Insurer Brain

Generali/2025/FY/Financial supplement: Difference between revisions

Browse history interactively
← Older editNewer edit →
Content deleted Content added
VisualWikitext
PlumBot: publish from draft
PlumBot: publish from draft
Line 143:
<div style="overflow-x:auto">
{| class="wikitable fintable"
*|+ <sup>(1)</sup>Adjusted EPS and share data for fiscal years 2024 and 2025 {{footnote|1=Adjusted net result and EPS definitions include adjustments for: I).}} volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets II) Hyperinflation effect under IAS 29 III) amortisation of intangibles from M&A transactions (business combinations under IFRS 3) excluding those connected to brands, technology and bancassurance or equivalent distribution agreement, if material IV) impact of gains and losses from acquisitions and disposals, including possible restructuring costs incurred during the first year from the acquisition, if material)▼
|+ Adjusted EPS and share data for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | YE 2024
Line 164:
| style="text-align:right" | 42,268,284
|-
*| <sup>(2)</sup>style="text-align:left" | Adjusted EPS {{footnote|1=Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares.}}▼
| style="text-align:left" | Adjusted EPS (2)
| style="text-align:right" | 2.45
| style="text-align:right" | 2.85
|}
</div>
 
▲* <sup>(1)</sup> Adjusted net result and EPS definitions include adjustments for: I) volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets II) Hyperinflation effect under IAS 29 III) amortisation of intangibles from M&A transactions (business combinations under IFRS 3) excluding those connected to brands, technology and bancassurance or equivalent distribution agreement, if material IV) impact of gains and losses from acquisitions and disposals, including possible restructuring costs incurred during the first year from the acquisition, if material
▲* <sup>(2)</sup> Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares.
 
== Summary P&L Segment ==
Line 486 ⟶ 483:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ BalanceTotal sheetassets and liabilities breakdown by segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 835 ⟶ 832:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Gross present value future cash-flows, risk adjustment, and net contractual service margin (CSM) breakdown by segment for fiscal years 2024 and 2025 {{footnote|1=Including (re)insurance contracts that are assets.}}
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 849 ⟶ 846:
! class="col-s" style="text-align:right" | YE 2025
|-
| style="text-align:left" | Gross present value future cash-flows (PVFCF) (2){{footnote|1=Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.}}
| style="text-align:right" | 404,025
| style="text-align:right" | 414,521
Line 873 ⟶ 870:
| style="text-align:right" | 1,007
|-
| style="text-align:left" | Net contractual service margin (CSM) (3){{footnote|1=CSM presented net of reinsurance, taxes and minorities.}}
| style="text-align:right" | 21,484
| style="text-align:right" | 24,117
Line 882 ⟶ 879:
|}
</div>
 
* <sup>(1)</sup> Including (re)insurance contracts that are assets
* <sup>(2)</sup> Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities
* <sup>(3)</sup> CSM presented net of reinsurance, taxes and minorities
 
== Volumes ==
Line 893 ⟶ 886:
|+ Gross written premium and reinsurance accepted breakdown by geography and line of business for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Gross Writtenwritten Premiumpremium
! colspan="6" style="text-align:center" | Gross Primaryprimary Premiumspremiums
! colspan="3" style="text-align:center" | Reinsurance accepted
|-
Line 900 ⟶ 893:
! colspan="3" style="text-align:center" | P&C
! colspan="3" style="text-align:center" | Motor
! colspan="3" style="text-align:center" | Non Motormotor
! colspan="3" style="text-align:center" | P&C
|-
Line 1,089 ⟶ 1,082:
<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.}}
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Gross Writtenwritten Premiumpremium
! colspan="9" style="text-align:center" | Gross Primaryprimary Premiumspremiums
! colspan="3" style="text-align:center" | Reinsurance accepted
|-
! style="text-align:left" |
! colspan="3" style="text-align:center" | Life
! colspan="3" style="text-align:center" | Traditional Savingsaving
! colspan="3" style="text-align:center" | Protection & Healthhealth
! colspan="3" style="text-align:center" | Hybrid & Unitunit Linkedlinked
! colspan="3" style="text-align:center" | Life
|-
Line 1,307 ⟶ 1,300:
|}
</div>
 
* Total Gross Written Premiums
 
<div style="overflow-x:auto">
Line 1,489 ⟶ 1,480:
| style="text-align:right" | '''3,010'''
|-
| style="text-align:left" | Perimeter ({{footnote|1)=Including investment contracts, PAA, and potential LC.}}
| style="text-align:right" | 192
| style="text-align:right" | 196
Line 1,502 ⟶ 1,493:
|}
</div>
 
* <sup>(1)</sup> Including investment contracts, PAA, and potential LC
 
<div style="overflow-x:auto">
Line 1,905 ⟶ 1,894:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Insurance contracts issued breakdown by maturity for fiscal year 2025 {{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:left" | EUR million
! class="col-s" style="text-align:right" | Up to 1 year
Line 1,927 ⟶ 1,916:
|}
</div>
 
* <sup>(1)</sup> The development of CSM here reported does not consider unwinding effect, future new business release contribution, CSM additional release due to the economic systematic variance.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) sensitivity by economic scenario for fiscal years 2024 and 2025 {{footnote|1=Sensitivities representing impact before release.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 1,957 ⟶ 1,944:
| style="text-align:right" | -481
|-
| style="text-align:left" | Euro area govies spread(3) {{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
|}
</div>
 
* <sup>(2)</sup> Sensitivities representing impact before release.
* <sup>(3)</sup> The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
 
== Life Operating ==
Line 2,142 ⟶ 2,126:
| style="text-align:right" | 269
|-
| style="text-align:left" | Group holdings and other companies ({{footnote|1)=Including elimination of transactions between Generali Group companies in different geographic regions.}}
| style="text-align:right" | -36
| style="text-align:right" | 53
Line 2,167 ⟶ 2,151:
|}
</div>
 
* <sup>(1)</sup> Including elimination of transactions between Generali Group companies in different geographic regions
 
== P&C Operating ==
Line 2,222 ⟶ 2,204:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ PropertyCombined ratio analysis for property and casualty (P&C) combined ratio analysis for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | YE 2024
Line 2,287 ⟶ 2,269:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C operating result breakdown by segmentgeography for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Insurance contract revenues
Line 2,296 ⟶ 2,278:
! colspan="2" style="text-align:center" | Loss ratio
! colspan="2" style="text-align:center" | Natural catastrophe losses undiscounted
! colspan="2" style="text-align:center" | Gross expenseExpense ratio
! colspan="2" style="text-align:center" | Combined ratio undiscounted
|-
Line 2,519 ⟶ 2,501:
| style="text-align:right" | 94.0%
|-
| style="text-align:left" | Group holdings and other companies ({{footnote|1)=Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios.}}
| style="text-align:right" | 1,252
| style="text-align:right" | 1,206
Line 2,560 ⟶ 2,542:
|}
</div>
 
* <sup>(1)</sup> Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios
 
== Asset Management ==
Line 2,689 ⟶ 2,669:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management average AUM and cost income ratio for fiscal years 2024 and 2025 {{footnote|1=Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024.}} {{footnote|1=Mainly including dividends, net result from participations, and interest income.}} {{footnote|1=Including minorities at affiliate level.}} {{footnote|1=MGG fully consolidated starting from October 2025.}}
|+ Asset management key metrics for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! style="text-align:center" |
Line 2,708 ⟶ 2,688:
| style="text-align:right" | '''696'''
|-
| style="text-align:left; padding-left:1.5em" | o/w Generali Group ({{footnote|1)=Including (3)Unit-Linked.}} {{footnote|1=Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.}}
| style="text-align:right" | 416
| style="text-align:right" | 431
Line 2,745 ⟶ 2,725:
|}
</div>
 
* <sup>(1)</sup> Including Unit-Linked
* <sup>(2)</sup> Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024
* <sup>(3)</sup> Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds
* <sup>(4)</sup> Mainly including dividends, net result from participations, and interest income
* <sup>(5)</sup> Including minorities at affiliate level
* <sup>(6)</sup> MGG fully consolidated starting from October 2025
 
== Capitalisation and Debt ==
Line 2,855 ⟶ 2,828:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Financial debtDebt maturity schedule by type for fiscal year 2025 {{footnote|1=These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Senior
Line 2,917 ⟶ 2,890:
|}
</div>
 
* <sup>(1)</sup> These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.
 
== Investments Summary ==
Line 2,924 ⟶ 2,895:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Total investments breakdown by asset classtype and segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Group
Line 2,930 ⟶ 2,901:
! colspan="2" style="text-align:center" | o/w Life VFA
! colspan="2" style="text-align:center" | o/w Life other than VFA
! colspan="2" style="text-align:center" | Property & casualtyCasualty
! colspan="2" style="text-align:center" | Asset & wealthWealth managementManagement
! colspan="2" style="text-align:center" | Holding and otherOther businessesBusinesses
! colspan="2" style="text-align:center" | Consolidation
|-
Line 2,971 ⟶ 2,942:
| style="text-align:right" | -4,155
|-
| style="text-align:left" | Government bonds ({{footnote|1=Directly owned exposure only (before look-through).}}
| style="text-align:right" | 139,053
| style="text-align:right" | 140,715
Line 3,061 ⟶ 3,032:
| style="text-align:right" | -
|-
| style="text-align:left" | Cash & cash-like (2){{footnote|1=Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.}}
| style="text-align:right" | 17,192
| style="text-align:right" | 14,470
Line 3,079 ⟶ 3,050:
| style="text-align:right" | -1,209
|-
| style="text-align:left" | Other investments (3){{footnote|1=Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.}}
| style="text-align:right" | 7,805
| style="text-align:right" | 8,917
Line 3,097 ⟶ 3,068:
| style="text-align:right" | -3,197
|-
| style="text-align:left" | '''Total investments - generalGeneral account'''
| style="text-align:right" | '''373,065'''
| style="text-align:right" | '''380,057'''
Line 3,151 ⟶ 3,122:
| style="text-align:right" | —
|-
*| <sup>(4)</sup>style="text-align:left" | Third parties AUM {{footnote|1=The amount presented in the item does not include € 440 mln at YE 2025, and € 447 mln at YE 2024, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item.}}▼
| style="text-align:left" | Third parties AUM (4)
| style="text-align:right" | 366,084
| style="text-align:right" | 383,755
Line 3,188 ⟶ 3,159:
|}
</div>
 
* <sup>(1)</sup> Directly owned exposure only (before look-through).
* <sup>(2)</sup> Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
* <sup>(3)</sup> Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
▲* <sup>(4)</sup> The amount presented in the item does not include € 440 mln at YE 2025, and € 447 mln at YE 2024, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 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 3,289 ⟶ 3,255:
|}
</div>
 
* <sup>(5)</sup> In P&C, excluding Argentina on a like for like basis, Fixed Income generated current returns for 1,104 Mln (3.2%) in FY25 compared with 1,001 Mln (3.0%) in FY24, while the total portfolio generated current returns for 1,777 Mln (3.7%) in FY25 versus 1,644 Mln (3.5%) in FY24.
 
== Investments by Acc Treatment ==
Line 3,380 ⟶ 3,344:
| style="text-align:right" | 1,535
|-
| style="text-align:left" | Government bonds ({{footnote|1=Directly owned exposure only (before look-through).}}
| style="text-align:right" | 2,044
| style="text-align:right" | 2,187
Line 3,530 ⟶ 3,494:
| style="text-align:right" | 2,141
|-
| style="text-align:left" | Cash & cash-like (2){{footnote|1=Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.}}
| style="text-align:right" | 12,466
| style="text-align:right" | 10,246
Line 3,560 ⟶ 3,524:
| 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 3,681 ⟶ 3,645:
|}
</div>
 
* <sup>(1)</sup> Directly owned exposure only (before look-through).
* <sup>(2)</sup> Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
* <sup>(3)</sup> Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
 
== Investments Focus Equity ==
Line 3,754 ⟶ 3,714:
| style="text-align:right" | 139
|-
| style="text-align:left" | Alternative investments ({{footnote|1)=Including Private Equity.}}
| style="text-align:right" | 15,558
| style="text-align:right" | 13,610
Line 3,769 ⟶ 3,729:
|}
</div>
 
* <sup>(1)</sup> Including Private Equity.
 
<div style="overflow-x:auto">
Line 3,844 ⟶ 3,802:
| style="text-align:right" | '''27,712'''
|-
| style="text-align:left" | Fair value through OCI (2){{footnote|1=Without recycling to P&L.}}
| style="text-align:right" | 2,839
| style="text-align:right" | 3,474
Line 3,853 ⟶ 3,811:
|}
</div>
 
* <sup>(2)</sup> Without recycling to P&L.
 
== Investments Focus Fixed Income ==
Line 4,010 ⟶ 3,966:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Duration of government bonds by life and P&C for fiscal year 2025 {{footnote|1=Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.}} {{footnote|1=CORPORATE BOND.}}
! style="text-align:left" | EUR million
! style="text-align:center" | Duration government bonds
Line 4,024 ⟶ 3,980:
|}
</div>
 
* <sup>(1)</sup> Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
* CORPORATE BOND
 
<div style="overflow-x:auto">
Line 4,254 ⟶ 4,207:
<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 by nature.}}
! style="text-align:left" | EUR million
! style="text-align:center" | Duration corporate bonds
Line 4,268 ⟶ 4,221:
|}
</div>
 
* OTHER FIXED INCOME
* Split by nature
 
<div style="overflow-x:auto">
Line 4,349 ⟶ 4,299:
| 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
Line 4,362 ⟶ 4,312:
|}
</div>
 
* <sup>(1)</sup> Not included within General account investments.
 
<div style="overflow-x:auto">
Line 4,428 ⟶ 4,376:
! class="col-s" style="text-align:right" | Group own funds
! class="col-s" style="text-align:right" | Group SCR
*! <sup>(1)</sup>class="col-s" style="text-align:right" | Solvency II ratio {{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 4,491 ⟶ 4,439:
|}
</div>
 
▲* <sup>(1)</sup> The solvency position (Own Funds and SCR) disclosed here is based on the last available information. Differences may arise in comparison to the official values, which will be included in the 2025 Solvency and Financial Condition Report (SFCR) and Quantitative Reporting Templates (QRT).
 
<div style="overflow-x:auto">
Line 4,515 ⟶ 4,461:
| style="text-align:right" | -2 p.p.
|-
| style="text-align:left" | Euro area govies spread +50 bps(2) {{footnote|1=The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.}}
| style="text-align:right" | -8 p.p.
|}
</div>
 
* <sup>(2)</sup> The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
 
<div style="overflow-x:auto">
Line 4,558 ⟶ 4,502:
| 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
|-
Line 4,565 ⟶ 4,509:
|}
</div>
 
* <sup>(3)</sup> The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.
Retrieved from "https://www.insurerbrain.com/wiki/Generali/2025/FY/Financial_supplement"