| Document info |
|---|
| Organization | Generali |
|---|
| Year | 2024 |
|---|
| Period | FY |
|---|
| Period label | FY24 |
|---|
| Document category | Financial supplement |
|---|
| Document name | IFRS 17 / 9 - Financial information as of December 31, 2024 |
|---|
| Language | English |
|---|
| Source | Original URL |
|---|
| Archive file | .md file |
|---|
Generali 2024 financial supplement.
Summary P&L
Consolidated operating and non-operating result build-up
| EUR million
|
YE 2023
|
YE 2024
|
| Consolidated operating result
|
6,742
|
7,295
|
| Life operating result
|
3,735
|
3,982
|
| P&C operating result
|
2,902
|
3,052
|
| Asset & Wealth Management
|
959
|
1,176
|
| Holding and other businesses
|
-415
|
-536
|
| Consolidation Adjustments
|
-439
|
-379
|
| Consolidated non-operating result
|
(1,125)
|
(1,255)
|
| Non-operating investment result
|
64
|
28
|
| Net investment result from FVTPL and net gains on foreign currency
|
-115
|
82
|
| Net non-operating realized gains
|
421
|
135
|
| Net non-operating ECL and impairment losses
|
-241
|
-190
|
| Net other non-operating expenses
|
-677
|
-710
|
| Non-operating holding expenses
|
-512
|
-572
|
| Interest expenses on financial debt
|
-447
|
-493
|
| Other non-operating holding expenses
|
-66
|
-79
|
| Earnings before taxes
|
5,617
|
6,041
|
| Income taxes
|
-1,579
|
-1,843
|
| Result for discontinued operations
|
84
|
-31
|
| Consolidated result for the period
|
4,122
|
4,167
|
| Minority interests
|
-375
|
-442
|
| Net result
|
3,747
|
3,724
|
Adjusted net result build-up
| EUR million
|
YE 2023
|
YE 2024
|
| Profit or Loss on assets at FVTPL on non-par & SH fund
|
84
|
-50
|
| Hyperinflation effect (IAS 29)
|
48
|
71
|
| Amortization of intangibles related to M&A
|
—
|
51
|
| Gains & losses from acquisitions & disposal
|
-304
|
-27
|
| 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.)
|
3,575
|
3,769
|
Shares outstanding and EPS
| EUR million
|
YE 2023
|
YE 2024
|
| Closing number of shares
|
1,559,281,461
|
1,569,420,004
|
| Closing number of treasury shares
|
17,059,872
|
47,994,953
|
| Weighted average number outstanding of shares
|
1,541,766,041
|
1,538,690,704
|
| Weighted average number of treasury shares
|
25,592,377
|
27,804,292
|
| Adjusted EPS (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.)
|
2.3
|
2.45
|
Summary P&L Segment
Consolidated operating and non-operating result build-up by business unit
| EUR million
|
Group
|
Life
|
P&C
|
Asset & Wealth management
|
Holding and other businesses
|
Consolidation
|
| —
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Consolidated operating result
|
6,742
|
7,295
|
3,735
|
3,982
|
2,902
|
3,052
|
959
|
1,176
|
(415)
|
(536)
|
(439)
|
(379)
|
| Net insurance service result
|
5,548
|
5,795
|
3,009
|
3,105
|
2,169
|
2,289
|
-11
|
—
|
—
|
—
|
381
|
401
|
| Operating investment result
|
2,317
|
2,459
|
833
|
943
|
1,095
|
1,076
|
437
|
477
|
261
|
188
|
-309
|
-224
|
| Other operating income and expenses
|
-1,123
|
-959
|
-108
|
-65
|
-361
|
-313
|
533
|
700
|
-676
|
-724
|
-512
|
-556
|
| of which operating holding expenses
|
-667
|
-693
|
—
|
—
|
—
|
—
|
—
|
—
|
-667
|
-693
|
—
|
—
|
| Consolidated non-operating result
|
(1,125)
|
(1,255)
|
176
|
(175)
|
(675)
|
(410)
|
(26)
|
(101)
|
(568)
|
(567)
|
(32)
|
(1)
|
| Non-operating investment result
|
64
|
28
|
200
|
-70
|
-70
|
55
|
2
|
18
|
-66
|
26
|
-3
|
-1
|
| Net investment result from FVTPL and net gains on foreign currency
|
-115
|
82
|
-113
|
27
|
29
|
41
|
6
|
4
|
-36
|
11
|
-2
|
-1
|
| Net non-operating realized gains
|
421
|
135
|
390
|
-31
|
20
|
153
|
7
|
12
|
3
|
1
|
—
|
—
|
| Net non-operating ECL and impairment losses
|
-241
|
-190
|
-77
|
-67
|
-119
|
-140
|
-12
|
2
|
-33
|
14
|
-1
|
—
|
| Net other non-operating expenses
|
-677
|
-710
|
-24
|
-105
|
-606
|
-465
|
-28
|
-118
|
10
|
-21
|
-29
|
—
|
| Non-operating holding expenses
|
-512
|
-572
|
—
|
—
|
—
|
—
|
—
|
—
|
-512
|
-572
|
—
|
—
|
| Interest expenses on financial debt
|
-447
|
-493
|
—
|
—
|
—
|
—
|
—
|
—
|
-447
|
-493
|
—
|
—
|
| Other non-operating holding expenses
|
-66
|
-79
|
—
|
—
|
—
|
—
|
—
|
—
|
-66
|
-79
|
—
|
—
|
| Earnings before taxes
|
5,617
|
6,041
|
3,911
|
3,807
|
2,227
|
2,641
|
933
|
1,075
|
(983)
|
(1,103)
|
(471)
|
(380)
|
| Income taxes
|
-1,579
|
-1,843
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Result from discontinued operations
|
84
|
-31
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Consolidated result for the period
|
4,122
|
4,167
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Minority interests
|
-375
|
-442
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Net result
|
3,747
|
3,724
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Summary BS
Balance sheet by business unit
| EUR million
|
Group
|
Life
|
P&C
|
Asset & Wealth management
|
Holding and other businesses
|
Consolidation
|
| —
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Intangible assets
|
9,990
|
11,861
|
4,666
|
4,754
|
4,781
|
5,987
|
495
|
1,007
|
48
|
85
|
0
|
28
|
| Tangible assets
|
3,683
|
3,746
|
810
|
791
|
2,335
|
2,238
|
200
|
257
|
437
|
550
|
-100
|
-91
|
| Insurance assets
|
4,876
|
4,902
|
554
|
604
|
4,322
|
4,324
|
0
|
0
|
0
|
0
|
0
|
-26
|
| Investments
|
466,046
|
494,340
|
408,696
|
432,120
|
43,388
|
44,476
|
14,221
|
15,250
|
15,481
|
10,542
|
-15,740
|
-8,049
|
| Investment properties
|
23,831
|
22,503
|
20,985
|
19,985
|
2,838
|
2,506
|
0
|
0
|
8
|
12
|
0
|
0
|
| Investments in subsidiaries, associated companies and joint ventures
|
2,712
|
2,840
|
3,129
|
3,499
|
2,983
|
2,317
|
11
|
6
|
122
|
64
|
-3,533
|
-3,046
|
| Financial assets
|
439,503
|
468,997
|
384,582
|
408,636
|
37,567
|
39,654
|
14,210
|
15,244
|
15,351
|
10,465
|
-12,207
|
-5,003
|
| Other financial assets
|
6,334
|
6,209
|
2,772
|
2,686
|
2,874
|
2,607
|
508
|
730
|
180
|
186
|
0
|
0
|
| Other assets
|
10,613
|
9,275
|
5,188
|
5,325
|
4,446
|
2,755
|
782
|
852
|
250
|
469
|
-54
|
-126
|
| Cash and cash equivalents
|
7,070
|
8,315
|
3,549
|
3,957
|
2,455
|
2,690
|
810
|
1,340
|
457
|
523
|
-201
|
-196
|
| Total Assets
|
508,611
|
538,647
|
426,235
|
450,237
|
64,602
|
65,077
|
17,017
|
19,436
|
16,853
|
12,356
|
-16,095
|
-8,459
|
| Insurance liabilities
|
412,409
|
438,486
|
377,040
|
400,565
|
35,369
|
37,947
|
0
|
0
|
0
|
0
|
0
|
-26
|
| Financial liabilities
|
44,086
|
45,710
|
20,451
|
20,542
|
4,505
|
5,298
|
13,125
|
14,478
|
9,591
|
7,798
|
-3,586
|
-2,407
|
| Financial liabilities at fair value through profit or loss
|
8,740
|
8,166
|
8,361
|
7,732
|
230
|
171
|
133
|
262
|
17
|
1
|
0
|
0
|
| Financial liabilities at amortized cost
|
35,346
|
37,544
|
12,090
|
12,810
|
4,275
|
5,127
|
12,992
|
14,217
|
9,574
|
7,797
|
-3,586
|
-2,407
|
| Other provisions
|
2,318
|
2,399
|
800
|
636
|
876
|
1,054
|
314
|
383
|
300
|
297
|
29
|
29
|
| Payables
|
8,746
|
9,027
|
3,202
|
2,945
|
4,068
|
4,405
|
460
|
718
|
1,016
|
959
|
0
|
0
|
| Other liabilities
|
9,768
|
9,931
|
3,342
|
3,553
|
5,504
|
5,381
|
641
|
570
|
325
|
511
|
-43
|
-85
|
| Total Liabilities
|
477,327
|
505,551
|
404,834
|
428,240
|
50,321
|
54,085
|
14,540
|
16,149
|
11,232
|
9,565
|
-3,600
|
-2,488
|
| Shareholders' equity attributable to the Group
|
28,968
|
30,389
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Shareholders' equity attributable to minority interests
|
2,316
|
2,707
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Shareholders' equity
|
31,284
|
33,095
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Total Liabilities & shareholders' equity
|
508,611
|
538,647
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Gross present value future cash-flows, risk adjustment, and contractual service margin (footnote: Including (re)insurance contracts that are assets.)
| EUR million
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Gross Present Value Future Cash-Flows (PVFCF) (footnote: Net of any receivables, payables, policy loans and reinsurance deposits included in insurance assets and liabilities.)
|
377,646
|
404,025
|
344,325
|
368,337
|
33,321
|
35,687
|
| Gross Risk Adjustment (RA)
|
2,557
|
2,897
|
1,427
|
1,630
|
1,130
|
1,267
|
| Gross Contractual Service Margin (CSM)
|
31,807
|
31,228
|
30,911
|
30,283
|
896
|
945
|
| Net Contractual Service Margin (CSM) (footnote: CSM presented net of reinsurance, taxes and minorities.)
|
22,049
|
21,484
|
—
|
—
|
—
|
—
|
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 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
| Italy
|
8,310
|
8,790
|
8,836
|
4.0%
|
3,019
|
3,167
|
3,095
|
3.7%
|
5,045
|
5,333
|
5,512
|
5.6%
|
246
|
290
|
228
|
-21.3%
|
| France
|
3,449
|
3,943
|
3,929
|
8.5%
|
1,139
|
1,241
|
1,278
|
3.0%
|
2,240
|
2,631
|
2,557
|
10.7%
|
71
|
71
|
94
|
31.7%
|
| Germany
|
3,959
|
4,130
|
4,378
|
6.0%
|
1,478
|
1,503
|
1,627
|
8.3%
|
2,476
|
2,614
|
2,742
|
4.9%
|
5
|
13
|
8
|
-36.0%
|
| Austria
|
1,661
|
1,785
|
1,888
|
5.8%
|
677
|
717
|
765
|
6.8%
|
980
|
1,064
|
1,119
|
5.2%
|
4
|
4
|
3
|
-17.2%
|
| Switzerland
|
750
|
740
|
766
|
1.5%
|
310
|
304
|
307
|
-0.9%
|
439
|
437
|
459
|
3.1%
|
0
|
0
|
0
|
-51.0%
|
| CEE
|
3,317
|
3,656
|
3,854
|
7.0%
|
1,559
|
1,774
|
1,944
|
11.4%
|
1,720
|
1,841
|
1,862
|
2.6%
|
37
|
41
|
48
|
17.4%
|
| Spain
|
1,776
|
1,886
|
2,917
|
7.0%
|
454
|
495
|
1,124
|
10.1%
|
1,235
|
1,302
|
1,695
|
5.5%
|
87
|
89
|
99
|
11.6%
|
| Portugal
|
1,115
|
1,238
|
1,585
|
11.1%
|
427
|
478
|
649
|
12.6%
|
685
|
758
|
934
|
10.2%
|
3
|
2
|
1
|
-24.8%
|
| Asia
|
861
|
1,354
|
1,474
|
9.6%
|
197
|
394
|
428
|
9.6%
|
418
|
705
|
738
|
5.7%
|
247
|
255
|
307
|
20.4%
|
| Europ Assistance
|
1,680
|
2,072
|
2,196
|
6.0%
|
22
|
77
|
63
|
-17.8%
|
1,402
|
1,697
|
1,870
|
10.2%
|
256
|
299
|
263
|
-12.2%
|
| Group Holdings and other companies
|
1,575
|
1,527
|
1,932
|
37.2%
|
632
|
449
|
757
|
99.2%
|
614
|
676
|
732
|
12.1%
|
329
|
402
|
443
|
10.3%
|
| Total Group
|
28,454
|
31,120
|
33,756
|
7.7%
|
9,915
|
10,599
|
12,038
|
10.5%
|
17,254
|
19,055
|
20,222
|
6.6%
|
1,285
|
1,466
|
1,495
|
2.0%
|
Gross written premium by geography and line of business, Life
| EUR million
|
Gross Written Premium
|
Gross Primary Premiums
|
Reinsurance accepted
|
|
|
|
Life
|
|
Savings & Pension
|
|
Protection
|
|
Unit / Index Linked
|
|
Life
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
| Italy
|
17,755
|
18,538
|
23,360
|
26.0%
|
12,552
|
13,975
|
16,981
|
21.5%
|
603
|
714
|
895
|
25.4%
|
4,600
|
3,849
|
5,483
|
42.5%
|
0
|
0
|
0
|
-
|
| France
|
12,121
|
11,553
|
15,255
|
28.5%
|
3,096
|
3,215
|
5,314
|
65.3%
|
2,390
|
2,713
|
3,244
|
6.9%
|
5,369
|
4,269
|
5,256
|
23.1%
|
1,266
|
1,356
|
1,440
|
6.2%
|
| Germany
|
10,655
|
10,693
|
10,572
|
-0.3%
|
2,999
|
2,951
|
2,379
|
-16.8%
|
4,504
|
4,684
|
4,792
|
2.3%
|
3,097
|
3,058
|
3,402
|
11.2%
|
56
|
0
|
0
|
-
|
| Austria
|
1,220
|
1,189
|
1,246
|
4.9%
|
432
|
419
|
400
|
-4.3%
|
472
|
482
|
529
|
9.7%
|
316
|
287
|
316
|
10.0%
|
0
|
0
|
0
|
-
|
| Switzerland
|
1,072
|
1,084
|
1,076
|
-2.6%
|
170
|
162
|
158
|
-4.3%
|
135
|
135
|
134
|
-3.0%
|
766
|
786
|
785
|
-2.2%
|
0
|
0
|
0
|
-
|
| CEE
|
1,123
|
1,171
|
1,224
|
6.4%
|
189
|
171
|
168
|
0.6%
|
575
|
636
|
698
|
11.3%
|
353
|
359
|
352
|
0.0%
|
7
|
5
|
6
|
41.8%
|
| Spain
|
718
|
759
|
908
|
9.4%
|
222
|
228
|
324
|
34.9%
|
316
|
313
|
350
|
2.9%
|
179
|
218
|
235
|
-7.9%
|
0
|
0
|
0
|
-
|
| Portugal
|
81
|
117
|
224
|
80.5%
|
15
|
14
|
19
|
-2.8%
|
57
|
61
|
79
|
16.3%
|
9
|
41
|
125
|
n.m.
|
0
|
0
|
0
|
-
|
| Asia
|
4,196
|
4,646
|
5,893
|
29.3%
|
2,710
|
3,303
|
4,241
|
30.5%
|
1,219
|
1,115
|
1,434
|
32.1%
|
252
|
211
|
203
|
-1.5%
|
15
|
17
|
16
|
-6.6%
|
| Group Holdings and other companies
|
1,624
|
1,597
|
1,676
|
7.0%
|
38
|
50
|
41
|
-16.6%
|
590
|
567
|
684
|
26.6%
|
46
|
16
|
12
|
-25.2%
|
950
|
965
|
939
|
-2.7%
|
| Total Group
|
50,565
|
51,346
|
61,434
|
19.2%
|
22,423
|
24,488
|
30,027
|
23.3%
|
10,860
|
11,420
|
12,838
|
9.7%
|
14,987
|
13,095
|
16,169
|
23.2%
|
2,295
|
2,343
|
2,401
|
2.5%
|
Volumes by business unit
| EUR million
|
Group
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
| —
|
79,019
|
82,466
|
95,190
|
14.9%
|
Life net inflows by geography
| EUR million
|
Group
|
|
|
Life Net Inflows
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
Change % like for like
|
| Italy
|
1,170
|
-3,022
|
1,536
|
n.m.
|
| France
|
975
|
-1,685
|
2,946
|
n.m.
|
| Germany
|
2,444
|
657
|
881
|
33.8%
|
| Austria
|
153
|
-94
|
84
|
n.m.
|
| Switzerland
|
226
|
199
|
88
|
-56.3%
|
| CEE
|
259
|
290
|
354
|
25.0%
|
| Spain
|
-55
|
-52
|
-57
|
90.2%
|
| Portugal
|
-45
|
-25
|
71
|
n.m.
|
| Asia
|
2,492
|
2,239
|
3,432
|
56.0%
|
| Group Holdings and other companies
|
245
|
182
|
338
|
99.1%
|
| Total Group
|
7,863
|
-1,313
|
9,674
|
n.m.
|
Life net inflows by product type
|
|
YE 2024
|
| EUR million
|
Savings & Pension
|
Protection
|
Unit Linked
|
| Total Group
|
-1,303
|
5,206
|
5,772
|
Life New Business
New business by line of business
| EUR million
|
PVNBP
|
New Business Value
|
New Business Margin
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
| Savings
|
17,190
|
17,459
|
23,369
|
716
|
764
|
802
|
4.17%
|
4.38%
|
3.43%
|
| Protection
|
10,493
|
9,166
|
12,563
|
880
|
931
|
954
|
8.39%
|
10.16%
|
7.60%
|
| Unit Linked
|
16,767
|
13,676
|
15,900
|
931
|
636
|
627
|
5.55%
|
4.65%
|
3.94%
|
| Total
|
44,449
|
40,300
|
51,832
|
2,528
|
2,331
|
2,383
|
5.69%
|
5.78%
|
4.60%
|
New business premiums build-up
| EUR million
|
Group
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
| Annual premiums
|
2,168
|
2,202
|
2,705
|
| Single premiums
|
21,629
|
19,949
|
28,286
|
| Total premiums
|
23,797
|
22,152
|
30,991
|
New business value build-up
| EUR million
|
YE 2022
|
YE 2023
|
YE 2024
|
| New business CSM
|
3,056
|
2,796
|
2,827
|
| Perimeter (footnote: Including investment contracts and PAA.)
|
184
|
189
|
192
|
| Look-through profits
|
443
|
466
|
531
|
| Tax, minorities & other
|
-1155
|
-1120
|
-1167
|
| New business value
|
2,528
|
2,331
|
2,383
|
New business by country
| EUR million
|
PVNBP
|
New Busines Value
|
New Busines Margin
|
PVNBP weight savings
|
PVNBP weight protection
|
PVNBP weight unit-linked
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
| Italy
|
16,539
|
15,617
|
20,691
|
1,140
|
1,030
|
1,036
|
6.89%
|
6.60%
|
5.01%
|
62.4%
|
68.8%
|
68.5%
|
5.6%
|
6.4%
|
6.1%
|
32.1%
|
24.8%
|
25.4%
|
| France
|
12,665
|
9,199
|
13,881
|
565
|
502
|
469
|
4.46%
|
5.45%
|
3.38%
|
22.4%
|
29.3%
|
31.3%
|
25.6%
|
18.5%
|
29.9%
|
52.1%
|
52.2%
|
38.8%
|
| Germany
|
8,822
|
8,607
|
8,656
|
383
|
361
|
352
|
4.34%
|
4.19%
|
4.07%
|
25.6%
|
18.3%
|
14.2%
|
38.5%
|
40.2%
|
42.2%
|
35.9%
|
41.5%
|
43.6%
|
| Austria
|
1,009
|
1,020
|
1,238
|
67
|
62
|
65
|
6.62%
|
6.12%
|
5.24%
|
14.3%
|
15.0%
|
14.4%
|
53.6%
|
57.6%
|
57.4%
|
32.2%
|
27.4%
|
28.2%
|
| Switzerland
|
550
|
489
|
537
|
44
|
39
|
44
|
8.08%
|
7.98%
|
8.17%
|
2.8%
|
4.0%
|
17.7%
|
11.6%
|
11.6%
|
11.4%
|
85.6%
|
84.5%
|
70.8%
|
| CEE
|
966
|
965
|
1,159
|
90
|
93
|
133
|
9.27%
|
9.68%
|
11.48%
|
4.1%
|
6.3%
|
5.8%
|
67.8%
|
68.4%
|
71.3%
|
28.0%
|
25.3%
|
23.0%
|
| Spain
|
590
|
610
|
723
|
88
|
70
|
76
|
14.86%
|
11.54%
|
10.53%
|
22.4%
|
24.4%
|
33.1%
|
46.7%
|
39.6%
|
38.6%
|
30.9%
|
36.0%
|
28.3%
|
| Portugal
|
166
|
233
|
236
|
27
|
44
|
17
|
16.41%
|
18.84%
|
7.37%
|
4.6%
|
1.0%
|
19.3%
|
92.9%
|
75.6%
|
34.4%
|
2.5%
|
23.4%
|
46.3%
|
| Asia
|
2,624
|
3,027
|
4,070
|
113
|
126
|
188
|
4.32%
|
4.16%
|
4.62%
|
54.1%
|
66.9%
|
73.0%
|
29.6%
|
26.9%
|
23.2%
|
16.3%
|
6.2%
|
3.8%
|
| Group Holdings and other companies
|
517
|
534
|
642
|
10
|
4
|
3
|
1.98%
|
0.74%
|
0.41%
|
5.4%
|
7.7%
|
5.2%
|
90.5%
|
88.2%
|
91.4%
|
4.1%
|
4.1%
|
3.4%
|
| Group total
|
44,449
|
40,300
|
51,832
|
2,528
|
2,331
|
2,383
|
5.69%
|
5.78%
|
4.60%
|
38.7%
|
43.3%
|
45.1%
|
23.6%
|
22.7%
|
24.2%
|
37.7%
|
33.9%
|
30.7%
|
New business value sensitivity (footnote: • (*) 2022 Not restated figures (Solvency II based). The comparison with 2022 figures are to be intended as purely indicative.
• No material differences in the sensitivity impacts are expected.)
| EUR million
|
YE 2022
|
YE 2023
|
YE 2024
|
| Interest rate -50 bps
|
-43
|
-44
|
-133
|
| Interest rate +50 bps
|
26
|
39
|
101
|
| Admin. and invest. manag. exp. -10%
|
81
|
77
|
97
|
| Lapse rates *110%
|
-169
|
-184
|
-176
|
| Lapse rates *90%
|
194
|
204
|
196
|
| Mortality/morbidity rates *95%
|
80
|
62
|
97
|
Life CSM
CSM roll-forward
| EUR million
|
Group
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
| Opening CSM
|
32,256
|
30,207
|
30,911
|
| Change in scope and other - opening
|
—
|
—
|
38
|
| New business CSM
|
3,056
|
2,796
|
2,827
|
| Expected return
|
682
|
1,692
|
1,757
|
| Economic variances
|
-1,509
|
804
|
-875
|
| Operating variances
|
-1,389
|
-1,164
|
-1,388
|
| CSM before release (footnote: Sensitivities representing impact before release.)
|
33,096
|
34,336
|
33,270
|
| CSM release
|
-2,889
|
-3,035
|
-2,986
|
| Change in scope and other - closing
|
—
|
-391
|
—
|
| Closing CSM
|
30,207
|
30,911
|
30,283
|
| CSM release ratio
|
-8.7%
|
-8.8%
|
-9.0%
|
CSM breakdown by country
| EUR million
|
CSM stock
|
New Business CSM
|
CSM release
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
| Italy
|
10,788
|
10,911
|
11,042
|
1,422
|
1,283
|
1,215
|
-1,289
|
-1,263
|
-1,325
|
| France
|
4,649
|
4,878
|
4,088
|
740
|
631
|
572
|
-568
|
-658
|
-590
|
| Germany
|
9,147
|
9,413
|
9,193
|
436
|
380
|
406
|
-404
|
-485
|
-407
|
| Austria
|
1,372
|
1,414
|
1,549
|
89
|
77
|
78
|
-83
|
-81
|
-91
|
| Switzerland
|
1,110
|
1,070
|
763
|
57
|
45
|
51
|
-122
|
-131
|
-93
|
| CEE
|
1,134
|
1,210
|
1,286
|
103
|
108
|
152
|
-173
|
-183
|
-196
|
| Spain
|
402
|
417
|
456
|
49
|
43
|
51
|
-51
|
-55
|
-72
|
| Portugal
|
117
|
108
|
116
|
37
|
51
|
14
|
-16
|
-14
|
-19
|
| Asia
|
1,374
|
1,360
|
1,685
|
114
|
174
|
283
|
-150
|
-139
|
-184
|
| Group Holdings and other companies
|
113
|
129
|
105
|
8
|
5
|
3
|
-34
|
-27
|
-9
|
| Group total
|
30,207
|
30,911
|
30,283
|
3,056
|
2,796
|
2,827
|
(2,889)
|
(3,035)
|
(2,986)
|
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
|
2,157
|
2,041
|
1,885
|
1,744
|
1,617
|
6,373
|
7,530
|
6,936
|
CSM sensitivity by scenario
| EUR million
|
YE 2022
|
YE 2023
|
YE 2024
|
| Equity market -25%
|
-2,190
|
-2,155
|
-2,369
|
| Equity market +25%
|
2,189
|
2,093
|
2,244
|
| Interest rate -50 bps
|
-691
|
-373
|
-433
|
| Interest rate +50 bps
|
497
|
370
|
346
|
| Corporate spread +50 bps
|
-165
|
-205
|
-470
|
| BTP spread +100 bps
|
-439
|
-487
|
n/a
|
| Euro area govies spread(2) +50 bps (footnote: The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.)
|
n/a
|
n/a
|
-637
|
Life Operating
Life operating result summary
| EUR million
|
Group
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
| Operating insurance service result
|
2,841
|
2,901
|
3,039
|
| CSM release
|
2,889
|
3,035
|
2,986
|
| Risk adjustment release
|
156
|
155
|
145
|
| Loss component
|
-155
|
-149
|
-231
|
| Experience variance and other technical result
|
6
|
-32
|
204
|
| Other operating income and expenses
|
-55
|
-108
|
-65
|
| Operating investment result
|
832
|
833
|
943
|
| Life Operating result
|
3,672
|
3,735
|
3,982
|
Life operating result summary by country
| EUR million
|
Operating insurance service result
|
CSM release
|
Loss component
|
Operating investment result
|
Life operating result
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
| Italy
|
1,228
|
1,283
|
1,230
|
1,289
|
1,263
|
1,325
|
-53
|
-67
|
-110
|
244
|
303
|
337
|
1,472
|
1,586
|
1,567
|
| France
|
564
|
653
|
675
|
568
|
658
|
590
|
-48
|
22
|
-2
|
249
|
134
|
177
|
813
|
788
|
852
|
| Germany
|
449
|
489
|
407
|
404
|
485
|
407
|
—
|
—
|
—
|
99
|
67
|
106
|
548
|
556
|
513
|
| Austria
|
65
|
73
|
84
|
83
|
81
|
91
|
—
|
—
|
—
|
3
|
8
|
8
|
69
|
81
|
92
|
| Switzerland
|
153
|
120
|
134
|
122
|
131
|
93
|
-3
|
-3
|
—
|
-57
|
-25
|
15
|
96
|
95
|
149
|
| CEE
|
173
|
216
|
248
|
173
|
183
|
196
|
-10
|
-6
|
-8
|
25
|
68
|
67
|
198
|
284
|
315
|
| Spain
|
126
|
186
|
185
|
51
|
55
|
72
|
-8
|
-2
|
-7
|
26
|
30
|
39
|
152
|
216
|
224
|
| Portugal
|
21
|
15
|
26
|
16
|
14
|
19
|
-16
|
-14
|
—
|
4
|
7
|
2
|
25
|
22
|
28
|
| Asia
|
82
|
86
|
85
|
150
|
139
|
184
|
-43
|
-12
|
-53
|
198
|
211
|
156
|
281
|
297
|
241
|
| Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.)
|
-20
|
-220
|
-36
|
34
|
27
|
9
|
25
|
-66
|
-50
|
43
|
30
|
36
|
22
|
-190
|
—
|
| Group total
|
2,841
|
2,901
|
3,039
|
2,889
|
3,035
|
2,986
|
(155)
|
(149)
|
(231)
|
832
|
833
|
943
|
3,672
|
3,735
|
3,982
|
P&C Operating
P&C operating result summary
| EUR million
|
Group
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
| Operating insurance service result
|
1,297
|
1,807
|
1,976
|
| Insurance contract revenues
|
28,141
|
30,207
|
32,936
|
| Total incurred claims
|
-18,286
|
-19,585
|
-20,997
|
| Insurance expenses
|
-7,744
|
-8,445
|
-9,183
|
| Reinsurance result
|
-547
|
-8
|
-467
|
| Other operating income and expenses
|
-266
|
-361
|
-313
|
| Operating investment result
|
1,210
|
1,095
|
1,076
|
| Operating investment income
|
1,248
|
1,389
|
1,710
|
| Insurance finance expenses
|
-39
|
-294
|
-634
|
| P&C Operating result
|
2,507
|
2,902
|
3,052
|
P&C indicators
| EUR million
|
YE 2022
|
YE 2023
|
YE 2024
|
| Combined ratio
|
95.4%
|
94.0%
|
94.0%
|
| Loss ratio
|
66.9%
|
64.9%
|
65.2%
|
| Current year loss ratio
|
68.8%
|
67.9%
|
67.2%
|
| Current year loss ratio undiscounted (excl. nat cat)
|
68.0%
|
66.9%
|
65.5%
|
| Natural catastrophe losses undiscounted
|
2.4%
|
3.7%
|
3.6%
|
| Current year discounting
|
-1.6%
|
-2.7%
|
-1.9%
|
| Prior year loss ratio
|
-1.8%
|
-3.0%
|
-2.1%
|
| Gross Expense ratio
|
28.5%
|
29.2%
|
28.8%
|
| Administration and acquisition expenses
|
27.5%
|
28.0%
|
27.9%
|
| Acquisition expenses
|
19.9%
|
20.4%
|
20.4%
|
| Administration expenses and other attributable expenses
|
7.6%
|
7.6%
|
7.4%
|
| Other operating income and expenses
|
0.9%
|
1.2%
|
1.0%
|
| Combined ratio undiscounted
|
97.0%
|
96.7%
|
95.9%
|
| Operating insurance service result undiscounted
|
834
|
993
|
1,340
|
P&C operating result build-up 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
|
Gross expense ratio
|
Combined ratio undiscounted
|
| —
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
YE 2022
|
YE 2023
|
YE 2024
|
| Italy
|
8,761
|
8,534
|
8,816
|
481
|
220
|
518
|
403
|
220
|
193
|
883
|
440
|
711
|
94.5%
|
97.4%
|
94.1%
|
68.4%
|
70.5%
|
67.2%
|
3.1%
|
7.5%
|
2.7%
|
26.2%
|
26.9%
|
26.9%
|
96.1%
|
99.6%
|
95.7%
|
| France
|
3,551
|
3,877
|
3,806
|
94
|
278
|
224
|
134
|
128
|
131
|
229
|
406
|
355
|
97.3%
|
92.8%
|
94.1%
|
74.6%
|
68.5%
|
71.0%
|
3.3%
|
2.7%
|
3.0%
|
22.8%
|
24.3%
|
23.1%
|
99.8%
|
96.7%
|
97.5%
|
| Germany
|
3,927
|
4,130
|
4,373
|
201
|
343
|
329
|
235
|
168
|
156
|
436
|
511
|
485
|
94.9%
|
91.7%
|
92.5%
|
65.6%
|
62.5%
|
62.5%
|
2.5%
|
3.9%
|
4.0%
|
29.3%
|
29.2%
|
30.0%
|
96.1%
|
93.5%
|
93.9%
|
| Austria
|
1,697
|
1,841
|
1,956
|
162
|
159
|
153
|
100
|
90
|
95
|
262
|
249
|
247
|
90.5%
|
91.4%
|
92.2%
|
62.2%
|
63.3%
|
65.0%
|
3.2%
|
5.5%
|
6.3%
|
28.3%
|
28.1%
|
27.2%
|
91.9%
|
93.7%
|
93.9%
|
| Switzerland
|
749
|
742
|
761
|
23
|
27
|
-13
|
25
|
18
|
15
|
48
|
44
|
3
|
96.9%
|
96.4%
|
101.7%
|
69.1%
|
68.1%
|
72.6%
|
0.4%
|
1.3%
|
0.8%
|
27.8%
|
28.3%
|
29.1%
|
97.6%
|
97.3%
|
102.1%
|
| CEE
|
3,222
|
3,514
|
3,704
|
200
|
289
|
281
|
96
|
96
|
104
|
296
|
385
|
385
|
93.8%
|
91.8%
|
92.4%
|
61.0%
|
58.4%
|
58.2%
|
1.6%
|
3.4%
|
5.7%
|
32.8%
|
33.4%
|
34.3%
|
96.3%
|
94.0%
|
94.0%
|
| Spain
|
1,712
|
1,834
|
2,790
|
23
|
47
|
105
|
49
|
23
|
81
|
72
|
70
|
186
|
98.6%
|
97.5%
|
96.2%
|
73.5%
|
71.8%
|
73.4%
|
0.3%
|
0.9%
|
0.5%
|
25.2%
|
25.6%
|
22.8%
|
99.2%
|
98.4%
|
97.3%
|
| Portugal
|
1,096
|
1,204
|
1,549
|
-2
|
62
|
63
|
25
|
28
|
45
|
22
|
90
|
107
|
100.2%
|
94.9%
|
95.9%
|
76.5%
|
70.8%
|
72.1%
|
0.0%
|
0.0%
|
0.1%
|
23.7%
|
24.0%
|
23.9%
|
102.7%
|
99.1%
|
97.1%
|
| Asia
|
975
|
1,320
|
1,378
|
19
|
28
|
14
|
45
|
59
|
59
|
63
|
87
|
73
|
98.1%
|
97.9%
|
99.0%
|
76.6%
|
65.5%
|
66.3%
|
0.0%
|
0.4%
|
0.2%
|
21.5%
|
32.4%
|
32.8%
|
98.5%
|
99.6%
|
101.1%
|
| Europ Assistance
|
2,046
|
2,296
|
2,544
|
89
|
144
|
149
|
17
|
27
|
38
|
106
|
172
|
187
|
95.7%
|
93.7%
|
94.2%
|
66.2%
|
60.7%
|
60.7%
|
0.0%
|
0.0%
|
0.1%
|
29.5%
|
33.1%
|
33.4%
|
96.4%
|
94.7%
|
94.9%
|
| 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.)
|
404
|
913
|
1,259
|
7
|
212
|
154
|
80
|
238
|
159
|
89
|
451
|
313
|
98.1%
|
94.0%
|
96.5%
|
71.6%
|
75.4%
|
73.8%
|
2.5%
|
-1.0%
|
7.0%
|
26.5%
|
18.6%
|
22.8%
|
99.6%
|
98.9%
|
99.8%
|
| Group total
|
28,141
|
30,207
|
32,936
|
1,297
|
1,807
|
1,976
|
1,210
|
1,095
|
1,076
|
2,507
|
2,902
|
3,052
|
95.4%
|
94.0%
|
94.0%
|
66.9%
|
64.9%
|
65.2%
|
2.4%
|
3.7%
|
3.6%
|
28.5%
|
29.2%
|
28.8%
|
97.0%
|
96.7%
|
95.9%
|
Capitalisation and Debt
Shareholders' equity rollforward
| EUR million
|
YE 2023
|
YE 2024
|
| Opening shareholders' equity
|
26,650
|
28,968
|
| Net profit
|
3,747
|
3,724
|
| Dividends
|
-1,790
|
-1,987
|
| Other Comprehensive Income reserve
|
296
|
-133
|
| Related to financial assets
|
9,885
|
2,057
|
| Related to insurance contracts
|
-9,301
|
-2,300
|
| Defined Benefit Plans
|
-157
|
34
|
| Foreign exchange
|
-219
|
31
|
| Other
|
88
|
45
|
| Other items
|
65
|
-183
|
| Closing shareholders' equity
|
28,968
|
30,389
|
Financial debt and cost build-up
| EUR million
|
YE 2023
|
YE 2024
|
| Subordinated debt
|
9,040
|
9,784
|
| Senior debt
|
1,767
|
1,286
|
| Other financial debt
|
157
|
90
|
| Total financial debt
|
10,965
|
11,160
|
| Average maturity (FYears)
|
4.4
|
4.9
|
| Total interest cost
|
447
|
493
|
| Average cost, %
|
4.39%
|
4.16%
|
Financial debt maturity by type
| EUR million
|
Senior
|
Hybrid
|
Subordinated
|
| 2025
|
-
|
1,000
|
-
|
| 2026
|
-
|
424
|
1,000
|
| 2027
|
-
|
-
|
1,750
|
| 2028
|
-
|
-
|
850
|
| 2029
|
500
|
-
|
500
|
| 2030
|
-
|
-
|
750
|
| 2031
|
-
|
-
|
600
|
| 2032
|
-
|
-
|
1,000
|
| 2033
|
-
|
-
|
1,000
|
| 2034
|
750
|
-
|
-
|
| 2035
|
-
|
-
|
750
|
Investments Summary
Investments breakdown 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 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Fixed income
|
280,665,000,000
|
294,159,000,000
|
236,649,000,000
|
246,635,000,000
|
214,480,000,000
|
220,523,000,000
|
22,169,000,000
|
26,112,000,000
|
32,690,000,000
|
33,716,000,000
|
11,618,000,000
|
12,434,000,000
|
11,838,000,000
|
6,302,000,000
|
-12,131,000,000
|
-4,929,000,000
|
| Government bonds
|
137,359,000,000
|
139,053,000,000
|
115,461,000,000
|
116,387,000,000
|
104,883,000,000
|
103,909,000,000
|
10,578,000,000
|
12,478,000,000
|
13,469,000,000
|
13,808,000,000
|
7,959,000,000
|
8,670,000,000
|
470,000,000
|
188,000,000
|
0
|
0
|
| Corporate bonds
|
96,476,000,000
|
105,205,000,000
|
82,479,000,000
|
88,152,000,000
|
75,629,000,000
|
81,138,000,000
|
6,850,000,000
|
7,014,000,000
|
14,133,000,000
|
15,888,000,000
|
2,377,000,000
|
2,318,000,000
|
741,000,000
|
461,000,000
|
-3,254,000,000
|
-1,614,000,000
|
| Other fixed income
|
46,830,000,000
|
49,900,000,000
|
38,709,000,000
|
42,096,000,000
|
33,969,000,000
|
35,476,000,000
|
4,740,000,000
|
6,621,000,000
|
5,088,000,000
|
4,019,000,000
|
1,282,000,000
|
1,446,000,000
|
10,627,000,000
|
5,653,000,000
|
-8,876,000,000
|
-3,314,000,000
|
| Equity & Equity-like
|
25,291,000,000
|
27,229,000,000
|
21,812,000,000
|
23,289,000,000
|
19,770,000,000
|
21,318,000,000
|
2,042,000,000
|
1,971,000,000
|
3,137,000,000
|
3,624,000,000
|
85,000,000
|
75,000,000
|
257,000,000
|
241,000,000
|
0
|
0
|
| Real estate
|
27,038,000,000
|
26,687,000,000
|
23,875,000,000
|
23,865,000,000
|
21,955,000,000
|
22,059,000,000
|
1,920,000,000
|
1,806,000,000
|
3,154,000,000
|
2,809,000,000
|
0
|
1,000,000
|
8,000,000
|
12,000,000
|
0
|
0
|
| Cash and cash equivalents (footnote: Includes repurchase agreement accounted as liabilities of € 4,230 as at YE 2024 and of € 4,209 as at YE 2023.)
|
17,352,000,000
|
17,187,000,000
|
10,542,000,000
|
7,538,000,000
|
7,741,000,000
|
4,807,000,000
|
2,801,000,000
|
2,730,000,000
|
3,817,000,000
|
4,643,000,000
|
-468,000,000
|
784,000,000
|
3,662,000,000
|
4,418,000,000
|
-201,000,000
|
-196,000,000
|
| Other investments (footnote: Includes derivative accounted as liabilities of € 2,718 as at YE 2024 and of € 3,481 as at YE 2023.)
|
8,233,000,000
|
7,805,000,000
|
6,164,000,000
|
6,152,000,000
|
2,725,000,000
|
3,279,000,000
|
3,439,000,000
|
2,874,000,000
|
2,598,000,000
|
2,592,000,000
|
2,138,000,000
|
2,090,000,000
|
156,000,000
|
91,000,000
|
-2,824,000,000
|
-3,120,000,000
|
| Total investments - General account
|
358,578,000,000
|
373,065,000,000
|
299,042,000,000
|
307,479,000,000
|
266,671,000,000
|
271,986,000,000
|
32,371,000,000
|
35,493,000,000
|
45,397,000,000
|
47,383,000,000
|
13,375,000,000
|
15,384,000,000
|
15,921,000,000
|
11,063,000,000
|
-15,155,000,000
|
-8,244,000,000
|
| Unit/linked investments
|
108,265,000,000
|
123,855,000,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Total investments
|
466,843,000,000
|
496,920,000,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Third Parties AUM (footnote: The amount presented in the item does not include € 447 million at YE 2024, and € 375 million at YE 2023, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item.)
|
188,940,000,000
|
366,084,000,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Total AUM
|
655,783,000,000
|
863,004,000,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Investment income by business unit and type
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
Property & Casualty
|
| —
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Current income
|
11,074,000,000
|
12,214,000,000
|
9,115,000,000
|
9,790,000,000
|
7,822,000,000
|
8,363,000,000
|
1,250,000,000
|
1,427,000,000
|
1,640,000,000
|
2,050,000,000
|
| of which Current return on Fixed Income
|
8,804,000,000
|
9,624,000,000
|
7,508,000,000
|
7,922,000,000
|
6,692,000,000
|
6,980,000,000
|
817,000,000
|
942,000,000
|
983,000,000
|
1,430,000,000
|
| of which Current return on Equity & Equity-like
|
800,000,000
|
815,000,000
|
521,000,000
|
571,000,000
|
427,000,000
|
438,000,000
|
94,000,000
|
133,000,000
|
191,000,000
|
160,000,000
|
| of which Current return on Real Estate
|
976,000,000
|
1,108,000,000
|
825,000,000
|
950,000,000
|
739,000,000
|
852,000,000
|
87,000,000
|
98,000,000
|
152,000,000
|
160,000,000
|
| Total P&L investment income
|
10,854,000,000
|
12,784,000,000
|
9,082,000,000
|
9,921,000,000
|
7,717,000,000
|
8,558,000,000
|
1,323,000,000
|
1,363,000,000
|
1,400,000,000
|
2,137,000,000
|
| Comprehensive income
|
23,992,000,000
|
16,387,000,000
|
20,682,000,000
|
12,875,000,000
|
18,427,000,000
|
10,284,000,000
|
2,213,000,000
|
2,591,000,000
|
2,927,000,000
|
2,805,000,000
|
Fixed income return by business unit and type
| %
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
Property & Casuality
|
| —
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Fixed Income
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Current return
|
3.2%
|
3.3%
|
3.2%
|
3.3%
|
3.2%
|
3.2%
|
3.8%
|
3.8%
|
3.0%
|
4.2%
|
| Total P&L return
|
3.5%
|
3.2%
|
3.6%
|
3.2%
|
3.6%
|
3.1%
|
3.8%
|
3.8%
|
2.7%
|
4.1%
|
| Reinvestment yield on direct fixed income
|
—
|
—
|
4.1%
|
3.6%
|
—
|
—
|
—
|
—
|
4.0%
|
3.6%
|
| Equity & Equity-like
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Current return
|
3.1%
|
3.1%
|
2.3%
|
2.5%
|
2.1%
|
2.2%
|
4.9%
|
6.1%
|
5.9%
|
4.7%
|
| Total P&L return
|
5.9%
|
7.3%
|
6.0%
|
7.3%
|
6.2%
|
7.2%
|
3.8%
|
8.3%
|
4.2%
|
5.8%
|
| Real Estate
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Current return
|
3.5%
|
4.1%
|
3.3%
|
4.0%
|
3.2%
|
3.9%
|
5.0%
|
5.2%
|
4.7%
|
5.2%
|
| Total P&L return
|
-2.6%
|
1.4%
|
-3.5%
|
0.8%
|
-3.9%
|
1.1%
|
1.0%
|
-2.7%
|
5.3%
|
5.9%
|
| Total
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Current return
|
3.2%
|
3.3%
|
3.1%
|
3.2%
|
3.0%
|
3.1%
|
4.1%
|
4.1%
|
3.6%
|
4.4%
|
| Total P&L return
|
3.1%
|
3.5%
|
3.1%
|
3.3%
|
2.9%
|
3.2%
|
4.3%
|
3.9%
|
3.1%
|
4.6%
|
| Comprehensive return
|
6.8%
|
4.5%
|
7.0%
|
4.3%
|
7.0%
|
3.8%
|
7.2%
|
7.4%
|
6.4%
|
6.0%
|
Investments by Acc Treatment
Investments by accounting treatment and business unit (footnote: • Includes repurchase agreement accounted as liabilities of € 4,230 as at YE 2024 and of € 4,209 as at YE 2023.
• Includes derivative accounted as liabilities of € 2,718 as at YE 2024 and of € 3,481 as at YE 2023.
• The amount presented in the item does not include € 447 million at YE 2024, and € 375 million at YE 2023, attributable to minority interests related to funds consolidated using the line by line consolidation method, already included within the General Account item.)
| EUR million
|
|
|
|
|
|
|
|
|
|
|
Index!A1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index!A1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index!A1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index!A1
|
|
|
|
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 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
YE 2023
|
YE 2024
|
| Fixed income
|
41,066,000,000
|
40,516,000,000
|
220,624,000,000
|
234,529,000,000
|
18,975,000,000
|
19,114,000,000
|
37,204,000,000
|
36,763,000,000
|
194,892,000,000
|
205,802,000,000
|
4,553,000,000
|
4,070,000,000
|
35,861,000,000
|
35,705,000,000
|
176,959,000,000
|
183,315,000,000
|
1,343,000,000
|
1,058,000,000
|
17,933,000,000
|
22,487,000,000
|
2,893,000,000
|
2,567,000,000
|
3,230,000,000
|
3,033,000,000
|
25,364,000,000
|
28,570,000,000
|
4,096,000,000
|
2,113,000,000
|
| Government bonds
|
1,894,000,000
|
2,044,000,000
|
128,178,000,000
|
129,645,000,000
|
7,288,000,000
|
7,364,000,000
|
1,747,000,000
|
1,956,000,000
|
113,656,000,000
|
114,409,000,000
|
58,000,000
|
22,000,000
|
1,652,000,000
|
1,891,000,000
|
103,231,000,000
|
102,019,000,000
|
95,000,000
|
66,000,000
|
10,425,000,000
|
12,390,000,000
|
58,000,000
|
22,000,000
|
146,000,000
|
88,000,000
|
13,151,000,000
|
13,548,000,000
|
171,000,000
|
173,000,000
|
| Corporate bonds
|
6,156,000,000
|
5,987,000,000
|
87,971,000,000
|
96,815,000,000
|
2,348,000,000
|
2,403,000,000
|
5,627,000,000
|
5,408,000,000
|
76,604,000,000
|
82,589,000,000
|
249,000,000
|
155,000,000
|
5,510,000,000
|
5,296,000,000
|
70,119,000,000
|
75,842,000,000
|
117,000,000
|
111,000,000
|
6,484,000,000
|
6,748,000,000
|
249,000,000
|
155,000,000
|
528,000,000
|
573,000,000
|
12,206,000,000
|
15,013,000,000
|
1,400,000,000
|
302,000,000
|
| Other fixed income
|
33,016,000,000
|
32,485,000,000
|
4,475,000,000
|
8,068,000,000
|
9,339,000,000
|
9,347,000,000
|
29,830,000,000
|
29,399,000,000
|
4,632,000,000
|
8,804,000,000
|
4,247,000,000
|
3,893,000,000
|
28,699,000,000
|
28,518,000,000
|
3,609,000,000
|
5,455,000,000
|
1,131,000,000
|
881,000,000
|
1,023,000,000
|
3,349,000,000
|
2,586,000,000
|
2,391,000,000
|
2,556,000,000
|
2,372,000,000
|
7,000,000
|
8,000,000
|
2,525,000,000
|
1,638,000,000
|
| Equity & Equity-like
|
22,831,000,000
|
23,995,000,000
|
2,460,000,000
|
3,233,000,000
|
0
|
0
|
20,861,000,000
|
21,908,000,000
|
951,000,000
|
1,381,000,000
|
0
|
0
|
19,770,000,000
|
21,318,000,000
|
0
|
0
|
1,091,000,000
|
590,000,000
|
951,000,000
|
1,381,000,000
|
0
|
0
|
1,805,000,000
|
1,932,000,000
|
1,332,000,000
|
1,691,000,000
|
0
|
0
|
| Real estate
|
23,973,000,000
|
23,997,000,000
|
0
|
0
|
3,064,000,000
|
2,689,000,000
|
23,225,000,000
|
23,559,000,000
|
0
|
0
|
650,000,000
|
305,000,000
|
21,728,000,000
|
22,059,000,000
|
0
|
0
|
1,497,000,000
|
1,501,000,000
|
0
|
0
|
423,000,000
|
305,000,000
|
748,000,000
|
437,000,000
|
0
|
0
|
2,406,000,000
|
2,371,000,000
|
| Cash and cash equivalents
|
13,978,000,000
|
12,466,000,000
|
269,000,000
|
217,000,000
|
3,104,000,000
|
4,504,000,000
|
9,517,000,000
|
6,670,000,000
|
116,000,000
|
58,000,000
|
909,000,000
|
810,000,000
|
7,908,000,000
|
4,765,000,000
|
1,000,000
|
15,000,000
|
1,609,000,000
|
1,905,000,000
|
115,000,000
|
42,000,000
|
1,077,000,000
|
783,000,000
|
1,238,000,000
|
1,879,000,000
|
125,000,000
|
74,000,000
|
2,455,000,000
|
2,690,000,000
|
| Other investments
|
4,325,000,000
|
3,879,000,000
|
5,000,000
|
0
|
3,903,000,000
|
3,926,000,000
|
4,395,000,000
|
4,332,000,000
|
5,000,000
|
0
|
1,764,000,000
|
1,820,000,000
|
2,750,000,000
|
3,279,000,000
|
0
|
0
|
1,645,000,000
|
1,054,000,000
|
5,000,000
|
0
|
1,789,000,000
|
1,820,000,000
|
396,000,000
|
269,000,000
|
0
|
0
|
2,203,000,000
|
2,323,000,000
|
| Total investments - General account
|
106,174,000,000
|
104,854,000,000
|
223,359,000,000
|
237,979,000,000
|
29,046,000,000
|
30,233,000,000
|
95,202,000,000
|
93,233,000,000
|
195,964,000,000
|
207,240,000,000
|
7,876,000,000
|
7,005,000,000
|
88,017,000,000
|
87,126,000,000
|
176,960,000,000
|
183,330,000,000
|
7,185,000,000
|
6,107,000,000
|
19,004,000,000
|
23,910,000,000
|
6,182,000,000
|
5,476,000,000
|
7,417,000,000
|
7,551,000,000
|
26,821,000,000
|
30,335,000,000
|
11,159,000,000
|
9,498,000,000
|
| Unit/linked investments
|
108,265,000,000
|
123,855,000,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Total investments
|
214,438,000,000
|
228,709,000,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Investments Focus Equity
Investments focus equity breakdown by industry
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
P&C
|
| Financial
|
1,837,000,000
|
1,051,000,000
|
636,000,000
|
415,000,000
|
670,000,000
|
| Energy
|
819,000,000
|
786,000,000
|
398,000,000
|
388,000,000
|
33,000,000
|
| Consumer
|
680,000,000
|
563,000,000
|
466,000,000
|
97,000,000
|
117,000,000
|
| Industrial
|
441,000,000
|
365,000,000
|
345,000,000
|
20,000,000
|
76,000,000
|
| Utilities
|
201,000,000
|
160,000,000
|
153,000,000
|
7,000,000
|
41,000,000
|
| Other
|
2,752,000,000
|
2,396,000,000
|
1,940,000,000
|
455,000,000
|
350,000,000
|
| Total direct equities
|
6,729,000,000
|
5,321,000,000
|
3,939,000,000
|
1,382,000,000
|
1,286,000,000
|
| Asset Allocation Funds
|
5,198,000,000
|
5,086,000,000
|
4,868,000,000
|
218,000,000
|
110,000,000
|
| Alternative Investments (footnote: Including Private Equity.)
|
15,301,000,000
|
12,882,000,000
|
12,512,000,000
|
371,000,000
|
2,227,000,000
|
| Total equity & equity-like
|
27,229,000,000
|
23,289,000,000
|
21,318,000,000
|
1,971,000,000
|
3,624,000,000
|
Investments focus equity breakdown by geography
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
P&C
|
| Italy
|
662,000,000
|
316,000,000
|
224,000,000
|
92,000,000
|
333,000,000
|
| France
|
1,236,000,000
|
1,149,000,000
|
1,085,000,000
|
64,000,000
|
86,000,000
|
| Germany
|
720,000,000
|
522,000,000
|
520,000,000
|
2,000,000
|
165,000,000
|
| CEE
|
131,000,000
|
10,000,000
|
0
|
10,000,000
|
68,000,000
|
| Rest of Europe
|
1,241,000,000
|
985,000,000
|
969,000,000
|
17,000,000
|
246,000,000
|
| Rest of World
|
2,740,000,000
|
2,338,000,000
|
1,141,000,000
|
1,198,000,000
|
388,000,000
|
| Total direct equities
|
6,729,000,000
|
5,321,000,000
|
3,939,000,000
|
1,382,000,000
|
1,286,000,000
|
Investments focus equity by valuation method
| EUR million
|
Amortized cost
|
Fair Value
|
∆
|
| Equities
|
26,664,000,000
|
27,228,000,000
|
564,000,000
|
| Fair Value through OCI (footnote: Without recycling to P&L.)
|
2,669,000,000
|
3,233,000,000
|
564,000,000
|
| Fair Value through P&L
|
23,995,000,000
|
23,995,000,000
|
n.m.
|
Investments Focus Fixed Income
Investments focus fixed income breakdown by rating
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
P&C
|
| AAA
|
10,149,000,000
|
7,811,000,000
|
7,417,000,000
|
393,000,000
|
1,455,000,000
|
| AA
|
38,242,000,000
|
32,817,000,000
|
30,560,000,000
|
2,257,000,000
|
4,536,000,000
|
| A
|
37,831,000,000
|
32,829,000,000
|
28,803,000,000
|
4,026,000,000
|
4,337,000,000
|
| BBB
|
44,850,000,000
|
35,788,000,000
|
34,116,000,000
|
1,672,000,000
|
2,677,000,000
|
| Not investment grade
|
1,267,000,000
|
684,000,000
|
56,000,000
|
628,000,000
|
549,000,000
|
| Not rated
|
6,714,000,000
|
6,458,000,000
|
2,957,000,000
|
3,501,000,000
|
253,000,000
|
| Total
|
139,053,000,000
|
116,387,000,000
|
103,909,000,000
|
12,478,000,000
|
13,808,000,000
|
Investments focus fixed income breakdown by geography
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
P&C
|
| Italy
|
35,592,000,000
|
29,068,000,000
|
28,789,000,000
|
279,000,000
|
927,000,000
|
| France
|
21,260,000,000
|
18,766,000,000
|
17,952,000,000
|
814,000,000
|
1,823,000,000
|
| Spain
|
21,095,000,000
|
18,638,000,000
|
16,713,000,000
|
1,925,000,000
|
1,712,000,000
|
| Rest of Europe
|
25,492,000,000
|
22,330,000,000
|
21,325,000,000
|
1,005,000,000
|
2,520,000,000
|
| CEE
|
11,807,000,000
|
7,775,000,000
|
5,944,000,000
|
1,831,000,000
|
3,645,000,000
|
| Rest of World
|
17,687,000,000
|
15,507,000,000
|
9,253,000,000
|
6,254,000,000
|
2,152,000,000
|
| Supranational
|
6,120,000,000
|
4,303,000,000
|
3,934,000,000
|
369,000,000
|
1,029,000,000
|
| Total
|
139,053,000,000
|
116,387,000,000
|
103,909,000,000
|
12,478,000,000
|
13,808,000,000
|
Investments focus fixed income by valuation method
| EUR million
|
Amortized Cost
|
Fair Value
|
∆
|
| Government bonds (footnote: Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.)
|
156,662,000,000
|
139,061,000,000
|
(17,601,000,000)
|
| Fair Value through OCI
|
147,254,000,000
|
129,645,000,000
|
-17,609,000,000
|
| Fair Value through P&L
|
2,044,000,000
|
2,044,000,000
|
n.m.
|
| Amortised cost
|
7,364,000,000
|
7,372,000,000
|
8,000,000
|
Duration government bonds by business unit
| EUR million
|
Duration Government bonds
|
|
| —
|
Life
|
P&C
|
| Duration
|
11.4
|
5.6
|
Investments focus fixed income breakdown by rating
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
P&C
|
| AAA
|
6,843,000,000
|
5,327,000,000
|
4,983,000,000
|
344,000,000
|
631,000,000
|
| AA
|
7,927,000,000
|
5,847,000,000
|
5,236,000,000
|
611,000,000
|
1,435,000,000
|
| A
|
29,012,000,000
|
23,159,000,000
|
20,976,000,000
|
2,183,000,000
|
5,190,000,000
|
| BBB
|
53,956,000,000
|
47,387,000,000
|
44,474,000,000
|
2,913,000,000
|
7,686,000,000
|
| Not investment grade
|
5,463,000,000
|
4,617,000,000
|
4,314,000,000
|
303,000,000
|
795,000,000
|
| Not rated
|
2,004,000,000
|
1,815,000,000
|
1,154,000,000
|
660,000,000
|
151,000,000
|
| Totale
|
105,205,000,000
|
88,152,000,000
|
81,138,000,000
|
7,014,000,000
|
15,888,000,000
|
Fixed income investments breakdown by credit rating
| EUR million
|
Covered bonds
|
| AAA
|
5,413,000,000
|
| AA
|
1,340,000,000
|
| A
|
20,000,000
|
| BBB
|
5,000,000
|
| Not investment grade
|
-
|
| Not rated
|
22,000,000
|
| Totale
|
6,800,000,000
|
Fixed income investments breakdown by industry and business unit
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
P&C
|
| Financials
|
35,466,000,000
|
28,980,000,000
|
25,850,000,000
|
3,130,000,000
|
5,818,000,000
|
| Covered bonds
|
6,800,000,000
|
6,179,000,000
|
5,864,000,000
|
315,000,000
|
500,000,000
|
| Utilities
|
12,741,000,000
|
11,164,000,000
|
10,489,000,000
|
675,000,000
|
1,556,000,000
|
| Consumer
|
11,158,000,000
|
9,235,000,000
|
8,527,000,000
|
708,000,000
|
1,813,000,000
|
| Industrial
|
9,739,000,000
|
8,144,000,000
|
7,670,000,000
|
474,000,000
|
1,476,000,000
|
| Telecommunication services
|
8,165,000,000
|
7,321,000,000
|
6,777,000,000
|
544,000,000
|
780,000,000
|
| Health care
|
4,814,000,000
|
4,221,000,000
|
3,982,000,000
|
239,000,000
|
588,000,000
|
| Other
|
16,322,000,000
|
12,909,000,000
|
11,979,000,000
|
929,000,000
|
3,357,000,000
|
| Total
|
105,205,000,000
|
88,152,000,000
|
81,138,000,000
|
7,014,000,000
|
15,888,000,000
|
Covered bonds breakdown by geography
| EUR million
|
Covered bonds
|
| Italy
|
112,000,000
|
| France
|
1,748,000,000
|
| Germany
|
919,000,000
|
| CEE
|
92,000,000
|
| Rest of Europe
|
3,685,000,000
|
| Rest of World
|
244,000,000
|
| Totale
|
6,800,000,000
|
Corporate bonds by accounting approach
| EUR million
|
Amortized Cost
|
Fair Value
|
∆
|
| Corporate bonds
|
109,929,000,000
|
105,183,000,000
|
(4,746,000,000)
|
| Fair Value through OCI
|
101,540,000,000
|
96,815,000,000
|
-4,724,000,000
|
| Fair Value through P&L
|
5,987,000,000
|
5,987,000,000
|
n.m.
|
| Amortised cost
|
2,403,000,000
|
2,381,000,000
|
-22,000,000
|
Duration corporate bonds by business unit
| EUR million
|
Duration Corporate bonds
|
|
| —
|
Life
|
P&C
|
| Duration
|
5.1
|
3.8
|
Other investments build-up by business unit
| EUR million
|
Group
|
Life
|
P&C
|
| Indirect investments in fixed income
|
32,348,000,000
|
29,262,000,000
|
2,372,000,000
|
| Mortgage loans
|
7,041,000,000
|
1,121,000,000
|
137,000,000
|
| Time deposit other than "cash & cash equivalents"
|
2,463,000,000
|
2,965,000,000
|
942,000,000
|
| All other loans
|
8,048,000,000
|
8,747,000,000
|
568,000,000
|
| Totale
|
49,900,000,000
|
42,096,000,000
|
4,019,000,000
|
Other investments by accounting approach
| EUR million
|
Amortized Cost
|
Fair Value
|
∆
|
| Total
|
49,000,000,000
|
49,874,000,000
|
874,000,000
|
| Fair Value through OCI
|
7,168,000,000
|
8,068,000,000
|
901,000,000
|
| Fair Value through P&L
|
32,485,000,000
|
32,485,000,000
|
n.m.
|
| Amortised cost
|
9,347,000,000
|
9,321,000,000
|
-26,000,000
|
Investments Focus Real Estate
Real estate investments by accounting approach
| EUR million
|
Book Value
|
Fair Value
|
∆
|
| Investment properties
|
22,503,000,000
|
24,554,000,000
|
2,051,000,000
|
| Indirect investments in Real Estate
|
4,184,000,000
|
4,184,000,000
|
n.m.
|
| Total General Account Investments
|
26,687,000,000
|
28,737,000,000
|
2,050,000,000
|
| Self use properties (footnote: Not included within General account investments.)
|
2,772,000,000
|
3,567,000,000
|
795,000,000
|
| Inventories (footnote: Not included within General account investments.)
|
540,000,000
|
540,000,000
|
n.m.
|
| Total
|
29,998,000,000
|
32,845,000,000
|
2,847,000,000
|
Real estate investments by geography
| EUR million
|
Fair Value
|
| Italy
|
7,740,000,000
|
| France
|
7,259,000,000
|
| Germany
|
3,222,000,000
|
| CEE
|
996,000,000
|
| Rest of Europe
|
5,278,000,000
|
| Rest of World
|
58,000,000
|
| Total
|
24,554,000,000
|
Real estate investments by type
| %
|
—
|
| Office
|
60.3%
|
| Retail
|
17.5%
|
| Residential
|
10.3%
|
| Logistics
|
4.2%
|
| Other
|
7.8%
|
| Total
|
100.0%
|
Solvency II
Solvency II ratio rollforward
| EUR billion
|
Own funds
|
SCR
|
Solvency II ratio* (%) (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.)
|
| Opening YE 2023
|
49.0
|
22.3
|
220%
|
| Regulatory changes
|
-0.6
|
0.2
|
-4%
|
| Normalized capital generation
|
4.9
|
0.2
|
21%
|
| Life
|
3.8
|
0.2
|
16%
|
| P&C
|
1.4
|
—
|
6%
|
| Holdings & Financial
|
-0.3
|
—
|
-1%
|
| Economic variances
|
-0.5
|
0.7
|
-9%
|
| Non-economic variances
|
-0.9
|
-0.3
|
-1%
|
| M&A
|
-1.0
|
0.4
|
-8%
|
| Capital movements
|
-1.9
|
—
|
-9%
|
| Closing YE 2024
|
49.1
|
23.4
|
210%
|
Solvency II sensitivity by market risk
| %
|
YE 2024
|
| Equity market -25%
|
-7 p.p.
|
| Equity market +25%
|
+6 p.p.
|
| Interest rate -50 bps
|
-4 p.p.
|
| Interest rate +50 bps
|
+3 p.p.
|
| Corporate spread +50 bps
|
-2 p.p.
|
| Euro area govies spread +50 bps (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 2024 Solvency and Financial Condition Report (SFCR) and Quantitative Reporting Templates (QRT).)
|
-10 p.p.
|
Solvency II eligible own funds build-up (footnote: The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.)
| EUR billion
|
YE 2024
|
| Shareholders' equity incl. minorities
|
33.1
|
| Gross CSM
|
31.2
|
| Intangibles
|
-11.9
|
| Scope
|
-3.0
|
| Valuation differences
|
5.6
|
| Net deferred taxes & other
|
-7.6
|
| Excess of assets over liabilities
|
47.5
|
| Subordinated debt
|
9.0
|
| Minorities and other
|
-5.2
|
| Foreseeable dividends (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 2024 Solvency and Financial Condition Report (SFCR) and Quantitative Reporting Templates (QRT).)
|
-2.2
|
| Eligible own funds
|
49.1
|
