Generali FY25 financial supplement.
| Document info |
|---|
| Organization | Generali |
|---|
| Year | 2025 |
|---|
| Period | FY |
|---|
| Period label | FY25 |
|---|
| Document type | Financial supplement |
|---|
| Language | English |
|---|
| Source | Original URL |
|---|
| Archive | .md file |
|---|
0. Summary P&L
Consolidated operating and non-operating result build-up for fiscal years 2024 and 2025
| 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 for fiscal years 2024 and 2025
| 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 (1)
|
3,769
|
4,315
|
| Per share data
|
—
|
—
|
Adjusted EPS and share data for fiscal years 2024 and 2025
| 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 (2)
|
2.45
|
2.85
|
- (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
- (2) 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.
1. Summary P&L Segment
Consolidated operating and non-operating result breakdown by segment for fiscal years 2024 and 2025
| 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
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2. Summary BS
Total assets and liabilities breakdown by segment for fiscal years 2024 and 2025
| 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
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Gross and net contractual service margin (CSM) breakdown by segment for fiscal years 2024 and 2025
| 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) (2)
|
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) (3)
|
21,484
|
24,117
|
—
|
—
|
—
|
—
|
- (1) Including (re)insurance contracts that are assets
- (2) Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities
- (3) CSM presented net of reinsurance, taxes and minorities
3. Volumes
Gross written premium breakdown by geography and line of business for fiscal years 2024 and 2025
| 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 breakdown by geography and life line of business for fiscal years 2024 and 2025
| 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%
|
- Total Gross Written Premiums
Life net inflows breakdown by geography for fiscal years 2024 and 2025
| 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 breakdown by product type for fiscal year 2025
| EUR million
|
Traditional Saving
|
Protection & Health
|
Hybrid & Unit Linked
|
| —
|
YE 2025
|
| Total group
|
2,406
|
4,472
|
6,608
|
4. Life New Business
Life new business value and margin breakdown by product type for fiscal years 2024 and 2025
| 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%
|
Life new business premiums breakdown by premium type for fiscal years 2024 and 2025
| 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
|
Life new business value build-up for fiscal years 2024 and 2025
| EUR million
|
Group
|
| —
|
YE 2024
|
YE 2025
|
| New business CSM
|
2,827
|
3,010
|
| Perimeter (1)
|
192
|
196
|
| Reinsurance
|
-41
|
-59
|
| New business value
|
2,977
|
3,147
|
- (1) Including investment contracts, PAA, and potential LC
Life new business value, margin, and PVNBP weight breakdown by geography and product type for fiscal years 2024 and 2025
| 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%
|
Life new business value sensitivity to market and actuarial assumptions for fiscal years 2024 and 2025
| 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
|
Life new business margin sensitivity to market assumptions for fiscal years 2024 and 2025
| EUR million
|
YE 2024
|
YE 2025
|
| Interest rate -50 bps
|
-0.59%
|
-0.53%
|
| Interest rate +50 bps
|
0.50%
|
0.43%
|
5. Life CSM
Contractual service margin (CSM) rollforward for fiscal years 2024 and 2025
| 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
|
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%
|
Contractual service margin (CSM) breakdown by region for fiscal years 2024 and 2025
| 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 breakdown by maturity bucket
| 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
|
- (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.
Contractual service margin (CSM) sensitivity to market shocks for fiscal years 2024 and 2025
| 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
|
-637
|
-747
|
- (2) Sensitivities representing impact before release.
- (3) The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
6. Life Operating
Life operating result build-up for fiscal years 2024 and 2025
| 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 breakdown by region for fiscal years 2024 and 2025
| 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 (1)
|
-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
|
- (1) Including elimination of transactions between Generali Group companies in different geographic regions
7. P&C Operating
P&C operating result build-up for fiscal years 2024 and 2025
| 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 combined ratio and components for fiscal years 2024 and 2025
| 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
|
P&C operating result breakdown by geography for fiscal years 2024 and 2025
| 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 (1)
|
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%
|
- (1) Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios
8. Asset Management
Assets under management (AUM) rollforward for fiscal years 2024 and 2025
| EUR billion
|
YE 2024
|
YE 2025
|
| Opening AUM
|
516
|
695
|
| Net inflows
|
6.7
|
16.2
|
| o/w Generali Group (1)
|
4.9
|
6.5
|
| o/w Third party
|
1.8
|
9.6
|
| Market effect, FX & other
|
18.5
|
-4.2
|
| Perimeter changes (2)
|
154.4
|
4.5
|
| Closing AUM
|
695
|
712
|
| o/w Generali Group (1) (3)
|
425
|
439
|
| o/w Third party
|
271
|
273
|
Asset management operating result build-up for fiscal years 2024 and 2025
| 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 (4)
|
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) (6)
|
-83
|
-90
|
—
|
—
|
| Adjusted net result after minorities
|
343
|
356
|
—
|
—
|
Asset management average AUM and ratios for fiscal years 2024 and 2025
| 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) (3)
|
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 (1)
|
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%
|
- (1) Including Unit-Linked
- (2) Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024
- (3) Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds
- (4) Mainly including dividends, net result from participations, and interest income
- (5) Including minorities at affiliate level
- (6) MGG fully consolidated starting from October 2025
9. Capitalisation & Debt
Shareholders' equity rollforward for fiscal years 2024 and 2025
| 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 breakdown by type and average maturity and cost for fiscal years 2024 and 2025
| 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 (1)
|
11,160
|
11,194
|
| Average maturity (FYears) (1)
|
4.9
|
4.8
|
| Total interest cost (1)
|
493
|
460
|
| Average cost (%)
|
4.16%
|
4.11%
|
Financial debt maturity schedule 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
|
- (1) These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds.
10. Investments Summary
Total investments breakdown by type and segment for fiscal years 2024 and 2025
| 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 (1)
|
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 (2)
|
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 (3)
|
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 (4)
|
366,084
|
383,755
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Total AUM
|
863,004
|
899,930
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
- (1) Directly owned exposure only (before look-through).
- (2) Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
- (3) Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
- (4) 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.
Investment income breakdown by segment and type for fiscal years 2024 and 2025
| EUR million
|
Group
|
Life
|
o/w Life VFA
|
o/w Life other than VFA
|
Property & Casualty
|
| —
|
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
|
- (5) 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.
11. Investments by Acc Treatment
Investments breakdown by accounting treatment, segment, and type for fiscal years 2024 and 2025
| 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 (1)
|
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 (2)
|
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 (3)
|
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
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
- (1) Directly owned exposure only (before look-through).
- (2) Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024.
- (3) Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024.
12. Investments Focus Equity
Equity and equity-like investments breakdown by type and segment
| 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 (1)
|
15,558
|
13,610
|
12,869
|
741
|
1,798
|
| Total equity & equity-like
|
27,712
|
23,918
|
21,362
|
2,556
|
3,469
|
- (1) Including Private Equity.
Direct equity investments breakdown by geography and segment
| 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 breakdown by accounting treatment
| EUR million
|
Amortised cost
|
Fair Value
|
| Equities
|
27,078
|
27,712
|
| Fair value through OCI (2)
|
2,839
|
3,474
|
| Fair value through P&L
|
24,239
|
24,239
|
- (2) Without recycling to P&L.
13. Investments Focus Fixed Income
Fixed income investments breakdown by rating and segment
| 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 breakdown by geography and segment
| 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 bonds breakdown by accounting treatment
| EUR million
|
Amortised Cost
|
Fair Value
|
| Government bonds
|
162,275
|
140,786
|
| Fair value through OCI
|
153,619
|
132,058
|
| Fair value through P&L
|
2,187
|
2,187
|
Duration of government bonds by segment
| EUR million
|
Duration government bonds
|
|
| —
|
Life
|
P&C
|
| Duration
|
11.1
|
6.1
|
- (1) Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
- CORPORATE BOND
Fixed income breakdown by rating and segment
| 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 fixed income 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
|
| Total
|
40,482
|
67,357
|
Fixed income breakdown by industry and segment
| 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 fixed income 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
|
| Total
|
40,482
|
67,357
|
Corporate bonds by valuation method
| 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 of corporate bonds by segment
| EUR million
|
Duration corporate bonds
|
|
| —
|
Life
|
P&C
|
| Duration
|
4.9
|
3.6
|
- OTHER FIXED INCOME
- Split by nature
Indirect investments and loans by segment
| 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
|
Investments focus fixed income breakdown by accounting treatment for an unspecified period
| 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
|
14. Investments Focus Real Estate
Investments focus real estate breakdown by type of investment for an unspecified period
| 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 (1)
|
2,955
|
3,697
|
| Inventories (1)
|
680
|
680
|
| Total
|
30,022
|
32,849
|
- (1) Not included within General account investments.
Investments focus real estate breakdown by geography and property type for an unspecified period
| EUR million
|
Fair value
|
%
|
—
|
| Italy
|
7,941
|
Office
|
59%
|
| France
|
7,059
|
Retail
|
18%
|
| Germany
|
3,189
|
Residential
|
11%
|
| CEE
|
361
|
Logistics
|
5%
|
| Rest of Europe
|
5,546
|
Other
|
8%
|
| Rest of world
|
284
|
Total
|
100%
|
| Total
|
24,379
|
—
|
—
|
15. Solvency II
Solvency II ratio rollforward by movement for fiscal years 2024 and 2025
| EUR billion
|
Group own funds
|
Group SCR
|
Solvency II ratio (1) (%)
|
| 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%
|
- (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).
Solvency II ratio sensitivity to market shocks for year-end 2025
| %
|
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(2)
|
-8 p.p.
|
- (2) The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries.
Group own funds build-up for year-end 2025
| 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 (3)
|
-2.5
|
| Group own funds
|
52.6
|
- (3) The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.