''32,256''' | '''30,207''' |
| New business CSM | 3,056 | 2,796 |
| Total economic variance (footnote: Sensitivities representing impact before release. FY 2022 sensitivities refined accordingly.) | (827) | 2,496 |
| of which expected return | 682 | 1,692 |
| of which economic variances | (1,509) | 804 |
| Operating variances | (1,388) | (1,164) |
| '''CSM before release''' | '''33,096''' | '''34,336''' |
| CSM release | (2,889) | (3,035) |
| Change in scope and other | | (391) |
| '''Closing CSM''' | '''30,207''' | '''30,911''' |
| '''CSM release ratio''' | '''-8.7%''' | '''-8.8%''' |
Caption: CSM roll-forward by country
| EUR million | Italy | Italy | France | France | DACH | DACH | International | International |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Opening CSM''' | '''12,050''' | '''10,788''' | '''5,410''' | '''4,649''' | '''11,813''' | '''11,629''' | '''2,983''' | '''3,068''' |
| New business CSM | 1,422 | 1,283 | 740 | 631 | 582 | 502 | 306 | 378 |
| Total variances | (1,396) | 102 | (933) | 256 | (156) | 853 | 172 | 89 |
| '''CSM before release''' | '''12,077''' | '''12,174''' | '''5,217''' | '''5,536''' | '''12,239''' | '''12,984''' | '''3,462''' | '''3,535''' |
| CSM release | (1,289) | (1,263) | (568) | (658) | (610) | (697) | (394) | (395) |
| Change in scope and other | | | | | | (391) | | |
| '''Closing CSM''' | '''10,788''' | '''10,911''' | '''4,649''' | '''4,878''' | '''11,629''' | '''11,896''' | '''3,068''' | '''3,141''' |
| '''CSM release ratio''' | '''-10.7%''' | '''-10.4%''' | '''-10.9%''' | '''-11.9%''' | '''-5.0%''' | '''-5.4%''' | '''-11.4%''' | '''-11.2%''' |
Caption: CSM roll-forward by country
| EUR million | DACH, of which Germany | DACH, of which Germany | DACH, of which Austria | DACH, of which Austria | DACH, of which Switzerland | DACH, of which Switzerland | International, of which CEE | International, of which CEE | International, of which MedLat | International, of which MedLat | International, of which Asia | International, of which Asia |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Opening CSM''' | '''9,276''' | '''9,147''' | '''1,153''' | '''1,372''' | '''1,383''' | '''1,110''' | '''1,093''' | '''1,134''' | '''535''' | '''560''' | '''1,355''' | '''1,374''' |
| New business CSM | 436 | 380 | 89 | 77 | 57 | 45 | 103 | 108 | 90 | 96 | 114 | 174 |
| Total variances | (161) | 761 | 213 | 46 | (208) | 46 | 111 | 151 | 7 | (11) | 54 | (50) |
| '''CSM before release''' | '''9,551''' | '''10,288''' | '''1,455''' | '''1,495''' | '''1,232''' | '''1,201''' | '''1,307''' | '''1,393''' | '''632''' | '''645''' | '''1,523''' | '''1,498''' |
| CSM release | (404) | (485) | (83) | (81) | (122) | (131) | (173) | (183) | (72) | (74) | (150) | (139) |
| Change in scope and other | | (391) | | | | | | | | | | |
| '''Closing CSM''' | '''9,147''' | '''9,413''' | '''1,372''' | '''1,414''' | '''1,110''' | '''1,070''' | '''1,134''' | '''1,210''' | '''560''' | '''571''' | '''1,373''' | '''1,360''' |
| '''CSM release ratio''' | '''-4.2%''' | '''-4.7%''' | '''-5.7%''' | '''-5.4%''' | '''-9.9%''' | '''-10.9%''' | '''-13.2%''' | '''-13.1%''' | '''-11.3%''' | '''-11.5%''' | '''-9.8%''' | '''-9.3%''' |
Caption: Insurance contracts issued by duration
| EUR million | Up to 1 year | Btw. 1 and 2 yrs | Btw. 2 and 3 yrs | Btw. 3 and 4 yrs | Btw. 4 and 5 yrs | Btw. 5 and 10 yrs | Btw. 10 and 20 yrs | Over 20 years |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance contracts issued | '''2,269''' | '''2,002''' | '''1,884''' | '''1,740''' | '''1,618''' | '''6,531''' | '''7,721''' | '''7,145''' |
Caption: CSM sensitivity to market movements
| EUR million | FY 2022 | FY 2023 |
| --- | --- | --- |
| Equity market -25% | (2,190) | (2,155) |
| Equity market +25% | 2,189 | 2,093 |
| Interest rate -50 bps | (691) | (373) |
| Interest rate +50 bps | 497 | 370 |
| Corporate spread +50 bps | (165) | (205) |
| BTP spread +100 bps | (439) | (487) |
## Life Operating
Caption: Life operating result build-up by business unit
| EUR million | Group | Group | Italy | Italy | France | France | DACH | DACH | International | International | Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.) | Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.) |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Operating insurance service result''' | '''2,841''' | '''2,901''' | '''1,228''' | '''1,284''' | '''564''' | '''653''' | '''667''' | '''682''' | '''402''' | '''472''' | '''(21)''' | '''(190)''' |
| CSM release | 2,889 | 3,035 | 1,289 | 1,263 | 568 | 658 | 610 | 697 | 394 | 395 | 30 | 22 |
| Risk adjustment release | 156 | 155 | 21 | 21 | 91 | 88 | 12 | 9 | 29 | 29 | 4 | 7 |
| Loss component | (155) | (149) | (53) | (67) | (48) | 22 | (3) | (3) | (77) | (34) | 25 | (67) |
| Experience variance and other technical result | 6 | (32) | (20) | 57 | (48) | (80) | 10 | (56) | 129 | 148 | (66) | (100) |
| Other operating income and expenses | (55) | (108) | (9) | 10 | 1 | (34) | 39 | 35 | (73) | (67) | (13) | (52) |
| '''Operating investment result''' | '''832''' | '''833''' | '''244''' | '''307''' | '''249''' | '''134''' | '''46''' | '''50''' | '''308''' | '''367''' | '''(15)''' | '''(25)''' |
| '''Life Operating result''' | '''3,672''' | '''3,735''' | '''1,472''' | '''1,591''' | '''813''' | '''788''' | '''713''' | '''732''' | '''710''' | '''838''' | '''(35)''' | '''(215)''' |
Caption: Life operating result build-up by country
| EUR million | DACH, of which Germany | DACH, of which Germany | DACH, of which Austria | DACH, of which Austria | DACH, of which Switzerland | DACH, of which Switzerland | International, of which CEE | International, of which CEE | International, of which MedLat | International, of which MedLat | International, of which Asia | International, of which Asia |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Operating insurance service result''' | '''449''' | '''489''' | '''65''' | '''73''' | '''153''' | '''120''' | '''173''' | '''216''' | '''146''' | '''170''' | '''82''' | '''86''' |
| CSM release | 404 | 485 | 83 | 81 | 122 | 131 | 173 | 183 | 72 | 74 | 150 | 139 |
| Risk adjustment release | 7 | 5 | 4 | 2 | 2 | 2 | 12 | 10 | 7 | 6 | 10 | 14 |
| Loss component | — | — | — | — | (3) | (3) | (10) | (6) | (24) | (15) | (43) | (12) |
| Experience variance and other technical result | (5) | (44) | (14) | 2 | 29 | (14) | (17) | 5 | 122 | 145 | 24 | (2) |
| Other operating income and expenses | 43 | 43 | (7) | (13) | 3 | 5 | 15 | 24 | (30) | (39) | (58) | (52) |
| '''Operating investment result''' | '''99''' | '''67''' | '''3''' | '''8''' | '''(57)''' | '''(25)''' | '''25''' | '''68''' | '''85''' | '''88''' | '''198''' | '''211''' |
| '''Life Operating result''' | '''548''' | '''556''' | '''69''' | '''81''' | '''96''' | '''95''' | '''198''' | '''284''' | '''231''' | '''257''' | '''281''' | '''297''' |
## P&C Operating
Caption: P&C operating result build-up by business unit
| EUR million | Group | Group | Italy | Italy | France | France | DACH | DACH | International | International | Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.) | Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.) |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Operating insurance service result''' | '''1,297''' | '''1,807''' | '''481''' | '''222''' | '''94''' | '''278''' | '''385''' | '''529''' | '''164''' | '''339''' | '''172''' | '''440''' |
| Insurance contract revenues | 28,141 | 30,207 | 8,761 | 8,534 | 3,551 | 3,877 | 6,372 | 6,713 | 7,904 | 8,590 | 1,553 | 2,493 |
| Total incurred claims | (18,286) | (19,585) | (5,728) | (6,147) | (2,619) | (2,507) | (4,017) | (4,053) | (4,882) | (5,085) | (1,040) | (1,792) |
| Insurance expenses | (7,744) | (8,445) | (2,257) | (2,274) | (830) | (963) | (1,812) | (1,903) | (2,228) | (2,537) | (616) | (767) |
| Reinsurance result | (547) | (8) | (260) | 127 | (29) | (149) | (131) | (197) | (437) | (410) | 310 | 620 |
| Other operating income and expenses | (266) | (361) | (34) | (17) | 22 | 20 | (27) | (31) | (191) | (219) | (36) | (114) |
| '''Operating investment result''' | '''1,210''' | '''1,095''' | '''403''' | '''221''' | '''134''' | '''128''' | '''360''' | '''275''' | '''330''' | '''326''' | '''(17)''' | '''146''' |
| Operating investment income | 1,248 | 1,389 | 376 | 310 | 131 | 169 | 353 | 338 | 409 | 478 | (20) | 94 |
| Insurance finance expenses | (39) | (294) | 27 | (89) | 4 | (41) | 7 | (63) | (80) | (152) | 3 | 51 |
| '''P&C Operating result''' | '''2,507''' | '''2,902''' | '''883''' | '''443''' | '''229''' | '''406''' | '''746''' | '''804''' | '''494''' | '''665''' | '''155''' | '''585''' |
Caption: P&C indicators by business unit
| EUR million | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Combined ratio''' | '''95.4%''' | '''94.0%''' | '''94.5%''' | '''97.4%''' | '''97.3%''' | '''92.8%''' | '''94.0%''' | '''92.1%''' | '''97.9%''' | '''96.1%''' | '''88.9%''' | '''82.4%''' |
| '''Loss ratio''' | '''66.9%''' | '''64.9%''' | '''68.4%''' | '''70.5%''' | '''74.6%''' | '''68.5%''' | '''65.1%''' | '''63.3%''' | '''67.3%''' | '''64.0%''' | '''47.0%''' | '''47.0%''' |
| Current year loss ratio | 68.8% | 67.9% | | | | | | | | | | |
| Current year loss ratio undiscounted (excl. nat cat) | 68.0% | 66.9% | | | | | | | | | | |
| Natural catastrophe losses undiscounted | 2.4% | 3.7% | 3.1% | 7.5% | 3.3% | 2.7% | 2.5% | 4.1% | 0.7% | 2.0% | 3.7% | -2.3% |
| Current year discounting | -1.6% | -2.7% | | | | | | | | | | |
| Prior year loss ratio | -1.8% | -3.0% | | | | | | | | | | |
| '''Gross Expense ratio''' | '''28.5%''' | '''29.2%''' | 26.2% | 26.9% | 22.8% | 24.3% | 28.9% | 28.8% | 30.6% | 32.1% | 41.9% | 35.4% |
| Administration and acquisition expenses | 27.5% | 28.0% | | | | | | | | | | |
| Acquisition expenses | 19.9% | 20.4% | | | | | | | | | | |
| Administration expenses and other attributable expenses | 7.6% | 7.6% | | | | | | | | | | |
| Other operating income and expenses | 0.9% | 1.2% | | | | | | | | | | |
| '''Combined ratio undiscounted''' | '''97.0%''' | '''96.7%''' | '''96.1%''' | '''99.6%''' | '''99.8%''' | '''96.7%''' | '''95.2%''' | '''94.0%''' | '''99.5%''' | '''98.1%''' | '''91.0%''' | '''89.4%''' |
| '''Operating insurance service result undiscounted''' | '''834''' | '''993''' | '''341''' | '''36''' | '''8''' | '''127''' | '''309''' | '''403''' | '''37''' | '''162''' | '''139''' | '''265''' |
Caption: Operating insurance service result build-up by geography
| EUR million | DACH, of which Germany | DACH, of which Germany | DACH, of which Austria | DACH, of which Austria | DACH, of which Switzerland | DACH, of which Switzerland | International, of which CEE | International, of which CEE | International, of which MedLat | International, of which MedLat | International, of which Asia | International, of which Asia |
| | FY 2022 | FY 2023 | | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Operating insurance service result''' | '''201''' | '''343''' | '''162''' | '''159''' | '''23''' | '''27''' | '''200''' | '''289''' | '''(54)''' | '''24''' | '''19''' | '''28''' |
| Insurance contract revenues | 3,927 | 4,130 | 1,697 | 1,841 | 749 | 742 | 3,222 | 3,514 | 3,709 | 3,758 | 975 | 1,320 |
| Total incurred claims | (2,456) | (2,453) | (1,067) | (1,097) | (494) | (503) | (1,806) | (1,901) | (2,418) | (2,510) | (662) | (675) |
| Insurance expenses | (1,160) | (1,218) | (456) | (487) | (197) | (198) | (1,026) | (1,136) | (1,004) | (993) | (198) | (408) |
| Reinsurance result | (120) | (127) | 13 | (68) | (23) | (3) | (160) | (150) | (190) | (71) | (86) | (190) |
| Other operating income and expenses | 10 | 11 | (25) | (30) | (12) | (12) | (31) | (38) | (149) | (160) | (11) | (20) |
| '''Operating investment result''' | '''235''' | '''168''' | '''100''' | '''90''' | '''25''' | '''18''' | '''96''' | '''96''' | '''189''' | '''170''' | '''45''' | '''59''' |
| Operating investment income | 238 | 222 | 95 | 94 | 20 | 22 | 110 | 150 | 247 | 230 | 52 | 98 |
| Insurance finance expenses | (3) | (54) | 5 | (4) | 5 | (4) | (14) | (54) | (58) | (59) | (8) | (39) |
| '''P&C Operating result''' | '''436''' | '''511''' | '''262''' | '''249''' | '''48''' | '''44''' | '''296''' | '''385''' | '''135''' | '''194''' | '''63''' | '''87''' |
Caption: P&C indicators by geography
| EUR million | FY 2022 | FY 2023 | | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Combined Ratio''' | '''94.9%''' | '''91.7%''' | '''90.5%''' | '''91.4%''' | '''96.9%''' | '''96.4%''' | '''93.8%''' | '''91.8%''' | '''101.4%''' | '''99.4%''' | '''98.1%''' | '''97.9%''' |
| '''Loss ratio''' | '''65.6%''' | '''62.5%''' | '''62.2%''' | '''63.3%''' | '''69.1%''' | '''68.1%''' | '''61.0%''' | '''58.4%''' | '''70.3%''' | '''68.7%''' | '''76.6%''' | '''65.5%''' |
| Of which natural catastrophe losses undiscounted | 2.5% | 3.9% | 3.2% | 5.5% | 0.4% | 1.3% | 1.6% | 3.4% | 0.1% | 1.1% | 0.0% | 0.4% |
| '''Gross Expense ratio''' | '''29.3%''' | '''29.2%''' | '''28.3%''' | '''28.1%''' | '''27.8%''' | '''28.3%''' | '''32.8%''' | '''33.4%''' | '''31.1%''' | '''30.7%''' | '''21.5%''' | '''32.4%''' |
## Capitalisation and Debt
Caption: Shareholders' equity rollforward
| EUR million | FY 2022 | FY 2023 |
| --- | --- | --- |
| '''Opening shareholders' equity''' | '''28,612''' | '''26,650''' |
| Net profit | 2,235 | 3,747 |
| Dividends | (1,691) | (1,790) |
| Other Comprehensive Income reserve | (2,008) | 296 |
| Related to financial assets | (46,640) | 9,885 |
| Related to insurance contracts | 43,836 | (9,301) |
| Defined Benefit Plans | 631 | (157) |
| Foreign exchange | 221 | (219) |
| Other | (56) | 88 |
| Other items | (497) | 65 |
| '''Closing shareholders' equity''' | '''26,650''' | '''28,968''' |
Caption: Financial debt by type
| EUR million | FY 2022 | FY 2023 |
| --- | --- | --- |
| Subordinated debt | '''8,358''' | '''9,040''' |
| Senior debt | 1,765 | 1,767 |
| Other financial debt | 154 | 157 |
| '''Total financial debt''' | '''10,277''' | '''10,965''' |
| '''Average maturity (FYears)''' | '''4.8''' | '''4.4''' |
| '''Total interest cost''' | '''470''' | '''447''' |
| Average cost, % | 4.27% | 4.39% |
Caption: Financial debt maturity by type
| EUR million | Senior | Hybrid | Subordinated |
| --- | --- | --- | --- |
| 2024 | 1,750 | 8 | |
| 2025 | | 1,011 | |
| 2026 | | 404 | 1,000 |
| 2027 | | | 1,750 |
| 2028 | | 7 | 850 |
| 2029 | | | 500 |
| 2030 | | | 750 |
| 2031 | | | 600 |
| 2032 | | | 1,000 |
| 2033+ | | | 1,000 |
## Investments Summary
Caption: Investments by asset class and business unit
| EUR million | Group | Group | Life | Life | o/w Life VFA | o/w Life VFA | o/w Life other than VFA | o/w Life other than VFA | Property & Casualty | Property & Casualty | Asset & Wealth Management | Asset & Wealth Management | Holding and Other Businesses | Holding and Other Businesses | Consolidation | Consolidation |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed income | 280,489 | 280,665 | 235,608 | 236,649 | 215,365 | 214,480 | 20,243 | 22,169 | 33,081 | 32,690 | 13,113 | 11,618 | 11,298 | 11,838 | (12,611) | (12,131) |
| Government bonds | 140,856 | 137,359 | 119,014 | 115,461 | 109,670 | 104,883 | 9,344 | 10,578 | 12,783 | 13,469 | 8,777 | 7,959 | 282 | 470 | 0 | 0 |
| Corporate bonds | 94,530 | 96,476 | 80,124 | 82,479 | 73,432 | 75,629 | 6,692 | 6,850 | 13,903 | 14,133 | 2,723 | 2,377 | 734 | 741 | (2,955) | (3,254) |
| Other fixed income | 45,104 | 46,830 | 36,470 | 38,709 | 32,262 | 33,969 | 4,207 | 4,740 | 6,395 | 5,088 | 1,612 | 1,282 | 10,282 | 10,627 | (9,656) | (8,876) |
| Equity & Equity-like | 26,129 | 25,291 | 22,399 | 21,812 | 20,667 | 19,770 | 1,732 | 2,042 | 2,956 | 3,137 | 450 | 85 | 324 | 257 | 0 | 0 |
| Real estate | 28,942 | 27,038 | 25,606 | 23,875 | 23,658 | 21,955 | 1,948 | 1,920 | 3,331 | 3,154 | 0 | 0 | 4 | 8 | 0 | 0 |
| Cash and cash equivalents (footnote: Includes repurchase agreement accounted as liabilities of € 4.209 as at FY 2023 and of € 3.644 as at FY 2022.) | 10,606 | 17,352 | 7,577 | 10,542 | 4,163 | 7,741 | 3,413 | 2,801 | 3,143 | 3,817 | (345) | (468) | 405 | 3,662 | (173) | (201) |
| Other investments (footnote: Includes derivative accounted as liabilities of € 3.481 as at FY 2023 and of € 4.572 as at FY 2022.) | 5,878 | 8,233 | 5,900 | 6,164 | 824 | 2,725 | 5,076 | 3,439 | 2,960 | 3,385 | 2,373 | 2,138 | 186 | 156 | (5,542) | (3,610) |
| '''Total investments - General account''' | '''352,044''' | '''358,578''' | '''297,089''' | '''299,042''' | '''264,677''' | '''266,671''' | '''32,412''' | '''32,371''' | '''45,473''' | '''46,183''' | '''15,590''' | '''13,375''' | '''12,217''' | '''15,921''' | '''(18,325)''' | '''(15,942)''' |
| Unit/linked investments | 95,251 | 108,265 | | | | | | | | | | | | | | |
| '''Total investments''' | '''447,295''' | '''466,843''' | | | | | | | | | | | | | | |
| Third parties AUM | 167,872 | 188,940 | | | | | | | | | | | | | | |
| '''Total AUM''' | '''615,167''' | '''655,783''' | | | | | | | | | | | | | | |
Caption: Investment income by asset class and business unit
| EUR million | Group | Group | Life | Life | o/w Life VFA | o/w Life VFA | o/w Life other than VFA | o/w Life other than VFA | Property & Casualty | Property & Casualty |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Current income | 10,853 | 11,074 | 9,342 | 9,073 | 8,249 | 7,822 | 1,093 | 1,250 | 1,438 | 1,640 |
| of which Current return on Fixed Income | 8,522 | 8,804 | 7,496 | 7,508 | 6,845 | 6,692 | 651 | 817 | 793 | 983 |
| of which Current return on Equity & Equity-like | 1,074 | 800 | 760 | 521 | 661 | 427 | 99 | 94 | 230 | 191 |
| of which Current return on Real Estate | 999 | 976 | 851 | 825 | 751 | 739 | 101 | 87 | 148 | 152 |
| Total P&L investment income | 2,914 | 10,854 | 2,078 | 9,039 | 1,464 | 7,717 | 613 | 1,323 | 643 | 1,400 |
| Comprehensive income | (62,230) | 23,975 | (58,972) | 20,623 | (56,790) | 18,410 | (2,182) | 2,213 | (3,465) | 2,927 |
Caption: Fixed income return by asset class and business unit
| % | Group | Group | Life | Life | o/w Life VFA | o/w Life VFA | o/w Life other than VFA | o/w Life other than VFA | Property & Casuality | Property & Casuality |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Fixed Income''' | | | | | | | | | | |
| Current return | 2.8% | 3.2% | 2.8% | 3.2% | 2.8% | 3.2% | 3.1% | 3.8% | 2.5% | 3.0% |
| Total P&L return | 1.0% | 3.5% | 1.0% | 3.6% | 0.9% | 3.6% | 1.9% | 3.8% | 1.0% | 2.7% |
| Reinvestment yield on direct fixed income | | | 2,6% | 4,1% | | | | | 2.9% | 4.0% |
| '''Equity & Equity-like''' | | | | | | | | | | |
| Current return | 4.0% | 3.1% | 3.3% | 2.3% | 3.2% | 2.1% | 5.6% | 4.9% | 7.2% | 5.9% |
| Total P&L return | -4.6% | 5.9% | -5.2% | 6.0% | -5.9% | 6.2% | 3.2% | 3.8% | -3.2% | 4.2% |
| '''Real Estate''' | | | | | | | | | | |
| Current return | 3.5% | 3.5% | 3.4% | 3.3% | 3.3% | 3.2% | 4.7% | 5.0% | 4.6% | 4.7% |
| Total P&L return | 3.5% | -2.5% | 3.4% | -3.5% | 3.5% | -3.9% | 3.0% | 1.0% | 4.5% | 5.3% |
| '''Total''' | | | | | | | | | | |
| Current return | 2.9% | 3.1% | 2.9% | 3.1% | 2.8% | 3.0% | 3.5% | 4.0% | 3.3% | 3.5% |
| Total P&L return | 0.8% | 3.1% | 0.6% | 3.1% | 0.5% | 2.9% | 2.0% | 4.2% | 1.5% | 3.0% |
| Comprehensive return | -16.4% | 6.8% | -18.3% | 7.0% | -19.5% | 7.0% | -7.0% | 7.0% | -8.1% | 6.3% |
## Investments by Acc Treatment
Caption: Investments by accounting treatment and business unit
| EUR million | | | | | | | | | | | Index!A1 | | | | | | | | | | | | | | | | Index!A1 | |
| | | | | | | | | | | | Index!A1 | | | | | | | | | | | | | | | | Index!A1 | |
| | Group | Group | Group | Group | Group | Group | Life | Life | Life | Life | Life | Life | o/w Life VFA | o/w Life VFA | o/w Life VFA | o/w Life VFA | o/w Life other than VFA | o/w Life other than VFA | o/w Life other than VFA | o/w Life other than VFA | o/w Life other than VFA | o/w Life other than VFA | P&C | P&C | P&C | P&C | P&C | P&C |
| | Fair Value through P&L | Fair Value through P&L | Fair Value through OCI | Fair Value through OCI | At cost | At cost | Fair Value through P&L | Fair Value through P&L | Fair Value through OCI | Fair Value through OCI | At cost | At cost | Fair Value through P&L | Fair Value through P&L | Fair Value through OCI | Fair Value through OCI | Fair Value through P&L | Fair Value through P&L | Fair Value through OCI | Fair Value through OCI | At cost | At cost | Fair Value through P&L | Fair Value through P&L | Fair Value through OCI | Fair Value through OCI | At cost | At cost |
| | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed income | 41,124 | 41,066 | 218,623 | 220,624 | 20,742 | 18,975 | 37,241 | 37,204 | 193,928 | 194,892 | 4,439 | 4,553 | 35,498 | 35,861 | 177,855 | 176,959 | 1,743 | 1,343 | 16,073 | 17,933 | 2,427 | 2,893 | 3,267 | 3,230 | 24,383 | 25,364 | 5,431 | 4,096 |
| Government bonds | 2,360 | 1,894 | 130,411 | 128,178 | 8,085 | 7,288 | 2,219 | 1,747 | 116,741 | 113,656 | 54 | 58 | 2,101 | 1,652 | 107,570 | 103,231 | 119 | 95 | 9,171 | 10,425 | 54 | 58 | 140 | 146 | 12,472 | 13,151 | 171 | 171 |
| Corporate bonds | 6,685 | 6,156 | 85,238 | 87,971 | 2,606 | 2,348 | 5,983 | 5,627 | 74,062 | 76,604 | 80 | 249 | 5,558 | 5,510 | 67,874 | 70,119 | 424 | 117 | 6,188 | 6,484 | 80 | 249 | 687 | 528 | 11,794 | 12,206 | 1,422 | 1,400 |
| Other fixed income | 32,079 | 33,016 | 2,973 | 4,475 | 10,051 | 9,339 | 29,039 | 29,830 | 3,125 | 4,632 | 4,305 | 4,247 | 27,839 | 28,699 | 2,411 | 3,609 | 1,200 | 1,131 | 714 | 1,023 | 2,293 | 2,586 | 2,441 | 2,556 | 118 | 7 | 3,837 | 2,525 |
| Equity & Equity-like | 23,665 | 22,831 | 2,464 | 2,460 | 0 | 0 | 21,585 | 20,861 | 813 | 951 | 0 | 0 | 20,667 | 19,770 | 0 | 0 | 919 | 1,091 | 813 | 951 | 0 | 0 | 1,868 | 1,805 | 1,088 | 1,332 | 0 | 0 |
| Real estate | 25,427 | 23,973 | 0 | 0 | 3,515 | 3,064 | 24,544 | 23,225 | 0 | 0 | 1,062 | 650 | 23,411 | 21,728 | 0 | 0 | 1,133 | 1,497 | 0 | 0 | 815 | 423 | 883 | 748 | 0 | 0 | 2,449 | 2,406 |
| Cash and cash equivalents | 6,807 | 13,978 | 123 | 269 | 3,676 | 3,104 | 5,862 | 9,517 | 118 | 116 | 1,596 | 909 | 3,789 | 7,908 | 29 | 1 | 2,073 | 1,609 | 89 | 115 | 1,251 | 1,077 | 834 | 1,238 | 0 | 125 | 2,309 | 2,455 |
| Other investments | 2,113 | 4,325 | 112 | 5 | 3,654 | 3,903 | 2,075 | 4,395 | 109 | 5 | 3,716 | 1,764 | 782 | 2,750 | 41 | 0 | 1,293 | 1,645 | 68 | 5 | 3,715 | 1,789 | 379 | 396 | 0 | 0 | 2,581 | 2,989 |
| '''Total investments - General account''' | '''99,136''' | '''106,174''' | '''221,322''' | '''223,359''' | '''31,587''' | '''29,046''' | '''91,308''' | '''95,202''' | '''194,968''' | '''195,964''' | '''10,813''' | '''7,876''' | '''84,148''' | '''88,017''' | '''177,925''' | '''176,960''' | '''7,160''' | '''7,185''' | '''17,043''' | '''19,004''' | '''8,209''' | '''6,182''' | '''7,231''' | '''7,417''' | '''25,471''' | '''26,821''' | '''12,770''' | '''11,946''' |
| Unit/linked investments | 95,251 | 108,265 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Total investments''' | '''194,387''' | '''214,438''' | | | | | | | | | | | | | | | | | | | | | | | | | | |
## Investments Focus Fixed Income
Caption: Fixed income breakdown by rating and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| AAA | 8,892 | 7,112 | 6,797 | 315 | 1,279 |
| AA | 39,399 | 34,863 | 32,746 | 2,116 | 4,318 |
| A | 32,295 | 27,836 | 24,467 | 3,369 | 3,914 |
| BBB | 50,893 | 40,485 | 38,950 | 1,535 | 3,309 |
| Not investment grade | 1,191 | 710 | 46 | 664 | 415 |
| Not rated | 4,689 | 4,455 | 1,875 | 2,580 | 233 |
| '''Total''' | '''137,359''' | '''115,461''' | '''104,883''' | '''10,578''' | '''13,469''' |
Caption: Fixed income breakdown by geography and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Italy | 38,511 | 31,626 | 31,315 | 311 | 1,083 |
| France | 21,964 | 19,993 | 19,196 | 797 | 1,915 |
| Spain | 20,565 | 17,757 | 15,923 | 1,834 | 1,683 |
| CEE | 12,908 | 8,299 | 6,407 | 1,892 | 4,143 |
| RoE | 23,952 | 21,461 | 20,711 | 749 | 2,084 |
| Rest of World | 13,896 | 12,250 | 7,649 | 4,601 | 1,607 |
| Supranational | 5,563 | 4,076 | 3,682 | 394 | 954 |
| '''Total''' | '''137,359''' | '''115,461''' | '''104,883''' | '''10,578''' | '''13,469''' |
Caption: Government bonds amortized cost and fair value reconciliation
| EUR million | Amortized Cost | Fair Value | ∆ |
| --- | --- | --- | --- |
| '''Government bonds (footnote: Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.)''' | '''155,506''' | '''137,304''' | '''-18,202''' |
| Fair Value through OCI | 146,324 | 128,178 | -18,146 |
| Fair Value through P&L | 1,894 | 1,894 | n.m. |
| Amortised cost | 7,288 | 7,232 | -56 |
Caption: Duration government bonds by business unit
| EUR million | Duration Government bonds | |
| | Life | P&C |
| --- | --- | --- |
| Duration | 11.3 | 5.6 |
Caption: Fixed income breakdown by rating and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| AAA | 5,377 | 4,128 | 4,049 | 80 | 457 |
| AA | 9,057 | 6,898 | 6,015 | 883 | 1,453 |
| A | 27,915 | 23,322 | 21,193 | 2,129 | 3,937 |
| BBB | 45,862 | 39,696 | 36,884 | 2,812 | 5,530 |
| Not investment grade | 5,691 | 5,042 | 4,665 | 377 | 574 |
| Not rated | 2,575 | 1,613 | 1,222 | 391 | 888 |
| '''Totale''' | '''96,476''' | '''80,700''' | '''74,029''' | '''6,672''' | '''12,840''' |
Caption: Covered bonds breakdown by rating
| EUR million | Covered bonds |
| --- | --- |
| AAA | 4303 |
| AA | 3,231 |
| A | 66 |
| BBB | 7 |
| Not investment grade | - |
| Not rated | 257 |
| '''Totale''' | '''7,864''' |
Caption: Fixed income investments breakdown by sector and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Financials | 32,314 | 25,327 | 22,620 | 2,708 | 4,636 |
| Covered bonds | 7,864 | 7,210 | 6,794 | 416 | 535 |
| Utilities | 12,299 | 10,846 | 10,086 | 760 | 1,420 |
| Consumer | 9,786 | 8,061 | 7,357 | 704 | 1,589 |
| Industrial | 7,689 | 6,522 | 6,010 | 512 | 1057 |
| Telecommunication services | 7,657 | 6,891 | 6,355 | 536 | 683 |
| Health care | 4,618 | 4,095 | 3,862 | 234 | 492 |
| Other | 14,249 | 11,748 | 10,945 | 802 | 2,428 |
| '''Total''' | '''96,476''' | '''80,700''' | '''74,029''' | '''6,672''' | '''12,840''' |
Caption: Covered bonds breakdown by geography
| EUR million | Covered bonds |
| --- | --- |
| Italy | 178 |
| France | 2,113 |
| Germany | 1,177 |
| CEE | 112 |
| Rest of Europe | 3753 |
| Rest of World | 532 |
| '''Totale''' | '''7,864''' |
Caption: Corporate bonds by valuation method
| EUR million | Amortized Cost | Fair Value | ∆ |
| --- | --- | --- | --- |
| '''Corporate bonds''' | '''102,719''' | '''96,427''' | '''-6,292''' |
| Fair Value through OCI | 94,215 | 87,971 | -6,244 |
| Fair Value through P&L | 6,156 | 6,156 | n.m. |
| Amortised cost | 2,348 | 2,300 | -48 |
Caption: Corporate bonds duration by business unit
| EUR million | Duration Corporate bonds | |
| | Life | P&C |
| --- | --- | --- |
| Duration | 5.2 | 4.2 |
Caption: Other investments by business unit
| EUR million | Group | Life | P&C |
| --- | --- | --- | --- |
| Indirect investments in fixed income | 33,013 | 29,827 | 2,556 |
| Mortgage loans | 6,748 | 1,060 | 141 |
| Time deposit other than "cash & cash equivalents" | 2,926 | 3,617 | 1,036 |
| All other loans | 4,142 | 4,205 | 1,355 |
| '''Totale''' | '''46,830''' | '''38,709''' | '''5,088''' |
Caption: Other investments by valuation method
| EUR million | Amortized Cost | Fair Value | ∆ |
| --- | --- | --- | --- |
| '''Total''' | '''46,851''' | '''46,744''' | '''-107''' |
| Fair Value through OCI | 4,496 | 4,475 | -21 |
| Fair Value through P&L | 33,016 | 33,016 | n.m. |
| Amortised cost | 9,339 | 9,253 | -86 |
## Investments Focus Equity
Caption: Equity and equity-like investments breakdown by sector and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Financial | 1,820 | 1,231 | 917 | 314 | 462 |
| Consumer | 803 | 706 | 634 | 72 | 97 |
| Energy | 604 | 569 | 367 | 202 | 35 |
| Industrial | 565 | 502 | 477 | 25 | 63 |
| Utilities | 292 | 246 | 237 | 10 | 46 |
| Other | 2,351 | 2,051 | 1,721 | 330 | 294 |
| '''Total direct equities''' | '''6,434''' | '''5,305''' | '''4,352''' | '''952''' | '''996''' |
| Asset Allocation Funds | 4,619 | 4,511 | 4,234 | 277 | 108 |
| Alternative Investments (footnote: Including Private Equity.) | 14,238 | 11,997 | 11,184 | 813 | 2,033 |
| '''Total equity & equity-like''' | '''25,291''' | '''21,813''' | '''19,770''' | '''2,042''' | '''3,137''' |
Caption: Direct equities breakdown by geography and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Italy | 762 | 403 | 317 | 86 | 346 |
| France | 1,852 | 1,610 | 1,487 | 123 | 242 |
| Germany | 677 | 579 | 578 | 2 | 67 |
| CEE | 135 | 8 | 0 | 8 | 63 |
| RoE | 1,088 | 923 | 889 | 33 | 149 |
| Rest of World | 1,920 | 1,782 | 1,082 | 700 | 131 |
| '''Total direct equities''' | '''6,434''' | '''5,305''' | '''4,352''' | '''952''' | '''996''' |
Caption: Investments fair value build-up by type
| EUR million | Amortized cost | Fair Value | ∆ |
| --- | --- | --- | --- |
| '''Equities''' | '''24,783''' | '''25,291''' | '''508''' |
| Fair Value through OCI (footnote: Without recycling to P&L.) | 1,952 | 2,460 | 508 |
| Fair Value through P&L | 22,831 | 22,831 | n.m. |
## Investments Focus Real Estate
Caption: Investments fair value build-up by type
| EUR million | Book Value | Fair Value | ∆ |
| --- | --- | --- | --- |
| Investment properties | 23,831 | 26,078 | 2,247 |
| Indirect investments in Real Estate | 3,206 | 3,206 | 0 |
| '''Total General Account Investments''' | '''27,037''' | '''29,284''' | '''2,247''' |
| Self use properties (footnote: Not included within General account investments.) | 2,792 | 3,653 | 861 |
| Inventories (footnote: Not included within General account investments.) | 513 | 513 | 0 |
| '''Total''' | '''30,342''' | '''33,450''' | '''3,108''' |
Caption: Real estate investments fair value by geography
| EUR million | Fair Value |
| --- | --- |
| Italy | 7,556 |
| France | 8,119 |
| Germany | 3,658 |
| CEE | 1,156 |
| Rest of Europe | 5,524 |
| Rest of World | 66 |
| '''Total''' | '''26,078''' |
Caption: Real estate investments breakdown by type
| % | |
| --- | --- |
| Office | 58.4% |
| Retail | 18.2% |
| Residential | 11.8% |
| Logistics | 4.9% |
| Other | 6.6% |
| '''Total''' | '''100.0%''' |
## Solvency II
Caption: Solvency II own funds and SCR rollforward
| EUR billion | Own funds | SCR | Solvency II ratio (%) |
| --- | --- | --- | --- |
| '''Opening FY 2022''' | '''46.4''' | '''21.1''' | '''221%''' |
| Regulatory changes | (0.1) | 0.2 | -3% |
| Normalized capital generation | 4.5 | (0.1) | 22% |
| Life | 3.9 | (0.1) | 19% |
| P&C | 1.0 | (0.0) | 5% |
| Holdings & Financial | (0.4) | (0.0) | -2% |
| Economic variances | 0.5 | 0.8 | -6% |
| Non-economic variances | (0.9) | 0.7 | -12% |
| M&A | (0.0) | (0.4) | 4% |
| Capital movements | (1.3) | | -6% |
| '''Closing FY 2023''' | '''49.0''' | '''22.3''' | '''220%''' |
Caption: Solvency II ratio sensitivity to market movements
| % | FY 2023 |
| --- | --- |
| Equity market -25% | -6 p.p. |
| Equity market +25% | +6 p.p. |
| Interest rate -50 bps | -3 p.p. |
| Interest rate +50 bps | +2 p.p. |
| Corporate spread +50 bps | -1 p.p. |
| BTP spread +100 bps | -6 p.p. |
Caption: Solvency II eligible own funds build-up
| EUR billion | FY 2023 |
| --- | --- |
| '''Shareholders' equity incl. minorities''' | '''31.3''' |
| '''Gross CSM''' | '''31.8''' |
| Intangibles | (10.0) |
| Scope | (2.3) |
| Valuation differences | 3.7 |
| Net deferred taxes & other | (8.0) |
| '''Excess of assets over liabilities''' | '''46.5''' |
| Subordinated debt | 8.5 |
| Minorities and other | (4.0) |
| Foreseeable dividends | (2.0) |
| '''Eligible own funds''' | 49.0 |