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Generali/2023/FY/Financial supplement

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Document info
OrganizationGenerali
Year2023
PeriodFY
Period labelFY23
Document categoryFinancial supplement
Document nameIFRS 17 / 9 - Financial information as of December 31, 2023
LanguageEnglish
SourceOriginal URL
Archive file.md file

Generali 2023 full-year financial supplement.

Summary P&L

Consolidated operating and non-operating result build-up
EUR million FY 2022 FY 2023
Consolidated operating result 6,374 6,879
Life operating result 3,672 3,735
P&C operating result 2,507 2,902
Asset & Wealth Management 954 1,001
Holding and other businesses -339 -320
Consolidation Adjustments -420 -439
Consolidated non-operating result (2,434) (1,262)
Non-operating investment result -1,015 64
Net investment result from FVTPL and net gains on foreign currency -881 -115
Net non-operating realized gains 55 421
Net non-operating ECL and impairment losses -189 -241
Net other non-operating expenses -788 -683
Non-operating holding expenses -631 -644
Interest expenses on financial debt -470 -447
Other non-operating holding expenses -161 -197
Earnings before taxes 3,940 5,617
Income taxes -1,378 -1,579
Result for discontinued operations -93 84
Consolidated result for the period 2,470 4,122
Minority interests -235 -375
Net result 2,235 3,747
Adjusted net result build-up
EUR million FY 2022 FY 2023
Profit or Loss on assets at FVTPL on non-par & SH fund -795 -84
Hyperinflation effect (IAS 29) -103 -48
Amortization of intangibles related to M&A — —
Gains & losses from acquisitions & disposal — 304
Adjusted net result (footnote: Adjusted net result and EPS definitions include adjustments for: I) profit or loss on assets at fair value through profit or loss (FVTPL) on non-participating business and shareholders’ funds II) hyperinflation effect under IAS 29 III) amortisation of intangibles related to M&A, if material IV) impact of gains and losses from acquisitions and disposals, if material.) 3,133 3,575
Adjusted earnings per share
EUR million FY 2022 FY 2023
Closing number of shares 1,586,833,696 1,559,281,461
Weighted average number of shares 1,570,223,226 1,541,766,041
Adjusted EPS (footnote: Adjusted net result and EPS definitions include adjustments for: I) profit or loss on assets at fair value through profit or loss (FVTPL) on non-participating business and shareholders’ funds II) hyperinflation effect under IAS 29 III) amortisation of intangibles related to M&A, if material IV) impact of gains and losses from acquisitions and disposals, if material.) 2.00 2.32

Summary P&L Segment

Consolidated operating and non-operating result build-up by business unit
EUR million Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Consolidated operating result 6,374 6,879 3,672 3,735 2,507 2,902 954 1,001 (339) (320) (420) (439)
Net insurance service result 4,815 5,548 2,896 3,009 1,563 2,169 -7 -11 — — 363 381
Operating investment result 2,210 2,317 832 833 1,210 1,095 263 437 169 261 -263 -309
Other operating income and expenses -651 -986 -55 -108 -266 -361 699 575 -508 -580 -520 -512
of which operating holding expenses -548 -572 — — — — — — -548 -572 — —
Consolidated non-operating result (2,434) (1,262) (557) 169 (1,138) (679) (2) (11) (738) (710) 2 (32)
Non-operating investment result -1,015 64 -353 200 -653 -70 11 2 -21 -66 2 -3
Net investment result from FVTPL and net gains on foreign currency -881 -115 -328 -113 -533 29 10 6 -30 -36 — -2
Net non-operating realized gains 55 421 18 390 24 20 9 7 4 3 — —
Net non-operating ECL and impairment losses -189 -241 -43 -77 -144 -119 -9 -12 5 -33 2 -1
Net other non-operating expenses -788 -683 -204 -31 -485 -609 -13 -13 -86 -1 — -29
Non-operating holding expenses -631 -644 — — — — — — -631 -644 — —
Interest expenses on financial debt -470 -447 — — — — — — -470 -447 — —
Other non-operating holding expenses -161 -197 — — — — — — -161 -197 — —
Earnings before taxes 3,940 5,617 3,115 3,903 1,368 2,224 952 990 (1,077) (1,030) (419) (471)
Income taxes -1,378 -1,579 — — — — — — — — — —
Result from discontinued operations -93 84 — — — — — — — — — —
Consolidated result for the period 2,470 4,122 — — — — — — — — — —
Minority interests -235 -375 — — — — — — — — — —
Net result 2,235 3,747 — — — — — — — — — —

Summary BS

Assets and liabilities by business unit
EUR million Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Intangible assets 10,031 9,990 4,674 4,666 4,838 4,781 489 495 30 48 0 0
Tangible assets 3,963 3,683 821 810 2,587 2,335 218 200 444 437 -108 -100
Insurance assets 4,154 4,876 863 554 3,291 4,322 0 0 0 0 0 0
Investments 447,728 466,046 394,616 408,696 42,863 43,388 16,554 14,221 11,849 15,481 -18,152 -15,740
Investment properties 25,627 23,831 22,601 20,985 3,022 2,838 0 0 4 8 0 0
Investments in subsidiaries, associated companies and joint ventures 2,492 2,712 5,252 3,129 2,577 2,983 14 11 118 122 -5,469 -3,533
Financial assets 419,609 439,503 366,763 384,582 37,265 37,567 16,540 14,210 11,726 15,351 -12,684 -12,207
Other financial assets 6,484 6,334 3,413 2,772 2,497 2,874 424 508 150 180 0 0
Other assets 23,988 10,613 19,287 5,188 3,872 4,446 749 782 259 250 -180 -54
Cash and cash equivalents 6,887 7,070 3,379 3,549 2,309 2,455 993 810 380 457 -173 -201
Total Assets 503,236 508,611 427,054 426,235 62,258 64,602 19,428 17,017 13,110 16,853 -18,613 -16,095
Insurance liabilities 395,764 412,409 362,301 377,040 33,463 35,369 0 0 0 0 0 0
Financial liabilities 45,642 44,086 19,857 20,451 7,978 4,505 15,077 13,125 6,076 9,591 -3,346 -3,586
Financial liabilities at fair value through profit or loss 9,417 8,740 9,040 8,361 243 230 124 133 11 17 -1 0
Financial liabilities at amortized cost 36,225 35,346 10,817 12,090 7,734 4,275 14,954 12,992 6,065 9,574 -3,346 -3,586
Other provisions 2,406 2,318 629 800 1,160 876 268 314 349 300 0 29
Payables 7,774 8,746 2,676 3,202 3,667 4,068 537 460 894 1,016 0 0
Other liabilities 22,677 9,768 17,444 3,342 4,389 5,504 742 641 265 325 -163 -43
Total Liabilities 474,263 477,327 402,906 404,834 50,656 50,321 16,625 14,540 7,585 11,232 -3,509 -3,600
Shareholders' equity attributable to the Group 26,650 28,968 — — — — — — — — — —
Shareholders' equity attributable to minority interests 2,323 2,316 — — — — — — — — — —
Shareholders' equity 28,973 31,284 — — — — — — — — — —
Total Liabilities & shareholders' equity 503,236 508,611 — — — — — — — — — —
Gross present value future cash-flows, risk adjustment, and contractual service margin (footnote: Including (re)insurance contracts that are assets.)
EUR million FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Gross Present Value Future Cash-Flows (PVFCF) (footnote: Net of any receivables, payables, policy loans and reinsurance deposits included in insurance assets and liabilities.) 361,683 377,625 330,153 344,317 31,530 33,308
Gross Risk Adjustment (RA) 2,764 2,578 1,669 1,435 1,095 1,144
Gross Contractual Service Margin (CSM) 31,025 31,807 30,207 30,911 818 896
Net Contractual Service Margin (CSM) (footnote: CSM presented net of reinsurance, taxes and minorities.) 21,509 22,049 — — — —

Volumes

Gross written premium by geography and line of business, property & casualty
EUR million Gross Written Premium Gross Primary Premiums Reinsurance accepted
P&C Motor Non Motor P&C
— FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like
Italy 8,310 8,790 5.8% 3,019 3,167 4.9% 5,045 5,333 5.7% 246 290 17.9%
France 3,449 3,943 6.9% 1,139 1,241 7.5% 2,240 2,631 6.9% 71 71 0.7%
DACH 6,370 6,654 4.6% 2,466 2,523 1.9% 3,895 4,114 6.2% 9 17 95.7%
Germany 3,959 4,130 5.2% 1,478 1,503 1.7% 2,476 2,614 7.0% 5 13 149.2%
Austria 1,661 1,785 7.5% 677 717 5.9% 980 1,064 8.5% 4 4 18.0%
Switzerland 750 740 -4.6% 310 304 -5.4% 439 437 -3.9% 0 0 -31.8%
International 8,017 8,882 23.1% 3,264 3,577 43.5% 4,377 4,917 9.6% 376 388 3.1%
CEE 3,317 3,656 9.7% 1,559 1,774 11.9% 1,720 1,841 7.6% 37 41 8.9%
MedLat 3,839 3,873 39.0% 1,508 1,409 81.1% 2,239 2,372 12.2% 92 91 -0.3%
Asia 861 1,354 4.4% 197 394 6.2% 418 705 4.1% 247 255 3.5%
Group Holdings and other companies 2,308 2,850 23.5% 27 91 62.8% 1,697 2,060 23.4% 583 700 19.9%
Total Group 28,454 31,120 12.0% 9,915 10,599 17.5% 17,254 19,055 8.7% 1,285 1,466 14.0%
Gross written premium by geography and line of business, life
EUR million Gross Written Premium Gross Primary Premiums Reinsurance accepted
Life Savings & Pension Protection Unit / Index Linked Life
— FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like FY 2022 FY 2023 Change % like for like
Italy 17,755 18,538 4.4% 12,552 13,975 11.3% 603 714 18.5% 4,600 3,849 -16.3% 0 0 -
France 12,121 11,553 -4.7% 3,096 3,215 3.8% 2,390 2,713 13.5% 5,369 4,269 -20.5% 1,266 1,356 7.1%
DACH 12,947 12,965 -0.4% 3,601 3,532 -2.1% 5,111 5,301 3.0% 4,179 4,132 -1.8% 56 0 n.m.
Germany 10,655 10,693 0.0% 2,999 2,951 -1.6% 4,504 4,684 3.2% 3,097 3,058 -1.2% 56 0 n.m.
Austria 1,220 1,189 -2.6% 432 419 -3.1% 472 482 2.2% 316 287 -9.0% 0 0 -5.2%
Switzerland 1,072 1,084 -2.3% 170 162 -8.2% 135 135 -3.1% 766 786 -0.8% 0 0 -
International 6,623 7,175 13.1% 3,174 3,766 24.2% 2,610 2,542 4.3% 817 846 -1.3% 22 21 -1.4%
CEE 1,123 1,171 -0.7% 189 171 -10.4% 575 636 2.5% 353 359 -0.4% 7 5 -30.9%
MedLat 1,303 1,359 16.8% 275 292 4.4% 816 792 18.0% 212 275 28.6% 0 0 -
Asia 4,196 4,646 15.8% 2,710 3,303 28.7% 1,219 1,115 -4.2% 252 211 -27.8% 15 17 12.2%
Group Holdings and other companies 1,120 1,115 -0.4% 0 0 -60.4% 148 150 1.4% 21 0 n.m. 950 965 1.5%
Total Group 50,565 51,346 2.0% 22,423 24,488 10.0% 10,860 11,420 6.4% 14,987 13,095 -13.1% 2,295 2,343 2.1%
Volumes
EUR million Group
— FY 2022 FY 2023 Change % like for like
— 79,019 82,466 5.6%
Volumes by business unit
EUR million Group
Life net inflows
— FY 2022 FY 2023 Change % like for like
Italy 1,170 -3,022 n.m.
France 975 -1,685 n.m.
DACH 2,823 761 -73.5%
Germany 2,444 657 -73.4%
Austria 153 -94 -161.7%
Switzerland 226 199 -15.2%
International 2,931 2,599 -7.2%
CEE 259 290 -2.8%
MedLat 181 71 -3.1%
Asia 2,492 2,239 -8.0%
Group Holdings and other companies -36 33 191.8%
Total Group 7,863 -1,313 -114.9%
Volumes by product type
FY 2023
EUR million Savings & Pension Protection Unit Linked
Total Group -10,222 4,552 4,357

Life New Business

Life new business by business unit
EUR million Group Italy France DACH International Group Holdings and other companies
— FY 2022 FY 2023 — FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Annual premiums 2,168 2,202 898 800 150 118 510 531 538 668 71 85
Single premiums 21,629 19,949 9,825 10,049 7,579 5,637 2,064 2,103 2,161 2,160 — —
Total premiums 23,797 22,152 10,723 10,850 7,729 5,756 2,574 2,634 2,699 2,828 71 85
PVNBP 44,449 40,300 16,539 15,617 12,665 9,199 10,382 10,115 4,737 5,227 127 141
PVNBP - mix by LoB — — — — — — — — — — — —
Savings 39% 43% 62% 69% 22% 29% 23% 17% 34% 44% 0% 0%
Protection 24% 23% 6% 6% 26% 18% 39% 41% 46% 43% 100% 100%
Unit Linked 38% 34% 32% 25% 52% 52% 38% 42% 19% 14% 0% 0%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
New business value 2,528 2,331 1,140 1,030 565 502 494 462 328 334 0 3
New business margin 5.69% 5.78% 6.89% 6.60% 4.46% 5.45% 4.76% 4.57% 6.92% 6.40% 0.17% 2.16%
Life new business by geography
EUR million DACH, of which Germany DACH, of which Austria DACH, of which Switzerland International, of which CEE International, of which MedLat International, of which Asia
— FY 2022 FY 2023 — FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Annual premiums 406 428 62 65 42 38 118 155 35 51 386 462
Single premiums 1,852 1,925 162 126 50 52 274 81 889 943 997 1,136
Total premiums 2,259 2,353 223 190 92 91 392 235 924 995 1,383 1,598
PVNBP 8,822 8,607 1,009 1,020 550 489 966 965 1,147 1,236 2,624 3,027
PVNBP - mix by LoB — — — — — — — — — — — —
Savings 26% 18% 14% 15% 3% 4% 4% 6% 15% 16% 54% 67%
Protection 39% 40% 54% 58% 12% 12% 68% 68% 67% 61% 30% 27%
Unit Linked 36% 42% 32% 27% 86% 84% 28% 25% 18% 24% 16% 6%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
New business value 383 361 67 62 44 39 90 93 125 115 113 126
New business margin 4.34% 4.19% 6.62% 6.12% 8.08% 7.98% 9.27% 9.68% 10.90% 9.32% 4.32% 4.16%
Life new business by line of business
EUR million New business value New business margin
— FY 2022 FY 2023 FY 2022 FY 2023
Savings 716 764 4.17% 4.38%
Protection 880 931 8.39% 10.16%
Unit Linked 931 636 5.55% 4.65%
Total 2,528 2,331 5.69% 5.78%
Life new business build-up
EUR million FY 2023
New business CSM 2,796
Perimeter 654
Tax, minorities & other -1120
New business value 2,331
Life new business sensitivity
EUR million FY 2023
Interest rate -50 bps -44
Interest rate +50 bps 39
Admin. and invest. manag. exp. -10% 77
Lapse rates *110% -184
Lapse rates *90% 204
Mortality/morbidity rates *95% 62

Life CSM

CSM roll-forward
EUR million Group
— FY 2022 FY 2023
Opening CSM 32,256 30,207
New business CSM 3,056 2,796
Total economic variance (footnote: Sensitivities representing impact before release. FY 2022 sensitivities refined accordingly.) -827 2,496
of which expected return 682 1,692
of which economic variances -1,509 804
Operating variances -1,388 -1,164
CSM before release 33,096 34,336
CSM release -2,889 -3,035
Change in scope and other — -391
Closing CSM 30,207 30,911
CSM release ratio -8.7% -8.8%
CSM roll-forward by country
EUR million Italy France DACH International
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Opening CSM 12,050 10,788 5,410 4,649 11,813 11,629 2,983 3,068
New business CSM 1,422 1,283 740 631 582 502 306 378
Total variances -1,396 102 -933 256 -156 853 172 89
CSM before release 12,077 12,174 5,217 5,536 12,239 12,984 3,462 3,535
CSM release -1,289 -1,263 -568 -658 -610 -697 -394 -395
Change in scope and other — — — — — -391 — —
Closing CSM 10,788 10,911 4,649 4,878 11,629 11,896 3,068 3,141
CSM release ratio -10.7% -10.4% -10.9% -11.9% -5.0% -5.4% -11.4% -11.2%
CSM roll-forward by country
EUR million DACH, of which Germany DACH, of which Austria DACH, of which Switzerland International, of which CEE International, of which MedLat International, of which Asia
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Opening CSM 9,276 9,147 1,153 1,372 1,383 1,110 1,093 1,134 535 560 1,355 1,374
New business CSM 436 380 89 77 57 45 103 108 90 96 114 174
Total variances -161 761 213 46 -208 46 111 151 7 -11 54 -50
CSM before release 9,551 10,288 1,455 1,495 1,232 1,201 1,307 1,393 632 645 1,523 1,498
CSM release -404 -485 -83 -81 -122 -131 -173 -183 -72 -74 -150 -139
Change in scope and other — -391 — — — — — — — — — —
Closing CSM 9,147 9,413 1,372 1,414 1,110 1,070 1,134 1,210 560 571 1,373 1,360
CSM release ratio -4.2% -4.7% -5.7% -5.4% -9.9% -10.9% -13.2% -13.1% -11.3% -11.5% -9.8% -9.3%
Insurance contracts issued by duration
EUR million Up to 1 year Btw. 1 and 2 yrs Btw. 2 and 3 yrs Btw. 3 and 4 yrs Btw. 4 and 5 yrs Btw. 5 and 10 yrs Btw. 10 and 20 yrs Over 20 years
Insurance contracts issued 2,269 2,002 1,884 1,740 1,618 6,531 7,721 7,145
CSM sensitivity to market movements
EUR million FY 2022 FY 2023
Equity market -25% -2,190 -2,155
Equity market +25% 2,189 2,093
Interest rate -50 bps -691 -373
Interest rate +50 bps 497 370
Corporate spread +50 bps -165 -205
BTP spread +100 bps -439 -487

Life Operating

Life operating result build-up by business unit
EUR million Group Italy France DACH International Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.)
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Operating insurance service result 2,841 2,901 1,228 1,284 564 653 667 682 402 472 (21) (190)
CSM release 2,889 3,035 1,289 1,263 568 658 610 697 394 395 30 22
Risk adjustment release 156 155 21 21 91 88 12 9 29 29 4 7
Loss component -155 -149 -53 -67 -48 22 -3 -3 -77 -34 25 -67
Experience variance and other technical result 6 -32 -20 57 -48 -80 10 -56 129 148 -66 -100
Other operating income and expenses -55 -108 -9 10 1 -34 39 35 -73 -67 -13 -52
Operating investment result 832 833 244 307 249 134 46 50 308 367 (15) (25)
Life Operating result 3,672 3,735 1,472 1,591 813 788 713 732 710 838 (35) (215)
Life operating result build-up by country
EUR million DACH, of which Germany DACH, of which Austria DACH, of which Switzerland International, of which CEE International, of which MedLat International, of which Asia
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Operating insurance service result 449 489 65 73 153 120 173 216 146 170 82 86
CSM release 404 485 83 81 122 131 173 183 72 74 150 139
Risk adjustment release 7 5 4 2 2 2 12 10 7 6 10 14
Loss component — — — — -3 -3 -10 -6 -24 -15 -43 -12
Experience variance and other technical result -5 -44 -14 2 29 -14 -17 5 122 145 24 -2
Other operating income and expenses 43 43 -7 -13 3 5 15 24 -30 -39 -58 -52
Operating investment result 99 67 3 8 (57) (25) 25 68 85 88 198 211
Life Operating result 548 556 69 81 96 95 198 284 231 257 281 297

P&C Operating

P&C operating result build-up by business unit
EUR million Group Italy France DACH International Group Holdings and other companies (footnote: Including elimination of transactions between Generali Group companies in different geographic regions.)
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Operating insurance service result 1,297 1,807 481 222 94 278 385 529 164 339 172 440
Insurance contract revenues 28,141 30,207 8,761 8,534 3,551 3,877 6,372 6,713 7,904 8,590 1,553 2,493
Total incurred claims -18,286 -19,585 -5,728 -6,147 -2,619 -2,507 -4,017 -4,053 -4,882 -5,085 -1,040 -1,792
Insurance expenses -7,744 -8,445 -2,257 -2,274 -830 -963 -1,812 -1,903 -2,228 -2,537 -616 -767
Reinsurance result -547 -8 -260 127 -29 -149 -131 -197 -437 -410 310 620
Other operating income and expenses -266 -361 -34 -17 22 20 -27 -31 -191 -219 -36 -114
Operating investment result 1,210 1,095 403 221 134 128 360 275 330 326 (17) 146
Operating investment income 1,248 1,389 376 310 131 169 353 338 409 478 -20 94
Insurance finance expenses -39 -294 27 -89 4 -41 7 -63 -80 -152 3 51
P&C Operating result 2,507 2,902 883 443 229 406 746 804 494 665 155 585
P&C indicators by business unit
EUR million FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Combined ratio 95.4% 94.0% 94.5% 97.4% 97.3% 92.8% 94.0% 92.1% 97.9% 96.1% 88.9% 82.4%
Loss ratio 66.9% 64.9% 68.4% 70.5% 74.6% 68.5% 65.1% 63.3% 67.3% 64.0% 47.0% 47.0%
Current year loss ratio 68.8% 67.9% — — — — — — — — — —
Current year loss ratio undiscounted (excl. nat cat) 68.0% 66.9% — — — — — — — — — —
Natural catastrophe losses undiscounted 2.4% 3.7% 3.1% 7.5% 3.3% 2.7% 2.5% 4.1% 0.7% 2.0% 3.7% -2.3%
Current year discounting -1.6% -2.7% — — — — — — — — — —
Prior year loss ratio -1.8% -3.0% — — — — — — — — — —
Gross Expense ratio 28.5% 29.2% 26.2% 26.9% 22.8% 24.3% 28.9% 28.8% 30.6% 32.1% 41.9% 35.4%
Administration and acquisition expenses 27.5% 28.0% — — — — — — — — — —
Acquisition expenses 19.9% 20.4% — — — — — — — — — —
Administration expenses and other attributable expenses 7.6% 7.6% — — — — — — — — — —
Other operating income and expenses 0.9% 1.2% — — — — — — — — — —
Combined ratio undiscounted 97.0% 96.7% 96.1% 99.6% 99.8% 96.7% 95.2% 94.0% 99.5% 98.1% 91.0% 89.4%
Operating insurance service result undiscounted 834 993 341 36 8 127 309 403 37 162 139 265
Operating insurance service result build-up by geography
EUR million DACH, of which Germany DACH, of which Austria DACH, of which Switzerland International, of which CEE International, of which MedLat International, of which Asia
— FY 2022 FY 2023 — FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Operating insurance service result 201 343 162 159 23 27 200 289 (54) 24 19 28
Insurance contract revenues 3,927 4,130 1,697 1,841 749 742 3,222 3,514 3,709 3,758 975 1,320
Total incurred claims -2,456 -2,453 -1,067 -1,097 -494 -503 -1,806 -1,901 -2,418 -2,510 -662 -675
Insurance expenses -1,160 -1,218 -456 -487 -197 -198 -1,026 -1,136 -1,004 -993 -198 -408
Reinsurance result -120 -127 13 -68 -23 -3 -160 -150 -190 -71 -86 -190
Other operating income and expenses 10 11 -25 -30 -12 -12 -31 -38 -149 -160 -11 -20
Operating investment result 235 168 100 90 25 18 96 96 189 170 45 59
Operating investment income 238 222 95 94 20 22 110 150 247 230 52 98
Insurance finance expenses -3 -54 5 -4 5 -4 -14 -54 -58 -59 -8 -39
P&C Operating result 436 511 262 249 48 44 296 385 135 194 63 87
P&C indicators by geography
EUR million FY 2022 FY 2023 — FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Combined Ratio 94.9% 91.7% 90.5% 91.4% 96.9% 96.4% 93.8% 91.8% 101.4% 99.4% 98.1% 97.9%
Loss ratio 65.6% 62.5% 62.2% 63.3% 69.1% 68.1% 61.0% 58.4% 70.3% 68.7% 76.6% 65.5%
Of which natural catastrophe losses undiscounted 2.5% 3.9% 3.2% 5.5% 0.4% 1.3% 1.6% 3.4% 0.1% 1.1% 0.0% 0.4%
Gross Expense ratio 29.3% 29.2% 28.3% 28.1% 27.8% 28.3% 32.8% 33.4% 31.1% 30.7% 21.5% 32.4%

Capitalisation and Debt

Shareholders' equity rollforward
EUR million FY 2022 FY 2023
Opening shareholders' equity 28,612 26,650
Net profit 2,235 3,747
Dividends -1,691 -1,790
Other Comprehensive Income reserve -2,008 296
Related to financial assets -46,640 9,885
Related to insurance contracts 43,836 -9,301
Defined Benefit Plans 631 -157
Foreign exchange 221 -219
Other -56 88
Other items -497 65
Closing shareholders' equity 26,650 28,968
Financial debt by type
EUR million FY 2022 FY 2023
Subordinated debt 8,358 9,040
Senior debt 1,765 1,767
Other financial debt 154 157
Total financial debt 10,277 10,965
Average maturity (FYears) 4.8 4.4
Total interest cost 470 447
Average cost, % 4.27% 4.39%
Financial debt maturity by type
EUR million Senior Hybrid Subordinated
2024 1,750 8 —
2025 — 1,011 —
2026 — 404 1,000
2027 — — 1,750
2028 — 7 850
2029 — — 500
2030 — — 750
2031 — — 600
2032 — — 1,000
2033+ — — 1,000

Investments Summary

Investments by asset class and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA Property & Casualty Asset & Wealth Management Holding and Other Businesses Consolidation
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Fixed income 280,489 280,665 235,608 236,649 215,365 214,480 20,243 22,169 33,081 32,690 13,113 11,618 11,298 11,838 -12,611 -12,131
Government bonds 140,856 137,359 119,014 115,461 109,670 104,883 9,344 10,578 12,783 13,469 8,777 7,959 282 470 0 0
Corporate bonds 94,530 96,476 80,124 82,479 73,432 75,629 6,692 6,850 13,903 14,133 2,723 2,377 734 741 -2,955 -3,254
Other fixed income 45,104 46,830 36,470 38,709 32,262 33,969 4,207 4,740 6,395 5,088 1,612 1,282 10,282 10,627 -9,656 -8,876
Equity & Equity-like 26,129 25,291 22,399 21,812 20,667 19,770 1,732 2,042 2,956 3,137 450 85 324 257 0 0
Real estate 28,942 27,038 25,606 23,875 23,658 21,955 1,948 1,920 3,331 3,154 0 0 4 8 0 0
Cash and cash equivalents (footnote: Includes repurchase agreement accounted as liabilities of € 4.209 as at FY 2023 and of € 3.644 as at FY 2022.) 10,606 17,352 7,577 10,542 4,163 7,741 3,413 2,801 3,143 3,817 -345 -468 405 3,662 -173 -201
Other investments (footnote: Includes derivative accounted as liabilities of € 3.481 as at FY 2023 and of € 4.572 as at FY 2022.) 5,878 8,233 5,900 6,164 824 2,725 5,076 3,439 2,960 3,385 2,373 2,138 186 156 -5,542 -3,610
Total investments - General account 352,044 358,578 297,089 299,042 264,677 266,671 32,412 32,371 45,473 46,183 15,590 13,375 12,217 15,921 (18,325) (15,942)
Unit/linked investments 95,251 108,265 — — — — — — — — — — — — — —
Total investments 447,295 466,843 — — — — — — — — — — — — — —
Third parties AUM 167,872 188,940 — — — — — — — — — — — — — —
Total AUM 615,167 655,783 — — — — — — — — — — — — — —
Investment income by asset class and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA Property & Casualty
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Current income 10,853 11,074 9,342 9,073 8,249 7,822 1,093 1,250 1,438 1,640
of which Current return on Fixed Income 8,522 8,804 7,496 7,508 6,845 6,692 651 817 793 983
of which Current return on Equity & Equity-like 1,074 800 760 521 661 427 99 94 230 191
of which Current return on Real Estate 999 976 851 825 751 739 101 87 148 152
Total P&L investment income 2,914 10,854 2,078 9,039 1,464 7,717 613 1,323 643 1,400
Comprehensive income -62,230 23,975 -58,972 20,623 -56,790 18,410 -2,182 2,213 -3,465 2,927
Fixed income return by asset class and business unit
% Group Life o/w Life VFA o/w Life other than VFA Property & Casuality
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Fixed Income — — — — — — — — — —
Current return 2.8% 3.2% 2.8% 3.2% 2.8% 3.2% 3.1% 3.8% 2.5% 3.0%
Total P&L return 1.0% 3.5% 1.0% 3.6% 0.9% 3.6% 1.9% 3.8% 1.0% 2.7%
Reinvestment yield on direct fixed income — — 2,6% 4,1% — — — — 2.9% 4.0%
Equity & Equity-like — — — — — — — — — —
Current return 4.0% 3.1% 3.3% 2.3% 3.2% 2.1% 5.6% 4.9% 7.2% 5.9%
Total P&L return -4.6% 5.9% -5.2% 6.0% -5.9% 6.2% 3.2% 3.8% -3.2% 4.2%
Real Estate — — — — — — — — — —
Current return 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 4.7% 5.0% 4.6% 4.7%
Total P&L return 3.5% -2.5% 3.4% -3.5% 3.5% -3.9% 3.0% 1.0% 4.5% 5.3%
Total — — — — — — — — — —
Current return 2.9% 3.1% 2.9% 3.1% 2.8% 3.0% 3.5% 4.0% 3.3% 3.5%
Total P&L return 0.8% 3.1% 0.6% 3.1% 0.5% 2.9% 2.0% 4.2% 1.5% 3.0%
Comprehensive return -16.4% 6.8% -18.3% 7.0% -19.5% 7.0% -7.0% 7.0% -8.1% 6.3%

Investments by Acc Treatment

Investments by accounting treatment and business unit
EUR million Index!A1 Index!A1
Index!A1 Index!A1
Group Life o/w Life VFA o/w Life other than VFA P&C
Fair Value through P&L Fair Value through OCI At cost Fair Value through P&L Fair Value through OCI At cost Fair Value through P&L Fair Value through OCI Fair Value through P&L Fair Value through OCI At cost Fair Value through P&L Fair Value through OCI At cost
— FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Fixed income 41,124 41,066 218,623 220,624 20,742 18,975 37,241 37,204 193,928 194,892 4,439 4,553 35,498 35,861 177,855 176,959 1,743 1,343 16,073 17,933 2,427 2,893 3,267 3,230 24,383 25,364 5,431 4,096
Government bonds 2,360 1,894 130,411 128,178 8,085 7,288 2,219 1,747 116,741 113,656 54 58 2,101 1,652 107,570 103,231 119 95 9,171 10,425 54 58 140 146 12,472 13,151 171 171
Corporate bonds 6,685 6,156 85,238 87,971 2,606 2,348 5,983 5,627 74,062 76,604 80 249 5,558 5,510 67,874 70,119 424 117 6,188 6,484 80 249 687 528 11,794 12,206 1,422 1,400
Other fixed income 32,079 33,016 2,973 4,475 10,051 9,339 29,039 29,830 3,125 4,632 4,305 4,247 27,839 28,699 2,411 3,609 1,200 1,131 714 1,023 2,293 2,586 2,441 2,556 118 7 3,837 2,525
Equity & Equity-like 23,665 22,831 2,464 2,460 0 0 21,585 20,861 813 951 0 0 20,667 19,770 0 0 919 1,091 813 951 0 0 1,868 1,805 1,088 1,332 0 0
Real estate 25,427 23,973 0 0 3,515 3,064 24,544 23,225 0 0 1,062 650 23,411 21,728 0 0 1,133 1,497 0 0 815 423 883 748 0 0 2,449 2,406
Cash and cash equivalents 6,807 13,978 123 269 3,676 3,104 5,862 9,517 118 116 1,596 909 3,789 7,908 29 1 2,073 1,609 89 115 1,251 1,077 834 1,238 0 125 2,309 2,455
Other investments 2,113 4,325 112 5 3,654 3,903 2,075 4,395 109 5 3,716 1,764 782 2,750 41 0 1,293 1,645 68 5 3,715 1,789 379 396 0 0 2,581 2,989
Total investments - General account 99,136 106,174 221,322 223,359 31,587 29,046 91,308 95,202 194,968 195,964 10,813 7,876 84,148 88,017 177,925 176,960 7,160 7,185 17,043 19,004 8,209 6,182 7,231 7,417 25,471 26,821 12,770 11,946
Unit/linked investments 95,251 108,265 — — — — — — — — — — — — — — — — — — — — — — — — — —
Total investments 194,387 214,438 — — — — — — — — — — — — — — — — — — — — — — — — — —

Investments Focus Fixed Income

Fixed income breakdown by rating and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
AAA 8,892 7,112 6,797 315 1,279
AA 39,399 34,863 32,746 2,116 4,318
A 32,295 27,836 24,467 3,369 3,914
BBB 50,893 40,485 38,950 1,535 3,309
Not investment grade 1,191 710 46 664 415
Not rated 4,689 4,455 1,875 2,580 233
Total 137,359 115,461 104,883 10,578 13,469
Fixed income breakdown by geography and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Italy 38,511 31,626 31,315 311 1,083
France 21,964 19,993 19,196 797 1,915
Spain 20,565 17,757 15,923 1,834 1,683
CEE 12,908 8,299 6,407 1,892 4,143
RoE 23,952 21,461 20,711 749 2,084
Rest of World 13,896 12,250 7,649 4,601 1,607
Supranational 5,563 4,076 3,682 394 954
Total 137,359 115,461 104,883 10,578 13,469
Government bonds amortized cost and fair value reconciliation
EUR million Amortized Cost Fair Value ∆
Government bonds (footnote: Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.) 155,506 137,304 -18,202
Fair Value through OCI 146,324 128,178 -18,146
Fair Value through P&L 1,894 1,894 n.m.
Amortised cost 7,288 7,232 -56
Duration government bonds by business unit
EUR million Duration Government bonds
— Life P&C
Duration 11.3 5.6
Fixed income breakdown by rating and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
AAA 5,377 4,128 4,049 80 457
AA 9,057 6,898 6,015 883 1,453
A 27,915 23,322 21,193 2,129 3,937
BBB 45,862 39,696 36,884 2,812 5,530
Not investment grade 5,691 5,042 4,665 377 574
Not rated 2,575 1,613 1,222 391 888
Totale 96,476 80,700 74,029 6,672 12,840
Covered bonds breakdown by rating
EUR million Covered bonds
AAA 4303
AA 3,231
A 66
BBB 7
Not investment grade -
Not rated 257
Totale 7,864
Fixed income investments breakdown by sector and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Financials 32,314 25,327 22,620 2,708 4,636
Covered bonds 7,864 7,210 6,794 416 535
Utilities 12,299 10,846 10,086 760 1,420
Consumer 9,786 8,061 7,357 704 1,589
Industrial 7,689 6,522 6,010 512 1057
Telecommunication services 7,657 6,891 6,355 536 683
Health care 4,618 4,095 3,862 234 492
Other 14,249 11,748 10,945 802 2,428
Total 96,476 80,700 74,029 6,672 12,840
Covered bonds breakdown by geography
EUR million Covered bonds
Italy 178
France 2,113
Germany 1,177
CEE 112
Rest of Europe 3753
Rest of World 532
Totale 7,864
Corporate bonds by valuation method
EUR million Amortized Cost Fair Value ∆
Corporate bonds 102,719 96,427 -6,292
Fair Value through OCI 94,215 87,971 -6,244
Fair Value through P&L 6,156 6,156 n.m.
Amortised cost 2,348 2,300 -48
Corporate bonds duration by business unit
EUR million Duration Corporate bonds
— Life P&C
Duration 5.2 4.2
Other investments by business unit
EUR million Group Life P&C
Indirect investments in fixed income 33,013 29,827 2,556
Mortgage loans 6,748 1,060 141
Time deposit other than "cash & cash equivalents" 2,926 3,617 1,036
All other loans 4,142 4,205 1,355
Totale 46,830 38,709 5,088
Other investments by valuation method
EUR million Amortized Cost Fair Value ∆
Total 46,851 46,744 -107
Fair Value through OCI 4,496 4,475 -21
Fair Value through P&L 33,016 33,016 n.m.
Amortised cost 9,339 9,253 -86

Investments Focus Equity

Equity and equity-like investments breakdown by sector and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Financial 1,820 1,231 917 314 462
Consumer 803 706 634 72 97
Energy 604 569 367 202 35
Industrial 565 502 477 25 63
Utilities 292 246 237 10 46
Other 2,351 2,051 1,721 330 294
Total direct equities 6,434 5,305 4,352 952 996
Asset Allocation Funds 4,619 4,511 4,234 277 108
Alternative Investments (footnote: Including Private Equity.) 14,238 11,997 11,184 813 2,033
Total equity & equity-like 25,291 21,813 19,770 2,042 3,137
Direct equities breakdown by geography and business unit
EUR million Group Life o/w Life VFA o/w Life other than VFA P&C
Italy 762 403 317 86 346
France 1,852 1,610 1,487 123 242
Germany 677 579 578 2 67
CEE 135 8 0 8 63
RoE 1,088 923 889 33 149
Rest of World 1,920 1,782 1,082 700 131
Total direct equities 6,434 5,305 4,352 952 996
Investments fair value build-up by type
EUR million Amortized cost Fair Value ∆
Equities 24,783 25,291 508
Fair Value through OCI (footnote: Without recycling to P&L.) 1,952 2,460 508
Fair Value through P&L 22,831 22,831 n.m.

Investments Focus Real Estate

Investments fair value build-up by type
EUR million Book Value Fair Value ∆
Investment properties 23,831 26,078 2,247
Indirect investments in Real Estate 3,206 3,206 0
Total General Account Investments 27,037 29,284 2,247
Self use properties (footnote: Not included within General account investments.) 2,792 3,653 861
Inventories (footnote: Not included within General account investments.) 513 513 0
Total 30,342 33,450 3,108
Real estate investments fair value by geography
EUR million Fair Value
Italy 7,556
France 8,119
Germany 3,658
CEE 1,156
Rest of Europe 5,524
Rest of World 66
Total 26,078
Real estate investments breakdown by type
% —
Office 58.4%
Retail 18.2%
Residential 11.8%
Logistics 4.9%
Other 6.6%
Total 100.0%

Solvency II

Solvency II own funds and SCR rollforward
EUR billion Own funds SCR Solvency II ratio (%)
Opening FY 2022 46.4 21.1 221%
Regulatory changes -0.1 0.2 -3%
Normalized capital generation 4.5 -0.1 22%
Life 3.9 -0.1 19%
P&C 1.0 -0.0 5%
Holdings & Financial -0.4 -0.0 -2%
Economic variances 0.5 0.8 -6%
Non-economic variances -0.9 0.7 -12%
M&A -0.0 -0.4 4%
Capital movements -1.3 — -6%
Closing FY 2023 49.0 22.3 220%
Solvency II ratio sensitivity to market movements
% FY 2023
Equity market -25% -6 p.p.
Equity market +25% +6 p.p.
Interest rate -50 bps -3 p.p.
Interest rate +50 bps +2 p.p.
Corporate spread +50 bps -1 p.p.
BTP spread +100 bps -6 p.p.
Solvency II eligible own funds build-up
EUR billion FY 2023
Shareholders' equity incl. minorities 31.3
Gross CSM 31.8
Intangibles -10.0
Scope -2.3
Valuation differences 3.7
Net deferred taxes & other -8.0
Excess of assets over liabilities 46.5
Subordinated debt 8.5
Minorities and other -4.0
Foreseeable dividends -2.0
Eligible own funds 49.0
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