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Line 8:
| 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
Line 134:
| 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 174 ⟶ 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 211 ⟶ 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 225 ⟶ 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 239 ⟶ 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 253 ⟶ 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 281 ⟶ 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 295 ⟶ 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 309 ⟶ 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 323 ⟶ 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 337 ⟶ 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 351 ⟶ 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 365 ⟶ 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 379 ⟶ 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 407 ⟶ 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 421 ⟶ 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 449 ⟶ 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 483 ⟶ 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 506 ⟶ 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 520 ⟶ 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 534 ⟶ 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 548 ⟶ 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 562 ⟶ 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 576 ⟶ 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 590 ⟶ 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 604 ⟶ 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 618 ⟶ 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 632 ⟶ 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 646 ⟶ 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 660 ⟶ 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 674 ⟶ 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 688 ⟶ 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 702 ⟶ 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 716 ⟶ 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 730 ⟶ 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 744 ⟶ 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 758 ⟶ 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 772 ⟶ 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 786 ⟶ 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 814 ⟶ 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 832 ⟶ 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 846 ⟶ 842:
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left" | Gross presentPresent valueValue futureFuture cashCash-flowsFlows (PVFCF) {{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 854 ⟶ 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 862 ⟶ 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 870 ⟶ 866:
| style="text-align:right" | 1,007
|-
| style="text-align:left" | Net contractualContractual serviceService marginMargin (CSM) {{footnote|1=CSM presented net of reinsurance, taxes and minorities.}}
| style="text-align:right" | 21,484
| style="text-align:right" | 24,117
Line 884 ⟶ 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 1,036 ⟶ 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 1,050 ⟶ 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 1,064 ⟶ 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 1,082 ⟶ 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 2025 {{footnote|1=Total Gross Written Premiums.}}Life
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Gross Written Premium
Line 1,265 ⟶ 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 1,282 ⟶ 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 1,303 ⟶ 1,299:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Gross written premiums
|+ Life net inflows time series by geography 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
! 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 by country
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Group
Line 1,360 ⟶ 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 1,374 ⟶ 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
Line 1,383 ⟶ 1,394:
! class="col-s" style="text-align:right" | Hybrid & Unit Linked
|-
| style="text-align:left" | '''Total groupGroup'''
| style="text-align:right" | '''2,406'''
| style="text-align:right" | '''4,472'''
Line 1,394 ⟶ 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
Line 1,408 ⟶ 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 1,416 ⟶ 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 1,424 ⟶ 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 1,444 ⟶ 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 1,468 ⟶ 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 1,480 ⟶ 1,491:
| style="text-align:right" | '''3,010'''
|-
| style="text-align:left" | Perimeter {{footnote|1=Including (re)insuranceinvestment contracts, thatPAA, areand assetspotential LC.}}
| style="text-align:right" | 192
| style="text-align:right" | 196
Line 1,496 ⟶ 1,507:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value and margin by geographycountry forand fiscal years 2024 andproduct 2025type
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | PVNBP
Line 1,645 ⟶ 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 1,677 ⟶ 1,688:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value sensitivity for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,710 ⟶ 1,721:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life new business margin sensitivity for fiscal yearsto 2024interest andrate 2025changes
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,729 ⟶ 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 1,785 ⟶ 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 1,874 ⟶ 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 1,894 ⟶ 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 1,919 ⟶ 1,927:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ContractualLife service margin (CSM) sensitivity 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 1,944 ⟶ 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.}} +50 bps
| style="text-align:right" | -637
| style="text-align:right" | -747
Line 1,954 ⟶ 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 1,966 ⟶ 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 1,990 ⟶ 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 1,998 ⟶ 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 2,126 ⟶ 2,134:
| style="text-align:right" | 269
|-
| style="text-align:left" | Group holdingsHoldings and other companies {{footnote|1=Including investmentelimination contracts,of PAA,transactions andbetween Generali Group companies in different potentialgeographic LCregions.}}
| style="text-align:right" | -36
| style="text-align:right" | 53
Line 2,156 ⟶ 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 2,168 ⟶ 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 2,188 ⟶ 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 2,204 ⟶ 2,212:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C indicators
|+ Property and casualty (P&C) operating ratio analysis for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 2,217 ⟶ 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 2,269 ⟶ 2,277:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Summary P&C operating result breakdown by geography for fiscal years 2024 and 2025country
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Insurance contract revenues
Line 2,501 ⟶ 2,509:
| style="text-align:right" | 94.0%
|-
| style="text-align:left" | Group holdingsHoldings and other companies {{footnote|1=The developmentElimination of CSMtransactions herebetween reportedGenerali doesGroup notcompanies considerin unwindingdifferent effect,geographic futureregions newwere businessincluded releasein contribution,absolute CSMvalues additional release due to theand economicexcluded systematicin varianceratios.}}
| style="text-align:right" | 1,252
| style="text-align:right" | 1,206
Line 2,547 ⟶ 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 2,556 ⟶ 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 elimination of transactions between Generali Group companies in different geographic regionsUnit-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=SensitivitiesConning Holdings Limited (“CHL”) fully consolidated representingstarting impactfrom beforeApril release2024.}}
| style="text-align:right" | 154.4
| style="text-align:right" | 4.5
Line 2,580 ⟶ 2,588:
| style="text-align:right" | '''712'''
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Generali Group {{footnote|(1=Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios.}}) {{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 2,592 ⟶ 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 2,611 ⟶ 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 2,617 ⟶ 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 2,623 ⟶ 2,631:
| style="text-align:right" | 160
|-
| style="text-align:left; padding-left:1.5em" | Other revenues {{footnote|1=Mainly including dividends, net result from participations, and interest income.}}
| style="text-align:right" | 173
| style="text-align:right" | 160
Line 2,653 ⟶ 2,661:
| style="text-align:right" | —
|-
| style="text-align:left" | Minorities adjusted {{footnote|1=Including minorities at affiliate level.}}(5) {{footnote|1=MGG fully consolidated starting from October 2025.}}
| style="text-align:right" | -83
| style="text-align:right" | -90
Line 2,669 ⟶ 2,677:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management averageother AUMinformation and{{footnote|1=Including costminorities incomeat ratioaffiliate for fiscal years 2024 and 2025level.}}
! style="text-align:left" | EUR billion
! style="text-align:center" |
Line 2,688 ⟶ 2,696:
| style="text-align:right" | '''696'''
|-
| style="text-align:left; padding-left:1.5em3em" | o/w Generali Group {{footnote|(1=Including Unit-Linked.}}) {{footnote|1=IncludesIncluding derivativeequity accounted as liabilitiesstakes of €Assicurazioni 2.398 mln as at YE 2025 and ofGenerali €in 2,718its mlnsubsidiaries asheld atin YEAM 2024funds.}}
| style="text-align:right" | 416
| style="text-align:right" | 431
Line 2,694 ⟶ 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 2,706 ⟶ 2,714:
| style="text-align:right" | '''18.6'''
|-
| style="text-align:left; padding-left:1.5em" | o/w on Generali Group AUM {{footnote|1=TheseIncluding KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bondsUnit-Linked.}}
| style="text-align:right" | 17.1
| style="text-align:right" | 16.9
Line 2,718 ⟶ 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 2,730 ⟶ 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 2,747 ⟶ 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 2,791 ⟶ 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 2,808 ⟶ 2,816:
| style="text-align:right" | 102
|-
| style="text-align:left" | '''Total financial debt {{footnote|1=DirectlyThese ownedKPIs exposureexclude onlybond (beforeissuances look-through)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=IncludingThese PrivateKPIs Equityexclude 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=GovernmentThese bondsKPIs comprisesexclude Sovereign,bond Agencies,issuances Stateclassified &as Localshareholders’ notesequities, andsuch otheras GovernmentRT1 Guaranteedbonds notesand AT1 bonds.}}'''
| style="text-align:right" | '''493'''
| style="text-align:right" | '''460'''
Line 2,828 ⟶ 2,836:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Debt maturity schedule by type for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Senior
Line 2,895 ⟶ 2,903:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments summary by business unit
|+ Total investments breakdown by type and segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 2,942 ⟶ 2,950:
| style="text-align:right" | -4,155
|-
| style="text-align:left; padding-left:1.5em" | Government bonds {{footnote|1=NotDirectly includedowned withinexposure Generalonly account(before investmentslook-through).}}
| style="text-align:right" | 139,053
| style="text-align:right" | 140,715
Line 2,960 ⟶ 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 2,978 ⟶ 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 3,032 ⟶ 3,040:
| style="text-align:right" | -
|-
| style="text-align:left" | Cash & cash-like {{footnote|1=ConningIncludes Holdingsrepurchase Limitedagreement (“CHL”)accounted fullyas consolidatedliabilities startingof from€ April3,779 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 3,050 ⟶ 3,058:
| style="text-align:right" | -1,209
|-
| style="text-align:left" | Other investments {{footnote|1=TheIncludes foreseeablederivative dividendaccounted correspondsas toliabilities theof proposed€ total2.398 dividend,mln subjectas toat approvalYE by2025 and of € 2,718 themln nextas Annualat GeneralYE Meeting2024.}}
| style="text-align:right" | 7,805
| style="text-align:right" | 8,917
Line 3,086 ⟶ 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 3,122 ⟶ 3,130:
| style="text-align:right" | —
|-
| style="text-align:left" | Third partiesParties 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:right" | 366,084
| style="text-align:right" | 383,755
Line 3,162 ⟶ 3,170:
<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 {{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.}}
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 3,168 ⟶ 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 3,194 ⟶ 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 3,206 ⟶ 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 3,218 ⟶ 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 3,253 ⟶ 3,261:
| style="text-align:right" | 2,805
| style="text-align:right" | 1,522
|}
</div>
 
<div style="overflow-x:auto">
{| 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>
Line 3,260 ⟶ 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 3,269 ⟶ 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 3,344 ⟶ 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:left" | Government bonds {{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).}}
| style="text-align:right" | 2,044
| style="text-align:right" | 2,187
Line 3,374 ⟶ 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 3,404 ⟶ 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 3,524 ⟶ 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 3,554 ⟶ 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 3,584 ⟶ 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 3,650 ⟶ 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 3,658 ⟶ 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 3,665 ⟶ 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 3,672 ⟶ 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 3,679 ⟶ 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 3,686 ⟶ 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 3,693 ⟶ 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 3,707 ⟶ 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 3,714 ⟶ 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 3,732 ⟶ 3,992:
<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 3,740 ⟶ 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 3,747 ⟶ 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 3,754 ⟶ 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 3,761 ⟶ 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 3,768 ⟶ 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 3,775 ⟶ 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 3,793 ⟶ 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 {{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>
Line 3,816 ⟶ 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 3,824 ⟶ 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 3,831 ⟶ 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 3,838 ⟶ 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 3,845 ⟶ 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 3,852 ⟶ 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 3,859 ⟶ 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 3,877 ⟶ 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 3,885 ⟶ 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 3,892 ⟶ 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 3,899 ⟶ 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 3,906 ⟶ 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 3,913 ⟶ 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 3,920 ⟶ 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 3,927 ⟶ 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 3,945 ⟶ 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 3,966 ⟶ 4,239:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration of government bonds by life and P&C for fiscal year 2025 {{footnote|1=CORPORATEbusiness BOND.}}unit
! style="text-align:left" | EUR million
! style="text-align:center" | Duration governmentGovernment bonds
! style="text-align:center" |
|-
Line 3,975 ⟶ 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
Line 3,983 ⟶ 4,256:
<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 3,991 ⟶ 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 3,998 ⟶ 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 4,005 ⟶ 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 4,012 ⟶ 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 4,019 ⟶ 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 4,026 ⟶ 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 4,044 ⟶ 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 4,081 ⟶ 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 4,089 ⟶ 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 4,096 ⟶ 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 4,103 ⟶ 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 4,110 ⟶ 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 4,117 ⟶ 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 4,124 ⟶ 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 4,131 ⟶ 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 4,149 ⟶ 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 4,186 ⟶ 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 4,207 ⟶ 4,489:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration of corporate bonds by life and P&C for fiscal year 2025 {{footnote|1=OTHER FIXED INCOME.}} {{footnote|1=Split bybusiness nature.}}unit
! style="text-align:left" | EUR million
! style="text-align:center" | Duration corporateCorporate bonds
! style="text-align:center" |
|-
Line 4,216 ⟶ 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
Line 4,224 ⟶ 4,506:
<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 4,230 ⟶ 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 4,259 ⟶ 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 4,282 ⟶ 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>
Line 4,315 ⟶ 4,613:
<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 4,344 ⟶ 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 4,372 ⟶ 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 4,393 ⟶ 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 4,442 ⟶ 4,740:
<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 4,468 ⟶ 4,766:
<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 4,478 ⟶ 4,776:
| style="text-align:right" | '''24.1'''
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 3.4
|-
Line 4,502 ⟶ 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'''
|}
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