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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 34:
| style="text-align:right" | 3,663
|-
| style="text-align:left" | Asset & wealthWealth managementManagement
| style="text-align:right" | 1,176
| style="text-align:right" | 1,194
Line 42:
| style="text-align:right" | -610
|-
| style="text-align:left" | Consolidation adjustmentsAdjustments
| style="text-align:right" | -379
| style="text-align:right" | -397
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" | Profit or lossLoss on assets at FVTPL on non-par & SH fund
| style="text-align:right" | -50
| style="text-align:right" | 97
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 253 ⟶ 249:
| style="text-align:right" | -549
|-
| style="text-align:left; padding-left:1.5em" | Ofof which operating holding expenses
| style="text-align:right" | -693
| style="text-align:right" | -760
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 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 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" | Shareholders' equity attributable to the groupGroup
| style="text-align:right" | '''30,389'''
| style="text-align:right" | '''32,064'''
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"
|+ 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 1,360 ⟶ 1,356:
| 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 ⟶ 1,370:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life net inflows breakdown by product type for fiscalline yearof 2025business
! style="text-align:left" |
! colspan="3" style="text-align:center" | YE 2025
Line 1,383 ⟶ 1,379:
! 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 ⟶ 1,390:
<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 ⟶ 1,404:
! 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 ⟶ 1,412:
| 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 ⟶ 1,420:
| 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 ⟶ 1,440:
<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 ⟶ 1,464:
<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 ⟶ 1,476:
| 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 ⟶ 1,492:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value and margin by geographycountry forand fiscalline yearsof 2024 and 2025business
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | PVNBP
Line 1,645 ⟶ 1,641:
| 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 ⟶ 1,673:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business value sensitivity for fiscal years 2024 andby 2025driver
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,710 ⟶ 1,706:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life newNew business margin sensitivity for fiscal years 2024 andby 2025driver
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,729 ⟶ 1,725:
<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 1,761 ⟶ 1,757:
| style="text-align:right" | -48
|-
| style="text-align:left" | '''CSM before release {{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.}}'''
| style="text-align:right" | '''33,270'''
| style="text-align:right" | '''36,826'''
Line 1,785 ⟶ 1,781:
<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
! style="text-align:center" | CSM stock
! style="text-align:center" |
! style="text-align:center" | New businessBusiness CSM
! style="text-align:center" |
! style="text-align:center" | CSM release
Line 1,874 ⟶ 1,870:
| 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 ⟶ 1,890:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Insurance contracts issued breakdown by maturity for fiscal year 2025duration
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Up to 1 year
Line 1,919 ⟶ 1,915:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ CSM sensitivity by market and interest rate {{footnote|1=Sensitivities representing impact before release.}}
|+ Contractual service margin (CSM) sensitivity for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,944 ⟶ 1,940:
| 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 ⟶ 1,950:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life operating result build-up for fiscal years 2024 and 2025summary
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 1,990 ⟶ 1,986:
| 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 ⟶ 1,994:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life operating result breakdownsummary 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 ⟶ 2,122:
| 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 ⟶ 2,152:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property and casualty (P&C) operating result build-up for fiscal years 2024 and 2025summary
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 2,196 ⟶ 2,192:
| 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 ⟶ 2,200:
<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 2,237 ⟶ 2,233:
| 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%'''
Line 2,269 ⟶ 2,265:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ PProperty &C casualty operating result breakdownsummary 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 ⟶ 2,497:
| 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 ⟶ 2,543:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets under management (AUM) rollforward for fiscal years 2024by andclient 2025type
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | YE 2024
Line 2,560 ⟶ 2,556:
| style="text-align:right" | 16.2
|-
| style="text-align:left; padding-left:1.5em" | 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
Line 2,572 ⟶ 2,568:
| style="text-align:right" | -4.2
|-
| style="text-align:left" | Perimeter changes {{footnote|1=SensitivitiesConning representingHoldings impactLimited before(“CHL”) releasefully consolidated starting from April 2024.}}
| style="text-align:right" | 154.4
| style="text-align:right" | 4.5
Line 2,580 ⟶ 2,576:
| style="text-align:right" | '''712'''
|-
| style="text-align:left; padding-left:1.5em" | 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
Line 2,592 ⟶ 2,588:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management operatingprofit resultand loss build-up for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! style="text-align:center" |
Line 2,653 ⟶ 2,649:
| 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 2,659 ⟶ 2,655:
| style="text-align:right" | —
|-
| style="text-align:left" | '''Adjusted net result after minorities {{footnote|1=Including minorities at affiliate level.}}'''
| style="text-align:right" | '''343'''
| style="text-align:right" | '''356'''
Line 2,669 ⟶ 2,665:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management averagekey AUMmetrics andby costclient income ratio for fiscal years 2024 and 2025type
! style="text-align:left" | EUR billion
! style="text-align:center" |
Line 2,688 ⟶ 2,684:
| style="text-align:right" | '''696'''
|-
| style="text-align:left; padding-left:1.5em" | 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 2,706 ⟶ 2,702:
| 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 ⟶ 2,714:
| 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 ⟶ 2,726:
<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 ⟶ 2,743:
| style="text-align:right" | -2,172
|-
| style="text-align:left" | Other comprehensiveComprehensive incomeIncome reserve
| style="text-align:right" | -133
| style="text-align:right" | -114
Line 2,759 ⟶ 2,755:
| style="text-align:right" | 3,643
|-
| style="text-align:left" | Defined benefitBenefit plansPlans
| style="text-align:right" | 34
| style="text-align:right" | 71
Line 2,771 ⟶ 2,767:
| 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 ⟶ 2,787:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Financial debt breakdown by type forand fiscal years 2024 andaverage 2025cost
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 2,808 ⟶ 2,804:
| 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 ⟶ 2,824:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ DebtFinancial 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 ⟶ 2,891:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments by asset class and 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 ⟶ 2,938:
| style="text-align:right" | -4,155
|-
| style="text-align:left" | 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 3,032 ⟶ 3,028:
| 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 ⟶ 3,046:
| 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 ⟶ 3,082:
| 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 ⟶ 3,118:
| 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 ⟶ 3,158:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Investments summary 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 ⟶ 3,164:
! colspan="2" style="text-align:center" | o/w Life VFA
! colspan="2" style="text-align:center" | o/w Life other than VFA
▲|+! Investmentcolspan="2" incomestyle="text-align:center" summary| by group, life, and propertyProperty & casualty for year end 2024 and year endCasualty 20255 {{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 ⟶ 3,190:
| 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 ⟶ 3,202:
| 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 ⟶ 3,214:
| 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 3,260 ⟶ 3,256:
<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
Line 3,269 ⟶ 3,265:
|-
! 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
|-
Line 3,344 ⟶ 3,340:
| style="text-align:right" | 1,535
|-
| style="text-align:left" | 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 3,524 ⟶ 3,520:
| 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 ⟶ 3,550:
| 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 ⟶ 3,580:
| 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 ⟶ 3,646:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Equity and equity-like investments breakdownbuild-up by typebusiness and segment for fiscal year 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,707 ⟶ 3,703:
| style="text-align:right" | '''1,533'''
|-
| style="text-align:left" | Asset allocationAllocation fundsFunds
| style="text-align:right" | 4,630
| style="text-align:right" | 4,488
Line 3,714 ⟶ 3,710:
| style="text-align:right" | 139
|-
| style="text-align:left" | Alternative investmentsInvestments ({{footnote|1)=Including Private Equity.}}
| style="text-align:right" | 15,558
| style="text-align:right" | 13,610
Line 3,732 ⟶ 3,728:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Direct equitiesequity breakdowninvestments by geography and segmentbusiness for fiscal year 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,775 ⟶ 3,771:
| style="text-align:right" | 302
|-
| style="text-align:left" | Rest of worldWorld
| style="text-align:right" | 2,937
| style="text-align:right" | 2,355
Line 3,793 ⟶ 3,789:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Equity investments by accounting treatment
|+ Equities breakdown by amortised cost and fair value for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Amortised cost
! class="col-s" style="text-align:right" | Fair valueValue
|-
| style="text-align:left" | '''Equities'''
Line 3,802 ⟶ 3,798:
| style="text-align:right" | '''27,712'''
|-
| style="text-align:left" | 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:left" | Fair valueValue through P&L
| style="text-align:right" | 24,239
| style="text-align:right" | 24,239
Line 3,816 ⟶ 3,812:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Fixed income investments breakdown by rating and segment for fiscal yearbusiness 2025unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Group
Line 3,877 ⟶ 3,873:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 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 3,920 ⟶ 3,916:
| style="text-align:right" | 3,943
|-
| style="text-align:left" | Rest of worldWorld
| style="text-align:right" | 19,749
| style="text-align:right" | 17,413
Line 3,945 ⟶ 3,941:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Government bondsbond breakdowninvestments by amortisedaccounting cost and fair value for fiscal year 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
|-
| 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:left" | Fair valueValue through OCI
| style="text-align:right" | 153,619
| style="text-align:right" | 132,058
|-
| style="text-align:left" | Fair valueValue through P&L
| style="text-align:right" | 2,187
| style="text-align:right" | 2,187
Line 3,966 ⟶ 3,962:
<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 3,983 ⟶ 3,979:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedGovernment incomebonds breakdown 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 4,044 ⟶ 4,040:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedCorporate incomebonds breakdown 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
Line 4,073 ⟶ 4,069:
| 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 ⟶ 4,077:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedCorporate incomebonds breakdown 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 4,149 ⟶ 4,145:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ FixedCorporate incomebonds breakdown 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
Line 4,174 ⟶ 4,170:
| style="text-align:right" | 22,271
|-
| style="text-align:left" | 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 ⟶ 4,182:
<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
Line 4,195 ⟶ 4,191:
| style="text-align:right" | '''107,838'''
|-
| style="text-align:left" | Fair valueValue through OCI
| style="text-align:right" | 103,100
| style="text-align:right" | 98,155
|-
| style="text-align:left" | Fair valueValue through P&L
| style="text-align:right" | 7,076
| style="text-align:right" | 7,076
Line 4,207 ⟶ 4,203:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration of corporate bonds by lifebusiness and P&C for fiscal year 2025unit {{footnote|1=OTHER FIXED INCOME.}} {{footnote|1=Split by nature.}}
! style="text-align:left" | EUR million
! style="text-align:center" | Duration corporateCorporate bonds
! style="text-align:center" |
|-
Line 4,224 ⟶ 4,220:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Indirect investments inOther fixed income investments 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 4,259 ⟶ 4,255:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ InvestmentsFixed breakdownincome investments by accounting treatment for fiscal year 2025classification
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Amortised costCost
! class="col-s" style="text-align:right" | Fair valueValue
|-
| style="text-align:left" | '''Total'''
Line 4,268 ⟶ 4,264:
| style="text-align:right" | '''53,977'''
|-
| style="text-align:left" | Fair valueValue through OCI
| style="text-align:right" | 8,005
| style="text-align:right" | 7,942
|-
| style="text-align:left" | Fair valueValue through P&L
| style="text-align:right" | 36,534
| style="text-align:right" | 36,534
Line 4,282 ⟶ 4,278:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Real estate investments breakdown by valuation method for fiscal yearaccounting 2025classification
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Book valueValue
! class="col-s" style="text-align:right" | Fair valueValue
|-
| style="text-align:left" | Investment properties
Line 4,291 ⟶ 4,287:
| style="text-align:right" | 24,379
|-
| style="text-align:left" | Indirect investments in realReal estateEstate
| style="text-align:right" | 4,094
| style="text-align:right" | 4,094
|-
| style="text-align:left" | '''Total generalGeneral accountAccount investmentsInvestments'''
| style="text-align:right" | '''26,387'''
| style="text-align:right" | '''28,472'''
|-
| 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:left" | Inventories ({{footnote|1)=Not included within General account investments.}}
| style="text-align:right" | 680
| style="text-align:right" | 680
Line 4,315 ⟶ 4,311:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Real estate investments breakdown 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" | Italy
Line 4,334 ⟶ 4,330:
| style="text-align:right" | 5,546
|-
| style="text-align:left" | Rest of worldWorld
| style="text-align:right" | 284
|-
Line 4,344 ⟶ 4,340:
<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 ⟶ 4,368:
<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:leftright" | GovernmentSolvency II ratio (1) 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).}}
! class="col-s" style="text-align:right" | Solvency II ratio (1) (%)
|-
| style="text-align:left" | '''Opening FY 2024'''
Line 4,442 ⟶ 4,438:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratio sensitivity toby market shocks for fiscal year 2025factor
! style="text-align:left" | %
! class="col-s" style="text-align:right" | YE 2025
Line 4,468 ⟶ 4,464:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ GroupSolvency II own funds build-up for fiscal year 2025
! 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 ⟶ 4,474:
| style="text-align:right" | '''24.1'''
|-
| style="text-align:left" | Minority interestsInterests
| style="text-align:right" | 3.4
|-
Line 4,502 ⟶ 4,498:
| 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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