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Line 4:
| period = FY
| period_label = FY25
| document_typedocument_category = Financial supplement
| language = English
| source_url = https://www.generali.com/doc/jcr:47896f46-d618-406e-87b4-c8976929a15f/Generali%20Financial%20Supplement%20FY25.xlsx/lang:en/Generali_Financial_Supplement_FY25.xlsx
| archive_file = File:Generali-2025-FY-Financial_supplement.md
| intro_sentence = Generali FY2025FY25 financial supplement.
}}
 
''Generali FY2025FY25 financial supplement.''
 
== Summary P&L ==
Line 17:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidated operatingprofit and non-operating resultloss build-up for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 26:
| style="text-align:right" | '''8,004'''
|-
| style="text-align:left; padding-left:1.5em" | Life operating result
| style="text-align:right" | 3,982
| style="text-align:right" | 4,154
|-
| style="text-align:left; padding-left:1.5em" | P&C operating result
| style="text-align:right" | 3,052
| style="text-align:right" | 3,663
|-
| style="text-align:left; padding-left:1.5em" | Asset & wealthWealth managementManagement
| style="text-align:right" | 1,176
| style="text-align:right" | 1,194
|-
| style="text-align:left; padding-left:1.5em" | Holding and other businesses
| style="text-align:right" | -536
| style="text-align:right" | -610
|-
| style="text-align:left; padding-left:1.5em" | Consolidation adjustmentsAdjustments
| style="text-align:right" | -379
| style="text-align:right" | -397
Line 50:
| style="text-align:right" | '''(1,641)'''
|-
| style="text-align:left; padding-left:1.5em" | Non-operating investment result
| style="text-align:right" | 28
| style="text-align:right" | -214
|-
| style="text-align:left; padding-left:3em" | Net investment result from FVTPL and net gains on foreign currency
| style="text-align:right" | 82
| style="text-align:right" | -82
|-
| style="text-align:left; padding-left:3em" | Net non-operating realized gains
| style="text-align:right" | 135
| style="text-align:right" | 41
|-
| style="text-align:left; padding-left:3em" | Net non-operating ECL and impairment losses
| style="text-align:right" | -190
| style="text-align:right" | -173
|-
| style="text-align:left; padding-left:1.5em" | Net other non-operating expenses
| style="text-align:right" | -710
| style="text-align:right" | -910
|-
| style="text-align:left; padding-left:1.5em" | Non-operating holding expenses
| style="text-align:right" | -572
| style="text-align:right" | -517
|-
| style="text-align:left; padding-left:3em" | Interest expenses on financial debt
| style="text-align:right" | -493
| style="text-align:right" | -460
|-
| style="text-align:left; padding-left:3em" | Other non-operating holding expenses
| style="text-align:right" | -79
| style="text-align:right" | -57
Line 86:
| style="text-align:right" | '''6,363'''
|-
| style="text-align:left; padding-left:1.5em" | Income taxes
| style="text-align:right" | -1,843
| style="text-align:right" | -1,717
|-
| style="text-align:left; padding-left:1.5em" | Result for discontinued operations
| style="text-align:right" | -31
| style="text-align:right" | 17
Line 98:
| style="text-align:right" | '''4,663'''
|-
| style="text-align:left; padding-left:1.5em" | Minority interests
| style="text-align:right" | -442
| style="text-align:right" | -491
Line 110:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Adjusted net result build-up for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left; padding-left:1.5em" | Profit or lossLoss on assets at FVTPL on non-par & SH fund
| style="text-align:right" | -50
| style="text-align:right" | 97
|-
| style="text-align:left; padding-left:1.5em" | Hyperinflation effect (IAS 29)
| style="text-align:right" | 71
| style="text-align:right" | 9
|-
| style="text-align:left; padding-left:1.5em" | Amortisation of intangibles related to M&A
| style="text-align:right" | 51
| style="text-align:right" | 54
|-
| style="text-align:left; padding-left:1.5em" | Gains & losses from acquisitions & disposal
| style="text-align:right" | -27
| style="text-align:right" | -17
|-
| style="text-align:left" | '''Adjusted net result {{footnote|1=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.}}'''
| style="text-align:left" | '''Adjusted net result (1)'''
| style="text-align:right" | '''3,769'''
| style="text-align:right" | '''4,315'''
|-
| style="text-align:left" | '''Per share data'''
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
Line 143 ⟶ 139:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shares and adjusted EPS
|+ Adjusted EPS and share data for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | YE 2024
Line 164 ⟶ 160:
| style="text-align:right" | 42,268,284
|-
| style="text-align:left" | Adjusted EPS {{footnote|1=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.}}
| style="text-align:left" | Adjusted EPS (2)
| style="text-align:right" | 2.45
| style="text-align:right" | 2.85
|}
</div>
 
* <sup>(1)</sup> 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
* <sup>(2)</sup> 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 ==
Line 177 ⟶ 170:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidated operatingprofit and nonloss build-operating result breakdownup by segment for fiscal years 2024 andbusiness 2025unit
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 214 ⟶ 207:
| style="text-align:right" | '''(397)'''
|-
| style="text-align:left; padding-left:1.5em" | Net insurance service result
| style="text-align:right" | 5,795
| style="text-align:right" | 6,734
Line 228 ⟶ 221:
| style="text-align:right" | 388
|-
| style="text-align:left; padding-left:1.5em" | Operating investment result
| style="text-align:right" | 2,459
| style="text-align:right" | 2,431
Line 242 ⟶ 235:
| style="text-align:right" | -235
|-
| style="text-align:left; padding-left:1.5em" | Other operating income and expenses
| style="text-align:right" | -959
| style="text-align:right" | -1,162
Line 256 ⟶ 249:
| style="text-align:right" | -549
|-
| style="text-align:left; padding-left:1.5em3em" | Ofof which operating holding expenses
| style="text-align:right" | -693
| style="text-align:right" | -760
Line 284 ⟶ 277:
| style="text-align:right" | '''(5)'''
|-
| style="text-align:left; padding-left:1.5em" | Non-operating investment result
| style="text-align:right" | 28
| style="text-align:right" | -214
Line 298 ⟶ 291:
| style="text-align:right" | -5
|-
| style="text-align:left; padding-left:3em" | Net investment result from FVTPL and net gains on foreign currency
| style="text-align:right" | 82
| style="text-align:right" | -82
Line 312 ⟶ 305:
| style="text-align:right" | -4
|-
| style="text-align:left; padding-left:3em" | Net non-operating realized gains
| style="text-align:right" | 135
| style="text-align:right" | 41
Line 326 ⟶ 319:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:3em" | Net non-operating ECL and impairment losses
| style="text-align:right" | -190
| style="text-align:right" | -173
Line 340 ⟶ 333:
| style="text-align:right" | -1
|-
| style="text-align:left; padding-left:1.5em" | Net other non-operating expenses
| style="text-align:right" | -710
| style="text-align:right" | -910
Line 354 ⟶ 347:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Non-operating holding expenses
| style="text-align:right" | -572
| style="text-align:right" | -517
Line 368 ⟶ 361:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:3em" | Interest expenses on financial debt
| style="text-align:right" | -493
| style="text-align:right" | -460
Line 382 ⟶ 375:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:3em" | Other non-operating holding expenses
| style="text-align:right" | -79
| style="text-align:right" | -57
Line 410 ⟶ 403:
| style="text-align:right" | '''(402)'''
|-
| style="text-align:left; padding-left:1.5em" | Income taxes
| style="text-align:right" | -1,843
| style="text-align:right" | -1,717
Line 424 ⟶ 417:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Result from discontinued operations
| style="text-align:right" | -31
| style="text-align:right" | 17
Line 452 ⟶ 445:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Minority interests
| style="text-align:right" | -442
| style="text-align:right" | -491
Line 486 ⟶ 479:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidated balance sheet build-up by business unit
|+ Balance sheet breakdown by segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 509 ⟶ 502:
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left; padding-left:1.5em" | Intangible assets
| style="text-align:right" | 11,861
| style="text-align:right" | 12,200
Line 523 ⟶ 516:
| style="text-align:right" | 28
|-
| style="text-align:left; padding-left:1.5em" | Tangible assets
| style="text-align:right" | 3,746
| style="text-align:right" | 4,099
Line 537 ⟶ 530:
| style="text-align:right" | -102
|-
| style="text-align:left; padding-left:1.5em" | Insurance assets
| style="text-align:right" | 4,902
| style="text-align:right" | 4,729
Line 551 ⟶ 544:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Investments
| style="text-align:right" | 494,340
| style="text-align:right" | 514,328
Line 565 ⟶ 558:
| style="text-align:right" | -9,179
|-
| style="text-align:left; padding-left:3em" | Investment properties
| style="text-align:right" | 22,503
| style="text-align:right" | 22,293
Line 579 ⟶ 572:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:3em" | Investments in subsidiaries, associated companies and joint ventures
| style="text-align:right" | 2,840
| style="text-align:right" | 3,026
Line 593 ⟶ 586:
| style="text-align:right" | -3,927
|-
| style="text-align:left; padding-left:3em" | Financial assets
| style="text-align:right" | 468,997
| style="text-align:right" | 489,009
Line 607 ⟶ 600:
| style="text-align:right" | -5,251
|-
| style="text-align:left; padding-left:1.5em" | Other financial assets
| style="text-align:right" | 6,209
| style="text-align:right" | 7,395
Line 621 ⟶ 614:
| style="text-align:right" | -1,243
|-
| style="text-align:left; padding-left:1.5em" | Other assets
| style="text-align:right" | 9,275
| style="text-align:right" | 8,470
Line 635 ⟶ 628:
| style="text-align:right" | -67
|-
| style="text-align:left; padding-left:1.5em" | Cash and cash equivalents
| style="text-align:right" | 8,315
| style="text-align:right" | 7,308
Line 649 ⟶ 642:
| style="text-align:right" | -189
|-
| style="text-align:left" | '''Total assetsAssets'''
| style="text-align:right" | '''538,647'''
| style="text-align:right" | '''558,529'''
Line 663 ⟶ 656:
| style="text-align:right" | '''(10,750)'''
|-
| style="text-align:left; padding-left:1.5em" | Insurance liabilities
| style="text-align:right" | 438,486
| style="text-align:right" | 452,432
Line 677 ⟶ 670:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Financial liabilities
| style="text-align:right" | 45,710
| style="text-align:right" | 48,843
Line 691 ⟶ 684:
| style="text-align:right" | -3,652
|-
| style="text-align:left; padding-left:3em" | Financial liabilities at fair value through profit or loss
| style="text-align:right" | 8,166
| style="text-align:right" | 9,272
Line 705 ⟶ 698:
| style="text-align:right" | -2
|-
| style="text-align:left; padding-left:3em" | Financial liabilities at amortised cost
| style="text-align:right" | 37,544
| style="text-align:right" | 39,570
Line 719 ⟶ 712:
| style="text-align:right" | -3,650
|-
| style="text-align:left; padding-left:1.5em" | Other provisions
| style="text-align:right" | 2,399
| style="text-align:right" | 2,229
Line 733 ⟶ 726:
| style="text-align:right" | 29
|-
| style="text-align:left; padding-left:1.5em" | Payables
| style="text-align:right" | 9,027
| style="text-align:right" | 10,212
Line 747 ⟶ 740:
| style="text-align:right" | -1,123
|-
| style="text-align:left; padding-left:1.5em" | Other liabilities
| style="text-align:right" | 9,931
| style="text-align:right" | 10,027
Line 761 ⟶ 754:
| style="text-align:right" | -94
|-
| style="text-align:left" | '''Total liabilitiesLiabilities'''
| style="text-align:right" | '''505,551'''
| style="text-align:right" | '''523,741'''
Line 775 ⟶ 768:
| style="text-align:right" | '''(4,841)'''
|-
| style="text-align:left; padding-left:1.5em" | Shareholders' equity attributable to the groupGroup
| style="text-align:right" | '''30,389'''
| style="text-align:right" | '''32,064'''
Line 789 ⟶ 782:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Shareholders' equity attributable to minority interests
| style="text-align:right" | '''2,707'''
| style="text-align:right" | '''2,724'''
Line 817 ⟶ 810:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Total liabilitiesLiabilities & shareholders' equity'''
| style="text-align:right" | '''538,647'''
| style="text-align:right" | '''558,529'''
Line 835 ⟶ 828:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ (Re)insurance contracts issued build-up by business unit {{footnote|1=Including (re)insurance contracts that are assets.}}
|+ Gross present value future cash-flows, risk adjustment, and contractual service margin breakdown by segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 849 ⟶ 842:
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left" | Gross presentPresent valueValue futureFuture cashCash-flowsFlows (PVFCF) (2){{footnote|1=Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.}}
| style="text-align:right" | 404,025
| style="text-align:right" | 414,521
Line 857 ⟶ 850:
| style="text-align:right" | 37,375
|-
| style="text-align:left" | Gross riskRisk adjustmentAdjustment (RA)
| style="text-align:right" | 2,897
| style="text-align:right" | 2,949
Line 865 ⟶ 858:
| style="text-align:right" | 1,213
|-
| style="text-align:left" | Gross contractualContractual serviceService marginMargin (CSM)
| style="text-align:right" | 31,228
| style="text-align:right" | 34,610
Line 873 ⟶ 866:
| style="text-align:right" | 1,007
|-
| style="text-align:left" | Net contractualContractual serviceService marginMargin (CSM) (3){{footnote|1=CSM presented net of reinsurance, taxes and minorities.}}
| style="text-align:right" | 21,484
| style="text-align:right" | 24,117
Line 882 ⟶ 875:
|}
</div>
 
* <sup>(1)</sup> Including (re)insurance contracts that are assets
* <sup>(2)</sup> Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities
* <sup>(3)</sup> CSM presented net of reinsurance, taxes and minorities
 
== Volumes ==
Line 891 ⟶ 880:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Gross written premium and reinsurance accepted breakdown by geography and line of business, for fiscal years 2024 and 2025P&C
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Gross Written Premium
Line 1,043 ⟶ 1,032:
| style="text-align:right" | 15.2%
|-
| style="text-align:left" | Europ assistanceAssistance
| style="text-align:right" | 2,212
| style="text-align:right" | 2,566
Line 1,057 ⟶ 1,046:
| style="text-align:right" | 25.7%
|-
| style="text-align:left" | Group holdingsHoldings and other companies
| style="text-align:right" | 1,932
| style="text-align:right" | 1,928
Line 1,071 ⟶ 1,060:
| style="text-align:right" | 6.1%
|-
| style="text-align:left" | '''Total groupGroup'''
| style="text-align:right" | '''33,756'''
| style="text-align:right" | '''36,181'''
Line 1,089 ⟶ 1,078:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Gross written premium and reinsurance accepted breakdown by geography and line of business, for fiscal years 2024 and 2025Life
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Gross Written Premium
Line 1,272 ⟶ 1,261:
| style="text-align:right" | -19.2%
|-
| style="text-align:left" | Group holdingsHoldings and other companies
| style="text-align:right" | 1,676
| style="text-align:right" | 1,704
Line 1,289 ⟶ 1,278:
| style="text-align:right" | -5.7%
|-
| style="text-align:left" | '''Total groupGroup'''
| style="text-align:right" | '''61,434'''
| style="text-align:right" | '''61,943'''
Line 1,308 ⟶ 1,297:
</div>
 
<div style="overflow-x:auto">
* Total Gross Written Premiums
{| class="wikitable fintable"
|+ Gross written premiums
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
! class="col-s" style="text-align:right" | Change % like for like
|-
| style="text-align:left" | —
| style="text-align:right" | '''95,190'''
| style="text-align:right" | '''98,124'''
| style="text-align:right" | '''3.6%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life net inflows time series by geography for fiscal years 2024 and 2025country
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Group
Line 1,369 ⟶ 1,371:
| style="text-align:right" | 61.4%
|-
| style="text-align:left" | Group holdingsHoldings and other companies
| style="text-align:right" | 338
| style="text-align:right" | 432
| style="text-align:right" | 41.0%
|-
| style="text-align:left" | '''Total groupGroup'''
| style="text-align:right" | '''9,674'''
| style="text-align:right" | '''13,487'''
Line 1,383 ⟶ 1,385:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life net inflows breakdown by product type for fiscal year 2025
! style="text-align:left" |
! colspan="3" style="text-align:center" | YE 2025
|-
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Traditional savingSaving
! class="col-s" style="text-align:right" | Protection & healthHealth
! class="col-s" style="text-align:right" | Hybrid & unitUnit linkedLinked
|-
| style="text-align:left" | '''Total groupGroup'''
| style="text-align:right" | '''2,406'''
| style="text-align:right" | '''4,472'''
Line 1,403 ⟶ 1,405:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value and margin by productline typeof for fiscal years 2024 and 2025business
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | PVNBP
! colspan="2" style="text-align:center" | New businessBusiness valueValue
! colspan="2" style="text-align:center" | New businessBusiness marginMargin
|-
! style="text-align:left" | —
Line 1,417 ⟶ 1,419:
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left" | Traditional savingSaving
| style="text-align:right" | 15,573
| style="text-align:right" | 15,453
Line 1,425 ⟶ 1,427:
| style="text-align:right" | 4.41%
|-
| style="text-align:left" | Protection & healthHealth
| style="text-align:right" | 10,755
| style="text-align:right" | 11,714
Line 1,433 ⟶ 1,435:
| style="text-align:right" | 8.52%
|-
| style="text-align:left" | Hybrid & unitUnit linkedLinked
| style="text-align:right" | 28,770
| style="text-align:right" | 28,385
Line 1,453 ⟶ 1,455:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business premiums by type for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 1,477 ⟶ 1,479:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value build-up for fiscal years 2024 and 2025derivation
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 1,489 ⟶ 1,491:
| style="text-align:right" | '''3,010'''
|-
| style="text-align:left" | Perimeter ({{footnote|1)=Including investment contracts, PAA, and potential LC.}}
| style="text-align:right" | 192
| style="text-align:right" | 196
Line 1,502 ⟶ 1,504:
|}
</div>
 
* <sup>(1)</sup> Including investment contracts, PAA, and potential LC
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value and margin by geographycountry and product type for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | PVNBP
! colspan="2" style="text-align:center" | New businessBusiness valueValue
! colspan="2" style="text-align:center" | New businessBusiness marginMargin
! colspan="2" style="text-align:center" | PVNBP weight traditionalTraditional savingSaving
! colspan="2" style="text-align:center" | PVNBP weight protectionProtection & healthHealth
! colspan="2" style="text-align:center" | PVNBP weight hybridHybrid & unitUnit linkedLinked
|-
! style="text-align:left" | —
Line 1,656:
| style="text-align:right" | 2.2%
|-
| style="text-align:left" | Group holdingsHoldings and other companies
| style="text-align:right" | 678
| style="text-align:right" | 810
Line 1,688:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value sensitivity by scenario for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,721:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life new business margin sensitivity by scenario for fiscal yearsto 2024interest andrate 2025changes
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,740:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ CSM roll-forward
|+ Contractual service margin (CSM) rollforward for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 1,796:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ CSM by country
|+ Contractual service margin (CSM) breakdown by geography for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | CSM stock
! colspan="2" style="text-align:center" | New Business CSM
! colspan="2" style="text-align:center" | New business CSM release
! style="text-align:center" |
! style="text-align:center" | CSM release
! style="text-align:center" |
|-
! style="text-align:left" | —
Line 1,885 ⟶ 1,882:
| style="text-align:right" | -199
|-
| style="text-align:left" | Group holdingsHoldings and other companies
| style="text-align:right" | 105
| style="text-align:right" | 78
Line 1,905 ⟶ 1,902:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Insurance contracts issued by duration {{footnote|1=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.}}
|+ Insurance contracts issued breakdown by maturity for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Up to 1 year
Line 1,927 ⟶ 1,924:
|}
</div>
 
* <sup>(1)</sup> 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.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ContractualLife service margin (CSM) sensitivity by economic scenario for fiscal{{footnote|1=Sensitivities yearsrepresenting 2024impact andbefore 2025release.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,957 ⟶ 1,952:
| style="text-align:right" | -481
|-
| style="text-align:left" | Euro area govies spread(3) +50 bps {{footnote|1=The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.}}
| style="text-align:right" | -637
| style="text-align:right" | -747
|}
</div>
 
* <sup>(2)</sup> Sensitivities representing impact before release.
* <sup>(3)</sup> The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
 
== Life Operating ==
Line 1,970 ⟶ 1,962:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LifeSummary life operating result build-up for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 1,982 ⟶ 1,974:
| style="text-align:right" | '''3,243'''
|-
| style="text-align:left; padding-left:1.5em" | CSM release
| style="text-align:right" | 2,986
| style="text-align:right" | 3,223
|-
| style="text-align:left; padding-left:1.5em" | Risk adjustment release
| style="text-align:right" | 145
| style="text-align:right" | 163
|-
| style="text-align:left; padding-left:1.5em" | Loss component
| style="text-align:right" | -231
| style="text-align:right" | -105
|-
| style="text-align:left; padding-left:1.5em" | Experience variance and other technical result
| style="text-align:right" | 204
| style="text-align:right" | 164
|-
| style="text-align:left; padding-left:1.5em" | Other operating income and expenses
| style="text-align:right" | -65
| style="text-align:right" | -202
Line 2,006 ⟶ 1,998:
| style="text-align:right" | '''911'''
|-
| style="text-align:left" | '''Life operatingOperating result'''
| style="text-align:right" | '''3,982'''
| style="text-align:right" | '''4,154'''
Line 2,014 ⟶ 2,006:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LifeSummary life operating result breakdown by geography for fiscal years 2024 and 2025country
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Operating insurance service result
Line 2,142 ⟶ 2,134:
| style="text-align:right" | 269
|-
| style="text-align:left" | Group holdingsHoldings and other companies ({{footnote|1)=Including elimination of transactions between Generali Group companies in different geographic regions.}}
| style="text-align:right" | -36
| style="text-align:right" | 53
Line 2,167 ⟶ 2,159:
|}
</div>
 
* <sup>(1)</sup> Including elimination of transactions between Generali Group companies in different geographic regions
 
== P&C Operating ==
Line 2,174 ⟶ 2,164:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ PropertySummary and casualty (P&C) operating result build-up for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 2,186 ⟶ 2,176:
| style="text-align:right" | '''2,613'''
|-
| style="text-align:left; padding-left:1.5em" | Insurance contract revenues
| style="text-align:right" | 32,936
| style="text-align:right" | 35,246
|-
| style="text-align:left; padding-left:1.5em; font-weight:bold" | Total net incurred claims
| style="text-align:right; font-weight:bold" | -21,464
| style="text-align:right; font-weight:bold" | -22,264
|-
| style="text-align:left; padding-left:1.5em" | Insurance expenses
| style="text-align:right" | -9,183
| style="text-align:right" | -10,074
|-
| style="text-align:left; padding-left:1.5em" | Other operating income and expenses
| style="text-align:right" | -313
| style="text-align:right" | -295
Line 2,206 ⟶ 2,196:
| style="text-align:right" | '''1,050'''
|-
| style="text-align:left; padding-left:1.5em" | Operating investment income
| style="text-align:right" | 1,710
| style="text-align:right" | 1,657
|-
| style="text-align:left; padding-left:1.5em" | Insurance finance expenses
| style="text-align:right" | -634
| style="text-align:right" | -607
|-
| style="text-align:left" | '''P&C operatingOperating result'''
| style="text-align:right" | '''3,052'''
| style="text-align:right" | '''3,663'''
Line 2,222 ⟶ 2,212:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C indicators
|+ Property and casualty (P&C) combined ratio analysis for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 2,235 ⟶ 2,225:
| style="text-align:right" | '''63.2%'''
|-
| style="text-align:left; padding-left:1.5em" | Current year loss ratio
| style="text-align:right" | 67.2%
| style="text-align:right" | 64.3%
|-
| style="text-align:left; padding-left:3em" | Current year loss ratio undiscounted (excl. nat cat)
| style="text-align:right" | 65.5%
| style="text-align:right" | 64.3%
|-
| style="text-align:left; padding-left:3em" | Natural catastrophe losses undiscounted
| style="text-align:right" | 3.6%
| style="text-align:right" | 1.7%
|-
| style="text-align:left; padding-left:3em" | Current year discounting
| style="text-align:right" | -1.9%
| style="text-align:right" | -1.7%
|-
| style="text-align:left; padding-left:1.5em" | Prior year loss ratio
| style="text-align:right" | -2.1%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | '''Gross expenseExpense ratio'''
| style="text-align:right" | '''28.8%'''
| style="text-align:right" | '''29.4%'''
|-
| style="text-align:left; padding-left:1.5em" | Administration and acquisition expenses
| style="text-align:right" | 27.9%
| style="text-align:right" | 28.6%
|-
| style="text-align:left; padding-left:3em" | Acquisition expenses
| style="text-align:right" | 20.4%
| style="text-align:right" | 21.4%
|-
| style="text-align:left; padding-left:3em" | Administration expenses and other attributable expenses
| style="text-align:right" | 7.4%
| style="text-align:right" | 7.2%
|-
| style="text-align:left; padding-left:1.5em" | Other operating income and expenses
| style="text-align:right" | 1.0%
| style="text-align:right" | 0.8%
Line 2,287 ⟶ 2,277:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Summary P&C operating result breakdown by segment for fiscal years 2024 and 2025country
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Insurance contract revenues
Line 2,296 ⟶ 2,286:
! colspan="2" style="text-align:center" | Loss ratio
! colspan="2" style="text-align:center" | Natural catastrophe losses undiscounted
! colspan="2" style="text-align:center" | Gross expenseExpense ratio
! colspan="2" style="text-align:center" | Combined ratio undiscounted
|-
Line 2,519 ⟶ 2,509:
| style="text-align:right" | 94.0%
|-
| style="text-align:left" | Group holdingsHoldings and other companies ({{footnote|1)=Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios.}}
| style="text-align:right" | 1,252
| style="text-align:right" | 1,206
Line 2,560 ⟶ 2,550:
|}
</div>
 
* <sup>(1)</sup> Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios
 
== Asset Management ==
Line 2,567 ⟶ 2,555:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets under management (AUM) rollforward for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | YE 2024
Line 2,576 ⟶ 2,564:
| style="text-align:right" | '''695'''
|-
| style="text-align:left; padding-left:1.5em" | Net inflows
| style="text-align:right" | 6.7
| style="text-align:right" | 16.2
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Generali Group ({{footnote|1)=Including Unit-Linked.}}
| style="text-align:right" | 4.9
| style="text-align:right" | 6.5
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Third party
| style="text-align:right" | 1.8
| style="text-align:right" | 9.6
|-
| style="text-align:left; padding-left:1.5em" | Market effect, FX & other
| style="text-align:right" | 18.5
| style="text-align:right" | -4.2
|-
| style="text-align:left; padding-left:1.5em" | Perimeter changes {{footnote|1=Conning Holdings Limited (2“CHL”) fully consolidated starting from April 2024.}}
| style="text-align:right" | 154.4
| style="text-align:right" | 4.5
Line 2,600 ⟶ 2,588:
| style="text-align:right" | '''712'''
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Generali Group (1) (3){{footnote|1=Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.}}
| style="text-align:right" | 425
| style="text-align:right" | 439
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Third party
| style="text-align:right" | 271
| style="text-align:right" | 273
Line 2,612 ⟶ 2,600:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management operating result build-up for fiscal years 2024profit and 2025loss
! style="text-align:left" | EUR billionmillion
! style="text-align:center" |
! style="text-align:center" |
Line 2,631 ⟶ 2,619:
| style="text-align:right" | '''1,616'''
|-
| style="text-align:left; padding-left:1.5em; font-weight:bold" | Total fees excl. performance fees
| style="text-align:right; font-weight:bold" | 1,186
| style="text-align:right; font-weight:bold" | 1,310
Line 2,637 ⟶ 2,625:
| style="text-align:right; font-weight:bold" | 1,296
|-
| style="text-align:left; padding-left:1.5em" | Performance fees
| style="text-align:right" | 91
| style="text-align:right" | 162
Line 2,643 ⟶ 2,631:
| style="text-align:right" | 160
|-
| style="text-align:left; padding-left:1.5em" | Other revenues (4){{footnote|1=Mainly including dividends, net result from participations, and interest income.}}
| style="text-align:right" | 173
| style="text-align:right" | 160
Line 2,673 ⟶ 2,661:
| style="text-align:right" | —
|-
| style="text-align:left" | Minorities adjusted (5) (6){{footnote|1=MGG fully consolidated starting from October 2025.}}
| style="text-align:right" | -83
| style="text-align:right" | -90
Line 2,689 ⟶ 2,677:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management keyother metricsinformation for{{footnote|1=Including fiscalminorities yearsat 2024affiliate and 2025level.}}
! style="text-align:left" | EUR billion
! style="text-align:center" |
Line 2,708 ⟶ 2,696:
| style="text-align:right" | '''696'''
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Generali Group (1) (3){{footnote|1=Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.}}
| style="text-align:right" | 416
| style="text-align:right" | 431
Line 2,714 ⟶ 2,702:
| style="text-align:right" | 431
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Third party
| style="text-align:right" | 258
| style="text-align:right" | 270
Line 2,726 ⟶ 2,714:
| style="text-align:right" | '''18.6'''
|-
| style="text-align:left; padding-left:1.5em" | o/w on Generali Group AUM ({{footnote|1)=Including Unit-Linked.}}
| style="text-align:right" | 17.1
| style="text-align:right" | 16.9
Line 2,738 ⟶ 2,726:
| style="text-align:right" | 21.4
|-
| style="text-align:left" | '''Cost incomeIncome ratio (%)'''
| style="text-align:right" | '''57.5%'''
| style="text-align:right" | '''59.4%'''
Line 2,745 ⟶ 2,733:
|}
</div>
 
* <sup>(1)</sup> Including Unit-Linked
* <sup>(2)</sup> Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024
* <sup>(3)</sup> Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds
* <sup>(4)</sup> Mainly including dividends, net result from participations, and interest income
* <sup>(5)</sup> Including minorities at affiliate level
* <sup>(6)</sup> MGG fully consolidated starting from October 2025
 
== Capitalisation and Debt ==
Line 2,757 ⟶ 2,738:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shareholders' equity rollforward for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 2,774 ⟶ 2,755:
| style="text-align:right" | -2,172
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome reserve
| style="text-align:right" | -133
| style="text-align:right" | -114
|-
| style="text-align:left; padding-left:1.5em" | Related to financial assets
| style="text-align:right" | 2,057
| style="text-align:right" | -3,514
|-
| style="text-align:left; padding-left:1.5em" | Related to insurance contracts
| style="text-align:right" | -2,300
| style="text-align:right" | 3,643
|-
| style="text-align:left; padding-left:1.5em" | Defined benefitBenefit plansPlans
| style="text-align:right" | 34
| style="text-align:right" | 71
|-
| style="text-align:left; padding-left:1.5em" | Foreign exchange
| style="text-align:right" | 31
| style="text-align:right" | -301
|-
| style="text-align:left; padding-left:1.5em" | Other
| style="text-align:right" | 45
| style="text-align:right" | -12
|-
| style="text-align:left" | Share buybacksBuybacks
| style="text-align:right" | -500
| style="text-align:right" | -500
|-
| style="text-align:left" | Share buybacksBuybacks for longLong-termTerm incentiveIncentive plansPlans
| style="text-align:right" | -264
| style="text-align:right" | -333
Line 2,818 ⟶ 2,799:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Financial debt breakdown by type for fiscal years 2024 and 2025cost
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 2,835 ⟶ 2,816:
| style="text-align:right" | 102
|-
| style="text-align:left" | '''Total financial debt ({{footnote|1)=These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.}}'''
| style="text-align:right" | '''11,160'''
| style="text-align:right" | '''11,194'''
|-
| style="text-align:left" | '''Average maturity (FYears) ({{footnote|1)=These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.}}'''
| style="text-align:right" | '''4.9'''
| style="text-align:right" | '''4.8'''
|-
| style="text-align:left" | '''Total interest cost ({{footnote|1)=These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.}}'''
| style="text-align:right" | '''493'''
| style="text-align:right" | '''460'''
Line 2,855 ⟶ 2,836:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Financial debtDebt maturity schedule by type for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Senior
Line 2,917 ⟶ 2,898:
|}
</div>
 
* <sup>(1)</sup> These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.
 
== Investments Summary ==
Line 2,924 ⟶ 2,903:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments summary by business unit
|+ Total investments breakdown by asset class and segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 2,930 ⟶ 2,909:
! colspan="2" style="text-align:center" | o/w Life VFA
! colspan="2" style="text-align:center" | o/w Life other than VFA
! colspan="2" style="text-align:center" | Property & casualtyCasualty
! colspan="2" style="text-align:center" | Asset & wealthWealth managementManagement
! colspan="2" style="text-align:center" | Holding and otherOther businessesBusinesses
! colspan="2" style="text-align:center" | Consolidation
|-
Line 2,971 ⟶ 2,950:
| style="text-align:right" | -4,155
|-
| style="text-align:left; padding-left:1.5em" | Government bonds ({{footnote|1=Directly owned exposure only (before look-through).}}
| style="text-align:right" | 139,053
| style="text-align:right" | 140,715
Line 2,989 ⟶ 2,968:
| style="text-align:right" | -
|-
| style="text-align:left; padding-left:1.5em" | Corporate bonds
| style="text-align:right" | 105,205
| style="text-align:right" | 107,839
Line 3,007 ⟶ 2,986:
| style="text-align:right" | -1,468
|-
| style="text-align:left; padding-left:1.5em" | Other fixed income
| style="text-align:right" | 49,895
| style="text-align:right" | 54,017
Line 3,061 ⟶ 3,040:
| style="text-align:right" | -
|-
| style="text-align:left" | Cash & cash-like (2){{footnote|1=Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.}}
| style="text-align:right" | 17,192
| style="text-align:right" | 14,470
Line 3,079 ⟶ 3,058:
| style="text-align:right" | -1,209
|-
| style="text-align:left" | Other investments (3){{footnote|1=Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.}}
| style="text-align:right" | 7,805
| style="text-align:right" | 8,917
Line 3,097 ⟶ 3,076:
| style="text-align:right" | -3,197
|-
| style="text-align:left" | '''Total investments - generalGeneral account'''
| style="text-align:right" | '''373,065'''
| style="text-align:right" | '''380,057'''
Line 3,115 ⟶ 3,094:
| style="text-align:right" | '''(8,561)'''
|-
| style="text-align:left" | Unit linkedLinked investments
| style="text-align:right" | 123,855
| style="text-align:right" | 136,118
Line 3,151 ⟶ 3,130:
| style="text-align:right" | —
|-
| style="text-align:left" | Third Parties AUM {{footnote|1=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.}}
| style="text-align:left" | Third parties AUM (4)
| style="text-align:right" | 366,084
| style="text-align:right" | 383,755
Line 3,188 ⟶ 3,167:
|}
</div>
 
* <sup>(1)</sup> Directly owned exposure only (before look-through).
* <sup>(2)</sup> Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
* <sup>(3)</sup> Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
* <sup>(4)</sup> 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.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments income by business unit
|+ Investment income summary by group, life, and property & casualty for year end 2024 and year end 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 3,202 ⟶ 3,176:
! colspan="2" style="text-align:center" | o/w Life VFA
! colspan="2" style="text-align:center" | o/w Life other than VFA
! colspan="2" style="text-align:center" | Property & Casualty 5 {{footnote|1=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.}}
! colspan="2" style="text-align:center" | Property & Casualty
|-
! style="text-align:left" | —
Line 3,228 ⟶ 3,202:
| style="text-align:right" | 1,867
|-
| style="text-align:left; padding-left:1.5em" | Ofof which currentCurrent return on fixedFixed incomeIncome
| style="text-align:right" | 9,618
| style="text-align:right" | 9,713
Line 3,240 ⟶ 3,214:
| style="text-align:right" | 1,191
|-
| style="text-align:left; padding-left:1.5em" | Ofof which currentCurrent return on equityEquity & equity-like
| style="text-align:right" | 815
| style="text-align:right" | 1,028
Line 3,252 ⟶ 3,226:
| style="text-align:right" | 197
|-
| style="text-align:left; padding-left:1.5em" | Ofof which currentCurrent return on realReal estateEstate
| style="text-align:right" | 1,108
| style="text-align:right" | 1,104
Line 3,290 ⟶ 3,264:
</div>
 
<div style="overflow-x:auto">
* <sup>(5)</sup> 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.
{| class="wikitable fintable"
|+ Investments return by asset class and business unit
! style="text-align:left" | %
! colspan="2" style="text-align:center" | Group
! colspan="2" style="text-align:center" | Life
! colspan="2" style="text-align:center" | o/w Life VFA
! colspan="2" style="text-align:center" | o/w Life other than VFA
! colspan="2" style="text-align:center" | Property & Casuality 5
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
! class="col-s" style="text-align:right" | YE 2024
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left" | '''Fixed Income'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Current return
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.2%
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.4%
| style="text-align:right" | 4.2%
| style="text-align:right" | 3.4%
|-
| style="text-align:left; font-weight:bold" | Total P&L return
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 3.3%
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 3.3%
| style="text-align:right; font-weight:bold" | 3.1%
| style="text-align:right; font-weight:bold" | 3.3%
| style="text-align:right; font-weight:bold" | 3.8%
| style="text-align:right; font-weight:bold" | 3.1%
| style="text-align:right; font-weight:bold" | 4.0%
| style="text-align:right; font-weight:bold" | 3.3%
|-
| style="text-align:left" | Reinvestment yield on direct fixed income
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.6%
| style="text-align:right" | 4.3%
|-
| style="text-align:left" | '''Equity & equity-like'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Current return
| style="text-align:right" | 3.1%
| style="text-align:right" | 3.7%
| style="text-align:right" | 2.5%
| style="text-align:right" | 3.1%
| style="text-align:right" | 2.2%
| style="text-align:right" | 2.7%
| style="text-align:right" | 6.1%
| style="text-align:right" | 7.0%
| style="text-align:right" | 4.7%
| style="text-align:right" | 5.5%
|-
| style="text-align:left; font-weight:bold" | Total P&L return
| style="text-align:right; font-weight:bold" | 7.3%
| style="text-align:right; font-weight:bold" | 4.9%
| style="text-align:right; font-weight:bold" | 7.3%
| style="text-align:right; font-weight:bold" | 4.9%
| style="text-align:right; font-weight:bold" | 7.2%
| style="text-align:right; font-weight:bold" | 4.8%
| style="text-align:right; font-weight:bold" | 8.3%
| style="text-align:right; font-weight:bold" | 5.6%
| style="text-align:right; font-weight:bold" | 5.8%
| style="text-align:right; font-weight:bold" | 3.2%
|-
| style="text-align:left" | '''Real Estate'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Current return
| style="text-align:right" | 4.1%
| style="text-align:right" | 4.2%
| style="text-align:right" | 4.0%
| style="text-align:right" | 4.0%
| style="text-align:right" | 3.9%
| style="text-align:right" | 3.9%
| style="text-align:right" | 5.2%
| style="text-align:right" | 5.2%
| style="text-align:right" | 5.2%
| style="text-align:right" | 5.6%
|-
| style="text-align:left; font-weight:bold" | Total P&L return
| style="text-align:right; font-weight:bold" | 1.4%
| style="text-align:right; font-weight:bold" | 3.0%
| style="text-align:right; font-weight:bold" | 0.8%
| style="text-align:right; font-weight:bold" | 2.5%
| style="text-align:right; font-weight:bold" | 1.1%
| style="text-align:right; font-weight:bold" | 2.6%
| style="text-align:right; font-weight:bold" | -2.7%
| style="text-align:right; font-weight:bold" | 1.7%
| style="text-align:right; font-weight:bold" | 5.9%
| style="text-align:right; font-weight:bold" | 6.7%
|-
| style="text-align:left" | '''Total'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Current return
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.2%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.1%
| style="text-align:right" | 3.3%
| style="text-align:right" | 4.1%
| style="text-align:right" | 3.8%
| style="text-align:right" | 4.4%
| style="text-align:right" | 3.9%
|-
| style="text-align:left; font-weight:bold" | Total P&L return
| style="text-align:right; font-weight:bold" | 3.5%
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 3.3%
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 3.9%
| style="text-align:right; font-weight:bold" | 3.2%
| style="text-align:right; font-weight:bold" | 4.6%
| style="text-align:right; font-weight:bold" | 3.3%
|-
| style="text-align:left" | Comprehensive return
| style="text-align:right" | 4.5%
| style="text-align:right" | 2.1%
| style="text-align:right" | 4.3%
| style="text-align:right" | 1.8%
| style="text-align:right" | 3.8%
| style="text-align:right" | 1.8%
| style="text-align:right" | 7.4%
| style="text-align:right" | 2.2%
| style="text-align:right" | 6.0%
| style="text-align:right" | 3.1%
|}
</div>
 
== Investments by Acc Treatment ==
Line 3,296 ⟶ 3,460:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments breakdown by accounting treatment, group, life, and P&C for year end 2024 and year endbusiness 2025unit
! style="text-align:left" | EUR million
! colspan="6" style="text-align:center" | Group
! colspan="6" style="text-align:center" | Life
Line 3,305 ⟶ 3,469:
|-
! style="text-align:left" |
! colspan="2" style="text-align:center" | Fair valueValue through P&L
! colspan="2" style="text-align:center" | Fair valueValue through OCI
! colspan="2" style="text-align:center" | At cost
! colspan="2" style="text-align:center" | Fair valueValue through P&L
! colspan="2" style="text-align:center" | Fair valueValue through OCI
! colspan="2" style="text-align:center" | At cost
! colspan="2" style="text-align:center" | Fair valueValue through P&L
! colspan="2" style="text-align:center" | Fair valueValue through OCI
! colspan="2" style="text-align:center" | Fair valueValue through P&L
! colspan="2" style="text-align:center" | Fair valueValue through OCI
! colspan="2" style="text-align:center" | At cost
! colspan="2" style="text-align:center" | Fair valueValue through P&L
! colspan="2" style="text-align:center" | Fair valueValue through OCI
! colspan="2" style="text-align:center" | At cost
|-
! style="text-align:left" | EUR million
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | Index!A1
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | Index!A1
! style="text-align:center" |
|-
! style="text-align:left" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | Index!A1
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | Index!A1
! style="text-align:center" |
|-
! style="text-align:left" | —
Line 3,380 ⟶ 3,604:
| style="text-align:right" | 1,535
|-
| style="text-align:left; padding-left:1.5em" | Government bonds ({{footnote|1=Directly owned exposure only (before look-through).}}
| style="text-align:right" | 2,044
| style="text-align:right" | 2,187
Line 3,410 ⟶ 3,634:
| style="text-align:right" | 137
|-
| style="text-align:left; padding-left:1.5em" | Corporate bonds
| style="text-align:right" | 5,987
| style="text-align:right" | 7,076
Line 3,440 ⟶ 3,664:
| style="text-align:right" | 176
|-
| style="text-align:left; padding-left:1.5em" | Other fixed income
| style="text-align:right" | 32,485
| style="text-align:right" | 36,534
Line 3,530 ⟶ 3,754:
| style="text-align:right" | 2,141
|-
| style="text-align:left" | Cash & cash-like (2){{footnote|1=Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.}}
| style="text-align:right" | 12,466
| style="text-align:right" | 10,246
Line 3,560 ⟶ 3,784:
| style="text-align:right" | 3,160
|-
| style="text-align:left" | Other investments (3){{footnote|1=Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.}}
| style="text-align:right" | 3,879
| style="text-align:right" | 4,699
Line 3,590 ⟶ 3,814:
| style="text-align:right" | 2,728
|-
| style="text-align:left" | '''Total investments - generalGeneral account'''
| style="text-align:right" | '''104,854'''
| style="text-align:right" | '''108,956'''
Line 3,620 ⟶ 3,844:
| style="text-align:right" | '''9,564'''
|-
| style="text-align:left" | Unit linkedLinked investments
| style="text-align:right" | 123,855
| style="text-align:right" | 136,118
Line 3,681 ⟶ 3,905:
|}
</div>
 
* <sup>(1)</sup> Directly owned exposure only (before look-through).
* <sup>(2)</sup> Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
* <sup>(3)</sup> 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 ==
Line 3,690 ⟶ 3,910:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Equity and equity-like investments breakdown by typeindustry and segmentbusiness for fiscal year 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,698 ⟶ 3,918:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Financial
| style="text-align:right" | 2,266
| style="text-align:right" | 1,307
Line 3,705 ⟶ 3,925:
| style="text-align:right" | 819
|-
| style="text-align:left; padding-left:1.5em" | Consumer
| style="text-align:right" | 914
| style="text-align:right" | 761
Line 3,712 ⟶ 3,932:
| style="text-align:right" | 140
|-
| style="text-align:left; padding-left:1.5em" | Energy
| style="text-align:right" | 792
| style="text-align:right" | 757
Line 3,719 ⟶ 3,939:
| style="text-align:right" | 30
|-
| style="text-align:left; padding-left:1.5em" | Industrial
| style="text-align:right" | 645
| style="text-align:right" | 537
Line 3,726 ⟶ 3,946:
| style="text-align:right" | 107
|-
| style="text-align:left; padding-left:1.5em" | Telecommunication services
| style="text-align:right" | 588
| style="text-align:right" | 177
Line 3,733 ⟶ 3,953:
| style="text-align:right" | 49
|-
| style="text-align:left; padding-left:1.5em" | Other
| style="text-align:right" | 2,320
| style="text-align:right" | 2,281
Line 3,747 ⟶ 3,967:
| style="text-align:right" | '''1,533'''
|-
| style="text-align:left; padding-left:1.5em" | Asset allocationAllocation fundsFunds
| style="text-align:right" | 4,630
| style="text-align:right" | 4,488
Line 3,754 ⟶ 3,974:
| style="text-align:right" | 139
|-
| style="text-align:left; padding-left:1.5em" | Alternative investmentsInvestments ({{footnote|1)=Including Private Equity.}}
| style="text-align:right" | 15,558
| style="text-align:right" | 13,610
Line 3,769 ⟶ 3,989:
|}
</div>
 
* <sup>(1)</sup> Including Private Equity.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Direct equities investments breakdown by geography and segment for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,782 ⟶ 4,000:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Italy
| style="text-align:right" | 666
| style="text-align:right" | 328
Line 3,789 ⟶ 4,007:
| style="text-align:right" | 299
|-
| style="text-align:left; padding-left:1.5em" | France
| style="text-align:right" | 1,235
| style="text-align:right" | 1,134
Line 3,796 ⟶ 4,014:
| style="text-align:right" | 100
|-
| style="text-align:left; padding-left:1.5em" | Germany
| style="text-align:right" | 832
| style="text-align:right" | 637
Line 3,803 ⟶ 4,021:
| style="text-align:right" | 163
|-
| style="text-align:left; padding-left:1.5em" | CEE
| style="text-align:right" | 188
| style="text-align:right" | 15
Line 3,810 ⟶ 4,028:
| style="text-align:right" | 103
|-
| style="text-align:left; padding-left:1.5em" | Rest of Europe
| style="text-align:right" | 1,667
| style="text-align:right" | 1,351
Line 3,817 ⟶ 4,035:
| style="text-align:right" | 302
|-
| style="text-align:left; padding-left:1.5em" | Rest of worldWorld
| style="text-align:right" | 2,937
| style="text-align:right" | 2,355
Line 3,835 ⟶ 4,053:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Equities breakdown by amortised cost and fair value for fiscal year 2025reconciliation
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Amortised cost
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | ∆
|-
| style="text-align:left" | '''Equities'''
| style="text-align:right" | '''27,078'''
| style="text-align:right" | '''27,712'''
| style="text-align:right" | '''635'''
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through OCI (2){{footnote|1=Without recycling to P&L.}}
| style="text-align:right" | 2,839
| style="text-align:right" | 3,474
| style="text-align:right" | 635
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through P&L
| style="text-align:right" | 24,239
| style="text-align:right" | 24,239
| style="text-align:right" | n.m.
|}
</div>
 
* <sup>(2)</sup> Without recycling to P&L.
 
== Investments Focus Fixed Income ==
Line 3,860 ⟶ 4,080:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Fixed income investments breakdown by rating and segmentbusiness for fiscal year 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,868 ⟶ 4,088:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | AAA
| style="text-align:right" | 11,161
| style="text-align:right" | 9,213
Line 3,875 ⟶ 4,095:
| style="text-align:right" | 1,508
|-
| style="text-align:left; padding-left:1.5em" | AA
| style="text-align:right" | 17,982
| style="text-align:right" | 13,739
Line 3,882 ⟶ 4,102:
| style="text-align:right" | 2,918
|-
| style="text-align:left; padding-left:1.5em" | A
| style="text-align:right" | 56,845
| style="text-align:right" | 48,362
Line 3,889 ⟶ 4,109:
| style="text-align:right" | 5,874
|-
| style="text-align:left; padding-left:1.5em" | BBB
| style="text-align:right" | 44,814
| style="text-align:right" | 35,835
Line 3,896 ⟶ 4,116:
| style="text-align:right" | 2,966
|-
| style="text-align:left; padding-left:1.5em" | Not investment grade
| style="text-align:right" | 1,469
| style="text-align:right" | 816
Line 3,903 ⟶ 4,123:
| style="text-align:right" | 630
|-
| style="text-align:left; padding-left:1.5em" | Not rated
| style="text-align:right" | 8,445
| style="text-align:right" | 8,201
Line 3,921 ⟶ 4,141:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedInvestments fixed income investments breakdown by geography and segment for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,929 ⟶ 4,149:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Italy
| style="text-align:right" | 35,462
| style="text-align:right" | 28,573
Line 3,936 ⟶ 4,156:
| style="text-align:right" | 982
|-
| style="text-align:left; padding-left:1.5em" | France
| style="text-align:right" | 19,491
| style="text-align:right" | 16,392
Line 3,943 ⟶ 4,163:
| style="text-align:right" | 1,494
|-
| style="text-align:left; padding-left:1.5em" | Spain
| style="text-align:right" | 19,947
| style="text-align:right" | 17,891
Line 3,950 ⟶ 4,170:
| style="text-align:right" | 1,660
|-
| style="text-align:left; padding-left:1.5em" | Rest of Europe
| style="text-align:right" | 26,420
| style="text-align:right" | 22,932
Line 3,957 ⟶ 4,177:
| style="text-align:right" | 2,771
|-
| style="text-align:left; padding-left:1.5em" | CEE
| style="text-align:right" | 12,266
| style="text-align:right" | 7,732
Line 3,964 ⟶ 4,184:
| style="text-align:right" | 3,943
|-
| style="text-align:left; padding-left:1.5em" | Rest of worldWorld
| style="text-align:right" | 19,749
| style="text-align:right" | 17,413
Line 3,971 ⟶ 4,191:
| style="text-align:right" | 2,285
|-
| style="text-align:left; padding-left:1.5em" | Supranational
| style="text-align:right" | 7,380
| style="text-align:right" | 5,232
Line 3,989 ⟶ 4,209:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Government bonds breakdown by amortised cost and fair value for fiscal yearaccounting 2025treatment
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Amortised costCost
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | ∆
|-
| style="text-align:left" | '''Government bonds {{footnote|1=Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.}}'''
| style="text-align:right" | '''162,275'''
| style="text-align:right" | '''140,786'''
| style="text-align:right" | '''(21,489)'''
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through OCI
| style="text-align:right" | 153,619
| style="text-align:right" | 132,058
| style="text-align:right" | -21,561
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through P&L
| style="text-align:right" | 2,187
| style="text-align:right" | 2,187
| style="text-align:right" | n.m
|-
| style="text-align:left; padding-left:1.5em" | Amortised cost
| style="text-align:right" | 6,469
| style="text-align:right" | 6,541
| style="text-align:right" | 71
|}
</div>
Line 4,010 ⟶ 4,239:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration of government bonds by life and P&C for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! style="text-align:center" | Duration governmentGovernment bonds
! style="text-align:center" |
|-
Line 4,019 ⟶ 4,248:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Duration
| style="text-align:right" | 11.1
| style="text-align:right" | 6.1
|}
</div>
 
* <sup>(1)</sup> Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
* CORPORATE BOND
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Fixed income breakdowninvestments by rating, group, life, and P&C for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 4,038 ⟶ 4,264:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | AAA
| style="text-align:right" | 6,129
| style="text-align:right" | 4,520
Line 4,045 ⟶ 4,271:
| style="text-align:right" | 606
|-
| style="text-align:left; padding-left:1.5em" | AA
| style="text-align:right" | 6,557
| style="text-align:right" | 4,727
Line 4,052 ⟶ 4,278:
| style="text-align:right" | 1,313
|-
| style="text-align:left; padding-left:1.5em" | A
| style="text-align:right" | 32,093
| style="text-align:right" | 25,620
Line 4,059 ⟶ 4,285:
| style="text-align:right" | 5,606
|-
| style="text-align:left; padding-left:1.5em" | BBB
| style="text-align:right" | 54,660
| style="text-align:right" | 45,557
Line 4,066 ⟶ 4,292:
| style="text-align:right" | 8,469
|-
| style="text-align:left; padding-left:1.5em" | Not investment grade
| style="text-align:right" | 6,932
| style="text-align:right" | 5,436
Line 4,073 ⟶ 4,299:
| style="text-align:right" | 1,449
|-
| style="text-align:left; padding-left:1.5em" | Not rated
| style="text-align:right" | 1,468
| style="text-align:right" | 1,285
Line 4,091 ⟶ 4,317:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedCorporate fixed income breakdowninvestments by rating, corporate financial, and corporate non financial for fiscal year 2025type
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Corporate Financial
! class="col-s" style="text-align:right" | Corporate Non Financial
|-
| style="text-align:left; padding-left:1.5em" | AAA
| style="text-align:right" | 5,619
| style="text-align:right" | 510
|-
| style="text-align:left; padding-left:1.5em" | AA
| style="text-align:right" | 3,350
| style="text-align:right" | 3,207
|-
| style="text-align:left; padding-left:1.5em" | A
| style="text-align:right" | 15,071
| style="text-align:right" | 17,022
|-
| style="text-align:left; padding-left:1.5em" | BBB
| style="text-align:right" | 14,839
| style="text-align:right" | 39,821
|-
| style="text-align:left; padding-left:1.5em" | Not investment grade
| style="text-align:right" | 854
| style="text-align:right" | 6,078
|-
| style="text-align:left; padding-left:1.5em" | Not rated
| style="text-align:right" | 749
| style="text-align:right" | 719
|-
| style="text-align:left" | '''TotalTotale'''
| style="text-align:right" | '''40,482'''
| style="text-align:right" | '''67,357'''
Line 4,128 ⟶ 4,354:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Fixed income breakdowninvestments by sector, group, life,industry and P&C for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 4,136 ⟶ 4,362:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Financials
| style="text-align:right" | 40,482
| style="text-align:right" | 32,721
Line 4,143 ⟶ 4,369:
| style="text-align:right" | 6,513
|-
| style="text-align:left; padding-left:1.5em" | Utilities
| style="text-align:right" | 12,935
| style="text-align:right" | 11,287
Line 4,150 ⟶ 4,376:
| style="text-align:right" | 1,642
|-
| style="text-align:left; padding-left:1.5em" | Consumer
| style="text-align:right" | 11,694
| style="text-align:right" | 9,281
Line 4,157 ⟶ 4,383:
| style="text-align:right" | 2,305
|-
| style="text-align:left; padding-left:1.5em" | Industrial
| style="text-align:right" | 11,072
| style="text-align:right" | 9,250
Line 4,164 ⟶ 4,390:
| style="text-align:right" | 1,722
|-
| style="text-align:left; padding-left:1.5em" | Telecommunication services
| style="text-align:right" | 8,609
| style="text-align:right" | 7,437
Line 4,171 ⟶ 4,397:
| style="text-align:right" | 1,064
|-
| style="text-align:left; padding-left:1.5em" | Health care
| style="text-align:right" | 5,119
| style="text-align:right" | 4,400
Line 4,178 ⟶ 4,404:
| style="text-align:right" | 720
|-
| style="text-align:left; padding-left:1.5em" | Other
| style="text-align:right" | 17,928
| style="text-align:right" | 14,189
Line 4,196 ⟶ 4,422:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedCorporate fixed income breakdowninvestments by geography, corporate financial, and corporate non financial for fiscal year 2025type
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Corporate Financial
! class="col-s" style="text-align:right" | Corporate Non Financial
|-
| style="text-align:left; padding-left:1.5em" | Italy
| style="text-align:right" | 2,386
| style="text-align:right" | 4,663
|-
| style="text-align:left; padding-left:1.5em" | France
| style="text-align:right" | 6,007
| style="text-align:right" | 10,196
|-
| style="text-align:left; padding-left:1.5em" | Germany
| style="text-align:right" | 3,404
| style="text-align:right" | 6,932
|-
| style="text-align:left; padding-left:1.5em" | CEE
| style="text-align:right" | 703
| style="text-align:right" | 702
|-
| style="text-align:left; padding-left:1.5em" | Rest of Europe
| style="text-align:right" | 19,485
| style="text-align:right" | 22,271
|-
| style="text-align:left; padding-left:1.5em" | Rest of worldWorld
| style="text-align:right" | 8,497
| style="text-align:right" | 22,594
|-
| style="text-align:left" | '''TotalTotale'''
| style="text-align:right" | '''40,482'''
| style="text-align:right" | '''67,357'''
Line 4,233 ⟶ 4,459:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Corporate bonds by amortisedaccounting cost and fair value for fiscal year 2025treatment
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Amortised Cost
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | ∆
|-
| style="text-align:left" | '''Corporate bonds'''
| style="text-align:right" | '''112,784'''
| style="text-align:right" | '''107,838'''
| style="text-align:right" | '''(4,946)'''
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through OCI
| style="text-align:right" | 103,100
| style="text-align:right" | 98,155
| style="text-align:right" | -4,945
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through P&L
| style="text-align:right" | 7,076
| style="text-align:right" | 7,076
| style="text-align:right" | n.m.
|-
| style="text-align:left; padding-left:1.5em" | Amortised cost
| style="text-align:right" | 2,609
| style="text-align:right" | 2,608
| style="text-align:right" | -1
|}
</div>
Line 4,254 ⟶ 4,489:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration of corporate bonds by life and P&C for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! style="text-align:center" | Duration corporateCorporate bonds
! style="text-align:center" |
|-
Line 4,263 ⟶ 4,498:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Duration
| style="text-align:right" | 4.9
| style="text-align:right" | 3.6
|}
</div>
 
* OTHER FIXED INCOME
* Split by nature
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Indirect investments in fixed income build-up by group, life, and P&C for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 4,280 ⟶ 4,512:
! class="col-s" style="text-align:right" | P&C
|-
| style="text-align:left; padding-left:1.5em" | Indirect investments in fixed income
| style="text-align:right" | 36,308
| style="text-align:right" | 32,281
| style="text-align:right" | 3,248
|-
| style="text-align:left; padding-left:1.5em" | Mortgage loans
| style="text-align:right" | 7,363
| style="text-align:right" | 1,070
| style="text-align:right" | 126
|-
| style="text-align:left; padding-left:1.5em" | Time deposit other than cash & cash-like
| style="text-align:right" | 2,408
| style="text-align:right" | 2,274
| style="text-align:right" | 537
|-
| style="text-align:left; padding-left:1.5em" | All other loans
| style="text-align:right" | 7,938
| style="text-align:right" | 8,741
| style="text-align:right" | 572
|-
| style="text-align:left" | '''Total {{footnote|1=OTHER FIXED INCOME.}}'''
| style="text-align:right" | '''54,017'''
| style="text-align:right" | '''44,366'''
Line 4,309 ⟶ 4,541:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments breakdownbuild-up by accounting treatment for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Amortised costCost
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | ∆
|-
| style="text-align:left" | '''Total'''
| style="text-align:right" | '''54,080'''
| style="text-align:right" | '''53,977'''
| style="text-align:right" | '''(103)'''
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through OCI
| style="text-align:right" | 8,005
| style="text-align:right" | 7,942
| style="text-align:right" | -63
|-
| style="text-align:left; padding-left:1.5em" | Fair valueValue through P&L
| style="text-align:right" | 36,534
| style="text-align:right" | 36,534
| style="text-align:right" | n.m.
|-
| style="text-align:left; padding-left:1.5em" | Amortised cost
| style="text-align:right" | 9,540
| style="text-align:right" | 9,500
| style="text-align:right" | -40
|}
</div>
Line 4,332 ⟶ 4,573:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Real estate investments breakdownbuild-up by valuationaccounting method for fiscal year 2025treatment
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Book valueValue
! class="col-s" style="text-align:right" | Fair valueValue
! class="col-s" style="text-align:right" | ∆
|-
| style="text-align:left" | Investment properties
| style="text-align:right" | 22,293
| style="text-align:right" | 24,379
| style="text-align:right" | 2,085
|-
| style="text-align:left" | Indirect investments in realReal estateEstate
| style="text-align:right" | 4,094
| style="text-align:right" | 4,094
| style="text-align:right" | n.m.
|-
| style="text-align:left" | '''Total generalGeneral accountAccount investmentsInvestments'''
| style="text-align:right" | '''26,387'''
| style="text-align:right" | '''28,472'''
| style="text-align:right" | '''2,085'''
|-
| style="text-align:left" | Self use properties ({{footnote|1)=Not included within General account investments.}}
| style="text-align:right" | 2,955
| style="text-align:right" | 3,697
| style="text-align:right" | 742
|-
| style="text-align:left" | Inventories ({{footnote|1)=Not included within General account investments.}}
| style="text-align:right" | 680
| style="text-align:right" | 680
| style="text-align:right" | n.m.
|-
| style="text-align:left" | '''Total'''
| style="text-align:right" | '''30,022'''
| style="text-align:right" | '''32,849'''
| style="text-align:right" | '''2,827'''
|}
</div>
 
* <sup>(1)</sup> Not included within General account investments.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ RealInvestment estateproperties investmentsfair breakdownvalue by geography for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Fair valueValue
|-
| style="text-align:left; padding-left:1.5em" | Italy
| style="text-align:right" | 7,941
|-
| style="text-align:left; padding-left:1.5em" | France
| style="text-align:right" | 7,059
|-
| style="text-align:left; padding-left:1.5em" | Germany
| style="text-align:right" | 3,189
|-
| style="text-align:left; padding-left:1.5em" | CEE
| style="text-align:right" | 361
|-
| style="text-align:left; padding-left:1.5em" | Rest of Europe
| style="text-align:right" | 5,546
|-
| style="text-align:left; padding-left:1.5em" | Rest of worldWorld
| style="text-align:right" | 284
|-
Line 4,396 ⟶ 4,642:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Real estate investments breakdown by property type for fiscal year 2025
! style="text-align:left" | %
! class="col-s" style="text-align:right" | —
Line 4,424 ⟶ 4,670:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratioown rollforwardfunds forand fiscalSCR years 2024 and 2025rollforward
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Group ownOwn fundsFunds
! class="col-s" style="text-align:right" | Group SCR
! class="col-s" style="text-align:right" | Solvency II ratio (1) (%) {{footnote|1=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).}}
! class="col-s" style="text-align:right" | Solvency II ratio (1) (%)
|-
| style="text-align:left" | '''Opening FY 2024'''
Line 4,445 ⟶ 4,691:
| style="text-align:right" | 20%
|-
| style="text-align:left; padding-left:1.5em" | Life
| style="text-align:right" | 3.7
| style="text-align:right" | 0.2
| style="text-align:right" | 14%
|-
| style="text-align:left; padding-left:1.5em" | P&C
| style="text-align:right" | 2.2
| style="text-align:right" | 0.1
| style="text-align:right" | 8%
|-
| style="text-align:left; padding-left:1.5em" | Financial
| style="text-align:right" | 0.7
| style="text-align:right" | —
| style="text-align:right" | 3%
|-
| style="text-align:left; padding-left:1.5em" | Holdings
| style="text-align:right" | -1.1
| style="text-align:right" | —
Line 4,491 ⟶ 4,737:
|}
</div>
 
* <sup>(1)</sup> 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).
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratio sensitivity to market shocks for fiscal year 2025
! style="text-align:left" | %
! class="col-s" style="text-align:right" | YE 2025
Line 4,515 ⟶ 4,759:
| style="text-align:right" | -2 p.p.
|-
| style="text-align:left" | Euro area govies spread +50 bps(2) {{footnote|1=The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.}}
| style="text-align:right" | -8 p.p.
|}
</div>
 
* <sup>(2)</sup> The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group ownOwn fundsFunds build-up, forSolvency fiscal year 2025II
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left" | '''Group shareholdersShareholders' equity'''
| style="text-align:right" | '''32.1'''
|-
Line 4,534 ⟶ 4,776:
| style="text-align:right" | '''24.1'''
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 3.4
|-
Line 4,558 ⟶ 4,800:
| style="text-align:right" | -5.9
|-
| style="text-align:left" | Foreseeable dividends (3){{footnote|1=The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.}}
| style="text-align:right" | -2.5
|-
| style="text-align:left" | '''Group ownOwn fundsFunds'''
| style="text-align:right" | '''52.6'''
|}
</div>
 
* <sup>(3)</sup> The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.
Retrieved from "https://www.insurerbrain.com/wiki/Generali/2025/FY/Financial_supplement"