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

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Document info
Organization	Generali
Year	2025
Period	FY
Period label	FY25
Document type	Financial supplement
Language	English
Source	Original URL
Archive	.md file

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Revision as of 10:20, 15 June 2026

Generali FY25 financial supplement.

Summary P&L

Consolidated profit and loss build-up
EUR million	YE 2024	YE 2025
Consolidated operating result	7,295	8,004
Life operating result	3,982	4,154
P&C operating result	3,052	3,663
Asset & Wealth Management	1,176	1,194
Holding and other businesses	-536	-610
Consolidation Adjustments	-379	-397
Consolidated non-operating result	(1,255)	(1,641)
Non-operating investment result	28	-214
Net investment result from FVTPL and net gains on foreign currency	82	-82
Net non-operating realized gains	135	41
Net non-operating ECL and impairment losses	-190	-173
Net other non-operating expenses	-710	-910
Non-operating holding expenses	-572	-517
Interest expenses on financial debt	-493	-460
Other non-operating holding expenses	-79	-57
Earnings before taxes	6,041	6,363
Income taxes	-1,843	-1,717
Result for discontinued operations	-31	17
Consolidated result for the period	4,167	4,663
Minority interests	-442	-491
Net result	3,724	4,172

Adjusted net result build-up
EUR million	YE 2024	YE 2025
Profit or Loss on assets at FVTPL on non-par & SH fund	-50	97
Hyperinflation effect (IAS 29)	71	9
Amortisation of intangibles related to M&A	51	54
Gains & losses from acquisitions & disposal	-27	-17
Adjusted net result (footnote: Adjusted net result and EPS definitions include adjustments for: I) volatility effects deriving from the valuation at fair value through profit or loss (FVTPL) of investments not backing portfolios with direct profit participation and the free assets II) Hyperinflation effect under IAS 29 III) amortisation of intangibles from M&A transactions (business combinations under IFRS 3) excluding those connected to brands, technology and bancassurance or equivalent distribution agreement, if material IV) impact of gains and losses from acquisitions and disposals, including possible restructuring costs incurred during the first year from the acquisition, if material.)	3,769	4,315

Shares and adjusted EPS
EUR million	YE 2024	YE 2025
Closing number of shares	1,569,420,004	1,549,784,923
Closing number of treasury shares	47,994,953	46,606,923
Weighted average number outstanding of shares	1,538,690,704	1,513,810,624
Weighted average number of treasury shares	27,804,292	42,268,284
Adjusted EPS (footnote: Adjusted EPS is equal to the ratio of Group adjusted net result, including interest expenses related to Restricted Tier 1 debt classified as shareholders’ equity, to the weighted average number of ordinary shares outstanding, net of weighted average treasury shares.)	2.45	2.85

Summary P&L Segment

Consolidated profit and loss build-up by business unit
EUR million	Group		Life		P&C		Asset & Wealth management		Holding and other businesses		Consolidation
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Consolidated operating result	7,295	8,004	3,982	4,154	3,052	3,663	1,176	1,194	(536)	(610)	(379)	(397)
Net insurance service result	5,795	6,734	3,105	3,445	2,289	2,908	—	-6	—	—	401	388
Operating investment result	2,459	2,431	943	911	1,076	1,050	477	485	188	220	-224	-235
Other operating income and expenses	-959	-1,162	-65	-202	-313	-295	700	715	-724	-830	-556	-549
of which operating holding expenses	-693	-760	—	—	—	—	—	—	-693	-760	—	—
Consolidated non-operating result	(1,255)	(1,641)	(175)	(330)	(410)	(592)	(101)	(141)	(567)	(572)	(1)	(5)
Non-operating investment result	28	-214	-70	-150	55	-54	18	-19	26	15	-1	-5
Net investment result from FVTPL and net gains on foreign currency	82	-82	27	-27	41	-55	4	-18	11	22	-1	-4
Net non-operating realized gains	135	41	-31	-86	153	117	12	11	1	-1	—	—
Net non-operating ECL and impairment losses	-190	-173	-67	-37	-140	-116	2	-12	14	-6	—	-1
Net other non-operating expenses	-710	-910	-105	-180	-465	-538	-118	-121	-21	-70	—	—
Non-operating holding expenses	-572	-517	—	—	—	—	—	—	-572	-517	—	—
Interest expenses on financial debt	-493	-460	—	—	—	—	—	—	-493	-460	—	—
Other non-operating holding expenses	-79	-57	—	—	—	—	—	—	-79	-57	—	—
Earnings before taxes	6,041	6,363	3,807	3,824	2,641	3,071	1,075	1,053	(1,103)	(1,183)	(380)	(402)
Income taxes	-1,843	-1,717	—	—	—	—	—	—	—	—	—	—
Result from discontinued operations	-31	17	—	—	—	—	—	—	—	—	—	—
Consolidated result for the period	4,167	4,663	—	—	—	—	—	—	—	—	—	—
Minority interests	-442	-491	—	—	—	—	—	—	—	—	—	—
Net result	3,724	4,172	—	—	—	—	—	—	—	—	—	—

Summary BS

Consolidated balance sheet build-up by business unit
EUR million	Group		Life		P&C		Asset & Wealth management		Holding and other businesses		Consolidation
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Intangible assets	11,861	12,200	4,754	4,849	5,987	5,968	1,007	1,262	85	93	28	28
Tangible assets	3,746	4,099	791	991	2,238	2,378	257	258	550	573	-91	-102
Insurance assets	4,902	4,729	604	716	4,324	4,012	—	—	—	—	-26	—
Investments	494,340	514,328	432,120	447,418	44,476	47,362	15,250	17,226	10,542	11,500	-8,049	-9,179
Investment properties	22,503	22,293	19,985	20,010	2,506	2,280	—	—	12	3	—	—
Investments in subsidiaries, associated companies and joint ventures	2,840	3,026	3,499	3,908	2,317	2,966	6	5	64	74	-3,046	-3,927
Financial assets	468,997	489,009	408,636	423,500	39,654	42,116	15,244	17,221	10,465	11,423	-5,003	-5,251
Other financial assets	6,209	7,395	2,686	3,233	2,607	3,971	730	1,046	186	388	—	-1,243
Other assets	9,275	8,470	5,325	3,484	2,755	3,637	852	1,021	469	394	-126	-67
Cash and cash equivalents	8,315	7,308	3,957	3,873	2,690	2,599	1,340	768	523	258	-196	-189
Total Assets	538,647	558,529	450,237	464,565	65,077	69,927	19,436	21,582	12,356	13,206	(8,459)	(10,750)
Insurance liabilities	438,486	452,432	400,565	412,810	37,947	39,622	—	—	—	—	-26	—
Financial liabilities	45,710	48,843	20,542	21,960	5,298	5,932	14,478	16,292	7,798	8,310	-2,407	-3,652
Financial liabilities at fair value through profit or loss	8,166	9,272	7,732	8,630	171	148	262	494	1	3	—	-2
Financial liabilities at amortised cost	37,544	39,570	12,810	13,330	5,127	5,784	14,217	15,798	7,797	8,308	-2,407	-3,650
Other provisions	2,399	2,229	636	480	1,054	1,065	383	342	297	313	29	29
Payables	9,027	10,212	2,945	3,824	4,405	5,122	718	1,223	959	1,167	—	-1,123
Other liabilities	9,931	10,027	3,553	3,961	5,381	5,291	570	522	511	348	-85	-94
Total Liabilities	505,551	523,741	428,240	443,033	54,085	57,031	16,149	18,379	9,565	10,138	(2,488)	(4,841)
Shareholders' equity attributable to the Group	30,389	32,064	—	—	—	—	—	—	—	—	—	—
Shareholders' equity attributable to minority interests	2,707	2,724	—	—	—	—	—	—	—	—	—	—
Shareholders' equity	33,095	34,788	—	—	—	—	—	—	—	—	—	—
Total Liabilities & shareholders' equity	538,647	558,529	—	—	—	—	—	—	—	—	—	—

(Re)insurance contracts issued build-up by business unit (footnote: Including (re)insurance contracts that are assets.)
EUR million	Group		Life		P&C
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Gross Present Value Future Cash-Flows (PVFCF) (footnote: Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.)	404,025	414,521	368,337	377,146	35,687	37,375
Gross Risk Adjustment (RA)	2,897	2,949	1,630	1,736	1,267	1,213
Gross Contractual Service Margin (CSM)	31,228	34,610	30,283	33,603	945	1,007
Net Contractual Service Margin (CSM) (footnote: CSM presented net of reinsurance, taxes and minorities.)	21,484	24,117	—	—	—	—

Volumes

Gross written premium by geography and line of business, P&C
EUR million	Gross Written Premium			Gross Primary Premiums						Reinsurance accepted
	P&C			Motor			Non Motor			P&C
—	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like
Italy	8,836	9,310	5.4%	3,095	3,233	4.4%	5,512	5,851	6.2%	228	226	-1.0%
France	3,929	4,225	7.5%	1,278	1,343	5.1%	2,557	2,772	8.4%	94	110	17.6%
Germany	4,378	4,682	6.9%	1,627	1,805	10.9%	2,742	2,863	4.4%	8	14	67.0%
Austria	1,888	1,982	5.0%	765	809	5.6%	1,119	1,169	4.4%	3	5	38.2%
Switzerland	766	761	-2.3%	307	318	1.9%	459	443	-5.1%	0	0	-
CEE	3,839	4,177	8.0%	1,944	2,087	6.7%	1,847	2,038	9.4%	48	52	7.7%
Spain	2,917	3,130	4.4%	1,124	1,212	3.1%	1,695	1,815	5.4%	99	103	3.9%
Portugal	1,585	1,732	7.2%	649	722	9.4%	934	1,009	5.7%	1	1	-12.5%
Asia	1,474	1,688	7.1%	428	488	3.5%	738	810	5.9%	307	390	15.2%
Europ Assistance	2,212	2,566	16.0%	63	36	-43.4%	1,886	2,200	16.7%	263	330	25.7%
Group Holdings and other companies	1,932	1,928	20.5%	757	675	35.3%	732	783	13.8%	443	470	6.1%
Total Group	33,756	36,181	7.6%	12,038	12,726	7.5%	20,222	21,753	7.3%	1,495	1,702	11.3%

Gross written premium by geography and line of business, Life
EUR million	Gross Written Premium			Gross Primary Premiums									Reinsurance accepted
	Life			Traditional Saving			Protection & Health			Hybrid & Unit Linked			Life
—	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like	YE 2024	YE 2025	Change % like for like
Italy	23,360	21,534	-7.8%	10,139	9,841	-1.4%	345	549	9.0%	12,875	11,144	-13.5%	0	0	-
France	15,255	15,284	0.2%	7	3	-48.7%	3,215	3,277	1.9%	10,593	10,777	1.7%	1,440	1,226	-14.9%
Germany	10,572	10,810	2.3%	1,667	1,620	-2.8%	3,823	3,946	3.2%	5,083	5,244	3.2%	0	0	-
Austria	1,246	1,298	4.2%	290	277	-4.7%	518	572	10.5%	438	449	2.6%	0	0	-
Switzerland	1,076	1,069	-2.3%	162	156	-5.3%	25	28	10.2%	889	885	-2.1%	0	0	-
CEE	1,224	1,306	5.6%	139	121	-13.3%	493	555	11.2%	586	623	5.4%	6	7	12.1%
Spain	908	983	7.4%	310	310	-0.2%	350	384	8.9%	248	289	14.6%	0	0	-
Portugal	224	484	115.0%	17	148	n.m.	79	84	4.5%	128	252	97.4%	0	0	-
Asia	5,893	7,471	33.0%	4,035	5,656	46.3%	1,405	1,422	7.8%	438	380	-9.7%	16	13	-19.2%
Group Holdings and other companies	1,676	1,704	5.6%	54	66	23.0%	668	735	19.7%	15	17	15.5%	939	886	-5.7%
Total Group	61,434	61,943	1.4%	16,819	18,198	10.7%	10,922	11,553	5.6%	31,292	30,060	-4.0%	2,401	2,132	-11.2%

Life net inflows by country
EUR million	Group
	Life net inflows
—	YE 2024	YE 2025	Change % like for like
Italy	1,536	1,686	9.8%
France	2,946	3,848	30.6%
Germany	881	1,421	61.3%
Austria	84	56	-33.2%
Switzerland	88	1	-98.9%
CEE	354	418	16.9%
Spain	-57	-24	60.7%
Portugal	71	358	n.m.
Asia	3,432	5,290	61.4%
Group Holdings and other companies	338	432	41.0%
Total Group	9,674	13,487	42.5%

Life net inflows by line of business
	YE 2025
EUR million	Traditional Saving	Protection & Health	Hybrid & Unit Linked
Total Group	2,406	4,472	6,608

Life New Business

New business by line of business
EUR million	PVNBP		New Business Value		New Business Margin
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Traditional Saving	15,573	15,453	493	681	3.17%	4.41%
Protection & Health	10,755	11,714	899	998	8.36%	8.52%
Hybrid & Unit Linked	28,770	28,385	1,585	1,468	5.51%	5.17%
Total	55,098	55,552	2,977	3,147	5.40%	5.66%

New business premiums by type
EUR million	Group
—	YE 2024	YE 2025
Annual premiums	3,170	2,877
Single premiums	29,713	29,891
Total premiums	32,883	32,768

New business value derivation
EUR million	Group
—	YE 2024	YE 2025
New business CSM	2,827	3,010
Perimeter (footnote: Including investment contracts, PAA, and potential LC.)	192	196
Reinsurance	-41	-59
New business value	2,977	3,147

New business by country and line of business
EUR million	PVNBP		New Business Value		New Business Margin		PVNBP weight Traditional Saving		PVNBP weight Protection & Health		PVNBP weight Hybrid & Unit Linked
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Italy	20,691	18,757	1,226	1,108	5.92%	5.90%	43.2%	41.9%	3.1%	4.2%	53.7%	53.8%
France	14,079	14,799	559	578	3.97%	3.91%	0.0%	0.0%	29.8%	30.7%	70.2%	69.3%
Germany	8,656	9,083	401	397	4.63%	4.37%	11.2%	10.8%	25.9%	25.1%	62.9%	64.1%
Austria	1,256	1,291	76	72	6.07%	5.61%	7.9%	8.3%	55.6%	57.8%	36.5%	33.9%
Switzerland	537	538	50	54	9.35%	10.06%	1.1%	3.8%	2.2%	3.1%	96.7%	93.0%
CEE	1,159	1,305	160	185	13.77%	14.18%	5.7%	3.7%	52.4%	56.5%	42.0%	39.9%
Spain	832	911	161	175	19.29%	19.24%	28.7%	26.9%	46.0%	45.2%	25.3%	27.9%
Portugal	236	521	25	30	10.42%	5.78%	18.1%	26.1%	34.4%	15.9%	47.5%	58.0%
Asia	6,974	7,537	317	535	4.54%	7.10%	74.2%	79.6%	18.3%	18.2%	7.6%	2.2%
Group Holdings and other companies	678	810	3	13	0.48%	1.56%	4.9%	5.7%	91.7%	90.3%	3.4%	4.0%
Group total	55,098	55,552	2,977	3,147	5.40%	5.66%	28.3%	27.8%	19.5%	21.1%	52.2%	51.1%

New business value sensitivity by driver
EUR million	YE 2024	YE 2025
Interest rate -50 bps	-265	-243
Interest rate +50 bps	207	180
Admin. and invest. manag. exp. -10%	144	161
Lapse rates *110%	-224	-259
Lapse rates *90%	251	285
Mortality/morbidity rates *95%	131	115

New business margin sensitivity by driver
EUR million	YE 2024	YE 2025
Interest rate -50 bps	-0.59%	-0.53%
Interest rate +50 bps	0.50%	0.43%

Life CSM

CSM roll-forward
EUR million	Group
—	YE 2024	YE 2025
Opening CSM	30,911	30,283
Change in scope and other - opening	38	—
New business CSM	2,827	3,010
Expected return	1,757	1,492
Economic variances	-875	2,088
Operating variances	-1,388	-48
CSM before release (footnote: The development of CSM here reported does not consider unwinding effect, future new business release contribution, CSM additional release due to the economic systematic variance.)	33,270	36,826
CSM release	-2,986	-3,223
Change in scope and other - closing	—	—
Closing CSM	30,283	33,603
CSM release ratio	-9.0%	-8.8%

CSM by country
EUR million	CSM stock		New Business CSM		CSM release
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Italy	11,042	11,474	1,215	1,096	-1,325	-1,384
France	4,088	5,182	572	596	-590	-673
Germany	9,193	10,183	406	408	-407	-443
Austria	1,549	1,716	78	74	-91	-103
Switzerland	763	846	51	55	-93	-103
CEE	1,286	1,397	152	173	-196	-211
Spain	456	484	51	64	-72	-78
Portugal	116	131	14	15	-19	-20
Asia	1,685	2,111	283	523	-184	-199
Group Holdings and other companies	105	78	3	8	-9	-8
Group total	30,283	33,603	2,827	3,010	(2,986)	(3,223)

Insurance contracts issued by duration
EUR million	Up to 1 year	Btw. 1 and 2 yrs	Btw. 2 and 3 yrs	Btw. 3 and 4 yrs	Btw. 4 and 5 yrs	Btw. 5 and 10 yrs	Btw. 10 and 20 yrs	Over 20 years
Insurance contracts issued	2,413	2,194	2,026	1,871	1,724	6,850	8,244	8,282

CSM sensitivity by market and interest rate (footnote: Sensitivities representing impact before release.)
EUR million	YE 2024	YE 2025
Equity market -25%	-2,369	-2,436
Equity market +25%	2,244	2,353
Interest rate -50 bps	-433	63
Interest rate +50 bps	346	-116
Corporate spread +50 bps	-470	-481
Euro area govies spread(3) +50 bps (footnote: The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.)	-637	-747

Life Operating

Life operating result summary
EUR million	Group
—	YE 2024	YE 2025
Operating insurance service result	3,039	3,243
CSM release	2,986	3,223
Risk adjustment release	145	163
Loss component	-231	-105
Experience variance and other technical result	204	164
Other operating income and expenses	-65	-202
Operating investment result	943	911
Life Operating result	3,982	4,154

Life operating result summary by country
EUR million	Operating insurance service result		CSM release		Loss component		Operating investment result		Life operating result
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Italy	1,230	1,266	1,325	1,384	-110	-33	337	343	1,567	1,609
France	675	659	590	673	-2	-29	177	205	852	864
Germany	407	446	407	443	—	—	106	73	513	519
Austria	84	96	91	103	—	—	8	7	92	103
Switzerland	134	113	93	103	—	-2	15	13	149	125
CEE	248	251	196	211	-8	-5	67	61	315	312
Spain	185	182	72	78	-7	-3	39	40	224	223
Portugal	26	21	19	20	—	1	2	8	28	30
Asia	85	155	184	199	-53	-34	156	114	241	269
Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.)	-36	53	9	8	-50	—	36	48	—	101
Group total	3,039	3,243	2,986	3,223	(231)	(105)	943	911	3,982	4,154

P&C Operating

P&C operating result summary
EUR million	Group
—	YE 2024	YE 2025
Operating insurance service result	1,976	2,613
Insurance contract revenues	32,936	35,246
Total net incurred claims	-21,464	-22,264
Insurance expenses	-9,183	-10,074
Other operating income and expenses	-313	-295
Operating investment result	1,076	1,050
Operating investment income	1,710	1,657
Insurance finance expenses	-634	-607
P&C Operating result	3,052	3,663

P&C indicators
EUR million	YE 2024	YE 2025
Combined ratio	94.0%	92.6%
Loss ratio	65.2%	63.2%
Current year loss ratio	67.2%	64.3%
Current year loss ratio undiscounted (excl. nat cat)	65.5%	64.3%
Natural catastrophe losses undiscounted	3.6%	1.7%
Current year discounting	-1.9%	-1.7%
Prior year loss ratio	-2.1%	-1.1%
Gross Expense ratio	28.8%	29.4%
Administration and acquisition expenses	27.9%	28.6%
Acquisition expenses	20.4%	21.4%
Administration expenses and other attributable expenses	7.4%	7.2%
Other operating income and expenses	1.0%	0.8%
Combined ratio undiscounted	95.9%	94.3%
Operating insurance service result undiscounted	1,340	2,007

Property & casualty operating result summary by country
EUR million	Insurance contract revenues		Operating insurance service result		Operating investment result		P&C operating result		Combined ratio		Loss ratio		Natural catastrophe losses undiscounted		Gross Expense ratio		Combined ratio undiscounted
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Italy	8,816	9,131	518	639	193	223	711	862	94.1%	93.0%	67.2%	65.5%	2.7%	2.5%	26.9%	27.5%	95.7%	94.5%
France	3,806	4,100	224	247	131	158	355	405	94.1%	94.0%	71.0%	70.5%	3.0%	2.6%	23.1%	23.4%	97.5%	97.0%
Germany	4,373	4,681	329	437	156	121	485	558	92.5%	90.7%	62.5%	61.1%	4.0%	1.1%	30.0%	29.5%	93.9%	92.0%
Austria	1,956	2,060	153	171	95	89	247	260	92.2%	91.7%	65.0%	64.4%	6.3%	1.8%	27.2%	27.3%	93.9%	93.3%
Switzerland	761	757	-13	-9	15	20	3	10	101.7%	101.2%	72.6%	71.6%	0.8%	0.0%	29.1%	29.6%	102.1%	101.5%
CEE	3,697	4,034	279	404	105	108	384	511	92.5%	90.0%	58.2%	56.1%	5.7%	2.2%	34.3%	33.9%	94.1%	91.6%
Spain	2,790	3,084	105	118	81	78	186	196	96.2%	96.2%	73.4%	69.0%	0.5%	0.1%	22.8%	27.2%	97.3%	97.1%
Portugal	1,549	1,682	63	85	45	47	107	133	95.9%	94.9%	72.1%	70.3%	0.1%	0.2%	23.9%	24.6%	97.1%	96.1%
Asia	1,378	1,672	14	-5	59	73	73	68	99.0%	100.3%	66.3%	66.5%	0.2%	0.0%	32.8%	33.7%	101.1%	102.0%
Europ Assistance	2,559	2,839	150	186	39	41	189	227	94.1%	93.5%	60.6%	59.4%	0.1%	0.0%	33.5%	34.1%	94.9%	94.0%
Group Holdings and other companies (footnote: Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios.)	1,252	1,206	154	342	158	93	312	434	96.5%	92.6%	73.8%	70.0%	7.0%	1.7%	22.8%	22.6%	99.8%	94.8%
Group total	32,936	35,246	1,976	2,613	1,076	1,050	3,052	3,663	94.0%	92.6%	65.2%	63.2%	3.6%	1.7%	28.8%	29.4%	95.9%	94.3%

Asset Management

Assets under management rollforward by client type
EUR billion	YE 2024	YE 2025
Opening AUM	516	695
Net inflows	6.7	16.2
o/w Generali Group (footnote: Including Unit-Linked.)	4.9	6.5
o/w Third party	1.8	9.6
Market effect, FX & other	18.5	-4.2
Perimeter changes (footnote: Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024.)	154.4	4.5
Closing AUM	695	712
o/w Generali Group (1) (footnote: Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.)	425	439
o/w Third party	271	273

Asset management profit and loss build-up
EUR billion			Pro-forma with 12 months of CHL	excl. MGG
—	YE 2024	YE 2025	YE 2024	YE 2025
Operating revenues	1,450	1,632	1,532	1,616
Total fees excl. performance fees	1,186	1,310	1,265	1,296
Performance fees	91	162	91	160
Other revenues (footnote: Mainly including dividends, net result from participations, and interest income.)	173	160	176	161
Operating expenses	(834)	(970)	(899)	(959)
Operating result	616	662	633	657
Non-operating result adjusted	-59	-77	—	—
Taxes adjusted	-130	-139	—	—
Minorities adjusted (5) (footnote: MGG fully consolidated starting from October 2025.)	-83	-90	—	—
Adjusted net result after minorities (footnote: Including minorities at affiliate level.)	343	356	—	—

Asset management key metrics by client type
EUR billion			Pro-forma w/ 12 months of CHL	excl. MGG
—	YE 2024	YE 2025	YE 2024	YE 2025
Average AUM (euro bn)	674	701	673	696
o/w Generali Group (1) (footnote: Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds.)	416	431	416	431
o/w Third party	258	270	257	266
Average total fees margin (bps)	18.8	19.3	18.8	18.6
o/w on Generali Group AUM (footnote: Including Unit-Linked.)	17.1	16.9	17.1	16.9
o/w on Third party AUM	21.6	23.2	21.6	21.4
Cost Income ratio (%)	57.5%	59.4%	58.7%	59.3%

Capitalisation and Debt

Shareholders' equity rollforward
EUR million	YE 2024	YE 2025
Opening shareholders' equity	28,968	30,389
Net profit	3,724	4,172
Dividends	-1,987	-2,172
Other Comprehensive Income reserve	-133	-114
Related to financial assets	2,057	-3,514
Related to insurance contracts	-2,300	3,643
Defined Benefit Plans	34	71
Foreign exchange	31	-301
Other	45	-12
Share Buybacks	-500	-500
Share Buybacks for Long-Term Incentive Plans	-264	-333
Other items	581	622
Closing shareholders' equity	30,389	32,064

Financial debt by type and average cost
EUR million	YE 2024	YE 2025
Subordinated debt	9,784	9,806
Senior debt	1,286	1,287
Other financial debt	90	102
Total financial debt (footnote: These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.)	11,160	11,194
Average maturity (FYears) (footnote: These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.)	4.9	4.8
Total interest cost (footnote: These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.)	493	460
Average cost (%)	4.16%	4.11%

Financial debt maturity by type
EUR million	Senior	Hybrid	Subordinated
2026	—	406	1,000
2027	—	—	1,750
2028	—	—	850
2029	500	—	500
2030	—	—	750
2031	—	500	600
2032	—	—	1,000
2033	—	—	1,000
2034	750	—	—
2035	—	—	1,250
2036	—	—	500

Investments Summary

Investments by asset class and business unit
EUR million	Group		Life		o/w Life VFA		o/w Life other than VFA		Property & Casualty		Asset & Wealth Management		Holding and Other Businesses		Consolidation
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Fixed income	294,154	302,571	246,376	249,096	220,801	220,843	25,575	28,253	33,498	36,270	12,249	13,703	6,302	7,656	-4,272	-4,155
Government bonds (footnote: Directly owned exposure only (before look-through).)	139,053	140,715	116,387	116,166	103,909	102,112	12,478	14,054	13,808	14,140	8,670	9,884	188	524	-	-
Corporate bonds	105,205	107,839	88,152	88,564	81,138	80,264	7,014	8,300	15,888	17,647	2,318	2,581	461	515	-1,614	-1,468
Other fixed income	49,895	54,017	41,837	44,366	35,754	38,467	6,083	5,899	3,802	4,483	1,261	1,238	5,653	6,617	-2,657	-2,687
Equity & equity-like	27,229	27,712	23,289	23,918	21,318	21,361	1,971	2,557	3,624	3,469	75	118	241	207	-	-
Real estate	26,687	26,387	23,865	23,802	22,059	21,984	1,806	1,818	2,809	2,580	1	2	12	3	-	-
Cash & cash-like (footnote: Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.)	17,192	14,470	7,797	7,274	4,529	5,057	3,268	2,217	4,861	4,539	969	66	4,418	3,800	-852	-1,209
Other investments (footnote: Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.)	7,805	8,917	6,152	6,985	3,279	3,916	2,874	3,069	2,592	2,666	2,090	2,373	91	89	-3,120	-3,197
Total investments - General account	373,065	380,057	307,479	311,075	271,986	273,161	35,493	37,914	47,383	49,525	15,384	16,262	11,063	11,756	(8,244)	(8,561)
Unit Linked investments	123,855	136,118	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total investments	496,920	516,175	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Third Parties AUM (footnote: The amount presented in the item does not include € 440 mln at YE 2025, and € 447 mln at YE 2024, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item.)	366,084	383,755	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total AUM	863,004	899,930	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Investments summary by business unit
EUR million	Group		Life		o/w Life VFA		o/w Life other than VFA		Property & Casualty 5 (footnote: In P&C, excluding Argentina on a like for like basis, Fixed Income generated current returns for 1,104 Mln (3.2%) in FY25 compared with 1,001 Mln (3.0%) in FY24, while the total portfolio generated current returns for 1,777 Mln (3.7%) in FY25 versus 1,644 Mln (3.5%) in FY24.)
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Current income	12,214	12,640	9,790	10,401	8,363	9,009	1,427	1,392	2,050	1,867
of which Current return on Fixed Income	9,618	9,713	7,882	8,130	6,968	7,243	914	887	1,401	1,191
of which Current return on Equity & equity-like	815	1,028	571	741	438	572	133	169	160	197
of which Current return on Real Estate	1,108	1,104	950	958	852	869	98	89	160	150
Total P&L investment income	12,784	12,151	9,921	9,949	8,558	8,770	1,363	1,179	2,137	1,614
Comprehensive income	16,387	7,721	12,875	5,552	10,284	4,737	2,591	815	2,805	1,522

Investments by Acc Treatment

Investments by accounting treatment and business unit
EUR million	Group						Life						o/w Life VFA				o/w Life other than VFA						P&C
	Fair Value through P&L		Fair Value through OCI		At cost		Fair Value through P&L		Fair Value through OCI		At cost		Fair Value through P&L		Fair Value through OCI		Fair Value through P&L		Fair Value through OCI		At cost		Fair Value through P&L		Fair Value through OCI		At cost
—	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025	YE 2024	YE 2025
Fixed income	40,516	45,797	234,529	238,155	19,109	18,618	36,763	40,619	205,802	205,343	3,811	3,134	35,705	39,271	183,315	180,045	1,058	1,348	22,487	25,298	2,030	1,607	3,033	4,302	28,570	30,433	1,896	1,535
Government bonds (footnote: Directly owned exposure only (before look-through).)	2,044	2,187	129,645	132,058	7,364	6,469	1,956	1,995	114,409	114,150	22	21	1,891	1,893	102,019	100,219	66	103	12,390	13,931	22	21	88	101	13,548	13,902	173	137
Corporate bonds	5,987	7,076	96,815	98,155	2,403	2,609	5,408	6,116	82,589	82,380	155	68	5,296	5,912	75,842	74,352	111	204	6,748	8,028	155	68	573	953	15,013	16,518	302	176
Other fixed income	32,485	36,534	8,068	7,942	9,341	9,540	29,399	32,508	8,804	8,813	3,634	3,046	28,518	31,467	5,455	5,473	881	1,041	3,349	3,340	1,853	1,518	2,372	3,248	8	13	1,421	1,222
Equity & equity-like	23,995	24,239	3,233	3,474	-	-	21,908	22,398	1,381	1,520	-	-	21,318	21,361	-	-	590	1,037	1,381	1,520	-	-	1,932	1,701	1,691	1,769	-	-
Real estate	23,997	23,976	-	-	2,689	2,411	23,559	23,535	-	-	305	267	22,059	21,984	-	-	1,501	1,551	-	-	305	267	437	439	-	-	2,371	2,141
Cash & cash-like (footnote: Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.)	12,466	10,246	217	122	4,509	4,102	6,670	5,332	58	47	1,069	1,894	4,765	4,140	15	8	1,905	1,192	42	39	1,321	985	1,879	1,357	74	23	2,908	3,160
Other investments (footnote: Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.)	3,879	4,699	-	-	3,926	4,217	4,332	4,955	-	-	1,820	2,030	3,279	3,911	-	-	1,054	1,044	-	-	1,820	2,025	269	-61	-	-	2,323	2,728
Total investments - General account	104,854	108,956	237,979	241,751	30,233	29,349	93,233	96,840	207,240	206,910	7,005	7,325	87,126	90,667	183,330	180,053	6,107	6,173	23,910	26,857	5,476	4,884	7,551	7,737	30,335	32,225	9,498	9,564
Unit Linked investments	123,855	136,118	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total investments	228,709	245,074	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Investments Focus Equity

Equity and equity-like investments build-up by business unit
EUR million	Group	Life	o/w Life VFA	o/w Life other than VFA	P&C
Financial	2,266	1,307	862	446	819
Consumer	914	761	583	178	140
Energy	792	757	291	466	30
Industrial	645	537	482	55	107
Telecommunication services	588	177	167	11	49
Other	2,320	2,281	1,916	365	388
Total direct equities	7,525	5,821	4,300	1,521	1,533
Asset Allocation Funds	4,630	4,488	4,193	295	139
Alternative Investments (footnote: Including Private Equity.)	15,558	13,610	12,869	741	1,798
Total equity & equity-like	27,712	23,918	21,362	2,556	3,469

Direct equity investments by geography and business unit
EUR million	Group	Life	o/w Life VFA	o/w Life other than VFA	P&C
Italy	666	328	228	101	299
France	1,235	1,134	1,074	60	100
Germany	832	637	633	3	163
CEE	188	15	-	15	103
Rest of Europe	1,667	1,351	1,326	25	302
Rest of World	2,937	2,355	1,037	1,318	567
Total direct equities	7,525	5,821	4,299	1,521	1,533

Equity investments by accounting treatment
EUR million	Amortised cost	Fair Value
Equities	27,078	27,712
Fair Value through OCI (footnote: Without recycling to P&L.)	2,839	3,474
Fair Value through P&L	24,239	24,239

Investments Focus Fixed Income

Fixed income investments by rating and business unit
EUR million	Group	Life	o/w Life VFA	o/w Life other than VFA	P&C
AAA	11,161	9,213	8,595	618	1,508
AA	17,982	13,739	12,213	1,526	2,918
A	56,845	48,362	43,414	4,948	5,874
BBB	44,814	35,835	33,684	2,151	2,966
Not investment grade	1,469	816	95	721	630
Not rated	8,445	8,201	4,110	4,091	244
Total	140,715	116,166	102,112	14,054	14,140

Fixed income investments by geography and business unit
EUR million	Group	Life	o/w Life VFA	o/w Life other than VFA	P&C
Italy	35,462	28,573	28,023	551	982
France	19,491	16,392	15,589	803	1,494
Spain	19,947	17,891	16,018	1,873	1,660
Rest of Europe	26,420	22,932	21,502	1,430	2,771
CEE	12,266	7,732	5,685	2,047	3,943
Rest of World	19,749	17,413	10,582	6,831	2,285
Supranational	7,380	5,232	4,713	519	1,005
Total	140,715	116,166	102,112	14,054	14,140

Government bond investments by accounting treatment
EUR million	Amortised Cost	Fair Value
Government bonds (footnote: Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.)	162,275	140,786
Fair Value through OCI	153,619	132,058
Fair Value through P&L	2,187	2,187

Duration government bonds by business unit
EUR million	Duration Government bonds
—	Life	P&C
Duration	11.1	6.1

Government bonds breakdown by rating and business unit
EUR million	Group	Life	o/w Life VFA	o/w Life other than VFA	P&C
AAA	6,129	4,520	4,333	187	606
AA	6,557	4,727	4,217	511	1,313
A	32,093	25,620	22,867	2,753	5,606
BBB	54,660	45,557	41,734	3,824	8,469
Not investment grade	6,932	5,436	4,922	513	1,449
Not rated	1,468	1,285	774	512	154
Total	107,839	87,146	78,846	8,300	17,597

Corporate bonds breakdown by rating and type
EUR million	Corporate Financial	Corporate Non Financial
AAA	5,619	510
AA	3,350	3,207
A	15,071	17,022
BBB	14,839	39,821
Not investment grade	854	6,078
Not rated	749	719
Totale	40,482	67,357

Corporate bonds breakdown by industry and business unit
EUR million	Group	Life	o/w Life VFA	o/w Life other than VFA	P&C
Financials	40,482	32,721	29,682	3,039	6,513
Utilities	12,935	11,287	10,288	999	1,642
Consumer	11,694	9,281	8,337	944	2,305
Industrial	11,072	9,250	8,230	1,020	1,722
Telecommunication services	8,609	7,437	6,753	684	1,064
Health care	5,119	4,400	4,102	298	720
Other	17,928	14,189	12,873	1,317	3,682
Total	107,839	87,146	78,846	8,300	17,597

Corporate bonds breakdown by geography and type
EUR million	Corporate Financial	Corporate Non Financial
Italy	2,386	4,663
France	6,007	10,196
Germany	3,404	6,932
CEE	703	702
Rest of Europe	19,485	22,271
Rest of World	8,497	22,594
Totale	40,482	67,357

Corporate bonds by accounting treatment
EUR million	Amortised Cost	Fair Value
Corporate bonds	112,784	107,838
Fair Value through OCI	103,100	98,155
Fair Value through P&L	7,076	7,076

Duration corporate bonds by business unit (footnote: OTHER FIXED INCOME.)
EUR million	Duration Corporate bonds
—	Life	P&C
Duration	4.9	3.6

Other fixed income investments by business unit
EUR million	Group	Life	P&C
Indirect investments in fixed income	36,308	32,281	3,248
Mortgage loans	7,363	1,070	126
Time deposit other than cash & cash-like	2,408	2,274	537
All other loans	7,938	8,741	572
Total	54,017	44,366	4,483

Fixed income investments by accounting classification
EUR million	Amortised Cost	Fair Value
Total	54,080	53,977
Fair Value through OCI	8,005	7,942
Fair Value through P&L	36,534	36,534

Investments Focus Real Estate

Real estate investments by accounting classification
EUR million	Book Value	Fair Value
Investment properties	22,293	24,379
Indirect investments in Real Estate	4,094	4,094
Total General Account Investments	26,387	28,472
Self use properties (footnote: Not included within General account investments.)	2,955	3,697
Inventories (footnote: Not included within General account investments.)	680	680
Total	30,022	32,849

Real estate investments by geography
EUR million	Fair Value
Italy	7,941
France	7,059
Germany	3,189
CEE	361
Rest of Europe	5,546
Rest of World	284
Total	24,379

Real estate investments by type
%	—
Office	59%
Retail	18%
Residential	11%
Logistics	5%
Other	8%
Total	100%

Solvency II

Solvency II own funds and SCR rollforward
EUR billion	Group Own Funds	Group SCR	Solvency II ratio (1) (%) (footnote: The solvency position (Own Funds and SCR) disclosed here is based on the last available information. Differences may arise in comparison to the official values, which will be included in the 2025 Solvency and Financial Condition Report (SFCR) and Quantitative Reporting Templates (QRT).)
Opening FY 2024	49.1	23.4	210%
Regulatory changes	-0.7	—	-3%
Normalized capital generation	5.5	0.3	20%
Life	3.7	0.2	14%
P&C	2.2	0.1	8%
Financial	0.7	—	3%
Holdings	-1.1	—	-5%
Market variances	1.7	-0.7	14%
Non-economic variances	-0.2	0.7	-7%
M&A	-0.4	0.2	-3%
Capital movements	-2.5	—	-11%
Closing YE 2025	52.6	24.0	219%

Solvency II sensitivity by market factor
%	YE 2025
Equity market -25%	-7 p.p.
Equity market +25%	+6 p.p.
Interest rate -50 bps	-3 p.p.
Interest rate +50 bps	+2 p.p
Corporate spread +50 bps	-2 p.p.
Euro area govies spread +50 bps (footnote: The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.)	-8 p.p.

Solvency II own funds build-up
EUR billion	YE 2025
Group Shareholders' equity	32.1
Net CSM	24.1
Minority Interests	3.4
Intangibles	-12.2
Scope	-3.4
Valuation differences	6.3
Net deferred taxes & other	1.2
Excess of assets over liabilities	51.5
Subordinated debt	9.4
SII deductions & financials	-5.9
Foreseeable dividends (footnote: The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.)	-2.5
Group Own Funds	52.6