Cover
Generali
Financial information as of June 30, 2022
Index
Index
as of June 30, 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); as a result, the contribution of the Cattolica group was neutralised in the calculation for changes on equivalent terms. 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; as a result, they considered the contribution from the Cattolica group in percentage changes.
Summary P&L
Index
Summary Profit & Loss
as of June 30, 2022
euro mln HY 2021 HY 2022 Change %
Life operating result 1,442 1,689 17.1%
P&C operating result 1,256 1,294 3.0%
Asset & Wealth management (1) 520 503 -3.3%
Holding and other businesses 37 121 n.m.
Consolidation Adjustments (259) (467) 80.5%
Consolidated operating result 2,996 3,140 4.8%
Non operating investment income 48 (168) n.m.
Net realised gains 158 55 -65.1%
Net impairments (121) (311) n.m.
Fair Value through P&L 12 88 n.m.
Net other non operating expenses (258) (237) -8.1%
of which VOBA (43) (29) -33.5%
Non operating holding expenses (286) (308) 7.7%
of which interest expenses on financial debt (235) (237) 0.8%
Consolidated non-operating result (496) (713) 43.8%
Earnings before taxes 2,500 2,427 -2.9%
Income taxes (777) (850) 9.4%
Result from discontinued operations - - -
Minority interests (183) (175) -4.2%
Net result 1,540 1,402 -9.0%
RoE
euro mln HY 2021 HY 2022
Net Result 1,540 1,402
Average shareholder's equity (excl. OCI) 22,774 23,671
RoE, % 6.8% 5.9%
Per share data
HY 2021 HY 2022
Closing number of shares 1,581,069,241 1,586,593,803
Weighted average number of shares 1,571,773,571 1,576,859,597
Earnings per share 0.98 0.89
Earnings per share Normalized (2) 0.98 0.89
(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) HY2022 net result and EPS were equal to the HY2022 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 June 30, 2022
Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Consolidated operating result 2,996 3,140 1,442 1,689 1,256 1,294 520 503 37 121 (259) (467)
Net earned premiums 34,762 38,103 24,067 25,571 10,695 12,532 - - - - - -
Net insurance benefit and claims (36,913) (20,314) (30,394) (12,388) (6,549) (8,000) - - - - 30 74
Acquisition and administration costs (5,971) (6,786) (2,584) (2,817) (3,061) (3,606) (274) (304) (53) (58) - -
Net fee and commission income 550 520 56 48 - - 773 691 43 48 (322) (268)
Net operating income from financial instruments at FVthP&L 5,436 (12,810) 5,428 (13,086) 20 39 (16) 175 4 63 - -
Net operating income from other financial instruments 5,671 4,750 4,694 4,166 405 574 112 (65) 407 332 53 (257)
Interest and other income 5,267 5,682 4,333 4,807 532 714 104 139 591 569 (293) (547)
Net operating realized gains 986 55 962 232 - - 26 (185) (2) 7 - -
Net operating impairment losses (110) (331) (96) (300) - - (2) (1) (12) (30) - -
Interest expenses on operating debt (110) (128) (45) (64) (21) (23) (5) (5) (41) (39) 2 3
Other expenses on investments (362) (528) (460) (509) (106) (117) (11) (12) (130) (175) 344 286
Operating holding expenses (245) (259) - - - - - - (245) (259) - -
Net other operating expenses (293) (64) 177 196 (256) (245) (75) 6 (120) (4) (20) (16)
Consolidated non-operating result (496) (713) (104) (215) (110) (135) (6) (3) (277) (360) - -
Net non-operating income from financial instruments at FVthP&L 12 88 (1) (2) 8 83 - - 5 7 - -
Net non-operating income from other financial instruments 37 (256) (8) (111) (15) (109) - 1 60 (36) - -
Net non-operating realized gains 158 55 17 - 74 55 - 1 67 - - -
Net non-operating impairment losses (121) (311) (26) (111) (89) (164) - - (6) (36) - -
Non-operating holding expenses (286) (308) - - - - - - (286) (308) - -
Interest expenses on financial debt (235) (237) - - - - - - (235) (237) - -
Other non-operating holding expenses (52) (72) - - - - - - (52) (72) - -
Net other non-operating expenses (258) (237) (94) (102) (103) (109) (6) (4) (55) (22) - -
Earnings before taxes 2,500 2,427 1,339 1,475 1,146 1,159 515 499 (241) (238) (259) (468)
Income taxes (777) (850)
Result from discontinued operations - -
Consolidated result for the period 1,723 1,577
Minority interests (183) (175)
Net income after minorities 1,540 1,402
Summary BS
Index
Summary Balance Sheet
as of June 30, 2022
Group Life P&C Asset & Wealth management Holding and other businesses Consolidation
euro mln YE 2021 HY 2022 YE 2021 HY 2022 YE 2021 HY 2022 YE 2021 HY 2022 YE 2021 HY 2022 YE 2021 HY 2022
Intangible assets 9,970 10,426 4,862 5,153 4,263 4,429 493 482 351 360 1 1
Tangible assets 3,990 3,953 633 644 2,219 2,194 229 222 1,060 1,036 (150) (142)
Amounts ceded to reinsurers from insurance provisions 6,646 6,846 2,821 3,017 3,825 3,829 0 0 0 0 - -
Investments 527,904 471,160 469,732 411,806 40,916 39,715 14,266 15,753 23,725 25,615 (20,735) (21,729)
Land and buildings (investment properties) 16,867 16,978 8,261 8,329 4,311 4,338 0 0 4,294 4,311 - -
Investments in subsidiaries, associated companies and joint ventures 2,353 2,261 11,645 11,961 2,691 3,012 13 15 891 764 (12,886) (13,491)
Held to maturity investments 1,687 1,834 1,065 1,139 168 268 454 426 0 0 - -
Loans and receivables 31,420 32,055 25,577 24,850 2,646 2,941 3,273 3,645 7,772 8,856 (7,849) (8,237)
Available for sale assets 348,572 301,684 298,831 252,730 28,994 26,381 10,073 11,021 10,673 11,551 - -
Financial assets at fair value through profit and loss 127,006 116,349 124,352 112,795 2,106 2,775 453 646 95 133 - -
Receivables 13,912 17,517 7,101 9,689 6,084 7,201 486 365 267 262 (25) -
Other assets 15,326 18,181 10,329 10,541 4,192 6,605 563 660 293 412 (52) (36)
Deferred acquisition costs 2,198 2,183 1,829 1,807 369 376 0 0 0 0 - -
Other assets 13,128 15,998 8,500 8,733 3,823 6,229 563 660 293 412 (52) (36)
Cash and cash equivalents 8,476 8,098 2,816 3,445 2,802 2,197 1,857 1,602 1,197 1,013 (196) (160)
Total Assets 586,225 536,180 498,293 444,294 64,302 66,171 17,893 19,084 26,893 28,697 (21,157) (22,066)
Other provisions 2,424 2,349 585 611 1,317 1,279 250 243 454 398 (182) (182)
Insurance provisions 479,449 437,915 441,363 397,356 38,086 40,559 0 0 0 0 0 0
Financial Liabilities 47,713 49,980 21,309 22,376 8,413 9,023 14,066 15,234 7,170 7,657 (3,246) (4,310)
Financial liabilities at fair value through profit and loss 9,317 10,767 8,835 10,330 256 244 172 158 27 7 27 27
Other financial liabilites 38,396 39,214 12,474 12,046 8,157 8,779 13,894 15,075 7,143 7,651 (3,274) (4,337)
Payables 13,250 14,499 6,625 7,716 5,092 5,185 568 475 968 1,124 (3) (1)
Other Liabilities 11,512 10,304 5,445 3,981 4,251 3,810 459 1,053 1,373 1,465 (16) (6)
Total Liabilities 554,349 515,047 475,328 432,041 57,159 59,855 15,343 17,006 9,966 10,645 (3,448) (4,499)
Shareholders' equity 29,308 19,078
Minority interests 2,568 2,055
Total Liabilities & shareholders' equity 586,225 536,180
GWP_YTD
Index
Gross Written Premiums - YTD
as of June 30, 2022
Property & Casualty Insurance (1)
Gross Written Premium Gross Primary Premiums Reinsurance accepted
P&C Motor Non Motor P&C
euro mln HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like
Italy (2) 2,908 4,157 +4.9% 1,027 1,512 -1.2% 1,747 2,533 +10.6% 133 111 -21.8%
France 1,635 1,718 +5.1% 567 603 +6.5% 1,040 1,085 +4.3% 28 29 +4.0%
Germany 2,261 2,318 +2.5% 931 926 -0.5% 1,328 1,390 +4.7% 2 2 -21.3%
Austria & CEE (3) 2,414 2,594 +6.8% 1,132 1,176 +3.1% 1,261 1,397 +10.3% 21 21 +1.2%
International 2,380 2,739 +10.3% 848 1,010 +18.3% 1,422 1,596 +5.0% 110 133 +19.1%
Spain 894 941 +5.2% 218 224 +2.7% 637 677 +6.1% 39 41 +4.8%
Switzerland 528 538 -4.0% 224 232 -2.3% 304 305 -5.3% 0 0 -17.8%
Americas & Southern Europe 836 1,045 +21.8% 406 523 +37.7% 429 521 +8.3% 1 1 -11.9%
Asia 121 215 +24.8% 0 30 - 51 94 +20.7% 70 90 +27.8%
Group Holding and other companies 704 1,056 +50.0% 15 10 -30.8% 475 765 +61.1% 214 281 +31.0%
Total Group 12,301 14,582 +8.5% 4,520 5,238 +4.6% 7,273 8,766 +10.7% 508 577 +11.7%
Life Insurance (1)
Gross Written Premium Gross Primary Premiums Reinsurance accepted
Life Savings & Pension Protection Unit / Index Linked Life
euro mln HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like HY 2021 HY 2022 Change % like for like
Italy (2) 9,314 10,269 -4.0% 6,529 6,542 -6.3% 250 384 +11.9% 2,535 3,343 +0.1% 0 0 -
France 6,199 6,008 -3.1% 2,012 1,672 -16.9% 1,065 1,155 +8.5% 2,497 2,597 +4.0% 626 583 -6.8%
Germany 5,611 5,676 +1.2% 1,739 1,601 -7.9% 2,350 2,435 +3.6% 1,495 1,611 +7.8% 27 29 +9.8%
Austria & CEE (3) 1,178 1,219 +3.0% 345 330 -4.9% 486 526 +7.1% 346 362 +4.8% 1 1 +56.7%
International 2,883 3,506 +11.3% 1,275 1,743 +23.4% 1,113 1,219 +1.7% 494 542 +1.8% 1 1 +74.9%
Spain 376 374 -0.4% 133 113 -14.8% 171 190 +11.1% 72 71 -1.1% 0 0 -
Switzerland 482 497 -2.8% 82 83 -4.5% 63 66 -2.0% 337 348 -2.6% 0 0 -16.7%
Americas & Southern Europe 208 289 +19.8% 34 30 -16.0% 171 246 +26.9% 3 13 +16.3% 0 0 -3.9%
Asia 1,817 2,345 +16.3% 1,026 1,517 +32.0% 708 717 -6.9% 82 109 +20.3% 0 1 +169.1%
Group Holding and other companies 607 621 +2.3% 0 0 +2925.5% 91 97 +6.1% 11 10 -10.9% 504 514 +1.9%
Total Group 25,791 27,298 -0.5% 11,900 11,889 -5.1% 5,354 5,815 +4.9% 7,378 8,466 +3.3% 1,159 1,129 -2.6%
Total Gross Written Premiums
Group
euro mln HY 2021 HY 2022 Change % like for like
38,093 41,880 +2.4%
(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 Italia and Global Business Lines. 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 June 30, 2022
Summary Life operating result
Group Italy France Germany Austria & CEE International (1) Group Holdings and other companies (2)
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Net statutory Earned Premiums 24,869 26,361 9,299 10,245 5,727 5,527 5,586 5,641 1,137 1,179 2,540 3,229 579 539
Technical Margin 3,330 3,716 725 846 703 864 800 829 343 355 657 750 103 72
Margin on revenues 1,707 1,820 293 334 505 499 420 421 177 173 311 389 2 5
Technical and other result 787 1,042 246 250 (53) 111 162 212 118 133 215 274 99 62
Unit/Index linked fees 836 854 186 262 251 253 218 196 48 49 130 88 1 6
Investment Result 800 926 512 670 254 172 52 28 31 55 (14) 44 (35) (42)
Interest income and other income 4,333 4,807 1,857 2,012 1,066 1,211 800 879 155 158 444 532 10 15
Net income related to FI at FVthP&L 5,428 (13,086) 740 (2,322) 2,188 (4,287) 2,459 (3,880) 254 (505) (223) (2,109) 10 16
of which Net income from FI related to Unit/Index linked policies 5,644 (12,048) 746 (2,467) 2,154 (4,038) 2,435 (3,834) 256 (538) 44 (1,186) 10 14
Net operating realized gains on investments 962 232 162 (26) 203 8 421 203 38 11 137 37 - -
Net operating impairment losses on investments (96) (300) (38) (160) (44) (48) (11) (67) - (6) (2) (5) (2) (14)
Interest expenses on liabilities linked to operating activities (45) (64) (6) (7) - (4) (8) (10) (2) (1) (24) (38) (4) (5)
Other expenses from other FI and investment properties (460) (509) (173) (225) (120) (117) (71) (73) (30) (27) (33) (25) (33) (42)
Policyholders' interest on operating income from investments (9,322) 9,847 (2,030) 1,398 (3,039) 3,410 (3,539) 2,975 (384) 424 (314) 1,652 (16) (13)
Expenses (2,687) (2,953) (611) (722) (637) (681) (659) (632) (239) (259) (446) (573) (95) (86)
Acquisition costs related to insurance business (2,134) (2,297) (464) (532) (515) (544) (605) (576) (163) (178) (314) (403) (73) (63)
Administration costs related to insurance business (454) (518) (113) (142) (97) (108) (54) (52) (60) (64) (108) (131) (22) (22)
Net other operating expenses (99) (137) (34) (47) (25) (29) - (4) (15) (18) (24) (40) - (1)
Life Operating result 1,442 1,690 626 794 319 355 193 225 135 150 197 222 (27) (56)
Life Non-operating result (104) (215) (20) (37) (16) (35) (2) (7) (29) (65) (34) (57) (3) (14)
Net non-operating income from other financial instruments (9) (113) (3) (45) - - (2) (6) (2) (38) (6) (10) 2 (13)
Net other non-operating expenses (94) (102) (17) 8 (16) (35) - (1) (27) (26) (28) (47) (6) (1)
Life segment earnings before taxes 1,339 1,475 606 757 304 319 190 218 107 86 163 164 (31) (70)
Life Indicators HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Technical margin on NEP 13.4% 14.1% 7.8% 8.3% 12.3% 15.6% 14.3% 14.7% 30.2% 30.1% 25.8% 23.2% 17.8% 13.4%
Unit/Index linked fees on Unit/Index linked investments 0.99% 0.83% 0.91% 0.89% 0.93% 0.80% 0.93% 0.73% 1.04% 1.03% 1.44% 0.93% 0.69% 2.84%
Investment result on General account investments 0.23% 0.27% 0.36% 0.46% 0.28% 0.21% 0.07% 0.04% 0.23% 0.51% -0.05% 0.14% -1.20% -1.52%
Expense ratio 10.4% 10.7% 6.2% 6.6% 10.7% 11.8% 11.7% 11.1% 19.3% 20.4% 17.1% 16.9% 16.9% 16.4%
Total Life operating return on investments 0.33% 0.38% 0.39% 0.46% 0.27% 0.32% 0.20% 0.24% 0.76% 0.97% 0.52% 0.55% -0.87% -1.89%
Balance sheet data
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Total Life segment investments 439,008 408,376 161,930 160,271 118,508 104,251 99,604 87,074 16,579 14,399 38,654 39,418 3,733 2,962
- of which General account investments 344,346 310,505 139,011 131,318 87,847 73,871 72,924 62,204 11,616 9,937 29,409 30,404 3,540 2,771
- of which Unit/Index linked investments 94,662 97,871 22,920 28,953 30,661 30,381 26,681 24,870 4,964 4,462 9,244 9,014 193 191
International Life operating results International of which Spain International of which Switzerland International of which Americas & Southern Europe International of which Asia
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Net statutory Earned Premiums 343 342 476 491 179 260 1,543 2,136
Technical Margin 78 88 161 84 66 128 352 450
Margin on revenues 44 56 23 23 5 13 239 297
Technical and other result 28 28 52 42 61 115 74 90
Unit/Index linked fees 5 4 86 19 - 1 39 64
Investment Result 51 41 (133) (59) 21 23 47 39
Interest income and other income 64 59 65 59 25 17 290 397
Net income related to FI at FVthP&L (6) (444) (241) (1,576) 5 16 19 (104)
of which Net income from FI related to Unit/Index linked policies 9 (35) 22 (1,094) 1 (3) 12 (53)
Net operating realized gains on investments 5 6 15 - 1 (3) 117 34
Net operating impairment losses on investments - (1) - - - - (2) (4)
Interest expenses on liabilities linked to operating activities - - (2) (3) - - (22) (34)
Other expenses from other FI and investment properties (4) (4) (13) (14) (1) (1) (15) (7)
Policyholders' interest on operating income from investments (8) 424 43 1,476 (9) (6) (340) (242)
Expenses (29) (34) (53) (53) (66) (108) (297) (378)
Acquisition costs related to insurance business (20) (24) (34) (38) (45) (70) (215) (272)
Administration costs related to insurance business (8) (9) (18) (14) (15) (22) (66) (86)
Net other operating expenses (1) (1) (1) (2) (7) (16) (16) (21)
Life Operating result 99 95 (25) (28) 21 43 102 111
Life Non-operating result (7) (8) (15) (21) (15) (24) 3 (5)
Net non-operating income from other financial instruments (1) (2) (7) (5) (4) (2) 6 (1)
Net other non-operating expenses (6) (6) (8) (15) (11) (21) (3) (4)
Life segment earnings before taxes 92 87 (40) (48) 6 20 105 106
International Balance sheet data
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Total Life segment investments 7,508 6,232 16,740 14,882 1,775 1,605 12,631 16,699
- of which General account investments 7,175 5,871 8,390 6,876 1,643 1,466 12,201 16,190
- of which Unit/Index linked investments 333 361 8,350 8,006 131 139 430 509
(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 June 30, 2022
Summary P&C operating result(1)
Group Italy France Germany Austria & CEE International (2) Group Holdings and other companies (3)
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Technical result 997 842 258 265 58 15 239 159 297 239 85 16 60 147
Net earned premiums 10,695 12,532 2,959 4,088 1,352 1,420 1,778 1,791 2,075 2,248 1,772 2,041 760 943
Net insurance benefit and claims (6,543) (7,992) (1,857) (2,596) (891) (1,007) (1,004) (1,085) (1,114) (1,326) (1,184) (1,410) (494) (567)
Net acquisition costs (2,525) (2,937) (686) (976) (350) (343) (444) (461) (515) (523) (387) (472) (142) (162)
Net administration costs (527) (661) (107) (193) (57) (60) (82) (75) (109) (118) (116) (143) (56) (72)
Other net technical income (103) (100) (52) (57) 4 4 (10) (11) (39) (41) 1 - (7) 6
Investment Result 420 609 68 190 56 52 93 143 66 94 103 136 34 (6)
Other operating items (161) (158) (36) (58) (9) (9) (19) (8) (41) (45) (30) (28) (25) (9)
P&C Operating result 1,256 1,294 289 398 106 57 313 294 322 288 158 124 68 133
P&C Non-operating result (110) (135) (34) (64) (20) (31) (15) (8) 23 (23) (59) (46) (4) 37
Net non-operating income from other financial instruments (7) (26) (5) (28) (15) (25) (9) (15) 34 (14) (18) 20 6 36
Net other non-operating expenses (103) (109) (29) (36) (5) (6) (6) 7 (11) (9) (41) (66) (10) 1
P&C segment earnings before taxes 1,146 1,159 255 334 85 26 298 285 345 266 99 78 64 170
P&C Indicators(4) HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Combined Ratio 89.7% 92.5% 89.5% 92.1% 95.9% 99.2% 85.8% 90.2% 83.5% 87.6% 95.2% 99.5% 90.2% 85.0%
Expense ratio 28.5% 28.7% 26.8% 28.6% 27.9% 27.1% 29.6% 29.8% 28.9% 28.4% 28.3% 29.6% 25.7% 24.7%
Loss ratio 61.2% 63.8% 62.8% 63.5% 68.0% 72.1% 56.2% 60.4% 54.6% 59.2% 66.9% 69.8% 64.5% 60.4%
Natural catastrophe losses 2.0% 2.2% 0.4% 0.3% 2.3% 7.4% 3.6% 4.1% 3.0% 3.0% 1.1% 0.0% 4.1% 1.3%
Loss Ratio (excl. Nat Cat) 59.1% 61.7% 62.4% 63.2% 65.7% 64.8% 52.6% 56.3% 51.6% 56.2% 65.8% 69.8% 60.4% 59.0%
of which current year loss ratio 62.4% 64.3%
of which prior year's loss ratio -3.3% -2.6%
Investment result on investments 1.02% 1.41% 0.85% 1.58% 0.78% 0.73% 1.31% 2.00% 0.81% 1.24% 1.82% 2.36% 0.66% -0.17%
Total P&C operating return on investments 3.05% 3.00% 3.66% 3.30% 1.46% 0.80% 4.40% 4.11% 3.97% 3.80% 2.79% 2.15% 1.34% 3.85%
Balance sheet data
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Total P&C segment investments 41,033 41,788 7,766 11,530 7,212 6,758 7,138 6,619 8,065 7,259 5,536 5,978 5,316 3,645
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 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Technical result 19 2 13 13 49 (1) 4 3
Net earned premiums 665 696 299 314 714 896 94 135
Net insurance benefit and claims (460) (494) (202) (213) (456) (617) (66) (86)
Net acquisition costs (162) (173) (52) (60) (148) (198) (24) (41)
Net administration costs (25) (30) (30) (28) (57) (77) (4) (8)
Other net technical income 2 2 (1) (1) (4) (5) 4 3
Investment Result 17 20 11 11 72 93 4 12
Other operating items (5) (4) (4) (4) (14) (15) (7) (4)
P&C Operating result 32 17 20 20 107 77 1 11
P&C Non-operating result (5) - (3) 10 (51) (56) - -
Net non-operating income from other financial instruments (1) 5 4 27 (20) (13) - -
Net other non-operating expenses (4) (5) (7) (17) (31) (43) - (1)
P&C segment earnings before taxes 27 17 17 30 55 21 - 11
International P&C Indicators(4) HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Combined Ratio 97.4% 100.1% 95.2% 95.6% 92.5% 100.2% 99.9% 100.7%
Expense ratio 27.9% 28.5% 27.6% 27.9% 28.7% 30.1% 29.5% 36.2%
Loss ratio 69.5% 71.6% 67.6% 67.8% 63.8% 70.0% 70.4% 64.5%
Natural catastrophe losses 2.1% 0.0% 1.8% 0.0% 0.0% 0.0% 0.0% 0.0%
Loss Ratio (excl. Nat Cat) 67.4% 71.6% 65.8% 67.8% 63.8% 70.0% 70.4% 64.5%
International Balance sheet data
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Total P&C segment investments 1,829 1,718 1,394 1,352 2,284 2,153 29 754
(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 June 30, 2022
Net realized gains and impairments
Group of which Life of which P&C of which Holding and other businesses
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Equity & Equity-like
Net realized gains 545 167 522 101 22 65 (1) -
Net impairment losses (70) (363) (44) (266) (13) (34) (13) (63)
Fixed Income
Net realized gains 453 96 449 123 (2) (35) 5 8
Net impairment losses (76) (236) (50) (141) (26) (95) 1 -
Real Estate
Net realized gains 118 41 4 7 48 34 66 -
Net impairment losses (41) (6) (22) 4 (13) (8) (6) (3)
Other (1)
Net realized gains (9) 163 (23) 151 13 (3) 1 3
Net impairment losses (45) (37) (5) (8) (38) (28) (2) -
Total net realized gains 1,106 467 952 382 81 60 71 11
of which Net operating realized gains 942 403 936 382 - - 5 7
of which Net non-operating realized gains 164 64 16 - 81 60 66 4
Total Net impairment losses (231) (642) (122) (411) (89) (164) (20) (66)
of which Net operating impairment losses (110) (331) (96) (300) - - (14) (30)
of which Net non-operating impairment losses (121) (311) (26) (111) (89) (164) (6) (36)
(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 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Amortisation and impairment of tangible and intangible assets (214) (218) (66) (66) (102) (116) (4) 5
Other net technical income 176 197 296 314 (103) (100) - (1)
Other net operating expenses (255) (42) (53) (52) (50) (29) (116) (9)
Total net other operating expenses (293) (64) 177 196 (256) (245) (120) (4)
Restructuring costs (58) (41) (14) (7) (42) (34) (2) (1)
VOBA amortization (43) (29) (30) (19) (11) (7) - -
Other net non-operating expenses (156) (167) (50) (76) (50) (68) (54) (22)
Total net other non-operating expenses (258) (237) (94) (102) (103) (109) (55) (22)
Investments_Summary
Index
Summary Investments
as of June 30, 2022
Group Life Property & Casualty Asset & Wealth management Holding and other businesses Consolidation
euro mln YE2021 HY2022 YE2021 HY2022 YE2021 HY2022 YE2021 HY2022 YE2021 HY2022 YE2021 HY2022
Fixed income 356,484 309,733 313,570 267,095 30,103 28,271 11,948 12,911 8,620 9,579 (7,757) (8,122)
Government bonds 194,293 163,087 171,799 140,974 13,245 12,641 8,987 9,178 262 295 0 0
Corporate bonds 113,965 98,990 100,554 86,078 13,449 11,934 1,497 2,253 972 750 (2,507) (2,023)
Other fixed income 48,226 47,655 41,216 40,044 3,409 3,696 1,465 1,480 7,386 8,535 (5,250) (6,099)
Equity & Equity-like 28,054 26,910 16,497 14,611 2,036 1,717 46 32 9,475 10,550 0 0
Real estate 19,847 20,125 10,967 11,175 4,555 4,612 6 1 4,318 4,337 0 0
Cash and cash equivalents (1) 13,830 12,828 6,448 6,119 4,279 4,175 2,068 1,670 1,232 1,025 (196) (160)
Other investments (2) 5,294 4,191 12,547 11,505 2,608 3,013 1,871 2,152 1,246 1,126 (12,978) (13,606)
Total investments - General account 423,509 373,788 360,029 310,505 43,580 41,788 15,939 16,766 24,892 26,617 (20,931) (21,888)
Unit/linked investments 107,243 97,871
Total investments 530,752 471,659
Third parties AUM 178,865 163,747
Total AUM 709,617 635,406
(1) includes repurchase agreement accounted as liabilities of € 2.730 as at HY2022 and of € 2.690 as at YE2021.
(2) includes derivative instruments accounted as liabilities of € 1.689 as at HY2022 and of € 1.074 mln as at YE2021.
Group Life Property & Casualty
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Average stock of investments 405,668 400,692 349,015 336,956 41,115 43,160
Current income (3) 5,196 5,607 4,291 4,772 527 725
of which Current return on Fixed Income 4,134 4,325 3,773 3,871 295 352
of which Current return on Equity & Equity-like 586 723 183 375 29 53
of which Current return on Real Estate (3) 384 441 245 266 85 103
Net realised gains, impairment losses, unrealised gains and foreign exchange gains 716 (1,279) 623 (1,259) 27 1
Management expenses (209) (334) (273) (300) (86) (88)
Total P&L Investment income 5,703 3,994 4,641 3,213 468 638
% return
Current return (3) 1.3% 1.4% 1.2% 1.4% 1.3% 1.7%
Total P&L Return 1.4% 1.0% 1.3% 1.0% 1.1% 1.5%
(3) Net of Real Estate depreciation. Includes fees from securities lending operation.
Group Life Property & Casuality
% HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Fixed Income 1.2% 1.3% 1.2% 1.3% 1.1% 1.2%
Current return 1.3% 1.0% 1.3% 1.1% 1.0% 0.7%
Total P&L return
Equity & Equity-like 2.5% 2.6% 1.3% 2.4% 1.6% 2.8%
Current return 5.0% 1.2% 5.5% 0.2% 2.3% 3.8%
Total P&L return
Real Estate 2.2% 2.2% 2.5% 2.4% 2.2% 2.2%
Current return(3) 1.9% 1.7% 1.8% 2.0% 2.0% 2.0%
Total P&L return
Other 0.3% 0.5% 0.4% 1.3% 1.5% 2.9%
Current return -1.2% 0.1% -1.3% 0.3% 1.5% 4.0%
Total P&L return
b
Investments_focus Equity
Index
Focus on Equity & Equity-like
as of June 30, 2022
Split by sector
euro mln Group o/w Life o/w P&C
Financial 2,414 1,670 511
Utilities 357 319 38
Consumer 1,270 1,176 94
Industrial 959 874 86
Energy 644 602 42
Other 2,981 2,673 302
Total direct 8,625 7,313 1,073
Asset Allocation Funds 4,609 4,279 328
Alternative Investments (1) 13,677 3,019 316
Total 26,910 14,611 1,717
(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 949 588 346
France 2,410 2,142 267
Germany 996 833 120
CEE 194 30 60
RoE 2,188 1,871 251
Rest of World 1,888 1,848 29
Total direct 8,625 7,313 1,073
Split by accounting treatment
euro mln Amortized cost Fair Value ∆
Equities 21,927 26,910 4,758
Available for Sale 20,472 25,455 4,758
Fair Value through P&L 1,455 1,455 n.a.
Investments_focus Fixed Income
Index
Focus on Fixed Income
as of June 30, 2022
GOVERNMENT BOND(1)
Split by rating
euro mln Group o/w Life o/w P&C
AAA 8,628 7,904 590
AA 48,451 44,057 3,773
A 32,755 28,703 3,564
BBB 68,818 57,014 3,831
Not investment grade 1,500 778 464
Not rated 2,936 2,517 418
Total 163,087 140,974 12,641
Split by country of risk
euro mln Group o/w Life o/w P&C
Italy 52,777 45,542 1,651
France 29,643 27,568 1,988
Germany 4,118 3,666 408
CEE 13,488 9,664 3,293
RoE 45,255 39,451 3,152
Rest of World 12,208 10,403 1,751
Supranational 5,598 4,681 398
Total 163,087 140,974 12,641
Split by accounting treatment
euro mln Amortized Cost Fair Value ∆
Government bonds 178,007 163,387 - 14,620
Available for Sale 170,556 155,636 - 14,920
Fair Value through P&L 2,327 2,327 n.a.
Held to Maturity and Loans 5,124 5,424 300
Duration Government bonds
years Life P&C
Duration 10.8 6.2
(1) Government bonds comprises Sovereign, Agencies, State & Local notes and other Government Guaranteed notes.
CORPORATE BOND (2)
Split by rating
euro mln Group o/w Life o/w P&C euro mln Covered bonds Financial corporate
AAA 6,563 5,562 409 AAA 5,610 654
AA 8,427 6,822 873 AA 3,897 2,173
A 25,403 21,551 3,194 A 327 9,816
BBB 49,055 42,833 5,436 BBB 1 11,868
Not investment grade 7,531 6,473 987 Not investment grade - 0 1,702
Not rated 2,012 1,098 749 Not rated 5 1,620
Totale 98,990 84,340 11,648 Totale 9,840 27,832
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 27,832 21,446 3,807 Italy 381 2,234
Covered bonds 9,840 9,064 776 France 2,819 5,482
Utilities 15,879 14,631 1,348 Germany 1,629 2,167
Consumer 9,465 7,703 1,502 CEE 154 262
Telecommunication services 8,695 7,794 795 Rest of Europe 4,562 11,892
Industrial 7,283 6,362 829 Rest of World 295 5,795
Energy 3,673 3,126 484 Totale 9,840 27,832
Other 16,323 14,214 2,107
Total 98,990 84,340 11,648
(2) Split by rating and by sector doesn't include the intragroup transactions for Life and P&C segments
Split by accounting treatment
euro mln Amortized Cost Fair Value ∆
Corporate bonds 108,798 98,727 - 10,071
Available for sale 98,958 89,151 - 9,807
Fair Value through P&L 1,543 1,543 n.a.
Held to Maturity and Loans 8,297 8,034 - 264
Duration Corporate bonds
years Life P&C
Duration 5.6 4.7
OTHER FIXED INCOME
Split by nature
euro mln Group o/w Life o/w P&C
Indirect investments in fixed income 30,038 27,589 1,923
Mortgage loans 6,238 1,125 137
Policy loans 1,609 1,609 0
Time deposit other than "cash & cash equivalents" 2,333 3,020 1,228
All other loans 7,439 6,700 408
Totale 47,655 40,044 3,696
Split by accounting treatment
euro mln Amortized Cost Fair Value ∆
Total 49,557 47,566 - 1,991
Available for sale 27,665 25,763 - 1,902
Fair value through profit or loss 4,348 4,348 n.a.
Held to Maturity and Loans 17,545 17,456 - 89
Investments_focus Real Estate
Index
Focus on Real Estate
as of June 30, 2022
REAL ESTATE
euro mln Amortized cost Fair Value ∆
Investment properties 16,978 27,871 10,893
Self Use(1) 2,941 3,888 948
Total direct investments 19,919 31,759 11,841
Inventories(1) 574 574 - 0
Indirect investments in Real Estate 2,967 3,147 180
Total 23,460 35,480 12,021
(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 6,679 9,732 Office 58.5%
France 5,130 9,612 Retail 18.9%
Germany 2,728 4,122 Residential 10.2%
CEE 1,270 1,485 Logistics 4.3%
Rest of Europe 3,811 6,429 Other/Mixed 8.0%
Rest of World 300 378 Total 100.0%
Total 19,919 31,759 (2) Detail referred to investment properties only
Life new business
Index
Life new business analysis
as of June 30, 2022
New business volumes
Group Italy France Germany Austria & CEE International
euro mln HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022
Annual premiums 1,227 1,119 492 428 86 91 249 218 75 81 324 301
Single premiums 11,781 12,446 5,443 5,913 4,046 3,970 1,111 1,026 324 358 856 1,179
Total Premium 13,008 13,565 5,935 6,341 4,133 4,061 1,360 1,244 399 439 1,181 1,480
PVNBP 24,516 23,573 9,727 9,460 4,866 4,764 6,272 5,536 1,219 1,209 2,431 2,603
APE 2,405 2,363 1,036 1,020 491 488 360 320 108 117 410 419
PVNBP - mix by product type:
Savings 44% 40% 63% 58% 36% 29% 33% 27% 15% 11% 30% 35%
Protection 21% 21% 5% 6% 8% 8% 38% 38% 56% 57% 49% 44%
Unit Linked 35% 40% 32% 36% 56% 64% 29% 35% 29% 32% 21% 21%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Profitability metrics
New business profit 1,145 1,233 540 568 150 202 176 194 80 79 198 191
Margin on PVNBP 4.67% 5.23% 5.55% 6.00% 3.09% 4.24% 2.81% 3.50% 6.55% 6.52% 8.16% 7.32%
Margin on APE 47.6% 52.2% 52.1% 55.7% 30.6% 41.4% 48.9% 60.5% 74.2% 67.6% 48.4% 45.5%
Capitalisation and Indebtness
Index
Capitalisation and Indebtness
as of June 30, 2022
Roll-forward of Shareholders' equity
euro mln HY 2021 HY 2022
Opening shareholders' equity 30,029 29,308
Net profit 1,540 1,402
Dividends (2,315) (1,691)
Other Comprehensive Income (777) (10,083)
Available for Sale reserve (1,014) (10,876)
of which: Equities (27) (622)
of which: Bonds (1,858) (9,821)
of which: Other 870 (433)
Foreign exchange 82 362
Cash-flow hedge reserve (143) (180)
Defined Benefit Plans 303 598
Other(1) (6) 13
Other items (65) 142
Closing shareholders' equity 28,412 19,078
(1) includes also UGL reserves of disposal groups
Financial Debt Outstanding bonds, maturity profile
euro mln YE 2021 HY 2022 euro mln Senior Subordinated
Subordinated debt 8,760 8,567 2022 - 769
Senior debt 1,737 1,738 2023 - 100
Other financial debt 163 146 2024 1,750 8
Total financial debt 10,660 10,451 2025 - 1,635
2026 - 1,407
Average maturity (FYears) 5.07 4.67 2027 - 1,757
2028 - 850
Total interest cost (478) (237) 2029 - 500
Weighted average cost, % 4.60% 4.55% 2030 - 750
2031 - 600
2032+ - 500
Segment Reporting - P&L
Index
Segment reporting - Profit & Loss
as of June 30, 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 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22
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 2,990 1,521 2,982 1,549 3,067 1,611 3,129 1,369 2,627 1,442 2,816 1,689 2,048 1,065 1,944 1,105 1,992 1,121 2,057 1,302 2,456 1,256 2,650 1,294 164 109 261 159 335 186 425 219 546 520 1,076 503 (231) (61) (163) (56) (70) 21 8 38 130 37 157 121 (291) (152) (311) (224) (467) (214) (427) (215) (551) (259) (847) (467)
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 41,827 21,112 41,627 22,899 43,807 23,130 45,898 21,810 43,582 24,067 48,533 25,571 19,292 9,805 19,510 9,800 19,597 10,113 20,341 10,470 20,886 10,695 22,151 12,532 - - - - - - - - - - - - - - - 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) (46,292) (25,238) (48,138) (23,337) (39,264) (30,139) (58,009) (16,961) (47,291) (30,394) (59,244) (12,388) (12,572) (6,351) (12,716) (6,285) (12,768) (6,396) (13,073) (6,452) (12,744) (6,549) (13,866) (8,000) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 20 24 24 30 133 74
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) (4,380) (2,196) (4,433) (2,196) (4,484) (2,324) (4,833) (2,355) (4,837) (2,584) (5,306) (2,817) (5,265) (2,764) (5,421) (2,739) (5,472) (2,899) (5,794) (2,933) (5,891) (3,061) (6,274) (3,606) (146) (74) (153) (75) (177) (154) (332) (172) (404) (274) (612) (304) (242) (127) (252) (125) (259) (136) (292) (146) (297) (53) (107) (58) - - - - - - - - - - - -
Net fee and commission income 305 225 420 194 428 329 679 363 787 550 1,133 520 39 20 42 22 16 19 26 25 51 56 108 48 - - - - - - 1 - - - - - 350 188 404 228 470 294 623 315 740 773 1,553 691 326 243 438 209 441 288 578 288 596 43 47 48 (411) (225) (464) (265) (499) (273) (549) (266) (600) (322) (575) (268)
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) 2,065 2,819 3,813 (749) (6,115) 5,981 10,218 (5,557) 1,692 5,428 8,986 (13,086) 86 39 85 35 84 46 39 29 49 20 56 39 3 - 1 1 3 - 1 - - (16) (135) 175 210 8 12 4 10 9 20 (9) (31) 4 5 63 - - - - - - - - - - - -
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 9,375 4,850 9,794 4,717 8,756 4,765 9,559 4,277 9,151 4,694 9,338 4,166 887 479 858 479 863 441 898 424 763 405 992 574 (9) (3) 10 7 25 13 37 31 106 112 271 (65) 379 116 193 118 245 177 427 204 481 407 907 332 150 97 204 66 87 77 126 20 65 53 (375) (257)
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 9,504 4,766 9,372 4,692 9,284 4,578 9,281 4,478 8,873 4,333 9,075 4,807 1,149 590 1,124 610 1,146 596 1,196 551 1,027 532 1,278 714 21 12 53 27 64 37 81 45 97 104 229 139 4 211 395 223 501 356 772 380 837 591 1,290 569 (305) (145) (311) (211) (435) (211) (435) (220) (550) (293) (987) (547)
Net operating realized gains 1,434 764 1,568 736 1,215 810 1,586 751 1,921 986 1,591 55 1,404 759 1,558 721 1,220 819 1,584 756 1,896 962 1,468 232 - - - - - - - - - - - - 1 - - - (2) - - 1 - 26 77 (185) 31 5 11 15 14 (1) 17 22 57 (2) 53 7 (2) - - - (17) (7) (15) (28) (32) - (7) -
Net operating impairment losses (708) (271) (274) (240) (836) (166) (333) (480) (620) (110) (208) (331) (706) (266) (266) (240) (817) (158) (318) (454) (557) (96) (159) (300) - - - - - - - - - - - - - - - - - (1) (4) - (11) (2) (4) (1) (2) (4) (8) - (19) (7) (11) (27) (52) (12) (45) (30) - - - - - - - - - - 1 -
Interest expenses on operating debt (341) (138) (337) (168) (333) (209) (401) (167) (307) (110) (222) (128) (157) (72) (184) (92) (174) (97) (204) (96) (165) (45) (87) (64) (83) (27) (64) (29) (64) (44) (72) (28) (55) (21) (44) (23) (1) - (1) (1) (1) (2) (4) (1) (3) (5) (10) (5) (123) (45) (92) (49) (97) (62) (129) (47) (88) (41) (83) (39) 23 6 5 2 3 (4) 8 6 5 2 3 3
Other expenses on investments (525) (249) (532) (280) (628) (317) (700) (385) (711) (362) (913) (528) (669) (336) (685) (364) (757) (376) (784) (408) (897) (460) (959) (509) (179) (84) (202) (101) (218) (112) (226) (100) (209) (106) (241) (117) (31) (15) (42) (20) (35) (21) (35) (14) 24 (11) (20) (12) (79) (51) (113) (71) (154) (108) (222) (125) (272) (130) (308) (175) 434 236 511 275 537 299 568 261 643 344 616 286
Operating holding expenses (458) (230) (454) (233) (467) (251) (529) (256) (528) (245) (516) (259) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (458) (230) (454) (233) (467) (251) (529) (256) (528) (245) (516) (259) - - - - - - - - - - - -
Net other operating expenses (157) (84) (247) (50) (44) (58) (207) (97) (353) (293) (216) (64) 355 155 278 192 351 178 271 128 280 177 401 196 (380) (143) (372) (186) (313) (185) (354) (237) (607) (256) (408) (245) (34) (2) (1) (2) 15 32 96 46 105 (75) (1) 6 (67) (71) (100) (29) (42) (65) (196) (43) (91) (120) (179) (4) (31) (24) (52) (24) (55) (19) (24) 8 (40) (20) (30) (16)
Consolidated non-operating result (1,449) (574) (1,109) (539) (1,361) (588) (1,581) (941) (1,848) (496) (1,306) (713) (389) (167) (309) (187) (437) (152) (342) (352) (624) (104) (295) (215) (246) 9 (34) (40) (202) (95) (290) (279) (500) (110) (359) (135) (3) (1) (15) - (2) (9) (31) (6) (43) (6) (25) (3) (811) (415) (751) (309) (717) (332) (916) (304) (682) (277) (627) (360) - - - (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 - - - - - - (2) 8 (35) (1) 3 (2) (110) 1 11 (21) 7 (21) (84) (24) (48) 8 (22) 83 - - 1 - - - - - - - - - 14 9 14 19 3 31 44 (18) (14) 5 18 7 - - - - - - - - - - - -
Net non-operating income from other financial instruments (93) (18) 40 22 (166) (76) (312) (328) (498) 37 117 (256) (219) (112) (113) (93) (272) (73) (150) (236) (260) (8) (38) (111) 138 111 155 49 - (6) 105 (80) (136) (15) 102 (109) - - - - - - - - - - - 1 (12) (16) (2) 67 109 3 (265) (12) (103) 60 53 (36) - - - (2) (2) (1) (2) - - - - -
Net non-operating realized gains 422 181 311 201 265 47 21 103 32 158 368 55 (1) 2 5 11 7 (10) (12) (9) 12 17 20 - 400 173 290 122 172 59 279 113 116 74 278 55 - - - - - - - - - - - 1 22 5 15 70 88 - (243) (1) (96) 67 70 - - - - (2) (2) (1) (2) - - - - -
Net non-operating impairment losses (514) (199) (271) (179) (431) (124) (333) (431) (530) (121) (251) (311) (218) (114) (118) (103) (279) (63) (138) (227) (272) (26) (58) (111) (261) (63) (135) (73) (172) (64) (174) (193) (252) (89) (176) (164) - - - - - - - - - - - - (35) (22) (17) (3) 21 4 (21) (11) (7) (6) (17) (36) - - - - - - - - - - - -
Non-operating holding expenses (793) (391) (755) (388) (795) (371) (707) (302) (579) (286) (590) (308) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (793) (391) (755) (388) (795) (371) (707) (302) (579) (286) (590) (308) - - - - - - - - - - - -
Interest expenses on financial debt (723) (336) (673) (331) (666) (314) (605) (253) (493) (235) (478) (237) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (723) (336) (673) (331) (666) (314) (605) (253) (493) (235) (478) (237) - - - - - - - - - - - -
Other non-operating holding expenses (70) (55) (82) (57) (128) (57) (102) (49) (86) (52) (112) (72) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (70) (55) (82) (57) (128) (57) (102) (49) (86) (52) (112) (72) - - - - - - - - - - - -
Net other non-operating expenses (467) (175) (419) (171) (411) (152) (520) (278) (674) (258) (832) (237) (170) (55) (196) (94) (165) (79) (190) (124) (329) (94) (260) (102) (274) (103) (200) (69) (209) (68) (311) (175) (316) (103) (439) (109) (3) (1) (16) - (3) (9) (31) (6) (43) (6) (25) (4) (19) (17) (8) (7) (34) 4 12 28 14 (55) (108) (22) - - - - - - - - - - - -
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 2,601 1,354 2,674 1,362 2,630 1,458 2,787 1,017 2,003 1,339 2,520 1,475 1,803 1,073 1,910 1,065 1,789 1,026 1,767 1,022 1,956 1,146 2,292 1,159 162 108 247 158 333 177 394 213 503 515 1,051 499 (1,042) (476) (914) (365) (787) (310) (908) (266) (552) (241) (470) (238) (291) (152) (311) (226) (469) (215) (429) (215) (551) (259) (847) (468)
Income taxes (1,079) (616) (1,241) (664) (1,172) (690) (1,147) (681) (1,145) (777) (1,351) (850)
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
Minority interests (158) (107) (185) (104) (189) (131) (269) (135) (289) (183) (348) (175)
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
(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. Figures before 2021 are represented on historical basis.
Segment Reporting - BS
Index
Segment reporting - Balance Sheet
as of June 30, 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 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 (1) YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22 (1) YE16 HY17 YE17 HY18 YE18 HY19 YE19 HY20 YE20 HY21 YE21 HY22
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 4,847 4,827 4,788 4,743 4,768 4,780 4,818 4,641 4,644 4,667 4,862 5,153 3,538 3,459 3,530 3,503 3,501 3,709 3,679 4,156 4,108 4,169 4,263 4,429 5 9 9 18 18 388 424 399 369 492 493 482 478 471 459 458 457 538 478 481 490 344 351 360 (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 1,029 1,028 841 586 583 700 701 674 680 676 633 644 2,091 2,050 1,791 1,799 1,898 2,072 2,116 2,084 2,031 2,009 2,219 2,194 7 7 7 8 5 94 93 67 64 209 229 222 1,348 1,365 1,437 1,423 1,281 1,399 1,427 1,435 1,177 1,035 1,060 1,036 - - - - - (141) (155) (147) (148) (143) (150) (142)
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 1,229 1,300 1,079 1,252 1,244 1,895 1,789 1,860 2,542 2,816 2,821 3,017 2,704 2,626 3,215 3,082 2,765 2,682 2,593 2,652 2,565 2,797 3,825 3,829 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 469,170 479,500 471,233 417,764 412,228 448,291 463,929 463,018 492,522 494,177 527,904 471,160 425,202 434,610 425,810 370,640 366,505 398,968 414,003 413,949 441,687 440,286 469,732 411,806 37,416 38,058 36,959 37,462 36,041 39,406 37,549 38,455 38,384 38,689 40,916 39,715 276 303 345 407 489 415 504 446 626 14,142 14,266 15,753 17,969 19,727 20,629 22,830 23,671 28,447 28,348 29,682 31,622 21,973 23,725 25,615 (11,694) (13,198) (12,510) (13,575) (14,477) (18,945) (16,475) (19,515) (19,796) (20,913) (20,735) (21,729)
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 8,250 8,269 8,245 7,088 7,301 7,353 7,398 7,559 7,722 7,827 8,261 8,329 3,683 3,573 3,749 3,669 3,964 4,004 3,967 3,653 3,706 3,692 4,311 4,338 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 - - - 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 3,944 4,072 4,120 4,533 5,447 6,692 6,483 8,644 9,804 9,968 11,645 11,961 1,492 1,689 1,778 1,909 2,008 2,308 2,577 2,446 2,857 2,812 2,691 3,012 0 5 0 1 55 10 11 16 7 8 13 15 320 405 401 408 595 597 555 606 714 789 891 764 (4,563) (4,971) (5,128) (5,676) (6,785) (8,222) (8,261) (10,280) (11,276) (11,373) (12,886) (13,491)
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 1,403 1,284 1,256 1,290 1,307 1,327 1,256 1,237 1,144 1,030 1,065 1,139 34 33 31 37 29 48 165 176 156 147 168 268 0 0 0 0 0 0 0 11 14 592 454 426 731 1,006 980 981 835 824 823 730 670 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 39,843 39,661 35,792 26,893 26,561 28,113 27,332 26,675 26,161 25,655 25,577 24,850 3,377 3,597 3,258 3,950 3,743 4,266 3,147 3,444 2,866 2,920 2,646 2,941 83 113 103 185 260 212 255 219 436 3,213 3,273 3,645 8,006 8,680 8,493 9,157 8,942 11,335 9,763 10,111 9,912 8,211 7,772 8,856 (7,131) (8,227) (7,383) (7,900) (7,691) (10,723) (8,211) (9,235) (8,518) (9,541) (7,849) (8,237)
Available for sale assets 313,933 316,660 320,641 284,975 283,773 306,807 318,195 313,499 337,005 329,900 348,572 301,684 278,202 281,475 284,078 249,413 247,702 267,676 277,748 272,762 294,187 284,138 298,831 252,730 27,444 26,484 27,073 25,146 25,340 26,465 26,047 25,503 26,217 26,024 28,994 26,381 182 182 239 218 171 189 232 194 163 10,272 10,073 11,021 8,104 8,519 9,252 10,198 10,560 12,476 14,168 15,039 16,437 9,466 10,673 11,551 - - - - - - - - - - - -
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 93,562 99,849 92,319 81,423 78,187 87,805 93,787 97,073 102,669 111,668 124,352 112,795 1,385 2,682 1,070 2,751 956 2,314 1,645 3,233 2,581 3,095 2,106 2,775 11 3 3 3 3 3 6 5 6 57 453 646 156 273 505 486 353 403 237 205 193 134 95 133 - - - - - (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 5,818 6,040 5,429 6,835 5,349 7,517 5,833 7,291 5,846 7,458 7,101 9,689 5,671 5,753 5,856 5,406 5,317 6,050 5,625 5,532 5,643 5,756 6,084 7,201 64 70 84 88 139 133 111 77 143 411 486 365 281 285 361 341 326 309 383 409 470 211 267 262 (43) (41) (45) (61) (4) (5) 1 1 - (40) (25) -
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 10,691 10,474 25,531 66,773 65,373 9,206 9,682 9,633 9,286 8,768 10,329 10,541 4,202 4,164 4,004 5,157 4,352 4,761 3,370 3,865 3,589 3,683 4,192 6,605 62 45 50 59 81 116 169 188 164 671 563 660 531 736 675 732 587 906 677 760 677 398 293 412 (70) (50) (90) (1,164) (1,140) (39) (47) (39) (53) (37) (52) (36)
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 1,806 1,827 1,843 1,862 1,867 1,862 1,815 1,775 1,767 1,775 1,829 1,807 277 277 276 267 276 283 306 326 349 368 369 376 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 8,886 8,647 23,688 64,911 63,506 7,344 7,867 7,858 7,519 6,993 8,500 8,733 3,925 3,887 3,728 4,890 4,075 4,477 3,064 3,539 3,239 3,315 3,823 6,229 62 45 50 59 81 116 169 188 164 671 563 660 531 736 675 732 587 906 677 760 677 398 293 412 (70) (50) (90) (1,163) (1,140) (39) (47) (39) (53) (37) (52) (36)
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 4,197 3,443 3,656 2,034 2,671 2,695 3,310 3,776 4,118 2,951 2,816 3,445 2,159 1,645 2,352 1,905 2,180 2,335 2,225 2,522 2,096 2,417 2,802 2,197 165 156 213 197 297 244 278 179 245 1,454 1,857 1,602 1,637 1,274 1,081 1,581 1,979 1,273 1,319 1,423 1,619 989 1,197 1,013 (625) (281) (454) (346) (430) (479) (258) (253) (178) (410) (196) (160)
Total Assets 521,184 530,357 537,091 524,187 515,827 501,427 514,574 516,684 544,710 547,928 586,225 536,180 453,012 461,723 467,134 452,864 446,493 425,760 440,137 441,825 468,802 467,621 498,293 444,294 57,782 57,756 57,707 58,314 56,053 61,014 57,157 59,265 58,415 59,519 64,302 66,171 578 590 708 777 1,030 1,391 1,580 1,355 1,612 17,379 17,893 19,084 22,243 23,859 24,641 27,365 28,300 32,870 32,633 34,189 36,055 24,951 26,893 28,697 (12,432) (13,570) (13,099) (15,146) (16,049) (19,608) (16,932) (19,951) (20,174) (21,542) (21,157) (22,066)
Other provisions 1,804 1,781 1,950 1,838 1,816 1,698 1,736 1,664 1,772 1,981 2,424 2,349 639 647 640 630 576 549 538 568 537 564 585 611 904 833 994 882 916 807 814 763 933 896 1,317 1,279 27 18 28 24 34 21 54 25 19 269 250 243 348 396 401 415 402 433 512 489 465 434 454 398 (113) (113) (113) (113) (113) (113) (182) (182) (182) (182) (182) (182)
Insurance provisions 421,477 429,039 430,489 380,693 377,828 406,698 419,213 420,415 442,330 447,143 479,449 437,915 388,128 395,123 397,588 348,024 346,108 374,194 387,560 386,846 409,330 412,557 441,363 397,356 33,349 33,915 32,902 32,668 31,720 32,504 31,652 33,569 33,000 34,587 38,086 40,559 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 30,233 31,573 20,898 18,351 17,718 18,565 19,029 21,303 22,019 19,534 21,309 22,376 8,880 10,458 9,524 10,026 9,810 11,515 8,944 8,923 8,070 9,017 8,413 9,023 -5 0 0 0 0 27 76 -30 28 13,280 14,066 15,234 16,073 15,197 15,482 14,961 15,702 17,922 17,642 17,837 18,339 7,673 7,170 7,657 (3,765) (4,472) (3,578) (4,308) (4,689) (7,731) (4,787) (5,321) (4,388) (5,362) (3,246) (4,310)
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 19,120 19,372 8,626 4,115 3,846 4,222 4,609 6,326 6,681 7,620 8,835 10,330 365 326 316 317 319 377 325 398 403 239 256 244 0 0 0 0 0 0 0 0 0 97 172 158 7 1 0 6 1 12 21 47 87 19 27 7 (8) (8) (8) (7) (8) (8) 27 28 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 11,114 12,201 12,272 14,236 13,872 14,343 14,420 14,976 15,338 11,913 12,474 12,046 8,515 10,132 9,208 9,709 9,491 11,137 8,618 8,525 7,667 8,778 8,157 8,779 -5 0 0 0 0 27 76 -30 28 13,183 13,894 15,075 16,066 15,196 15,482 14,955 15,700 17,910 17,621 17,791 18,252 7,654 7,143 7,651 (3,758) (4,464) (3,571) (4,301) (4,682) (7,724) (4,815) (5,348) (4,416) (5,390) (3,274) (4,337)
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 5,272 6,540 5,482 5,078 4,592 6,476 5,830 7,077 7,181 7,339 6,625 7,716 3,401 3,510 4,056 4,080 3,715 4,195 4,296 4,804 4,646 4,856 5,092 5,185 117 83 115 39 139 234 199 185 198 554 568 475 780 689 857 765 840 834 853 958 1,159 825 968 1,124 (20) (19) (16) (17) - - - - (1) (2) (3) (1)
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 6,761 6,122 19,967 61,596 58,647 6,288 5,519 5,194 5,677 4,846 5,445 3,981 4,072 4,109 5,033 5,644 4,150 5,076 4,716 4,652 4,607 4,281 4,251 3,810 46 80 67 109 108 300 257 228 273 804 459 1,053 396 883 618 768 850 1,084 1,222 1,182 1,024 1,002 1,373 1,465 (6) (8) (31) (33) (43) (11) (20) (8) (21) (7) (16) (6)
Total Liabilities 495,516 505,564 510,914 499,603 491,184 473,170 484,723 489,066 512,916 517,763 554,349 515,047 431,032 440,004 444,575 433,678 427,642 406,072 418,477 420,988 444,744 444,839 475,328 432,041 50,607 52,825 52,509 53,300 50,312 54,097 50,422 52,713 51,257 53,637 57,159 59,855 185 182 210 173 281 582 585 408 519 14,908 15,343 17,006 17,597 17,165 17,358 16,909 17,794 20,273 20,229 20,467 20,987 9,934 9,966 10,645 (3,904) (4,612) (3,738) (4,470) (4,845) (7,855) (4,989) (5,510) (4,591) (5,554) (3,448) (4,499)
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
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
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
(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. 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); as a result, the contribution of the Cattolica group was neutralised in the calculation for changes on equivalent terms. 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; as a result, they considered the contribution from the Cattolica group in percentage changes
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 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 06:39:02 UTC.