--- title: https://www.generali.com/doc/jcr:47896f46-d618-406e-87b4-c8976929a15f/Generali%20Financial%20Supplement%20FY25.xlsx source_file: tmpedahmsoj.xlsx source_url: https://www.generali.com/doc/jcr:47896f46-d618-406e-87b4-c8976929a15f/Generali%20Financial%20Supplement%20FY25.xlsx doc_type: spreadsheet pages: 16 tables: 57 converter: spreadsheet_extract/1 parsed_at: '2026-08-06T15:36:18Z' scanned_pages: [] --- ### Summary P&L
Consolidated operating and non-operating result build-up
In EUR millionYE 2024YE 2025
Consolidated operating result7,2958,004
Life operating result3,9824,154
P&C operating result3,0523,663
Asset & Wealth Management1,1761,194
Holding and other businesses(536)(610)
Consolidation Adjustments(379)(397)
Consolidated non-operating result(1,255)(1,641)
Non-operating investment result28(214)
Net investment result from FVTPL and net gains on foreign currency82(82)
Net non-operating realized gains13541
Net non-operating ECL and impairment losses(190)(173)
Net other non-operating expenses(710)(910)
Non-operating holding expenses(572)(517)
Interest expenses on financial debt(493)(460)
Other non-operating holding expenses(79)(57)
Earnings before taxes6,0416,363
Income taxes(1,843)(1,717)
Result for discontinued operations(31)17
Consolidated result for the period4,1674,663
Minority interests(442)(491)
Net result3,7244,172
Adjusted net result build-up
In EUR millionYE 2024YE 2025
Profit or Loss on assets at FVTPL on non-par & SH fund(50)97
Hyperinflation effect (IAS 29)719
Amortisation of intangibles related to M&A5154
Gains & losses from acquisitions & disposal(27)(17)
Adjusted net result 3,7694,315
Shares and adjusted EPS
In EUR millionYE 2024YE 2025
Closing number of shares1,569,420,0041,549,784,923
Closing number of treasury shares47,994,95346,606,923
Weighted average number outstanding of shares1,538,690,7041,513,810,624
Weighted average number of treasury shares27,804,29242,268,284
Adjusted EPS 2.452.85
Adjusted net result and EPS definitions include adjustments for: I) volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets II) Hyperinflation effect under IAS 29 III) amortisation of intangibles from M&A transactions (business combinations under IFRS 3) excluding those connected to brands, technology and bancassurance or equivalent distribution agreement, if material IV) impact of gains and losses from acquisitions and disposals, including possible restructuring costs incurred during the first year from the acquisition, if material Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares. ### Summary P&L Segment
Consolidated operating and non-operating result build-up by business unit
In EUR millionGroupLifeP&CAsset & Wealth managementHolding and other businessesConsolidation
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Consolidated operating result7,2958,0043,9824,1543,0523,6631,1761,194(536)(610)(379)(397)
Net insurance service result5,7956,7343,1053,4452,2892,908-(6)--401388
Operating investment result2,4592,4319439111,0761,050477485188220(224)(235)
Other operating income and expenses(959)(1,162)(65)(202)(313)(295)700715(724)(830)(556)(549)
of which operating holding expenses(693)(760)------(693)(760)--
Consolidated non-operating result(1,255)(1,641)(175)(330)(410)(592)(101)(141)(567)(572)(1)(5)
Non-operating investment result28(214)(70)(150)55(54)18(19)2615(1)(5)
Net investment result from FVTPL and net gains on foreign currency82(82)27(27)41(55)4(18)1122(1)(4)
Net non-operating realized gains13541(31)(86)15311712111(1)--
Net non-operating ECL and impairment losses(190)(173)(67)(37)(140)(116)2(12)14(6)-(1)
Net other non-operating expenses(710)(910)(105)(180)(465)(538)(118)(121)(21)(70)--
Non-operating holding expenses(572)(517)------(572)(517)--
Interest expenses on financial debt(493)(460)------(493)(460)--
Other non-operating holding expenses(79)(57)------(79)(57)--
Earnings before taxes6,0416,3633,8073,8242,6413,0711,0751,053(1,103)(1,183)(380)(402)
Income taxes(1,843)(1,717)——————————
Result from discontinued operations(31)17——————————
Consolidated result for the period4,1674,663——————————
Minority interests(442)(491)——————————
Net result3,7244,172——————————
### Summary BS
Assets and liabilities by business unit
In EUR millionGroupLifeP&CAsset & Wealth managementHolding and other businessesConsolidation
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Intangible assets11,86112,2004,7544,8495,9875,9681,0071,26285932828
Tangible assets3,7464,0997919912,2382,378257258550573(91)(102)
Insurance assets4,9024,7296047164,3244,012----(26)-
Investments494,340514,328432,120447,41844,47647,36215,25017,22610,54211,500(8,049)(9,179)
Investment properties22,50322,29319,98520,0102,5062,280--123--
Investments in subsidiaries, associated companies and joint ventures2,8403,0263,4993,9082,3172,966656474(3,046)(3,927)
Financial assets468,997489,009408,636423,50039,65442,11615,24417,22110,46511,423(5,003)(5,251)
Other financial assets6,2097,3952,6863,2332,6073,9717301,046186388-(1,243)
Other assets9,2758,4705,3253,4842,7553,6378521,021469394(126)(67)
Cash and cash equivalents8,3157,3083,9573,8732,6902,5991,340768523258(196)(189)
Total Assets538,647558,529450,237464,56565,07769,92719,43621,58212,35613,206(8,459)(10,750)
Insurance liabilities438,486452,432400,565412,81037,94739,622----(26)-
Financial liabilities45,71048,84320,54221,9605,2985,93214,47816,2927,7988,310(2,407)(3,652)
Financial liabilities at fair value through profit or loss8,1669,2727,7328,63017114826249413-(2)
Financial liabilities at amortised cost37,54439,57012,81013,3305,1275,78414,21715,7987,7978,308(2,407)(3,650)
Other provisions2,3992,2296364801,0541,0653833422973132929
Payables9,02710,2122,9453,8244,4055,1227181,2239591,167-(1,123)
Other liabilities9,93110,0273,5533,9615,3815,291570522511348(85)(94)
Total Liabilities505,551523,741428,240443,03354,08557,03116,14918,3799,56510,138(2,488)(4,841)
Shareholders' equity attributable to the Group30,38932,064——————————
Shareholders' equity attributable to minority interests2,7072,724——————————
Shareholders' equity33,09534,788——————————
Total Liabilities & shareholders' equity538,647558,529——————————
Reinsurance contracts issued build-up by business unit
In EUR millionGroupLifeP&C
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Gross Present Value Future Cash-Flows (PVFCF) 404,025414,521368,337377,14635,68737,375
Gross Risk Adjustment (RA)2,8972,9491,6301,7361,2671,213
Gross Contractual Service Margin (CSM)31,22834,61030,28333,6039451,007
Net Contractual Service Margin (CSM) 21,48424,117————
Including (re)insurance contracts that are assets Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities CSM presented net of reinsurance, taxes and minorities ### Volumes
Gross written premium and reinsurance accepted by geography and line of business, P&C
In EUR millionGross Written PremiumGross Primary PremiumsReinsurance accepted
P&CMotorNon MotorP&C
YE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for like
Italy8,8369,3105.4%3,0953,2334.4%5,5125,8516.2%228226-1.0%
France3,9294,2257.5%1,2781,3435.1%2,5572,7728.4%9411017.6%
Germany4,3784,6826.9%1,6271,80510.9%2,7422,8634.4%81467.0%
Austria1,8881,9825.0%7658095.6%1,1191,1694.4%3538.2%
Switzerland766761-2.3%3073181.9%459443-5.1%00-
CEE3,8394,1778.0%1,9442,0876.7%1,8472,0389.4%48527.7%
Spain2,9173,1304.4%1,1241,2123.1%1,6951,8155.4%991033.9%
Portugal1,5851,7327.2%6497229.4%9341,0095.7%11-12.5%
Asia1,4741,6887.1%4284883.5%7388105.9%30739015.2%
Europ Assistance2,2122,56616.0%6336-43.4%1,8862,20016.7%26333025.7%
Group Holdings and other companies1,9321,92820.5%75767535.3%73278313.8%4434706.1%
Total Group33,75636,1817.6%12,03812,7267.5%20,22221,7537.3%1,4951,70211.3%
Gross written premium and reinsurance accepted by geography and line of business, Life
In EUR millionGross Written PremiumGross Primary PremiumsReinsurance accepted
LifeTraditional SavingProtection & HealthHybrid & Unit LinkedLife
YE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for likeYE 2024YE 2025Change % like for like
Italy23,36021,534-7.8%10,1399,841-1.4%3455499.0%12,87511,144-13.5%00-
France15,25515,2840.2%73-48.7%3,2153,2771.9%10,59310,7771.7%1,4401,226-14.9%
Germany10,57210,8102.3%1,6671,620-2.8%3,8233,9463.2%5,0835,2443.2%00-
Austria1,2461,2984.2%290277-4.7%51857210.5%4384492.6%00-
Switzerland1,0761,069-2.3%162156-5.3%252810.2%889885-2.1%00-
CEE1,2241,3065.6%139121-13.3%49355511.2%5866235.4%6712.1%
Spain9089837.4%310310-0.2%3503848.9%24828914.6%00-
Portugal224484115.0%17148n.m.79844.5%12825297.4%00-
Asia5,8937,47133.0%4,0355,65646.3%1,4051,4227.8%438380-9.7%1613-19.2%
Group Holdings and other companies1,6761,7045.6%546623.0%66873519.7%151715.5%939886-5.7%
Total Group61,43461,9431.4%16,81918,19810.7%10,92211,5535.6%31,29230,060-4.0%2,4012,132-11.2%
Gross written premiums time series
In EUR millionYE 2024YE 2025Change % like for like
—95,19098,1243.6%
Life net inflows by country breakdown
In EUR millionGroup
Life net inflows
YE 2024YE 2025Change % like for like
Italy1,5361,6869.8%
France2,9463,84830.6%
Germany8811,42161.3%
Austria8456-33.2%
Switzerland881-98.9%
CEE35441816.9%
Spain-57-2460.7%
Portugal71358n.m.
Asia3,4325,29061.4%
Group Holdings and other companies33843241.0%
Total Group9,67413,48742.5%
Life net inflows by line of business
In EUR millionTraditional SavingProtection & HealthHybrid & Unit Linked
YE 2025
Total Group2,4064,4726,608
### Life New Business
New business by line of business build-up
In EUR millionPVNBPNew Business ValueNew Business Margin
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Traditional Saving15,57315,4534936813.17%4.41%
Protection & Health10,75511,7148999988.36%8.52%
Hybrid & Unit Linked28,77028,3851,5851,4685.51%5.17%
Total55,09855,5522,9773,1475.40%5.66%
New business premiums build-up
In EUR millionGroup
YE 2024YE 2025
Annual premiums3,1702,877
Single premiums29,71329,891
Total premiums32,88332,768
New business value derivation build-up
In EUR millionGroup
YE 2024YE 2025
New business CSM2,8273,010
Perimeter 192196
Reinsurance(41)(59)
New business value2,9773,147
New business by country build-up
In EUR millionPVNBPNew Business ValueNew Business MarginPVNBP weight Traditional SavingPVNBP weight Protection & HealthPVNBP weight Hybrid & Unit Linked
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Italy20,69118,7571,2261,1085.92%5.90%43.2%41.9%3.1%4.2%53.7%53.8%
France14,07914,7995595783.97%3.91%0.0%0.0%29.8%30.7%70.2%69.3%
Germany8,6569,0834013974.63%4.37%11.2%10.8%25.9%25.1%62.9%64.1%
Austria1,2561,29176726.07%5.61%7.9%8.3%55.6%57.8%36.5%33.9%
Switzerland53753850549.35%10.06%1.1%3.8%2.2%3.1%96.7%93.0%
CEE1,1591,30516018513.77%14.18%5.7%3.7%52.4%56.5%42.0%39.9%
Spain83291116117519.29%19.24%28.7%26.9%46.0%45.2%25.3%27.9%
Portugal236521253010.42%5.78%18.1%26.1%34.4%15.9%47.5%58.0%
Asia6,9747,5373175354.54%7.10%74.2%79.6%18.3%18.2%7.6%2.2%
Group Holdings and other companies6788103130.48%1.56%4.9%5.7%91.7%90.3%3.4%4.0%
Group total55,09855,5522,9773,1475.40%5.66%28.3%27.8%19.5%21.1%52.2%51.1%
New business value sensitivity
In EUR millionYE 2024YE 2025
Interest rate -50 bps(265)(243)
Interest rate +50 bps207180
Admin. and invest. manag. exp. -10%144161
Lapse rates *110%(224)(259)
Lapse rates *90%251285
Mortality/morbidity rates *95%131115
Life new business interest rate sensitivity
In EUR millionYE 2024YE 2025
Interest rate -50 bps-0.59%-0.53%
Interest rate +50 bps0.50%0.43%
Including investment contracts, PAA, and potential LC ### Life CSM
CSM roll-forward
In EUR millionGroup
YE 2024YE 2025
Opening CSM30,91130,283
Change in scope and other - opening38-
New business CSM2,8273,010
Expected return1,7571,492
Economic variances(875)2,088
Operating variances(1,388)(48)
CSM before release33,27036,826
CSM release(2,986)(3,223)
Change in scope and other - closing--
Closing CSM30,28333,603
CSM release ratio-9.0%-8.8%
CSM by country
In EUR millionCSM stockNew Business CSMCSM release
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Italy11,04211,4741,2151,096(1,325)(1,384)
France4,0885,182572596(590)(673)
Germany9,19310,183406408(407)(443)
Austria1,5491,7167874(91)(103)
Switzerland7638465155(93)(103)
CEE1,2861,397152173(196)(211)
Spain4564845164(72)(78)
Portugal1161311415(19)(20)
Asia1,6852,111283523(184)(199)
Group Holdings and other companies1057838(9)(8)
Group total30,28333,6032,8273,010(2,986)(3,223)
Insurance contracts issued by duration
In EUR millionUp to 1 yearBtw. 1 and 2 yrsBtw. 2 and 3 yrsBtw. 3 and 4 yrsBtw. 4 and 5 yrsBtw. 5 and 10 yrsBtw. 10 and 20 yrsOver 20 years
Insurance contracts issued2,4132,1942,0261,8711,7246,8508,2448,282
Life CSM sensitivity
In EUR millionYE 2024YE 2025
Equity market -25%(2,369)(2,436)
Equity market +25%2,2442,353
Interest rate -50 bps(433)63
Interest rate +50 bps346(116)
Corporate spread +50 bps(470)(481)
Euro area govies spread(3) +50 bps (637)(747)
The development of CSM here reported does not consider unwinding effect, future new business release contribution, CSM additional release due to the economic systematic variance. Sensitivities representing impact before release. The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries. ### Life Operating
Summary life operating result build-up
In EUR millionGroup
YE 2024YE 2025
Operating insurance service result3,0393,243
CSM release2,9863,223
Risk adjustment release145163
Loss component(231)(105)
Experience variance and other technical result204164
Other operating income and expenses(65)(202)
Operating investment result943911
Life Operating result3,9824,154
Summary life operating result build-up by country
In EUR millionOperating insurance service resultCSM releaseLoss componentOperating investment resultLife operating result
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Italy1,2301,2661,3251,384(110)(33)3373431,5671,609
France675659590673(2)(29)177205852864
Germany407446407443--10673513519
Austria849691103--8792103
Switzerland13411393103-(2)1513149125
CEE248251196211(8)(5)6761315312
Spain1851827278(7)(3)3940224223
Portugal26211920-1282830
Asia85155184199(53)(34)156114241269
Group Holdings and other companies (36)5398(50)-3648-101
Group total3,0393,2432,9863,223(231)(105)9439113,9824,154
Including elimination of transactions between Generali Group companies in different geographic regions ### P&C Operating
Summary P&C operating result build-up
In EUR millionGroup
YE 2024YE 2025
Operating insurance service result1,9762,613
Insurance contract revenues32,93635,246
Total net incurred claims(21,464)(22,264)
Insurance expenses(9,183)(10,074)
Other operating income and expenses(313)(295)
Operating investment result1,0761,050
Operating investment income1,7101,657
Insurance finance expenses(634)(607)
P&C Operating result3,0523,663
P&C indicators
In EUR millionYE 2024YE 2025
Combined ratio94.0%92.6%
Loss ratio65.2%63.2%
Current year loss ratio67.2%64.3%
Current year loss ratio undiscounted (excl. nat cat)65.5%64.3%
Natural catastrophe losses undiscounted3.6%1.7%
Current year discounting-1.9%-1.7%
Prior year loss ratio-2.1%-1.1%
Gross Expense ratio28.8%29.4%
Administration and acquisition expenses27.9%28.6%
Acquisition expenses20.4%21.4%
Administration expenses and other attributable expenses7.4%7.2%
Other operating income and expenses1.0%0.8%
Combined ratio undiscounted95.9%94.3%
Operating insurance service result undiscounted1,3402,007
Summary P&C operating result by country
In EUR millionInsurance contract revenuesOperating insurance service resultOperating investment resultP&C operating resultCombined ratioLoss ratioNatural catastrophe losses undiscountedGross Expense ratioCombined ratio undiscounted
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Italy8,8169,13151863919322371186294.1%93.0%67.2%65.5%2.7%2.5%26.9%27.5%95.7%94.5%
France3,8064,10022424713115835540594.1%94.0%71.0%70.5%3.0%2.6%23.1%23.4%97.5%97.0%
Germany4,3734,68132943715612148555892.5%90.7%62.5%61.1%4.0%1.1%30.0%29.5%93.9%92.0%
Austria1,9562,060153171958924726092.2%91.7%65.0%64.4%6.3%1.8%27.2%27.3%93.9%93.3%
Switzerland761757(13)(9)1520310101.7%101.2%72.6%71.6%0.8%0.0%29.1%29.6%102.1%101.5%
CEE3,6974,03427940410510838451192.5%90.0%58.2%56.1%5.7%2.2%34.3%33.9%94.1%91.6%
Spain2,7903,084105118817818619696.2%96.2%73.4%69.0%0.5%0.1%22.8%27.2%97.3%97.1%
Portugal1,5491,6826385454710713395.9%94.9%72.1%70.3%0.1%0.2%23.9%24.6%97.1%96.1%
Asia1,3781,67214(5)5973736899.0%100.3%66.3%66.5%0.2%0.0%32.8%33.7%101.1%102.0%
Europ Assistance2,5592,839150186394118922794.1%93.5%60.6%59.4%0.1%0.0%33.5%34.1%94.9%94.0%
Group Holdings and other companies 1,2521,2061543421589331243496.5%92.6%73.8%70.0%7.0%1.7%22.8%22.6%99.8%94.8%
Group total32,93635,2461,9762,6131,0761,0503,0523,66394.0%92.6%65.2%63.2%3.6%1.7%28.8%29.4%95.9%94.3%
Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios ### Asset Management
Assets under management rollforward
In EUR billionYE 2024YE 2025
Opening AUM516695
Net inflows6.716.2
o/w Generali Group 4.96.5
o/w Third party1.89.6
Market effect, FX & other18.5(4.2)
Perimeter changes 154.44.5
Closing AUM695712
o/w Generali Group (1) 425439
o/w Third party271273
Asset management profit and loss
In EUR millionPro-forma with 12 months of CHLexcl. MGG
YE 2024YE 2025YE 2024YE 2025
Operating revenues1,4501,6321,5321,616
Total fees excl. performance fees1,1861,3101,2651,296
Performance fees9116291160
Other revenues 173160176161
Operating expenses(834)(970)(899)(959)
Operating result616662633657
Non-operating result adjusted(59)(77)——
Taxes adjusted(130)(139)——
Minorities adjusted (5) (83)(90)——
Adjusted net result after minorities343356——
Asset management other information
In EUR billionPro-forma w/ 12 months of CHLexcl. MGG
YE 2024YE 2025YE 2024YE 2025
Average AUM (euro bn)674701673696
o/w Generali Group (1) 416431416431
o/w Third party258270257266
Average total fees margin (bps)18.819.318.818.6
o/w on Generali Group AUM 17.116.917.116.9
o/w on Third party AUM21.623.221.621.4
Cost Income ratio (%)57.5%59.4%58.7%59.3%
Including Unit-Linked Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024 Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds Mainly including dividends, net result from participations, and interest income MGG fully consolidated starting from October 2025 Including minorities at affiliate level ### Capitalisation and Debt
Shareholders' equity rollforward
In EUR millionYE 2024YE 2025
Opening shareholders' equity28,96830,389
Net profit3,7244,172
Dividends(1,987)(2,172)
Other Comprehensive Income reserve(133)(114)
Related to financial assets2,057(3,514)
Related to insurance contracts(2,300)3,643
Defined Benefit Plans3471
Foreign exchange31(301)
Other45(12)
Share Buybacks(500)(500)
Share Buybacks for Long-Term Incentive Plans(264)(333)
Other items581622
Closing shareholders' equity30,38932,064
Financial debt breakdown
In EUR millionYE 2024YE 2025
Subordinated debt9,7849,806
Senior debt1,2861,287
Other financial debt90102
Total financial debt 11,16011,194
Average maturity (FYears) 4.94.8
Total interest cost 493460
Average cost (%)4.16%4.11%
Debt maturity by type of type
In EUR millionSeniorHybridSubordinated
2026—4061,000
2027——1,750
2028——850
2029500—500
2030——750
2031—500600
2032——1,000
2033——1,000
2034750——
2035——1,250
2036——500
These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds. ### Investments Summary
Investments summary by business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAProperty & CasualtyAsset & Wealth ManagementHolding and Other BusinessesConsolidation
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Fixed income294,154302,571246,376249,096220,801220,84325,57528,25333,49836,27012,24913,7036,3027,656(4,272)(4,155)
Government bonds 139,053140,715116,387116,166103,909102,11212,47814,05413,80814,1408,6709,884188524--
Corporate bonds105,205107,83988,15288,56481,13880,2647,0148,30015,88817,6472,3182,581461515(1,614)(1,468)
Other fixed income49,89554,01741,83744,36635,75438,4676,0835,8993,8024,4831,2611,2385,6536,617(2,657)(2,687)
Equity & equity-like27,22927,71223,28923,91821,31821,3611,9712,5573,6243,46975118241207--
Real estate26,68726,38723,86523,80222,05921,9841,8061,8182,8092,58012123--
Cash & cash-like 17,19214,4707,7977,2744,5295,0573,2682,2174,8614,539969664,4183,800(852)(1,209)
Other investments 7,8058,9176,1526,9853,2793,9162,8743,0692,5922,6662,0902,3739189(3,120)(3,197)
Total investments - General account373,065380,057307,479311,075271,986273,16135,49337,91447,38349,52515,38416,26211,06311,756(8,244)(8,561)
Unit Linked investments123,855136,118——————————————
Total investments496,920516,175——————————————
Third Parties AUM 366,084383,755——————————————
Total AUM863,004899,930——————————————
Investments income by business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAProperty & Casualty 5 Property & Casualty 5
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Current income12,21412,6409,79010,4018,3639,0091,4271,3922,0501,867
of which Current return on Fixed Income9,6189,7137,8828,1306,9687,2439148871,4011,191
of which Current return on Equity & equity-like8151,028571741438572133169160197
of which Current return on Real Estate1,1081,1049509588528699889160150
Total P&L investment income12,78412,1519,9219,9498,5588,7701,3631,1792,1371,614
Comprehensive income16,3877,72112,8755,55210,2844,7372,5918152,8051,522
Fixed income return by business unit
%GroupLifeo/w Life VFAo/w Life other than VFAProperty & Casuality 5
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Fixed Income——————————
Current return3.3%3.3%3.3%3.3%3.2%3.3%3.8%3.4%4.2%3.4%
Total P&L return3.2%3.3%3.2%3.3%3.1%3.3%3.8%3.1%4.0%3.3%
Reinvestment yield on direct fixed income——3.6%3.6%————3.6%4.3%
Equity & equity-like——————————
Current return3.1%3.7%2.5%3.1%2.2%2.7%6.1%7.0%4.7%5.5%
Total P&L return7.3%4.9%7.3%4.9%7.2%4.8%8.3%5.6%5.8%3.2%
Real Estate——————————
Current return4.1%4.2%4.0%4.0%3.9%3.9%5.2%5.2%5.2%5.6%
Total P&L return1.4%3.0%0.8%2.5%1.1%2.6%-2.7%1.7%5.9%6.7%
Total——————————
Current return3.3%3.4%3.2%3.4%3.1%3.3%4.1%3.8%4.4%3.9%
Total P&L return3.5%3.2%3.3%3.2%3.2%3.2%3.9%3.2%4.6%3.3%
Comprehensive return4.5%2.1%4.3%1.8%3.8%1.8%7.4%2.2%6.0%3.1%
Directly owned exposure only (before look-through). Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024. Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024. The amount presented in the item does not include € 440 mln at YE 2025, and € 447 mln at YE 2024, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item. In P&C, excluding Argentina on a like for like basis, Fixed Income generated current returns for 1,104 Mln (3.2%) in FY25 compared with 1,001 Mln (3.0%) in FY24, while the total portfolio generated current returns for 1,777 Mln (3.7%) in FY25 versus 1,644 Mln (3.5%) in FY24. ### Investments by Acc Treatment
Investments by accounting treatment and business unit
In EUR millionIndex!A1Index!A1
Index!A1Index!A1
GroupLifeo/w Life VFAo/w Life other than VFAP&C
Fair Value through P&LFair Value through OCIAt costFair Value through P&LFair Value through OCIAt costFair Value through P&LFair Value through OCIFair Value through P&LFair Value through OCIAt costFair Value through P&LFair Value through OCIAt cost
YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025YE 2024YE 2025
Fixed income40,51645,797234,529238,15519,10918,61836,76340,619205,802205,3433,8113,13435,70539,271183,315180,0451,0581,34822,48725,2982,0301,6073,0334,30228,57030,4331,8961,535
Government bonds 2,0442,187129,645132,0587,3646,4691,9561,995114,409114,15022211,8911,893102,019100,2196610312,39013,93122218810113,54813,902173137
Corporate bonds5,9877,07696,81598,1552,4032,6095,4086,11682,58982,380155685,2965,91275,84274,3521112046,7488,0281556857395315,01316,518302176
Other fixed income32,48536,5348,0687,9429,3419,54029,39932,5088,8048,8133,6343,04628,51831,4675,4555,4738811,0413,3493,3401,8531,5182,3723,2488131,4211,222
Equity & equity-like23,99524,2393,2333,474--21,90822,3981,3811,520--21,31821,361--5901,0371,3811,520--1,9321,7011,6911,769--
Real estate23,99723,976--2,6892,41123,55923,535--30526722,05921,984--1,5011,551--305267437439--2,3712,141
Cash & cash-like 12,46610,2462171224,5094,1026,6705,33258471,0691,8944,7654,1401581,9051,19242391,3219851,8791,35774232,9083,160
Other investments 3,8794,699--3,9264,2174,3324,955--1,8202,0303,2793,911--1,0541,044--1,8202,025269(61)--2,3232,728
Total investments - General account104,854108,956237,979241,75130,23329,34993,23396,840207,240206,9107,0057,32587,12690,667183,330180,0536,1076,17323,91026,8575,4764,8847,5517,73730,33532,2259,4989,564
Unit Linked investments123,855136,118——————————————————————————
Total investments228,709245,074——————————————————————————
Directly owned exposure only (before look-through). Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024. Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024. ### Investments Focus Equity
Equity and equity-like investments build-up by business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAP&C
Financial2,2661,307862446819
Consumer914761583178140
Energy79275729146630
Industrial64553748255107
Telecommunication services5881771671149
Other2,3202,2811,916365388
Total direct equities7,5255,8214,3001,5211,533
Asset Allocation Funds4,6304,4884,193295139
Alternative Investments 15,55813,61012,8697411,798
Total equity & equity-like27,71223,91821,3622,5563,469
Direct equities by geography and business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAP&C
Italy666328228101299
France1,2351,1341,07460100
Germany8326376333163
CEE18815-15103
Rest of Europe1,6671,3511,32625302
Rest of World2,9372,3551,0371,318567
Total direct equities7,5255,8214,2991,5211,533
Equities fair value reconciliation
In EUR millionAmortised costFair Value∆
Equities27,07827,712635
Fair Value through OCI 2,8393,474635
Fair Value through P&L24,23924,239n.m.
Including Private Equity. Without recycling to P&L. ### Investments Focus Fixed Income
Fixed income by rating and business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAP&C
AAA11,1619,2138,5956181,508
AA17,98213,73912,2131,5262,918
A56,84548,36243,4144,9485,874
BBB44,81435,83533,6842,1512,966
Not investment grade1,46981695721630
Not rated8,4458,2014,1104,091244
Total140,715116,166102,11214,05414,140
Fixed income investments by geography and business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAP&C
Italy35,46228,57328,023551982
France19,49116,39215,5898031,494
Spain19,94717,89116,0181,8731,660
Rest of Europe26,42022,93221,5021,4302,771
CEE12,2667,7325,6852,0473,943
Rest of World19,74917,41310,5826,8312,285
Supranational7,3805,2324,7135191,005
Total140,715116,166102,11214,05414,140
Government bonds by accounting classification
In EUR millionAmortised CostFair Value∆
Government bonds 162,275140,786(21,489)
Fair Value through OCI153,619132,058(21,561)
Fair Value through P&L2,1872,187n.m
Amortised cost6,4696,54171
Duration of government bonds by business unit
In EUR millionDuration Government bonds
LifeP&C
Duration11.16.1
Fixed income investments by rating and business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAP&C
AAA6,1294,5204,333187606
AA6,5574,7274,2175111,313
A32,09325,62022,8672,7535,606
BBB54,66045,55741,7343,8248,469
Not investment grade6,9325,4364,9225131,449
Not rated1,4681,285774512154
Total107,83987,14678,8468,30017,597
Corporate fixed income investments by rating and type
In EUR millionCorporate FinancialCorporate Non Financial
AAA5,619510
AA3,3503,207
A15,07117,022
BBB14,83939,821
Not investment grade8546,078
Not rated749719
Totale40,48267,357
Fixed income investments by industry and business unit
In EUR millionGroupLifeo/w Life VFAo/w Life other than VFAP&C
Financials40,48232,72129,6823,0396,513
Utilities12,93511,28710,2889991,642
Consumer11,6949,2818,3379442,305
Industrial11,0729,2508,2301,0201,722
Telecommunication services8,6097,4376,7536841,064
Health care5,1194,4004,102298720
Other17,92814,18912,8731,3173,682
Total107,83987,14678,8468,30017,597
Corporate fixed income investments by geography and type
In EUR millionCorporate FinancialCorporate Non Financial
Italy2,3864,663
France6,00710,196
Germany3,4046,932
CEE703702
Rest of Europe19,48522,271
Rest of World8,49722,594
Totale40,48267,357
Corporate bonds by accounting classification
In EUR millionAmortised CostFair Value∆
Corporate bonds112,784107,838(4,946)
Fair Value through OCI103,10098,155(4,945)
Fair Value through P&L7,0767,076n.m.
Amortised cost2,6092,608(1)
Duration corporate bonds by business unit
In EUR millionDuration Corporate bonds
LifeP&C
Duration4.93.6
Indirect investments in fixed income build-up by business unit
In EUR millionGroupLifeP&C
Indirect investments in fixed income36,30832,2813,248
Mortgage loans7,3631,070126
Time deposit other than cash & cash-like2,4082,274537
All other loans7,9388,741572
Total54,01744,3664,483
Investments by valuation approach
In EUR millionAmortised CostFair Value∆
Total54,08053,977(103)
Fair Value through OCI8,0057,942(63)
Fair Value through P&L36,53436,534n.m.
Amortised cost9,5409,500(40)
Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes. ### Investments Focus Real Estate
Real estate investments by valuation approach
In EUR millionBook ValueFair Value∆
Investment properties22,29324,3792,085
Indirect investments in Real Estate4,0944,094n.m.
Total General Account Investments26,38728,4722,085
Self use properties 2,9553,697742
Inventories 680680n.m.
Total30,02232,8492,827
Real estate investments by geography
In EUR millionFair Value
Italy7,941
France7,059
Germany3,189
CEE361
Rest of Europe5,546
Rest of World284
Total24,379
Real estate investments by type
%
Office59%
Retail18%
Residential11%
Logistics5%
Other8%
Total100%
Not included within General account investments. ### Solvency II
Solvency II own funds and SCR rollforward
In EUR billionGroup Own FundsGroup SCRSolvency II ratio (1) (%)
Opening FY 202449.123.4210%
Regulatory changes(0.7)--3%
Normalized capital generation5.50.320%
Life3.70.214%
P&C2.20.18%
Financial0.7-3%
Holdings(1.1)--5%
Market variances1.7(0.7)14%
Non-economic variances(0.2)0.7-7%
M&A(0.4)0.2-3%
Capital movements(2.5)--11%
Closing YE 202552.624.0219%
Solvency II sensitivity to market movements
%YE 2025
Equity market -25%-7 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-2 p.p.
Euro area govies spread +50 bps -8 p.p.
Solvency II own funds build-up
In EUR billionYE 2025
Group Shareholders' equity32.1
Net CSM24.1
Minority Interests3.4
Intangibles(12.2)
Scope(3.4)
Valuation differences6.3
Net deferred taxes & other1.2
Excess of assets over liabilities51.5
Subordinated debt9.4
SII deductions & financials(5.9)
Foreseeable dividends (2.5)
Group Own Funds52.6
The solvency position (Own Funds and SCR) disclosed here is based on the last available information. Differences may arise in comparison to the official values, which will be included in the 2025 Solvency and Financial Condition Report (SFCR) and Quantitative Reporting Templates (QRT). The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries. The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.