---
title: Generali/2025/FY/Financial supplement
---
# Generali/2025/FY/Financial supplement
## Summary P&L
Caption: Consolidated profit and loss build-up
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Consolidated operating result''' | '''7,295''' | '''8,004''' |
| Life operating result | 3,982 | 4,154 |
| P&C operating result | 3,052 | 3,663 |
| Asset & Wealth Management | 1,176 | 1,194 |
| Holding and other businesses | (536) | (610) |
| Consolidation Adjustments | (379) | (397) |
| '''Consolidated non-operating result''' | '''(1,255)''' | '''(1,641)''' |
| Non-operating investment result | 28 | (214) |
| Net investment result from FVTPL and net gains on foreign currency | 82 | (82) |
| Net non-operating realized gains | 135 | 41 |
| 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 taxes''' | '''6,041''' | '''6,363''' |
| Income taxes | (1,843) | (1,717) |
| Result for discontinued operations | (31) | 17 |
| '''Consolidated result for the period''' | '''4,167''' | '''4,663''' |
| Minority interests | (442) | (491) |
| '''Net result''' | '''3,724''' | '''4,172''' |
Caption: Adjusted net result build-up
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| Profit or Loss on assets at FVTPL on non-par & SH fund | (50) | 97 |
| Hyperinflation effect (IAS 29) | 71 | 9 |
| Amortisation of intangibles related to M&A | 51 | 54 |
| Gains & losses from acquisitions & disposal | (27) | (17) |
| '''Adjusted net result (footnote: 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.)''' | '''3,769''' | '''4,315''' |
Caption: Shares and adjusted EPS
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| Closing number of shares | 1,569,420,004 | 1,549,784,923 |
| Closing number of treasury shares | 47,994,953 | 46,606,923 |
| Weighted average number outstanding of shares | 1,538,690,704 | 1,513,810,624 |
| Weighted average number of treasury shares | 27,804,292 | 42,268,284 |
| Adjusted EPS (footnote: 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.) | 2.45 | 2.85 |
## Summary P&L Segment
Caption: Consolidated profit and loss 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 |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Consolidated operating result''' | '''7,295''' | '''8,004''' | '''3,982''' | '''4,154''' | '''3,052''' | '''3,663''' | '''1,176''' | '''1,194''' | '''(536)''' | '''(610)''' | '''(379)''' | '''(397)''' |
| Net insurance service result | 5,795 | 6,734 | 3,105 | 3,445 | 2,289 | 2,908 | — | (6) | — | — | 401 | 388 |
| Operating investment result | 2,459 | 2,431 | 943 | 911 | 1,076 | 1,050 | 477 | 485 | 188 | 220 | (224) | (235) |
| Other operating income and expenses | (959) | (1,162) | (65) | (202) | (313) | (295) | 700 | 715 | (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 result | 28 | (214) | (70) | (150) | 55 | (54) | 18 | (19) | 26 | 15 | (1) | (5) |
| Net investment result from FVTPL and net gains on foreign currency | 82 | (82) | 27 | (27) | 41 | (55) | 4 | (18) | 11 | 22 | (1) | (4) |
| Net non-operating realized gains | 135 | 41 | (31) | (86) | 153 | 117 | 12 | 11 | 1 | (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 taxes''' | '''6,041''' | '''6,363''' | '''3,807''' | '''3,824''' | '''2,641''' | '''3,071''' | '''1,075''' | '''1,053''' | '''(1,103)''' | '''(1,183)''' | '''(380)''' | '''(402)''' |
| Income taxes | (1,843) | (1,717) | | | | | | | | | | |
| Result from discontinued operations | (31) | 17 | | | | | | | | | | |
| '''Consolidated result for the period''' | '''4,167''' | '''4,663''' | | | | | | | | | | |
| Minority interests | (442) | (491) | | | | | | | | | | |
| '''Net result''' | '''3,724''' | '''4,172''' | | | | | | | | | | |
## Summary BS
Caption: Consolidated balance sheet 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 |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Intangible assets | 11,861 | 12,200 | 4,754 | 4,849 | 5,987 | 5,968 | 1,007 | 1,262 | 85 | 93 | 28 | 28 |
| Tangible assets | 3,746 | 4,099 | 791 | 991 | 2,238 | 2,378 | 257 | 258 | 550 | 573 | (91) | (102) |
| Insurance assets | 4,902 | 4,729 | 604 | 716 | 4,324 | 4,012 | — | — | — | — | (26) | — |
| Investments | 494,340 | 514,328 | 432,120 | 447,418 | 44,476 | 47,362 | 15,250 | 17,226 | 10,542 | 11,500 | (8,049) | (9,179) |
| Investment properties | 22,503 | 22,293 | 19,985 | 20,010 | 2,506 | 2,280 | — | — | 12 | 3 | — | — |
| Investments in subsidiaries, associated companies and joint ventures | 2,840 | 3,026 | 3,499 | 3,908 | 2,317 | 2,966 | 6 | 5 | 64 | 74 | (3,046) | (3,927) |
| Financial assets | 468,997 | 489,009 | 408,636 | 423,500 | 39,654 | 42,116 | 15,244 | 17,221 | 10,465 | 11,423 | (5,003) | (5,251) |
| Other financial assets | 6,209 | 7,395 | 2,686 | 3,233 | 2,607 | 3,971 | 730 | 1,046 | 186 | 388 | — | (1,243) |
| Other assets | 9,275 | 8,470 | 5,325 | 3,484 | 2,755 | 3,637 | 852 | 1,021 | 469 | 394 | (126) | (67) |
| Cash and cash equivalents | 8,315 | 7,308 | 3,957 | 3,873 | 2,690 | 2,599 | 1,340 | 768 | 523 | 258 | (196) | (189) |
| '''Total Assets''' | '''538,647''' | '''558,529''' | '''450,237''' | '''464,565''' | '''65,077''' | '''69,927''' | '''19,436''' | '''21,582''' | '''12,356''' | '''13,206''' | '''(8,459)''' | '''(10,750)''' |
| Insurance liabilities | 438,486 | 452,432 | 400,565 | 412,810 | 37,947 | 39,622 | — | — | — | — | (26) | — |
| Financial liabilities | 45,710 | 48,843 | 20,542 | 21,960 | 5,298 | 5,932 | 14,478 | 16,292 | 7,798 | 8,310 | (2,407) | (3,652) |
| Financial liabilities at fair value through profit or loss | 8,166 | 9,272 | 7,732 | 8,630 | 171 | 148 | 262 | 494 | 1 | 3 | — | (2) |
| Financial liabilities at amortised cost | 37,544 | 39,570 | 12,810 | 13,330 | 5,127 | 5,784 | 14,217 | 15,798 | 7,797 | 8,308 | (2,407) | (3,650) |
| Other provisions | 2,399 | 2,229 | 636 | 480 | 1,054 | 1,065 | 383 | 342 | 297 | 313 | 29 | 29 |
| Payables | 9,027 | 10,212 | 2,945 | 3,824 | 4,405 | 5,122 | 718 | 1,223 | 959 | 1,167 | — | (1,123) |
| Other liabilities | 9,931 | 10,027 | 3,553 | 3,961 | 5,381 | 5,291 | 570 | 522 | 511 | 348 | (85) | (94) |
| '''Total Liabilities''' | '''505,551''' | '''523,741''' | '''428,240''' | '''443,033''' | '''54,085''' | '''57,031''' | '''16,149''' | '''18,379''' | '''9,565''' | '''10,138''' | '''(2,488)''' | '''(4,841)''' |
| Shareholders' equity attributable to the Group | '''30,389''' | '''32,064''' | | | | | | | | | | |
| Shareholders' equity attributable to minority interests | '''2,707''' | '''2,724''' | | | | | | | | | | |
| '''Shareholders' equity''' | '''33,095''' | '''34,788''' | | | | | | | | | | |
| '''Total Liabilities & shareholders' equity''' | '''538,647''' | '''558,529''' | | | | | | | | | | |
Caption: (Re)insurance contracts issued build-up by business unit (footnote: Including (re)insurance contracts that are assets.)
| EUR million | Group | Group | Life | Life | P&C | P&C |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Gross Present Value Future Cash-Flows (PVFCF) (footnote: Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.) | 404,025 | 414,521 | 368,337 | 377,146 | 35,687 | 37,375 |
| Gross Risk Adjustment (RA) | 2,897 | 2,949 | 1,630 | 1,736 | 1,267 | 1,213 |
| Gross Contractual Service Margin (CSM) | 31,228 | 34,610 | 30,283 | 33,603 | 945 | 1,007 |
| Net Contractual Service Margin (CSM) (footnote: CSM presented net of reinsurance, taxes and minorities.) | 21,484 | 24,117 | | | | |
## Volumes
Caption: Gross written premium by geography and line of business, P&C
| 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 |
| | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 8,836 | 9,310 | 5.4% | 3,095 | 3,233 | 4.4% | 5,512 | 5,851 | 6.2% | 228 | 226 | -1.0% |
| France | 3,929 | 4,225 | 7.5% | 1,278 | 1,343 | 5.1% | 2,557 | 2,772 | 8.4% | 94 | 110 | 17.6% |
| Germany | 4,378 | 4,682 | 6.9% | 1,627 | 1,805 | 10.9% | 2,742 | 2,863 | 4.4% | 8 | 14 | 67.0% |
| Austria | 1,888 | 1,982 | 5.0% | 765 | 809 | 5.6% | 1,119 | 1,169 | 4.4% | 3 | 5 | 38.2% |
| Switzerland | 766 | 761 | -2.3% | 307 | 318 | 1.9% | 459 | 443 | -5.1% | 0 | 0 | - |
| CEE | 3,839 | 4,177 | 8.0% | 1,944 | 2,087 | 6.7% | 1,847 | 2,038 | 9.4% | 48 | 52 | 7.7% |
| Spain | 2,917 | 3,130 | 4.4% | 1,124 | 1,212 | 3.1% | 1,695 | 1,815 | 5.4% | 99 | 103 | 3.9% |
| Portugal | 1,585 | 1,732 | 7.2% | 649 | 722 | 9.4% | 934 | 1,009 | 5.7% | 1 | 1 | -12.5% |
| Asia | 1,474 | 1,688 | 7.1% | 428 | 488 | 3.5% | 738 | 810 | 5.9% | 307 | 390 | 15.2% |
| Europ Assistance | 2,212 | 2,566 | 16.0% | 63 | 36 | -43.4% | 1,886 | 2,200 | 16.7% | 263 | 330 | 25.7% |
| Group Holdings and other companies | 1,932 | 1,928 | 20.5% | 757 | 675 | 35.3% | 732 | 783 | 13.8% | 443 | 470 | 6.1% |
| '''Total Group''' | '''33,756''' | '''36,181''' | '''7.6%''' | '''12,038''' | '''12,726''' | '''7.5%''' | '''20,222''' | '''21,753''' | '''7.3%''' | '''1,495''' | '''1,702''' | '''11.3%''' |
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 | Traditional Saving | Traditional Saving | Traditional Saving | Protection & Health | Protection & Health | Protection & Health | Hybrid & Unit Linked | Hybrid & Unit Linked | Hybrid & Unit Linked | Life | Life | Life |
| | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like | YE 2024 | YE 2025 | Change % like for like |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 23,360 | 21,534 | -7.8% | 10,139 | 9,841 | -1.4% | 345 | 549 | 9.0% | 12,875 | 11,144 | -13.5% | 0 | 0 | - |
| France | 15,255 | 15,284 | 0.2% | 7 | 3 | -48.7% | 3,215 | 3,277 | 1.9% | 10,593 | 10,777 | 1.7% | 1,440 | 1,226 | -14.9% |
| Germany | 10,572 | 10,810 | 2.3% | 1,667 | 1,620 | -2.8% | 3,823 | 3,946 | 3.2% | 5,083 | 5,244 | 3.2% | 0 | 0 | - |
| Austria | 1,246 | 1,298 | 4.2% | 290 | 277 | -4.7% | 518 | 572 | 10.5% | 438 | 449 | 2.6% | 0 | 0 | - |
| Switzerland | 1,076 | 1,069 | -2.3% | 162 | 156 | -5.3% | 25 | 28 | 10.2% | 889 | 885 | -2.1% | 0 | 0 | - |
| CEE | 1,224 | 1,306 | 5.6% | 139 | 121 | -13.3% | 493 | 555 | 11.2% | 586 | 623 | 5.4% | 6 | 7 | 12.1% |
| Spain | 908 | 983 | 7.4% | 310 | 310 | -0.2% | 350 | 384 | 8.9% | 248 | 289 | 14.6% | 0 | 0 | - |
| Portugal | 224 | 484 | 115.0% | 17 | 148 | n.m. | 79 | 84 | 4.5% | 128 | 252 | 97.4% | 0 | 0 | - |
| Asia | 5,893 | 7,471 | 33.0% | 4,035 | 5,656 | 46.3% | 1,405 | 1,422 | 7.8% | 438 | 380 | -9.7% | 16 | 13 | -19.2% |
| Group Holdings and other companies | 1,676 | 1,704 | 5.6% | 54 | 66 | 23.0% | 668 | 735 | 19.7% | 15 | 17 | 15.5% | 939 | 886 | -5.7% |
| '''Total Group''' | '''61,434''' | '''61,943''' | '''1.4%''' | '''16,819''' | '''18,198''' | '''10.7%''' | '''10,922''' | '''11,553''' | '''5.6%''' | '''31,292''' | '''30,060''' | '''-4.0%''' | '''2,401''' | '''2,132''' | '''-11.2%''' |
Caption: Gross written premiums
| EUR million | YE 2024 | YE 2025 | Change % like for like |
| --- | --- | --- | --- |
| | '''95,190''' | '''98,124''' | '''3.6%''' |
Caption: Life net inflows by country
| EUR million | Group | Group | Group |
| | Life net inflows | Life net inflows | Life net inflows |
| | YE 2024 | YE 2025 | Change % like for like |
| --- | --- | --- | --- |
| Italy | 1,536 | 1,686 | 9.8% |
| France | 2,946 | 3,848 | 30.6% |
| Germany | 881 | 1,421 | 61.3% |
| Austria | 84 | 56 | -33.2% |
| Switzerland | 88 | 1 | -98.9% |
| CEE | 354 | 418 | 16.9% |
| Spain | -57 | -24 | 60.7% |
| Portugal | 71 | 358 | n.m. |
| Asia | 3,432 | 5,290 | 61.4% |
| Group Holdings and other companies | 338 | 432 | 41.0% |
| '''Total Group''' | '''9,674''' | '''13,487''' | '''42.5%''' |
Caption: Life net inflows by product type
| EUR million | Traditional Saving | Protection & Health | Hybrid & Unit Linked |
| | YE 2025 | YE 2025 | YE 2025 |
| --- | --- | --- | --- |
| '''Total Group''' | '''2,406''' | '''4,472''' | '''6,608''' |
## Life New Business
Caption: New business by line of business
| EUR million | PVNBP | PVNBP | New Business Value | New Business Value | New Business Margin | New Business Margin |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Traditional Saving | 15,573 | 15,453 | 493 | 681 | 3.17% | 4.41% |
| Protection & Health | 10,755 | 11,714 | 899 | 998 | 8.36% | 8.52% |
| Hybrid & Unit Linked | 28,770 | 28,385 | 1,585 | 1,468 | 5.51% | 5.17% |
| '''Total''' | '''55,098''' | '''55,552''' | '''2,977''' | '''3,147''' | '''5.40%''' | '''5.66%''' |
Caption: New business premiums by type
| EUR million | Group | Group |
| | YE 2024 | YE 2025 |
| --- | --- | --- |
| Annual premiums | 3,170 | 2,877 |
| Single premiums | 29,713 | 29,891 |
| '''Total premiums''' | '''32,883''' | '''32,768''' |
Caption: New business value derivation
| EUR million | Group | Group |
| | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''New business CSM''' | '''2,827''' | '''3,010''' |
| Perimeter (footnote: Including investment contracts, PAA, and potential LC.) | 192 | 196 |
| Reinsurance | (41) | (59) |
| '''New business value''' | '''2,977''' | '''3,147''' |
Caption: New business by country and product type
| EUR million | PVNBP | PVNBP | New Business Value | New Business Value | New Business Margin | New Business Margin | PVNBP weight Traditional Saving | PVNBP weight Traditional Saving | PVNBP weight Protection & Health | PVNBP weight Protection & Health | PVNBP weight Hybrid & Unit Linked | PVNBP weight Hybrid & Unit Linked |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 20,691 | 18,757 | 1,226 | 1,108 | 5.92% | 5.90% | 43.2% | 41.9% | 3.1% | 4.2% | 53.7% | 53.8% |
| France | 14,079 | 14,799 | 559 | 578 | 3.97% | 3.91% | 0.0% | 0.0% | 29.8% | 30.7% | 70.2% | 69.3% |
| Germany | 8,656 | 9,083 | 401 | 397 | 4.63% | 4.37% | 11.2% | 10.8% | 25.9% | 25.1% | 62.9% | 64.1% |
| Austria | 1,256 | 1,291 | 76 | 72 | 6.07% | 5.61% | 7.9% | 8.3% | 55.6% | 57.8% | 36.5% | 33.9% |
| Switzerland | 537 | 538 | 50 | 54 | 9.35% | 10.06% | 1.1% | 3.8% | 2.2% | 3.1% | 96.7% | 93.0% |
| CEE | 1,159 | 1,305 | 160 | 185 | 13.77% | 14.18% | 5.7% | 3.7% | 52.4% | 56.5% | 42.0% | 39.9% |
| Spain | 832 | 911 | 161 | 175 | 19.29% | 19.24% | 28.7% | 26.9% | 46.0% | 45.2% | 25.3% | 27.9% |
| Portugal | 236 | 521 | 25 | 30 | 10.42% | 5.78% | 18.1% | 26.1% | 34.4% | 15.9% | 47.5% | 58.0% |
| Asia | 6,974 | 7,537 | 317 | 535 | 4.54% | 7.10% | 74.2% | 79.6% | 18.3% | 18.2% | 7.6% | 2.2% |
| Group Holdings and other companies | 678 | 810 | 3 | 13 | 0.48% | 1.56% | 4.9% | 5.7% | 91.7% | 90.3% | 3.4% | 4.0% |
| '''Group total''' | '''55,098''' | '''55,552''' | '''2,977''' | '''3,147''' | '''5.40%''' | '''5.66%''' | '''28.3%''' | '''27.8%''' | '''19.5%''' | '''21.1%''' | '''52.2%''' | '''51.1%''' |
Caption: New business value sensitivity
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| Interest rate -50 bps | (265) | (243) |
| Interest rate +50 bps | 207 | 180 |
| Admin. and invest. manag. exp. -10% | 144 | 161 |
| Lapse rates *110% | (224) | (259) |
| Lapse rates *90% | 251 | 285 |
| Mortality/morbidity rates *95% | 131 | 115 |
Caption: Life new business sensitivity by interest rate change
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| Interest rate -50 bps | -0.59% | -0.53% |
| Interest rate +50 bps | 0.50% | 0.43% |
## Life CSM
Caption: CSM roll-forward
| EUR million | Group | Group |
| | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Opening CSM''' | '''30,911''' | '''30,283''' |
| Change in scope and other - opening | 38 | — |
| New business CSM | 2,827 | 3,010 |
| Expected return | 1,757 | 1,492 |
| Economic variances | (875) | 2,088 |
| Operating variances | (1,388) | (48) |
| '''CSM before release''' | '''33,270''' | '''36,826''' |
| CSM release | (2,986) | (3,223) |
| Change in scope and other - closing | — | — |
| '''Closing CSM''' | '''30,283''' | '''33,603''' |
| '''CSM release ratio''' | '''-9.0%''' | '''-8.8%''' |
Caption: CSM by country
| EUR million | CSM stock | CSM stock | New Business CSM | New Business CSM | CSM release | CSM release |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Italy | 11,042 | 11,474 | 1,215 | 1,096 | (1,325) | (1,384) |
| France | 4,088 | 5,182 | 572 | 596 | (590) | (673) |
| Germany | 9,193 | 10,183 | 406 | 408 | (407) | (443) |
| Austria | 1,549 | 1,716 | 78 | 74 | (91) | (103) |
| Switzerland | 763 | 846 | 51 | 55 | (93) | (103) |
| CEE | 1,286 | 1,397 | 152 | 173 | (196) | (211) |
| Spain | 456 | 484 | 51 | 64 | (72) | (78) |
| Portugal | 116 | 131 | 14 | 15 | (19) | (20) |
| Asia | 1,685 | 2,111 | 283 | 523 | (184) | (199) |
| Group Holdings and other companies | 105 | 78 | 3 | 8 | (9) | (8) |
| '''Group total''' | '''30,283''' | '''33,603''' | '''2,827''' | '''3,010''' | '''(2,986)''' | '''(3,223)''' |
Caption: Insurance contracts issued by duration (footnote: 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.)
| 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 | 2,413 | 2,194 | 2,026 | 1,871 | 1,724 | 6,850 | 8,244 | 8,282 |
Caption: Life CSM sensitivity by market and interest rate change (footnote: Sensitivities representing impact before release.)
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| Equity market -25% | (2,369) | (2,436) |
| Equity market +25% | 2,244 | 2,353 |
| Interest rate -50 bps | (433) | 63 |
| Interest rate +50 bps | 346 | (116) |
| Corporate spread +50 bps | (470) | (481) |
| Euro area govies spread(3) +50 bps (footnote: The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.) | (637) | (747) |
## Life Operating
Caption: Summary Life operating result build-up
| EUR million | Group | Group |
| | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Operating insurance service result''' | '''3,039''' | '''3,243''' |
| CSM release | 2,986 | 3,223 |
| Risk adjustment release | 145 | 163 |
| Loss component | (231) | (105) |
| Experience variance and other technical result | 204 | 164 |
| Other operating income and expenses | (65) | (202) |
| '''Operating investment result''' | '''943''' | '''911''' |
| '''Life Operating result''' | '''3,982''' | '''4,154''' |
Caption: Summary Life operating result by country
| EUR million | Operating insurance service result | Operating insurance service result | CSM release | CSM release | Loss component | Loss component | Operating investment result | Operating investment result | Life operating result | Life operating result |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 1,230 | 1,266 | 1,325 | 1,384 | (110) | (33) | 337 | 343 | 1,567 | 1,609 |
| France | 675 | 659 | 590 | 673 | (2) | (29) | 177 | 205 | 852 | 864 |
| Germany | 407 | 446 | 407 | 443 | — | — | 106 | 73 | 513 | 519 |
| Austria | 84 | 96 | 91 | 103 | — | — | 8 | 7 | 92 | 103 |
| Switzerland | 134 | 113 | 93 | 103 | — | (2) | 15 | 13 | 149 | 125 |
| CEE | 248 | 251 | 196 | 211 | (8) | (5) | 67 | 61 | 315 | 312 |
| Spain | 185 | 182 | 72 | 78 | (7) | (3) | 39 | 40 | 224 | 223 |
| Portugal | 26 | 21 | 19 | 20 | — | 1 | 2 | 8 | 28 | 30 |
| Asia | 85 | 155 | 184 | 199 | (53) | (34) | 156 | 114 | 241 | 269 |
| Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.) | (36) | 53 | 9 | 8 | (50) | — | 36 | 48 | — | 101 |
| '''Group total''' | '''3,039''' | '''3,243''' | '''2,986''' | '''3,223''' | '''(231)''' | '''(105)''' | '''943''' | '''911''' | '''3,982''' | '''4,154''' |
## P&C Operating
Caption: Summary P&C operating result build-up
| EUR million | Group | Group |
| | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Operating insurance service result''' | '''1,976''' | '''2,613''' |
| Insurance contract revenues | 32,936 | 35,246 |
| Total net incurred claims | (21,464) | (22,264) |
| Insurance expenses | (9,183) | (10,074) |
| Other operating income and expenses | (313) | (295) |
| '''Operating investment result''' | '''1,076''' | '''1,050''' |
| Operating investment income | 1,710 | 1,657 |
| Insurance finance expenses | (634) | (607) |
| '''P&C Operating result''' | '''3,052''' | '''3,663''' |
Caption: P&C indicators
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Combined ratio''' | '''94.0%''' | '''92.6%''' |
| '''Loss ratio''' | '''65.2%''' | '''63.2%''' |
| Current year loss ratio | 67.2% | 64.3% |
| Current year loss ratio undiscounted (excl. nat cat) | 65.5% | 64.3% |
| Natural catastrophe losses undiscounted | 3.6% | 1.7% |
| Current year discounting | -1.9% | -1.7% |
| Prior year loss ratio | -2.1% | -1.1% |
| '''Gross Expense ratio''' | '''28.8%''' | '''29.4%''' |
| Administration and acquisition expenses | 27.9% | 28.6% |
| Acquisition expenses | 20.4% | 21.4% |
| Administration expenses and other attributable expenses | 7.4% | 7.2% |
| Other operating income and expenses | 1.0% | 0.8% |
| '''Combined ratio undiscounted''' | '''95.9%''' | '''94.3%''' |
| '''Operating insurance service result undiscounted''' | '''1,340''' | '''2,007''' |
Caption: Summary P&C operating result by country
| EUR million | Insurance contract revenues | Insurance contract revenues | Operating insurance service result | Operating insurance service result | Operating investment result | Operating investment result | P&C operating result | P&C operating result | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Natural catastrophe losses undiscounted | Natural catastrophe losses undiscounted | Gross Expense ratio | Gross Expense ratio | Combined ratio undiscounted | Combined ratio undiscounted |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Italy | 8,816 | 9,131 | 518 | 639 | 193 | 223 | 711 | 862 | 94.1% | 93.0% | 67.2% | 65.5% | 2.7% | 2.5% | 26.9% | 27.5% | 95.7% | 94.5% |
| France | 3,806 | 4,100 | 224 | 247 | 131 | 158 | 355 | 405 | 94.1% | 94.0% | 71.0% | 70.5% | 3.0% | 2.6% | 23.1% | 23.4% | 97.5% | 97.0% |
| Germany | 4,373 | 4,681 | 329 | 437 | 156 | 121 | 485 | 558 | 92.5% | 90.7% | 62.5% | 61.1% | 4.0% | 1.1% | 30.0% | 29.5% | 93.9% | 92.0% |
| Austria | 1,956 | 2,060 | 153 | 171 | 95 | 89 | 247 | 260 | 92.2% | 91.7% | 65.0% | 64.4% | 6.3% | 1.8% | 27.2% | 27.3% | 93.9% | 93.3% |
| Switzerland | 761 | 757 | (13) | (9) | 15 | 20 | 3 | 10 | 101.7% | 101.2% | 72.6% | 71.6% | 0.8% | 0.0% | 29.1% | 29.6% | 102.1% | 101.5% |
| CEE | 3,697 | 4,034 | 279 | 404 | 105 | 108 | 384 | 511 | 92.5% | 90.0% | 58.2% | 56.1% | 5.7% | 2.2% | 34.3% | 33.9% | 94.1% | 91.6% |
| Spain | 2,790 | 3,084 | 105 | 118 | 81 | 78 | 186 | 196 | 96.2% | 96.2% | 73.4% | 69.0% | 0.5% | 0.1% | 22.8% | 27.2% | 97.3% | 97.1% |
| Portugal | 1,549 | 1,682 | 63 | 85 | 45 | 47 | 107 | 133 | 95.9% | 94.9% | 72.1% | 70.3% | 0.1% | 0.2% | 23.9% | 24.6% | 97.1% | 96.1% |
| Asia | 1,378 | 1,672 | 14 | (5) | 59 | 73 | 73 | 68 | 99.0% | 100.3% | 66.3% | 66.5% | 0.2% | 0.0% | 32.8% | 33.7% | 101.1% | 102.0% |
| Europ Assistance | 2,559 | 2,839 | 150 | 186 | 39 | 41 | 189 | 227 | 94.1% | 93.5% | 60.6% | 59.4% | 0.1% | 0.0% | 33.5% | 34.1% | 94.9% | 94.0% |
| Group Holdings and other companies (footnote: Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios.) | 1,252 | 1,206 | 154 | 342 | 158 | 93 | 312 | 434 | 96.5% | 92.6% | 73.8% | 70.0% | 7.0% | 1.7% | 22.8% | 22.6% | 99.8% | 94.8% |
| '''Group total''' | '''32,936''' | '''35,246''' | '''1,976''' | '''2,613''' | '''1,076''' | '''1,050''' | '''3,052''' | '''3,663''' | '''94.0%''' | '''92.6%''' | '''65.2%''' | '''63.2%''' | '''3.6%''' | '''1.7%''' | '''28.8%''' | '''29.4%''' | '''95.9%''' | '''94.3%''' |
## Asset Management
Caption: AUM rollforward
| EUR billion | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Opening AUM''' | '''516''' | '''695''' |
| Net inflows | 6.7 | 16.2 |
| o/w Generali Group (footnote: Including Unit-Linked.) | 4.9 | 6.5 |
| o/w Third party | 1.8 | 9.6 |
| Market effect, FX & other | 18.5 | (4.2) |
| Perimeter changes (footnote: Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024.) | 154.4 | 4.5 |
| '''Closing AUM''' | '''695''' | '''712''' |
| o/w Generali Group (1) (footnote: Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.) | 425 | 439 |
| o/w Third party | 271 | 273 |
Caption: Asset management profit and loss
| EUR billion | | | Pro-forma with 12 months of CHL | excl. MGG |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- |
| '''Operating revenues''' | '''1,450''' | '''1,632''' | '''1,532''' | '''1,616''' |
| Total fees excl. performance fees | 1,186 | 1,310 | 1,265 | 1,296 |
| Performance fees | 91 | 162 | 91 | 160 |
| Other revenues (footnote: Mainly including dividends, net result from participations, and interest income.) | 173 | 160 | 176 | 161 |
| '''Operating expenses''' | '''(834)''' | '''(970)''' | '''(899)''' | '''(959)''' |
| '''Operating result''' | '''616''' | '''662''' | '''633''' | '''657''' |
| Non-operating result adjusted | (59) | (77) | | |
| Taxes adjusted | (130) | (139) | | |
| Minorities adjusted (5) (footnote: MGG fully consolidated starting from October 2025.) | (83) | (90) | | |
| '''Adjusted net result after minorities (footnote: Including minorities at affiliate level.)''' | '''343''' | '''356''' | | |
Caption: Asset management other information
| EUR billion | | | Pro-forma w/ 12 months of CHL | excl. MGG |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- |
| '''Average AUM (euro bn)''' | '''674''' | '''701''' | '''673''' | '''696''' |
| o/w Generali Group (1) (footnote: Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.) | 416 | 431 | 416 | 431 |
| o/w Third party | 258 | 270 | 257 | 266 |
| '''Average total fees margin (bps)''' | '''18.8''' | '''19.3''' | '''18.8''' | '''18.6''' |
| o/w on Generali Group AUM (footnote: Including Unit-Linked.) | 17.1 | 16.9 | 17.1 | 16.9 |
| o/w on Third party AUM | 21.6 | 23.2 | 21.6 | 21.4 |
| '''Cost Income ratio (%)''' | '''57.5%''' | '''59.4%''' | '''58.7%''' | '''59.3%''' |
## Capitalisation and Debt
Caption: Shareholders' equity rollforward
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| '''Opening shareholders' equity''' | '''28,968''' | '''30,389''' |
| Net profit | 3,724 | 4,172 |
| Dividends | (1,987) | (2,172) |
| Other Comprehensive Income reserve | (133) | (114) |
| Related to financial assets | 2,057 | (3,514) |
| Related to insurance contracts | (2,300) | 3,643 |
| Defined Benefit Plans | 34 | 71 |
| Foreign exchange | 31 | (301) |
| Other | 45 | (12) |
| Share Buybacks | (500) | (500) |
| Share Buybacks for Long-Term Incentive Plans | (264) | (333) |
| Other items | 581 | 622 |
| '''Closing shareholders' equity''' | '''30,389''' | '''32,064''' |
Caption: Financial debt and cost
| EUR million | YE 2024 | YE 2025 |
| --- | --- | --- |
| Subordinated debt | '''9,784''' | '''9,806''' |
| Senior debt | 1,286 | 1,287 |
| Other financial debt | 90 | 102 |
| '''Total financial debt (footnote: These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.)''' | '''11,160''' | '''11,194''' |
| '''Average maturity (FYears) (footnote: These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.)''' | '''4.9''' | '''4.8''' |
| '''Total interest cost (footnote: These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.)''' | '''493''' | '''460''' |
| Average cost (%) | 4.16% | 4.11% |
Caption: Debt maturity by type
| EUR million | Senior | Hybrid | Subordinated |
| --- | --- | --- | --- |
| 2026 | | 406 | 1,000 |
| 2027 | | | 1,750 |
| 2028 | | | 850 |
| 2029 | 500 | | 500 |
| 2030 | | | 750 |
| 2031 | | 500 | 600 |
| 2032 | | | 1,000 |
| 2033 | | | 1,000 |
| 2034 | 750 | | |
| 2035 | | | 1,250 |
| 2036 | | | 500 |
## Investments Summary
Caption: Investments summary by 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 |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed income | 294,154 | 302,571 | 246,376 | 249,096 | 220,801 | 220,843 | 25,575 | 28,253 | 33,498 | 36,270 | 12,249 | 13,703 | 6,302 | 7,656 | (4,272) | (4,155) |
| Government bonds (footnote: Directly owned exposure only (before look-through).) | 139,053 | 140,715 | 116,387 | 116,166 | 103,909 | 102,112 | 12,478 | 14,054 | 13,808 | 14,140 | 8,670 | 9,884 | 188 | 524 | - | - |
| Corporate bonds | 105,205 | 107,839 | 88,152 | 88,564 | 81,138 | 80,264 | 7,014 | 8,300 | 15,888 | 17,647 | 2,318 | 2,581 | 461 | 515 | (1,614) | (1,468) |
| Other fixed income | 49,895 | 54,017 | 41,837 | 44,366 | 35,754 | 38,467 | 6,083 | 5,899 | 3,802 | 4,483 | 1,261 | 1,238 | 5,653 | 6,617 | (2,657) | (2,687) |
| Equity & equity-like | 27,229 | 27,712 | 23,289 | 23,918 | 21,318 | 21,361 | 1,971 | 2,557 | 3,624 | 3,469 | 75 | 118 | 241 | 207 | - | - |
| Real estate | 26,687 | 26,387 | 23,865 | 23,802 | 22,059 | 21,984 | 1,806 | 1,818 | 2,809 | 2,580 | 1 | 2 | 12 | 3 | - | - |
| Cash & cash-like (footnote: Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.) | 17,192 | 14,470 | 7,797 | 7,274 | 4,529 | 5,057 | 3,268 | 2,217 | 4,861 | 4,539 | 969 | 66 | 4,418 | 3,800 | (852) | (1,209) |
| Other investments (footnote: Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.) | 7,805 | 8,917 | 6,152 | 6,985 | 3,279 | 3,916 | 2,874 | 3,069 | 2,592 | 2,666 | 2,090 | 2,373 | 91 | 89 | (3,120) | (3,197) |
| '''Total investments - General account''' | '''373,065''' | '''380,057''' | '''307,479''' | '''311,075''' | '''271,986''' | '''273,161''' | '''35,493''' | '''37,914''' | '''47,383''' | '''49,525''' | '''15,384''' | '''16,262''' | '''11,063''' | '''11,756''' | '''(8,244)''' | '''(8,561)''' |
| Unit Linked investments | 123,855 | 136,118 | | | | | | | | | | | | | | |
| '''Total investments''' | '''496,920''' | '''516,175''' | | | | | | | | | | | | | | |
| Third Parties AUM (footnote: 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.) | 366,084 | 383,755 | | | | | | | | | | | | | | |
| '''Total AUM''' | '''863,004''' | '''899,930''' | | | | | | | | | | | | | | |
Caption: Investments summary by 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 5 (footnote: 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.) | Property & Casualty 5 |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Current income | 12,214 | 12,640 | 9,790 | 10,401 | 8,363 | 9,009 | 1,427 | 1,392 | 2,050 | 1,867 |
| of which Current return on Fixed Income | 9,618 | 9,713 | 7,882 | 8,130 | 6,968 | 7,243 | 914 | 887 | 1,401 | 1,191 |
| of which Current return on Equity & equity-like | 815 | 1,028 | 571 | 741 | 438 | 572 | 133 | 169 | 160 | 197 |
| of which Current return on Real Estate | 1,108 | 1,104 | 950 | 958 | 852 | 869 | 98 | 89 | 160 | 150 |
| Total P&L investment income | 12,784 | 12,151 | 9,921 | 9,949 | 8,558 | 8,770 | 1,363 | 1,179 | 2,137 | 1,614 |
| Comprehensive income | 16,387 | 7,721 | 12,875 | 5,552 | 10,284 | 4,737 | 2,591 | 815 | 2,805 | 1,522 |
## Investments by Acc Treatment
Caption: Investments by accounting treatment and business unit
| EUR million | 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 |
| | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 | YE 2024 | YE 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed income | 40,516 | 45,797 | 234,529 | 238,155 | 19,109 | 18,618 | 36,763 | 40,619 | 205,802 | 205,343 | 3,811 | 3,134 | 35,705 | 39,271 | 183,315 | 180,045 | 1,058 | 1,348 | 22,487 | 25,298 | 2,030 | 1,607 | 3,033 | 4,302 | 28,570 | 30,433 | 1,896 | 1,535 |
| Government bonds (footnote: Directly owned exposure only (before look-through).) | 2,044 | 2,187 | 129,645 | 132,058 | 7,364 | 6,469 | 1,956 | 1,995 | 114,409 | 114,150 | 22 | 21 | 1,891 | 1,893 | 102,019 | 100,219 | 66 | 103 | 12,390 | 13,931 | 22 | 21 | 88 | 101 | 13,548 | 13,902 | 173 | 137 |
| Corporate bonds | 5,987 | 7,076 | 96,815 | 98,155 | 2,403 | 2,609 | 5,408 | 6,116 | 82,589 | 82,380 | 155 | 68 | 5,296 | 5,912 | 75,842 | 74,352 | 111 | 204 | 6,748 | 8,028 | 155 | 68 | 573 | 953 | 15,013 | 16,518 | 302 | 176 |
| Other fixed income | 32,485 | 36,534 | 8,068 | 7,942 | 9,341 | 9,540 | 29,399 | 32,508 | 8,804 | 8,813 | 3,634 | 3,046 | 28,518 | 31,467 | 5,455 | 5,473 | 881 | 1,041 | 3,349 | 3,340 | 1,853 | 1,518 | 2,372 | 3,248 | 8 | 13 | 1,421 | 1,222 |
| Equity & equity-like | 23,995 | 24,239 | 3,233 | 3,474 | - | - | 21,908 | 22,398 | 1,381 | 1,520 | - | - | 21,318 | 21,361 | - | - | 590 | 1,037 | 1,381 | 1,520 | - | - | 1,932 | 1,701 | 1,691 | 1,769 | - | - |
| Real estate | 23,997 | 23,976 | - | - | 2,689 | 2,411 | 23,559 | 23,535 | - | - | 305 | 267 | 22,059 | 21,984 | - | - | 1,501 | 1,551 | - | - | 305 | 267 | 437 | 439 | - | - | 2,371 | 2,141 |
| Cash & cash-like (footnote: Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.) | 12,466 | 10,246 | 217 | 122 | 4,509 | 4,102 | 6,670 | 5,332 | 58 | 47 | 1,069 | 1,894 | 4,765 | 4,140 | 15 | 8 | 1,905 | 1,192 | 42 | 39 | 1,321 | 985 | 1,879 | 1,357 | 74 | 23 | 2,908 | 3,160 |
| Other investments (footnote: Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.) | 3,879 | 4,699 | - | - | 3,926 | 4,217 | 4,332 | 4,955 | - | - | 1,820 | 2,030 | 3,279 | 3,911 | - | - | 1,054 | 1,044 | - | - | 1,820 | 2,025 | 269 | (61) | - | - | 2,323 | 2,728 |
| '''Total investments - General account''' | '''104,854''' | '''108,956''' | '''237,979''' | '''241,751''' | '''30,233''' | '''29,349''' | '''93,233''' | '''96,840''' | '''207,240''' | '''206,910''' | '''7,005''' | '''7,325''' | '''87,126''' | '''90,667''' | '''183,330''' | '''180,053''' | '''6,107''' | '''6,173''' | '''23,910''' | '''26,857''' | '''5,476''' | '''4,884''' | '''7,551''' | '''7,737''' | '''30,335''' | '''32,225''' | '''9,498''' | '''9,564''' |
| Unit Linked investments | 123,855 | 136,118 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Total investments''' | '''228,709''' | '''245,074''' | | | | | | | | | | | | | | | | | | | | | | | | | | |
## Investments Focus Equity
Caption: Equity and equity-like investments breakdown by industry and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Financial | 2,266 | 1,307 | 862 | 446 | 819 |
| Consumer | 914 | 761 | 583 | 178 | 140 |
| Energy | 792 | 757 | 291 | 466 | 30 |
| Industrial | 645 | 537 | 482 | 55 | 107 |
| Telecommunication services | 588 | 177 | 167 | 11 | 49 |
| Other | 2,320 | 2,281 | 1,916 | 365 | 388 |
| '''Total direct equities''' | '''7,525''' | '''5,821''' | '''4,300''' | '''1,521''' | '''1,533''' |
| Asset Allocation Funds | 4,630 | 4,488 | 4,193 | 295 | 139 |
| Alternative Investments (footnote: Including Private Equity.) | 15,558 | 13,610 | 12,869 | 741 | 1,798 |
| '''Total equity & equity-like''' | '''27,712''' | '''23,918''' | '''21,362''' | '''2,556''' | '''3,469''' |
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 | 666 | 328 | 228 | 101 | 299 |
| France | 1,235 | 1,134 | 1,074 | 60 | 100 |
| Germany | 832 | 637 | 633 | 3 | 163 |
| CEE | 188 | 15 | - | 15 | 103 |
| Rest of Europe | 1,667 | 1,351 | 1,326 | 25 | 302 |
| Rest of World | 2,937 | 2,355 | 1,037 | 1,318 | 567 |
| '''Total direct equities''' | '''7,525''' | '''5,821''' | '''4,299''' | '''1,521''' | '''1,533''' |
Caption: Equity investments by valuation method
| EUR million | Amortised cost | Fair Value |
| --- | --- | --- |
| '''Equities''' | '''27,078''' | '''27,712''' |
| Fair Value through OCI (footnote: Without recycling to P&L.) | 2,839 | 3,474 |
| Fair Value through P&L | 24,239 | 24,239 |
## Investments Focus Fixed Income
Caption: Fixed income investments by credit rating and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| AAA | 11,161 | 9,213 | 8,595 | 618 | 1,508 |
| AA | 17,982 | 13,739 | 12,213 | 1,526 | 2,918 |
| A | 56,845 | 48,362 | 43,414 | 4,948 | 5,874 |
| BBB | 44,814 | 35,835 | 33,684 | 2,151 | 2,966 |
| Not investment grade | 1,469 | 816 | 95 | 721 | 630 |
| Not rated | 8,445 | 8,201 | 4,110 | 4,091 | 244 |
| '''Total''' | '''140,715''' | '''116,166''' | '''102,112''' | '''14,054''' | '''14,140''' |
Caption: Fixed income investments by geography and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Italy | 35,462 | 28,573 | 28,023 | 551 | 982 |
| France | 19,491 | 16,392 | 15,589 | 803 | 1,494 |
| Spain | 19,947 | 17,891 | 16,018 | 1,873 | 1,660 |
| Rest of Europe | 26,420 | 22,932 | 21,502 | 1,430 | 2,771 |
| CEE | 12,266 | 7,732 | 5,685 | 2,047 | 3,943 |
| Rest of World | 19,749 | 17,413 | 10,582 | 6,831 | 2,285 |
| Supranational | 7,380 | 5,232 | 4,713 | 519 | 1,005 |
| '''Total''' | '''140,715''' | '''116,166''' | '''102,112''' | '''14,054''' | '''14,140''' |
Caption: Fixed income investments by accounting classification
| EUR million | Amortised Cost | Fair Value |
| --- | --- | --- |
| '''Government bonds (footnote: Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.)''' | '''162,275''' | '''140,786''' |
| Fair Value through OCI | 153,619 | 132,058 |
| Fair Value through P&L | 2,187 | 2,187 |
| Amortised cost | 6,469 | 6,541 |
Caption: Government bonds duration by business unit
| EUR million | Duration Government bonds | |
| | Life | P&C |
| --- | --- | --- |
| Duration | 11.1 | 6.1 |
Caption: Corporate bonds breakdown by rating and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| AAA | 6,129 | 4,520 | 4,333 | 187 | 606 |
| AA | 6,557 | 4,727 | 4,217 | 511 | 1,313 |
| A | 32,093 | 25,620 | 22,867 | 2,753 | 5,606 |
| BBB | 54,660 | 45,557 | 41,734 | 3,824 | 8,469 |
| Not investment grade | 6,932 | 5,436 | 4,922 | 513 | 1,449 |
| Not rated | 1,468 | 1,285 | 774 | 512 | 154 |
| '''Total''' | '''107,839''' | '''87,146''' | '''78,846''' | '''8,300''' | '''17,597''' |
Caption: Corporate bonds breakdown by rating and type
| EUR million | Corporate Financial | Corporate Non Financial |
| --- | --- | --- |
| AAA | 5,619 | 510 |
| AA | 3,350 | 3,207 |
| A | 15,071 | 17,022 |
| BBB | 14,839 | 39,821 |
| Not investment grade | 854 | 6,078 |
| Not rated | 749 | 719 |
| '''Totale''' | '''40,482''' | '''67,357''' |
Caption: Corporate bonds breakdown by industry and business unit
| EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | P&C |
| --- | --- | --- | --- | --- | --- |
| Financials | 40,482 | 32,721 | 29,682 | 3,039 | 6,513 |
| Utilities | 12,935 | 11,287 | 10,288 | 999 | 1,642 |
| Consumer | 11,694 | 9,281 | 8,337 | 944 | 2,305 |
| Industrial | 11,072 | 9,250 | 8,230 | 1,020 | 1,722 |
| Telecommunication services | 8,609 | 7,437 | 6,753 | 684 | 1,064 |
| Health care | 5,119 | 4,400 | 4,102 | 298 | 720 |
| Other | 17,928 | 14,189 | 12,873 | 1,317 | 3,682 |
| '''Total''' | '''107,839''' | '''87,146''' | '''78,846''' | '''8,300''' | '''17,597''' |
Caption: Corporate bonds breakdown by geography and type
| EUR million | Corporate Financial | Corporate Non Financial |
| --- | --- | --- |
| Italy | 2,386 | 4,663 |
| France | 6,007 | 10,196 |
| Germany | 3,404 | 6,932 |
| CEE | 703 | 702 |
| Rest of Europe | 19,485 | 22,271 |
| Rest of World | 8,497 | 22,594 |
| '''Totale''' | '''40,482''' | '''67,357''' |
Caption: Corporate bonds by accounting classification
| EUR million | Amortised Cost | Fair Value |
| --- | --- | --- |
| '''Corporate bonds''' | '''112,784''' | '''107,838''' |
| Fair Value through OCI | 103,100 | 98,155 |
| Fair Value through P&L | 7,076 | 7,076 |
| Amortised cost | 2,609 | 2,608 |
Caption: Corporate bonds duration by business unit (footnote: OTHER FIXED INCOME.)
| EUR million | Duration Corporate bonds | |
| | Life | P&C |
| --- | --- | --- |
| Duration | 4.9 | 3.6 |
Caption: Fixed income investments build-up by business unit
| EUR million | Group | Life | P&C |
| --- | --- | --- | --- |
| Indirect investments in fixed income | 36,308 | 32,281 | 3,248 |
| Mortgage loans | 7,363 | 1,070 | 126 |
| Time deposit other than cash & cash-like | 2,408 | 2,274 | 537 |
| All other loans | 7,938 | 8,741 | 572 |
| '''Total''' | '''54,017''' | '''44,366''' | '''4,483''' |
Caption: Fixed income investments by accounting treatment
| EUR million | Amortised Cost | Fair Value |
| --- | --- | --- |
| '''Total''' | '''54,080''' | '''53,977''' |
| Fair Value through OCI | 8,005 | 7,942 |
| Fair Value through P&L | 36,534 | 36,534 |
| Amortised cost | 9,540 | 9,500 |
## Investments Focus Real Estate
Caption: Real estate investments by accounting treatment
| EUR million | Book Value | Fair Value |
| --- | --- | --- |
| Investment properties | 22,293 | 24,379 |
| Indirect investments in Real Estate | 4,094 | 4,094 |
| '''Total General Account Investments''' | '''26,387''' | '''28,472''' |
| Self use properties (footnote: Not included within General account investments.) | 2,955 | 3,697 |
| Inventories (footnote: Not included within General account investments.) | 680 | 680 |
| '''Total''' | '''30,022''' | '''32,849''' |
Caption: Real estate investments breakdown by geography
| EUR million | Fair Value |
| --- | --- |
| Italy | 7,941 |
| France | 7,059 |
| Germany | 3,189 |
| CEE | 361 |
| Rest of Europe | 5,546 |
| Rest of World | 284 |
| '''Total''' | '''24,379''' |
Caption: Real estate investments breakdown by property type
| % | |
| --- | --- |
| Office | 59% |
| Retail | 18% |
| Residential | 11% |
| Logistics | 5% |
| Other | 8% |
| '''Total''' | '''100%''' |
## Solvency II
Caption: Solvency II ratio rollforward
| EUR billion | Group Own Funds | Group SCR | Solvency II ratio (1) (%) (footnote: 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).) |
| --- | --- | --- | --- |
| '''Opening FY 2024''' | '''49.1''' | '''23.4''' | '''210%''' |
| Regulatory changes | (0.7) | — | -3% |
| Normalized capital generation | 5.5 | 0.3 | 20% |
| Life | 3.7 | 0.2 | 14% |
| P&C | 2.2 | 0.1 | 8% |
| Financial | 0.7 | — | 3% |
| Holdings | (1.1) | — | -5% |
| Market variances | 1.7 | (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 2025''' | '''52.6''' | '''24.0''' | '''219%''' |
Caption: Solvency II ratio sensitivity
| % | 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 (footnote: The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.) | -8 p.p. |
Caption: Solvency II own funds build-up
| EUR billion | YE 2025 |
| --- | --- |
| '''Group Shareholders' equity''' | '''32.1''' |
| '''Net CSM''' | '''24.1''' |
| Minority Interests | 3.4 |
| Intangibles | (12.2) |
| Scope | (3.4) |
| Valuation differences | 6.3 |
| Net deferred taxes & other | 1.2 |
| '''Excess of assets over liabilities''' | '''51.5''' |
| Subordinated debt | 9.4 |
| SII deductions & financials | (5.9) |
| Foreseeable dividends (footnote: The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.) | (2.5) |
| '''Group Own Funds''' | '''52.6''' |