Data:Generali/2025/FY/Financial supplement (Excel).json

doc_id	"li1flg"
document	organization "Generali" year "2025" period "FY" document_category "Financial supplement" document_name "Generali Financial Supplement FY 2025" language "English"
sections	id "li1flg-c1" chunk 1 pages 1 heading "Summary P&L" tags Empty array links "Underlying earnings" "Property & casualty" "Net investment income" data_items Empty array effective_tags "Net investment income" "Property & casualty" "Underlying earnings" content "**Consolidated operating and non-operating result build-up.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Consolidated {{t\|operating result\|\|Underlying earnings}} | {{t\|7,295\|li1flg-xcsq}} | {{t\|8,004\|li1flg-qi1m}} | | Life {{t\|operating result\|\|Underlying earnings}} | {{t\|3,982\|li1flg-iy1q}} | {{t\|4,154\|li1flg-m3ni}} | | {{t\|P&C\|\|Property & casualty}} {{t\|operating result\|\|Underlying earnings}} | {{t\|3,052\|li1flg-omp0}} | {{t\|3,663\|li1flg-gsla}} | | Asset & Wealth Management | {{t\|1,176\|li1flg-5gwh}} | {{t\|1,194\|li1flg-ydst}} | | Holding and other businesses | {{t\|(536)\|li1flg-wd5g}} | {{t\|(610)\|li1flg-n2hz}} | | Consolidation Adjustments | {{t\|(379)\|li1flg-6c1b}} | {{t\|(397)\|li1flg-uno5}} | | **Consolidated non-operating result** | {{t\|(1,255)\|li1flg-j13r}} | {{t\|(1,641)\|li1flg-mat4}} | | Non-operating {{t\|investment result\|\|Net investment income}} | {{t\|28\|li1flg-isgu}} | {{t\|(214)\|li1flg-3bn0}} | | {{t\|Net investment result\|\|Net investment income}} from FVTPL and net gains on foreign currency | {{t\|82\|li1flg-grna}} | {{t\|(82)\|li1flg-i5jy}} | | Net non-operating realized gains | {{t\|135\|li1flg-7quy}} | {{t\|41\|li1flg-pnt7}} | | Net non-operating ECL and impairment losses | {{t\|(190)\|li1flg-4h8q}} | {{t\|(173)\|li1flg-9fre}} | | Net other non-operating expenses | {{t\|(710)\|li1flg-qs0q}} | {{t\|(910)\|li1flg-mm50}} | | Non-operating holding expenses | {{t\|(572)\|li1flg-ywau}} | {{t\|(517)\|li1flg-qz1x}} | | Interest expenses on financial debt | {{t\|(493)\|li1flg-rhik}} | {{t\|(460)\|li1flg-kn1j}} | | Other non-operating holding expenses | {{t\|(79)\|li1flg-vtg4}} | {{t\|(57)\|li1flg-r955}} | | **Earnings before taxes** | {{t\|6,041\|li1flg-ff0i}} | {{t\|6,363\|li1flg-hz8h}} | | Income taxes | {{t\|(1,843)\|li1flg-sp9g}} | {{t\|(1,717)\|li1flg-wh9v}} | | Result for discontinued operations | {{t\|(31)\|li1flg-xnxx}} | {{t\|17\|li1flg-9zxs}} | | **Consolidated result for the period** | {{t\|4,167\|li1flg-efur}} | {{t\|4,663\|li1flg-r4rf}} | | Minority interests | {{t\|(442)\|li1flg-tg22}} | {{t\|(491)\|li1flg-6dbo}} | | **Net result** | {{t\|3,724\|li1flg-gwlo}} | {{t\|4,172\|li1flg-aow1}} | **Adjusted net result build-up.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Profit or Loss on assets at FVTPL on non-par & SH fund | {{t\|(50)\|li1flg-tazi}} | {{t\|97\|li1flg-jcjy}} | | Hyperinflation effect (IAS 29) | {{t\|71\|li1flg-phqo}} | {{t\|9\|li1flg-70yb}} | | Amortisation of intangibles related to M&A | {{t\|51\|li1flg-4ksg}} | {{t\|54\|li1flg-ou2j}} | | Gains & losses from acquisitions & disposal | {{t\|(27)\|li1flg-t9a2}} | {{t\|(17)\|li1flg-xlgc}} | | Adjusted net result (1) 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) | {{t\|3,769\|li1flg-kbia}} | {{t\|4,315\|li1flg-uurx}} | **Shares and adjusted EPS.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Closing number of shares | {{t\|1,569,420,004\|li1flg-7e1n}} | {{t\|1,549,784,923\|li1flg-8r7m}} | | Closing number of treasury shares | {{t\|47,994,953\|li1flg-0fgx}} | {{t\|46,606,923\|li1flg-n2bq}} | | Weighted average number outstanding of shares | {{t\|1,538,690,704\|li1flg-347q}} | {{t\|1,513,810,624\|li1flg-dhgf}} | | Weighted average number of treasury shares | {{t\|27,804,292\|li1flg-1zwz}} | {{t\|42,268,284\|li1flg-gk78}} | | Adjusted EPS (2) | {{t\|2.45\|li1flg-z6ql}} | {{t\|2.85\|li1flg-gnau}} | (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." id "li1flg-c2" chunk 2 pages 2 heading "Summary P&L Segment" tags Empty array links "Property & casualty" "Underlying earnings" "Insurance service result" "Net investment income" data_items Empty array effective_tags "Insurance service result" "Net investment income" "Property & casualty" "Underlying earnings" content "**Consolidated operating and non-operating result build-up by business unit.** | In EUR million | Group YE 2024 | Group YE 2025 | Life YE 2024 | Life YE 2025 | {{t\|P&C\|\|Property & casualty}} YE 2024 | {{t\|P&C\|\|Property & casualty}} YE 2025 | Asset & Wealth management YE 2024 | Asset & Wealth management YE 2025 | Holding and other businesses YE 2024 | Holding and other businesses YE 2025 | Consolidation YE 2024 | Consolidation YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Consolidated {{t\|operating result\|\|Underlying earnings}} | {{t\|7,295\|li1flg-enne}} | {{t\|8,004\|li1flg-uu1e}} | {{t\|3,982\|li1flg-pgwe}} | {{t\|4,154\|li1flg-142u}} | {{t\|3,052\|li1flg-60xy}} | {{t\|3,663\|li1flg-8663}} | {{t\|1,176\|li1flg-q9if}} | {{t\|1,194\|li1flg-w7j9}} | {{t\|(536)\|li1flg-0zq8}} | {{t\|(610)\|li1flg-1rtv}} | {{t\|(379)\|li1flg-urwb}} | {{t\|(397)\|li1flg-6tpd}} | | Net {{t\|insurance service result\|\|Insurance service result}} | {{t\|5,795\|li1flg-acj0}} | {{t\|6,734\|li1flg-gttc}} | {{t\|3,105\|li1flg-7uai}} | {{t\|3,445\|li1flg-v4tc}} | {{t\|2,289\|li1flg-gat3}} | {{t\|2,908\|li1flg-bkfz}} | - | {{t\|(6)\|li1flg-5p5e}} | - | - | {{t\|401\|li1flg-u6be}} | {{t\|388\|li1flg-bv1z}} | | Operating {{t\|investment result\|\|Net investment income}} | {{t\|2,459\|li1flg-340z}} | {{t\|2,431\|li1flg-ud9t}} | {{t\|943\|li1flg-jcjd}} | {{t\|911\|li1flg-wzql}} | {{t\|1,076\|li1flg-k125}} | {{t\|1,050\|li1flg-b2rg}} | {{t\|477\|li1flg-n1ae}} | {{t\|485\|li1flg-hftl}} | {{t\|188\|li1flg-3x1n}} | {{t\|220\|li1flg-f3e3}} | {{t\|(224)\|li1flg-t15o}} | {{t\|(235)\|li1flg-zdlc}} | | Other {{t\|operating income\|\|Underlying earnings}} and expenses | {{t\|(959)\|li1flg-mnoi}} | {{t\|(1,162)\|li1flg-kwxm}} | {{t\|(65)\|li1flg-fas7}} | {{t\|(202)\|li1flg-sya5}} | {{t\|(313)\|li1flg-36qf}} | {{t\|(295)\|li1flg-4e20}} | {{t\|700\|li1flg-y2xm}} | {{t\|715\|li1flg-97yl}} | {{t\|(724)\|li1flg-krg6}} | {{t\|(830)\|li1flg-vg3v}} | {{t\|(556)\|li1flg-pcko}} | {{t\|(549)\|li1flg-325h}} | | of which operating holding expenses | {{t\|(693)\|li1flg-s2n9}} | {{t\|(760)\|li1flg-q7dj}} | - | - | - | - | - | - | {{t\|(693)\|li1flg-obir}} | {{t\|(760)\|li1flg-oj8r}} | - | - | | **Consolidated non-operating result** | {{t\|(1,255)\|li1flg-q3li}} | {{t\|(1,641)\|li1flg-v8vj}} | {{t\|(175)\|li1flg-8h3d}} | {{t\|(330)\|li1flg-7n4m}} | {{t\|(410)\|li1flg-ovqj}} | {{t\|(592)\|li1flg-4aip}} | {{t\|(101)\|li1flg-z7k8}} | {{t\|(141)\|li1flg-ve98}} | {{t\|(567)\|li1flg-wdfw}} | {{t\|(572)\|li1flg-v9v7}} | {{t\|(1)\|li1flg-sl5t}} | {{t\|(5)\|li1flg-9utp}} | | Non-operating {{t\|investment result\|\|Net investment income}} | {{t\|28\|li1flg-w1x0}} | {{t\|(214)\|li1flg-m83m}} | {{t\|(70)\|li1flg-v4u6}} | {{t\|(150)\|li1flg-r5x2}} | {{t\|55\|li1flg-dq2b}} | {{t\|(54)\|li1flg-ck4w}} | {{t\|18\|li1flg-kqsl}} | {{t\|(19)\|li1flg-ym0l}} | {{t\|26\|li1flg-7f1b}} | {{t\|15\|li1flg-4agi}} | {{t\|(1)\|li1flg-f8r0}} | {{t\|(5)\|li1flg-cfc3}} | | {{t\|Net investment result\|\|Net investment income}} from FVTPL and net gains on foreign currency | {{t\|82\|li1flg-etx3}} | {{t\|(82)\|li1flg-14nt}} | {{t\|27\|li1flg-ssb6}} | {{t\|(27)\|li1flg-7s8p}} | {{t\|41\|li1flg-51oz}} | {{t\|(55)\|li1flg-uyep}} | {{t\|4\|li1flg-rhxj}} | {{t\|(18)\|li1flg-wq4t}} | {{t\|11\|li1flg-n1tw}} | {{t\|22\|li1flg-m77f}} | {{t\|(1)\|li1flg-eywu}} | {{t\|(4)\|li1flg-sjoe}} | | Net non-operating realized gains | {{t\|135\|li1flg-f153}} | {{t\|41\|li1flg-c6b9}} | {{t\|(31)\|li1flg-qir0}} | {{t\|(86)\|li1flg-i9j6}} | {{t\|153\|li1flg-qyrp}} | {{t\|117\|li1flg-ue1w}} | {{t\|12\|li1flg-zgfb}} | {{t\|11\|li1flg-s1gy}} | {{t\|1\|li1flg-5e92}} | {{t\|(1)\|li1flg-bi22}} | - | - | | Net non-operating ECL and impairment losses | {{t\|(190)\|li1flg-1bnp}} | {{t\|(173)\|li1flg-i2py}} | {{t\|(67)\|li1flg-gguy}} | {{t\|(37)\|li1flg-93ul}} | {{t\|(140)\|li1flg-poph}} | {{t\|(116)\|li1flg-ivc1}} | {{t\|2\|li1flg-2ea5}} | {{t\|(12)\|li1flg-wy9v}} | {{t\|14\|li1flg-oa0c}} | {{t\|(6)\|li1flg-flbj}} | - | {{t\|(1)\|li1flg-9vwx}} | | Net other non-operating expenses | {{t\|(710)\|li1flg-od6x}} | {{t\|(910)\|li1flg-diit}} | {{t\|(105)\|li1flg-9d5e}} | {{t\|(180)\|li1flg-pw96}} | {{t\|(465)\|li1flg-ohk6}} | {{t\|(538)\|li1flg-cr4a}} | {{t\|(118)\|li1flg-rq7s}} | {{t\|(121)\|li1flg-pihw}} | {{t\|(21)\|li1flg-1lnb}} | {{t\|(70)\|li1flg-j8le}} | - | - | | Non-operating holding expenses | {{t\|(572)\|li1flg-0fph}} | {{t\|(517)\|li1flg-egkp}} | - | - | - | - | - | - | {{t\|(572)\|li1flg-0mgw}} | {{t\|(517)\|li1flg-5220}} | - | - | | Interest expenses on financial debt | {{t\|(493)\|li1flg-bde3}} | {{t\|(460)\|li1flg-wuy3}} | - | - | - | - | - | - | {{t\|(493)\|li1flg-nlyr}} | {{t\|(460)\|li1flg-thdr}} | - | - | | Other non-operating holding expenses | {{t\|(79)\|li1flg-0czn}} | {{t\|(57)\|li1flg-7ctc}} | - | - | - | - | - | - | {{t\|(79)\|li1flg-nda7}} | {{t\|(57)\|li1flg-nlg7}} | - | - | | **Earnings before taxes** | {{t\|6,041\|li1flg-2k75}} | {{t\|6,363\|li1flg-3472}} | {{t\|3,807\|li1flg-wpbs}} | {{t\|3,824\|li1flg-d6pi}} | {{t\|2,641\|li1flg-eyz9}} | {{t\|3,071\|li1flg-7rjn}} | {{t\|1,075\|li1flg-vt4c}} | {{t\|1,053\|li1flg-rkqb}} | {{t\|(1,103)\|li1flg-fzf0}} | {{t\|(1,183)\|li1flg-t2tm}} | {{t\|(380)\|li1flg-efs0}} | {{t\|(402)\|li1flg-kd01}} | | Income taxes | {{t\|(1,843)\|li1flg-8j7l}} | {{t\|(1,717)\|li1flg-o2sp}} | — | — | — | — | — | — | — | — | — | — | | Result from discontinued operations | {{t\|(31)\|li1flg-ufge}} | {{t\|17\|li1flg-0ou0}} | — | — | — | — | — | — | — | — | — | — | | **Consolidated result for the period** | {{t\|4,167\|li1flg-n0ed}} | {{t\|4,663\|li1flg-qda3}} | — | — | — | — | — | — | — | — | — | — | | Minority interests | {{t\|(442)\|li1flg-qi8z}} | {{t\|(491)\|li1flg-18ux}} | — | — | — | — | — | — | — | — | — | — | | **Net result** | {{t\|3,724\|li1flg-r0zs}} | {{t\|4,172\|li1flg-zlhj}} | — | — | — | — | — | — | — | — | — | — |" id "li1flg-c3" chunk 3 pages 3 heading "Summary BS" tags Empty array links "Property & casualty" data_items Empty array effective_tags "Property & casualty" content "**Assets and liabilities by business unit.** | In EUR million | Group YE 2024 | Group YE 2025 | Life YE 2024 | Life YE 2025 | {{t\|P&C\|\|Property & casualty}} YE 2024 | {{t\|P&C\|\|Property & casualty}} YE 2025 | Asset & Wealth management YE 2024 | Asset & Wealth management YE 2025 | Holding and other businesses YE 2024 | Holding and other businesses YE 2025 | Consolidation YE 2024 | Consolidation YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Intangible assets | {{t\|11,861\|li1flg-2fpm}} | {{t\|12,200\|li1flg-kfde}} | {{t\|4,754\|li1flg-klcq}} | {{t\|4,849\|li1flg-40mt}} | {{t\|5,987\|li1flg-4ruv}} | {{t\|5,968\|li1flg-nlml}} | {{t\|1,007\|li1flg-o7w8}} | {{t\|1,262\|li1flg-5m5q}} | {{t\|85\|li1flg-ej0z}} | {{t\|93\|li1flg-ej3u}} | {{t\|28\|li1flg-ak61}} | {{t\|28\|li1flg-kijy}} | | Tangible assets | {{t\|3,746\|li1flg-sj9r}} | {{t\|4,099\|li1flg-ceyv}} | {{t\|791\|li1flg-i9v6}} | {{t\|991\|li1flg-6d5y}} | {{t\|2,238\|li1flg-fnld}} | {{t\|2,378\|li1flg-vssr}} | {{t\|257\|li1flg-w0pa}} | {{t\|258\|li1flg-bv8e}} | {{t\|550\|li1flg-tmuc}} | {{t\|573\|li1flg-f4rp}} | {{t\|(91)\|li1flg-fko6}} | {{t\|(102)\|li1flg-jdbs}} | | Insurance assets | {{t\|4,902\|li1flg-lhic}} | {{t\|4,729\|li1flg-r9gf}} | {{t\|604\|li1flg-h5q1}} | {{t\|716\|li1flg-nv2r}} | {{t\|4,324\|li1flg-puui}} | {{t\|4,012\|li1flg-861g}} | - | - | - | - | {{t\|(26)\|li1flg-jbgr}} | - | | Investments | {{t\|494,340\|li1flg-cdx9}} | {{t\|514,328\|li1flg-h3f9}} | {{t\|432,120\|li1flg-nc2t}} | {{t\|447,418\|li1flg-ho16}} | {{t\|44,476\|li1flg-zkzh}} | {{t\|47,362\|li1flg-ryji}} | {{t\|15,250\|li1flg-lemg}} | {{t\|17,226\|li1flg-w5af}} | {{t\|10,542\|li1flg-s3i8}} | {{t\|11,500\|li1flg-6pzx}} | {{t\|(8,049)\|li1flg-5k1g}} | {{t\|(9,179)\|li1flg-cr8r}} | | Investment properties | {{t\|22,503\|li1flg-pfks}} | {{t\|22,293\|li1flg-azz5}} | {{t\|19,985\|li1flg-l979}} | {{t\|20,010\|li1flg-gs3s}} | {{t\|2,506\|li1flg-2qns}} | {{t\|2,280\|li1flg-tu24}} | - | - | {{t\|12\|li1flg-gmj3}} | {{t\|3\|li1flg-slfs}} | - | - | | Investments in subsidiaries, associated companies and joint ventures | {{t\|2,840\|li1flg-qlqk}} | {{t\|3,026\|li1flg-pz7y}} | {{t\|3,499\|li1flg-mh2o}} | {{t\|3,908\|li1flg-52tc}} | {{t\|2,317\|li1flg-p99s}} | {{t\|2,966\|li1flg-imps}} | {{t\|6\|li1flg-dbv2}} | {{t\|5\|li1flg-gd6z}} | {{t\|64\|li1flg-rrkx}} | {{t\|74\|li1flg-nnup}} | {{t\|(3,046)\|li1flg-7v1s}} | {{t\|(3,927)\|li1flg-4ozp}} | | Financial assets | {{t\|468,997\|li1flg-k2ka}} | {{t\|489,009\|li1flg-d069}} | {{t\|408,636\|li1flg-20lj}} | {{t\|423,500\|li1flg-kq7h}} | {{t\|39,654\|li1flg-z68v}} | {{t\|42,116\|li1flg-yiq8}} | {{t\|15,244\|li1flg-my7f}} | {{t\|17,221\|li1flg-5kyz}} | {{t\|10,465\|li1flg-h9af}} | {{t\|11,423\|li1flg-txr8}} | {{t\|(5,003)\|li1flg-sgxy}} | {{t\|(5,251)\|li1flg-lju3}} | | Other financial assets | {{t\|6,209\|li1flg-vmp6}} | {{t\|7,395\|li1flg-tjyg}} | {{t\|2,686\|li1flg-xp87}} | {{t\|3,233\|li1flg-eegb}} | {{t\|2,607\|li1flg-bale}} | {{t\|3,971\|li1flg-13mt}} | {{t\|730\|li1flg-eqqr}} | {{t\|1,046\|li1flg-uaf9}} | {{t\|186\|li1flg-tkre}} | {{t\|388\|li1flg-rwc0}} | - | {{t\|(1,243)\|li1flg-2l11}} | | Other assets | {{t\|9,275\|li1flg-yvib}} | {{t\|8,470\|li1flg-cob5}} | {{t\|5,325\|li1flg-yo63}} | {{t\|3,484\|li1flg-jj5l}} | {{t\|2,755\|li1flg-0wub}} | {{t\|3,637\|li1flg-12nf}} | {{t\|852\|li1flg-1se1}} | {{t\|1,021\|li1flg-hygu}} | {{t\|469\|li1flg-0mm1}} | {{t\|394\|li1flg-yxlp}} | {{t\|(126)\|li1flg-xo8z}} | {{t\|(67)\|li1flg-axmf}} | | Cash and cash equivalents | {{t\|8,315\|li1flg-3gtt}} | {{t\|7,308\|li1flg-2gmk}} | {{t\|3,957\|li1flg-prvt}} | {{t\|3,873\|li1flg-w0vv}} | {{t\|2,690\|li1flg-7rbb}} | {{t\|2,599\|li1flg-aayy}} | {{t\|1,340\|li1flg-tlda}} | {{t\|768\|li1flg-ekqv}} | {{t\|523\|li1flg-liwm}} | {{t\|258\|li1flg-4c1b}} | {{t\|(196)\|li1flg-t83s}} | {{t\|(189)\|li1flg-122r}} | | **Total Assets** | {{t\|538,647\|li1flg-gdim}} | {{t\|558,529\|li1flg-6x34}} | {{t\|450,237\|li1flg-ckrp}} | {{t\|464,565\|li1flg-7byw}} | {{t\|65,077\|li1flg-4oy8}} | {{t\|69,927\|li1flg-jzsj}} | {{t\|19,436\|li1flg-s29c}} | {{t\|21,582\|li1flg-ibj3}} | {{t\|12,356\|li1flg-e5n5}} | {{t\|13,206\|li1flg-xdl5}} | {{t\|(8,459)\|li1flg-danw}} | {{t\|(10,750)\|li1flg-9koa}} | | Insurance liabilities | {{t\|438,486\|li1flg-8w35}} | {{t\|452,432\|li1flg-l4b3}} | {{t\|400,565\|li1flg-esbh}} | {{t\|412,810\|li1flg-8we0}} | {{t\|37,947\|li1flg-81wx}} | {{t\|39,622\|li1flg-k27k}} | - | - | - | - | {{t\|(26)\|li1flg-snt7}} | - | | Financial liabilities | {{t\|45,710\|li1flg-bfvd}} | {{t\|48,843\|li1flg-urjz}} | {{t\|20,542\|li1flg-smts}} | {{t\|21,960\|li1flg-0hml}} | {{t\|5,298\|li1flg-5lui}} | {{t\|5,932\|li1flg-qmb8}} | {{t\|14,478\|li1flg-2wnu}} | {{t\|16,292\|li1flg-qzd0}} | {{t\|7,798\|li1flg-b1cq}} | {{t\|8,310\|li1flg-ubcc}} | {{t\|(2,407)\|li1flg-e31j}} | {{t\|(3,652)\|li1flg-vtrh}} | | Financial liabilities at fair value through profit or loss | {{t\|8,166\|li1flg-cys2}} | {{t\|9,272\|li1flg-c9e7}} | {{t\|7,732\|li1flg-6oqb}} | {{t\|8,630\|li1flg-jyfg}} | {{t\|171\|li1flg-j6v8}} | {{t\|148\|li1flg-bgn4}} | {{t\|262\|li1flg-ilne}} | {{t\|494\|li1flg-20x5}} | {{t\|1\|li1flg-xeip}} | {{t\|3\|li1flg-nwlp}} | - | {{t\|(2)\|li1flg-mued}} | | Financial liabilities at amortised cost | {{t\|37,544\|li1flg-ij83}} | {{t\|39,570\|li1flg-l8x0}} | {{t\|12,810\|li1flg-329y}} | {{t\|13,330\|li1flg-g2af}} | {{t\|5,127\|li1flg-d5sk}} | {{t\|5,784\|li1flg-5fao}} | {{t\|14,217\|li1flg-a62j}} | {{t\|15,798\|li1flg-tlp6}} | {{t\|7,797\|li1flg-v0hn}} | {{t\|8,308\|li1flg-si0p}} | {{t\|(2,407)\|li1flg-qg8q}} | {{t\|(3,650)\|li1flg-ltqw}} | | Other provisions | {{t\|2,399\|li1flg-jwcp}} | {{t\|2,229\|li1flg-zkyl}} | {{t\|636\|li1flg-iaau}} | {{t\|480\|li1flg-ijsq}} | {{t\|1,054\|li1flg-k6ig}} | {{t\|1,065\|li1flg-zwcp}} | {{t\|383\|li1flg-fb6x}} | {{t\|342\|li1flg-f1mm}} | {{t\|297\|li1flg-6sp5}} | {{t\|313\|li1flg-v5us}} | {{t\|29\|li1flg-xdjd}} | {{t\|29\|li1flg-9zli}} | | Payables | {{t\|9,027\|li1flg-eu2a}} | {{t\|10,212\|li1flg-vq3d}} | {{t\|2,945\|li1flg-jumf}} | {{t\|3,824\|li1flg-zsbo}} | {{t\|4,405\|li1flg-p1cb}} | {{t\|5,122\|li1flg-5b6i}} | {{t\|718\|li1flg-ff73}} | {{t\|1,223\|li1flg-6vs6}} | {{t\|959\|li1flg-5yf7}} | {{t\|1,167\|li1flg-uizj}} | - | {{t\|(1,123)\|li1flg-vgd6}} | | Other liabilities | {{t\|9,931\|li1flg-yx0q}} | {{t\|10,027\|li1flg-g0fu}} | {{t\|3,553\|li1flg-9kdh}} | {{t\|3,961\|li1flg-9kag}} | {{t\|5,381\|li1flg-mxrk}} | {{t\|5,291\|li1flg-a816}} | {{t\|570\|li1flg-1a6i}} | {{t\|522\|li1flg-b4li}} | {{t\|511\|li1flg-fvuk}} | {{t\|348\|li1flg-7gzv}} | {{t\|(85)\|li1flg-8tp2}} | {{t\|(94)\|li1flg-0bue}} | | **Total Liabilities** | {{t\|505,551\|li1flg-up48}} | {{t\|523,741\|li1flg-i46t}} | {{t\|428,240\|li1flg-vfhz}} | {{t\|443,033\|li1flg-umsn}} | {{t\|54,085\|li1flg-6y81}} | {{t\|57,031\|li1flg-ttlf}} | {{t\|16,149\|li1flg-6lxa}} | {{t\|18,379\|li1flg-sj38}} | {{t\|9,565\|li1flg-i01v}} | {{t\|10,138\|li1flg-6rr8}} | {{t\|(2,488)\|li1flg-cx18}} | {{t\|(4,841)\|li1flg-xyf5}} | | Shareholders' equity attributable to the Group | {{t\|30,389\|li1flg-y694}} | {{t\|32,064\|li1flg-p47f}} | — | — | — | — | — | — | — | — | — | — | | Shareholders' equity attributable to minority interests | {{t\|2,707\|li1flg-pygl}} | {{t\|2,724\|li1flg-1iqb}} | — | — | — | — | — | — | — | — | — | — | | **Shareholders' equity** | {{t\|33,095\|li1flg-z8qt}} | {{t\|34,788\|li1flg-5dyd}} | — | — | — | — | — | — | — | — | — | — | | **Total Liabilities & shareholders' equity** | {{t\|538,647\|li1flg-7rk1}} | {{t\|558,529\|li1flg-oljr}} | — | — | — | — | — | — | — | — | — | — | **Reinsurance contracts issued build-up by business unit (5)(footnote: Including (re)insurance contracts that are assets).** | In EUR million | Group YE 2024 | Group YE 2025 | Life YE 2024 | Life YE 2025 | {{t\|P&C\|\|Property & casualty}} YE 2024 | {{t\|P&C\|\|Property & casualty}} YE 2025 | | --- | --- | --- | --- | --- | --- | --- | | Gross Present Value Future Cash-Flows (PVFCF) (3) | {{t\|404,025\|li1flg-giao}} | {{t\|414,521\|li1flg-mul3}} | {{t\|368,337\|li1flg-3tf1}} | {{t\|377,146\|li1flg-wf08}} | {{t\|35,687\|li1flg-se04}} | {{t\|37,375\|li1flg-j97w}} | | Gross Risk Adjustment (RA) | {{t\|2,897\|li1flg-7nlk}} | {{t\|2,949\|li1flg-4c1a}} | {{t\|1,630\|li1flg-yxj0}} | {{t\|1,736\|li1flg-w07y}} | {{t\|1,267\|li1flg-vzs6}} | {{t\|1,213\|li1flg-aetz}} | | Gross Contractual Service Margin (CSM) | {{t\|31,228\|li1flg-118f}} | {{t\|34,610\|li1flg-mf4r}} | {{t\|30,283\|li1flg-bj2w}} | {{t\|33,603\|li1flg-kqgh}} | {{t\|945\|li1flg-axi1}} | {{t\|1,007\|li1flg-clei}} | | Net Contractual Service Margin (CSM) (4) | {{t\|21,484\|li1flg-qpfq}} | {{t\|24,117\|li1flg-ljsd}} | — | — | — | — | (5) Including (re)insurance contracts that are assets (3) Including any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities (4) CSM presented net of reinsurance, taxes and minorities" id "li1flg-c4" chunk 4 pages 4 heading "Volumes" tags Empty array links "Gross written premiums" "Property & casualty" data_items Empty array effective_tags "Gross written premiums" "Property & casualty" content "**Gross written premium and reinsurance accepted by geography and line of business, P&C.** | In EUR million | {{t\|Gross Written Premium\|\|Gross written premiums}} {{t\|P&C\|\|Property & casualty}} YE 2024 | {{t\|Gross Written Premium\|\|Gross written premiums}} {{t\|P&C\|\|Property & casualty}} YE 2025 | {{t\|Gross Written Premium\|\|Gross written premiums}} {{t\|P&C\|\|Property & casualty}} Change % like for like | Gross Primary Premiums Motor YE 2024 | Gross Primary Premiums Motor YE 2025 | Gross Primary Premiums Motor Change % like for like | Gross Primary Premiums Non Motor YE 2024 | Gross Primary Premiums Non Motor YE 2025 | Gross Primary Premiums Non Motor Change % like for like | Reinsurance accepted {{t\|P&C\|\|Property & casualty}} YE 2024 | Reinsurance accepted {{t\|P&C\|\|Property & casualty}} YE 2025 | Reinsurance accepted {{t\|P&C\|\|Property & casualty}} Change % like for like | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Italy | {{t\|8,836\|li1flg-1jef}} | {{t\|9,310\|li1flg-j0k9}} | {{t\|5.4%\|li1flg-u71q}} | {{t\|3,095\|li1flg-10s3}} | {{t\|3,233\|li1flg-r63w}} | {{t\|4.4%\|li1flg-ekr3}} | {{t\|5,512\|li1flg-zoum}} | {{t\|5,851\|li1flg-z7tb}} | {{t\|6.2%\|li1flg-s5kf}} | {{t\|228\|li1flg-60yy}} | {{t\|226\|li1flg-j821}} | {{t\|-1.0%\|li1flg-esyu}} | | France | {{t\|3,929\|li1flg-ly7a}} | {{t\|4,225\|li1flg-08y2}} | {{t\|7.5%\|li1flg-ss4j}} | {{t\|1,278\|li1flg-luyk}} | {{t\|1,343\|li1flg-1rfy}} | {{t\|5.1%\|li1flg-k7xm}} | {{t\|2,557\|li1flg-cnxb}} | {{t\|2,772\|li1flg-qzpf}} | {{t\|8.4%\|li1flg-lozj}} | {{t\|94\|li1flg-75bh}} | {{t\|110\|li1flg-frk7}} | {{t\|17.6%\|li1flg-9vq6}} | | Germany | {{t\|4,378\|li1flg-9kkq}} | {{t\|4,682\|li1flg-meo8}} | {{t\|6.9%\|li1flg-0kfj}} | {{t\|1,627\|li1flg-77oh}} | {{t\|1,805\|li1flg-mpq9}} | {{t\|10.9%\|li1flg-i8u0}} | {{t\|2,742\|li1flg-vv00}} | {{t\|2,863\|li1flg-thba}} | {{t\|4.4%\|li1flg-ix3i}} | {{t\|8\|li1flg-gecq}} | {{t\|14\|li1flg-3971}} | {{t\|67.0%\|li1flg-1ib6}} | | Austria | {{t\|1,888\|li1flg-k11w}} | {{t\|1,982\|li1flg-muc2}} | {{t\|5.0%\|li1flg-se7f}} | {{t\|765\|li1flg-5xtz}} | {{t\|809\|li1flg-km3k}} | {{t\|5.6%\|li1flg-ai4w}} | {{t\|1,119\|li1flg-q9vf}} | {{t\|1,169\|li1flg-jtz2}} | {{t\|4.4%\|li1flg-h03k}} | {{t\|3\|li1flg-1ljj}} | {{t\|5\|li1flg-gof4}} | {{t\|38.2%\|li1flg-nde4}} | | Switzerland | {{t\|766\|li1flg-6caj}} | {{t\|761\|li1flg-okb4}} | {{t\|-2.3%\|li1flg-0r9x}} | {{t\|307\|li1flg-vgj9}} | {{t\|318\|li1flg-p9mj}} | {{t\|1.9%\|li1flg-undv}} | {{t\|459\|li1flg-ak3n}} | {{t\|443\|li1flg-2cg8}} | {{t\|-5.1%\|li1flg-8dyw}} | {{t\|0\|li1flg-eu9m}} | {{t\|0\|li1flg-l9lr}} | - | | CEE | {{t\|3,839\|li1flg-0wad}} | {{t\|4,177\|li1flg-157f}} | {{t\|8.0%\|li1flg-3qsg}} | {{t\|1,944\|li1flg-7ngn}} | {{t\|2,087\|li1flg-zzqz}} | {{t\|6.7%\|li1flg-6j00}} | {{t\|1,847\|li1flg-yu5r}} | {{t\|2,038\|li1flg-zqgy}} | {{t\|9.4%\|li1flg-dq1z}} | {{t\|48\|li1flg-42k3}} | {{t\|52\|li1flg-sq7h}} | {{t\|7.7%\|li1flg-rf9a}} | | Spain | {{t\|2,917\|li1flg-1h43}} | {{t\|3,130\|li1flg-ha3n}} | {{t\|4.4%\|li1flg-ibc8}} | {{t\|1,124\|li1flg-6kn7}} | {{t\|1,212\|li1flg-tyls}} | {{t\|3.1%\|li1flg-e78r}} | {{t\|1,695\|li1flg-3ugu}} | {{t\|1,815\|li1flg-o2z0}} | {{t\|5.4%\|li1flg-9793}} | {{t\|99\|li1flg-zcli}} | {{t\|103\|li1flg-3isf}} | {{t\|3.9%\|li1flg-qdad}} | | Portugal | {{t\|1,585\|li1flg-lqyb}} | {{t\|1,732\|li1flg-lrka}} | {{t\|7.2%\|li1flg-ilqi}} | {{t\|649\|li1flg-05zc}} | {{t\|722\|li1flg-zu04}} | {{t\|9.4%\|li1flg-b9jo}} | {{t\|934\|li1flg-k7o0}} | {{t\|1,009\|li1flg-fjfe}} | {{t\|5.7%\|li1flg-3gzi}} | {{t\|1\|li1flg-jset}} | {{t\|1\|li1flg-c436}} | {{t\|-12.5%\|li1flg-uuzv}} | | Asia | {{t\|1,474\|li1flg-o06q}} | {{t\|1,688\|li1flg-r281}} | {{t\|7.1%\|li1flg-et6w}} | {{t\|428\|li1flg-w7a9}} | {{t\|488\|li1flg-p35x}} | {{t\|3.5%\|li1flg-llsc}} | {{t\|738\|li1flg-uba8}} | {{t\|810\|li1flg-9djn}} | {{t\|5.9%\|li1flg-fets}} | {{t\|307\|li1flg-nbx5}} | {{t\|390\|li1flg-7vvk}} | {{t\|15.2%\|li1flg-xb5y}} | | Europ Assistance | {{t\|2,212\|li1flg-iiy9}} | {{t\|2,566\|li1flg-es5g}} | {{t\|16.0%\|li1flg-sbhr}} | {{t\|63\|li1flg-8qfo}} | {{t\|36\|li1flg-jg6g}} | {{t\|-43.4%\|li1flg-sjxa}} | {{t\|1,886\|li1flg-93w5}} | {{t\|2,200\|li1flg-eulk}} | {{t\|16.7%\|li1flg-8bhd}} | {{t\|263\|li1flg-n9y2}} | {{t\|330\|li1flg-bf13}} | {{t\|25.7%\|li1flg-sx48}} | | Group Holdings and other companies | {{t\|1,932\|li1flg-ktb2}} | {{t\|1,928\|li1flg-puz8}} | {{t\|20.5%\|li1flg-347g}} | {{t\|757\|li1flg-h5oo}} | {{t\|675\|li1flg-utej}} | {{t\|35.3%\|li1flg-lfuj}} | {{t\|732\|li1flg-7mdp}} | {{t\|783\|li1flg-kq8b}} | {{t\|13.8%\|li1flg-xw2j}} | {{t\|443\|li1flg-aj1x}} | {{t\|470\|li1flg-o56e}} | {{t\|6.1%\|li1flg-fdfp}} | | **Total Group** | {{t\|33,756\|li1flg-dl5k}} | {{t\|36,181\|li1flg-wmjp}} | {{t\|7.6%\|li1flg-15fs}} | {{t\|12,038\|li1flg-ux6c}} | {{t\|12,726\|li1flg-qy40}} | {{t\|7.5%\|li1flg-xwv0}} | {{t\|20,222\|li1flg-exnz}} | {{t\|21,753\|li1flg-igc7}} | {{t\|7.3%\|li1flg-wv9o}} | {{t\|1,495\|li1flg-8g9n}} | {{t\|1,702\|li1flg-wqdr}} | {{t\|11.3%\|li1flg-c6b1}} | **Gross written premium and reinsurance accepted by geography and line of business, Life.** | In EUR million | {{t\|Gross Written Premium\|\|Gross written premiums}} Life YE 2024 | {{t\|Gross Written Premium\|\|Gross written premiums}} Life YE 2025 | {{t\|Gross Written Premium\|\|Gross written premiums}} Life Change % like for like | Gross Primary Premiums Traditional Saving YE 2024 | Gross Primary Premiums Traditional Saving YE 2025 | Gross Primary Premiums Traditional Saving Change % like for like | Gross Primary Premiums Protection & Health YE 2024 | Gross Primary Premiums Protection & Health YE 2025 | Gross Primary Premiums Protection & Health Change % like for like | Gross Primary Premiums Hybrid & Unit Linked YE 2024 | Gross Primary Premiums Hybrid & Unit Linked YE 2025 | Gross Primary Premiums Hybrid & Unit Linked Change % like for like | Reinsurance accepted Life YE 2024 | Reinsurance accepted Life YE 2025 | Reinsurance accepted Life Change % like for like | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Italy | {{t\|23,360\|li1flg-ihih}} | {{t\|21,534\|li1flg-syl3}} | {{t\|-7.8%\|li1flg-xngm}} | {{t\|10,139\|li1flg-spo6}} | {{t\|9,841\|li1flg-lhty}} | {{t\|-1.4%\|li1flg-ftla}} | {{t\|345\|li1flg-5rog}} | {{t\|549\|li1flg-v87n}} | {{t\|9.0%\|li1flg-kbkt}} | {{t\|12,875\|li1flg-oezt}} | {{t\|11,144\|li1flg-08lh}} | {{t\|-13.5%\|li1flg-f1kp}} | {{t\|0\|li1flg-c2hm}} | {{t\|0\|li1flg-cnnv}} | - | | France | {{t\|15,255\|li1flg-nei3}} | {{t\|15,284\|li1flg-b273}} | {{t\|0.2%\|li1flg-rtut}} | {{t\|7\|li1flg-7b4r}} | {{t\|3\|li1flg-q7dw}} | {{t\|-48.7%\|li1flg-67b2}} | {{t\|3,215\|li1flg-ojdo}} | {{t\|3,277\|li1flg-pt5x}} | {{t\|1.9%\|li1flg-k7ai}} | {{t\|10,593\|li1flg-dtoa}} | {{t\|10,777\|li1flg-zwqz}} | {{t\|1.7%\|li1flg-iui6}} | {{t\|1,440\|li1flg-l3ym}} | {{t\|1,226\|li1flg-9fqd}} | {{t\|-14.9%\|li1flg-s32m}} | | Germany | {{t\|10,572\|li1flg-2szf}} | {{t\|10,810\|li1flg-9b07}} | {{t\|2.3%\|li1flg-2lyw}} | {{t\|1,667\|li1flg-qmen}} | {{t\|1,620\|li1flg-2jc3}} | {{t\|-2.8%\|li1flg-68xz}} | {{t\|3,823\|li1flg-boe9}} | {{t\|3,946\|li1flg-vgxr}} | {{t\|3.2%\|li1flg-ltui}} | {{t\|5,083\|li1flg-js76}} | {{t\|5,244\|li1flg-ssgv}} | {{t\|3.2%\|li1flg-z7ve}} | {{t\|0\|li1flg-uaxx}} | {{t\|0\|li1flg-t8zf}} | - | | Austria | {{t\|1,246\|li1flg-zvtl}} | {{t\|1,298\|li1flg-mec2}} | {{t\|4.2%\|li1flg-wugt}} | {{t\|290\|li1flg-1unc}} | {{t\|277\|li1flg-xlrc}} | {{t\|-4.7%\|li1flg-g5ci}} | {{t\|518\|li1flg-ww7h}} | {{t\|572\|li1flg-q5gw}} | {{t\|10.5%\|li1flg-9v66}} | {{t\|438\|li1flg-j4zz}} | {{t\|449\|li1flg-lim0}} | {{t\|2.6%\|li1flg-z9r7}} | {{t\|0\|li1flg-pb40}} | {{t\|0\|li1flg-b3i6}} | - | | Switzerland | {{t\|1,076\|li1flg-90b6}} | {{t\|1,069\|li1flg-87f0}} | {{t\|-2.3%\|li1flg-gd8l}} | {{t\|162\|li1flg-1jf0}} | {{t\|156\|li1flg-p7dn}} | {{t\|-5.3%\|li1flg-vxfm}} | {{t\|25\|li1flg-nidp}} | {{t\|28\|li1flg-867r}} | {{t\|10.2%\|li1flg-0fzj}} | {{t\|889\|li1flg-f5ko}} | {{t\|885\|li1flg-r7g8}} | {{t\|-2.1%\|li1flg-ozr0}} | {{t\|0\|li1flg-b4oj}} | {{t\|0\|li1flg-ac3k}} | - | | CEE | {{t\|1,224\|li1flg-9h0b}} | {{t\|1,306\|li1flg-ayw6}} | {{t\|5.6%\|li1flg-alnp}} | {{t\|139\|li1flg-v0t8}} | {{t\|121\|li1flg-86yz}} | {{t\|-13.3%\|li1flg-cbz8}} | {{t\|493\|li1flg-mdl3}} | {{t\|555\|li1flg-0kc6}} | {{t\|11.2%\|li1flg-gqok}} | {{t\|586\|li1flg-8ixz}} | {{t\|623\|li1flg-mt7k}} | {{t\|5.4%\|li1flg-yeph}} | {{t\|6\|li1flg-j85t}} | {{t\|7\|li1flg-b1c8}} | {{t\|12.1%\|li1flg-6gie}} | | Spain | {{t\|908\|li1flg-9dy9}} | {{t\|983\|li1flg-a5vz}} | {{t\|7.4%\|li1flg-0ixn}} | {{t\|310\|li1flg-lpe3}} | {{t\|310\|li1flg-8iyn}} | {{t\|-0.2%\|li1flg-9rne}} | {{t\|350\|li1flg-v8cf}} | {{t\|384\|li1flg-wuka}} | {{t\|8.9%\|li1flg-gzgy}} | {{t\|248\|li1flg-55ke}} | {{t\|289\|li1flg-w0ei}} | {{t\|14.6%\|li1flg-oobd}} | {{t\|0\|li1flg-z65g}} | {{t\|0\|li1flg-2k68}} | - | | Portugal | {{t\|224\|li1flg-2ba1}} | {{t\|484\|li1flg-5kuf}} | {{t\|115.0%\|li1flg-bnd7}} | {{t\|17\|li1flg-6ene}} | {{t\|148\|li1flg-a42w}} | n.m. | {{t\|79\|li1flg-nhbd}} | {{t\|84\|li1flg-oe8h}} | {{t\|4.5%\|li1flg-naa5}} | {{t\|128\|li1flg-37bv}} | {{t\|252\|li1flg-r99k}} | {{t\|97.4%\|li1flg-pnvw}} | {{t\|0\|li1flg-ymd2}} | {{t\|0\|li1flg-ptt6}} | - | | Asia | {{t\|5,893\|li1flg-902v}} | {{t\|7,471\|li1flg-ms5d}} | {{t\|33.0%\|li1flg-i8qp}} | {{t\|4,035\|li1flg-3dri}} | {{t\|5,656\|li1flg-njz3}} | {{t\|46.3%\|li1flg-i83m}} | {{t\|1,405\|li1flg-k5np}} | {{t\|1,422\|li1flg-y0jx}} | {{t\|7.8%\|li1flg-ffl4}} | {{t\|438\|li1flg-kzgw}} | {{t\|380\|li1flg-wwwx}} | {{t\|-9.7%\|li1flg-gj69}} | {{t\|16\|li1flg-a8jx}} | {{t\|13\|li1flg-dqz8}} | {{t\|-19.2%\|li1flg-cvgw}} | | Group Holdings and other companies | {{t\|1,676\|li1flg-cbvx}} | {{t\|1,704\|li1flg-i2sw}} | {{t\|5.6%\|li1flg-hr6b}} | {{t\|54\|li1flg-nsnb}} | {{t\|66\|li1flg-wjjf}} | {{t\|23.0%\|li1flg-eymk}} | {{t\|668\|li1flg-l32g}} | {{t\|735\|li1flg-wb18}} | {{t\|19.7%\|li1flg-iiag}} | {{t\|15\|li1flg-6blt}} | {{t\|17\|li1flg-l53k}} | {{t\|15.5%\|li1flg-wkdt}} | {{t\|939\|li1flg-s7ga}} | {{t\|886\|li1flg-3b5s}} | {{t\|-5.7%\|li1flg-a0ei}} | | **Total Group** | {{t\|61,434\|li1flg-ch9v}} | {{t\|61,943\|li1flg-nzcz}} | {{t\|1.4%\|li1flg-mgok}} | {{t\|16,819\|li1flg-bxpy}} | {{t\|18,198\|li1flg-u4m6}} | {{t\|10.7%\|li1flg-sq2j}} | {{t\|10,922\|li1flg-y5gl}} | {{t\|11,553\|li1flg-fttq}} | {{t\|5.6%\|li1flg-merw}} | {{t\|31,292\|li1flg-vlxx}} | {{t\|30,060\|li1flg-o6mu}} | {{t\|-4.0%\|li1flg-40hh}} | {{t\|2,401\|li1flg-s0ze}} | {{t\|2,132\|li1flg-q12o}} | {{t\|-11.2%\|li1flg-yvm2}} | **Gross written premiums time series.** | In EUR million | YE 2024 | YE 2025 | Change % like for like | | --- | --- | --- | --- | | — | {{t\|95,190\|li1flg-s5w7}} | {{t\|98,124\|li1flg-g3s1}} | {{t\|3.6%\|li1flg-59k4}} | **Life net inflows by country breakdown. (Group Life net inflows)** | In EUR million | YE 2024 | YE 2025 | Change % like for like | | --- | --- | --- | --- | | Italy | {{t\|1,536\|li1flg-rmz0}} | {{t\|1,686\|li1flg-7ty0}} | {{t\|9.8%\|li1flg-tw5w}} | | France | {{t\|2,946\|li1flg-i6nc}} | {{t\|3,848\|li1flg-purl}} | {{t\|30.6%\|li1flg-wpub}} | | Germany | {{t\|881\|li1flg-n7pi}} | {{t\|1,421\|li1flg-4s0f}} | {{t\|61.3%\|li1flg-t8j0}} | | Austria | {{t\|84\|li1flg-tspr}} | {{t\|56\|li1flg-5f7l}} | {{t\|-33.2%\|li1flg-88l7}} | | Switzerland | {{t\|88\|li1flg-zkzn}} | {{t\|1\|li1flg-jz0e}} | {{t\|-98.9%\|li1flg-uv17}} | | CEE | {{t\|354\|li1flg-e2ut}} | {{t\|418\|li1flg-3kkm}} | {{t\|16.9%\|li1flg-nr39}} | | Spain | {{t\|-57\|li1flg-81tw}} | {{t\|-24\|li1flg-sv4m}} | {{t\|60.7%\|li1flg-eiz8}} | | Portugal | {{t\|71\|li1flg-att2}} | {{t\|358\|li1flg-lla7}} | n.m. | | Asia | {{t\|3,432\|li1flg-8xm9}} | {{t\|5,290\|li1flg-iqqu}} | {{t\|61.4%\|li1flg-hvay}} | | Group Holdings and other companies | {{t\|338\|li1flg-yxkv}} | {{t\|432\|li1flg-ou90}} | {{t\|41.0%\|li1flg-qe20}} | | **Total Group** | {{t\|9,674\|li1flg-h2rs}} | {{t\|13,487\|li1flg-jstv}} | {{t\|42.5%\|li1flg-lq8h}} | **Life net inflows by line of business. (YE 2025)** | In EUR million | Traditional Saving | Protection & Health | Hybrid & Unit Linked | | --- | --- | --- | --- | | **Total Group** | {{t\|2,406\|li1flg-z3d1}} | {{t\|4,472\|li1flg-niv2}} | {{t\|6,608\|li1flg-soqf}} |" id "li1flg-c5" chunk 5 pages 5 heading "Life New Business" tags Empty array links Empty array data_items Empty array effective_tags Empty array content "**New business by line of business build-up.** | In EUR million | PVNBP YE 2024 | PVNBP YE 2025 | New Business Value YE 2024 | New Business Value YE 2025 | New Business Margin YE 2024 | New Business Margin YE 2025 | | --- | --- | --- | --- | --- | --- | --- | | Traditional Saving | {{t\|15,573\|li1flg-g2id}} | {{t\|15,453\|li1flg-fuxe}} | {{t\|493\|li1flg-zec9}} | {{t\|681\|li1flg-88sb}} | {{t\|3.17%\|li1flg-968h}} | {{t\|4.41%\|li1flg-x1do}} | | Protection & Health | {{t\|10,755\|li1flg-inu0}} | {{t\|11,714\|li1flg-1xwn}} | {{t\|899\|li1flg-nwpw}} | {{t\|998\|li1flg-2ksq}} | {{t\|8.36%\|li1flg-fe61}} | {{t\|8.52%\|li1flg-7v8t}} | | Hybrid & Unit Linked | {{t\|28,770\|li1flg-0305}} | {{t\|28,385\|li1flg-ih5n}} | {{t\|1,585\|li1flg-5kqz}} | {{t\|1,468\|li1flg-q718}} | {{t\|5.51%\|li1flg-dtsf}} | {{t\|5.17%\|li1flg-9vo9}} | | **Total** | {{t\|55,098\|li1flg-psjc}} | {{t\|55,552\|li1flg-k8sw}} | {{t\|2,977\|li1flg-zsul}} | {{t\|3,147\|li1flg-fo7x}} | {{t\|5.40%\|li1flg-iu3x}} | {{t\|5.66%\|li1flg-y1m2}} | **New business premiums build-up. (Group)** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Annual premiums | {{t\|3,170\|li1flg-phrm}} | {{t\|2,877\|li1flg-i9di}} | | Single premiums | {{t\|29,713\|li1flg-nabm}} | {{t\|29,891\|li1flg-zbsi}} | | **Total premiums** | {{t\|32,883\|li1flg-h1u5}} | {{t\|32,768\|li1flg-etz2}} | **New business value derivation build-up. (Group)** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | **New business CSM** | {{t\|2,827\|li1flg-gnwi}} | {{t\|3,010\|li1flg-j309}} | | Perimeter (6) | {{t\|192\|li1flg-g75e}} | {{t\|196\|li1flg-23vr}} | | Reinsurance | {{t\|(41)\|li1flg-bnr7}} | {{t\|(59)\|li1flg-x6bv}} | | **New business value** | {{t\|2,977\|li1flg-ub0r}} | {{t\|3,147\|li1flg-p6vs}} | **New business by country build-up.** | In EUR million | PVNBP YE 2024 | PVNBP YE 2025 | New Business Value YE 2024 | New Business Value YE 2025 | New Business Margin YE 2024 | New Business Margin YE 2025 | PVNBP weight Traditional Saving YE 2024 | PVNBP weight Traditional Saving YE 2025 | PVNBP weight Protection & Health YE 2024 | PVNBP weight Protection & Health YE 2025 | PVNBP weight Hybrid & Unit Linked YE 2024 | PVNBP weight Hybrid & Unit Linked YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Italy | {{t\|20,691\|li1flg-kqjn}} | {{t\|18,757\|li1flg-ez5a}} | {{t\|1,226\|li1flg-680b}} | {{t\|1,108\|li1flg-09ye}} | {{t\|5.92%\|li1flg-2wfu}} | {{t\|5.90%\|li1flg-ylyc}} | {{t\|43.2%\|li1flg-facm}} | {{t\|41.9%\|li1flg-njyq}} | {{t\|3.1%\|li1flg-ogag}} | {{t\|4.2%\|li1flg-tjio}} | {{t\|53.7%\|li1flg-oiwd}} | {{t\|53.8%\|li1flg-kx5f}} | | France | {{t\|14,079\|li1flg-ewdt}} | {{t\|14,799\|li1flg-y6f7}} | {{t\|559\|li1flg-ohgl}} | {{t\|578\|li1flg-3mei}} | {{t\|3.97%\|li1flg-ebmt}} | {{t\|3.91%\|li1flg-vw6u}} | {{t\|0.0%\|li1flg-pxw4}} | {{t\|0.0%\|li1flg-jb42}} | {{t\|29.8%\|li1flg-vvp5}} | {{t\|30.7%\|li1flg-87k8}} | {{t\|70.2%\|li1flg-3ula}} | {{t\|69.3%\|li1flg-seh7}} | | Germany | {{t\|8,656\|li1flg-d8r7}} | {{t\|9,083\|li1flg-mhjo}} | {{t\|401\|li1flg-ty2i}} | {{t\|397\|li1flg-4ixu}} | {{t\|4.63%\|li1flg-8j09}} | {{t\|4.37%\|li1flg-cx5p}} | {{t\|11.2%\|li1flg-wdcy}} | {{t\|10.8%\|li1flg-vtba}} | {{t\|25.9%\|li1flg-l1de}} | {{t\|25.1%\|li1flg-6ffm}} | {{t\|62.9%\|li1flg-sz36}} | {{t\|64.1%\|li1flg-01oa}} | | Austria | {{t\|1,256\|li1flg-sq7j}} | {{t\|1,291\|li1flg-jbcj}} | {{t\|76\|li1flg-jzrr}} | {{t\|72\|li1flg-xlwj}} | {{t\|6.07%\|li1flg-75b2}} | {{t\|5.61%\|li1flg-vd7r}} | {{t\|7.9%\|li1flg-18ok}} | {{t\|8.3%\|li1flg-n0cf}} | {{t\|55.6%\|li1flg-ugr6}} | {{t\|57.8%\|li1flg-txim}} | {{t\|36.5%\|li1flg-u6q4}} | {{t\|33.9%\|li1flg-mbz2}} | | Switzerland | {{t\|537\|li1flg-skch}} | {{t\|538\|li1flg-g1lm}} | {{t\|50\|li1flg-m0mn}} | {{t\|54\|li1flg-69gw}} | {{t\|9.35%\|li1flg-b10d}} | {{t\|10.06%\|li1flg-gp9f}} | {{t\|1.1%\|li1flg-y8mp}} | {{t\|3.8%\|li1flg-5vdd}} | {{t\|2.2%\|li1flg-niwv}} | {{t\|3.1%\|li1flg-gvn7}} | {{t\|96.7%\|li1flg-j30n}} | {{t\|93.0%\|li1flg-d45t}} | | CEE | {{t\|1,159\|li1flg-fan6}} | {{t\|1,305\|li1flg-ht8w}} | {{t\|160\|li1flg-95kn}} | {{t\|185\|li1flg-bpv6}} | {{t\|13.77%\|li1flg-gy07}} | {{t\|14.18%\|li1flg-y64e}} | {{t\|5.7%\|li1flg-nkvq}} | {{t\|3.7%\|li1flg-myio}} | {{t\|52.4%\|li1flg-q8ss}} | {{t\|56.5%\|li1flg-7k2j}} | {{t\|42.0%\|li1flg-hxo1}} | {{t\|39.9%\|li1flg-0mtx}} | | Spain | {{t\|832\|li1flg-e561}} | {{t\|911\|li1flg-5kgy}} | {{t\|161\|li1flg-xmel}} | {{t\|175\|li1flg-oe86}} | {{t\|19.29%\|li1flg-z8xh}} | {{t\|19.24%\|li1flg-0f54}} | {{t\|28.7%\|li1flg-v20i}} | {{t\|26.9%\|li1flg-7rt1}} | {{t\|46.0%\|li1flg-o6p7}} | {{t\|45.2%\|li1flg-fhq2}} | {{t\|25.3%\|li1flg-9k5d}} | {{t\|27.9%\|li1flg-78e0}} | | Portugal | {{t\|236\|li1flg-3wuv}} | {{t\|521\|li1flg-y015}} | {{t\|25\|li1flg-h4qp}} | {{t\|30\|li1flg-89vx}} | {{t\|10.42%\|li1flg-fcpz}} | {{t\|5.78%\|li1flg-ef20}} | {{t\|18.1%\|li1flg-40to}} | {{t\|26.1%\|li1flg-p9hz}} | {{t\|34.4%\|li1flg-nhko}} | {{t\|15.9%\|li1flg-4n9o}} | {{t\|47.5%\|li1flg-u9lz}} | {{t\|58.0%\|li1flg-q86j}} | | Asia | {{t\|6,974\|li1flg-m3nm}} | {{t\|7,537\|li1flg-8v0o}} | {{t\|317\|li1flg-889b}} | {{t\|535\|li1flg-62vz}} | {{t\|4.54%\|li1flg-w6zo}} | {{t\|7.10%\|li1flg-jfz4}} | {{t\|74.2%\|li1flg-x8l0}} | {{t\|79.6%\|li1flg-1xst}} | {{t\|18.3%\|li1flg-vo8w}} | {{t\|18.2%\|li1flg-hame}} | {{t\|7.6%\|li1flg-p7bg}} | {{t\|2.2%\|li1flg-7n2v}} | | Group Holdings and other companies | {{t\|678\|li1flg-mxnz}} | {{t\|810\|li1flg-jff7}} | {{t\|3\|li1flg-btbm}} | {{t\|13\|li1flg-n0ge}} | {{t\|0.48%\|li1flg-uvn7}} | {{t\|1.56%\|li1flg-pekf}} | {{t\|4.9%\|li1flg-toi4}} | {{t\|5.7%\|li1flg-hiom}} | {{t\|91.7%\|li1flg-18nn}} | {{t\|90.3%\|li1flg-v8c3}} | {{t\|3.4%\|li1flg-zshl}} | {{t\|4.0%\|li1flg-xdqy}} | | **Group total** | {{t\|55,098\|li1flg-3xs4}} | {{t\|55,552\|li1flg-6dah}} | {{t\|2,977\|li1flg-0di5}} | {{t\|3,147\|li1flg-5t66}} | {{t\|5.40%\|li1flg-i03y}} | {{t\|5.66%\|li1flg-ps4k}} | {{t\|28.3%\|li1flg-h753}} | {{t\|27.8%\|li1flg-6tv0}} | {{t\|19.5%\|li1flg-yf0t}} | {{t\|21.1%\|li1flg-6clc}} | {{t\|52.2%\|li1flg-cagu}} | {{t\|51.1%\|li1flg-93zl}} | **New business value sensitivity.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Interest rate -50 bps | {{t\|(265)\|li1flg-h1rt}} | {{t\|(243)\|li1flg-gd20}} | | Interest rate +50 bps | {{t\|207\|li1flg-xbhp}} | {{t\|180\|li1flg-dejn}} | | Admin. and invest. manag. exp. -10% | {{t\|144\|li1flg-dhga}} | {{t\|161\|li1flg-n3jl}} | | Lapse rates *110% | {{t\|(224)\|li1flg-w4eu}} | {{t\|(259)\|li1flg-gj1c}} | | Lapse rates *90% | {{t\|251\|li1flg-rsnr}} | {{t\|285\|li1flg-g2kg}} | | Mortality/morbidity rates *95% | {{t\|131\|li1flg-3ein}} | {{t\|115\|li1flg-2ags}} | **Life new business interest rate sensitivity.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Interest rate -50 bps | {{t\|-0.59%\|li1flg-yh23}} | {{t\|-0.53%\|li1flg-f9kb}} | | Interest rate +50 bps | {{t\|0.50%\|li1flg-s34g}} | {{t\|0.43%\|li1flg-k9id}} | (6) Including investment contracts, PAA, and potential LC" id "li1flg-c6" chunk 6 pages 6 heading "Life CSM" tags Empty array links Empty array data_items Empty array effective_tags Empty array content "**CSM roll-forward. (Group)** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | **Opening CSM** | {{t\|30,911\|li1flg-dxbw}} | {{t\|30,283\|li1flg-wl3c}} | | Change in scope and other - opening | {{t\|38\|li1flg-un8c}} | - | | New business CSM | {{t\|2,827\|li1flg-grxl}} | {{t\|3,010\|li1flg-2g9i}} | | Expected return | {{t\|1,757\|li1flg-oa91}} | {{t\|1,492\|li1flg-8n36}} | | Economic variances | {{t\|(875)\|li1flg-gtqk}} | {{t\|2,088\|li1flg-18fi}} | | Operating variances | {{t\|(1,388)\|li1flg-scmr}} | {{t\|(48)\|li1flg-4ibb}} | | **CSM before release** | {{t\|33,270\|li1flg-pv3v}} | {{t\|36,826\|li1flg-ucud}} | | CSM release | {{t\|(2,986)\|li1flg-y8df}} | {{t\|(3,223)\|li1flg-sk7g}} | | **Change in scope and other - closing — Closing CSM** | {{t\|30,283\|li1flg-o8tm}} | {{t\|33,603\|li1flg-nc8z}} | | **Change in scope and other - closing — CSM release ratio** | {{t\|-9.0%\|li1flg-juwg}} | {{t\|-8.8%\|li1flg-jjaa}} | **CSM by country.** | In EUR million | CSM stock YE 2024 | CSM stock YE 2025 | New Business CSM YE 2024 | New Business CSM YE 2025 | CSM release YE 2024 | CSM release YE 2025 | | --- | --- | --- | --- | --- | --- | --- | | Italy | {{t\|11,042\|li1flg-6rfo}} | {{t\|11,474\|li1flg-p8i7}} | {{t\|1,215\|li1flg-flot}} | {{t\|1,096\|li1flg-tzos}} | {{t\|(1,325)\|li1flg-j1ix}} | {{t\|(1,384)\|li1flg-ogcj}} | | France | {{t\|4,088\|li1flg-txx3}} | {{t\|5,182\|li1flg-f01y}} | {{t\|572\|li1flg-5u41}} | {{t\|596\|li1flg-x2az}} | {{t\|(590)\|li1flg-beuw}} | {{t\|(673)\|li1flg-o7yv}} | | Germany | {{t\|9,193\|li1flg-0nh8}} | {{t\|10,183\|li1flg-aq7p}} | {{t\|406\|li1flg-4ei5}} | {{t\|408\|li1flg-q765}} | {{t\|(407)\|li1flg-likt}} | {{t\|(443)\|li1flg-s6bk}} | | Austria | {{t\|1,549\|li1flg-9b95}} | {{t\|1,716\|li1flg-uy06}} | {{t\|78\|li1flg-vagr}} | {{t\|74\|li1flg-mm2h}} | {{t\|(91)\|li1flg-a52h}} | {{t\|(103)\|li1flg-sppu}} | | Switzerland | {{t\|763\|li1flg-o9tn}} | {{t\|846\|li1flg-jujx}} | {{t\|51\|li1flg-4wdf}} | {{t\|55\|li1flg-s8qm}} | {{t\|(93)\|li1flg-abgw}} | {{t\|(103)\|li1flg-6c6s}} | | CEE | {{t\|1,286\|li1flg-7lnz}} | {{t\|1,397\|li1flg-4o09}} | {{t\|152\|li1flg-5zer}} | {{t\|173\|li1flg-5aob}} | {{t\|(196)\|li1flg-4hx7}} | {{t\|(211)\|li1flg-9u5l}} | | Spain | {{t\|456\|li1flg-i1is}} | {{t\|484\|li1flg-grs2}} | {{t\|51\|li1flg-bw1g}} | {{t\|64\|li1flg-guz4}} | {{t\|(72)\|li1flg-on2b}} | {{t\|(78)\|li1flg-5jy1}} | | Portugal | {{t\|116\|li1flg-3mq3}} | {{t\|131\|li1flg-w30f}} | {{t\|14\|li1flg-3iue}} | {{t\|15\|li1flg-xtc4}} | {{t\|(19)\|li1flg-6p6d}} | {{t\|(20)\|li1flg-ybxv}} | | Asia | {{t\|1,685\|li1flg-j8q8}} | {{t\|2,111\|li1flg-zhe9}} | {{t\|283\|li1flg-5113}} | {{t\|523\|li1flg-belb}} | {{t\|(184)\|li1flg-3feb}} | {{t\|(199)\|li1flg-w3nq}} | | Group Holdings and other companies | {{t\|105\|li1flg-8fwd}} | {{t\|78\|li1flg-s4n8}} | {{t\|3\|li1flg-0f2m}} | {{t\|8\|li1flg-zua9}} | {{t\|(9)\|li1flg-9s9f}} | {{t\|(8)\|li1flg-di5a}} | | **Group total** | {{t\|30,283\|li1flg-tg7l}} | {{t\|33,603\|li1flg-byam}} | {{t\|2,827\|li1flg-gvo2}} | {{t\|3,010\|li1flg-126n}} | {{t\|(2,986)\|li1flg-k6oi}} | {{t\|(3,223)\|li1flg-860j}} | **Insurance contracts issued by duration (31)(footnote: The development of CSM here reported does not consider unwinding effect, future new business release contribution, CSM additional release due to the economic systematic variance.).** | In 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 | {{t\|2,413\|li1flg-dyg5}} | {{t\|2,194\|li1flg-g435}} | {{t\|2,026\|li1flg-zgxy}} | {{t\|1,871\|li1flg-ijz4}} | {{t\|1,724\|li1flg-joxb}} | {{t\|6,850\|li1flg-8gjs}} | {{t\|8,244\|li1flg-vdok}} | {{t\|8,282\|li1flg-40f8}} | **Life CSM sensitivity (32)(footnote: Sensitivities representing impact before release.).** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Equity market -25% | {{t\|(2,369)\|li1flg-dlc3}} | {{t\|(2,436)\|li1flg-gs12}} | | Equity market +25% | {{t\|2,244\|li1flg-1e8z}} | {{t\|2,353\|li1flg-0phe}} | | Interest rate -50 bps | {{t\|(433)\|li1flg-t4y7}} | {{t\|63\|li1flg-77u8}} | | Interest rate +50 bps | {{t\|346\|li1flg-abf2}} | {{t\|(116)\|li1flg-gck7}} | | Corporate spread +50 bps | {{t\|(470)\|li1flg-ifd4}} | {{t\|(481)\|li1flg-yjzy}} | | Euro area govies spread(3) +50 bps (7) | {{t\|(637)\|li1flg-c18e}} | {{t\|(747)\|li1flg-vs43}} | (31) 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. (32) Sensitivities representing impact before release. (7) The impact reflects the change implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries." id "li1flg-c7" chunk 7 pages 7 heading "Life Operating" tags Empty array links "Insurance service result" "Underlying earnings" "Net investment income" data_items Empty array effective_tags "Insurance service result" "Net investment income" "Underlying earnings" content "**Summary life operating result build-up. (Group)** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Operating {{t\|insurance service result\|\|Insurance service result}} | {{t\|3,039\|li1flg-zs5g}} | {{t\|3,243\|li1flg-13ie}} | | CSM release | {{t\|2,986\|li1flg-jwl2}} | {{t\|3,223\|li1flg-y5eg}} | | Risk adjustment release | {{t\|145\|li1flg-7oxl}} | {{t\|163\|li1flg-lqet}} | | Loss component | {{t\|(231)\|li1flg-88l9}} | {{t\|(105)\|li1flg-s5tk}} | | Experience variance and other technical result | {{t\|204\|li1flg-7t6i}} | {{t\|164\|li1flg-6gfr}} | | Other {{t\|operating income\|\|Underlying earnings}} and expenses | {{t\|(65)\|li1flg-tqeh}} | {{t\|(202)\|li1flg-ie2s}} | | Operating {{t\|investment result\|\|Net investment income}} | {{t\|943\|li1flg-ucys}} | {{t\|911\|li1flg-zald}} | | Life {{t\|Operating result\|\|Underlying earnings}} | {{t\|3,982\|li1flg-7417}} | {{t\|4,154\|li1flg-znpg}} | **Summary life operating result build-up by country.** | In EUR million | Operating {{t\|insurance service result\|\|Insurance service result}} YE 2024 | Operating {{t\|insurance service result\|\|Insurance service result}} YE 2025 | CSM release YE 2024 | CSM release YE 2025 | Loss component YE 2024 | Loss component YE 2025 | Operating {{t\|investment result\|\|Net investment income}} YE 2024 | Operating {{t\|investment result\|\|Net investment income}} YE 2025 | Life {{t\|operating result\|\|Underlying earnings}} YE 2024 | Life {{t\|operating result\|\|Underlying earnings}} YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Italy | {{t\|1,230\|li1flg-6ci8}} | {{t\|1,266\|li1flg-j99q}} | {{t\|1,325\|li1flg-qplo}} | {{t\|1,384\|li1flg-8q2x}} | {{t\|(110)\|li1flg-tkud}} | {{t\|(33)\|li1flg-kfxt}} | {{t\|337\|li1flg-ml52}} | {{t\|343\|li1flg-1azb}} | {{t\|1,567\|li1flg-1z12}} | {{t\|1,609\|li1flg-v2kg}} | | France | {{t\|675\|li1flg-pfcf}} | {{t\|659\|li1flg-qumm}} | {{t\|590\|li1flg-jrwk}} | {{t\|673\|li1flg-9664}} | {{t\|(2)\|li1flg-b0r8}} | {{t\|(29)\|li1flg-i1s2}} | {{t\|177\|li1flg-6lfq}} | {{t\|205\|li1flg-hdc8}} | {{t\|852\|li1flg-bwvr}} | {{t\|864\|li1flg-lny8}} | | Germany | {{t\|407\|li1flg-jau9}} | {{t\|446\|li1flg-rvk7}} | {{t\|407\|li1flg-trra}} | {{t\|443\|li1flg-wu7w}} | - | - | {{t\|106\|li1flg-mcob}} | {{t\|73\|li1flg-2dyd}} | {{t\|513\|li1flg-8a93}} | {{t\|519\|li1flg-2gso}} | | Austria | {{t\|84\|li1flg-0hju}} | {{t\|96\|li1flg-n5xh}} | {{t\|91\|li1flg-us4s}} | {{t\|103\|li1flg-qcgg}} | - | - | {{t\|8\|li1flg-mofj}} | {{t\|7\|li1flg-cmxb}} | {{t\|92\|li1flg-br49}} | {{t\|103\|li1flg-wfhz}} | | Switzerland | {{t\|134\|li1flg-jzej}} | {{t\|113\|li1flg-3guz}} | {{t\|93\|li1flg-xmc6}} | {{t\|103\|li1flg-yvkw}} | - | {{t\|(2)\|li1flg-7vb9}} | {{t\|15\|li1flg-4wyk}} | {{t\|13\|li1flg-97jm}} | {{t\|149\|li1flg-nacd}} | {{t\|125\|li1flg-kgs0}} | | CEE | {{t\|248\|li1flg-740i}} | {{t\|251\|li1flg-gqsc}} | {{t\|196\|li1flg-dftn}} | {{t\|211\|li1flg-uhga}} | {{t\|(8)\|li1flg-4wb1}} | {{t\|(5)\|li1flg-yegw}} | {{t\|67\|li1flg-za2r}} | {{t\|61\|li1flg-vdtp}} | {{t\|315\|li1flg-nnkh}} | {{t\|312\|li1flg-qg1n}} | | Spain | {{t\|185\|li1flg-kh36}} | {{t\|182\|li1flg-51tk}} | {{t\|72\|li1flg-rkmb}} | {{t\|78\|li1flg-9rb4}} | {{t\|(7)\|li1flg-r15a}} | {{t\|(3)\|li1flg-vuk8}} | {{t\|39\|li1flg-fvrk}} | {{t\|40\|li1flg-mf06}} | {{t\|224\|li1flg-w33c}} | {{t\|223\|li1flg-tyxt}} | | Portugal | {{t\|26\|li1flg-5shq}} | {{t\|21\|li1flg-98mv}} | {{t\|19\|li1flg-rg8n}} | {{t\|20\|li1flg-fz4t}} | - | {{t\|1\|li1flg-xz5r}} | {{t\|2\|li1flg-io9f}} | {{t\|8\|li1flg-6br9}} | {{t\|28\|li1flg-f2m7}} | {{t\|30\|li1flg-kbsc}} | | Asia | {{t\|85\|li1flg-6lcn}} | {{t\|155\|li1flg-jrwv}} | {{t\|184\|li1flg-ftwk}} | {{t\|199\|li1flg-ieoc}} | {{t\|(53)\|li1flg-6di4}} | {{t\|(34)\|li1flg-b0fy}} | {{t\|156\|li1flg-6n0s}} | {{t\|114\|li1flg-lksz}} | {{t\|241\|li1flg-e20h}} | {{t\|269\|li1flg-pfrj}} | | Group Holdings and other companies (8) | {{t\|(36)\|li1flg-brwa}} | {{t\|53\|li1flg-6th0}} | {{t\|9\|li1flg-md6j}} | {{t\|8\|li1flg-3wnt}} | {{t\|(50)\|li1flg-hsmd}} | - | {{t\|36\|li1flg-w0gd}} | {{t\|48\|li1flg-bjmg}} | - | {{t\|101\|li1flg-eep6}} | | **Group total** | {{t\|3,039\|li1flg-elg1}} | {{t\|3,243\|li1flg-cwj4}} | {{t\|2,986\|li1flg-iml4}} | {{t\|3,223\|li1flg-p6x0}} | {{t\|(231)\|li1flg-pu0b}} | {{t\|(105)\|li1flg-7pjh}} | {{t\|943\|li1flg-sivn}} | {{t\|911\|li1flg-qvhc}} | {{t\|3,982\|li1flg-xyt7}} | {{t\|4,154\|li1flg-f4k4}} | (8) Including elimination of transactions between Generali Group companies in different geographic regions" id "li1flg-c8" chunk 8 pages 8 heading "P&C Operating" tags Empty array links "Insurance service result" "Underlying earnings" "Net investment income" "Property & casualty" data_items Empty array effective_tags "Insurance service result" "Net investment income" "Property & casualty" "Underlying earnings" content "**Summary P&C operating result build-up. (Group)** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Operating {{t\|insurance service result\|\|Insurance service result}} | {{t\|1,976\|li1flg-mm30}} | {{t\|2,613\|li1flg-xuig}} | | Insurance contract revenues | {{t\|32,936\|li1flg-yy3b}} | {{t\|35,246\|li1flg-ylgd}} | | Total net incurred claims | {{t\|(21,464)\|li1flg-wbpy}} | {{t\|(22,264)\|li1flg-0uy7}} | | Insurance expenses | {{t\|(9,183)\|li1flg-5ozs}} | {{t\|(10,074)\|li1flg-ddmp}} | | Other {{t\|operating income\|\|Underlying earnings}} and expenses | {{t\|(313)\|li1flg-hizw}} | {{t\|(295)\|li1flg-jg5g}} | | Operating {{t\|investment result\|\|Net investment income}} | {{t\|1,076\|li1flg-tqzo}} | {{t\|1,050\|li1flg-8zmi}} | | Operating investment income | {{t\|1,710\|li1flg-mlmz}} | {{t\|1,657\|li1flg-poi2}} | | Insurance finance expenses | {{t\|(634)\|li1flg-sk8q}} | {{t\|(607)\|li1flg-37c4}} | | {{t\|P&C\|\|Property & casualty}} {{t\|Operating result\|\|Underlying earnings}} | {{t\|3,052\|li1flg-mk5h}} | {{t\|3,663\|li1flg-grqz}} | **P&C indicators.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | **Combined ratio** | {{t\|94.0%\|li1flg-83y2}} | {{t\|92.6%\|li1flg-fnsr}} | | **Loss ratio** | {{t\|65.2%\|li1flg-ln4m}} | {{t\|63.2%\|li1flg-gikf}} | | Current year loss ratio | {{t\|67.2%\|li1flg-9ycj}} | {{t\|64.3%\|li1flg-3w2u}} | | Current year loss ratio undiscounted (excl. nat cat) | {{t\|65.5%\|li1flg-33my}} | {{t\|64.3%\|li1flg-bdcn}} | | Natural catastrophe losses undiscounted | {{t\|3.6%\|li1flg-rgwf}} | {{t\|1.7%\|li1flg-q4np}} | | Current year discounting | {{t\|-1.9%\|li1flg-sq56}} | {{t\|-1.7%\|li1flg-jcoi}} | | Prior year loss ratio | {{t\|-2.1%\|li1flg-orpu}} | {{t\|-1.1%\|li1flg-3rci}} | | **Gross Expense ratio** | {{t\|28.8%\|li1flg-2v9k}} | {{t\|29.4%\|li1flg-i747}} | | Administration and acquisition expenses | {{t\|27.9%\|li1flg-ra82}} | {{t\|28.6%\|li1flg-e070}} | | Acquisition expenses | {{t\|20.4%\|li1flg-tc1x}} | {{t\|21.4%\|li1flg-7mew}} | | Administration expenses and other attributable expenses | {{t\|7.4%\|li1flg-dx6f}} | {{t\|7.2%\|li1flg-axnt}} | | Other {{t\|operating income\|\|Underlying earnings}} and expenses | {{t\|1.0%\|li1flg-pi0m}} | {{t\|0.8%\|li1flg-gasj}} | | **Combined ratio undiscounted** | {{t\|95.9%\|li1flg-38ft}} | {{t\|94.3%\|li1flg-ju26}} | | Operating {{t\|insurance service result\|\|Insurance service result}} undiscounted | {{t\|1,340\|li1flg-zvio}} | {{t\|2,007\|li1flg-xh8a}} | **Summary P&C operating result by country.** | In EUR million | Insurance contract revenues YE 2024 | Insurance contract revenues YE 2025 | Operating {{t\|insurance service result\|\|Insurance service result}} YE 2024 | Operating {{t\|insurance service result\|\|Insurance service result}} YE 2025 | Operating {{t\|investment result\|\|Net investment income}} YE 2024 | Operating {{t\|investment result\|\|Net investment income}} YE 2025 | {{t\|P&C\|\|Property & casualty}} {{t\|operating result\|\|Underlying earnings}} YE 2024 | {{t\|P&C\|\|Property & casualty}} {{t\|operating result\|\|Underlying earnings}} YE 2025 | Combined ratio YE 2024 | Combined ratio YE 2025 | Loss ratio YE 2024 | Loss ratio YE 2025 | Natural catastrophe losses undiscounted YE 2024 | Natural catastrophe losses undiscounted YE 2025 | Gross Expense ratio YE 2024 | Gross Expense ratio YE 2025 | Combined ratio undiscounted YE 2024 | Combined ratio undiscounted YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Italy | {{t\|8,816\|li1flg-7gym}} | {{t\|9,131\|li1flg-ja9v}} | {{t\|518\|li1flg-sgsl}} | {{t\|639\|li1flg-94dn}} | {{t\|193\|li1flg-g50o}} | {{t\|223\|li1flg-z5we}} | {{t\|711\|li1flg-w1eq}} | {{t\|862\|li1flg-br6d}} | {{t\|94.1%\|li1flg-zx68}} | {{t\|93.0%\|li1flg-zbwn}} | {{t\|67.2%\|li1flg-jpvp}} | {{t\|65.5%\|li1flg-qwiz}} | {{t\|2.7%\|li1flg-o80p}} | {{t\|2.5%\|li1flg-9ddk}} | {{t\|26.9%\|li1flg-atoq}} | {{t\|27.5%\|li1flg-epez}} | {{t\|95.7%\|li1flg-8cns}} | {{t\|94.5%\|li1flg-vayb}} | | France | {{t\|3,806\|li1flg-46kg}} | {{t\|4,100\|li1flg-heyu}} | {{t\|224\|li1flg-6yxu}} | {{t\|247\|li1flg-e7z0}} | {{t\|131\|li1flg-ksa8}} | {{t\|158\|li1flg-ihb0}} | {{t\|355\|li1flg-b92m}} | {{t\|405\|li1flg-mior}} | {{t\|94.1%\|li1flg-6dg6}} | {{t\|94.0%\|li1flg-nw88}} | {{t\|71.0%\|li1flg-npny}} | {{t\|70.5%\|li1flg-dixl}} | {{t\|3.0%\|li1flg-9lb1}} | {{t\|2.6%\|li1flg-ggrk}} | {{t\|23.1%\|li1flg-h2i4}} | {{t\|23.4%\|li1flg-s7o1}} | {{t\|97.5%\|li1flg-iywf}} | {{t\|97.0%\|li1flg-rllm}} | | Germany | {{t\|4,373\|li1flg-93f9}} | {{t\|4,681\|li1flg-sp5d}} | {{t\|329\|li1flg-nzdh}} | {{t\|437\|li1flg-9ash}} | {{t\|156\|li1flg-2ij8}} | {{t\|121\|li1flg-sobd}} | {{t\|485\|li1flg-gn0u}} | {{t\|558\|li1flg-cceu}} | {{t\|92.5%\|li1flg-kycj}} | {{t\|90.7%\|li1flg-3jrk}} | {{t\|62.5%\|li1flg-rx4l}} | {{t\|61.1%\|li1flg-hmes}} | {{t\|4.0%\|li1flg-rwa6}} | {{t\|1.1%\|li1flg-3ypi}} | {{t\|30.0%\|li1flg-r2z9}} | {{t\|29.5%\|li1flg-h3af}} | {{t\|93.9%\|li1flg-f4tq}} | {{t\|92.0%\|li1flg-5yl7}} | | Austria | {{t\|1,956\|li1flg-5hhq}} | {{t\|2,060\|li1flg-ti4g}} | {{t\|153\|li1flg-ss87}} | {{t\|171\|li1flg-e3kf}} | {{t\|95\|li1flg-ne9d}} | {{t\|89\|li1flg-f264}} | {{t\|247\|li1flg-lyrv}} | {{t\|260\|li1flg-yara}} | {{t\|92.2%\|li1flg-yqc0}} | {{t\|91.7%\|li1flg-djil}} | {{t\|65.0%\|li1flg-zi70}} | {{t\|64.4%\|li1flg-yvno}} | {{t\|6.3%\|li1flg-4bqf}} | {{t\|1.8%\|li1flg-8pd9}} | {{t\|27.2%\|li1flg-rbtq}} | {{t\|27.3%\|li1flg-lw0v}} | {{t\|93.9%\|li1flg-irf9}} | {{t\|93.3%\|li1flg-v086}} | | Switzerland | {{t\|761\|li1flg-daqf}} | {{t\|757\|li1flg-e5a9}} | {{t\|(13)\|li1flg-t4yr}} | {{t\|(9)\|li1flg-r05i}} | {{t\|15\|li1flg-ofwr}} | {{t\|20\|li1flg-g58h}} | {{t\|3\|li1flg-8mee}} | {{t\|10\|li1flg-ocrn}} | {{t\|101.7%\|li1flg-l8ha}} | {{t\|101.2%\|li1flg-t7mc}} | {{t\|72.6%\|li1flg-2us0}} | {{t\|71.6%\|li1flg-gijm}} | {{t\|0.8%\|li1flg-f9wu}} | {{t\|0.0%\|li1flg-vk4r}} | {{t\|29.1%\|li1flg-y1rt}} | {{t\|29.6%\|li1flg-bw2o}} | {{t\|102.1%\|li1flg-do87}} | {{t\|101.5%\|li1flg-2cxi}} | | CEE | {{t\|3,697\|li1flg-ht2a}} | {{t\|4,034\|li1flg-1624}} | {{t\|279\|li1flg-z8b7}} | {{t\|404\|li1flg-zvbx}} | {{t\|105\|li1flg-07iz}} | {{t\|108\|li1flg-fesx}} | {{t\|384\|li1flg-2rc0}} | {{t\|511\|li1flg-z7mk}} | {{t\|92.5%\|li1flg-rtty}} | {{t\|90.0%\|li1flg-s2yf}} | {{t\|58.2%\|li1flg-9szv}} | {{t\|56.1%\|li1flg-cycm}} | {{t\|5.7%\|li1flg-yf2o}} | {{t\|2.2%\|li1flg-a14x}} | {{t\|34.3%\|li1flg-m1ql}} | {{t\|33.9%\|li1flg-vdfb}} | {{t\|94.1%\|li1flg-ikkq}} | {{t\|91.6%\|li1flg-4l37}} | | Spain | {{t\|2,790\|li1flg-35lg}} | {{t\|3,084\|li1flg-pges}} | {{t\|105\|li1flg-hk4b}} | {{t\|118\|li1flg-gu5i}} | {{t\|81\|li1flg-m4go}} | {{t\|78\|li1flg-xezy}} | {{t\|186\|li1flg-ejnm}} | {{t\|196\|li1flg-ptn5}} | {{t\|96.2%\|li1flg-2vwn}} | {{t\|96.2%\|li1flg-erus}} | {{t\|73.4%\|li1flg-aazs}} | {{t\|69.0%\|li1flg-6z6e}} | {{t\|0.5%\|li1flg-qvxm}} | {{t\|0.1%\|li1flg-ca7m}} | {{t\|22.8%\|li1flg-u6vl}} | {{t\|27.2%\|li1flg-bx63}} | {{t\|97.3%\|li1flg-i8hb}} | {{t\|97.1%\|li1flg-uouk}} | | Portugal | {{t\|1,549\|li1flg-9u1q}} | {{t\|1,682\|li1flg-at8e}} | {{t\|63\|li1flg-vzag}} | {{t\|85\|li1flg-goui}} | {{t\|45\|li1flg-oala}} | {{t\|47\|li1flg-5v8c}} | {{t\|107\|li1flg-u21p}} | {{t\|133\|li1flg-uxsj}} | {{t\|95.9%\|li1flg-8w15}} | {{t\|94.9%\|li1flg-tx3w}} | {{t\|72.1%\|li1flg-m18d}} | {{t\|70.3%\|li1flg-tun8}} | {{t\|0.1%\|li1flg-6cdo}} | {{t\|0.2%\|li1flg-klej}} | {{t\|23.9%\|li1flg-y020}} | {{t\|24.6%\|li1flg-aoqz}} | {{t\|97.1%\|li1flg-isza}} | {{t\|96.1%\|li1flg-abvc}} | | Asia | {{t\|1,378\|li1flg-i71f}} | {{t\|1,672\|li1flg-rlif}} | {{t\|14\|li1flg-5xdu}} | {{t\|(5)\|li1flg-19l9}} | {{t\|59\|li1flg-weyg}} | {{t\|73\|li1flg-klm2}} | {{t\|73\|li1flg-38gw}} | {{t\|68\|li1flg-mjjb}} | {{t\|99.0%\|li1flg-0i21}} | {{t\|100.3%\|li1flg-ymye}} | {{t\|66.3%\|li1flg-qhpo}} | {{t\|66.5%\|li1flg-7yrh}} | {{t\|0.2%\|li1flg-rz06}} | {{t\|0.0%\|li1flg-l4ix}} | {{t\|32.8%\|li1flg-w9xg}} | {{t\|33.7%\|li1flg-2dlv}} | {{t\|101.1%\|li1flg-iy6l}} | {{t\|102.0%\|li1flg-0p3s}} | | Europ Assistance | {{t\|2,559\|li1flg-0nl9}} | {{t\|2,839\|li1flg-6to2}} | {{t\|150\|li1flg-7pl2}} | {{t\|186\|li1flg-6ddp}} | {{t\|39\|li1flg-bq08}} | {{t\|41\|li1flg-r11a}} | {{t\|189\|li1flg-t9ni}} | {{t\|227\|li1flg-ukfm}} | {{t\|94.1%\|li1flg-bfqu}} | {{t\|93.5%\|li1flg-1pcy}} | {{t\|60.6%\|li1flg-y3ji}} | {{t\|59.4%\|li1flg-jyy6}} | {{t\|0.1%\|li1flg-3gpp}} | {{t\|0.0%\|li1flg-09c3}} | {{t\|33.5%\|li1flg-86lp}} | {{t\|34.1%\|li1flg-n45x}} | {{t\|94.9%\|li1flg-2929}} | {{t\|94.0%\|li1flg-xjw9}} | | Group Holdings and other companies (9) | {{t\|1,252\|li1flg-3gir}} | {{t\|1,206\|li1flg-ebkd}} | {{t\|154\|li1flg-u2vr}} | {{t\|342\|li1flg-j7tb}} | {{t\|158\|li1flg-kmgw}} | {{t\|93\|li1flg-opmt}} | {{t\|312\|li1flg-0437}} | {{t\|434\|li1flg-q550}} | {{t\|96.5%\|li1flg-kzu5}} | {{t\|92.6%\|li1flg-6ajz}} | {{t\|73.8%\|li1flg-skm5}} | {{t\|70.0%\|li1flg-xn3n}} | {{t\|7.0%\|li1flg-zit9}} | {{t\|1.7%\|li1flg-x91i}} | {{t\|22.8%\|li1flg-twy0}} | {{t\|22.6%\|li1flg-vfv2}} | {{t\|99.8%\|li1flg-ldgi}} | {{t\|94.8%\|li1flg-3lg5}} | | **Group total** | {{t\|32,936\|li1flg-7tpv}} | {{t\|35,246\|li1flg-x9g1}} | {{t\|1,976\|li1flg-8v1v}} | {{t\|2,613\|li1flg-snpb}} | {{t\|1,076\|li1flg-picp}} | {{t\|1,050\|li1flg-xnd0}} | {{t\|3,052\|li1flg-rjpl}} | {{t\|3,663\|li1flg-ae7h}} | {{t\|94.0%\|li1flg-2mix}} | {{t\|92.6%\|li1flg-m0dh}} | {{t\|65.2%\|li1flg-n4o6}} | {{t\|63.2%\|li1flg-0703}} | {{t\|3.6%\|li1flg-dsxj}} | {{t\|1.7%\|li1flg-5arw}} | {{t\|28.8%\|li1flg-i553}} | {{t\|29.4%\|li1flg-hxwx}} | {{t\|95.9%\|li1flg-l6s1}} | {{t\|94.3%\|li1flg-m08s}} | (9) Elimination of transactions between Generali Group companies in different geographic regions were included in absolute values and excluded in ratios" id "li1flg-c9" chunk 9 pages 9 heading "Asset Management" tags Empty array links "Assets under management" "Foreign exchange" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "Assets under management" "Foreign exchange" "Other revenue" "Underlying earnings" content "**Assets under management rollforward.** | In EUR billion | YE 2024 | YE 2025 | | --- | --- | --- | | Opening {{t\|AUM\|\|Assets under management}} | {{t\|516\|li1flg-26np}} | {{t\|695\|li1flg-0o19}} | | Net inflows | {{t\|6.7\|li1flg-5fck}} | {{t\|16.2\|li1flg-kr0b}} | | o/w Generali Group (10) | {{t\|4.9\|li1flg-e1q8}} | {{t\|6.5\|li1flg-034u}} | | o/w Third party | {{t\|1.8\|li1flg-xqs4}} | {{t\|9.6\|li1flg-juki}} | | Market effect, {{t\|FX\|\|Foreign exchange}} & other | {{t\|18.5\|li1flg-c8z7}} | {{t\|(4.2)\|li1flg-yim3}} | | Perimeter changes (11) | {{t\|154.4\|li1flg-d8ud}} | {{t\|4.5\|li1flg-egnw}} | | Closing {{t\|AUM\|\|Assets under management}} | {{t\|695\|li1flg-gj38}} | {{t\|712\|li1flg-o7q8}} | | o/w Generali Group (1) (12) | {{t\|425\|li1flg-jg4w}} | {{t\|439\|li1flg-lwgg}} | | o/w Third party | {{t\|271\|li1flg-hefk}} | {{t\|273\|li1flg-nc95}} | **Asset management profit and loss.** | In EUR million | YE 2024 | YE 2025 | Pro-forma with 12 months of CHL YE 2024 | excl. MGG YE 2025 | | --- | --- | --- | --- | --- | | **Operating revenues** | {{t\|1,450\|li1flg-g8e6}} | {{t\|1,632\|li1flg-6r27}} | {{t\|1,532\|li1flg-0dht}} | {{t\|1,616\|li1flg-xbfy}} | | Total fees excl. performance fees | {{t\|1,186\|li1flg-eu0h}} | {{t\|1,310\|li1flg-bmiv}} | {{t\|1,265\|li1flg-e09s}} | {{t\|1,296\|li1flg-t6pp}} | | Performance fees | {{t\|91\|li1flg-myp8}} | {{t\|162\|li1flg-42cu}} | {{t\|91\|li1flg-q0ed}} | {{t\|160\|li1flg-8qz2}} | | {{t\|Other revenues\|\|Other revenue}} (13) | {{t\|173\|li1flg-pfjx}} | {{t\|160\|li1flg-17j5}} | {{t\|176\|li1flg-08un}} | {{t\|161\|li1flg-qgwd}} | | **Operating expenses** | {{t\|(834)\|li1flg-r8sh}} | {{t\|(970)\|li1flg-0xiu}} | {{t\|(899)\|li1flg-7195}} | {{t\|(959)\|li1flg-hwav}} | | {{t\|Operating result\|\|Underlying earnings}} | {{t\|616\|li1flg-nxl2}} | {{t\|662\|li1flg-q0qc}} | {{t\|633\|li1flg-12r0}} | {{t\|657\|li1flg-3tnm}} | | Non-operating result adjusted | {{t\|(59)\|li1flg-nbqc}} | {{t\|(77)\|li1flg-n1zo}} | — | — | | Taxes adjusted | {{t\|(130)\|li1flg-5797}} | {{t\|(139)\|li1flg-76zk}} | — | — | | Minorities adjusted (5) (14) | {{t\|(83)\|li1flg-6ff9}} | {{t\|(90)\|li1flg-4om6}} | — | — | | **Adjusted net result after minorities** | {{t\|343\|li1flg-zsgy}} | {{t\|356\|li1flg-30ae}} | — | — | **Asset management other information (33)(footnote: Including minorities at affiliate level).** | In EUR billion | YE 2024 | YE 2025 | Pro-forma w/ 12 months of CHL YE 2024 | excl. MGG YE 2025 | | --- | --- | --- | --- | --- | | Average {{t\|AUM\|\|Assets under management}} (euro bn) | {{t\|674\|li1flg-nk7g}} | {{t\|701\|li1flg-y38c}} | {{t\|673\|li1flg-kut5}} | {{t\|696\|li1flg-ws6i}} | | o/w Generali Group (1) (12) | {{t\|416\|li1flg-ttlr}} | {{t\|431\|li1flg-95dz}} | {{t\|416\|li1flg-ec62}} | {{t\|431\|li1flg-gwbv}} | | o/w Third party | {{t\|258\|li1flg-zs7f}} | {{t\|270\|li1flg-lak3}} | {{t\|257\|li1flg-7d9x}} | {{t\|266\|li1flg-sfb4}} | | **Average total fees margin (bps)** | {{t\|18.8\|li1flg-syom}} | {{t\|19.3\|li1flg-9aob}} | {{t\|18.8\|li1flg-0t0n}} | {{t\|18.6\|li1flg-n67y}} | | o/w on Generali Group {{t\|AUM\|\|Assets under management}} (10) | {{t\|17.1\|li1flg-7brq}} | {{t\|16.9\|li1flg-2mh4}} | {{t\|17.1\|li1flg-hx4y}} | {{t\|16.9\|li1flg-3j6x}} | | o/w on Third party {{t\|AUM\|\|Assets under management}} | {{t\|21.6\|li1flg-jpr2}} | {{t\|23.2\|li1flg-69z2}} | {{t\|21.6\|li1flg-m800}} | {{t\|21.4\|li1flg-zb59}} | | **Cost Income ratio (%)** | {{t\|57.5%\|li1flg-ktjz}} | {{t\|59.4%\|li1flg-92ve}} | {{t\|58.7%\|li1flg-t5mt}} | {{t\|59.3%\|li1flg-6jsn}} | (10) Including Unit-Linked (11) Conning Holdings Limited (“CHL”) fully consolidated starting from April 2024 (12) Including equity stakes of Assicurazioni Generali in its subsidiaries held in AM funds (13) Mainly including dividends, net result from participations, and interest income (14) MGG fully consolidated starting from October 2025 (33) Including minorities at affiliate level" id "li1flg-c10" chunk 10 pages 10 heading "Capitalisation and Debt" tags Empty array links "Dividend" "Foreign exchange" "Share buyback" "Year 2026" data_items Empty array effective_tags "Capital management" "Dividend" "Foreign exchange" "Share buyback" "Year 2026" content "**Shareholders' equity rollforward.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | **Opening shareholders' equity** | {{t\|28,968\|li1flg-h8t4}} | {{t\|30,389\|li1flg-b7wz}} | | Net profit | {{t\|3,724\|li1flg-pesc}} | {{t\|4,172\|li1flg-jd4n}} | | {{t\|Dividends\|\|Dividend}} | {{t\|(1,987)\|li1flg-adq1}} | {{t\|(2,172)\|li1flg-lywo}} | | Other Comprehensive Income reserve | {{t\|(133)\|li1flg-96bk}} | {{t\|(114)\|li1flg-yhcg}} | | Related to financial assets | {{t\|2,057\|li1flg-i83n}} | {{t\|(3,514)\|li1flg-04ic}} | | Related to insurance contracts | {{t\|(2,300)\|li1flg-idm9}} | {{t\|3,643\|li1flg-s150}} | | Defined Benefit Plans | {{t\|34\|li1flg-i2g9}} | {{t\|71\|li1flg-6ylu}} | | {{t\|Foreign exchange\|\|Foreign exchange}} | {{t\|31\|li1flg-04kc}} | {{t\|(301)\|li1flg-g5xn}} | | Other | {{t\|45\|li1flg-g0x0}} | {{t\|(12)\|li1flg-v0il}} | | {{t\|Share Buybacks\|\|Share buyback}} | {{t\|(500)\|li1flg-7wa6}} | {{t\|(500)\|li1flg-spip}} | | {{t\|Share Buybacks\|\|Share buyback}} for Long-Term Incentive Plans | {{t\|(264)\|li1flg-dpl6}} | {{t\|(333)\|li1flg-zsq5}} | | Other items | {{t\|581\|li1flg-n12t}} | {{t\|622\|li1flg-5imf}} | | **Closing shareholders' equity** | {{t\|30,389\|li1flg-ybvu}} | {{t\|32,064\|li1flg-zrk9}} | **Financial debt breakdown.** | In EUR million | YE 2024 | YE 2025 | | --- | --- | --- | | Subordinated debt | {{t\|9,784\|li1flg-7r1e}} | {{t\|9,806\|li1flg-k37l}} | | Senior debt | {{t\|1,286\|li1flg-m2f8}} | {{t\|1,287\|li1flg-rob9}} | | Other financial debt | {{t\|90\|li1flg-q0x1}} | {{t\|102\|li1flg-afp3}} | | Total financial debt (15) | {{t\|11,160\|li1flg-jmkk}} | {{t\|11,194\|li1flg-yp2v}} | | Average maturity (FYears) (15) | {{t\|4.9\|li1flg-4a64}} | {{t\|4.8\|li1flg-4ivz}} | | Total interest cost (15) | {{t\|493\|li1flg-jccv}} | {{t\|460\|li1flg-uvvr}} | | Average cost (%) | {{t\|4.16%\|li1flg-oyg8}} | {{t\|4.11%\|li1flg-b1e0}} | **Debt maturity by type of type.** | In EUR million | Senior | Hybrid | Subordinated | | --- | --- | --- | --- | | {{t\|2026\|\|Year 2026}} | — | {{t\|406\|li1flg-p7gd}} | {{t\|1,000\|li1flg-u9b2}} | | 2027 | — | — | {{t\|1,750\|li1flg-3nde}} | | 2028 | — | — | {{t\|850\|li1flg-i8xo}} | | 2029 | {{t\|500\|li1flg-t12t}} | — | {{t\|500\|li1flg-7s5n}} | | 2030 | — | — | {{t\|750\|li1flg-dlr0}} | | 2031 | — | {{t\|500\|li1flg-326n}} | {{t\|600\|li1flg-5lb1}} | | 2032 | — | — | {{t\|1,000\|li1flg-e9tw}} | | 2033 | — | — | {{t\|1,000\|li1flg-t4n0}} | | 2034 | {{t\|750\|li1flg-n1jj}} | — | — | | 2035 | — | — | {{t\|1,250\|li1flg-4g05}} | | 2036 | — | — | {{t\|500\|li1flg-lchk}} | (15) These KPIs exclude bond issuances classified as shareholders’ equities, such as RT1 bonds and AT1 bonds." id "li1flg-c11" chunk 11 pages 11 heading "Investments Summary" tags Empty array links "Property & casualty" "Assets under management" data_items Empty array effective_tags "Assets under management" "Property & casualty" content "**Investments summary by business unit.** | In EUR million | Group YE 2024 | Group YE 2025 | Life YE 2024 | Life YE 2025 | o/w Life VFA YE 2024 | o/w Life VFA YE 2025 | o/w Life other than VFA YE 2024 | o/w Life other than VFA YE 2025 | {{t\|Property & Casualty\|\|Property & casualty}} YE 2024 | {{t\|Property & Casualty\|\|Property & casualty}} YE 2025 | Asset & Wealth Management YE 2024 | Asset & Wealth Management YE 2025 | Holding and Other Businesses YE 2024 | Holding and Other Businesses YE 2025 | Consolidation YE 2024 | Consolidation YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fixed income | {{t\|294,154\|li1flg-zpfo}} | {{t\|302,571\|li1flg-olkr}} | {{t\|246,376\|li1flg-w5ng}} | {{t\|249,096\|li1flg-dghv}} | {{t\|220,801\|li1flg-4z3t}} | {{t\|220,843\|li1flg-tw3l}} | {{t\|25,575\|li1flg-ntnz}} | {{t\|28,253\|li1flg-09di}} | {{t\|33,498\|li1flg-fk99}} | {{t\|36,270\|li1flg-wluf}} | {{t\|12,249\|li1flg-rbfz}} | {{t\|13,703\|li1flg-add2}} | {{t\|6,302\|li1flg-04ne}} | {{t\|7,656\|li1flg-rj4h}} | {{t\|(4,272)\|li1flg-jxyk}} | {{t\|(4,155)\|li1flg-ulob}} | | Government bonds (16) | {{t\|139,053\|li1flg-ryvr}} | {{t\|140,715\|li1flg-5kz1}} | {{t\|116,387\|li1flg-i5cl}} | {{t\|116,166\|li1flg-mt5b}} | {{t\|103,909\|li1flg-ys18}} | {{t\|102,112\|li1flg-hrwc}} | {{t\|12,478\|li1flg-5vqc}} | {{t\|14,054\|li1flg-9crc}} | {{t\|13,808\|li1flg-5ooc}} | {{t\|14,140\|li1flg-wmy3}} | {{t\|8,670\|li1flg-6ea4}} | {{t\|9,884\|li1flg-1yqn}} | {{t\|188\|li1flg-cbx4}} | {{t\|524\|li1flg-tnbf}} | - | - | | Corporate bonds | {{t\|105,205\|li1flg-3wmm}} | {{t\|107,839\|li1flg-umby}} | {{t\|88,152\|li1flg-4aka}} | {{t\|88,564\|li1flg-q15x}} | {{t\|81,138\|li1flg-gi9c}} | {{t\|80,264\|li1flg-pnc3}} | {{t\|7,014\|li1flg-7oip}} | {{t\|8,300\|li1flg-iytp}} | {{t\|15,888\|li1flg-b3hf}} | {{t\|17,647\|li1flg-lzok}} | {{t\|2,318\|li1flg-0trw}} | {{t\|2,581\|li1flg-k09n}} | {{t\|461\|li1flg-9huo}} | {{t\|515\|li1flg-jtsu}} | {{t\|(1,614)\|li1flg-ever}} | {{t\|(1,468)\|li1flg-79iv}} | | Other fixed income | {{t\|49,895\|li1flg-429d}} | {{t\|54,017\|li1flg-4rve}} | {{t\|41,837\|li1flg-eutp}} | {{t\|44,366\|li1flg-vs0p}} | {{t\|35,754\|li1flg-np1f}} | {{t\|38,467\|li1flg-3deq}} | {{t\|6,083\|li1flg-h8wl}} | {{t\|5,899\|li1flg-krcs}} | {{t\|3,802\|li1flg-9zyg}} | {{t\|4,483\|li1flg-ur3v}} | {{t\|1,261\|li1flg-dflh}} | {{t\|1,238\|li1flg-17q5}} | {{t\|5,653\|li1flg-5qud}} | {{t\|6,617\|li1flg-w1gt}} | {{t\|(2,657)\|li1flg-vwko}} | {{t\|(2,687)\|li1flg-hghe}} | | Equity & equity-like | {{t\|27,229\|li1flg-lhgk}} | {{t\|27,712\|li1flg-m849}} | {{t\|23,289\|li1flg-g8sp}} | {{t\|23,918\|li1flg-rksm}} | {{t\|21,318\|li1flg-6tao}} | {{t\|21,361\|li1flg-gfy3}} | {{t\|1,971\|li1flg-w2mq}} | {{t\|2,557\|li1flg-rhwu}} | {{t\|3,624\|li1flg-9rdo}} | {{t\|3,469\|li1flg-k985}} | {{t\|75\|li1flg-qkvg}} | {{t\|118\|li1flg-89cm}} | {{t\|241\|li1flg-lhjy}} | {{t\|207\|li1flg-ocpj}} | - | - | | Real estate | {{t\|26,687\|li1flg-77mf}} | {{t\|26,387\|li1flg-w35w}} | {{t\|23,865\|li1flg-4e0z}} | {{t\|23,802\|li1flg-brug}} | {{t\|22,059\|li1flg-crou}} | {{t\|21,984\|li1flg-vr7g}} | {{t\|1,806\|li1flg-s3gg}} | {{t\|1,818\|li1flg-dwt6}} | {{t\|2,809\|li1flg-9dpi}} | {{t\|2,580\|li1flg-d6do}} | {{t\|1\|li1flg-fejt}} | {{t\|2\|li1flg-c6hn}} | {{t\|12\|li1flg-cjf8}} | {{t\|3\|li1flg-l3io}} | - | - | | Cash & cash-like (17) | {{t\|17,192\|li1flg-lywf}} | {{t\|14,470\|li1flg-olu2}} | {{t\|7,797\|li1flg-0or7}} | {{t\|7,274\|li1flg-3utl}} | {{t\|4,529\|li1flg-6hgy}} | {{t\|5,057\|li1flg-h0tt}} | {{t\|3,268\|li1flg-ffrq}} | {{t\|2,217\|li1flg-24pp}} | {{t\|4,861\|li1flg-7wo6}} | {{t\|4,539\|li1flg-fous}} | {{t\|969\|li1flg-7y0a}} | {{t\|66\|li1flg-oggn}} | {{t\|4,418\|li1flg-sale}} | {{t\|3,800\|li1flg-l2on}} | {{t\|(852)\|li1flg-4knt}} | {{t\|(1,209)\|li1flg-zfyp}} | | Other investments (18) | {{t\|7,805\|li1flg-a1xp}} | {{t\|8,917\|li1flg-j04f}} | {{t\|6,152\|li1flg-08rn}} | {{t\|6,985\|li1flg-bbna}} | {{t\|3,279\|li1flg-k4iw}} | {{t\|3,916\|li1flg-id1g}} | {{t\|2,874\|li1flg-6ggs}} | {{t\|3,069\|li1flg-66go}} | {{t\|2,592\|li1flg-kzpb}} | {{t\|2,666\|li1flg-1842}} | {{t\|2,090\|li1flg-thzz}} | {{t\|2,373\|li1flg-s4nu}} | {{t\|91\|li1flg-n9f3}} | {{t\|89\|li1flg-cquu}} | {{t\|(3,120)\|li1flg-8cgq}} | {{t\|(3,197)\|li1flg-lec4}} | | **Total investments - General account** | {{t\|373,065\|li1flg-citz}} | {{t\|380,057\|li1flg-cvh1}} | {{t\|307,479\|li1flg-r53p}} | {{t\|311,075\|li1flg-s3u7}} | {{t\|271,986\|li1flg-rr77}} | {{t\|273,161\|li1flg-5qp9}} | {{t\|35,493\|li1flg-evhl}} | {{t\|37,914\|li1flg-kzgu}} | {{t\|47,383\|li1flg-gdbh}} | {{t\|49,525\|li1flg-9phi}} | {{t\|15,384\|li1flg-6d76}} | {{t\|16,262\|li1flg-z9q7}} | {{t\|11,063\|li1flg-r19b}} | {{t\|11,756\|li1flg-urm5}} | {{t\|(8,244)\|li1flg-jxxm}} | {{t\|(8,561)\|li1flg-k292}} | | Unit Linked investments | {{t\|123,855\|li1flg-hqk4}} | {{t\|136,118\|li1flg-ltgh}} | — | — | — | — | — | — | — | — | — | — | — | — | — | — | | **Total investments** | {{t\|496,920\|li1flg-suql}} | {{t\|516,175\|li1flg-ptfw}} | — | — | — | — | — | — | — | — | — | — | — | — | — | — | | Third Parties {{t\|AUM\|\|Assets under management}} (19) | {{t\|366,084\|li1flg-3ird}} | {{t\|383,755\|li1flg-4s5v}} | — | — | — | — | — | — | — | — | — | — | — | — | — | — | | Total {{t\|AUM\|\|Assets under management}} | {{t\|863,004\|li1flg-f82f}} | {{t\|899,930\|li1flg-ol61}} | — | — | — | — | — | — | — | — | — | — | — | — | — | — | **Investments income by business unit.** | In EUR million | Group YE 2024 | Group YE 2025 | Life YE 2024 | Life YE 2025 | o/w Life VFA YE 2024 | o/w Life VFA YE 2025 | o/w Life other than VFA YE 2024 | o/w Life other than VFA YE 2025 | {{t\|Property & Casualty\|\|Property & casualty}} 5 (20) YE 2024 | {{t\|Property & Casualty\|\|Property & casualty}} 5 YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Current income | {{t\|12,214\|li1flg-1bm1}} | {{t\|12,640\|li1flg-vmm0}} | {{t\|9,790\|li1flg-5gnp}} | {{t\|10,401\|li1flg-y7x7}} | {{t\|8,363\|li1flg-a86f}} | {{t\|9,009\|li1flg-q7c2}} | {{t\|1,427\|li1flg-yx6n}} | {{t\|1,392\|li1flg-4bqm}} | {{t\|2,050\|li1flg-rwcb}} | {{t\|1,867\|li1flg-09mw}} | | of which Current return on Fixed Income | {{t\|9,618\|li1flg-1zhh}} | {{t\|9,713\|li1flg-u1zq}} | {{t\|7,882\|li1flg-nvpb}} | {{t\|8,130\|li1flg-wxyz}} | {{t\|6,968\|li1flg-hxes}} | {{t\|7,243\|li1flg-phmh}} | {{t\|914\|li1flg-o6bn}} | {{t\|887\|li1flg-k710}} | {{t\|1,401\|li1flg-e3d8}} | {{t\|1,191\|li1flg-akcu}} | | of which Current return on Equity & equity-like | {{t\|815\|li1flg-v39p}} | {{t\|1,028\|li1flg-o2ho}} | {{t\|571\|li1flg-auww}} | {{t\|741\|li1flg-xjka}} | {{t\|438\|li1flg-ck85}} | {{t\|572\|li1flg-e3uh}} | {{t\|133\|li1flg-mao2}} | {{t\|169\|li1flg-1fpo}} | {{t\|160\|li1flg-0tam}} | {{t\|197\|li1flg-4k4d}} | | of which Current return on Real Estate | {{t\|1,108\|li1flg-rybf}} | {{t\|1,104\|li1flg-71t4}} | {{t\|950\|li1flg-bh5m}} | {{t\|958\|li1flg-9uqu}} | {{t\|852\|li1flg-fpcx}} | {{t\|869\|li1flg-eqfl}} | {{t\|98\|li1flg-a93l}} | {{t\|89\|li1flg-d1rh}} | {{t\|160\|li1flg-ge16}} | {{t\|150\|li1flg-i1c4}} | | Total P&L investment income | {{t\|12,784\|li1flg-tls7}} | {{t\|12,151\|li1flg-srwp}} | {{t\|9,921\|li1flg-285s}} | {{t\|9,949\|li1flg-0xqo}} | {{t\|8,558\|li1flg-c0hb}} | {{t\|8,770\|li1flg-o4uj}} | {{t\|1,363\|li1flg-eb7l}} | {{t\|1,179\|li1flg-dptc}} | {{t\|2,137\|li1flg-eyx3}} | {{t\|1,614\|li1flg-z2ph}} | | Comprehensive income | {{t\|16,387\|li1flg-3nnw}} | {{t\|7,721\|li1flg-7uz3}} | {{t\|12,875\|li1flg-8ics}} | {{t\|5,552\|li1flg-k6hj}} | {{t\|10,284\|li1flg-98ul}} | {{t\|4,737\|li1flg-m3oq}} | {{t\|2,591\|li1flg-5zgs}} | {{t\|815\|li1flg-zk0a}} | {{t\|2,805\|li1flg-7n2l}} | {{t\|1,522\|li1flg-g8w3}} | **Fixed income return by business unit.** | % | Group YE 2024 | Group YE 2025 | Life YE 2024 | Life YE 2025 | o/w Life VFA YE 2024 | o/w Life VFA YE 2025 | o/w Life other than VFA YE 2024 | o/w Life other than VFA YE 2025 | Property & Casuality 5 YE 2024 | Property & Casuality 5 YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fixed Income — Current return | {{t\|3.3%\|li1flg-dndh}} | {{t\|3.3%\|li1flg-bpw6}} | {{t\|3.3%\|li1flg-nf83}} | {{t\|3.3%\|li1flg-jd62}} | {{t\|3.2%\|li1flg-fciu}} | {{t\|3.3%\|li1flg-42e8}} | {{t\|3.8%\|li1flg-aqap}} | {{t\|3.4%\|li1flg-egdb}} | {{t\|4.2%\|li1flg-h89h}} | {{t\|3.4%\|li1flg-9u7v}} | | Fixed Income — Total P&L return | {{t\|3.2%\|li1flg-fv9o}} | {{t\|3.3%\|li1flg-0dk1}} | {{t\|3.2%\|li1flg-fwpu}} | {{t\|3.3%\|li1flg-am54}} | {{t\|3.1%\|li1flg-g4p4}} | {{t\|3.3%\|li1flg-xwgb}} | {{t\|3.8%\|li1flg-hey5}} | {{t\|3.1%\|li1flg-u4vk}} | {{t\|4.0%\|li1flg-rwu3}} | {{t\|3.3%\|li1flg-rlpe}} | | Fixed Income — Reinvestment yield on direct fixed income | — | — | {{t\|3.6%\|li1flg-5llt}} | {{t\|3.6%\|li1flg-zxq3}} | — | — | — | — | {{t\|3.6%\|li1flg-gbda}} | {{t\|4.3%\|li1flg-hfi5}} | | Equity & equity-like — Current return | {{t\|3.1%\|li1flg-13p0}} | {{t\|3.7%\|li1flg-apcm}} | {{t\|2.5%\|li1flg-x2f7}} | {{t\|3.1%\|li1flg-w4wf}} | {{t\|2.2%\|li1flg-h4ez}} | {{t\|2.7%\|li1flg-3wvw}} | {{t\|6.1%\|li1flg-pul2}} | {{t\|7.0%\|li1flg-glnm}} | {{t\|4.7%\|li1flg-jz19}} | {{t\|5.5%\|li1flg-wflz}} | | Equity & equity-like — Total P&L return | {{t\|7.3%\|li1flg-14s1}} | {{t\|4.9%\|li1flg-n5zy}} | {{t\|7.3%\|li1flg-ekcv}} | {{t\|4.9%\|li1flg-h83f}} | {{t\|7.2%\|li1flg-ruwc}} | {{t\|4.8%\|li1flg-iu0g}} | {{t\|8.3%\|li1flg-0ev3}} | {{t\|5.6%\|li1flg-8owu}} | {{t\|5.8%\|li1flg-ha6b}} | {{t\|3.2%\|li1flg-qfkc}} | | Real Estate — Current return | {{t\|4.1%\|li1flg-wr0k}} | {{t\|4.2%\|li1flg-mumg}} | {{t\|4.0%\|li1flg-rlwe}} | {{t\|4.0%\|li1flg-2dp4}} | {{t\|3.9%\|li1flg-om4z}} | {{t\|3.9%\|li1flg-ts5a}} | {{t\|5.2%\|li1flg-ctb3}} | {{t\|5.2%\|li1flg-zovy}} | {{t\|5.2%\|li1flg-2rft}} | {{t\|5.6%\|li1flg-pbuv}} | | Real Estate — Total P&L return | {{t\|1.4%\|li1flg-zli5}} | {{t\|3.0%\|li1flg-tsel}} | {{t\|0.8%\|li1flg-4h5u}} | {{t\|2.5%\|li1flg-r87b}} | {{t\|1.1%\|li1flg-92rs}} | {{t\|2.6%\|li1flg-10sd}} | {{t\|-2.7%\|li1flg-sjgk}} | {{t\|1.7%\|li1flg-ipn6}} | {{t\|5.9%\|li1flg-fkqd}} | {{t\|6.7%\|li1flg-t2pj}} | | Total — Current return | {{t\|3.3%\|li1flg-ze0f}} | {{t\|3.4%\|li1flg-vhhc}} | {{t\|3.2%\|li1flg-n1v7}} | {{t\|3.4%\|li1flg-mb0j}} | {{t\|3.1%\|li1flg-uzdl}} | {{t\|3.3%\|li1flg-isus}} | {{t\|4.1%\|li1flg-cojd}} | {{t\|3.8%\|li1flg-mefx}} | {{t\|4.4%\|li1flg-yzg0}} | {{t\|3.9%\|li1flg-hh0s}} | | Total — Total P&L return | {{t\|3.5%\|li1flg-lz8h}} | {{t\|3.2%\|li1flg-7rb8}} | {{t\|3.3%\|li1flg-10ai}} | {{t\|3.2%\|li1flg-120o}} | {{t\|3.2%\|li1flg-r8fc}} | {{t\|3.2%\|li1flg-4fws}} | {{t\|3.9%\|li1flg-0n5v}} | {{t\|3.2%\|li1flg-s0ru}} | {{t\|4.6%\|li1flg-5hii}} | {{t\|3.3%\|li1flg-p8gf}} | | Total — Comprehensive return | {{t\|4.5%\|li1flg-m6l4}} | {{t\|2.1%\|li1flg-a1uf}} | {{t\|4.3%\|li1flg-3s9y}} | {{t\|1.8%\|li1flg-7q6i}} | {{t\|3.8%\|li1flg-91tm}} | {{t\|1.8%\|li1flg-7f9o}} | {{t\|7.4%\|li1flg-cbp0}} | {{t\|2.2%\|li1flg-gy1r}} | {{t\|6.0%\|li1flg-20qi}} | {{t\|3.1%\|li1flg-sbo7}} | (16) Directly owned exposure only (before look-through). (17) Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024. (18) Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024. (19) 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. (20) 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." id "li1flg-c12" chunk 12 pages 12 heading "Investments by Acc Treatment" tags Empty array links "Property & casualty" data_items Empty array effective_tags "Property & casualty" content "**Investments by accounting treatment and business unit. (Index!A1)** | In EUR million | Group Fair Value through P&L YE 2024 | Group Fair Value through P&L YE 2025 | Group Fair Value through OCI YE 2024 | Group Fair Value through OCI YE 2025 | Group At cost YE 2024 | Group At cost YE 2025 | Life Fair Value through P&L YE 2024 | Life Fair Value through P&L YE 2025 | Life Fair Value through OCI YE 2024 | Life Fair Value through OCI YE 2025 | Life At cost YE 2024 | Life At cost YE 2025 | o/w Life VFA Fair Value through P&L YE 2024 | o/w Life VFA Fair Value through P&L YE 2025 | o/w Life VFA Fair Value through OCI YE 2024 | o/w Life VFA Fair Value through OCI YE 2025 | o/w Life other than VFA Fair Value through P&L YE 2024 | o/w Life other than VFA Fair Value through P&L YE 2025 | o/w Life other than VFA Fair Value through OCI YE 2024 | o/w Life other than VFA Fair Value through OCI YE 2025 | o/w Life other than VFA At cost YE 2024 | o/w Life other than VFA At cost YE 2025 | {{t\|P&C\|\|Property & casualty}} Fair Value through P&L YE 2024 | {{t\|P&C\|\|Property & casualty}} Fair Value through P&L YE 2025 | {{t\|P&C\|\|Property & casualty}} Fair Value through OCI YE 2024 | {{t\|P&C\|\|Property & casualty}} Fair Value through OCI YE 2025 | {{t\|P&C\|\|Property & casualty}} At cost YE 2024 | {{t\|P&C\|\|Property & casualty}} At cost YE 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fixed income | {{t\|40,516\|li1flg-1nsa}} | {{t\|45,797\|li1flg-gn55}} | {{t\|234,529\|li1flg-98kx}} | {{t\|238,155\|li1flg-cmbh}} | {{t\|19,109\|li1flg-1emt}} | {{t\|18,618\|li1flg-jp6u}} | {{t\|36,763\|li1flg-dor1}} | {{t\|40,619\|li1flg-emjm}} | {{t\|205,802\|li1flg-xmyj}} | {{t\|205,343\|li1flg-46h1}} | {{t\|3,811\|li1flg-4x1n}} | {{t\|3,134\|li1flg-8wtp}} | {{t\|35,705\|li1flg-5kvj}} | {{t\|39,271\|li1flg-aqp8}} | {{t\|183,315\|li1flg-jgv7}} | {{t\|180,045\|li1flg-uzaq}} | {{t\|1,058\|li1flg-qdtr}} | {{t\|1,348\|li1flg-h0oy}} | {{t\|22,487\|li1flg-do57}} | {{t\|25,298\|li1flg-aop4}} | {{t\|2,030\|li1flg-uzaf}} | {{t\|1,607\|li1flg-hzfi}} | {{t\|3,033\|li1flg-4ham}} | {{t\|4,302\|li1flg-d0b2}} | {{t\|28,570\|li1flg-3qsy}} | {{t\|30,433\|li1flg-xg7p}} | {{t\|1,896\|li1flg-pakt}} | {{t\|1,535\|li1flg-y91k}} | | Government bonds (21) | {{t\|2,044\|li1flg-1vrq}} | {{t\|2,187\|li1flg-04dj}} | {{t\|129,645\|li1flg-zxds}} | {{t\|132,058\|li1flg-ff1y}} | {{t\|7,364\|li1flg-yy6n}} | {{t\|6,469\|li1flg-zwyn}} | {{t\|1,956\|li1flg-gaeo}} | {{t\|1,995\|li1flg-zk2g}} | {{t\|114,409\|li1flg-gx4a}} | {{t\|114,150\|li1flg-yv31}} | {{t\|22\|li1flg-x98f}} | {{t\|21\|li1flg-ks60}} | {{t\|1,891\|li1flg-e1id}} | {{t\|1,893\|li1flg-00fe}} | {{t\|102,019\|li1flg-nvg2}} | {{t\|100,219\|li1flg-29c9}} | {{t\|66\|li1flg-fodw}} | {{t\|103\|li1flg-1ezf}} | {{t\|12,390\|li1flg-ac1r}} | {{t\|13,931\|li1flg-wavc}} | {{t\|22\|li1flg-6hr0}} | {{t\|21\|li1flg-0q31}} | {{t\|88\|li1flg-hlhm}} | {{t\|101\|li1flg-chle}} | {{t\|13,548\|li1flg-02zj}} | {{t\|13,902\|li1flg-1zdo}} | {{t\|173\|li1flg-vd3f}} | {{t\|137\|li1flg-lgah}} | | Corporate bonds | {{t\|5,987\|li1flg-gkh7}} | {{t\|7,076\|li1flg-qn4z}} | {{t\|96,815\|li1flg-xo4h}} | {{t\|98,155\|li1flg-g3oc}} | {{t\|2,403\|li1flg-jp09}} | {{t\|2,609\|li1flg-8342}} | {{t\|5,408\|li1flg-93yj}} | {{t\|6,116\|li1flg-tioj}} | {{t\|82,589\|li1flg-e2jo}} | {{t\|82,380\|li1flg-dvvs}} | {{t\|155\|li1flg-8ngg}} | {{t\|68\|li1flg-mmx9}} | {{t\|5,296\|li1flg-fhqf}} | {{t\|5,912\|li1flg-9shb}} | {{t\|75,842\|li1flg-gael}} | {{t\|74,352\|li1flg-thh0}} | {{t\|111\|li1flg-ks1j}} | {{t\|204\|li1flg-digu}} | {{t\|6,748\|li1flg-yn58}} | {{t\|8,028\|li1flg-ikx0}} | {{t\|155\|li1flg-iyht}} | {{t\|68\|li1flg-e4io}} | {{t\|573\|li1flg-cm3r}} | {{t\|953\|li1flg-6inr}} | {{t\|15,013\|li1flg-yxjd}} | {{t\|16,518\|li1flg-8f43}} | {{t\|302\|li1flg-9wl5}} | {{t\|176\|li1flg-3ooa}} | | Other fixed income | {{t\|32,485\|li1flg-l2fx}} | {{t\|36,534\|li1flg-3qir}} | {{t\|8,068\|li1flg-xe9v}} | {{t\|7,942\|li1flg-rw1q}} | {{t\|9,341\|li1flg-sovw}} | {{t\|9,540\|li1flg-yaw8}} | {{t\|29,399\|li1flg-3onb}} | {{t\|32,508\|li1flg-3u5y}} | {{t\|8,804\|li1flg-ct42}} | {{t\|8,813\|li1flg-1zel}} | {{t\|3,634\|li1flg-6qh1}} | {{t\|3,046\|li1flg-l621}} | {{t\|28,518\|li1flg-r72r}} | {{t\|31,467\|li1flg-wvdd}} | {{t\|5,455\|li1flg-lik6}} | {{t\|5,473\|li1flg-xnoq}} | {{t\|881\|li1flg-b3rz}} | {{t\|1,041\|li1flg-htxp}} | {{t\|3,349\|li1flg-cfeb}} | {{t\|3,340\|li1flg-fzfw}} | {{t\|1,853\|li1flg-4qaw}} | {{t\|1,518\|li1flg-4fov}} | {{t\|2,372\|li1flg-vycb}} | {{t\|3,248\|li1flg-9ahv}} | {{t\|8\|li1flg-dmra}} | {{t\|13\|li1flg-dhdj}} | {{t\|1,421\|li1flg-tcqi}} | {{t\|1,222\|li1flg-mfit}} | | Equity & equity-like | {{t\|23,995\|li1flg-dpqn}} | {{t\|24,239\|li1flg-3d0c}} | {{t\|3,233\|li1flg-p1ch}} | {{t\|3,474\|li1flg-u8y5}} | - | - | {{t\|21,908\|li1flg-ou7h}} | {{t\|22,398\|li1flg-kdcj}} | {{t\|1,381\|li1flg-got0}} | {{t\|1,520\|li1flg-ltpm}} | - | - | {{t\|21,318\|li1flg-vz29}} | {{t\|21,361\|li1flg-ysvt}} | - | - | {{t\|590\|li1flg-djca}} | {{t\|1,037\|li1flg-yii3}} | {{t\|1,381\|li1flg-opm2}} | {{t\|1,520\|li1flg-4ugw}} | - | - | {{t\|1,932\|li1flg-sco8}} | {{t\|1,701\|li1flg-w8w6}} | {{t\|1,691\|li1flg-6bmk}} | {{t\|1,769\|li1flg-poax}} | - | - | | Real estate | {{t\|23,997\|li1flg-mvdb}} | {{t\|23,976\|li1flg-2bgv}} | - | - | {{t\|2,689\|li1flg-iw0n}} | {{t\|2,411\|li1flg-9ulp}} | {{t\|23,559\|li1flg-3h7j}} | {{t\|23,535\|li1flg-2hkb}} | - | - | {{t\|305\|li1flg-k2je}} | {{t\|267\|li1flg-7qb7}} | {{t\|22,059\|li1flg-qrkd}} | {{t\|21,984\|li1flg-0iav}} | - | - | {{t\|1,501\|li1flg-hg5j}} | {{t\|1,551\|li1flg-p9jr}} | - | - | {{t\|305\|li1flg-aha6}} | {{t\|267\|li1flg-dy5l}} | {{t\|437\|li1flg-ooqc}} | {{t\|439\|li1flg-vffz}} | - | - | {{t\|2,371\|li1flg-ql02}} | {{t\|2,141\|li1flg-rune}} | | Cash & cash-like (22) | {{t\|12,466\|li1flg-h69n}} | {{t\|10,246\|li1flg-u57q}} | {{t\|217\|li1flg-82m0}} | {{t\|122\|li1flg-6pvn}} | {{t\|4,509\|li1flg-jhqg}} | {{t\|4,102\|li1flg-p1db}} | {{t\|6,670\|li1flg-ry7n}} | {{t\|5,332\|li1flg-w4w4}} | {{t\|58\|li1flg-yunw}} | {{t\|47\|li1flg-oq7n}} | {{t\|1,069\|li1flg-rtl6}} | {{t\|1,894\|li1flg-r0eh}} | {{t\|4,765\|li1flg-nl29}} | {{t\|4,140\|li1flg-pj06}} | {{t\|15\|li1flg-zxvi}} | {{t\|8\|li1flg-ktpd}} | {{t\|1,905\|li1flg-344z}} | {{t\|1,192\|li1flg-fzf8}} | {{t\|42\|li1flg-fsai}} | {{t\|39\|li1flg-7j5m}} | {{t\|1,321\|li1flg-ji1s}} | {{t\|985\|li1flg-1hq2}} | {{t\|1,879\|li1flg-38eu}} | {{t\|1,357\|li1flg-e7gp}} | {{t\|74\|li1flg-k58k}} | {{t\|23\|li1flg-ivx1}} | {{t\|2,908\|li1flg-ul36}} | {{t\|3,160\|li1flg-fiup}} | | Other investments (23) | {{t\|3,879\|li1flg-mjjw}} | {{t\|4,699\|li1flg-ms4n}} | - | - | {{t\|3,926\|li1flg-k1hv}} | {{t\|4,217\|li1flg-8q7x}} | {{t\|4,332\|li1flg-392u}} | {{t\|4,955\|li1flg-794w}} | - | - | {{t\|1,820\|li1flg-tour}} | {{t\|2,030\|li1flg-ghic}} | {{t\|3,279\|li1flg-32xc}} | {{t\|3,911\|li1flg-lceq}} | - | - | {{t\|1,054\|li1flg-r9ri}} | {{t\|1,044\|li1flg-3bvc}} | - | - | {{t\|1,820\|li1flg-nvjj}} | {{t\|2,025\|li1flg-3zuq}} | {{t\|269\|li1flg-wpfh}} | {{t\|(61)\|li1flg-gg5v}} | - | - | {{t\|2,323\|li1flg-1wc0}} | {{t\|2,728\|li1flg-3xwh}} | | **Total investments - General account** | {{t\|104,854\|li1flg-8m6h}} | {{t\|108,956\|li1flg-wlr3}} | {{t\|237,979\|li1flg-4qm3}} | {{t\|241,751\|li1flg-nq1x}} | {{t\|30,233\|li1flg-ym24}} | {{t\|29,349\|li1flg-jgva}} | {{t\|93,233\|li1flg-rn1a}} | {{t\|96,840\|li1flg-3zot}} | {{t\|207,240\|li1flg-sl3c}} | {{t\|206,910\|li1flg-t7fu}} | {{t\|7,005\|li1flg-urus}} | {{t\|7,325\|li1flg-pyfl}} | {{t\|87,126\|li1flg-9cau}} | {{t\|90,667\|li1flg-lywb}} | {{t\|183,330\|li1flg-8ql2}} | {{t\|180,053\|li1flg-og6k}} | {{t\|6,107\|li1flg-dkv5}} | {{t\|6,173\|li1flg-c7jk}} | {{t\|23,910\|li1flg-b9y9}} | {{t\|26,857\|li1flg-h9kv}} | {{t\|5,476\|li1flg-e26t}} | {{t\|4,884\|li1flg-hw5w}} | {{t\|7,551\|li1flg-oorb}} | {{t\|7,737\|li1flg-40do}} | {{t\|30,335\|li1flg-okrj}} | {{t\|32,225\|li1flg-3oy2}} | {{t\|9,498\|li1flg-2zbk}} | {{t\|9,564\|li1flg-aupk}} | | Unit Linked investments | {{t\|123,855\|li1flg-fiwu}} | {{t\|136,118\|li1flg-ww5u}} | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | | **Total investments** | {{t\|228,709\|li1flg-otev}} | {{t\|245,074\|li1flg-ofvn}} | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (21) Directly owned exposure only (before look-through). (22) Includes repurchase agreement accounted as liabilities of € 3,779 mln as at YE 2025 and of € 4,231 mln as at YE 2024. (23) Includes derivative accounted as liabilities of € 2.398 mln as at YE 2025 and of € 2,718 mln as at YE 2024." id "li1flg-c13" chunk 13 pages 13 heading "Investments Focus Equity" tags Empty array links "Property & casualty" data_items Empty array effective_tags "Property & casualty" content "**Equity and equity-like investments build-up by business unit.** | In EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | --- | --- | | Financial | {{t\|2,266\|li1flg-quw4}} | {{t\|1,307\|li1flg-x73r}} | {{t\|862\|li1flg-cbhe}} | {{t\|446\|li1flg-bozd}} | {{t\|819\|li1flg-wc2f}} | | Consumer | {{t\|914\|li1flg-1l8u}} | {{t\|761\|li1flg-64xp}} | {{t\|583\|li1flg-nw5v}} | {{t\|178\|li1flg-rgun}} | {{t\|140\|li1flg-iohn}} | | Energy | {{t\|792\|li1flg-jn4i}} | {{t\|757\|li1flg-hre1}} | {{t\|291\|li1flg-ces7}} | {{t\|466\|li1flg-5a5s}} | {{t\|30\|li1flg-8nhs}} | | Industrial | {{t\|645\|li1flg-ddm5}} | {{t\|537\|li1flg-5h1q}} | {{t\|482\|li1flg-fxbd}} | {{t\|55\|li1flg-lp4x}} | {{t\|107\|li1flg-giju}} | | Telecommunication services | {{t\|588\|li1flg-gxnv}} | {{t\|177\|li1flg-khou}} | {{t\|167\|li1flg-1ucz}} | {{t\|11\|li1flg-fznk}} | {{t\|49\|li1flg-g8ot}} | | Other | {{t\|2,320\|li1flg-gbjy}} | {{t\|2,281\|li1flg-g94s}} | {{t\|1,916\|li1flg-sojd}} | {{t\|365\|li1flg-xlh7}} | {{t\|388\|li1flg-gzek}} | | **Total direct equities** | {{t\|7,525\|li1flg-8gsi}} | {{t\|5,821\|li1flg-ah8r}} | {{t\|4,300\|li1flg-8549}} | {{t\|1,521\|li1flg-9bxa}} | {{t\|1,533\|li1flg-15a0}} | | Asset Allocation Funds | {{t\|4,630\|li1flg-z0jy}} | {{t\|4,488\|li1flg-1529}} | {{t\|4,193\|li1flg-3xgf}} | {{t\|295\|li1flg-2ov3}} | {{t\|139\|li1flg-h5dc}} | | Alternative Investments (24) | {{t\|15,558\|li1flg-hf3z}} | {{t\|13,610\|li1flg-ml0o}} | {{t\|12,869\|li1flg-7xg4}} | {{t\|741\|li1flg-m8oq}} | {{t\|1,798\|li1flg-qtyp}} | | **Total equity & equity-like** | {{t\|27,712\|li1flg-m640}} | {{t\|23,918\|li1flg-fila}} | {{t\|21,362\|li1flg-n3xi}} | {{t\|2,556\|li1flg-1baa}} | {{t\|3,469\|li1flg-pq9t}} | **Direct equities by geography and business unit.** | In EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | --- | --- | | Italy | {{t\|666\|li1flg-9d8j}} | {{t\|328\|li1flg-lwln}} | {{t\|228\|li1flg-e8hs}} | {{t\|101\|li1flg-sg40}} | {{t\|299\|li1flg-n3a3}} | | France | {{t\|1,235\|li1flg-9rxb}} | {{t\|1,134\|li1flg-o04c}} | {{t\|1,074\|li1flg-3b5b}} | {{t\|60\|li1flg-oo8f}} | {{t\|100\|li1flg-xsd3}} | | Germany | {{t\|832\|li1flg-mxvd}} | {{t\|637\|li1flg-u3kg}} | {{t\|633\|li1flg-erzi}} | {{t\|3\|li1flg-72es}} | {{t\|163\|li1flg-h7sl}} | | CEE | {{t\|188\|li1flg-zxd2}} | {{t\|15\|li1flg-ue9f}} | - | {{t\|15\|li1flg-eq59}} | {{t\|103\|li1flg-gvxt}} | | Rest of Europe | {{t\|1,667\|li1flg-dco8}} | {{t\|1,351\|li1flg-0h79}} | {{t\|1,326\|li1flg-iiis}} | {{t\|25\|li1flg-szbt}} | {{t\|302\|li1flg-a530}} | | Rest of World | {{t\|2,937\|li1flg-3o7t}} | {{t\|2,355\|li1flg-gqv9}} | {{t\|1,037\|li1flg-xat8}} | {{t\|1,318\|li1flg-ulgb}} | {{t\|567\|li1flg-f35i}} | | **Total direct equities** | {{t\|7,525\|li1flg-6158}} | {{t\|5,821\|li1flg-dglw}} | {{t\|4,299\|li1flg-ucn2}} | {{t\|1,521\|li1flg-u697}} | {{t\|1,533\|li1flg-e8kq}} | **Equities fair value reconciliation.** | In EUR million | Amortised cost | Fair Value | ∆ | | --- | --- | --- | --- | | **Equities** | {{t\|27,078\|li1flg-130a}} | {{t\|27,712\|li1flg-6o96}} | {{t\|635\|li1flg-nwr6}} | | Fair Value through OCI (25) | {{t\|2,839\|li1flg-zzld}} | {{t\|3,474\|li1flg-j82t}} | {{t\|635\|li1flg-qm43}} | | Fair Value through P&L | {{t\|24,239\|li1flg-ugtr}} | {{t\|24,239\|li1flg-gd71}} | n.m. | (24) Including Private Equity. (25) Without recycling to P&L." id "li1flg-c14" chunk 14 pages 14 heading "Investments Focus Fixed Income" tags Empty array links "Property & casualty" data_items Empty array effective_tags "Property & casualty" content "**Fixed income by rating and business unit.** | In EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | --- | --- | | AAA | {{t\|11,161\|li1flg-69iv}} | {{t\|9,213\|li1flg-awil}} | {{t\|8,595\|li1flg-ic6t}} | {{t\|618\|li1flg-p7ht}} | {{t\|1,508\|li1flg-df9v}} | | AA | {{t\|17,982\|li1flg-ag2n}} | {{t\|13,739\|li1flg-ki9o}} | {{t\|12,213\|li1flg-rooh}} | {{t\|1,526\|li1flg-fnlt}} | {{t\|2,918\|li1flg-pczt}} | | A | {{t\|56,845\|li1flg-nfpy}} | {{t\|48,362\|li1flg-w1ki}} | {{t\|43,414\|li1flg-9z4z}} | {{t\|4,948\|li1flg-7tmi}} | {{t\|5,874\|li1flg-mr0l}} | | BBB | {{t\|44,814\|li1flg-b43z}} | {{t\|35,835\|li1flg-ad5r}} | {{t\|33,684\|li1flg-kw0i}} | {{t\|2,151\|li1flg-vtl9}} | {{t\|2,966\|li1flg-h84r}} | | Not investment grade | {{t\|1,469\|li1flg-i5ov}} | {{t\|816\|li1flg-bops}} | {{t\|95\|li1flg-5qz5}} | {{t\|721\|li1flg-8gvb}} | {{t\|630\|li1flg-1ccs}} | | Not rated | {{t\|8,445\|li1flg-50ou}} | {{t\|8,201\|li1flg-mqqb}} | {{t\|4,110\|li1flg-g529}} | {{t\|4,091\|li1flg-r9wy}} | {{t\|244\|li1flg-pj64}} | | **Total** | {{t\|140,715\|li1flg-vach}} | {{t\|116,166\|li1flg-rv8q}} | {{t\|102,112\|li1flg-zuux}} | {{t\|14,054\|li1flg-1us2}} | {{t\|14,140\|li1flg-plfi}} | **Fixed income investments by geography and business unit.** | In EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | --- | --- | | Italy | {{t\|35,462\|li1flg-buy5}} | {{t\|28,573\|li1flg-fvsf}} | {{t\|28,023\|li1flg-qsnx}} | {{t\|551\|li1flg-roj3}} | {{t\|982\|li1flg-pn6k}} | | France | {{t\|19,491\|li1flg-99pu}} | {{t\|16,392\|li1flg-140g}} | {{t\|15,589\|li1flg-4wkn}} | {{t\|803\|li1flg-4cb8}} | {{t\|1,494\|li1flg-aj4l}} | | Spain | {{t\|19,947\|li1flg-j4yk}} | {{t\|17,891\|li1flg-s0mn}} | {{t\|16,018\|li1flg-uuu6}} | {{t\|1,873\|li1flg-8xq6}} | {{t\|1,660\|li1flg-g88s}} | | Rest of Europe | {{t\|26,420\|li1flg-pqt2}} | {{t\|22,932\|li1flg-rpdq}} | {{t\|21,502\|li1flg-50z9}} | {{t\|1,430\|li1flg-dsm8}} | {{t\|2,771\|li1flg-37ae}} | | CEE | {{t\|12,266\|li1flg-jpux}} | {{t\|7,732\|li1flg-vi9c}} | {{t\|5,685\|li1flg-dr8v}} | {{t\|2,047\|li1flg-lvv8}} | {{t\|3,943\|li1flg-dal1}} | | Rest of World | {{t\|19,749\|li1flg-sm9p}} | {{t\|17,413\|li1flg-yu6l}} | {{t\|10,582\|li1flg-6efm}} | {{t\|6,831\|li1flg-v7l5}} | {{t\|2,285\|li1flg-0df8}} | | Supranational | {{t\|7,380\|li1flg-a9kk}} | {{t\|5,232\|li1flg-c537}} | {{t\|4,713\|li1flg-htpj}} | {{t\|519\|li1flg-3ec0}} | {{t\|1,005\|li1flg-5hsi}} | | **Total** | {{t\|140,715\|li1flg-86qe}} | {{t\|116,166\|li1flg-wf54}} | {{t\|102,112\|li1flg-cj7r}} | {{t\|14,054\|li1flg-ehdd}} | {{t\|14,140\|li1flg-shi5}} | **Government bonds by accounting classification.** | In EUR million | Amortised Cost | Fair Value | ∆ | | --- | --- | --- | --- | | Government bonds (26) | {{t\|162,275\|li1flg-v3fe}} | {{t\|140,786\|li1flg-ya0t}} | {{t\|(21,489)\|li1flg-vewq}} | | Fair Value through OCI | {{t\|153,619\|li1flg-cvy6}} | {{t\|132,058\|li1flg-cleq}} | {{t\|(21,561)\|li1flg-yea6}} | | Fair Value through P&L | {{t\|2,187\|li1flg-qajc}} | {{t\|2,187\|li1flg-1rsy}} | n.m | | Amortised cost | {{t\|6,469\|li1flg-hh4j}} | {{t\|6,541\|li1flg-lhuf}} | {{t\|71\|li1flg-ow6o}} | **Duration of government bonds by business unit. (Duration Government bonds)** | In EUR million | Life | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | | Duration | {{t\|11.1\|li1flg-5t45}} | {{t\|6.1\|li1flg-s4do}} | **Fixed income investments by rating and business unit.** | In EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | --- | --- | | AAA | {{t\|6,129\|li1flg-4ycc}} | {{t\|4,520\|li1flg-w60g}} | {{t\|4,333\|li1flg-9t5y}} | {{t\|187\|li1flg-ec9s}} | {{t\|606\|li1flg-vmrd}} | | AA | {{t\|6,557\|li1flg-9igt}} | {{t\|4,727\|li1flg-q86q}} | {{t\|4,217\|li1flg-f8qf}} | {{t\|511\|li1flg-m39l}} | {{t\|1,313\|li1flg-tno6}} | | A | {{t\|32,093\|li1flg-i2dt}} | {{t\|25,620\|li1flg-c9hn}} | {{t\|22,867\|li1flg-cb5y}} | {{t\|2,753\|li1flg-89ac}} | {{t\|5,606\|li1flg-6zx8}} | | BBB | {{t\|54,660\|li1flg-cwqe}} | {{t\|45,557\|li1flg-oyre}} | {{t\|41,734\|li1flg-gx4z}} | {{t\|3,824\|li1flg-q9al}} | {{t\|8,469\|li1flg-c5gm}} | | Not investment grade | {{t\|6,932\|li1flg-f56e}} | {{t\|5,436\|li1flg-kobx}} | {{t\|4,922\|li1flg-nwv4}} | {{t\|513\|li1flg-psg7}} | {{t\|1,449\|li1flg-ki8u}} | | Not rated | {{t\|1,468\|li1flg-ssvp}} | {{t\|1,285\|li1flg-ote8}} | {{t\|774\|li1flg-hj3c}} | {{t\|512\|li1flg-ojt5}} | {{t\|154\|li1flg-2iue}} | | **Total** | {{t\|107,839\|li1flg-x6pz}} | {{t\|87,146\|li1flg-julu}} | {{t\|78,846\|li1flg-18dg}} | {{t\|8,300\|li1flg-6lf4}} | {{t\|17,597\|li1flg-rmrh}} | **Corporate fixed income investments by rating and type.** | In EUR million | Corporate Financial | Corporate Non Financial | | --- | --- | --- | | AAA | {{t\|5,619\|li1flg-xc5p}} | {{t\|510\|li1flg-mg2z}} | | AA | {{t\|3,350\|li1flg-k0zz}} | {{t\|3,207\|li1flg-qhxl}} | | A | {{t\|15,071\|li1flg-fgq6}} | {{t\|17,022\|li1flg-bydb}} | | BBB | {{t\|14,839\|li1flg-iwbg}} | {{t\|39,821\|li1flg-n302}} | | Not investment grade | {{t\|854\|li1flg-b5h9}} | {{t\|6,078\|li1flg-6wjt}} | | Not rated | {{t\|749\|li1flg-4mos}} | {{t\|719\|li1flg-nj3a}} | | **Totale** | {{t\|40,482\|li1flg-kh4y}} | {{t\|67,357\|li1flg-xiwh}} | **Fixed income investments by industry and business unit.** | In EUR million | Group | Life | o/w Life VFA | o/w Life other than VFA | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | --- | --- | | Financials | {{t\|40,482\|li1flg-zpq5}} | {{t\|32,721\|li1flg-hc0b}} | {{t\|29,682\|li1flg-x7kp}} | {{t\|3,039\|li1flg-gkiw}} | {{t\|6,513\|li1flg-bnt5}} | | Utilities | {{t\|12,935\|li1flg-m7kk}} | {{t\|11,287\|li1flg-g2bc}} | {{t\|10,288\|li1flg-5pzj}} | {{t\|999\|li1flg-mni0}} | {{t\|1,642\|li1flg-wxpr}} | | Consumer | {{t\|11,694\|li1flg-unpa}} | {{t\|9,281\|li1flg-1fge}} | {{t\|8,337\|li1flg-xqx8}} | {{t\|944\|li1flg-dkuk}} | {{t\|2,305\|li1flg-pomp}} | | Industrial | {{t\|11,072\|li1flg-apw0}} | {{t\|9,250\|li1flg-mc8o}} | {{t\|8,230\|li1flg-z2p6}} | {{t\|1,020\|li1flg-bwrd}} | {{t\|1,722\|li1flg-exfi}} | | Telecommunication services | {{t\|8,609\|li1flg-78q0}} | {{t\|7,437\|li1flg-ngl7}} | {{t\|6,753\|li1flg-c173}} | {{t\|684\|li1flg-1hsp}} | {{t\|1,064\|li1flg-6yz4}} | | Health care | {{t\|5,119\|li1flg-aocg}} | {{t\|4,400\|li1flg-dfwi}} | {{t\|4,102\|li1flg-k1su}} | {{t\|298\|li1flg-f557}} | {{t\|720\|li1flg-vtot}} | | Other | {{t\|17,928\|li1flg-ke93}} | {{t\|14,189\|li1flg-uoke}} | {{t\|12,873\|li1flg-1eiv}} | {{t\|1,317\|li1flg-60bw}} | {{t\|3,682\|li1flg-jaqp}} | | **Total** | {{t\|107,839\|li1flg-qibd}} | {{t\|87,146\|li1flg-20ct}} | {{t\|78,846\|li1flg-e0rt}} | {{t\|8,300\|li1flg-xfow}} | {{t\|17,597\|li1flg-c30t}} | **Corporate fixed income investments by geography and type.** | In EUR million | Corporate Financial | Corporate Non Financial | | --- | --- | --- | | Italy | {{t\|2,386\|li1flg-xady}} | {{t\|4,663\|li1flg-5ett}} | | France | {{t\|6,007\|li1flg-voj6}} | {{t\|10,196\|li1flg-pd6i}} | | Germany | {{t\|3,404\|li1flg-db67}} | {{t\|6,932\|li1flg-euvl}} | | CEE | {{t\|703\|li1flg-5ctb}} | {{t\|702\|li1flg-lrjt}} | | Rest of Europe | {{t\|19,485\|li1flg-nnec}} | {{t\|22,271\|li1flg-3xpb}} | | Rest of World | {{t\|8,497\|li1flg-9bo7}} | {{t\|22,594\|li1flg-q1yl}} | | **Totale** | {{t\|40,482\|li1flg-zlgl}} | {{t\|67,357\|li1flg-h7qv}} | **Corporate bonds by accounting classification.** | In EUR million | Amortised Cost | Fair Value | ∆ | | --- | --- | --- | --- | | **Corporate bonds** | {{t\|112,784\|li1flg-b6bc}} | {{t\|107,838\|li1flg-2x6a}} | {{t\|(4,946)\|li1flg-cfn4}} | | Fair Value through OCI | {{t\|103,100\|li1flg-a7hg}} | {{t\|98,155\|li1flg-ham9}} | {{t\|(4,945)\|li1flg-vkk0}} | | Fair Value through P&L | {{t\|7,076\|li1flg-dgzd}} | {{t\|7,076\|li1flg-btbv}} | n.m. | | Amortised cost | {{t\|2,609\|li1flg-vjmk}} | {{t\|2,608\|li1flg-4pu9}} | {{t\|(1)\|li1flg-qn2j}} | **Duration corporate bonds by business unit. (Duration Corporate bonds)** | In EUR million | Life | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | | Duration | {{t\|4.9\|li1flg-go13}} | {{t\|3.6\|li1flg-jg0s}} | **Indirect investments in fixed income build-up by business unit.** | In EUR million | Group | Life | {{t\|P&C\|\|Property & casualty}} | | --- | --- | --- | --- | | Indirect investments in fixed income | {{t\|36,308\|li1flg-05i6}} | {{t\|32,281\|li1flg-1hoc}} | {{t\|3,248\|li1flg-nl06}} | | Mortgage loans | {{t\|7,363\|li1flg-vv01}} | {{t\|1,070\|li1flg-j6b1}} | {{t\|126\|li1flg-grmg}} | | Time deposit other than cash & cash-like | {{t\|2,408\|li1flg-rihj}} | {{t\|2,274\|li1flg-ni8m}} | {{t\|537\|li1flg-nn66}} | | All other loans | {{t\|7,938\|li1flg-7hz4}} | {{t\|8,741\|li1flg-mnyb}} | {{t\|572\|li1flg-f6ii}} | | **Total** | {{t\|54,017\|li1flg-mmm4}} | {{t\|44,366\|li1flg-vj2o}} | {{t\|4,483\|li1flg-8yo6}} | **Investments by valuation approach.** | In EUR million | Amortised Cost | Fair Value | ∆ | | --- | --- | --- | --- | | **Total** | {{t\|54,080\|li1flg-0l0n}} | {{t\|53,977\|li1flg-m3nn}} | {{t\|(103)\|li1flg-plgg}} | | Fair Value through OCI | {{t\|8,005\|li1flg-8psv}} | {{t\|7,942\|li1flg-x7c4}} | {{t\|(63)\|li1flg-74kj}} | | Fair Value through P&L | {{t\|36,534\|li1flg-gkj2}} | {{t\|36,534\|li1flg-fa4o}} | n.m. | | Amortised cost | {{t\|9,540\|li1flg-2umc}} | {{t\|9,500\|li1flg-dti6}} | {{t\|(40)\|li1flg-981b}} | (26) Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes." id "li1flg-c15" chunk 15 pages 15 heading "Investments Focus Real Estate" tags Empty array links Empty array data_items Empty array effective_tags Empty array content "**Real estate investments by valuation approach.** | In EUR million | Book Value | Fair Value | ∆ | | --- | --- | --- | --- | | Investment properties | {{t\|22,293\|li1flg-liz8}} | {{t\|24,379\|li1flg-i71q}} | {{t\|2,085\|li1flg-x1gz}} | | Indirect investments in Real Estate | {{t\|4,094\|li1flg-m4q1}} | {{t\|4,094\|li1flg-im2i}} | n.m. | | **Total General Account Investments** | {{t\|26,387\|li1flg-os4b}} | {{t\|28,472\|li1flg-cm55}} | {{t\|2,085\|li1flg-w42s}} | | Self use properties (27) | {{t\|2,955\|li1flg-aovy}} | {{t\|3,697\|li1flg-lg0q}} | {{t\|742\|li1flg-v8pn}} | | Inventories (27) | {{t\|680\|li1flg-dy0q}} | {{t\|680\|li1flg-hn3n}} | n.m. | | **Total** | {{t\|30,022\|li1flg-47cl}} | {{t\|32,849\|li1flg-mdvb}} | {{t\|2,827\|li1flg-zsbv}} | **Real estate investments by geography.** | In EUR million | Fair Value | | --- | --- | | Italy | {{t\|7,941\|li1flg-n465}} | | France | {{t\|7,059\|li1flg-puhi}} | | Germany | {{t\|3,189\|li1flg-uzzp}} | | CEE | {{t\|361\|li1flg-9arw}} | | Rest of Europe | {{t\|5,546\|li1flg-011d}} | | Rest of World | {{t\|284\|li1flg-u01u}} | | **Total** | {{t\|24,379\|li1flg-tyky}} | **Real estate investments by type.** | % | | | --- | --- | | Office | {{t\|59%\|li1flg-9y9u}} | | Retail | {{t\|18%\|li1flg-fs5j}} | | Residential | {{t\|11%\|li1flg-vs0e}} | | Logistics | {{t\|5%\|li1flg-fgui}} | | Other | {{t\|8%\|li1flg-cibk}} | | **Total** | {{t\|100%\|li1flg-80s8}} | (27) Not included within General account investments." id "li1flg-c16" chunk 16 pages 16 heading "Solvency II" tags Empty array links "Full year 2024" "Property & casualty" "Dividend" data_items Empty array effective_tags "Capital management" "Dividend" "Full year 2024" "Property & casualty" content "**Solvency II own funds and SCR rollforward.** | In EUR billion | Group Own Funds | Group SCR | Solvency II ratio (1) (%) (30) | | --- | --- | --- | --- | | Opening {{t\|FY 2024\|\|Full year 2024}} | {{t\|49.1\|li1flg-1lt4}} | {{t\|23.4\|li1flg-j5lm}} | {{t\|210%\|li1flg-uov8}} | | Regulatory changes | {{t\|(0.7)\|li1flg-h13w}} | - | {{t\|-3%\|li1flg-4dlf}} | | Normalized capital generation | {{t\|5.5\|li1flg-nneq}} | {{t\|0.3\|li1flg-3mii}} | {{t\|20%\|li1flg-zn2c}} | | Life | {{t\|3.7\|li1flg-dp1q}} | {{t\|0.2\|li1flg-nrov}} | {{t\|14%\|li1flg-6m2l}} | | {{t\|P&C\|\|Property & casualty}} | {{t\|2.2\|li1flg-ik1d}} | {{t\|0.1\|li1flg-by2p}} | {{t\|8%\|li1flg-s8mo}} | | Financial | {{t\|0.7\|li1flg-pvb9}} | - | {{t\|3%\|li1flg-smaw}} | | Holdings | {{t\|(1.1)\|li1flg-ay7s}} | - | {{t\|-5%\|li1flg-d7j1}} | | Market variances | {{t\|1.7\|li1flg-qtzg}} | {{t\|(0.7)\|li1flg-2b9a}} | {{t\|14%\|li1flg-jos4}} | | Non-economic variances | {{t\|(0.2)\|li1flg-s2bx}} | {{t\|0.7\|li1flg-tbcz}} | {{t\|-7%\|li1flg-eqjk}} | | M&A | {{t\|(0.4)\|li1flg-2e8c}} | {{t\|0.2\|li1flg-ghh9}} | {{t\|-3%\|li1flg-apft}} | | Capital movements | {{t\|(2.5)\|li1flg-15t6}} | - | {{t\|-11%\|li1flg-dig9}} | | **Closing YE 2025** | {{t\|52.6\|li1flg-bdbs}} | {{t\|24.0\|li1flg-dv07}} | {{t\|219%\|li1flg-vxq4}} | **Solvency II sensitivity to market movements.** | % | YE 2025 | | --- | --- | | Equity market -25% | {{t\|-7 p.p.\|li1flg-ut97}} | | Equity market +25% | {{t\|+6 p.p.\|li1flg-sm5g}} | | Interest rate -50 bps | {{t\|-3 p.p.\|li1flg-0b6e}} | | Interest rate +50 bps | {{t\|+2 p.p\|li1flg-lf7s}} | | Corporate spread +50 bps | {{t\|-2 p.p.\|li1flg-eots}} | | Euro area govies spread +50 bps (28) | {{t\|-8 p.p.\|li1flg-361j}} | **Solvency II own funds build-up.** | In EUR billion | YE 2025 | | --- | --- | | **Group Shareholders' equity** | {{t\|32.1\|li1flg-x64m}} | | **Net CSM** | {{t\|24.1\|li1flg-zxt5}} | | Minority Interests | {{t\|3.4\|li1flg-ouk9}} | | Intangibles | {{t\|(12.2)\|li1flg-1aan}} | | Scope | {{t\|(3.4)\|li1flg-whr5}} | | Valuation differences | {{t\|6.3\|li1flg-fdit}} | | Net deferred taxes & other | {{t\|1.2\|li1flg-533e}} | | **Excess of assets over liabilities** | {{t\|51.5\|li1flg-0y3s}} | | Subordinated debt | {{t\|9.4\|li1flg-6cyx}} | | SII deductions & financials | {{t\|(5.9)\|li1flg-quxw}} | | Foreseeable {{t\|dividends\|\|Dividend}} (29) | {{t\|(2.5)\|li1flg-88cl}} | | **Group Own Funds** | {{t\|52.6\|li1flg-ge7r}} | (30) 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). (28) The impact reflects the change in the Solvency Ratio implied by a 50 bps spread widening of sovereign bonds issued by Euro area countries. (29) The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting."
title	"Generali/2025/FY/Financial supplement (Excel)"
source_url	"https://www.generali.com/doc/jcr:47896f46-d618-406e-87b4-c8976929a15f/Generali%20Financial%20Supplement%20FY25.xlsx"