Cover
Generali
Financial information as of December 31, 2022
Index
Index
as of December 31, 2022
Summary Life New Business
Summary Profit & Loss Life New Business analysis
Summary Profit and Loss by segment
Summary Balance Sheet Capitalisation and Indebtness
Capitalisation and Indebtness
Business Review
Gross Written Premiums - YTD Segment Reporting
Focus on Life segment - YTD Segment reporting - Profit & Loss
Focus on P&C segment - YTD Segment reporting - Balance Sheet
Other Profit & Loss information - YTD
Glossary
Investments
Summary Investments
Focus on Equities
Focus on Fixed Income
Focus on Real Estate
Disclaimer
Changes in premiums, Life net inflows and new business were presented on equivalent terms (at constant exchange rates and consolidation scope). Changes in the operating result, general account investments and Life technical provisions excluded any assets under disposal or disposed of during the same period of comparison. The amounts were rounded at the first decimal point and the amounts may not add up to the rounded total in all cases. The percentage presented can be affected by the rounding.
Summary P&L
Index
Summary Profit & Loss
as of December 31, 2022
euro mln YE 2021 YE 2022 Change %
Life operating result 2,816 3,522 25.1%
P&C operating result 2,650 2,696 1.7%
Asset & Wealth management (1) 1,076 972 -9.6%
Holding and other businesses 157 202 28.9%
Consolidation Adjustments (847) (883) 4.3%
Consolidated operating result 5,852 6,509 11.2%
Non operating investment income 115 (326) n.m.
Net realised gains 368 71 -80.7%
Net impairments (251) (511) n.m.
Fair Value through P&L (1) 114 n.m.
Net other non operating expenses (832) (748) -10.1%
of which VOBA (91) (88) -3.1%
Non operating holding expenses (590) (636) 7.8%
of which interest expenses on financial debt (478) (471) -1.4%
Consolidated non-operating result (1,306) (1,710) 30.9%
Earnings before taxes 4,546 4,800 5.6%
Income taxes (1,351) (1,610) 19.2%
Result from discontinued operations - - -
Minority interests (348) (277) -20.4%
Net result 2,847 2,912 2.3%
RoE
euro mln YE 2021 YE 2022
Net Result 2,847 2,912
Average shareholder's equity (excl. OCI) 23,469 24,149
RoE, % 12.1% 12.1%
Per share data
YE 2021 YE 2022
Closing number of shares 1,581,069,241 1,586,833,696
Weighted average number of shares 1,573,173,478 1,570,223,226
Earnings per share 1.81 1.85
Earnings per share Normalized (2) 1.78 1.85
(1) As from 1Q2022, the Asset Management segment changed its name to become Asset & Wealth Management: in line with new managerial responsibilities, it also included the Banca Generali group that was previously represented in the Holding and other businesses segment. The comparative figures and the related variations have been restated.
(2) YE2022 net result and EPS were equal to the YE2022 adjusted net result and adjusted EPS, defined as net result and EPS without the impact of gains and losses related to acquisitions and disposals.
Summary P&L Segment
Index
Summary Profit & Loss by segment
as of December 31, 2022
Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Consolidated operating result 5,852 6,509 2,816 3,522 2,650 2,696 1,076 972 157 202 (847) (883)
Net earned premiums 70,684 75,627 48,533 49,400 22,151 26,227 - - - - - -
Net insurance benefit and claims (72,978) (50,975) (59,244) (34,221) (13,866) (16,931) - - - - 133 177
Acquisition and administration costs (12,300) (13,997) (5,306) (5,683) (6,274) (7,537) (612) (663) (107) (114) - -
Net fee and commission income 1,133 1,041 108 125 - (1) 1,553 1,342 47 97 (575) (523)
Net operating income from financial instruments at FVthP&L 8,912 (14,083) 8,986 (14,621) 56 106 (135) 313 5 119 - -
Net operating income from other financial instruments 11,133 9,387 9,338 8,173 992 1,152 271 (41) 907 604 (375) (502)
Interest and other income 10,885 11,251 9,075 9,456 1,278 1,474 229 352 1,290 1,062 (987) (1,094)
Net operating realized gains 1,591 49 1,468 375 - - 77 (341) 53 16 (7) -
Net operating impairment losses (208) (559) (159) (519) - - (4) (3) (45) (36) 1 -
Interest expenses on operating debt (222) (243) (87) (114) (44) (71) (10) (25) (83) (60) 3 25
Other expenses on investments (913) (1,111) (959) (1,025) (241) (251) (20) (23) (308) (379) 616 567
Operating holding expenses (516) (547) - - - - - - (516) (547) - -
Net other operating expenses (216) 58 401 349 (408) (320) (1) 20 (179) 44 (30) (36)
Consolidated non-operating result (1,306) (1,710) (295) (470) (359) (395) (25) (13) (627) (832) - -
Net non-operating income from financial instruments at FVthP&L (1) 114 3 (18) (22) 134 - - 18 (5) - 3
Net non-operating income from other financial instruments 117 (440) (38) (160) 102 (159) - - 53 (118) - (3)
Net non-operating realized gains 368 71 20 5 278 68 - 1 70 - - (3)
Net non-operating impairment losses (251) (511) (58) (164) (176) (227) - (1) (17) (119) - -
Non-operating holding expenses (590) (636) - - - - - - (590) (636) - -
Interest expenses on financial debt (478) (471) - - - - - - (478) (471) - -
Other non-operating holding expenses (112) (165) - - - - - - (112) (165) - -
Net other non-operating expenses (832) (748) (260) (292) (439) (370) (25) (13) (108) (73) - -
Earnings before taxes 4,546 4,800 2,520 3,053 2,292 2,301 1,051 959 (470) (630) (847) (883)
Income taxes (1,351) (1,610)
Result from discontinued operations - -
Consolidated result for the period 3,195 3,189
Minority interests (348) (277)
Net income after minorities 2,847 2,912
Summary BS
Index
Summary Balance Sheet
as of December 31, 2022
Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Intangible assets 9,970 10,901 4,862 5,247 4,263 4,797 493 490 351 366 1 1
Tangible assets 3,990 4,073 633 741 2,219 2,235 229 218 1,060 1,021 (150) (141)
Amounts ceded to reinsurers from insurance provisions 6,646 7,268 2,821 2,758 3,825 4,511 0 0 0 0 - -
Investments 527,904 451,317 469,732 391,510 40,916 40,986 14,266 15,832 23,725 25,182 (20,735) (22,192)
Land and buildings (investment properties) 16,867 17,495 8,261 8,716 4,311 4,327 0 0 4,294 4,452 - -
Investments in subsidiaries, associated companies and joint ventures 2,353 2,363 11,645 13,107 2,691 3,115 13 15 891 823 (12,886) (14,696)
Held to maturity investments 1,687 2,041 1,065 1,108 168 512 454 421 0 0 - -
Loans and receivables 31,420 32,921 25,577 24,815 2,646 3,645 3,273 3,691 7,772 8,265 (7,849) (7,496)
Available for sale assets 348,572 280,422 298,831 230,046 28,994 28,088 10,073 10,876 10,673 11,413 - -
Financial assets at fair value through profit and loss 127,006 116,075 124,352 113,718 2,106 1,299 453 829 95 230 - -
Receivables 13,912 16,063 7,101 8,218 6,084 7,107 486 425 267 310 (25) 3
Other assets 15,326 22,185 10,329 15,647 4,192 5,415 563 851 293 330 (52) (58)
Deferred acquisition costs 2,198 2,157 1,829 1,814 369 343 0 0 0 0 - -
Other assets 13,128 20,028 8,500 13,833 3,823 5,072 563 851 293 330 (52) (58)
Cash and cash equivalents 8,476 7,243 2,816 3,147 2,802 2,254 1,857 993 1,197 1,030 (196) (181)
Total Assets 586,225 519,051 498,293 427,267 64,302 67,305 17,893 18,809 26,893 28,238 (21,157) (22,568)
Other provisions 2,424 2,454 585 627 1,317 1,331 250 266 454 413 (182) (182)
Insurance provisions 479,449 423,501 441,363 380,831 38,086 42,670 0 0 0 0 0 0
Financial Liabilities 47,713 48,653 21,309 21,370 8,413 8,008 14,066 14,962 7,170 7,347 (3,246) (3,034)
Financial liabilities at fair value through profit and loss 9,317 10,207 8,835 9,828 256 217 172 124 27 11 27 27
Other financial liabilites 38,396 38,446 12,474 11,542 8,157 7,791 13,894 14,839 7,143 7,336 (3,274) (3,062)
Payables 13,250 14,035 6,625 6,790 5,092 5,555 568 540 968 1,147 (3) 3
Other Liabilities 11,512 12,270 5,445 6,710 4,251 3,485 459 754 1,373 1,335 (16) (15)
Total Liabilities 554,349 500,913 475,328 416,328 57,159 61,048 15,343 16,523 9,966 10,243 (3,448) (3,228)
Shareholders' equity 29,308 16,201
Minority interests 2,568 1,936
Total Liabilities & shareholders' equity 586,225 519,051
GWP_YTD
Index
Gross Written Premiums - YTD
as of December 31, 2022
Property & Casualty Insurance (1)
Gross Written Premium Gross Primary Premiums Reinsurance accepted
P&C Motor Non Motor P&C
euro mln YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like
Italy (2) 6,454 8,492 +4.9% 2,237 3,032 +0.0% 3,990 5,214 +7.8% 228 246 +1.9%
France 3,119 3,449 +5.9% 1,116 1,139 +0.6% 1,932 2,240 +9.1% 71 71 -0.6%
Germany 3,864 3,962 +2.6% 1,469 1,470 +0.0% 2,387 2,487 +4.2% 7 5 -28.4%
Austria & CEE (3) 4,632 4,973 +7.3% 2,167 2,236 +2.7% 2,429 2,697 +11.2% 36 41 +11.8%
International 4,506 5,451 +15.4% 1,633 2,015 +30.2% 2,589 3,097 +5.9% 285 339 +18.2%
Spain 1,682 1,776 +5.6% 440 454 +3.3% 1,167 1,235 +5.8% 74 87 +16.5%
Switzerland 726 751 -3.9% 297 310 -3.0% 429 440 -4.5% 0 0 -17.4%
Americas & Southern Europe 1,784 2,063 +31.8% 895 1,054 +54.3% 885 1,004 +10.4% 4 5 +18.3%
Asia 315 861 +16.0% 0 197 -99.5% 108 418 +10.6% 207 247 +18.8%
Group Holding and other companies 1,569 2,308 +47.0% 27 26 -0.8% 1,073 1,698 +58.2% 469 583 +24.2%
Total Group 24,145 28,636 +9.8% 8,649 9,918 +6.5% 14,399 17,433 +11.4% 1,097 1,285 +15.6%
Life Insurance (1)
Gross Written Premium Gross Primary Premiums Reinsurance accepted
Life Savings & Pension Protection Unit / Index Linked Life
euro mln YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like YE 2021 YE 2022 Change % like for like
Italy (2) 19,227 19,829 -7.0% 13,144 13,381 -4.1% 537 763 +12.5% 5,545 5,685 -15.9% 0 0 -
France 12,374 12,121 -2.1% 3,879 3,323 -14.3% 2,164 2,365 +9.3% 5,132 5,167 +0.7% 1,200 1,266 +5.5%
Germany 11,034 10,916 -1.1% 3,414 3,024 -11.4% 4,715 4,698 -0.3% 2,852 3,137 +10.0% 53 56 +5.1%
Austria & CEE (3) 2,325 2,346 +0.7% 649 619 -5.1% 980 1,042 +5.5% 691 679 -0.8% 6 6 +15.9%
International 5,672 6,571 +6.5% 2,667 3,182 +7.7% 1,934 2,146 +5.1% 1,057 1,228 +6.0% 14 16 +8.4%
Spain 693 718 +3.6% 282 222 -21.2% 289 316 +9.5% 122 179 +46.9% 0 0 -
Switzerland 1,027 1,073 -2.9% 163 168 -4.0% 129 135 -2.3% 734 769 -2.7% 1 0 -40.2%
Americas & Southern Europe 441 585 +28.8% 58 56 -5.1% 373 500 +32.8% 11 29 +51.0% 0 0 +14.5%
Asia 3,511 4,196 +6.8% 2,164 2,735 +12.7% 1,144 1,194 -4.6% 190 252 +9.0% 14 15 +11.0%
Group Holding and other companies 1,047 1,120 +6.9% 0 0 - 149 148 -0.7% 27 21 -22.4% 871 950 +9.1%
Total Group 51,680 52,902 -2.4% 23,752 23,528 -5.5% 10,479 11,162 +3.8% 15,305 15,918 -3.3% 2,144 2,294 +7.0%
Total Gross Written Premiums
Group
euro mln YE 2021 YE 2022 Change % like for like
75,825 81,538 +1.5%
(1) Like for like change of Lines of business details takes into account also portfolio's transfers.
(2) Starting from 2022, the companies of the Cattolica group are included in Country Italy in line with the managerial scope of the Country Manager & CEO of Generali Country Italy. The comparative figures and the related variations have been restated.
(3) Note that the ACEER area has been renamed ACEE starting from March 2022, following Group decisions to close its Moscow representative office, to resign from positions held on the Board of the Russian insurer Ingosstrakh and to wind down Europ Assistance business in Russia, process completed on 1 July 2022.
Life Operating_YTD
Index
Focus on Life segment - YTD
as of December 31, 2022
Summary Life operating result
Group Italy France Germany Austria & CEE International (1) Group Holdings and other companies (2)
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Net statutory Earned Premiums 50,051 51,170 19,199 19,784 11,428 11,138 10,988 10,847 2,248 2,268 5,195 6,115 993 1,018
Technical Margin 6,820 7,542 1,444 1,641 1,525 1,731 1,660 1,684 701 749 1,397 1,615 93 122
Margin on revenues 3,509 3,764 608 709 1,017 1,018 865 861 364 352 662 814 (7) 10
Technical and other result 1,566 1,905 433 394 (10) 138 414 452 238 304 398 516 93 101
Unit/Index linked fees 1,744 1,873 404 539 519 575 381 371 99 93 337 284 4 11
Investment Result 1,528 1,919 1,134 1,313 468 398 45 56 41 79 (27) 134 (133) (62)
Interest income and other income 9,075 9,456 3,815 3,898 2,271 2,399 1,713 1,725 318 318 903 1,049 55 67
Net income related to FI at FVthP&L 8,986 (14,621) 1,612 (3,532) 3,046 (4,096) 4,074 (4,032) 408 (482) (165) (2,479) 12 -
of which Net income from FI related to Unit/Index linked policies 9,222 (13,126) 1,645 (3,595) 3,042 (3,733) 4,031 (3,946) 399 (532) 92 (1,341) 13 21
Net operating realized gains on investments 1,468 375 268 12 335 17 673 319 14 (8) 179 42 - (7)
Net operating impairment losses on investments (159) (519) (75) (230) (53) (130) (24) (103) (2) (5) (3) (22) (2) (30)
Interest expenses on liabilities linked to operating activities (87) (114) 5 (7) (6) - (14) (21) (2) (2) (60) (76) (9) (7)
Other expenses from other FI and investment properties (959) (1,025) (375) (440) (228) (221) (153) (157) (60) (58) (72) (61) (71) (87)
Policyholders' interest on operating income from investments (16,796) 8,366 (4,115) 1,612 (4,896) 2,430 (6,223) 2,326 (636) 317 (808) 1,680 (118) 2
Expenses (5,532) (5,939) (1,280) (1,442) (1,342) (1,388) (1,291) (1,208) (490) (521) (955) (1,216) (174) (164)
Acquisition costs related to insurance business (4,365) (4,584) (975) (1,059) (1,103) (1,134) (1,172) (1,084) (335) (355) (651) (828) (130) (123)
Administration costs related to insurance business (949) (1,093) (232) (274) (196) (219) (109) (113) (122) (130) (247) (312) (43) (44)
Net other operating expenses (217) (262) (73) (109) (43) (34) (11) (10) (33) (35) (57) (77) (1) 4
Life Operating result 2,816 3,522 1,299 1,512 651 742 415 533 251 307 415 533 (216) (104)
Life Non-operating result (295) (470) (32) (99) (74) (64) (9) (25) (60) (83) (79) (136) (42) (61)
Net non-operating income from other financial instruments (35) (177) (15) (72) - - (4) (24) (4) (23) (15) (25) 3 (33)
Net other non-operating expenses (260) (292) (17) (28) (74) (64) (5) (1) (56) (60) (64) (112) (45) (28)
Life segment earnings before taxes 2,520 3,053 1,268 1,413 577 678 405 507 192 224 336 397 (257) (166)
Life Indicators YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Technical margin on NEP 13.6% 14.7% 7.7% 8.3% 13.3% 15.5% 15.1% 15.5% 31.2% 33.0% 26.9% 26.4% 6.6% 12.0%
Unit/Index linked fees on Unit/Index linked investments 1.84% 1.86% 1.76% 1.86% 1.72% 1.82% 1.45% 1.43% 2.03% 2.00% 3.62% 3.06% 0.63% 6.40%
Investment result on General account investments 0.44% 0.60% 0.78% 1.02% 0.53% 0.53% 0.06% 0.09% 0.32% 0.77% -0.09% 0.43% -1.44% -0.68%
Expense ratio 10.6% 11.1% 6.3% 6.7% 11.4% 11.5% 11.6% 11.0% 20.1% 21.3% 17.9% 19.2% 17.7% 17.1%
Total Life operating return on investments 0.63% 0.84% 0.79% 0.96% 0.55% 0.69% 0.42% 0.59% 1.44% 2.07% 1.06% 1.32% -2.71% -1.12%
Balance sheet data
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Total Life segment investments 467,272 388,526 163,672 141,876 119,693 100,453 101,560 84,160 16,542 13,988 41,649 39,615 24,155 8,435
- of which General account investments 360,029 290,456 138,379 114,324 86,697 68,128 72,537 59,551 11,506 9,469 31,794 30,561 19,116 8,424
- of which Unit/Index linked investments 107,243 98,070 25,293 27,552 32,997 32,325 29,023 24,609 5,036 4,519 9,855 9,053 5,040 11
International Life operating results International of which Spain International of which Switzerland International of which Americas & Southern Europe International of which Asia
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Net statutory Earned Premiums 650 673 1,017 1,061 382 525 3,146 3,857
Technical Margin 144 187 360 259 159 260 733 907
Margin on revenues 91 112 45 46 6 27 520 629
Technical and other result 44 67 85 78 153 232 116 139
Unit/Index linked fees 10 9 230 135 - 1 98 140
Investment Result 93 67 (240) (79) 44 68 75 78
Interest income and other income 132 121 124 114 45 41 601 772
Net income related to FI at FVthP&L (5) (597) (195) (1,779) 19 37 15 (140)
of which Net income from FI related to Unit/Index linked policies 15 (34) 42 (1,239) 2 (2) 33 (66)
Net operating realized gains on investments 6 7 57 21 2 (29) 113 42
Net operating impairment losses on investments (1) (1) - - - - (3) (21)
Interest expenses on liabilities linked to operating activities - - (4) (5) (1) - (55) (70)
Other expenses from other FI and investment properties (7) (9) (30) (35) (2) (1) (33) (15)
Policyholders' interest on operating income from investments (33) 545 (192) 1,606 (20) 20 (564) (490)
Expenses (58) (68) (118) (126) (150) (228) (629) (793)
Acquisition costs related to insurance business (40) (44) (73) (79) (98) (147) (441) (558)
Administration costs related to insurance business (16) (22) (41) (45) (35) (50) (154) (194)
Net other operating expenses (1) (2) (4) (2) (17) (31) (34) (42)
Life Operating result 179 186 2 54 53 100 179 192
Life Non-operating result (11) (16) (32) (44) (30) (48) (6) (29)
Net non-operating income from other financial instruments 1 (2) (12) (11) (5) (3) 1 (9)
Net other non-operating expenses (12) (15) (20) (33) (25) (44) (7) (20)
Life segment earnings before taxes 168 170 (30) 11 23 52 174 163
International Balance sheet data
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Total Life segment investments 7,425 5,788 17,851 14,981 1,772 1,585 14,603 17,261
- of which General account investments 7,061 5,346 8,982 6,975 1,626 1,436 14,126 16,804
- of which Unit/Index linked investments 364 442 8,869 8,005 146 149 477 457
(1) Including Spain, Switzerland, Americas & Southern Europe and Asia
(2) Including elimination of transactions between Generali Group companies in different geographic regions
P&C Operating_YTD
Index
Focus on P&C segment - YTD
as of December 31, 2022
Summary P&C operating result(1)
Group Italy France Germany Austria & CEE International (2) Group Holdings and other companies (3)
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Technical result 1,928 1,697 519 557 67 69 430 270 580 530 207 (1) 124 272
Net earned premiums 22,151 26,227 6,327 8,331 2,676 3,071 3,572 3,624 4,171 4,518 3,732 4,412 1,673 2,271
Net insurance benefit and claims (13,856) (16,928) (4,050) (5,418) (1,882) (2,229) (2,061) (2,246) (2,311) (2,604) (2,445) (3,014) (1,108) (1,417)
Net acquisition costs (5,165) (6,140) (1,493) (1,980) (624) (651) (909) (926) (987) (1,061) (829) (1,059) (323) (462)
Net administration costs (1,090) (1,382) (233) (370) (113) (132) (152) (158) (216) (239) (255) (340) (121) (143)
Other net technical income (112) (81) (32) (6) 10 10 (20) (24) (77) (83) 3 - 4 23
Investment Result 1,039 1,249 253 354 115 135 239 228 136 196 225 323 71 12
Other operating items (316) (249) (62) (109) (12) (14) (35) (6) (95) (87) (65) (25) (47) (8)
P&C Operating result 2,650 2,696 710 802 169 190 634 492 622 639 367 298 148 276
P&C Non-operating result (359) (395) (411) (186) 71 (44) 25 (6) (30) (20) (117) (111) 102 (29)
Net non-operating income from other financial instruments 80 (25) (32) (67) 81 (4) 53 (14) 16 35 (20) 40 (19) (14)
Net other non-operating expenses (439) (370) (379) (119) (10) (39) (28) 9 (46) (55) (97) (151) 121 (14)
P&C segment earnings before taxes 2,292 2,301 299 615 240 147 659 486 592 619 250 187 251 248
P&C Indicators(4) YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Combined Ratio 90.8% 93.2% 91.3% 93.2% 97.9% 98.1% 87.1% 91.8% 84.2% 86.4% 94.7% 100.0% 92.7% 88.7%
Expense ratio 28.2% 28.7% 27.3% 28.2% 27.3% 26.2% 29.6% 29.9% 28.5% 28.7% 28.8% 31.4% 26.1% 25.4%
Loss ratio 62.6% 64.5% 64.0% 65.0% 70.6% 71.9% 57.4% 61.9% 55.6% 57.8% 65.9% 68.7% 66.6% 63.3%
Natural catastrophe losses 2.2% 2.6% 3.2% 3.3% 2.1% 3.8% 4.2% 2.8% 3.7% 2.5% 0.7% 0.2% -5.7% 2.5%
Loss Ratio (excl. Nat Cat) 60.3% 62.0% 60.9% 61.7% 68.5% 68.1% 53.2% 59.1% 51.9% 55.2% 65.2% 68.5% 72.3% 60.8%
of which current year loss ratio 64.0% 65.6%
of which prior year's loss ratio -3.7% -3.7%
Investment result on investments 2.48% 2.89% 3.04% 2.98% 1.57% 1.88% 3.32% 3.33% 1.69% 2.60% 3.97% 5.16% 1.44% 0.34%
Total P&C operating return on investments 6.33% 6.24% 8.22% 6.75% 2.32% 2.65% 8.79% 7.16% 7.73% 8.49% 6.48% 4.76% 3.58% 7.95%
Balance sheet data
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Total P&C segment investments 43,580 43,136 7,945 11,183 7,417 7,321 7,498 6,462 7,889 7,526 5,722 6,970 7,110 3,674
International P&C operating results International of which Spain International of which Switzerland International of which Americas & Southern Europe International of which Asia
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Technical result 93 18 44 29 50 (63) 19 15
Net earned premiums 1,328 1,386 616 645 1,557 1,793 231 589
Net insurance benefit and claims (872) (966) (405) (426) (1,015) (1,279) (153) (341)
Net acquisition costs (317) (344) (107) (124) (345) (402) (61) (189)
Net administration costs (50) (61) (58) (62) (137) (165) (10) (51)
Other net technical income 4 4 (2) (3) (9) (9) 10 8
Investment Result 38 48 21 20 152 205 14 51
Other operating items (7) (8) (9) (8) (34) (2) (15) (7)
P&C Operating result 124 58 57 41 168 140 18 59
P&C Non-operating result (12) 1 (13) 26 (84) (115) (6) (23)
Net non-operating income from other financial instruments (4) 11 2 54 (18) (21) 1 (4)
Net other non-operating expenses (8) (10) (15) (28) (66) (94) (7) (19)
P&C segment earnings before taxes 112 59 43 67 84 25 11 36
International P&C Indicators(4) YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Combined Ratio 93.2% 99.0% 92.4% 95.0% 96.2% 103.0% 99.2% 99.0%
Expense ratio 27.3% 29.0% 26.7% 28.8% 30.4% 31.0% 31.5% 40.8%
Loss ratio 65.9% 69.9% 65.7% 66.1% 65.7% 72.0% 67.7% 58.2%
Natural catastrophe losses 0.9% 0.4% 2.4% 0.5% 0.0% 0.0% 0.0% 0.0%
Loss Ratio (excl. Nat Cat) 65.0% 69.6% 63.3% 65.7% 65.7% 72.0% 67.7% 58.2%
International Balance sheet data
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Total P&C segment investments 1,849 1,712 1,495 1,357 2,346 2,170 32 1,731
(1) Certain minor Life business managed by P&C operating companies are presented within the consolidated P&C operating result, but excluded from P&C technical indicators.
(2) Including Spain, Switzerland, Americas & Southern Europe and Asia.
(3) Including elimination of transactions between Generali Group companies in different geographic regions
(4) Combined ratio includes the margin of assistance activities service.
Other P&L Information_YTD
Index
Other Profit & Loss information - YTD
as of December 31, 2022
Net realized gains and impairments
Group of which Life of which P&C of which Holding and other businesses
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Equity & Equity-like
Net realized gains 698 283 645 194 49 87 3 -
Net impairment losses (123) (539) (58) (385) (19) (48) (46) (105)
Fixed Income
Net realized gains 591 (65) 688 38 (27) (106) - 4
Net impairment losses (136) (309) (103) (216) (33) (83) - (9)
Real Estate
Net realized gains 520 199 159 78 243 109 115 12
Net impairment losses (113) (148) (47) (53) (54) (52) (13) (43)
Other (1)
Net realized gains (100) 334 (129) 259 16 48 17 3
Net impairment losses (86) (75) (9) (28) (70) (44) (3) 2
Total net realized gains 1,708 752 1,364 569 281 138 135 19
of which Net operating realized gains 1,333 611 1,351 568 - - 53 15
of which Net non-operating realized gains 375 141 13 1 281 138 82 4
Total Net impairment losses (458) (1,070) (217) (683) (176) (227) (62) (155)
of which Net operating impairment losses (208) (559) (159) (519) - - (45) (36)
of which Net non-operating impairment losses (251) (511) (58) (164) (176) (227) (17) (119)
(1) includes subsidiaries and associated companies.
Other operating and non operating expenses
Group of which Life of which P&C of which Holding and other businesses
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Amortisation and impairment of tangible and intangible assets (417) (463) (129) (135) (209) (248) (9) (1)
Other net technical income 506 581 655 702 (112) (81) (1) (1)
Other net operating expenses (305) (61) (125) (219) (86) 9 (169) 46
Total net other operating expenses (216) 58 401 349 (408) (320) (179) 44
Restructuring costs (387) (195) (16) (38) (283) (152) (78) (2)
VOBA amortization (91) (88) (55) (47) (32) (37) - -
Other net non-operating expenses (353) (465) (189) (208) (124) (181) (30) (70)
Total net other non-operating expenses (832) (748) (260) (292) (439) (370) (108) (73)
Investments_Summary
Index
Summary Investments
as of December 31, 2022
Group Life Property & Casualty Asset & Wealth management Holding and other businesses Consolidation
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE2021 YE 2022
Fixed income 356,484 289,066 313,570 244,178 30,103 30,664 11,948 12,818 8,620 8,830 (7,757) (7,423)
Government bonds 194,293 143,132 171,799 121,473 13,245 12,793 8,987 8,587 262 279 0 0
Corporate bonds 113,965 95,298 100,554 81,364 13,449 12,902 1,497 2,632 972 635 (2,507) (2,236)
Other fixed income 48,226 50,636 41,216 41,340 3,409 4,969 1,465 1,598 7,386 7,916 (5,250) (5,187)
Equity & Equity-like 28,054 26,505 16,497 14,310 2,036 1,627 46 25 9,475 10,542 0 0
Real estate 19,847 20,966 10,967 11,841 4,555 4,644 6 0 4,318 4,481 0 0
Cash and cash equivalents (1) 13,830 10,954 6,448 7,343 4,279 3,082 2,068 -345 1,232 1,055 (451) (181)
Other investments (2) 5,294 4,774 12,547 12,784 2,608 3,119 1,871 2,354 1,246 1,285 (12,981) (14,769)
Total investments - General account 423,509 352,265 360,029 290,456 43,580 43,136 15,939 14,852 24,892 26,194 (21,189) (22,373)
Unit/linked investments 107,243 98,070
Total investments 530,752 450,335
Third parties AUM 178,865 167,872
Total AUM 709,617 618,207
(1) includes repurchase agreement accounted as liabilities of € 3.644 as at YE2022 and of € 2.690 as at YE2021.
(2) includes derivative instruments accounted as liabilities of € 4.544 as at YE2022 and of € 2.886 mln as at YE2021.
Group Life Property & Casualty
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Average stock of investments 409,119 383,199 350,307 319,773 41,904 43,189
Current income (3) 10,824 11,079 9,066 9,382 1,277 1,487
of which Current return on Fixed Income 8,339 8,722 7,585 7,676 606 802
of which Current return on Equity & Equity-like 1,425 1,192 467 520 63 74
of which Current return on Real Estate (3) 791 952 495 598 177 211
Net realised gains, impairment losses, unrealised gains and foreign exchange gains 1,099 (1,897) 926 (1,896) 155 10
Management expenses (581) (727) (576) (610) (193) (195)
Total P&L Investment income 11,342 8,454 9,416 6,875 1,238 1,303
% return
Current return (3) 2.6% 2.9% 2.6% 2.9% 3.0% 3.4%
Total P&L Return 2.8% 2.2% 2.7% 2.2% 3.0% 3.0%
(3) Net of Real Estate depreciation. Includes fees from securities lending operation.
Group Life Property & Casuality
% YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Fixed Income
Current return 2.4% 2.7% 2.5% 2.8% 2.2% 2.7%
Total P&L return 2.5% 2.3% 2.6% 2.4% 1.9% 2.0%
Equity & Equity-like
Current return 5.7% 4.4% 3.1% 3.4% 3.4% 4.1%
Total P&L return 8.7% 2.8% 8.1% 1.1% 5.3% 5.7%
Real Estate
Current return(3) 4.5% 4.7% 4.9% 5.3% 4.5% 4.6%
Total P&L return 5.2% 3.4% 5.0% 4.3% 6.9% 3.8%
Other
Current return 1.1% 1.0% 2.4% 3.0% 5.3% 5.6%
Total P&L return -0.9% -0.4% 0.4% 0.4% 5.1% 6.8%
b
Investments_focus Equity
Index
Focus on Equity & Equity-like
as of December 31, 2022
Split by sector
euro mln Group o/w Life o/w P&C
Financial 2,250 1,568 510
Utilities 399 352 47
Consumer 1,308 1,186 121
Industrial 987 904 84
Energy 623 578 44
Other 2,755 2,411 338
Total direct 8,322 7,000 1,145
Asset Allocation Funds 4,567 4,368 197
Alternative Investments (1) 13,616 2,943 285
Total 26,505 14,310 1,627
(1) Includes Private Equity, Private Equity funds and Hedge funds.
Split by country of risk
euro mln Group o/w Life o/w P&C
Italy 783 433 336
France 2,530 2,233 297
Germany 870 744 90
CEE 119 11 55
RoE 2,126 1,808 254
Rest of World 1,894 1,770 114
Total direct 8,322 7,000 1,145
Split by accounting treatment
euro mln Amortized cost Fair Value ∆
Equities 21,879 26,505 4,626
Available for Sale 20,475 25,101 4,626
Fair Value through P&L 1,405 1,405 n.a.
Investments_focus Fixed Income
Index
Focus on Fixed Income
as of December 31, 2022
GOVERNMENT BOND(1)
Split by rating
euro mln Group o/w Life o/w P&C
AAA 8,376 6,979 892
AA 41,728 37,751 3,601
A 29,916 25,864 3,496
BBB 58,580 474,610 3,918
Not investment grade 1,455 742 487
Not rated 3,076 2,677 399
Total 143,132 121,473 12,793
Split by country of risk
euro mln Group o/w Life o/w P&C
Italy 44,267 37,004 1,803
France 25,522 23,616 1,811
Germany 3,133 2,683 399
CEE 12,758 8,775 3,436
RoE 39,842 34,890 2,897
Rest of World 12,481 10,595 1,854
Supranational 5,129 3,910 593
Total 143,132 121,473 12,793
Split by accounting treatment
euro mln Amortized Cost Fair Value ∆
Government bonds 170,761 143,058 -27,702
Available for Sale 163,465 135,837 -27,628
Fair Value through P&L 2,349 2,349 0
Held to Maturity and Loans 4,947 4,873 -74
Duration Government bonds
years Life P&C
Duration 10.5 5.8
(1) Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
CORPORATE BOND
Split by rating
euro mln Group o/w Life o/w P&C euro mln Covered bonds Financial corporate
AAA 6,206 4,767 434 AAA 4,853 1,052
AA 8,442 6,637 941 AA 3,417 2,382
A 25,794 21,336 3,868 A 248 10,426
BBB 46,460 41,926 6,163 BBB 8 12,216
Not investment grade 6,896 5,901 871 Not investment grade - 0 1,621
Not rated 1,499 798 625 Not rated 36 781
Totale 95,298 81,364 12,902 Totale 8,563 28,478
Split by sector Split by country of risk
euro mln Group o/w Life o/w P&C euro mln Covered bonds Financial corporate
Financials 28,478 23,327 4,603 Italy 356 2,059
Covered bonds 8,563 7,795 767 France 2,350 5,844
Utilities 14,520 13,133 1,352 Germany 1,480 2,160
Consumer 9,329 7,489 1,664 CEE 108 321
Telecommunication services 7,915 7,026 799 Rest of Europe 4,073 12,155
Industrial 7,215 6,162 984 Rest of World 196 5,939
Energy 3,351 2,819 469 Totale 8,563 28,478
Other 15,928 13,612 2,265
Total 95,298 81,364 12,902
Split by accounting treatment
euro mln Amortized Cost Fair Value ∆
Corporate bonds 108,073 94,579 -13,494
Available for sale 98,506 85,732 -12,775
Fair Value through P&L 1,522 1,522 0
Held to Maturity and Loans 8,044 7,325 -719
Duration Corporate bonds
years Life P&C
Duration 5.4 4.5
OTHER FIXED INCOME
Split by nature
euro mln Group o/w Life o/w P&C
Indirect investments in fixed income 31,667 28,589 2,478
Mortgage loans 6,361 1,134 136
Policy loans 1,581 1,581 0
Time deposit other than "cash & cash equivalents" 3,448 3,284 1,858
All other loans 7,579 6,752 497
Totale 50,636 41,340 4,969
Split by accounting treatment
euro mln Amortized Cost Fair Value ∆
Total 52,946 50,330 -2,615
Available for sale 29,475 27,165 -2,309
Fair value through profit or loss 4,526 4,526 0
Held to Maturity and Loans 18,945 18,639 -306
Investments_focus Real Estate
Index
Focus on Real Estate
as of December 31, 2022
REAL ESTATE
euro mln Amortized cost Fair Value ∆
Investment properties 17,495 28,129 10,635
Self Use(1) 3,049 4,006 955
Total direct investments 20,545 32,135 11,590
Inventories(1) 579 579 - 0
Indirect investments in Real Estate 3,264 3,471 208
Total 24,596 36,186 11,590
(1) Not included within General account investments.
Direct Investments - Split by country of risk Split by nature (based on Fair Value)(2)
euro mln Book Value Fair Value %
Italy 6,945 9,968 Office 58.9%
France 5,202 9,522 Retail 18.1%
Germany 2,891 4,265 Residential 11.5%
CEE 1,293 1,457 Logistics 4.7%
Rest of Europe 3,916 6,568 Other/Mixed 6.8%
Rest of World 299 356 Total 100.0%
Total 20,545 32,135 (2) Detail referred to investment properties only
Life new business
Index
Life new business analysis
as of December 31, 2022
New business volumes
Group Italy France Germany Austria & CEE International
euro mln YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022 YE 2021 YE 2022
Annual premiums 2,383 2,177 966 902 211 168 501 406 145 154 560 546
Single premiums 26,252 26,207 10,895 11,025 10,917 10,697 2,162 1,852 648 673 1,629 1,961
Total Premium 28,635 28,384 11,861 11,927 11,128 10,865 2,663 2,259 793 827 2,190 2,507
PVNBP 51,192 46,341 19,334 18,013 12,588 12,107 12,454 9,454 2,305 2,152 4,511 4,615
APE 5,009 4,798 2,055 2,005 1,303 1,238 718 592 210 221 723 742
PVNBP - mix by product type:
Savings 41% 38% 61% 61% 26% 22% 32% 25% 13% 11% 33% 35%
Protection 25% 25% 5% 6% 29% 32% 39% 39% 57% 59% 44% 40%
Unit Linked 34% 36% 34% 33% 45% 46% 29% 36% 30% 31% 24% 25%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Profitability metrics
New business profit 2,313 2,478 1,065 1,126 361 523 362 346 157 147 368 336
Margin on PVNBP 4.52% 5.35% 5.51% 6.25% 2.87% 4.32% 2.91% 3.66% 6.79% 6.83% 8.16% 7.28%
Margin on APE 46.2% 51.7% 51.8% 56.2% 27.7% 42.3% 50.5% 58.5% 74.5% 66.4% 50.9% 45.2%
Capitalisation and Indebtness
Index
Capitalisation and Indebtness
as of December 31, 2022
Roll-forward of Shareholders' equity
euro mln YE 2021 YE 2022
Opening shareholders' equity 30,029 29,308
Net profit 2,847 2,912
Dividends (2,315) (1,691)
Other Comprehensive Income (1,273) (13,915)
Available for Sale reserve (1,922) (14,312)
of which: Equities 65 (384)
of which: Bonds (3,054) (13,052)
of which: Other 1,067 (876)
Foreign exchange 456 185
Cash-flow hedge reserve (155) (168)
Defined Benefit Plans 365 610
Other(1) (16) (229)
Other items 19 (413)
Closing shareholders' equity 29,308 16,201
(1) includes also UGL reserves of disposal groups
Financial Debt Outstanding bonds, maturity profile
euro mln YE 2021 YE 2022 euro mln Senior Subordinated
Subordinated debt 8,760 8,266 2023 - 100
Senior debt 1,737 1,739 2024 1,750 8
Other financial debt 163 166 2025 - 1,610
Total financial debt 10,660 10,170 2026 - 1,395
2027 - 1,757
Average maturity (FYears) 5.07 4.75 2028 - 850
2029 - 500
Total interest cost (478) (471) 2030 - 750
Weighted average cost, % 4.60% 4.26% 2031 - 600
2032+ - 1,000
Segment Reporting - P&L
Index
Segment reporting - Profit & Loss
as of December 31, 2022
Group Life P&C Asset & Wealth Management (1) Holding & other businesses (1) Consolidation
euro mln YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22
Consolidated operating result 4,680 2,482 4,713 2,532 4,857 2,724 5,192 2,714 5,208 2,996 5,852 3,140 6,509 2,990 1,521 2,982 1,549 3,067 1,611 3,129 1,369 2,627 1,442 2,816 1,689 3,522 2,048 1,065 1,944 1,105 1,992 1,121 2,057 1,302 2,456 1,256 2,650 1,294 2,696 164 109 261 159 335 186 425 219 546 520 1,076 503 972 (231) (61) (163) (56) (70) 21 8 38 130 37 157 121 202 (291) (152) (311) (224) (467) (214) (427) (215) (551) (259) (847) (467) (883)
Net earned premiums 61,120 30,917 61,137 32,700 63,405 33,243 66,239 32,281 64,468 34,762 70,684 38,103 75,627 41,827 21,112 41,627 22,899 43,807 23,130 45,898 21,810 43,582 24,067 48,533 25,571 49,400 19,292 9,805 19,510 9,800 19,597 10,113 20,341 10,470 20,886 10,695 22,151 12,532 26,227 - - - - - - - - - - - - - - - - 1 1 - - - - - - - - - - - - - - - - - - - - -
Net insurance benefit and claims (58,864) (31,589) (60,853) (29,622) (52,032) (36,535) (71,062) (23,388) (60,011) (36,913) (72,978) (20,314) (50,975) (46,292) (25,238) (48,138) (23,337) (39,264) (30,139) (58,009) (16,961) (47,291) (30,394) (59,244) (12,388) (34,221) (12,572) (6,351) (12,716) (6,285) (12,768) (6,396) (13,073) (6,452) (12,744) (6,549) (13,866) (8,000) (16,931) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 20 24 24 30 133 74 177
Acquisition and administration costs (10,033) (5,161) (10,260) (5,135) (10,393) (5,512) (11,252) (5,606) (11,430) (5,971) (12,300) (6,786) (13,997) (4,380) (2,196) (4,433) (2,196) (4,484) (2,324) (4,833) (2,355) (4,837) (2,584) (5,306) (2,817) (5,683) (5,265) (2,764) (5,421) (2,739) (5,472) (2,899) (5,794) (2,933) (5,891) (3,061) (6,274) (3,606) (7,537) (146) (74) (153) (75) (177) (154) (332) (172) (404) (274) (612) (304) (663) (242) (127) (252) (125) (259) (136) (292) (146) (297) (53) (107) (58) (114) - - - - - - - - - - - - -
Net fee and commission income 305 225 420 194 428 329 679 363 787 550 1,133 520 1,041 39 20 42 22 16 19 26 25 51 56 108 48 125 - - - - - - 1 - - - - - (1) 350 188 404 228 470 294 623 315 740 773 1,553 691 1,342 326 243 438 209 441 288 578 288 596 43 47 48 97 (411) (225) (464) (265) (499) (273) (549) (266) (600) (322) (575) (268) (523)
Net operating income from financial instruments at FVthP&L 2,159 2,866 3,912 (709) (6,018) 6,035 10,279 (5,537) 1,709 5,436 8,912 (12,810) (14,083) 2,065 2,819 3,813 (749) (6,115) 5,981 10,218 (5,557) 1,692 5,428 8,986 (13,086) (14,621) 86 39 85 35 84 46 39 29 49 20 56 39 106 3 - 1 1 3 - 1 - - (16) (135) 175 313 210 8 12 4 10 9 20 (9) (31) 4 5 63 119 - - - - - - - - - - - - -
Net operating income from other financial instruments 10,609 5,539 11,059 5,387 9,977 5,473 11,047 4,955 10,565 5,671 11,133 4,750 9,387 9,375 4,850 9,794 4,717 8,756 4,765 9,559 4,277 9,151 4,694 9,338 4,166 8,173 887 479 858 479 863 441 898 424 763 405 992 574 1,152 (9) (3) 10 7 25 13 37 31 106 112 271 (65) (41) 379 116 193 118 245 177 427 204 481 407 907 332 604 150 97 204 66 87 77 126 20 65 53 (375) (257) (502)
Interest and other income 10,748 5,433 10,634 5,340 10,560 5,356 10,895 5,235 10,283 5,267 10,885 5,682 11,251 9,504 4,766 9,372 4,692 9,284 4,578 9,281 4,478 8,873 4,333 9,075 4,807 9,456 1,149 590 1,124 610 1,146 596 1,196 551 1,027 532 1,278 714 1,474 21 12 53 27 64 37 81 45 97 104 229 139 352 4 211 395 223 501 356 772 380 837 591 1,290 569 1,062 (305) (145) (311) (211) (435) (211) (435) (220) (550) (293) (987) (547) (1,094)
Net operating realized gains 1,434 764 1,568 736 1,215 810 1,586 751 1,921 986 1,591 55 49 1,404 759 1,558 721 1,220 819 1,584 756 1,896 962 1,468 232 375 - - - - - - - - - - - - - 1 - - - (2) - - 1 - 26 77 (185) (341) 31 5 11 15 14 (1) 17 22 57 (2) 53 7 16 (2) - - - (17) (7) (15) (28) (32) - (7) - -
Net operating impairment losses (708) (271) (274) (240) (836) (166) (333) (480) (620) (110) (208) (331) (559) (706) (266) (266) (240) (817) (158) (318) (454) (557) (96) (159) (300) (519) - - - - - - - - - - - - - - - - - - (1) (4) - (11) (2) (4) (1) (3) (2) (4) (8) - (19) (7) (11) (27) (52) (12) (45) (30) (36) - - - - - - - - - - 1 - -
Interest expenses on operating debt (341) (138) (337) (168) (333) (209) (401) (167) (307) (110) (222) (128) (243) (157) (72) (184) (92) (174) (97) (204) (96) (165) (45) (87) (64) (114) (83) (27) (64) (29) (64) (44) (72) (28) (55) (21) (44) (23) (71) (1) - (1) (1) (1) (2) (4) (1) (3) (5) (10) (5) (25) (123) (45) (92) (49) (97) (62) (129) (47) (88) (41) (83) (39) (60) 23 6 5 2 3 (4) 8 6 5 2 3 3 25
Other expenses on investments (525) (249) (532) (280) (628) (317) (700) (385) (711) (362) (913) (528) (1,111) (669) (336) (685) (364) (757) (376) (784) (408) (897) (460) (959) (509) (1,025) (179) (84) (202) (101) (218) (112) (226) (100) (209) (106) (241) (117) (251) (31) (15) (42) (20) (35) (21) (35) (14) 24 (11) (20) (12) (23) (79) (51) (113) (71) (154) (108) (222) (125) (272) (130) (308) (175) (379) 434 236 511 275 537 299 568 261 643 344 616 286 567
Operating holding expenses (458) (230) (454) (233) (467) (251) (529) (256) (528) (245) (516) (259) (547) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (458) (230) (454) (233) (467) (251) (529) (256) (528) (245) (516) (259) (547) - - - - - - - - - - - - -
Net other operating expenses (157) (84) (247) (50) (44) (58) (207) (97) (353) (293) (216) (64) 58 355 155 278 192 351 178 271 128 280 177 401 196 349 (380) (143) (372) (186) (313) (185) (354) (237) (607) (256) (408) (245) (320) (34) (2) (1) (2) 15 32 96 46 105 (75) (1) 6 20 (67) (71) (100) (29) (42) (65) (196) (43) (91) (120) (179) (4) 44 (31) (24) (52) (24) (55) (19) (24) 8 (40) (20) (30) (16) (36)
Consolidated non-operating result (1,449) (574) (1,109) (539) (1,361) (588) (1,581) (941) (1,848) (496) (1,306) (713) (1,710) (389) (167) (309) (187) (437) (152) (342) (352) (624) (104) (295) (215) (470) (246) 9 (34) (40) (202) (95) (290) (279) (500) (110) (359) (135) (395) (3) (1) (15) - (2) (9) (31) (6) (43) (6) (25) (3) (13) (811) (415) (751) (309) (717) (332) (916) (304) (682) (277) (627) (360) (832) - - - (2) (2) (1) (2) - - - - - -
Net non-operating income from financial instruments at FVthP&L (96) 10 26 (2) 11 10 (42) (34) (97) 12 (1) 88 114 - - - - - - (2) 8 (35) (1) 3 (2) (18) (110) 1 11 (21) 7 (21) (84) (24) (48) 8 (22) 83 134 - - 1 - - - - - - - - - - 14 9 14 19 3 31 44 (18) (14) 5 18 7 (5) - - - - - - - - - - - - 3
Net non-operating income from other financial instruments (93) (18) 40 22 (166) (76) (312) (328) (498) 37 117 (256) (440) (219) (112) (113) (93) (272) (73) (150) (236) (260) (8) (38) (111) (160) 138 111 155 49 - (6) 105 (80) (136) (15) 102 (109) (159) - - - - - - - - - - - 1 - (12) (16) (2) 67 109 3 (265) (12) (103) 60 53 (36) (118) - - - (2) (2) (1) (2) - - - - - (3)
Net non-operating realized gains 422 181 311 201 265 47 21 103 32 158 368 55 71 (1) 2 5 11 7 (10) (12) (9) 12 17 20 - 5 400 173 290 122 172 59 279 113 116 74 278 55 68 - - - - - - - - - - - 1 1 22 5 15 70 88 - (243) (1) (96) 67 70 - - - - - (2) (2) (1) (2) - - - - - (3)
Net non-operating impairment losses (514) (199) (271) (179) (431) (124) (333) (431) (530) (121) (251) (311) (511) (218) (114) (118) (103) (279) (63) (138) (227) (272) (26) (58) (111) (164) (261) (63) (135) (73) (172) (64) (174) (193) (252) (89) (176) (164) (227) - - - - - - - - - - - - (1) (35) (22) (17) (3) 21 4 (21) (11) (7) (6) (17) (36) (119) - - - - - - - - - - - - -
Non-operating holding expenses (793) (391) (755) (388) (795) (371) (707) (302) (579) (286) (590) (308) (636) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (793) (391) (755) (388) (795) (371) (707) (302) (579) (286) (590) (308) (636) - - - - - - - - - - - - -
Interest expenses on financial debt (723) (336) (673) (331) (666) (314) (605) (253) (493) (235) (478) (237) (471) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (723) (336) (673) (331) (666) (314) (605) (253) (493) (235) (478) (237) (471) - - - - - - - - - - - - -
Other non-operating holding expenses (70) (55) (82) (57) (128) (57) (102) (49) (86) (52) (112) (72) (165) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (70) (55) (82) (57) (128) (57) (102) (49) (86) (52) (112) (72) (165) - - - - - - - - - - - - -
Net other non-operating expenses (467) (175) (419) (171) (411) (152) (520) (278) (674) (258) (832) (237) (748) (170) (55) (196) (94) (165) (79) (190) (124) (329) (94) (260) (102) (292) (274) (103) (200) (69) (209) (68) (311) (175) (316) (103) (439) (109) (370) (3) (1) (16) - (3) (9) (31) (6) (43) (6) (25) (4) (13) (19) (17) (8) (7) (34) 4 12 28 14 (55) (108) (22) (73) - - - - - - - - - - - - -
Earnings before taxes 3,231 1,908 3,605 1,994 3,496 2,136 3,611 1,773 3,360 2,500 4,546 2,427 4,800 2,601 1,354 2,674 1,362 2,630 1,458 2,787 1,017 2,003 1,339 2,520 1,475 3,053 1,803 1,073 1,910 1,065 1,789 1,026 1,767 1,022 1,956 1,146 2,292 1,159 2,301 162 108 247 158 333 177 394 213 503 515 1,051 499 959 (1,042) (476) (914) (365) (787) (310) (908) (266) (552) (241) (470) (238) (630) (291) (152) (311) (226) (469) (215) (429) (215) (551) (259) (847) (468) (883)
Income taxes (1,079) (616) (1,241) (664) (1,172) (690) (1,147) (681) (1,145) (777) (1,351) (850) (1,610)
Result from discontinued operations 86 36 (68) 103 173 475 475 (183) (183) - - - -
Consolidated result for the period 2,238 1,328 2,295 1,433 2,497 1,920 2,939 909 2,032 1,723 3,195 1,577 3,189
Minority interests (158) (107) (185) (104) (189) (131) (269) (135) (289) (183) (348) (175) (277)
Net income after minorities 2,080 1,221 2,110 1,329 2,309 1,789 2,670 774 1,744 1,540 2,847 1,402 2,912
(1) As from 1Q2022, the Asset Management segment changed its name to become Asset & Wealth Management: in line with new managerial responsibilities, it also included the Banca Generali group that was previously represented in the Holding and other businesses segment. Only 2021 figures has been restated accordingly to the stated segment representation. Figures before 2021 are represented on historical basis.
Segment Reporting - BS
Index
Segment reporting - Balance Sheet
as of December 31, 2022
Group Life P&C Asset & Wealth Management (1) Holding & other businesses (1) Consolidation
euro mln YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE 2021 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 (1) YE22 (1) YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 (1) YE22 (1) YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE22
Intangible assets 8,866 8,765 8,784 8,722 8,745 9,415 9,401 9,677 9,612 9,673 9,970 10,426 10,901 4,847 4,827 4,788 4,743 4,768 4,780 4,818 4,641 4,644 4,667 4,862 5,153 5,247 3,538 3,459 3,530 3,503 3,501 3,709 3,679 4,156 4,108 4,169 4,263 4,429 4,797 5 9 9 18 18 388 424 399 369 492 493 482 490 478 471 459 458 457 538 478 481 490 344 351 360 366 (1) (1) (1) - 1 1 1 1 1 1 1 1 1
Tangible assets 4,476 4,450 4,075 3,816 3,768 4,123 4,183 4,114 3,804 3,786 3,990 3,953 4,073 1,029 1,028 841 586 583 700 701 674 680 676 633 644 741 2,091 2,050 1,791 1,799 1,898 2,072 2,116 2,084 2,031 2,009 2,219 2,194 2,235 7 7 7 8 5 94 93 67 64 209 229 222 218 1,348 1,365 1,437 1,423 1,281 1,399 1,427 1,435 1,177 1,035 1,060 1,036 1,021 - - - - - (141) (155) (147) (148) (143) (150) (142) (141)
Amounts ceded to reinsurers from insurance provisions 3,933 3,926 4,294 4,335 4,009 4,577 4,382 4,511 5,107 5,613 6,646 6,846 7,268 1,229 1,300 1,079 1,252 1,244 1,895 1,789 1,860 2,542 2,816 2,821 3,017 2,758 2,704 2,626 3,215 3,082 2,765 2,682 2,593 2,652 2,565 2,797 3,825 3,829 4,511 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - - 1 - - - - - - - - -
Investments 469,170 479,500 471,233 417,764 412,228 448,291 463,929 463,018 492,522 494,177 527,904 471,160 451,317 425,202 434,610 425,810 370,640 366,505 398,968 414,003 413,949 441,687 440,286 469,732 411,806 391,510 37,416 38,058 36,959 37,462 36,041 39,406 37,549 38,455 38,384 38,689 40,916 39,715 40,986 276 303 345 407 489 415 504 446 626 14,142 14,266 15,753 15,832 17,969 19,727 20,629 22,830 23,671 28,447 28,348 29,682 31,622 21,973 23,725 25,615 25,182 (11,694) (13,198) (12,510) (13,575) (14,477) (18,945) (16,475) (19,515) (19,796) (20,913) (20,735) (21,729) (22,192)
Land and buildings (investment properties) 12,584 12,688 12,993 12,358 13,650 14,168 14,168 14,202 15,124 14,891 16,867 16,978 17,495 8,250 8,269 8,245 7,088 7,301 7,353 7,398 7,559 7,722 7,827 8,261 8,329 8,716 3,683 3,573 3,749 3,669 3,964 4,004 3,967 3,653 3,706 3,692 4,311 4,338 4,327 0 0 0 0 0 0 0 0 0 0 0 0 0 652 845 999 1,600 2,385 2,810 2,802 2,991 3,695 3,373 4,294 4,311 4,452 - - - 1 - - - - - - - - -
Investments in subsidiaries, associated companies and joint ventures 1,193 1,200 1,171 1,175 1,320 1,386 1,365 1,433 2,107 2,205 2,353 2,261 2,363 3,944 4,072 4,120 4,533 5,447 6,692 6,483 8,644 9,804 9,968 11,645 11,961 13,107 1,492 1,689 1,778 1,909 2,008 2,308 2,577 2,446 2,857 2,812 2,691 3,012 3,115 0 5 0 1 55 10 11 16 7 8 13 15 15 320 405 401 408 595 597 555 606 714 789 891 764 823 (4,563) (4,971) (5,128) (5,676) (6,785) (8,222) (8,261) (10,280) (11,276) (11,373) (12,886) (13,491) (14,696)
Held to maturity investments 2,168 2,322 2,267 2,307 2,171 2,200 2,243 2,154 1,983 1,769 1,687 1,834 2,041 1,403 1,284 1,256 1,290 1,307 1,327 1,256 1,237 1,144 1,030 1,065 1,139 1,108 34 33 31 37 29 48 165 176 156 147 168 268 512 0 0 0 0 0 0 0 11 14 592 454 426 421 731 1,006 980 981 835 824 823 730 670 0 0 0 0 - - - (1) - - - - - - - - -
Loans and receivables 44,178 43,823 40,262 32,285 31,815 33,204 32,285 31,215 30,856 30,458 31,420 32,055 32,921 39,843 39,661 35,792 26,893 26,561 28,113 27,332 26,675 26,161 25,655 25,577 24,850 24,815 3,377 3,597 3,258 3,950 3,743 4,266 3,147 3,444 2,866 2,920 2,646 2,941 3,645 83 113 103 185 260 212 255 219 436 3,213 3,273 3,645 3,691 8,006 8,680 8,493 9,157 8,942 11,335 9,763 10,111 9,912 8,211 7,772 8,856 8,265 (7,131) (8,227) (7,383) (7,900) (7,691) (10,723) (8,211) (9,235) (8,518) (9,541) (7,849) (8,237) (7,496)
Available for sale assets 313,933 316,660 320,641 284,975 283,773 306,807 318,195 313,499 337,005 329,900 348,572 301,684 280,422 278,202 281,475 284,078 249,413 247,702 267,676 277,748 272,762 294,187 284,138 298,831 252,730 230,046 27,444 26,484 27,073 25,146 25,340 26,465 26,047 25,503 26,217 26,024 28,994 26,381 28,088 182 182 239 218 171 189 232 194 163 10,272 10,073 11,021 10,876 8,104 8,519 9,252 10,198 10,560 12,476 14,168 15,039 16,437 9,466 10,673 11,551 11,413 - - - - - - - - - - - - -
Financial assets at fair value through profit and loss 95,114 102,807 93,897 84,663 79,500 90,525 95,672 100,515 105,447 114,954 127,006 116,349 116,075 93,562 99,849 92,319 81,423 78,187 87,805 93,787 97,073 102,669 111,668 124,352 112,795 113,718 1,385 2,682 1,070 2,751 956 2,314 1,645 3,233 2,581 3,095 2,106 2,775 1,299 11 3 3 3 3 3 6 5 6 57 453 646 829 156 273 505 486 353 403 237 205 193 134 95 133 230 - - - - - (1) (2) - (2) - - - -
Receivables 11,790 12,107 11,686 12,622 11,127 14,004 11,954 13,310 12,101 13,796 13,912 17,517 16,063 5,818 6,040 5,429 6,835 5,349 7,517 5,833 7,291 5,846 7,458 7,101 9,689 8,218 5,671 5,753 5,856 5,406 5,317 6,050 5,625 5,532 5,643 5,756 6,084 7,201 7,107 64 70 84 88 139 133 111 77 143 411 486 365 425 281 285 361 341 326 309 383 409 470 211 267 262 310 (43) (41) (45) (61) (4) (5) 1 1 - (40) (25) - 3
Other assets 15,416 15,369 30,170 71,557 69,253 14,949 13,852 14,407 13,664 13,483 15,326 18,181 22,185 10,691 10,474 25,531 66,773 65,373 9,206 9,682 9,633 9,286 8,768 10,329 10,541 15,647 4,202 4,164 4,004 5,157 4,352 4,761 3,370 3,865 3,589 3,683 4,192 6,605 5,415 62 45 50 59 81 116 169 188 164 671 563 660 851 531 736 675 732 587 906 677 760 677 398 293 412 330 (70) (50) (90) (1,164) (1,140) (39) (47) (39) (53) (37) (52) (36) (58)
Deferred acquisition costs 2,083 2,104 2,119 2,129 2,143 2,145 2,121 2,101 2,117 2,142 2,198 2,183 2,157 1,806 1,827 1,843 1,862 1,867 1,862 1,815 1,775 1,767 1,775 1,829 1,807 1,814 277 277 276 267 276 283 306 326 349 368 369 376 343 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - - - - - - - - - - - -
Other assets 13,333 13,266 28,051 69,429 67,110 12,804 11,731 12,306 11,547 11,340 13,128 15,998 20,028 8,886 8,647 23,688 64,911 63,506 7,344 7,867 7,858 7,519 6,993 8,500 8,733 13,833 3,925 3,887 3,728 4,890 4,075 4,477 3,064 3,539 3,239 3,315 3,823 6,229 5,072 62 45 50 59 81 116 169 188 164 671 563 660 851 531 736 675 732 587 906 677 760 677 398 293 412 330 (70) (50) (90) (1,163) (1,140) (39) (47) (39) (53) (37) (52) (36) (58)
Cash and cash equivalents 7,533 6,238 6,849 5,371 6,697 6,067 6,874 7,647 7,900 7,401 8,476 8,098 7,243 4,197 3,443 3,656 2,034 2,671 2,695 3,310 3,776 4,118 2,951 2,816 3,445 3,147 2,159 1,645 2,352 1,905 2,180 2,335 2,225 2,522 2,096 2,417 2,802 2,197 2,254 165 156 213 197 297 244 278 179 245 1,454 1,857 1,602 993 1,637 1,274 1,081 1,581 1,979 1,273 1,319 1,423 1,619 989 1,197 1,013 1,030 (625) (281) (454) (346) (430) (479) (258) (253) (178) (410) (196) (160) (181)
Total Assets 521,184 530,357 537,091 524,187 515,827 501,427 514,574 516,684 544,710 547,928 586,225 536,180 519,051 453,012 461,723 467,134 452,864 446,493 425,760 440,137 441,825 468,802 467,621 498,293 444,294 427,267 57,782 57,756 57,707 58,314 56,053 61,014 57,157 59,265 58,415 59,519 64,302 66,171 67,305 578 590 708 777 1,030 1,391 1,580 1,355 1,612 17,379 17,893 19,084 18,809 22,243 23,859 24,641 27,365 28,300 32,870 32,633 34,189 36,055 24,951 26,893 28,697 28,238 (12,432) (13,570) (13,099) (15,146) (16,049) (19,608) (16,932) (19,951) (20,174) (21,542) (21,157) (22,066) (22,568)
Other provisions 1,804 1,781 1,950 1,838 1,816 1,698 1,736 1,664 1,772 1,981 2,424 2,349 2,454 639 647 640 630 576 549 538 568 537 564 585 611 627 904 833 994 882 916 807 814 763 933 896 1,317 1,279 1,331 27 18 28 24 34 21 54 25 19 269 250 243 266 348 396 401 415 402 433 512 489 465 434 454 398 413 (113) (113) (113) (113) (113) (113) (182) (182) (182) (182) (182) (182) (182)
Insurance provisions 421,477 429,039 430,489 380,693 377,828 406,698 419,213 420,415 442,330 447,143 479,449 437,915 423,501 388,128 395,123 397,588 348,024 346,108 374,194 387,560 386,846 409,330 412,557 441,363 397,356 380,831 33,349 33,915 32,902 32,668 31,720 32,504 31,652 33,569 33,000 34,587 38,086 40,559 42,670 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - - 1 - - - - - - - - -
Financial Liabilities 51,416 52,756 42,326 39,043 38,540 40,297 40,904 42,712 44,068 44,142 47,713 49,980 48,653 30,233 31,573 20,898 18,351 17,718 18,565 19,029 21,303 22,019 19,534 21,309 22,376 21,370 8,880 10,458 9,524 10,026 9,810 11,515 8,944 8,923 8,070 9,017 8,413 9,023 8,008 -5 0 0 0 0 27 76 -30 28 13,280 14,066 15,234 14,962 16,073 15,197 15,482 14,961 15,702 17,922 17,642 17,837 18,339 7,673 7,170 7,657 7,347 (3,765) (4,472) (3,578) (4,308) (4,689) (7,731) (4,787) (5,321) (4,388) (5,362) (3,246) (4,310) (3,034)
Financial liabilities at fair value through profit and loss 19,484 19,692 8,935 4,431 4,159 4,604 4,983 6,800 7,198 8,002 9,317 10,767 10,207 19,120 19,372 8,626 4,115 3,846 4,222 4,609 6,326 6,681 7,620 8,835 10,330 9,828 365 326 316 317 319 377 325 398 403 239 256 244 217 0 0 0 0 0 0 0 0 0 97 172 158 124 7 1 0 6 1 12 21 47 87 19 27 7 11 (8) (8) (8) (7) (8) (8) 27 28 27 27 27 27 27
Other financial liabilites 31,932 33,064 33,391 34,612 34,382 35,694 35,921 35,913 36,871 36,140 38,396 39,214 38,446 11,114 12,201 12,272 14,236 13,872 14,343 14,420 14,976 15,338 11,913 12,474 12,046 11,542 8,515 10,132 9,208 9,709 9,491 11,137 8,618 8,525 7,667 8,778 8,157 8,779 7,791 -5 0 0 0 0 27 76 -30 28 13,183 13,894 15,075 14,839 16,066 15,196 15,482 14,955 15,700 17,910 17,621 17,791 18,252 7,654 7,143 7,651 7,336 (3,758) (4,464) (3,571) (4,301) (4,682) (7,724) (4,815) (5,348) (4,416) (5,390) (3,274) (4,337) (3,062)
Payables 9,550 10,803 10,494 9,945 9,287 11,740 11,178 13,024 13,184 13,571 13,250 14,499 14,035 5,272 6,540 5,482 5,078 4,592 6,476 5,830 7,077 7,181 7,339 6,625 7,716 6,790 3,401 3,510 4,056 4,080 3,715 4,195 4,296 4,804 4,646 4,856 5,092 5,185 5,555 117 83 115 39 139 234 199 185 198 554 568 475 540 780 689 857 765 840 834 853 958 1,159 825 968 1,124 1,147 (20) (19) (16) (17) - - - - (1) (2) (3) (1) 3
Other Liabilities 11,269 11,186 25,653 68,084 63,713 12,737 11,693 11,250 11,561 10,925 11,512 10,304 12,270 6,761 6,122 19,967 61,596 58,647 6,288 5,519 5,194 5,677 4,846 5,445 3,981 6,710 4,072 4,109 5,033 5,644 4,150 5,076 4,716 4,652 4,607 4,281 4,251 3,810 3,485 46 80 67 109 108 300 257 228 273 804 459 1,053 754 396 883 618 768 850 1,084 1,222 1,182 1,024 1,002 1,373 1,465 1,335 (6) (8) (31) (33) (43) (11) (20) (8) (21) (7) (16) (6) (15)
Total Liabilities 495,516 505,564 510,914 499,603 491,184 473,170 484,723 489,066 512,916 517,763 554,349 515,047 500,913 431,032 440,004 444,575 433,678 427,642 406,072 418,477 420,988 444,744 444,839 475,328 432,041 416,328 50,607 52,825 52,509 53,300 50,312 54,097 50,422 52,713 51,257 53,637 57,159 59,855 61,048 185 182 210 173 281 582 585 408 519 14,908 15,343 17,006 16,523 17,597 17,165 17,358 16,909 17,794 20,273 20,229 20,467 20,987 9,934 9,966 10,645 10,243 (3,904) (4,612) (3,738) (4,470) (4,845) (7,855) (4,989) (5,510) (4,591) (5,554) (3,448) (4,499) (3,228)
Shareholders' equity 24,545 23,705 25,079 23,625 23,601 27,059 28,360 26,143 30,029 28,412 29,308 19,078 16,201
Minority interests 1,123 1,088 1,098 960 1,042 1,197 1,491 1,475 1,765 1,753 2,568 2,055 1,936
Total Liabilities & Shareholders' equity 521,184 530,357 537,091 524,187 515,827 501,427 514,574 516,684 544,710 547,928 586,225 536,180 519,051
(1) As from 1Q2022, the Asset Management segment changed its name to become Asset & Wealth Management: in line with new managerial responsibilities, it also included the Banca Generali group that was previously represented in the Holding and other businesses segment. Only 2021 figures has been restated accordingly to the stated segment representation. Figures before 2021 are represented on historical basis.
Glossary
Index
Glossary
Investments Returns are calculated on quarterly average asset base at IFRS book value and are defined as follows: Current return: interests, dividends and similar income (gross of investments related expenses, net of depreciation) Total P&L return: = current return + harvesting return (net realized gains, net impairments and net unrealized gains reported in P&L) - investments related expenses Comprehensive return: i) for fair value investment (AFS, FVthPL) = current return + total change in fair value; ii) for investment at amortised cost (Real estates, loans, HtM) = Total P&L return Generali Group adopts a business approach on segment reporting, characterized by the fact that some transactions between companies belonging to different segments are eliminated within each segment. The main characteristics are explained below: - the elimination in the non-life segment and holding and other businesses segments of participations and loans to companies of other segments, belonging to the same country, as well as related income (dividends and interests); - the elimination in the non-life segment and holding and other businesses segment of realised gains and losses arising from intra-segment operations; - the elimination in the life segment of participations and loans to companies of other segments, belonging to the same country, as well the related income (dividends and interests) if not backing technical reserves; - the elimination in the life segment of realised gains and losses arising from intra-segment operations if not backing technical reserves. Furthermore, loans and interest income on loans between Group companies belonging to different segments are eliminated directly in each segment.
Life Net Inflows Premiums inflows in the period less benefits paid to the policyholders. It does not include revaluation of mathematical reserves
Life Operating Result consists of the following elements: i) "Technical Margin" includes: - Margin on Revenues: loadings and loadings deducted from reserves, after policyholder participation, net of ceded reinsurance; - Technical and other result: risk result (e.g. mortality, morbidity), surrender result and other net technical result, after policyholder participation, net of ceded reinsurance; - Unit/Index linked fees: front-loadings fees and management fees from Unit/Index linked products. ii)"Investment Result" includes interests and dividends, interest expenses on operating debt, G/L on foreign currency and investment expenses, net of policyholder benefits; it includes also operating realised and unrealised G/L, net of policyholder benefits iii)"Expenses" include acquisition and administration costs and other net operating items (it does not consider any loading charged to policyholders) "Operating ratio on Investments" is calculated as Operating result on the average of Investments at book value
Like for Like changes Changes in premiums, Life net inflows and new business were presented on equivalent terms (at constant exchange rates and consolidation scope); Changes in the operating result, general account investments and Life technical provisions excluded any assets under disposal or disposed of during the same period of comparison;
Operating Result Operating result of life, P&C, Asset & Wealth Management and holding and other businesses, before consolidation adjustments
General account Investments do not include unit/index linked investments and consist of the following asset class (*): i) Fixed income instruments as quoted and unquoted bonds, loans including deposits under reinsurance business accepted and term deposits with credit institutions ii) Equity-like instruments as quoted and unquoted equities and alternative investments iii) Real estate investments excluding own used properties iv) Cash and cash equivalent including Repo and Reverse repo v) Other investments as investments in non-consolidated subsidiaries, derivatives, receivables from banks or customers (*) Investment fund units are allocated to each asset class on a look through basis General account investments for life segment include bonds and loans issued by Group companies and investments in consolidated subsidiaries backing policyholders' liabilities.
P&C Operating Result consists of the following elements: I) "Technical Result" is net of acquisition and administration costs ii) "Investment Result" includes interests and dividends, interest expenses on operating debt and investment expenses iii) "Other" includes other net operating items not considered in Technical Result and in Investment Result "Operating ratio on Investments" is calculated as Operating result on the average of Investments at book value
Total Comprehensive Income Change in shareholders' equity during the period related to income and expenses recognized in profit or loss or directly in shareholders' equity resulting from transactions and events other than transactions with equity Owners.
Total Operating Result Operating result of Life, P&C, Asset & Wealth Management and Holding and Other businesses segments, after consolidation adjustments. Operating result is a non-GAAP indicator and may differ from similar measure presented by other companies. Management uses this non-GAAP measure as key indicator in assessing Generali's performance and believes that the presentation of these KPI provide useful and relevant information's to shareholders and users on Generali's performance. Please refer to the 'Methodological notes on alternative performance measures' included in the latest annual Management Report for details on operating result methodology.
Other Comprehensive Income (OCI) Other Comprehensive Income includes net unrealized gains and losses on AFS investments, foreign currency translation differences, net unrealized gains and losses on hedging derivatives.
Annual Premium Equivalent (APE) is defined as new business annualised regular premiums plus 10% of single premiums
New Business Value (NBV) is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be generated by the covered new business written in the period, taking into account the actual acquisition costs incurred in the period of sale, after allowance for: - the cost of financial guarantees and options granted to policyholders - the frictional costs of setting up and holding the required capital - the cost of non hedgeable risks NBV is defined as the sum of quarterly NBV, calculated with beginning of period economic and operating assumptions
Present Value of New Business Premiums (PVNBP) is defined as the present value of the expected future new business premiums, allowing for lapses and other exits, discounted to point of sale using the reference rates
Disclaimer
Disclaimer
Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. The Manager in charge of preparing the company's financial reports, Cristiano Borean, declares, pursuant to paragraph 2 article 154 bis of the Consolidated Law on Finance, that the accounting information in this financial supplement corresponds to the document results, books and accounting entries. Certain comparative periods might have been restated according to the current Group financial reporting policy and presentation.

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Assicurazioni Generali S.p.A. published this content on 14 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2023 08:14:12 UTC.