549300X5UKJVE386ZB61 2025-01-01 2025-12-31 549300X5UKJVE386ZB61 2025-12-31 549300X5UKJVE386ZB61 2024-12-31 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 549300X5UKJVE386ZB61 2023-12-31 ifrs-full:IssuedCapitalMember 549300X5UKJVE386ZB61 2023-12-31 ext:OtherEquityInstrumentsMember 549300X5UKJVE386ZB61 2023-12-31 ifrs-full:SharePremiumMember 549300X5UKJVE386ZB61 2023-12-31 ext:RetainedEarningsAndOtherReservesMember 549300X5UKJVE386ZB61 2023-12-31 ifrs-full:TreasurySharesMember 549300X5UKJVE386ZB61 2024-12-31 ifrs-full:IssuedCapitalMember 549300X5UKJVE386ZB61 2024-12-31 ext:OtherEquityInstrumentsMember 549300X5UKJVE386ZB61 2024-12-31 ifrs-full:SharePremiumMember 549300X5UKJVE386ZB61 2024-12-31 ext:RetainedEarningsAndOtherReservesMember 549300X5UKJVE386ZB61 2024-12-31 ifrs-full:TreasurySharesMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ext:OtherEquityInstrumentsMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ifrs-full:SharePremiumMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ext:RetainedEarningsAndOtherReservesMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ext:OtherEquityInstrumentsMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ifrs-full:SharePremiumMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ext:RetainedEarningsAndOtherReservesMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ifrs-full:TreasurySharesMember 549300X5UKJVE386ZB61 2025-12-31 ifrs-full:IssuedCapitalMember 549300X5UKJVE386ZB61 2025-12-31 ext:OtherEquityInstrumentsMember 549300X5UKJVE386ZB61 2025-12-31 ifrs-full:SharePremiumMember 549300X5UKJVE386ZB61 2025-12-31 ext:RetainedEarningsAndOtherReservesMember 549300X5UKJVE386ZB61 2025-12-31 ifrs-full:TreasurySharesMember 549300X5UKJVE386ZB61 2023-12-31 ext:ValuationReservesMember 549300X5UKJVE386ZB61 2023-12-31 ext:ProfitLossMember 549300X5UKJVE386ZB61 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300X5UKJVE386ZB61 2023-12-31 ifrs-full:NoncontrollingInterestsMember 549300X5UKJVE386ZB61 2023-12-31 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ext:ValuationReservesMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ext:ProfitLossMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300X5UKJVE386ZB61 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember 549300X5UKJVE386ZB61 2024-12-31 ext:ValuationReservesMember 549300X5UKJVE386ZB61 2024-12-31 ext:ProfitLossMember 549300X5UKJVE386ZB61 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300X5UKJVE386ZB61 2024-12-31 ifrs-full:NoncontrollingInterestsMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ext:ValuationReservesMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ext:ProfitLossMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300X5UKJVE386ZB61 2025-01-01 2025-12-31 ifrs-full:NoncontrollingInterestsMember 549300X5UKJVE386ZB61 2025-12-31 ext:ValuationReservesMember 549300X5UKJVE386ZB61 2025-12-31 ext:ProfitLossMember 549300X5UKJVE386ZB61 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300X5UKJVE386ZB61 2025-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:EUR xbrli:shares iso4217:EUR
ANNUAL INTEGRATED
REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS
2025
194
th
YEAR
generali.com
ANNUAL INTEGRATED
REPORT AND CONSOLIDATED
FINANCIAL STATEMENTS
2025
Starring on the covers of the 2025 Reports is Valore Cultura, Generali Italia’s program celebrating
ten years of supporting our country’s cultural and artistic heritage, making it accessible to all,
and enhancing communities and territories across every Italian region.
Valore Cultura represents Generali Italia’s tangible commitment to social responsibility. In collaboration with
museums, theaters, and iconic heritage sites, the program supports exhibitions and educational projects
to promote and make them increasingly accessible, fostering encounters with art and mindful participation
from diverse audiences.
Since 2016, it has reached 7.2 million people through more than 500 initiatives, involving 75,000 young
people in workshops and artistic activities. Valore Cultura works to bring art closer to people, supporting
its dissemination and accessibility, because culture is not just a heritage to preserve, but an experience
to live. For this reason, it has engaged an ever-wider audience through free, inclusive, and high-value
activities, including educational workshops, dedicated paths for families, customers and employees, as
well as exhibitions and conferences designed for the youth.
In compliance with the provisions of Directive 2004/109/EC and Delegated Regulation 2019/815/EU (European Single Electronic reporting Format - ESEF), this Annual Integrated Report and
Consolidated Financial Statements is drafted also in XHTML format, available on the Group website.
Please note that the Report is translated into English solely for the convenience of international readers.
Annual Integrated Report and Consolidated Financial Statements 2025
2
Generali Group
CORPORATE BODIES AT 11 MARCH 2026
Chair
Andrea Sironi
Group CEO
Philippe Donnet
Board members
Marina Brogi
Flavio Cattaneo
Patricia Estany
Alessia Falsarone
Clara Furse
Umberto Malesci
Antonella Mei-Pochtler
Fabrizio Palermo
Lorenzo Pellicioli
Clemente Rebecchini
Luisa Torchia
Board of Statutory Auditors
Carlo Schiavone (Chair)
Sara Landini
Paolo Ratti
Annalisa Firmani (Alternate)
Michele Pizzo (Alternate)
Board Secretary
Giuseppe Catalano
Contacts available at the end of this document
Assicurazioni Generali S.p.A.
Company established in Trieste in 1831
Registered office in Trieste (Italy), Piazza Duca degli Abruzzi 2
Share capital € 1,602,736,602.13 fully paid-up
Fiscal code and Venezia Giulia Companies’ Register no. 00079760328
VAT no. 01333550323
Company entered on the Register of Italian insurance
and reinsurance companies under no. 1.00003
Parent Company of the Generali Group,
entered on the Register of insurance groups under no. 026
Pec: assicurazionigenerali@pec.generaligroup.com
ISIN: IT0000062072
Reuters: GASI.MI
Bloomberg: G IM
3
INDEX
The integrated overview of our reports ...............................................................4
Letter from the Chairman and the Group CEO .....................................................6
Management Report
WE, GENERALI ...............................................................................................9
Group’s highlights ..............................................................................................10
2025 key facts ...................................................................................................14
Significant events after 31 December 2025
and 2026 corporate event calendar ...................................................................20
Our strategy .......................................................................................................22
OUR FINANCIAL PERFORMANCE ..........................................................25
Group’s performance .........................................................................................26
Group’s financial position ..................................................................................31
Life segment ......................................................................................................36
P&C segment .....................................................................................................44
Asset & Wealth Management segment ..............................................................51
Holding and other businesses segment ............................................................52
Our main markets: positioning and performance ..............................................53
Share performance ............................................................................................67
SUSTAINABILITY STATEMENT ...............................................................69
General information ...........................................................................................70
Environmental information ..............................................................................106
Social information ...........................................................................................139
Governance information ..................................................................................162
RISK REPORT .............................................................................................169
OUTLOOK .....................................................................................................195
APPENDICES TO THE MANAGEMENT REPORT ..............................201
Notes to the Management Report ....................................................................202
Methodological notes on alternative performance measures .........................204
Consolidated Financial
Statements
CONSOLIDATED FINANCIAL STATEMENTS .....................................213
NOTES ...........................................................................................................223
APPENDICES TO THE NOTES ................................................................379
Attestations and Reports
ATTESTATION OF THE SUSTAINABILITY STATEMENT .................401
ATTESTATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS ......................................................................405
BOARD OF STATUTORY AUDITORS’ REPORT .................................409
INDEPENDENT AUDITOR’S REPORT
ON THE SUSTAINABILITY STATEMENT .............................................429
INDEPENDENT AUDITOR’S REPORT
ON THE CONSOLIDATED FINANCIAL STATEMENTS .....................437
Glossary ...........................................................................................................448
Contacts ...........................................................................................................454
Annual Integrated Report and Consolidated Financial Statements 2025
4
Generali Group
THE INTEGRATED OVERVIEW OF OUR REPORTS
We continue on the path of creating sustainable value through the evolution of integrated thinking, which
enables us to act in alignment with our values and to implement practices and processes consistent
with our purpose: the reason why we exist and the source of inspiration for our commitment, aimed at
generating a positive impact on people’s lives.
www.generali.com/who-we-are/our-culture
The Generali EXCELLENCE Culture
Empowering
Lives and Dreams
Lifetime
Partner
Act with
proactivity
and passion
for excellence.
Ownership
OUR
PURPOSE
OUR
BEHAVIOURS
OUR
VALUES
Embrace a
change mindset
fostering
simplification
and innovation to
drive excellence.
Better
Every Day
Be your best
self, showing
empathy, care
and authenticity.
Human
Touch
Work as one
across teams
to achieve
collective
excellence.
Collaboration
Deliver on
the Promise
Value Our
People
Live the
Community
Be
Open
5
CORE & MORE
[ COVER TBD ]
generali.com for further information on the Group and the Core & More reporting
1. The Core & More approach was developed by Accountancy Europe, which unites 49 professional organisations from 35 countries that represent one million qualified accountants, auditors and advisors. www.accountancyeurope.eu
for further information.
We tell our story of creating sustainable value by adopting a Core & More
1
approach, which allows
to connect the information contained in different reports and other communication tools intended for
specialized audiences or stakeholders interested in deepening some specific issues.
ANNUAL INTEGRATED REPORT AND
CONSOLIDATED FINANCIAL STATEMENTS
The Annual Integrated Report and
Consolidated Financial Statements includes
financial and sustainability information identified
as material, useful for the evaluation and
understanding of the Group, and provides
details of the financial performance in
compliance with national and international
regulations, also connecting with other Group
reports and communication channels with the
aim to present more detailed information for
specific stakeholders.
CORPORATE GOVERNANCE
AND SHARE OWNERSHIP REPORT
It outlines the corporate governance system
of Assicurazioni Generali and its ownership structure.
REPORT ON REMUNERATION POLICY AND PAYMENTS
It provides specific information on the remuneration policy adopted by the Group
and its implementation.
MANAGEMENT REPORT AND PARENT COMPANY
FINANCIAL STATEMENTS
It provides information on the performance of Assicurazioni Generali, in
accordance with currently effective regulations.
GROUP ACTIVE OWNERSHIP REPORT
It reports how the Group implements its engagement policy, including a
description of dialogue with investee companies, exercise of voting rights and
cooperation with other investors.
GREEN BOND REPORT
It outlines the use of proceeds collected from Generali’s green bond issuance
and the related quantitative impacts in terms of lower GHG emissions and
qualitative impacts in terms of selected assets’ ESG features.
SUSTAINABILITY BOND REPORT
It outlines the use of proceeds collected from Generali’s sustainability bond
issuance, the related impacts in terms of lower GHG emissions, and the
expenses for the social initiatives undertaken.
GREEN INSURANCE-LINKED SECURITIES REPORT
It describes how the freed-up capital coming from the green ILS is allocated and
the related impacts in terms of lower GHG emissions.
TAX TRANSPARENCY REPORT
It describes the pillars of Generali sustainable tax outcomes and details the
Group Total Tax Contribution, which is the contribution of our companies to the
jurisdictions in which they operate in terms of taxes borne and collected.
THE HUMAN SAFETY NET’S SOCIAL IMPACT REPORT
It offers an overview of the activities carried out under The Human Safety Net,
the Group’s flagship initiative for the communities, supporting people in
vulnerable circumstances.
Annual Integrated Report and Consolidated Financial Statements 2025
6
Generali Group
Dear Shareholders,
In a highly complex global environment marked by constantly evolving geopolitical, economic, and regulatory dynamics, Generali
once again delivered outstanding results in 2025.
The year began with the market presentation of the Lifetime Partner 27: Driving Excellence strategic plan, which will guide the Group
through 2027. Having exceeded all the objectives of the previous cycle, we set even more ambitious targets: annual earnings per
share growth of between 8% and 10%; over € 11 billion in cumulative net holding cash flow; more than € 7 billion in cumulative
dividends; and at least € 1.5 billion in share buybacks over the three-year period. The plan is built on three strategic priorities:
Excellence in customer relationships, Excellence in core capabilities, and Excellence in Group operating model, and it foresees
significant investments in Artificial Intelligence and technology.
In this regard, in April we announced the launch of the Agora i Innovation Hub, which will be headquartered in Palazzo Carciotti in
Trieste, the historic building where our Company’s founding act was signed in December 1831. Developed in collaboration with
leading local and international partners, Agora i Innovation Hub will serve as an advanced research hub on Data Science and AI, with
the aim of humanising the future by placing the needs of people and communities at the heart of innovation.
Also in April, the Annual General Meeting elected the Board of Directors for the 2025–2027 term, and the new Directors subsequently
renewed our mandates as Chairman and Group CEO. This decision, of which we are deeply proud, reflects shareholders’ trust in the
Group’s strategic continuity and in the work of the current management team, as well as market appreciation for the results achieved.
Such confidence is clearly reflected in the value of the Generali stock price, which rose by 29% in 2025, outperforming the European
insurance sector index.
This was enabled also by the financial performance achieved during the year, marked by strong growth in the operating result and
in the adjusted net result, both reaching once again record levels for the Group, together with increased gross written premiums
and best-in-class Life net inflows at European level. Thanks to these excellent results and to our extremely solid capital position, we
continue to deliver increasing returns year after year, proposing a dividend of € 1.64 per share, up 14.7% from the previous year,
along with the launch of a new € 500 million share buyback.
These results have been widely recognised by the financial community. In September, Fitch Ratings upgraded the rating of Generali
and its main subsidiaries from A+ to AA-, several notches above the Italian sovereign rating. This upgrade reflects the Group’s
LETTER FROM THE CHAIRMAN
AND THE GROUP CEO
7
strong business profile, robust capitalisation, and low leverage. Furthermore, Generali once again topped the Extel rankings for the
European insurance sector, reaffirming its number one position in numerous categories, including Best CEO and Best ESG Program
for the fourth consecutive year, as well as Best CFO and Best Investor Relations Team for the fifth consecutive year.
From a business perspective, the completion of the legal integration of Liberty Seguros - the Group’s largest transaction in a decade
- further strengthens our position as a leading European insurer. At the same time, we continued to expand our presence in key Asian
markets, consistently with the strategic trajectory outlined in the plan. This included the full acquisition of P&C company Generali
China Insurance Company Limited, while our partnership with Central Bank of India will enhance both our brand positioning and
distribution capabilities in a rapidly expanding market such as the Indian one.
In the Asset Management segment, the acquisition of a 77% stake in MGG Investment Group - a US firm specialising in private direct
lending - will broaden the Group’s reach in alternative markets and within the US middle market. Meanwhile, integration activities
continued for Conning Holdings Limited and its affiliates, bringing assets managed by Generali Investments Holding to € 712 billion,
out of a total of € 900 billion at Group level.
We are also pleased to highlight that social and environmental sustainability remains a strategic lever for the Group. In 2025,
Generali received significant international recognition, ranking among the world’s most sustainable companies. For the first time,
we were included in the TIME ranking - developed in partnership with Statista - which recognises companies that effectively embed
sustainability into their business models. In addition, Newsweek listed us among the world’s greenest companies. The Human
Safety Net also continued its impactful work to support individuals living in vulnerable circumstances and promote refugee inclusion
through vocational and entrepreneurial training. In 2025, the Foundation’s programs impacted more than 515,000 people across 25
countries worldwide, bringing the total number of beneficiaries reached since 2017 to 1.3 million.
In conclusion, the first year of implementation of the Lifetime Partner 27: Driving Excellence strategic plan confirmed the strong
competitive position the Group has built through the dedication of all our people. It is thanks to them that Generali continues along
a path of profitable and sustainable growth for the benefit of all stakeholders, and we extend our sincere appreciation to them.
Likewise, we are deeply grateful to you, our Shareholders, for your continued support and trust, and we remain firmly committed to
further enhancing your role through innovative initiatives such as the Shareholders’ Club, which we launched in 2025.
Philippe Donnet
Group CEO
Andrea Sironi
Chairman
WE, GENERALI
Group’s highlights ...............................................................................................................10
2025 key facts ....................................................................................................................14
Significant events after 31 December 2025 and 2026 corporate event calendar ..............20
Our strategy ........................................................................................................................ 22
Annual Integrated Report and Consolidated Financial Statements 2025
10
Generali Group
GROUP’S HIGHLIGHTS
1
We are one of the largest global players in the insurance industry and asset management. With more
than 88 thousand employees and 163 thousand agents serving 75 million customers, we have a
leading position in Europe and a growing presence in Asia and America.
Glossary available at the end of this document
Gross written premiums
€ 98,124 mln
+3.6%
Operating result
€ 8,004 mln
+9.7%
Adjusted net result
2
€ 4,315 mln
+14.5%
Net result
€ 4,172 mln
+12.0%
Proposed dividend per share
€ 1.64
+14.7%
Proposed total dividend
3
€ 2,480 mln
+14.2%
Solvency Ratio
4
219%
+9 p.p.
Total Assets Under Management (AUM)
€ 900 bln
+4.3%
1. Changes in premiums, Life net inflows and new business were presented on equivalent terms. Changes in total AUM and Solvency Ratio were calculated considering the previous year-end data.
The amounts shown in euro million were rounded to the nearest million and may not add up to the rounded total in all cases. Changes may be affected by rounding.
2. Adjusted net result includes adjustments for 1) profit or loss on investments at fair value through profit or loss (FVTPL) and other financial instruments on non-participating business and shareholders’ funds; 2) hyperinflation
effect under IAS 29; 3) amortisation of intangibles related to M&A, if material; 4) impact of gains and losses from business acquisitions and disposals, including possible restructuring costs incurred during the first year from
the acquisition, if material.
3. The proposed total dividend, which is subject to all relevant approvals, takes into account all the transactions resolved by the Board of Directors up to 11 March 2026 or carried out on the share capital up to the same date, and
excludes the own shares held by the Company.
4. The Solvency Ratio has to be intended as preliminary since the definitive Regulatory Solvency Ratio will be submitted to the supervisory authority in accordance with the timing provided by the Solvency II regulations for the
official reporting.
10
LIFE
ASSET & WEALTH
MANAGEMENT
PROPERTY
& CASUALTY (P&C)
We, Generali
11
Life net inflows
€ 13,487 mln
+42.5%
Gross written premiums
€ 36,181 mln
+7.6%
New Business Value (NBV)
€ 3,147 mln
+6.2%
Undiscounted combined ratio (CoR)
94.3%
-1.6 p.p.
Operating result
€ 4,154 mln
+4.3%
Operating result
€ 3,663 mln
+20.0%
Operating result
€ 1,194 mln
+1.5%
Operating result
€ -610 mln
+13.9%
Share performance for further information on the dividend
Our financial performance for further information
11
HOLDING
AND OTHER BUSINESSES
Annual Integrated Report and Consolidated Financial Statements 2025
12
Generali Group
Sustainability Statement, Social information
for further details
Carbon intensity of corporate
investment portfolio (EVIC)
73 tCO
2
e/€ mln
-60.1% vs 2019 (baseline)
Carbon intensity of GRE real
estate portfolio
23.9 kgCO
2
e/m
2
-61.0% vs 2019 (baseline)
Sustainability Statement, Environmental
information for further details
Net new investments in
climate solutions
€ 8.7 bln
vs 2024 (baseline)
Emission intensity of personal
motor insurance portfolio
0.26 ktCO
2
e/€ mln
-24.4% vs 2021 (baseline)
Emission intensity of Global Corporate &
Commercial insurance portfolio
0.18 ktCO
2
e/€ mln
-33.7% vs 2021 (baseline)
Sustainability Statement, Environmental
information for further details
Gross direct written premiums from
climate insurance solutions
€ 2,223 mln
+22.0% vs 2024 (baseline)
NBP for pension, life and health protection
insurance solutions for underserved customers
€ 3,517 mln
+9.6% vs 2024 (baseline)
RESPONSIBLE
INVESTOR
RESPONSIBLE
INSURER
We, Generali
1313
5. Emissions are categorized into: Scope 1, equal to 32,262 tCO
2
e, Scope 2 (market-based), equal to 4,326 tCO
2
e, and Scope 3, equal to 40,448 tCO
2
e, and relate to the Generali’s operations (offices, data center, mobility). The
Group’s strategy includes a target to reduce all Scopes from Group operations by 35% compared to 2019 baseline by the end of 2025 - target overachieved - and by 60% compared to 2019 baseline by the end of 2030, as
well as to achieve net-zero emissions by 2035. The scope of the target excludes the contribution of employee commuting emissions (Scope 3, category 7).
www.generali.com/sustainability/responsible-citizen/the-human-safety-net
www.generali.com/sustainability/responsible-employer/
greenhouse-gas-emissions
Sustainability Statement, Social information
for further details
GHG emissions from Group
operations
5
77,036 tCO
2
e
-48.5% vs 2019 (baseline)
Upskilling index
31%
Engagement rate
85%
+2 p.p.
Active countries
25
-3.8%
Beneficiaries reached
515,167
+50.6%
RESPONSIBLE
EMPLOYER
RESPONSIBLE
CORPORATE CITIZEN
Annual Integrated Report and Consolidated Financial Statements 2025
14
Generali Group
2025 KEY FACTS
25 JAN
G enerali placed a new Euro denominated Tier 2 bond due 2035 issued in green format in accordance with its Sustainability Bond
Framework. It is the eight green bond of Generali issued for an amount equal to € 500 million. This transaction is in line with Generali’s
sustainability commitment. During the book building process, the notes attracted an order book of € 2.1 billion, more than 4 times
the offered amount, from around 180 highly diversified institutional investors base including a significant representation of funds with
Green/SRI mandates.
The new bond was issued in conjunction with the cash buyback offer for three series of subordinated notes up to € 500 million
in aggregate principal amount. At offer expiration, the aggregate principal amount of the notes validly tendered amounted to
€ 1,190,585,554 equivalent, of which Generali accepted for purchase an aggregate principal amount of € 499,994,000 of the EUR
4.596% notes, subject to the terms and conditions of the offer. The transaction is in line with Generali’s approach of proactively
managing its debt and optimizing its regulatory capital structure.
Our financial performance, Debt and liquidity for further information
www.generali.com/investors/debt-ratings/listed-debt-securities for further information on the bonds issued by the Generali Group
In the context of the guidance for shareholders on the dimension and composition of the Board of Directors, as the reference
regulatory framework for the renewal of the Board of Directors was not yet complete and the expected timing was not compatible
with the authorization and approval process required to amend the Company’s bylaws, the Board of Directors of Assicurazioni
Generali decided not to proceed with the presentation of a slate for the renewal of the Board. The Board furthermore defined the
requirements and competences required for the best composition of the future management body, which will serve as a reference for
the formation and evaluation of the shareholder lists, also indicating that the majority of the Directors in office (including the Chairman
and the Group CEO) have expressed their availability to consider a possible candidacy.
Approved by the Board of Directors of Assicurazioni Generali, the Group’s new three-year strategy, Lifetime Partner 27: Driving
Excellence, was presented to the financial community. Building on the strong platform established since 2016, and the over-delivery
against all key financial targets of the 2022-2024 plan, the new strategy focuses on driving excellence in customer relationships, in
its core insurance and asset management capabilities, as well as in its operating model. It is powered by its people, AI & data, and
sustainability.
www.generali.com/investors/Strategy for further information
25 FEB
On 17 February 2025 Prof. Avv. Giuseppe Melis, alternate Auditor elected from the list presented by the shareholder VM2006 Srl,
communicated his resignation from the office, due to supervening reasons. Therefore, the appointment of a new alternate Auditor to
replace the resigning member will be included on the agenda of the next Shareholders’ Meeting.
25 MAR
The Board of Directors of Assicurazioni Generali approved the following Reports: the Annual Integrated Report and Consolidated
Financial Statements, the Parent Company Financial Statements Proposal and the Corporate Governance and Share Ownership
Report at 31 December 2024 and the Report on Remuneration Policy and Payments.
Generali completed the share acquisition of Generali China Insurance Company Limited (GCI), with which it had reached an
agreement in January 2024. Having received all regulatory approvals, Generali now has full ownership of its Property and Casualty
(P&C) company in China. The impact on the Group’s Regulatory Solvency Ratio is around -1 p.p.. As a wholly-foreign-owned entity,
GCI operates under the Generali brand in China, fully in line with Generali’s strategy and allowing the local business to capitalise on
the fast-growing market in China.
Notes, Information on consolidation area and related operations for the impacts of the transaction
The fourth edition of SME EnterPRIZE was brought to a close. It is Generali’s flagship initiative to promote sustainability among
European small and medium-sized enterprises (SMEs). During the closing event, Generali celebrated the ten Sustainability Heroes,
selected from over 8,900 SMEs across Europe, and unveiled the new edition of the White Paper, developed in collaboration with
SDA Bocconi.
www.generali.com/media/press-releases/all
We, Generali
15
25 APR
In line with rules and indications contained in the call of the Shareholders’ Meeting in relation to independent candidates and gender
quotas, three slates of candidates to the Board of Directors were filed: Mediobanca; VM 2006; several UCIs under the aegis of
Assogestioni.
www.generali.com/governance/AGM-2025/annual-general-meeting-2025-documents for further details on the slates filed
Palazzo Carciotti will host Agorai Innovation Hub, which will promote the support and development of start-ups, the attraction of
talent, and the promotion of a digital culture, enhancing the excellence of the territory in an international context. In addition, a
residential part will be developed as well as an open academy, a center for the provision of training and dissemination services for
members and third parties, based on the skills and network of academic institutions and corporate training schools, such as the
Generali Group Academy.
The share buyback, started on 31 January 2025, for the purposes of the Group Long Term Incentive Plan (LTIP) 2024-2026 as well as
the Group’s incentive and remuneration plans under execution was completed, since the resolution of the Shareholders’ Meeting of
24 April 2024 authorizing the purchase of a maximum number of 10 million and 500 thousand treasury shares was fully implemented.
The weighted average purchase price of the shares was € 31.68. Following these purchases, the Company and its subsidiaries own
58,494,953 treasury shares, equal to 3.73% of the share capital.
The Shareholders’ Meeting:
• approved: the Parent Company Financial Statements at 31 December 2024, setting forth the distribution of a dividend of € 1.43
per share to shareholders; the Report on the Remuneration Policy and the non-binding resolution on the Report on payments; the
Group Long Term Incentive Plan (LTIP) 2025-2027, authorising the purchase and disposal of a maximum number of 7 million and
200 thousand treasury shares to serve the plan; the share buyback scheme for the purposes of cancelling own shares as part of
the implementation of the 2025-2027 strategic plan for a total disbursement of up to € 500 million and in any case for a maximum
number of shares not exceeding 2% of the Company’s share capital;
• elected a new Board of Directors with 13 seats to hold office for three financial years, that is, until approval of the financial
statements for the year 2027, also determining its remuneration, as well as approved the integration of the Board of Statutory
Auditors with the appointment of Annalisa Firmani as alternate Auditor for the financial year ending on 31 December 2025;
• approved the amendments to the Articles of Association relating to the cancellation of own shares and those that concern the
elements of the shareholders’ equity of the Life and P&C management.
Following the cancellation of own shares acquired for the purposes of the share buyback scheme approved with resolution of
the Shareholders’ Meeting of 24 April 2024, as part of the implementation of the 2022-2024 strategic plan, and the approval by
IVASS of the consequent amendment to the Articles of Association, the number of shares into which the share capital (equal to €
1,602,736,602.13, fully subscribed and paid up) of Assicurazioni Generali is divided was amended. As of 28 April 2025, the share
capital was therefore subdivided into 1,549,784,923 ordinary shares with no explicit par value.
The Board of Directors of Assicurazioni Generali:
• resolved on the assignment of corporate offices for the three-year period 2025-2027, electing Andrea Sironi as Chairman and
Philippe Donnet as Group CEO, who was confirmed in the previous delegations of powers, in the role of Director in charge of the
internal control and risk management system and was also appointed as Director responsible for anti-money laundering;
• established the Nominations and Corporate Governance Committee, which proposed the composition of the other internal board
committees at the board meeting that took place on 7 May 2025;
• confirmed Giuseppe Catalano as Secretary of the Board of Directors, subject to positive verification of the possession of the
requirements by the Nominations and Corporate Governance Committee;
• acknowledged the communication made by Mediobanca regarding a public exchange offer promoted on all the shares of Banca
Generali.
25 MAY
The Board of Directors of Assicurazioni Generali resolved to establish the Board Committees, following prior favourable opinion from
the Nomination and Corporate Governance Committee, and appoint their members.
Generali launched a new global brand platform and advertising campaign: Here. Now.. It will work across every touchpoint: customer
experience, value propositions, employee and advisor communication, and everything in-between, using data and local insight
alongside a powerful AI platform to adapt content across markets, languages, and channels at speed while maintaining creative
integrity. Here. Now. is a genuine commitment to our customers, whatever their need: prevention, protection, assistance. 14 countries
will launch the new campaign: Italy, France, Spain, Austria, Germany, Czech Republic, Slovakia, Hungary, Poland, Greece, Slovenia,
Serbia, Portugal, and Vietnam.
Annual Integrated Report and Consolidated Financial Statements 2025
16
Generali Group
The 2024 dividend payout of Assicurazioni Generali, equal to € 1.43 per share, was distributed.
The Board of Directors of Assicurazioni Generali approved the Financial Information at 31 March 2025.
Generali completed the sale of its 100% stake in Generali Life Assurance Philippines, Inc. to The Insular Life Assurance Company,
Ltd., with which it had reached an agreement in December 2024.
Notes, Information on consolidation area and related operations for the impacts of the transaction
Moody’s improved Generali’s outlook from stable to positive and affirmed its A3 Insurance Financial Strength Rating (IFSR). The
outlooks on Generali’s main operating insurance subsidiaries in Italy, France and Germany were also changed from stable to positive.
This change in Generali’s outlook by Moody’s follows the improvement in the rating agency’s outlook on the Government of Italy
(Baa3) from stable to positive. Additionally, the affirmation of Generali’s IFSR at A3 reflects the Group’s very strong business profile,
benefitting from leading positions in its chosen markets in Europe, diversification by business lines and relatively low product risk.
Lion Re DAC issued a catastrophe bond comprising two classes of notes for a total of € 200 million covering windstorms in Europe
and earthquakes in Italy. This transaction is the second Generali-sponsored catastrophe Insurance-Linked Securities (ILS) instrument
embedding unique ESG criteria in line with the updated Generali Green, Social and Sustainability ILS Framework. The transaction
underlines once more the commitment of the Group to promoting capital markets solutions that embed ESG.
The Board of Directors, following the unanimous opinion of the Nominations and Corporate Governance Committee, and the Board
of Statutory Auditors of Generali assessed, in accordance with the law and within the scope of their respective responsibilities, that
the members of the corporate bodies elected by the 2025 Shareholders’ Meeting - i.e. the Directors and the alternate Statutory
Auditor Annalisa Firmani - meet the independence requirements set forth.
25 JUN
Generali placed a new Euro denominated Tier 2 bond due in June 2036, targeting institutional investors for an overall amount of €
500 million. During the book building process, the notes attracted an order book in excess of € 1.4 billion, more than 2.7 times the
size of the new issue, from around 100 highly diversified institutional investors.
Our financial performance, Debt and liquidity for further information
www.generali.com/investors/debt-ratings/listed-debt-securities for further information on the bonds issued by the Generali Group
Regarding the public exchange offer for all shares of Banca Generali by Mediobanca, Generali confirmed that it has started the
process aimed at duly evaluating the proposal made by Mediobanca, in full accordance with Generali’s related party transaction
procedure, and that it will evaluate the business, economic and value implications of the proposed offer, which would establish a
partnership with a valuable leader in Wealth Management.
Generali Group CEO, Philippe Donnet, was confirmed Best CEO in the European insurance sector for the fourth year in a row in
the 2025 edition of the annual survey by Extel (formerly Institutional Investor), the specialist magazine and independent research
company in the field of international finance. This success was mirrored across a number of key categories, with Generali Group
CFO, Cristiano Borean, reconfirmed as the Best CFO in the insurance sector. The Investor & Rating Agency Relations team also
ranked first once again in the Best IR Team, Best IR Professional, Best IR Program and Best Investor/Analyst Day categories. In
addition, Generali was awarded first position once more in the Best ESG Program category.
The Central Bank of India (CBI) is Generali’s new joint venture partner in the country. Shareholder structure will remain unchanged
with Generali holding a 74% stake and CBI holding up to 26%. The partnership with CBI will enhance Generali’s market presence,
strengthening its brand positioning and distribution capabilities in both Life and Property & Casualty.
25 AUG
The Board of Directors of Assicurazioni Generali approved the Half-Yearly Consolidated Financial Report 2025.
We, Generali
17
Generali confirmed the submission of a response to Mediobanca following the receipt of a letter which included certain additional
information regarding the proposed voluntary tender offer for all shares of Banca Generali, in particular proposing a framework in
relation to the potential future industrial relationship between Generali Group and Mediobanca group. As announced on 12 June
2025, Generali confirmed its intention to pursue the evaluation of the offer and discussions on these matters. At this stage, Generali
reserved the right to continue evaluating the offer and the potential industrial partnership over the following weeks in full compliance
with the Group’s processes, procedures and schedule defined by its internal corporate governance bodies before forming a definitive
view. On 21 August 2025, the shareholders’ meeting of Mediobanca rejected the proposal of the board of directors of Mediobanca
regarding the authorization to execute the voluntary public exchange offer on all ordinary shares of Banca Generali. Mediobanca,
acknowledging the outcome of the meeting, declared the offer on Banca Generali lapsed.
25 SEP
Fitch upgraded Generali and its core subsidiaries’ Insurer Financial Strength Ratings (IFSR) from A+ to AA-, as well as Generali’s
Long-Term Issuer Default Rating (IDR) from A to A+; the outlook is stable. The upgrade follows Fitch’s improvement of Italy’s
sovereign rating to BBB+ with a stable outlook. The ratings reflect Generali’s very strong company profile, very strong capitalisation
and low leverage, and robust performance.
25 OCT
Following the announcement, on 17 January 2025, of the signing of the definitive agreement between Generali Investments Holding
(GIH), a leading global investment management firm and part of the Generali Group, and MGG Investment Group, a U.S. private
direct lending investment firm, Conning & Company - GIH’s wholly-owned subsidiary - completed its acquisition of a 77% stake in
MGG and its affiliates. The estimated impact on the Group’s Solvency Ratio is approximately -2 p.p..
Notes, Information on consolidation area and related operations for the impacts of the transaction
Generali placed its first perpetual Restricted Tier 1 bond, targeting institutional investors, for a nominal amount of € 500 million. The
notes were issued under Generali’s € 15 billion Euro Medium Term Note (EMTN) Programme. During the book building process, the
notes gathered orders in excess of € 4.6 billion, from around 300 highly diversified institutional investors.
Our financial performance, Debt and liquidity for further information
Notes, Shareholders’ equity for further information
www.generali.com/investors/debt-ratings/listed-debt-securities for further information on the bonds issued by the Generali Group
Assicurazioni Generali elected to exercise the option to redeem, on the interest payment date falling on 21 November 2025, all
outstanding notes issued on 21 November 2014. The outstanding notes were redeemed in full on 21 November 2025 at their
principal amount together with interest accrued up to (but excluding) such date, subject to the terms and conditions of the notes.
The early redemption of the notes has been approved by Istituto per la Vigilanza sulle Assicurazioni (IVASS).
Our financial performance, Debt and liquidity for further information
25 NOV
Fitch affirmed Generali and its core subsidiaries’ Insurer Financial Strength Ratings (IFSR) at AA-. The agency also affirmed Generali’s
Long-Term Issuer Default Rating (IDR) at A+. The outlook is stable. The ratings reflect Generali’s very strong capitalisation and low
leverage, robust performance, and very strong company profile.
The Board of Directors of Assicurazioni Generali approved the Financial Information at 30 September 2025.
After the successful completion of all required steps and the receipt of the necessary regulatory approvals, Generali finalised the legal
integration of Generali Seguros y Reaseguros S.A.U. (formerly Liberty Seguros) and Generali España S.A. de Seguros y Reaseguros,
which will operate under the name of Generali España de Seguros y Reaseguros S.A.. This follows the successful conclusion of all
required legal processes for the formal transfer of the business of Liberty’s Portuguese branch to Generali Tranquilidade in August
2025. The acquisition of Liberty Seguros’ European operations by Generali Spain is the largest M&A transaction for the Group in the
past decade.
Annual Integrated Report and Consolidated Financial Statements 2025
18
Generali Group
Moody’s upgraded Generali’s Insurer Financial Strength Rating (IFSR) from A3 to A2 and changed the outlook from positive to
stable. The change follows the upgrade by one notch of the ratings of the Government of Italy (Baa2, stable). The upgrade also
reflects the Group’s very strong financial and business profile, which benefits from leading positions in its chosen markets in Europe,
diversification by business lines and relatively low product risk. The ratings of Generali’s main operating insurance subsidiaries in Italy,
France and Germany were also upgraded and the outlooks were changed from positive to stable.
25 DEC
Following the announcement on 21 January 2025 of the signature of a non-binding Memorandum of Understanding to create a joint
venture between their respective asset management companies (Generali Investments Holding and Natixis Investment Managers),
Generali and Groupe des Banques Populaires et des Caisses d’Epargne (BPCE) carried out extensive discussions and applicable
consultation processes with relevant stakeholders, in line with the respective parties’ processes and governance frameworks. While
the work conducted together in recent months confirmed the merits and industrial value of a partnership, Generali and BPCE have
jointly taken the decision to terminate negotiations, in line with the terms communicated by the Group on 15 September 2025,
concluding that the conditions to reach a final agreement are not currently present.
AM Best confirmed Generali’s Financial Strength Rating (FSR) at A+ and the Long-Term Issuer Credit Ratings (Long-Term ICR) at
AA-. The outlook is stable. The ratings reflect Generali’s balance sheet strength, its strong operating performance, very favourable
business profile and appropriate enterprise risk management.
The share buyback for the purposes of cancelling own shares was completed, since the resolution of the Shareholders’ Meeting
of 24 April 2025 authorizing the purchase of treasury shares for a total disbursement of up to € 500 million was fully implemented.
The buyback programme, started on 7 August 2025 as part of the capital management policy of the Lifetime Partner 27: Driving
Excellence strategic plan, aimed to provide shareholders with remuneration in addition to the distribution of dividends by making
use of part of the liquid funds. The Company acquired 15,166,444 treasury shares, corresponding to a total disbursement of
€ 499,993,707.47. Following these purchases, at 11 December 2025 the Company and its subsidiaries owned 46,606,923 treasury
shares, equal to 3.01% of the share capital.
We, Generali
19
Annual Integrated Report and Consolidated Financial Statements 2025
20
Generali Group
SIGNIFICANT EVENTS AFTER 31 DECEMBER 2025
AND 2026 CORPORATE EVENT CALENDAR
26 JAN
Assicurazioni Generali elected to exercise the option to redeem, on 5 February 2026, all outstanding notes issued on 16 June 2006.
The outstanding notes will be redeemed in full on 5 February 2026, at the make whole amount (104.719%), subject to the terms
and conditions of the notes. Istituto per la Vigilanza sulle Assicurazioni (IVASS) was informed of the intention to redeem the notes.
www.generali.com/investors/debt-ratings/listed-debt-securities for further information on the bonds issued by the Generali Group
Generali placed a new Euro denominated Tier 2 bond due in January 2036, targeting institutional investors for an overall amount of
€ 650 million. During the book building process, the notes attracted an order book in excess of € 2.6 billion, more than 4 times the
size of the new issue, from around 135 highly diversified international institutional investors.
www.generali.com/investors/debt-ratings/listed-debt-securities for further information on the bonds issued by the Generali Group
Generali and the United Nations Industrial Development Organization (UNIDO) signed a joint declaration under the ACT (Advancing
Climate-Resilience and Transformation in African Coffee) Programme to promote sustainable coffee production in Africa. The
collaboration aims to enhance climate resilience, local value addition in key coffee-producing communities, and regulatory readiness
across coffee value chains, leveraging public and private solutions such as parametric insurance.
Following the positive completion of the customary regulatory process, the new Group organizational structure became effective
immediately, with the appointment of Giulio Terzariol as Direttore Generale - Group Deputy CEO
6
. Approved by the Board of Directors
and announced on 12 November 2025, it reinforces the strategic focus on the successful delivery of the Lifetime Partner 27: Driving
Excellence plan and further strengthens governance across core businesses. Giulio Terzariol was assigned the management of the
Group’s insurance business and oversight of Banca Generali; these delegated responsibilities will be exercised in full alignment with
the directives of the Group CEO.
26 FEB
Generali and Swiss Life Global Solutions entered into a long-term commercial partnership and a binding commitment for the
acquisition of Swiss Life Network (SLN) by Generali Employee Benefits (GEB). With this transaction, that is in line with the ambitions
of the Lifetime Partner 27: Driving Excellence strategic plan, Generali will establish the global #1 employee benefits network managing
more than € 3 billion in premiums with the aim to set new standards in service and innovation for multinational clients and their
employees worldwide. Following a transitional period, the network will adopt a new brand, to be unveiled after closing, which is
expected in the first semester of 2026, and remains subject to customary regulatory approvals.
Generali launched Generali Core Tech, a new Group software factory, advancing its technological transformation, in line with the
Lifetime Partner 27: Driving Excellence strategic plan, by building scalable, shared and innovative platforms that support business
growth and help deliver consistently higher value to customers and partners. Generali Core Tech will focus on the management and
further development of Insurance in a Box (IIAB), a shared core insurance platform for both Life and P&C businesses, advancing
the platform’s roll-out program, which is already live in Spain and Switzerland and is being extended to Portugal, Hungary, Slovenia
and Croatia. The initial perimeter of the project will cover about 15 million policies Group-wide. Generali Core Tech will build a team
of around 150 experts, adopting advanced development methodologies, supported by GenAI-powered tools, and working in close
collaboration with local teams across the business units.
www.generali.com/media/press-releases/all
6. Direttore Generale pursuant to articles 32.2 and 38.1 as defined by Generali’s Articles of Associations. The CEO Insurance role ceased to exist.
We, Generali
21
26 MAR
The share buyback program, started on 28 January 2026, for the purpose of the Long Term Incentive Plan (LTPI) 2025-2027 as well
as the Group’s incentive and remuneration plans under execution, was completed, implementing the resolution of the Shareholders’
Meeting of 24 April 2025. The transaction, as authorized by that Shareholders Meeting, had as its object the purchase of a maximum
number of 7 million and 200 thousand shares and the carrying out of any subsequent disposition of the same within the framework
of the aforementioned plans. The Company purchased 1,536,577 treasury shares at a weighted average price per share equal to €
34.26, for an aggregate amount of € 52,644,685.58. Following these purchases, at 4 March 2026 the Company and its subsidiaries
owned 53,806,923 treasury shares, equal to 3.47% of its share capital.
Generali reached an agreement for the sale of its Irish and Northern Irish P&C operations to Zurich Insurance group. The transaction
is in line with Generali’s focus on core insurance markets where the Group already holds scale and a leading presence. It is also fully
aligned with Generali’s Lifetime Partner 27: Driving Excellence strategic plan. The transaction is subject to the customary regulatory
approvals and necessary authorisations from the competent authorities.
Notes, Significant events after 31 December 2025
11 March 2026. Board of Directors: approval of the Annual Integrated Report and Consolidated Financial Statements and the Parent
Company Financial Statements Proposal at 31 December 2025
12 March 2026. Release of the results at 31 December 2025
26 APR
23 April 2026. Shareholders’ Meeting
www.generali.com/governance/annual-general-meeting for more information
26 MAY
20 May 2026. Dividend payout on the share of Assicurazioni Generali
20 May 2026. Board of Directors: approval of the Financial Information at 31 March 2026
21 May 2026. Release of the results at 31 March 2026
26 AUG
6 August 2026. Board of Directors: approval of the Consolidated Half-Yearly Financial Report at 30 June 2026
6 August 2026. Release of the results at 30 June 2026
26 NOV
12 November 2026. Board of Directors: approval of the Financial Information at 30 September 2026
13 November 2026. Release of the results at 30 September 2026
Annual Integrated Report and Consolidated Financial Statements 2025
22
Generali Group
7. Relationship Net Promoter Score among European international peers.
8. European perimeter.
9. Percentage of target population successfully completing their upskilling journey on strategic skills (technical excellence, AI/GenAI, behavioural skills) during 2025-2027.
10. Benchmark from independent consulting firm administering Generali Global Engagement Survey.
11. The target refers to the motor portfolio and is defined as reduction by year-end 2030 compared to year-end 2021, measured by carbon intensity weighted on GWP. It includes motor underwriting private portfolios of Italy,
Germany, France, Switzerland, Austria, Czech Republic, Hungary, Slovenia, Poland, Spain, and Portugal. The target on Global Corporate & Commercial portfolio is a reduction by 40% by year-end 2030 compared to year-end
2021. It refers to corporate clients with public emissions. Both subject to market environment and constraints.
12. The target for investments includes listed equity, corporate bonds, and real estate within the general account portfolio and is defined as reduction by year-end 2029 compared to year-end 2019. For listed equity and corporate bonds,
the reduction is measured by carbon intensity weighted on € million invested, whereas for real estate it is measured by carbon intensity per square meter. Subject to market environment and constraints.
13. The target includes Scope 1, 2, and 3 emissions, defined as reduction by year-end 2030 compared to year-end 2019, and calculated in absolute GHG emissions. Net-zero target for own operations is anticipated to 2035. Subject
to market environment and constraints.
14. The target covers a broad range of asset classes, both direct investments and funds, and includes bonds, corporate, government infrastructure debt-equity, and real estate. It is measured as 2025-2027 cumulated net new
investments. Subject to market environment and constraints.
15. 2024-2027 GWP CAGR for direct premiums (GDWP). The target includes car coverages for green mobility, energy efficiency, and renewable energy business. Subject to market environment and constraints.
Accelerate growth in preferred profit pools,
increase technical proficiency and scale
Group-wide assets to enhance effectiveness
Enable our people to thrive through
continuous skills development and a culture
of excellence, meritocracy, and diversity
Drive a positive impact on profit,
people and the planet by supporting a green
and just transition and fostering societal resilience
-30% emissions by 2030
for insurance
11
-60% emissions by 2030
for investments
12
and own
operations
13
www.generali.com/sustainability/
responsible-employer/greenhouse-
gas-emissions for further details
on own operations
Sustainability Statement, Environmental
information for further details
Sustainability Statement,
Environmental information for
further details on investments
+ € 12 billion
Investments in climate solutions
14
Sustainability Statement, Environmental
information for further details
8 - 10%
GWP CAGR in climate
insurance solutions
15
Sustainability Statement, Environmental
information for further details
Strengthen #1
position in RNPS
7
90%
Customer retention rate
8
≥ 90%
Upskilling index
9
≥ Market benchmark
10
Engagement rate
Sustainability Statement, Social information for further details
8 - 9%
P&C operating result
CAGR 2024-2027
4 - 5%
Life operating result
CAGR 2024-2027
OUR STRATEGY
Driving excellence in everything we do as a
Lifetime Partner for our customers
EXCELLENCE
IN GROUP
OPERATING
MODEL
EXCELLENCE IN
CUSTOMER
RELATIONSHIPS
SUSTAINABILITY
ROOTED
EXCELLENCE
PEOPLE
POWERED
EXCELLENCE
AI & DATA
DRIVEN
EXCELLENCE
LIFETIME
PARTNER 27
DRIVING EXCELLENCE
OUR STRATEGIC PRIORITIES
Enhance seamless customer experience,
innovative Group value propositions
and strengthened distribution network
EXCELLENCE
IN CORE
CAPABILITIES
We, Generali
23
16. Group investments in AI & technology strategic initiatives; 2025-2027 cumulative investments cash view.
17. Cost/income ratio on insurance perimeter (i.e., excluding A&WM and Europ Assistance). Cost defined as general expenses. Income defined as EBT before general expenses, excluding: P&C discounting, IFIEs, Life and P&C loss
component, non-operating investment result, interest expenses on financial debt and the other components excluded from the IFRS 17 adjusted net result.
18. 2024-2027 New Business Premium (NBP) CAGR. The metric for annual health and accident premiums is GWP. The target includes premiums in the life, health and pension protection lines for customer categories internally
identified as those most exposed to the protection gap: women, young/elderly people, families, and migrants/refugees. Subject to market environment and constraints.
19. 3-year CAGR based on the Group’s adjusted net result.
20. Expressed on cash basis.
21. 3-year CAGR with 2024 baseline at € 1.28 per share. Subject to all relevant approvals.
Evolve Group operating model to provide
distinctive competences, scalable services
and productivity gains
Boost AI & Data capabilities to improve customer
and distributor experience, and drive operational
efficiency and technical excellence
Sustainability Statement, Environmental
information for further details
6 - 8%
NBP CAGR for underserved customers
18
Sustainability Statement, Social
information for further details
Sustainability Statement, Environmental
information for further details
€ 1.2 - 1.3 billion
Cumulative Group investments
in AI and technology
16
2.5 - 3.0 p.p.
Insurance cost/income ratio
improvement
17
100%
Business Units scaling high
impact GenAI applications
STRONG EARNINGS
PER SHARE GROWTH
8 - 10% EPS CAGR
19
2024-2027
SOLID CASH
GENERATION
> € 11 billion
Cumulative Net Holding
Cash Flow
20
2025-2027
INCREASING
DIVIDEND
PER SHARE
> 10% DPS CAGR
20, 21
2024-2027
with a ratchet policy
www.generali.com/investors/Strategy
OUR STRATEGIC FOUNDATIONS
OUR FINANCIAL
PERFORMANCE
Group’s performance .......................................................................................................... 26
Group’s financial position ...................................................................................................31
Life segment ....................................................................................................................... 36
P&C segment ......................................................................................................................44
Asset & Wealth Management segment ...............................................................................51
Holding and other businesses segment .............................................................................52
Our main markets: positioning and performance ............................................................... 53
Share performance .............................................................................................................67
Annual Integrated Report and Consolidated Financial Statements 2025
26
Generali Group
GROUP’S PERFORMANCE
1
1. Changes in premiums, Life net inflows and new business were presented on equivalent terms.
The amounts shown in euro million were rounded to the nearest million and may not add up to the rounded total in all cases. Changes may be affected by rounding.
2. Adjusted net result includes adjustments for 1) profit or loss on investments at fair value through profit or loss (FVTPL) and other financial instruments on non-participating business and shareholders’ funds; 2) hyperinflation
effect under IAS 29; 3) amortisation of intangibles related to M&A, if material; 4) impact of gains and losses from business acquisitions and disposals, including possible restructuring costs incurred during the first year from
the acquisition, if material.
Gross written premiums at € 98.1 billion (+3.6%) thanks to the
positive performance of both Life (+1.4%) and P&C segments
(+7.6%).
31/12/2025 31/12/2024
95,190
98,124
Gross written premiums (€ mln)
Operating result increased to € 8.0 billion (+9.7%), thanks to
positive development of all business segments.
31/12/2025 31/12/2024
7,295
8,004
Operating result (€ mln)
Adjusted net result of the period
2
at € 4,315 million (+14.5%).
Net result at € 4,172 million (+12.0%).
31/12/2025 31/12/2024
4,315
Adjusted net result (€ mln)
31/12/2024
3,769
Our financial performance
27
Operating result
Total operating result by segment
(€ million) 31/12/2025 31/12/2024 Change
Total operating result 8,004 7,295 9.7%
Life 4,154 3,982 4.3%
Property & Casualty 3,663 3,052 20.0%
Asset & Wealth Management 1,194 1,176 1.5%
Holding and other businesses -610 -536 13.9%
Consolidation adjustments -397 -379 4.8%
Operating result grew by 9.7%, standing at € 8,004 million (€ 7,295 million at 31 December 2024) thanks to the positive development
of all business segments.
The operating result of the Life segment was up to € 4,154 million (+4.3%), supported by the improvement of the operating insurance
service result.
The operating result of the P&C segment grew to € 3,663 million (+20.0%). The improvement was led by the increase in the operating
insurance service result, with a combined ratio undiscounted at 94.3% (-1.6 p.p.). The operating result benefitted from lower current
year loss ratio undiscounted as well as lower impact from natural catastrophe claims.
The operating result of the Asset & Wealth Management segment amounted to € 1,194 million (+1.5%). The improvement came
from a better result of Asset Management, equal to € 662 million (+7.5%), which compensated for the lower contribution from Banca
Generali group, at € 532 million (-5.1%), following lower performance fees.
The operating result of the Holding and other businesses segment decreased at € -610 million (€ -536 million at 31 December 2024)
due to both lower operating result from Other businesses and higher operating holding expenses.
Lastly, the consolidation adjustments (+4.8%) mainly included intragroup dividends.
Non-operating result
Non-operating result
(€ million) 31/12/2025 31/12/2024 Change
Consolidated non-operating result -1,641 -1,255 30.8%
Non-operating investment result -214 28 n.m.
Net non-operating gains from investments at FVTPL and gains and losses on foreign currency -82 82 n.m.
Net non-operating realized gains on other investments 41 135 -69.9%
Net non-operating ECL and impairment losses on other investments -173 -190 -9.0%
Net other non-operating expenses -910 -710 28.1%
Non-operating holding expenses -517 -572 -9.6%
Interest expenses on financial debt -460 -493 -6.6%
Other non-operating holding expenses -57 -79 -28.1%
The non-operating result amounted to € -1,641 million (€ -1,255 million at 31 December 2024). In particular:
• net non-operating gains from investments at FVTPL and gains and losses on foreign currencies amounting to € -82 million
compared to € 82 million at 31 December 2024, mainly for the performance of the financial markets;
• net non-operating realized gains on other investments amounted to € 41 million (€ 135 million at 31 December 2024). At 31
December 2024 was mainly included the gains from the disposal of TUA Assicurazioni (€ 88 million
3
);
• net non-operating ECL and impairment losses on other investments for € -173 million (€ -190 million at 31 December 2024),
thanks to lower impairment on real estate investments;
3. Impact net of taxes amounting € 58 million.
Annual Integrated Report and Consolidated Financial Statements 2025
28
Generali Group
• net other non-operating expenses amounted to € -910 million (€ -710 million at 31 December 2024). This item included € -488
million of restructuring costs (€ -101 million at 31 December 2024) concentrated mainly in Italy, Germany, Spain and Portugal, an
amount of € -123 million relating to amortization of intangible assets generated by business combinations and bancassurance
agreements (€ -124 million at 31 December 2024), and other non-operating net expenses for € -299 million (€ -485 million at 31
December 2024), thanks to the reduction in all the main countries;
• non-operating holding expenses amounted to € -517 million (€ -572 million at 31 December 2024) reflecting
lower expenses for M&A costs and lower interest expenses on financial debt, which stood at € -460 million
(€ -493 million at 31 December 2024).
Group’s result of the period
From operating result to result of the period
(€ million) 31/12/2025 31/12/2024 Change
Consolidated operating result 8,004 7,295 9.7%
Consolidated non-operating result -1,641 -1,255 30.8%
Non-operating investment result -214 28 n.m.
Net other non-operating expenses -910 -710 28.1%
Non-operating holding expenses -517 -572 -9.6%
Earnings before taxes 6,363 6,041 5.3%
Income taxes -1,717 -1,843 -6.8%
Earnings after taxes 4,646 4,198 10.7%
Profit or loss from discontinued operations 17 -31 n.m.
Consolidated result of the period 4,663 4,167 11.9%
Result of the period attributable to the Group 4,172 3,724 12.0%
Result of the period attributable to minority interests 491 442 10.9%
Adjusted net result 4,315 3,769 14.5%
The result of the period attributable to the Group stood at € 4,172 million (+12.0% respect € 3,724 million at 31 December 2024)
and included:
• the performance of the operating and non-operating result commented above;
• the lower impact of taxation, from 30.5% to 27.0%. This improvement was mainly due to the positive effect of extraordinary tax
settlements in Italy and in Germany, to the effect on DTL stock following the expected reduction of Corporate Income Tax in
Germany (starting from 2028) and to the lower impact of net non-deductible charges;
• the higher result of discontinued operations, equal to € 17 million (€ -31 million at 31 December 2024), that included the recognition
of a positive difference coming from the transaction connected to Cronos Vita SPA demerger
4
and the losses from the disposal of
Generali Life Assurance Philippines, while at 31 December 2024 it included the loss from the disposal of Generali Sigorta and the
unrealized losses following the agreement to sell Generali Life Assurance Philippines;
• the higher result attributable to minority interests, amounting to € 491 million (€ 442 million at 31 December 2024), which corresponds
to a minority rate of 10.5% (10.6% at 31 December 2024), increased mainly for Banca Generali and Asset Management results.
The adjusted net result increased to € 4,315 million, improving from the € 3,769 million at 31 December 2024, and adjust the net
result amounting to € 4,172 million for the following items:
• € 97 million coming from profit or loss on investments at fair value through profit or loss (FVTPL) and other financial instruments on
non-participating business and shareholders’ funds (€ -50 million at 31 December 2024);
• € 9 million coming from the hyperinflation effect under IAS 29, an accounting standard dedicated to economies characterised by
hyperinflation (€ 71 million at 31 December 2024);
• € 54 million coming from the amortization of intangible assets generated by business combinations and bancassurance agreements
(€ 51 million at 31 December 2024);
• € -17 million coming from the gains and losses from business acquisitions and disposals, including possible restructuring costs
incurred during the first year from the acquisition (€ -27 million at 31 December 2024).
Adjusted EPS stood at € 2.85 increasing by 16.2% (€ 2.45 at 31 December 2024).
4. For further details refer to the Non-current assets or disposal group classified as held for sale of the Consolidated Financial Statements.
Our financial performance
29
Other information on the Group
From operating result to result of the period
(€ million) 31/12/2025 31/12/2024 Change
Consolidated operating result 8,004 7,295 9.7%
Insurance services results 6,734 5,795 16.2%
Operating investment result 2,431 2,459 -1.1%
Other operating income and expenses -1,162 -959 21.2%
of which operating holding expenses -760 -693 9.8%
Consolidated non-operating result -1,641 -1,255 30.8%
Non-operating investment result -214 28 n.m.
Net non-operating gains from investments at FVTPL and gains and losses on foreign currency -82 82 n.m.
Net non-operating realized gains on other investments 41 135 -69.9%
Net non-operating ECL and impairment losses on other investments -173 -190 -9.0%
Net other non-operating expenses -910 -710 28.1%
Non-operating holding expenses -517 -572 -9.6%
Interest expenses on financial debt -460 -493 -6.6%
Other non-operating holding expenses -57 -79 -28.1%
Earnings before taxes 6,363 6,041 5.3%
Income taxes -1,717 -1,843 -6.8%
Earnings after taxes 4,646 4,198 10.7%
Profit or loss from discontinued operations 17 -31 n.m.
Consolidated result of the period 4,663 4,167 11.9%
Result of the period attributable to the Group 4,172 3,724 12.0%
Result of the period attributable to minority interests 491 442 10.9%
Adjusted net result 4,315 3,769 14.5%
Operating result by country
(€ million) 31/12/2025 31/12/2024 Change
Italy 2,392 2,213 8.1%
France 1,232 1,211 1.8%
Germany 1,041 955 9.0%
Austria 351 328 6.9%
Switzerland 116 134 -13.6%
CEE 824 704 17.1%
Spain 403 398 1.1%
Portugal 160 134 19.8%
Asia 285 260 9.6%
Europ Assistance 184 155 18.5%
Wealth Management 532 560 -5.1%
Asset Management 662 616 7.5%
Group holdings, other companies and consolidation adjustments -178 -373 -52.2%
Total 8,004 7,295 9.7%
Annual Integrated Report and Consolidated Financial Statements 2025
30
Generali Group
Total gross written premiums by country
(€ million) 31/12/2025 31/12/2024
Italy 30,843 32,195
France 19,509 19,185
Germany 15,492 14,950
Austria 3,280 3,135
Switzerland 1,831 1,843
CEE 5,483 5,063
Spain 4,112 3,825
Portugal 2,216 1,809
Asia 9,159 7,367
Europ Assistance 2,566 2,212
Group holdings and other companies 3,633 3,608
Total 98,124 95,190
Our financial performance
31
GROUP’S FINANCIAL POSITION
5
The Group shareholders’ equity stood at € 32,064 million, up by
5.5% attributable to the Group’s result of the period and issuance
of the € 500 million Restricted Tier 1 perpetual bond classified as
equity instrument partially offset by the 2024 dividend for a total
of € 2,172 million and by the purchase of own shares related to
the Group’s Long Term Incentive Plans for € 333 million and to the
strategic buyback for € 500 million.
Notes, Shareholders’ equity for further information
31/12/2025 31/12/2024
32,064
30,389
Group shareholders’ equity (€ mln)
Solid capital position confirmed at 219% (+9 p.p.). The increase
reflected the sound contribution of normalized capital generation
which, coupled with positive market variances, more than offset
the impact of regulatory changes, non-economic variances, M&A
operations and capital movements.
Risk Report for other information on Group capital position
219%
210%
31/12/2025
31/12/2024
Solvency Ratio (%)
Total Assets Under Management (AUM) at € 899,930 million,
increased compared to 31 December 2024, thanks to the
contribution of the positive trend of financial markets and the
contribution of net inflows.
899,930
863,004
31/12/2025
31/12/2024
Total Assets Under Management (€ mln)
Contractual Service Margin for insurance and reinsurance contracts,
gross of reinsurance, amounted to € 34,610 million, of which
€ 33,603 million came from the Life segment and € 1,007 million
from the P&C segment.
34,610
31,228
31/12/2025 31/12/2024
Contractual Service Margin (€ mln)
5. Changes in total AUM and Solvency Ratio were calculated considering the previous year-end data.
The amounts shown in euro million were rounded to the nearest million and may not add up to the rounded total in all cases. Changes may be affected by rounding.
Annual Integrated Report and Consolidated Financial Statements 2025
32
Generali Group
Investments
Group investments
(€ million) 31/12/2025 31/12/2024 Change
Equity investments 27,712 27,229 1.8%
Fixed income investments 302,571 294,154 2.9%
Bonds 248,554 244,258 1.8%
Other fixed income investments 54,017 49,895 8.3%
Land and buildings (investment properties and similar investments) 26,387 26,687 -1.1%
Other investments 8,917 7,805 14.2%
Investments in subsidiaries, associated companies and joint ventures 3,026 2,840 6.5%
Derivatives -94 165 n.m.
Other investments 5,985 4,799 24.7%
Cash and cash equivalents 14,470 17,192 -15.8%
Total General Account investments 380,057 373,065 1.9%
Financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts, and reserves linked to
pension funds 136,118 123,855 9.9%
Group's total investments 516,175 496,920 3.9%
Third-party Assets Under Management (*) 383,755 366,084 4.8%
Group total Assets Under Management 899,930 863,004 4.3%
At 31 December 2025, the Group’s total investments amounted to € 516,175 million (+3.9% compared to 31 December 2024),
following in particular the increase of financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts (€ 136,118 million, +9.9% compared to 31 December 2024),
thanks to the positive trend of financial markets and the contribution of net inflows, and to the significant increase of General Account
investments (€ 380,057 million, +1.9% compared to 31 December 2024), in particular fixed income investments, specifically the debt
securities component, due to higher net purchases during the period.
Group’s asset allocation was stable compared to 31 December 2024, in terms of composition of investment classes.
Equity instruments amounted to 7.3% (7.3% at 31 December 2024), fixed income instruments to 79.6% (78.9% at 31 December
2024) and the Group’s land and buildings (investment properties and similar investments) to 6,9% (7.2% at 31 December 2024).
The Group’s total Assets Under Management amounted to € 899,930 million (+4.3% compared to 31 December 2024).
Consistently, the third-party Assets Under Management showed a trend similar to the Group’s total investments, amounting to €
383,755 million (+4.8% compared to 31 December 2024).
Return on investments
(€ million) 31/12/2025 31/12/2024
Economic components
Current income from fixed income instruments 9,713 9,618
Current income from equity instruments 1,028 815
Current income from real estate investments (*) 1,104 1,108
Net realized gains 445 -33
Expected credit losses -143 -202
Net unrealized gains -38 912
Average stock 374,597 365,002
Ratio (%)
P&L return 3.2% 3.5%
Current return 3.4% 3.3%
Harvesting rate 0.1% 0.2%
Return from gains/losses through equity -1.2% 1.0%
Comprehensive return 2.1% 4.5%
(*) Net of depreciation of the period.
Our financial performance
33
The current income increased to 3.4% (3.3% at 31 December 2024). This increase was mainly due to the growth of current income
from fixed income instruments.
The P&L return recorded a substantial increase, amounting to 3.2% (3.5% at 31 December 2024). The harvesting rate was stable
at 0.1% (0.2% at 31 December 2024).
The return from profits/losses recognised directly in equity, although positive, decreased, reaching -1.2% (1.0% at 31 December
2024) due to the lower contribution from bond investments, particularly government bonds.
Insurance liabilities
Gross insurance liabilities (*)
(€ million) 31/12/2025 31/12/2024
Total insurance liabilities 452,080 438,150
Life insurance liabilities 412,484 400,251
Property & Casualty insurance liabilities 39,595 37,899
(*) Including (re)insurance contracts that are assets and any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.
Gross insurance liabilities stood at € 452,080 million, up 3.2% compared to € 438,150 million at 31 December 2024. The insurance
liabilities of the Life segment, which account for 91.2% of the total, amounted to € 412,484 million (+3.1% compared to 31 December
2024) while the liabilities of the P&C segment stood at € 39,595 million (+4.5% compared to 31 December 2024).
Debt and liquidity
Debt
Group debt is composed as follows:
Group debt
(€ million) 31/12/2025 31/12/2024
Operating debt 37,648 34,550
Financial debt 11,194 11,160
Subordinated liabilities 9,806 9,784
Senior bonds 1,287 1,286
Other financial debt 102 90
Total debt 48,843 45,710
Subordinated bonds classified as shareholders' equity 506 n.a.
Total adjusted financial debt (*) 11,700 11,160
Total adjusted debt 49,348 45,710
(*) The total adjusted financial debt is composed by the sum of financial debt and subordinated bonds classified as shareholders’ equity.
The increase in the Group’s operating debt was mainly attributable to the increase of both the payables to bank customers and the
financial liabilities related to investment contracts.
The Group’s financial debt was in line with the value recorded in the previous year. In particular, subordinated liabilities remained
essentially stable. This trend was mainly due to the issuance of securities in January and June for a total nominal amount of € 1,000
million, offset by the repurchase and redemption of a security, carried out in January and November respectively, for a total nominal
amount of € 1,000 million.
Subordinated bonds classified as shareholder’s equity reflected mainly the issuance of the first perpetual Restricted tier 1 bond in
October for a nominal amount of € 500 million.
The weighted average cost of adjusted financial debt stood at 4.14%, in line with the value at the end of 2024. Excluding subordinated
bonds classified as shareholders’ equity, the weighted average cost of financial debt stood at 4.11%
Annual Integrated Report and Consolidated Financial Statements 2025
34
Generali Group
The interest expenses on adjusted financial debt amounted to € 467 million at 31 December 2025 (€ 493 million at 31 December
2024). Excluding subordinated bonds classified as shareholders’ equity, the interest expenses on financial debt amounted to €
460 million. The decrease in interest expenses was mainly attributable to the bond redeemed in September 2024, the repurchase
transaction carried out in January 2025, and the bond redeemed in November 2025.
Details on adjusted financial debt
Details on subordinated liabilities, senior bonds and subordinated bonds classified as shareholders’ equity
(€ million) 31/12/2025 31/12/2024
Nominal
value
Book value Accrued interest
expenses
Average weighted
cost % (*)
Nominal
value
Book value Accrued interest
expenses
Average weighted
cost % (*)
Subordinated liabilities 9,599 9,806 417 4.19% 9,612 9,784 388 4.24%
Senior bonds 1,250 1,287 44 3.51% 1,250 1,286 105 3.51%
Subordinated bonds classified as
shareholders' equity 505 506 6 4.77% n.a. n.a. n.a. n.a.
Total 10,849 11,093 467 4.14% 10,862 11,071 493 4.16%
(*) The weighted average cost reflects annualized cost of financial debt, considering the outstanding debt at the reporting date and the related activities of currency and interest rate hedging.
Details of issues and redemptions of subordinated liabilities, senior bonds and subordinated bonds classified as shareholders’ equity
(nominal value in € million) 31/12/2025 31/12/2024
Issuances Redemptions Issuances net of
redemptions
Issuances Redemptions Issuances net of
redemptions
Subordinated liabilities 1,000 1,000 -0 750 750
Senior bonds 0 1,250 1,750 -500
Subordinated bonds classified as shareholders'
equity 500 500 n.a. n.a. n.a.
Total 1,500 1,000 500 2,000 1,750 250
The average duration stood at 4.85 years at 31 December 2025 compared to 4.89 years at 31 December 2024. Excluding
subordinated bonds classified as shareholders’ equity, the average duration stood at 4.81 years.
Notes, Financial liabilities for further information
Details on maturity of subordinated liabilities and senior bonds (nominal value, € mln)
Senior debt Subordinated debt Hybrid debt
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Our financial performance
35
Revolving credit facilities
Assicurazioni Generali has revolving credit facilities for a total amount of € 4.0 billion. They represent, in line with the best market
practice, an efficient tool to protect the Group’s financial flexibility in case of adverse scenarios.
The two revolving credit facilities, syndicated for a value of € 2.0 billion each, have a duration until 2026 and 2028, respectively.
The revolving credit facilities also present innovative features in terms of sustainability since their cost is linked to green targets.
This transaction further strengthens Generali’s commitment to sustainability and the environment, as set out in the Charter of
Sustainability Commitments and in the Group strategy on climate.
This will only impact the Group’s liabilities linked to financing activities if the facilities are drawn down.
Liquidity
Cash and cash equivalents
(€ million) 31/12/2025 31/12/2024
Cash at bank and short-term securities 6,638 6,760
Cash and cash equivalents 131 230
Cash and balances with central banks 400 933
Money market investment funds unit 10,246 12,466
Other net cash and cash equivalents -2,944 -3,203
Cash and cash equivalents 14,470 17,187
The Group’s cash and cash equivalents decreased from € 17,187 million at 31 December 2024 to € 14,470 million at 31 December
2025, as a result of investments in long-term financial instruments aimed at generating future returns, while still ensuring coverage
of the liquidity needs of the insurance business segments and supporting investments in liquid assets by the Group’s companies
operating in Wealth Management.
Annual Integrated Report and Consolidated Financial Statements 2025
36
Generali Group
LIFE SEGMENT
6
6. Changes in premiums, Life net inflows and new business were presented 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.
The amounts shown in euro million were rounded to the nearest million and may not add up to the rounded total in all cases. Changes may be affected by rounding.
New Business Value (NBV) at € 3,147 million (+6.2%), supported
by increased profitability and volumes.
31/12/2025
31/12/2024
3,147
2,977
NBV (€ mln)
Operating result at € 4,154 million (+4.3%) thanks to the
performance of the operating insurance services result.
4,154
3,982
31/12/2025 31/12/2024
Operating result (€ mln)
31/12/2025
31/12/2024
13,487
9,674
Life net inflows at € 13.5 billion, for the most part concentrated
in the protection & health and hybrid & unit-linked lines. Gross
written premiums rose to € 61.9 billion (+1.4%).
Gross written premiums and net inflows (€ mln)
Gross written premiums Net inflows
61,943
61,434
New business (expressed in terms of present value of new
business premiums - PVNBP) at € 55,552 million, increasing by
1.5%.
PVNBP (€ mln)
55,552
55,098
31/12/2025
31/12/2024
Our financial performance
37
Performance of the Life segment
Premiums development
Life premiums
7
were € 61,943 million (+1.4% on equivalent terms) thanks to contribution of traditional savings and protection &
health lines. In particular, traditional savings line (+10.7%) grew especially in Asia (+46.3%), while protection & health line (+5.6%),
grew in almost all the countries in which the Group operates. The decrease of the hybrid & unit-linked line (-4.0%) came mainly from
lower collection in Italy (-13.5%) also caused by the strong production due to the commercial initiative implemented in 2024.
Net inflows - premiums collected, net of claims and surrenders - were € 13,487 million (+42.5%), benefitting also from the lower
surrenders. Net inflows of traditional savings line rose to € 2,406 million (€ -312 million at 31 December 2024), for the positive
development recorded in Italy, Germany and Asia. Net inflows of the protection & health line improved to € 4,472 million (€ 4,078
million at 31 December 2024), thanks mainly to the performance of Italy, while the net inflows of the hybrid & unit-linked at € 6,608
million (€ 5,908 million at 31 December 2024) was led by the improvement recorded in France.
New Business Value
The New Business Value (NBV) represents the expected value of future profits referred to the new contracts issued over the reporting
period within the Life segment. The full year NBV is calculated as the simple sum of the NBV of each quarter, each of them calculated
with beginning of period operating and economic assumptions.
The NBV is defined as the contribution of the new business to the Life CSM including the following elements to provide a comprehensive
economic representation of the performance indicator:
• the value of short-term business measured under the Premium Allocation Approach (PAA);
• the value of investment contracts falling under IFRS 9;
• the possible impact of new onerous contracts (Loss Component - LC);
• the cost of external reinsurance.
The following table compares the NBV, the present value of future premiums related to new business production (PVNBP) and the
profitability expressed in terms of PVNBP (NBM) in 2025 with the correspondent value in 2024. The changes are reported on a
comparable basis, neutralizing the impact of variations in the scope and exchange rates.
7. Including premiums from investment contracts equal to € 1,763 million (€ 1,566 million at 31 December 2024).
31/12/2025 31/12/2024
Gross direct premiums by line of business (€ mln)
11,553
10,922
30,060
31,292
18,198
16,819
Traditional Savings
Protection & Health
Hybrid & Unit-linked
Annual Integrated Report and Consolidated Financial Statements 2025
38
Generali Group
New business value
(€ million) 31/12/2025 31/12/2024 Change
Total New Business premiums 32,768 32,883 0.3%
Annual premiums 2,877 3,170 -7.4%
Single premiums 29,891 29,713 1.1%
PVNBP 55,552 55,098 1.5%
NBV 3,147 2,977 6.2%
NBM 5.66% 5.40% 0.25 p.p.
Between 2024 and 2025, the PVNBP showed a slight increase (+1.5%), reaching € 55.6 billion, mainly thanks to solid production in
Asia, France and Germany, partially mitigated by the slowdown in Italy.
In terms of lines of business, the protection & health line experienced a strong growth (+9.8%) across all regions. traditional saving
volumes slightly increased (+0.9%) thanks to a remarkable production in Asia, almost completely offset by the decrease registered in
Italy, where 2024 benefitted from ad hoc initiatives to support net inflows. Hybrid & unit-linked business showed a minor slowdown
(-1.3%) primarily on account of the drop of hybrid sales in Italy partially offset by a robust production in Germany and France.
The new business profitability measured in PVNBP terms stood at 5.66%, increasing by 0.25 p.p., mainly reflecting more favorable
product mix and features (+0.30 p.p.), partly mitigated by the impact of interest rates (-0.04 p.p.) and other offsetting factors spread
across the Group.
The table below displays the main elements of the NBV derivation starting from New Business CSM.
New Business Value derivation
(€ million) 31/12/2025 31/12/2024
New business CSM 3,010 2,827
Perimeter (*) 196 192
Reinsurance -59 -41
New business value 3,147 2,977
In particular, as previously noted, the NBV is derived from the New Business CSM, to which the value of the contracts measured
under the PAA and the investment contracts (Perimeter) are added, net of the cost of non-Group reinsurance (Reinsurance).
Operating result
Life operating result stood at € 4,154 million (€ 3,982 million at 31 December 2024).
The operating insurance services result improved, from € 3,039 million at 31 December 2024 to € 3,243 million, and compensated
the slight reduction of the operating investment result, from € 943 million at 31 December 2024 to € 911 million.
Operating result (€ mln)
911
943
4,154 3,982
3,243
3,039
Operating insurance services result
Operating investment result
31/12/2025 31/12/2024
Our financial performance
39
Operating insurance services result
Life segment operating result: operating insurance services result
(€ million) 31/12/2025 31/12/2024 Change
Life segment operating insurance services result 3,243 3,039 6.7%
CSM release 3,223 2,986 7.9%
Risk adjustment release 163 145 12.5%
Loss component -105 -231 -54.5%
Experience variance and other technical result 164 204 -19.5%
Other operating income and expenses -202 -65 n.m.
The operating insurance services result amounted to € 3,243 million (€ 3,039 million at 31 December 2024) and was mainly composed
by the CSM release which increased thanks to higher CSM stock to € 3,223 million (€ 2,986 million at 31 December 2024). In the
period were recorded also lower amount of loss component, while other operating income and expenses went worse than last year.
Operating investment result
Life segment operating result: operating investment result
(€ million) 31/12/2025 31/12/2024 Change
Life segment operating investment result 911 943 -3.3%
Operating investment income 1,631 1,555 4.9%
Interest income and other income 12,110 11,540 4.9%
Net operating realized gains on financial instruments and land and buildings (investment
properties) 141 -475 n.m.
Net operating unrealized gains on financial instruments and land and buildings (investment
properties) -123 807 n.m.
Net operating ECL and impairment losses on financial instruments and land and buildings
(investment properties) -16 -85 -80.9%
Other expenses from other financial instruments and land and buildings (investment
properties) -398 -364 9.3%
Interest expenses on operating debt -154 -236 -34.5%
Income from financial investment backing investment contracts and back to unit-linked and
index-linked policies 7,132 9,984 -28.6%
Insurance finance expenses from VFA business and policyholders’ participations share -17,062 -19,617 -13.0%
Insurance finance expenses from GMM and PAA business -720 -612 17.5%
Operating investment result amount to € 911 million (€ 943 million at 31 December 2024) and comprised:
• interest income and other income, which includes dividends and other recurring income, amounting to € 12,110 million (€ 11,540
million at 31 December 2024);
• net operating realized gains on financial instruments and land and buildings (investment properties) at € 141 million (€ -475 million
at 31 December 2024);
• net operating unrealized gains on financial instruments and land and buildings (investment properties) which stood at € -123 million
(€ 807 million at 31 December 2024);
• net operating ECL and impairment losses on financial instruments and land and buildings (investment properties) for € -16 million
(€ -85 million at 31 December 2024);
• other expenses from other financial instruments and land and buildings (investment properties) for € -398 million (€ -364 million at
31 December 2024);
• interest expenses on operating debt for € -154 million (€ -236 million at 31 December 2024);
• income from financial investment backing investment contracts and back to unit-linked and index-linked policies for € 7,132 million
(€ 9,984 million at 31 December 2024);
• insurance finance expenses from VFA business and policyholders’ participations share for € -17,062 million (€ -19,617 million at
31 December 2024);
• Insurance finance expenses from GMM and PAA business for € -720 million (€ -612 million at 31 December 2024).
Annual Integrated Report and Consolidated Financial Statements 2025
40
Generali Group
Other information on the Life segment
Life segment operating result and non-operating result
(€ million) 31/12/2025 31/12/2024 Change
Life segment operating result 4,154 3,982 4.3%
Operating insurance services result 3,243 3,039 6.7%
Operating investment result 911 943 -3.3%
Life segment non-operating result -330 -175 88.8%
Life segment earnings before taxes 3,824 3,807 0.4%
Life segment indicators by country
(€ million) Operating result CSM release
31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 1,609 1,567 1,384 1,325
France 864 852 673 590
Germany 519 513 443 407
Austria 103 92 103 91
Switzerland 125 149 103 93
CEE 312 315 211 196
Spain 223 224 78 72
Portugal 30 28 20 19
Asia 269 241 199 184
Group holdings and other companies (*) 101 0 8 9
Total 4,154 3,982 3,223 2,986
(*) The data relating to Operating result also include country adjustments.
Life segment indicators by country
(€ million) Gross written premiums Net inflows
31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 21,534 23,360 1,686 1,536
France 15,284 15,255 3,848 2,946
Germany 10,810 10,572 1,421 881
Austria 1,298 1,246 56 84
Switzerland 1,069 1,076 1 88
CEE 1,306 1,224 418 354
Spain 983 908 -24 -57
Portugal 484 224 358 71
Asia 7,471 5,893 5,290 3,432
Group holdings and other companies 1,704 1,676 432 338
Total 61,943 61,434 13,487 9,674
Our financial performance
41
Life segment direct written premiums by line of business and by country
(€ million) Traditional Saving Protection & Health Hybrid & Unit-linked Total
31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 9,841 10,139 549 345 11,144 12,875 21,534 23,360
France 3 7 3,277 3,215 10,777 10,593 14,057 13,815
Germany 1,620 1,667 3,946 3,823 5,244 5,083 10,810 10,572
Austria 277 290 572 518 449 438 1,298 1,246
Switzerland 156 162 28 25 885 889 1,069 1,076
CEE 121 139 555 493 623 586 1,299 1,218
Spain 310 310 384 350 289 248 983 908
Portugal 148 17 84 79 252 128 484 224
Asia 5,656 4,035 1,422 1,405 380 438 7,458 5,877
Group holdings and other companies 66 54 735 668 17 15 819 737
Total 18,198 16,819 11,553 10,922 30,060 31,292 59,811 59,033
Life segment indicators by country
(€ million) PVNBP NBV NBM
31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 18,757 20,691 1,108 1,226 5.90% 5.92%
France 14,799 14,079 578 559 3.91% 3.97%
Germany 9,083 8,656 397 401 4.37% 4.63%
Austria 1,291 1,256 72 76 5.61% 6.07%
Switzerland 538 537 54 50 10.06% 9.35%
CEE 1,305 1,159 185 160 14.18% 13.77%
Spain 911 832 175 161 19.24% 19.29%
Portugal 521 236 30 25 5.78% 10.42%
Asia 7,537 6,974 535 317 7.10% 4.54%
Group holdings and other companies 810 678 13 3 1.56% 0.48%
Total 55,552 55,098 3,147 2,977 5.66% 5.40%
Annual Integrated Report and Consolidated Financial Statements 2025
42
Generali Group
Financial position of the Life segment
Investments
Life segment investments
(€ million) 31/12/2025 31/12/2024 Change
Equity investments 23,918 23,289 2.7%
Fixed income investments 249,096 246,376 1.1%
Bonds 204,730 204,539 0.1%
Other fixed income investments 44,366 41,837 6.0%
Land and buildings (investment properties and similar investments) 23,802 23,865 -0.3%
Other investments 6,985 6,152 13.5%
Investments in subsidiaries, associated companies and joint ventures 3,655 3,499 4.4%
Derivatives -163 112 n.m.
Other investments 3,494 2,541 37.5%
Cash and cash equivalents 7,274 7,797 -6.7%
Total General Account investments 311,075 307,479 1.2%
Financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts, and reserves linked to
pension funds 136,118 123,855 9.9%
Group's total investments 447,193 431,334 3.7%
At 31 December 2025 the Group’s total investments in Life segment amounted to € 447,193 million (+3.7% compared to 31
December 2024), following in particular the increase of financial assets linked to technical reserves where the investment risk is
borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds (€ 136,118
million, +9.9% compared to 31 December 2024), thanks to the positive market trends, positive net inflows, and the increase of
General Account investments (€ 311,075 million, +1.2% compared to 31 December 2024). These investments increased mainly due
to positive net inflows, partially offset by the negative contribution of unrealized losses recognized in other comprehensive income.
The Group’s asset allocation was stable compared to 31 December 2024, in terms of composition of investment classes. Equity
instruments amounted to 7.7% (7.6% at 31 December 2024), while fixed income instruments amounted to 80.1% (80.1% at 31
December 2024). The Group’s land and buildings (investment properties and similar investments) amounted to 7.7% (7.8% at 31
December 2024) and were stable at € 23,813 million (€ 23,865 million at 31 December 2024).
The average duration of the bond portfolio amounted to at 8.6 years (8.7 at 31 December 2024).
Life Segment Return of Investments
(%) Total Life of which: Contracts with direct participation
features
31/12/2025 31/12/2024 31/12/2025 31/12/2024
P&L return 3.2% 3.3% 3.2% 3.2%
Current return 3.4% 3.2% 3.3% 3.1%
Harvesting rate 0.1% 0.1% 0.1% 0.1%
Return from gains/losses through equity -1.4% 1.0% -1.5% 0.6%
Comprehensive return 1.8% 4.3% 1.8% 3.8%
The P&L return of Life segment remained stable, standing at 3.2% (3.3% at 31 December 2024) while current return showed an
increase to 3.4% (3.2% at 31 December 2024).
The harvesting rate remained stable at 0.1%, as unrealized gains offset lower realized profits and higher impairments compared
to the comparative period. The decrease of comprehensive return was attributable to the return from gains/losses through equity,
negatively impacted by fixed income investments. The decrease in comprehensive return was attributable to return from gains/losses
through equity, which was affected by fixed income investments.
Our financial performance
43
Life insurance liabilities
Life insurance liabilities (*)
(€ million) 31/12/2025 31/12/2024
Life insurance liabilities 412,484 400,251
Present value of future cash flows 377,146 368,337
Risk Adjustment 1,736 1,630
Contractual Service Margin 33,603 30,283
(*) Including (re)insurance contracts that are assets and any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.
At 31 December 2025, the gross insurance liabilities of the Life segment stood at € 412,484 million, increasing by € 12,233 million
from the previous year-end value of € 400,251 million (+3.1%). The increase was driven by the present value of future cash-flows
that moved from € 368,337 million to € 377,146 million, mainly on account of the new business contribution and the unwinding
of discount. The risk adjustment for non-financial risks slightly increased from € 1,630 million in 2024 to € 1,736 million in 2025.
The CSM strongly increased by 11.0% compared to 31 December 2024, moving from € 30,283 million to € 33,603 million. CSM
movement details are provided below.
CSM Life development
(€ million) 31/12/2025 31/12/2024
Opening CSM 30,283 30,911
Change in scope and other - opening 38
New business CSM 3,010 2,827
Expected return 1,492
1,757
Economic variances 2,088 -875
Operating variances -48 -1,388
CSM before release 36,826 33,270
CSM release -3,223 -2,986
Change in scope and other - closing
Closing CSM 33,603 30,283
The drivers that explained CSM variation were:
• new business contribution equal to € 3,010 million, mainly driven by Italy (€ 1,096 million), France (€ 596 million) and Germany (€
408 million);
• expected return (€ 1,492 million), including the unwinding of discount and the systematic variance due to expected realization of
real-world assumptions;
• economic variances (€ 2,088 million), which benefitted from the contraction of government and corporate bond spreads in Europe,
the positive performance of Equity markets and the increase of Euro interest rates embedding also lower volatilities. These effects
were only partially offset by the decline of United States Dollar and Chinese Yuan exchange rates against the Euro;
• operating variances (€ -48 million), which were mainly due to the review of lapse assumptions in Italy and, to a lesser extent, in
Germany and France, as well as to regulatory changes related to the stamp duty on unit-linked reserves in Italy and to the new
German tax regime applicable to the health business. These impacts were almost completely offset by the update of future
premiums assumptions on pension business in Italy and France and by the positive experience variance on health premiums in
Germany;
• CSM release to P&L (€ -3,223 million), including both the systematic variance due to expected realization of real-world assumptions
and a quota of CSM release according to the pattern of services rendered over the reporting period.
Annual Integrated Report and Consolidated Financial Statements 2025
44
Generali Group
P&C SEGMENT
8
8. Changes in premiums were presented on equivalent terms. Changes in the operating result and general account investments excluded any assets under disposal or disposed of during the same period of comparison.
The amounts shown in euro million were rounded to the nearest million and may not add up to the rounded total in all cases. Changes may be affected by rounding.
Premiums grew to € 36.2 billion (+7.6%), thanks to the
performance of both business lines.
36,181
33,756
31/12/2025 31/12/2024
Gross written premiums (€ mln)
Group CoR at 92.6%, improving thanks to the better current
year loss ratio.
CoR undiscounted at 94.3% (-1.6 p.p.).
92.6%
94.0%
31/12/2025 31/12/2024
Combined ratio (%)
Operating result grew to € 3,663 million (+20.0%); thanks to the
positive development of operating insurance services result.
3,663
3,052
31/12/2025 31/12/2024
Operating result (€ mln)
Our financial performance
45
Performance of the Property & Casualty segment
Premiums development
P&C premiums stood at € 36,181 million (+7.6% on equivalent terms) thanks to the positive performance of both business lines.
Both the non-motor line (+7.3%) and motor line (+7.5%) improved in the year, achieving widespread growth across all the main
areas in which the Group operates. The motor line premiums excluding the contribution from Argentina, a country impacted by
hyperinflation, would have increased by 5.7%.
Operating result
The operating result of the P&C segment amounted to € 3,663 million (€ 3,052 million at 31 December 2024). The operating result
benefit from the increase of the operating insurance services result, from € 1,976 million at 31 December 2024 to € 2,613 million.
Slightly decrease of the operating investment result amounting to € 1,050 million (€ 1,076 million at 31 December 2024), following
the inflation rate dynamic in Argentina. Excluding the contribution from Argentina the operating investment result would increase to
€ 1,018 million (€ 976 million at 31 December 2024).
31/12/2025 31/12/2024
Gross direct premiums by line of business (€ mln)
21,753
20,222
12,726
12,038
Motor
Non-motor
31/12/2025 31/12/2024
Operating result (€ mln)
1,050
1,076
3,663 3,052
2,613
1,976
Operating insurance services result
Operating investment result
Annual Integrated Report and Consolidated Financial Statements 2025
46
Generali Group
Operating insurance services result
Property & Casualty segment operating result: operating insurance services result
(€ million) 31/12/2025 31/12/2024 Change
Property & Casualty segment operating insurance services result 2,613 1,976 32.3%
Insurance contract revenues 35,246 32,936 7.0%
Total net incurred claims -22,264 -21,464 3.7%
Insurance expenses -10,074 -9,183 9.7%
Other operating income and expenses -295 -313 -5.9%
Operating insurance services grew to € 2,613 million (€ 1,976 million at 31 December 2024) thanks mainly to the increase in the
current year loss ratio undiscounted, higher volume and lower natural catastrophe claims.
Technical indicators
31/12/2025 31/12/2024 Change
Loss ratio 63.2% 65.2% -2.0 p.p.
Current year loss ratio 64.3% 67.2% -2.9 p.p.
Current year loss ratio undiscounted (excl. Nat Cat) 64.3% 65.5% -1.2 p.p.
Natural catastrophe losses undiscounted 1.7% 3.6% -2.0 p.p.
Current year discounting -1.7% -1.9% 0.2 p.p.
Prior year's loss ratio -1.1% -2.1% 0.9 p.p.
Expense ratio 29.4% 28.8% 0.6 p.p.
Acquisition expenses 21.4% 20.4% 1.0 p.p.
Administration expenses and other attributable expenses 7.2% 7.4% -0.3 p.p.
Other operating income and expenses 0.8% 1.0% -0.1 p.p.
Combined ratio 92.6% 94.0% -1.4 p.p.
Combined ratio undiscounted 94.3% 95.9% -1.6 p.p.
The combined ratio was 92.6% (94.0% at 31 December 2024) following a lower loss ratio at 63.2% (-2.0 p.p.), partly compensated
by a higher expense ratio at 29.4% (+0.6 p.p.).
The dynamics in the loss ratio was led by a lower current year loss ratio undiscounted (excluding Nat Cat), as well as lower impact
from natural catastrophes claims undiscounted, which impacted the Combined Ratio for 1.7% (3.6% at 31 December 2024),
corresponding to an amount of € -593 million (€ -1,202 million at 31 December 2024). Those positive effect has been partly
compensated by a lower current year discounting benefit to -1.7% (+0.2 p.p.) and lower contribution from prior years development
to -1.1% (-2.1% at 31 December 2024). The expense ratio increased to 29.4% (+0.6 p.p.) caused by higher acquisition expenses,
despite lower administration expenses.
The undiscounted combined ratio - which excludes the discounting effect from claims reserved - improved to 94.3% (95.9% at 31
December 2024).
Our financial performance
47
Operating investment result
Property & Casualty segment operating result: operating investment result
(€ million) 31/12/2025 31/12/2024 Change
Property & Casualty segment operating investment result 1,050 1,076 -2.4%
Operating investment income 1,657 1,710 -3.1%
Interest income and other income 1,933 2,144 -9.8%
Other expenses from other financial instruments and land and buildings (investment
properties) -189 -192 -1.4%
Interest expenses on operating debt and other expenses -87 -242 -64.2%
Insurance finance expenses -607 -634 -4.2%
The operating investment result amounted to € 1,050 million (€ 1,076 million at 31 December 2024) and comprised:
• interest income and other income, which includes dividends and other recurring income, for € 1,933 million (€ 2,144 million at
31 December 2024) mainly thanks to the contribution of fixed-income instruments;
• other expenses from other financial instruments and land and buildings (investment properties) for € -189 million (€ -192 million at
31 December 2024);
• interest expenses on operating debt and other expenses improved to € -87 million (€ -242 million at 31 December 2024), where
the change was entirely explained by the other expenses components;
• insurance finance expenses at € -607 million (€ -634 million at 31 December 2024).
Other information on the Property & Casualty segment
Property&Casualty segment operating and non-operating result
(€ million) 31/12/2025 31/12/2024 Change
Property&Casualty segment operating result 3,663 3,052 20.0%
Operating insurance services result 2,613 1,976 32.3%
Operating investment result 1,050 1,076 -2.4%
Property&Casualty segment non-operating result -592 -410 44.3%
Property&Casualty segment earnings before taxes 3,071 2,641 16.3%
Property&Casualty segment indicators by country
(€ million) Gross written premiums Operating result
31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 9,310 8,836 862 711
France 4,225 3,929 405 355
Germany 4,682 4,378 558 485
Austria 1,982 1,888 260 247
Switzerland 761 766 10 3
CEE 4,177 3,839 511 384
Spain 3,130 2,917 196 186
Portugal 1,732 1,585 133 107
Asia 1,688 1,474 68 73
Europ Assistance 2,566 2,212 227 189
Group holdings and other companies (*) 1,928 1,932 434 312
Total 36,181 33,756 3,663 3,052
(*) The data relating to Operating result also include country adjustments.
Annual Integrated Report and Consolidated Financial Statements 2025
48
Generali Group
Property&Casualty segment direct written premiums by line of business and by country
(€ million) Motor Non-motor Total
31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 3,233 3,095 5,851 5,512 9,084 8,607
France 1,343 1,278 2,772 2,557 4,115 3,836
Germany 1,805 1,627 2,863 2,742 4,668 4,370
Austria 809 765 1,169 1,119 1,977 1,885
Switzerland 318 307 443 459 761 766
CEE 2,087 1,944 2,038 1,847 4,125 3,791
Spain 1,212 1,124 1,815 1,695 3,027 2,818
Portugal 722 649 1,009 934 1,731 1,584
Asia 488 428 810 738 1,298 1,166
Europ Assistance 36 63 2,200 1,886 2,235 1,949
Group holdings and other companies 675 757 783 732 1,458 1,489
Total 12,726 12,038 21,753 20,222 34,479 32,261
Technical indicators by country
Combined ratio (*) Loss ratio Expense ratio
31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024
Italy 93.0% 94.1% 65.5% 67.2% 27.5% 26.9%
France 94.0% 94.1% 70.5% 71.0% 23.4% 23.1%
Germany 90.7% 92.5% 61.1% 62.5% 29.5% 30.0%
Austria 91.7% 92.2% 64.4% 65.0% 27.3% 27.2%
Switzerland 101.2% 101.7% 71.6% 72.6% 29.6% 29.1%
CEE 90.0% 92.5% 56.1% 58.2% 33.9% 34.3%
Spain 96.2% 96.2% 69.0% 73.4% 27.2% 22.8%
Portugal 94.9% 95.9% 70.3% 72.1% 24.6% 23.9%
Asia 100.3% 99.0% 66.5% 66.3% 33.7% 32.8%
Europ Assistance 93.5% 94.1% 59.4% 60.6% 34.1% 33.5%
Group holdings and other companies (**) 92.6% 96.5% 70.0% 73.8% 22.6% 22.8%
Total 92.6% 94.0% 63.2% 65.2% 29.4% 28.8%
(*) NAT CAT claims undiscounted impacted on the Group combined ratio for 1.7 p.p., of which 2.5 p.p. in Italy, 2.6 p.p. in France, 1.1 p.p. in Germany, 1.8 p.p. in Austria, 0.0 p.p. in Switzerland, 2.2 p.p. in
CEE, 0.1 p.p. in Spain, 0.2 p.p. in Portugal, 0.0 p.p. in Asia, 0.0 p.p. in Europ Assistance, 1.7 p.p. in Group holdings and other companies (at 31 December 2024 NAT CAT claims undiscounted impacted
on the Group combined ratio for 3.6 p.p., of which 2.7 p.p. in Italy, 3.0 p.p. in France, 4.0 p.p. in Germany, 6.3 p.p. in Austria, 0.8 p.p. in Switzerland, 5.7 p.p. in CEE, 0.5 p.p. in Spain, 0.1 p.p. in Portugal,
0.2 p.p. in Asia, 0.1 p.p. in Europ Assistance, 7.0 p.p. in Group holdings and other companies).
(**) Group Holdings and other companies exclude the country adjustments.
Our financial performance
49
Financial position of the Property & Casualty segment
Investments
Property & Casualty segment investments
(€ million) 31/12/2025 31/12/2024 Change
Equity investments 3,469 3,624 -4.3%
Fixed income investments 36,270 33,498 8.3%
Bonds 31,787 29,697 7.0%
Other fixed income investments 4,483 3,802 17.9%
Land and buildings (investment properties and similar investments) 2,580 2,809 -8.1%
Other investments 2,666 2,592 2.9%
Investments in subsidiaries, associated companies and joint ventures 2,415 2,317 4.2%
Derivatives 60 39 53.7%
Other investments 192 237 -19.0%
Cash and cash equivalents 4,539 4,861 -6.6%
Total investments 49,525 47,383 4.5%
At 31 December 2025, investments in the Property & Casualty segment amounted to € 49,525 million (+4.5% compared to
31 December 2024), benefiting from the increase in the value of bonds, which rose from € 29,697 million to € 31,787 million.
In terms of asset allocation, fixed income investments increased to € 36,270 million (33,.498 million at 31 December 2024). Exposures
to equity investments decreased, amounting to € 3,469 million (€ 3,624 million at 31 December 2024).
Land and buildings (investment properties and similar investments) showed a slight decrease, amounting to € 2,580 million (€ 2,809
million at 31 December 2024).
The average duration of the bond portfolio amounted to 4.7 years (4.7 at 31 December 2024).
Property & Casualty segment Return on Investments
(%) 31/12/2025 31/12/2024
P&L return 3.3% 4.6%
Current return 3.9% 4.4%
Harvesting rate 0.0% 0.3%
Return from gains/losses through equity -0.2% 1.4%
Comprehensive return 3.1% 6.0%
The P&L return of the Property & Casualty segment substantially decreased, reaching 3.3% (4.6% at 31 December 2024), mainly due
to the decline in current return to 3.9% (4.4% at 31 December 2024), driven by the contraction in fixed-income investments return,
attributable to the inflationary trend observed in Argentina.
The harvesting rate stood at 0.0% (0.3% at 31 December 2024) as a result of lower realized gains.
Annual Integrated Report and Consolidated Financial Statements 2025
50
Generali Group
P&C insurance liabilities
Property & Casualty insurance liabilities (*)
(€ million) 31/12/2025 31/12/2024
Property & Casualty insurance liabilities
39,595 37,8 99
Liabilites for Remaining Coverage 5,637 5,354
Liabilities for Incurred Claims 33,959 32,544
(*) Including (re)insurance contracts that are assets and any receivables, payables, policy loans and reinsurance deposits considered in insurance assets and liabilities.
Gross insurance liabilities of P&C segment increased by 4.5%, from € 37,889 million to € 39,595 million.
The increase reflected the acquisition during the year of the entire stake in Generali China Insurance, as well as the normal
development of liabilities for incurred claims which, mainly as a result of the growth in the Group’s gross premiums, rose by € 1,414
million compared to the previous year, reaching € 33,959 million at the end of 2025.
The liability for remaining coverage amounted to € 5,637 million, an increase compared to the figure at 31 December 2024 due to
the same portfolio movements mentioned above.
Our financial performance
51
ASSET & WEALTH MANAGEMENT SEGMENT
Asset & Wealth Management segment operating result
(€ million) 31/12/2025 31/12/2024 Change
Asset & Wealth Management segment operating result 1,194 1,176 1.5%
Asset Management 662 616 7.5%
Banca Generali (*) 532 560 -5.1%
(*) Operating contribution from Banca Generali group as per Generali’s view.
The operating result of the Asset & Wealth Management segment stood at € 1,194 million (+1.5%).
The Asset Management result improved to € 662 million (+7.5%), reflecting the increased performance fees and the contribution of
Conning Holdings Limited (CHL) and its subsidiaries, including MGG investments Group
9
.
The operating result of Banca Generali group decreased to € 532 million (-5.1%) mainly from lower performance fees. Banca Generali
group net inflows
10
for 2025 amounted to € 6.8 billion, up by 3% compared to the previous year.
Focus on Asset Management
Key figures
(€ million) 31/12/2025 31/12/2024 Change
Operating revenues 1,632 1,450 12.6%
Operating expenses -970 -834 16.3%
Adjusted net result
11
356 343 3.6%
Cost/Income ratio 59.4% 57.5% 1.9 p.p.
(€ billion) 31/12/2025 31/12/2024 Change
Asset Under Management 712 695 2.4%
of which third-party Assets Under Management 273 271 0.8%
Operating revenues increased to € 1,632 million (+12.6%), driven by the contribution of CHL and its subsidiaries
9
, which contributed
€ 378 million (€ 278 million at 31 December 2024), by the higher average value of Assets Under Management (AUM) and by the
increase in the average fee margin.
Operating expenses amounted to € 970 million (+16.3%), mainly due to the inclusion of CHL and its subsidiaries
9
, for
€ 280 million (€ 207 million at 31 December 2024), as well as higher personnel costs.
The cost/income ratio - calculated as the ratio between operating expenses and operating revenues - stood at 59.4%, increasing as
a result of the consolidation of CHL and its subsidiaries
9
, which had an average cost/income ratio of 73.9%.
The adjusted net result
12
of the Asset Management segment reached € 356 million (+3.6%). In addition to the above mentioned
operating revenue and expense trends, the adjusted net result was also affected by integration and M&A costs and other non-
recurring items recognised in the non-operating result.
Assets Under Management reached € 712 billion, marking a 2.4% increase compared to year-end 2024. This performance was
achieved despite a negative impact of approximately € 26 billion resulting from the foreign exchange impact. Growth was mainly
supported by positive net inflows of € 16.2 billion and favourable market performance.
The depreciation of the US dollar particularly affected third-party AUM, limiting their growth (+0.8%). Third-party AUM reached € 273
billion, supported by positive net inflows of € 9.6 billion and strong performance across nearly all affiliates.
9. CHL has been consolidated starting from April 2024, contributing for 9 months to 2024.
MGG investments has been consolidated starting from October 2025, contributing for 3 months to 2025 result.
10. Including the net inflow from liquidity.
11. After minorities.
12. After minorities.
Annual Integrated Report and Consolidated Financial Statements 2025
52
Generali Group
HOLDING AND OTHER BUSINESSES SEGMENT
Holding and other businesses segment operating result
(€ million) 31/12/2025 31/12/2024 Change
Holding and other businesses segment operating result -610 -536 13.9%
Other businesses (*) 150 157 -4.2%
Operating holding expenses -760 -693 9.8%
(*) Including other financial businesses, pure financial holdings, international service activities and any other non-core businesses.
Operating result of the Holding and other businesses segment decreased to € -610 million (€ -536 million at 31 December 2024).
Lower contribution from Other businesses, standing at € 150 million (€ 157 million at 31 December 2024), mainly due to a one-off
exit tax payment related to the closure of a foreign entity and lower intragroup dividends.
Operating holding expenses increased by 9.8% also due to costs related to strategic projects.
Our financial performance
53
Italy
Gross written premiums
€ 30,843 mln
-4.2%
Total operating result
€ 2,392 mln
+8.1%
In a global context characterised by persistent geopolitical tensions, which continue to represent a risk to economic and financial
stability, Generali is once again confirmed as one of the leading companies in the Italian insurance market. The company has stood
out for its resilience and solidity, proposing innovative solutions for its customers in the Life and Property & Casualty segments.
Again in 2025, Generali presented itself to the Italian market with five distinct brands, each with a clear strategic positioning: Generali
Italia and Cattolica (retail market, SME market, third sector, religious organisations and the agricultural world), Alleanza (households),
DAS (legal protection and assistance), and Genertel (digital channels).
In 2025, Generali Italia and the companies of Country Italia continued to implement the Lifetime Partner 27: Driving Excellence plan,
focusing on the emerging needs of customers in the areas of health, pension and protection. The focus was on prevention, customised
health solutions and the development of innovative models to cover natural risks. At the same time, the Group strengthened its
presence in asset management, with a growing focus on private markets and alternative investments, and continued to improve the
customer experience through digital technologies integrated with the human dimension of the relationship.
During the year, Country Italia laid the foundations to face the challenges of 2026, focusing on increasing customer satisfaction and
brand preference. Initiatives dedicated to single-holding and multi-holding customers were launched, accompanied by the launch of
the new Generali Italia app, integrated with loyalty programs, and multi-channel campaigns to overcome the main barriers in brand
choice.
LIFE SEGMENT
Life premiums
€ 21,534 mln
-7.8%
Life OR
€ 1,609 mln
+2.7%
PVNBP
€ 18,757 mln
-9.3%
NBV
€ 1,108 mln
-9.6%
Life premiums amounted to € 21,534 million, a decrease of 7.8%. In particular, the hybrid & unit-linked line was down by 13.5%,
affected by the decline in premiums collected by Banca Generali’s advisors. The protection line was up (+9.0%), while the traditional
savings line was essentially stable (-1.4%). In this context, Generali Italia has enriched its range of Life savings products (“GenerAzione
Risparmio”) and new investment products are planned for the next year. At the same time, promotional campaigns were carried out
on existing products and In-Force Management actions were carried out on both Savings policies and Pension policies (initiatives to
promote voluntary contributions to pension plans).
New business (expressed in terms of present value of new business premiums - PVNBP) amounted to € 18,757 million, reflecting
a 9.3% decrease compared to 2024. The PVNBP trend was mainly due to the comparison with a strong 2024 which benefitted
from the commercial initiatives to support net inflows and the agreements with collective pension funds. In terms of business lines,
traditional saving and hybrid & unit-linked presented a contraction (respectively -12.1% and -9.1%), while the protection line showed
a noticeable improvement (+24.2%).
The profitability of new business on the PVNBP (NBM) remained almost stable at 5.90% (-0.02 p.p.) as a consequence of the
compensation between the positive effect driven by the improved product mix, with a higher weight of the highly profitable protection
business, and the negative contribution due to the review of lapse assumptions.
New business value (NBV) amounted to € 1,108 million (-9.6%).
OUR MAIN MARKETS: POSITIONING
AND PERFORMANCE
Annual Integrated Report and Consolidated Financial Statements 2025
54
Generali Group
P&C SEGMENT
P&C premiums
€ 9,310 mln
+5.4%
P&C OR
€ 862 mln
+21.2%
CoR
93.0%
-1.1 p.p.
P&C premiums amounted to € 9,310 million, with an increase of 5.4%, thanks to growth in both lines. The motor line recorded
growth of 4.4%, thanks to the fleets line (+21.3%), accompanied by an increase also in the single-car segment (+0.9%) thanks to
an average premium that is still rising. The increase observed in the non-motor line was 6.2%, also thanks to initiatives aimed at
strengthening Generali’s presence in the retail and SME segments. In particular, on the Climate Change front, the insurance offer was
adjusted to include mandatory natural catastrophes coverage, with ad hoc initiatives and a rebalancing of the product plan.
The combined ratio, equal to 93.0%, was down by 1.1 p.p., mainly due to improvement in the current year loss ratio attritional, which
more than offset the increase in acquisition expenses.
France
Gross written premiums
€ 19,509 mln
+1.7%
Total operating result
€ 1,232 mln
+1.8%
Generali has been active in France since 1831 with one of the Group’s first foreign branches. The operating structure was consolidated
toward the mid-2000s, when the merger of the various brands forming the Group led to the creation of one of the country’s largest
insurance companies. Generali France operates with a multi-channel approach of agents, employed sales persons, brokers, financial
advisors, banks, direct channels and affinity groups. The multiplicity of the distribution forms reflects the market segment served and
the type of product sold, with focus always placed on the customer. Generali France boasts a leadership position in Life savings
products distributed via the Internet and for the so-called affluent customers, just as holds true in the market of supplementary
pensions for self-employed workers. The presence of professionals, SMEs and personal risks in the segments is also significant.
The year 2025 was marked by a context of strong political and economic instability. Despite these challenges, it also represented an
important milestone for the Group, with the launch of the Lifetime Partner 27: Driving Excellence strategic plan.
In France, this moment was further strengthened by the introduction of the Boost 2027 strategic initiative. Boost 2027 aims to
accelerate the development of Generali France by focusing on three fundamental pillars, supported by two essential levers. The
initiative aims to improve the relationship with customers and distributors, strengthening the level of involvement, the quality of
service and guaranteeing consistent and high value-added experiences on all points of contact. It also strengthens the objective of
achieving greater technical excellence and operational efficiency, through the improvement of underwriting activities, optimisation
of claims management and simplification of internal processes. At the same time, it promotes sustained business growth through
innovative solutions, the expansion of market presence and the strengthening of competitive positioning. These ambitions are based
on two fundamental levers: technological innovation and the strong human capital of Generali France.
Lastly, Generali France continued its advertising campaign on multiple channels - television, press, billboards and digital platforms -
with a view to generating more contacts and increasing leads.
LIFE SEGMENT
Life premiums
€ 15,284 mln
+0.2%
Life OR
€ 864 mln
+1.4%
PVNBP
€ 14,799 mln
+5.1%
NBV
€ 578 mln
+3.4%
Life premiums increased by 0.2%, both in the hybrid and unit-linked line (+1.7%) and in the protection line (+1.9%). In terms of
business mix, the premiums are fully consistent with the strategic orientation towards unit-linked solutions, reflecting the desire to
diversify the offer and strengthen products with reduced capital absorption, in line with customer demand.
Our financial performance
55
New business (expressed in terms of present value of new business premiums - PVNBP) amounted to € 14,799 million, recording a
solid growth (+5.1%) driven by protection & health and hybrid & unit-linked lines, increasing by 8.2% and 3.8% respectively.
The profitability of new business on the PVNBP (NBM) decreased by 0.07 p.p., from 3.97% to 3.91% in 2025.
The slight slowdown was primarily due to the decline of protection & health margin on account of the higher share of the less
profitable collective business.
New business value (NBV) amounted to € 578 million (+3.4%).
P&C SEGMENT
P&C premiums
€ 4,225 mln
+7.5%
P&C OR
€ 405 mln
+13.9%
CoR
94.0%
-0.1 p.p.
P&C premiums grew by 7.5%, driven by the dynamic recovery of the portfolio, both in the motor (+5.1%) and non-motor (+8.4%)
lines.
There was a slight improvement in the combined ratio (-0.1 p.p.) thanks to the lower incidence of natural catastrophes events that
occurred in 2025 and improvement in the current year loss ratio attritional.
Germany
Gross written premiums
€ 15,492 mln
+3.6%
Total operating result
€ 1,041 mln
+9.0%
The Group, active in Germany since 1837, holds the third position in the primary insurance market. Its strong market presence
is supported by a 7.2% share in the Life business, where Generali continues to stand out in biometric products and maintains a
leadership role in unit-linked solutions. In the Property & Casualty segment, the Group boasts a share of 4.7%, driven by a portfolio
of innovative and highly profitable offers.
In January 2025, the Generali Group introduced its new three-year strategic plan, Lifetime Partner 27: Driving Excellence, defining
the Group’s pathway to 2027 and strengthening the fundamental drivers in the longer term. Generali Deutschland’s strategic agenda
is closely aligned with this overall framework. During 2025, the company continued to build on these foundations, advancing in
the implementation of the Lifetime Partner 27 strategy in the German market, aiming to position itself among the country’s leading
insurers in terms of profitable growth, return on investment and innovation.
By focusing on sustainable growth, cultivating long-term trust-based relationships with customers and promoting excellence in
both operational management and distribution, Generali Deutschland has further strengthened its competitive position. Supported
by a solid business model and in-depth knowledge of the German market, Generali, in line with the Group’s strategy, aspires to be
recognised as a reliable Partner able to accompany customers through all phases of life.
In line with its strategic direction, Generali Deutschland has also strengthened its profitable growth trajectory through a resilient and
well-balanced distribution architecture. A key pillar of this success is the partnership with Deutsche Vermögensberatung (DVAG),
the distribution force for the Generali, Advocard and Deutsche Bausparkasse Badenia brands. The extensive network of DVAG
consultants, supported by in-depth expertise in customer management and advanced digital tools, provides personalised and high-
quality service throughout the country. In addition to this solid partnership, Generali continues to expand its direct channel through
CosmosDirekt, the leading online insurance provider in Germany and a cornerstone of the Group’s direct-to-customer strategy. The
digital channel plays a key role in attracting new customer segments and in strengthening Generali’s innovative profile. To complete
the distribution landscape, Dialog operates as a specialised brand for the broker market, offering tailor-made solutions dedicated to
independent intermediaries, integrating the Group’s multi-channel approach.
Annual Integrated Report and Consolidated Financial Statements 2025
56
Generali Group
LIFE SEGMENT
Life premiums
€ 10,810 mln
+2.3%
Life OR
€ 519 mln
+1.1%
PVNBP
€ 9,083 mln
+4.9%
NBV
€ 397 mln
-1.1%
The trend in Life premiums recorded an increase of 2.3%, driven by the Exclusive DVAG network, mainly due to higher single
premiums and, in particular, to increases in health premiums due to healthcare inflation.
New business (expressed in terms of present value of new business premiums - PVNBP) increased by 4.9% thanks to the positive
development of all lines of business. The most relevant increase was observed on hybrid & unit-linked (+6.8%, thanks to the selling
of Riester products), followed by protection & health (+1.8%) and traditional saving (+1.6%).
The profitability of new business on the PVNBP (NBM) mildly decreased from 4.63% to 4.37%, on account of slightly worsened
product mix and features.
New business value (NBV) amounted to € 397 million (-1.1%).
P&C SEGMENT
P&C premiums
€ 4,682 mln
+6.9%
P&C OR
€ 558 mln
+15.0%
CoR
90.7%
-1.8 p.p.
The trend in Property & Casualty premiums recorded growth (+ 6.9%) mainly due to growth of the portfolio in the motor segment and
to tariff adjustments in both the motor and non-motor businesses. There was a significant increase in the motor business (+10.9%),
thanks to tariff adjustments in the Exclusive DVAG network and the increase in new business of the direct channel. The non-motor
business increased by 4.4%, mainly due to index-linked tariff increases and DVAG anniversary initiatives, as well as tariff increases
and new business in the legal protection business.
The combined ratio at 90.7%, an improvement compared to last year (-1.8 p.p.), was mainly driven by a lower impact of natural
catastrophes claims.
Austria
Gross written premiums
€ 3,280 mln
+4.7%
Total operating result
€ 351 mln
+6.9%
Generali, present in Austria since 1832, the year after the company established itself in Trieste, operates in the country through
the insurance company Generali Versicherung AG. Generali Austria, with over € 3 billion in gross direct premiums, ranks third in
the insurance market in terms of premium volumes. The company operates through a multi-channel distribution model and boasts
excellent development of the Life business mix with a focus on the new business of low capital absorption products; the P&C
segment also has good diversification in terms of products and business lines, with a strong strategic orientation towards the retail
segment and small and medium-sized enterprises.
With the Lifetime Partner 27: Driving Excellence strategy, Generali Austria continues to focus on its customers and places their needs
at the centre of every action. Generali Austria positions itself as a top-tier insurer, offering exceptional value for money and profitable
growth in all business lines, while strengthening sales capabilities and guaranteeing an excellent customer experience. On its path
towards excellence, Generali Austria also aims at technological leadership through artificial intelligence and data analysis tools,
ensuring best-in-class profitability.
Our financial performance
57
LIFE SEGMENT
Life premiums
€ 1,298 mln
+4.2%
Life OR
€ 103 mln
+11.5%
PVNBP
€ 1,291 mln
+2.8%
NBV
€ 72 mln
-5.0%
The increase in Life premiums (+4.2%) is attributable to 10.5% growth in the protection line (deriving from greater new business and
the adjustment of policy prices). Positive performance also in the hybrid & unit-linked line (+2.6%). Premiums of traditional savings
products were down (-4.7%) due to the reduction in the portfolio.
New business (expressed in terms of present value of new business premiums - PVNBP) increased by 2.8%, driven by the positive
performance of the protection & health (+6.9%) and the traditional saving (+7.4%) lines, partially offset by the slowdown in hybrid &
unit-linked (-4.4%).
The profitability of new business on the PVNBP (NBM) decreased by 0.46 p.p., from 6.07% to 5.61% in 2025, mainly on account of
lower future inflation assumptions on the health business.
New business value (NBV) amounted to € 72 million (-5.0%).
P&C SEGMENT
P&C premiums
€ 1,982 mln
+5.0%
P&C OR
€ 260 mln
+5.1%
CoR
91.7%
-0.5 p.p.
P&C premiums recorded high and profitable growth. The motor business line (+5.6%) recorded favourable growth in premiums,
driven by the effects of indexation and by solid performance of new business. The non-motor business line also grew (+4.4%),
benefiting from solid new business and tariff adjustments.
The combined ratio improved by -0.5 percentage points mainly due to lower natural catastrophes claims.
Switzerland
Gross written premiums
€ 1,831 mln
-2.3%
Total operating result
€ 116 mln
-13.6%
The Generali Group has been operating in Switzerland since 1987, where it has been able to consolidate its position through the
acquisition and merger of several insurance companies. In line with the strategy defined by the Group, Generali focuses on the
retail business and provides high quality and innovative services through various distribution channels: agents, brokers, financial
promoters and direct channels.
Generali ranked as the market leader in terms of premium income in the Life segment, considering exclusively the individual unit-
linked products, with an approximate 25% market share, and was seventh in the P&C segment with a 3.3% market share.
In 2023, Generali concluded the process, launched in 2020, to accelerate the strengthening of reserves linked to guaranteed
products in the Life segment, while introducing a more robust ALM (Asset Liabilities Management), in order to improve the cash flow
matching of this portfolio.
Annual Integrated Report and Consolidated Financial Statements 2025
58
Generali Group
LIFE SEGMENT
Life premiums
€ 1,069 mln
-2.3%
Life OR
€ 125 mln
-15.9%
PVNBP
€ 538 mln
-1.3%
NBV
€ 54 mln
+6.3%
Life premiums decreased by 2.3% mainly as a result of the slowdown in the premiums of unit-linked products combined with the
increase in the maturities of the contracts relating to portfolios in run-off.
New business (expressed in terms of present value of new business premiums - PVNBP) mildly decreased by 1.3%, driven by the
decrease in the hybrid & unit-linked line (-5.0%), only partially offset by the positive performance of traditional savings products and
pure risk and health products.
The profitability of new business on the PVNBP (NBM) increased from 9.35% to 10.06% in 2025. This improvement was mainly
derived from the positive performance of hybrid & unit-linked business, which benefitted from a more favorable product mix and a
lower incidence of acquisition costs.
New business value (NBV) amounted to € 54 million (+6.3%).
P&C SEGMENT
P&C premiums
€ 761 mln
-2.3%
P&C OR
€ 10 mln
n.s.
CoR
101.2%
-0.5 p.p.
P&C premiums fell by 2.3%, due to non-renewal of unprofitable portfolios in the non-motor business line, not sufficiently offset by the
positive development of new business, mainly characterised by tariff increases.
The combined ratio was 101.2% (-0.5 p.p.), due to a better current year loss ratio.
CEE
Gross written premiums
€ 5,483 mln
+7.4%
Total operating result
€ 824 mln
+17.1%
The Generali Group operates in Central-Eastern Europe through Generali CEE Holding, financial company that manages ten business
units in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia, with a total of
11,450 employees. In terms of gross written premiums, the Group is the second largest insurer in the region, with a market share of
10.7%, and is among the top five insurance companies in all the countries mentioned, except Poland and Bulgaria.
The Generali Group has been present in Central-Eastern Europe for almost 200 years and, after the reopening of the markets in
1989, has gradually strengthened its position through further acquisitions.
Insurance activities are supervised by Generali’s regional office in Prague, established in 2008 following the creation of a joint venture
with PPF Holding, one of the main Czech financial institutions. In 2013, PPF Holding sold its stake in Č eská pojiš ť ovna, the main
Czech insurance company, transferring it to the Generali Group. After a successful period of collaboration, the Generali Group
acquired full control of Generali CEE Holding in 2015. The asset management companies operating in the CEE region collaborate
closely with the insurance activities in some countries as part of Generali Investments Holding, where the CEE insurance division
plays the role of key shareholder.
In 2018, Generali strengthened its presence in Central and Eastern Europe by completing two significant acquisitions: Adriatic
Slovenica in Slovenia and Concordia in Poland. These transactions played a fundamental role in balancing and diversifying the
Our financial performance
59
Group’s portfolios, distribution channels and operations in the region. Moreover, Generali launched a collaboration agreement with
UniCredit to distribute insurance solutions, mainly Credit Protection Insurance (CPI) in the area.
In line with the Group’s profitable growth strategy, Union Investment TFI SA in Poland was acquired by Union Asset Management
Holding AG. The Group also agreed to acquire all Life, P&C and mixed portfolios of three companies of ERGO International AG in
Hungary and Slovakia.
In 2020, Generali CEE Holding expanded its presence by acquiring the portfolio of Izvor osiguranje in Croatia. To improve strategies
and simplify operations, in 2021 Generali merged its activities in Slovakia with those in the Czech Republic. In the same year, after
the Russian invasion of Ukraine, the Group closed its representative office in Moscow, opened in 2018, and froze the related assets.
In 2023, Generali CEE Holding strengthened its Life and health business lines in Central and Eastern Europe by acquiring 4LifeDirect
and the Life insurance business of MetLife in Poland. In 2024, Generali further expanded its presence in the region by acquiring
Doverie ZAD in Bulgaria, becoming the second largest insurer in the health business in the country, and launching the AdvanceCare
platform in Serbia to improve automation of the health business.
In 2025, in line with the Lifetime Partner 27 Driving Excellence strategy, Generali announced the acquisition of D.A.S. Legal protection
Insurance in the Czech Republic. The transaction is expected to be finalised in the first half of 2026, pending regulatory authorisations
and approval by the anti-trust authorities. This company is one of the main operators in the legal protection sector, and the acquisition
aims to further expand Generali’s portfolio in this specialised segment.
LIFE SEGMENT
Life premiums
€ 1,306 mln
+5.6%
Life OR
€ 312 mln
-0.9%
PVNBP
€ 1,305 mln
+10.6%
NBV
€ 185 mln
+13.7%
The growth in Life premiums derives mainly from the good performance of the protection lines (+11.2% - mainly recurring premium
policies), in addition to an increase in the hybrid and unit-linked lines (+5.4% - thanks to both single premium and recurring premium
policies), while traditional savings business is down (-13.3%).
The growth in volumes was recorded predominantly in the Czech Republic (+4.4% - linked to the increase in protection products)
and in Hungary (+10.7% - attributable to greater unit-linked insurance coverage).
New business (expressed in terms of present value of new business premiums - PVNBP) increased by 10.6%. All countries of the
CEE area experienced a positive development, especially thanks to a strong production of protection & health business (+19.3%).
The main contributors to the growth are Czech Republic and Poland.
The profitability of new business on the PVNBP (NBM) increased from 13.77% to 14.18% in 2025, mainly thanks to a more favorable
product mix and operating assumptions.
New business value (NBV) amounted to € 185 million (+13.7%).
P&C SEGMENT
P&C premiums
€ 4,177 mln
+8.0%
P&C OR
€ 511 mln
+33.3%
CoR
90.0%
-2.5 p.p.
P&C premiums grew by 8.0%, driven by the overall satisfactory performance of the main lines of business and in the key markets.
The motor business line recorded an increase of 6.7%, where the main contributions were recorded in the Czech Republic including
Slovakia (+6.8% thanks to a new campaign launched by the Company to return to market growth levels), Romania (+6.8%), Poland
(+ 6.4%) and the rest of the region.
Non-motor business grew by 9.4%, with the main contributions recorded in the Czech Republic including Slovakia (+8.7%), Poland
(+6.7%), Serbia (+20.6%, mainly due to the health business), Hungary (+6.9%) and the rest of the region.
The improvement in the combined ratio (-2.5 p.p.) is mainly due to the impact of lower natural catastrophes claims and the decrease
in the expense ratio.
Annual Integrated Report and Consolidated Financial Statements 2025
60
Generali Group
Spain
Gross written premiums
€ 4,112 mln
+5.1%
Total operating result
€ 403 mln
+1.1%
Generali has been present in Spain since 1834 and operates in the country through Generali España, and two bancassurance
joint ventures with Cajamar (Life and P&C), which guarantee the Group exposure to the main Life distribution channel, as well as
continuous expansion in P&C.
The original agreements with Cajamar were renewed in 2022 and extended until 2035, strengthening the partnership in all lines of
business.
Generali España successfully finalised its legal merger with Liberty Seguros in November 2025, thanks to completion of all preparatory
activities and the necessary regulatory approvals, concluding the process started in January 2024.
The transaction strengthens Generali’s position as the most solid, diversified and multi-product insurer in the Spanish market, and
consolidates a fully multi-channel model that guarantees greater scale and a clear competitive advantage.
LIFE SEGMENT
Life premiums
€ 983 mln
+7.4%
Life OR
€ 223 mln
-0.5%
PVNBP
€ 911 mln
+9.5%
NBV
€ 175 mln
+9.2%
Life premiums recorded an increase of 7.4% as a result of the positive development in unit-linked products and the performance of
Cajamar in individual protection products.
New business (expressed in terms of present value of new business premiums - PVNBP) grew by 9.5% thanks to a 20.7% increase
in the hybrid & unit-linked line, coupled with a good performance in the protection & health and traditional saving lines (+7.6% and
+2.7% respectively).
The profitability of new business on the PVNBP (NBM) remained broadly stable at a high level of 19.24%, thanks to the solid
contribution of the protection & health line.
New business value (NBV) amounted to € 175 million (+9.2%).
P&C SEGMENT
P&C premiums
€ 3,130 mln
+4.4%
P&C OR
€ 196 mln
+5.3%
CoR
96.2%
-0.1 p.p.
P&C premiums increased by 4.4%, mainly driven by the non-motor segment (+5.4%) and to a lesser extent by the motor segment
(+3.1%). This growth is mainly due to the continued tariff increases over the course of 2025.
The combined ratio stood at 96.2% (-0.1 p.p.), mainly due to pricing actions in the motor business, offset by large claims in the
non-motor business.
Our financial performance
61
Portugal
Gross written premiums
€ 2,216 mln
+20.3%
Total operating result
€ 160 mln
+19.8%
The Generali Group has been present in Portugal since 1942, where it operates in the P&C and Life segments. In January 2020, the
Generali Group acquired 100% of Seguradoras Unidas and AdvanceCare. The merger of the three Generali insurance companies
operating in Portugal led to the creation of Generali Seguros, S.A. and permitted Generali to rapidly proceed with the integration and
the development of growth plans in the country.
Generali Seguros, S.A. offers a wide range of policies for private individuals and businesses, sold mainly under the brand name
Generali Tranquilidade (new brand launched in March 2024) and, by adopting a multi-channel distribution strategy, can count on a
solid network of agents (around 60% of total P&C premiums issued), brokers and a direct channel, via the Logo brand.
In August 2025, the Company completed the integration and merger of the former Liberty Portugal into Generali Seguros. The year
2025 also saw the consolidation of the partnership with CTT (Correios de Portugal - Portuguese postal services) and Banco CTT
(the Portuguese postal services bank), launched in 2024 through a long-term agreement, with a significant increase in the sale of
mainly Life financial products through this distribution channel, allowing Generali Seguros to obtain a greater share in the Life market.
LIFE SEGMENT
Life premiums
€ 484 mln
n.s.
Life OR
€ 30 mln
+7.1%
PVNBP
€ 521 mln
+120.6%
NBV
€ 30 mln
+ 22.3%
Life premiums recorded an increase of 115%, following the positive development of the unit-linked and individual savings lines,
thanks to the collaboration with Banco CTT.
New business (expressed in terms of present value of new business premiums - PVNBP) showed a significant increase (+120.6%)
mainly on account of the strong production of traditional saving and hybrid & unit-linked lines, favored by a new banking distribution
agreement. Protection & health production remained quite stable (+1.8%).
The profitability of new business on the PVNBP (NBM) recorded a decrease of 4.64 p.p., from 10.42% to 5.78% mainly on account
of a worsened product mix together with an increase of expenses.
New business value (NBV) amounted to € 30 million (+22.3%).
P&C SEGMENT
P&C premiums
€ 1,732 mln
+7.2%
P&C OR
€ 133 mln
+23.7%
CoR
94.9%
-1.0 p.p.
P&C premiums grew by 7.2%, driven by both the motor business line (+9.4%) and the non-motor line (+5.7%). This growth is mainly
due to the continued tariff increases over the course of 2025.
The combined ratio stood at 94.9% (-1.0 p.p.) thanks to improvement in the current undiscounted loss ratio (excluding natural
catastrophes claims) in the motor line.
Annual Integrated Report and Consolidated Financial Statements 2025
62
Generali Group
Asia
Gross written premiums
€ 9,159 mln
+27.8%
Total operating result
€ 285 mln
+9.6%
Generali is one of the key European insurers in the Asian market and currently operates in eight territories. In particular, the Group is
present both as Life and P&C insurer in China, Hong Kong (where it also coordinates the activities of the entire region and has been
operating since 1980), India, Malaysia and Thailand. It is also present as a Life insurer in Indonesia and Vietnam.
The predominant segment is Life, with premiums mainly concentrated in the protection and savings lines. Generali offers its products
in the entire region, adopting a distribution strategy that includes agents, brokers, digital channels and agreements with banking
groups.
Generali operates in China via Generali China Life, in partnership with China National Petroleum Corporation (CNPC) Group, which
is one of the largest Chinese state-owned companies as well as one of the major energy groups in the world. Due to its sizeable
presence in the Chinese market, Generali China Life is the leading contributor to the turnover and operating result of the entire region.
Generali also has a joint venture agreement with CNPC for the P&C products range through Generali China Insurance Company
Limited (GCI).
In January 2024, Generali signed an agreement with CNPC to become a 100% shareholder in GCI, compared to the previous 49%
stake. The deal was completed in March 2025, strengthening Generali’s strategic position in China and creating the basis for future
growth in the P&C segment.
Moreover, in December 2024, Generali reached an agreement for the sale of 100% of its shareholding in Generali Life Assurance
Philippines, Inc., and the transaction was completed in May 2025.
Generali also operates in Hong Kong where, thanks to a combination of the Group’s local knowledge and global expertise, it
develops unique and innovative solutions for life insurance, general insurance, insurance specialties and employee benefits, to meet
the needs of customers.
In India, Generali operates through a strategic partnership with the Central Bank of India (CBI). Generali is the controlling shareholder
with a 74% stake in Generali Central Life Insurance Company Limited and Generali Central Insurance Company Limited. The
insurance companies are based in Mumbai and operate in 261 offices throughout India, offering comprehensive Life, health and
Generali insurance solutions to over 4 million customers.
In Malaysia, Generali has been present since 2015, when it acquired a 49% stake in Multi-Purpose Insurance Berhad, a P&C
insurance company controlled by Multi-Purpose Capital Holdings, creating MPI Generali. In 2022, Generali acquired full ownership
of the MPI Generali joint venture and a majority stake (70%) in AXA-Affin General and Life Insurance in Malaysia.
In 2023, Generali ushered in a new phase of growth with the launch of the single brand Generali Malaysia - one of the largest P&C
insurers and an emerging Life insurer in the country - supported by over 1,600 employees, more than 9,000 agents and partners
and an extensive network of branches throughout the country.
Thanks to its greater scale, breadth and expertise, Generali Malaysia aims to further strengthen its ambition to be a Lifetime Partner
and a progressive insurer that protects the needs of Malaysians and of future generations.
LIFE SEGMENT
Life premiums
€ 7,471 mln
+33.0%
Life OR
€ 269 mln
+11.5%
PVNBP
€ 7,537 mln
+14.0%
NBV
€ 535 mln
+80.0%
Life premiums grew by 33.0%, particularly thanks to good performance of the traditional savings line (+46.3% mainly single premium
policies); the protection business recorded an increase (+7.8%), while the hybrid and unit-linked line was down compared to last
year (-9.7%).
Growth in Life premiums is mainly attributable to the contribution of China (+34.2%) and Hong Kong (+73.1%).
Our financial performance
63
New business (expressed in terms of present value of new business premiums - PVNBP) recorded a positive progression (+14.0%)
mostly thanks to a strong performance of the traditional saving line (+22.3%, mainly in China, Hong Kong and India) together with
the solid development of the protection & health business (+12.7%, in almost all countries).
The profitability of new business on the PVNBP (NBM) increased by 2.61 p.p. from 4.54% to 7.10% in 2025. The significant
improvement was driven by China, thanks to a better product mix, lower guarantees and lower expense incidence, and by the
increased weight of Hong Kong with highly profitable traditional saving products.
New business value (NBV) amounted to € 535 million (+80.0%).
P&C SEGMENT
P&C premiums
€ 1,688 mln
+7.1%
P&C OR
€ 68 mln
-6.7%
CoR
100.3%
+1.3 p.p.
In the P&C segment, premiums recorded an increase of 7.1%, thanks to the overall positive performance of all business units,
with the exception of India, following pruning activities. The motor business recorded an increase of 3.5%, mainly driven by higher
production in Malaysia (+13.1%); non-motor business was up 5.9%, mainly due to growth in premiums in India (+11.2%) and in
Thailand (+36.7%).
The combined ratio is at 100.3%, with a worsening of 1.3 p.p. over last year, mainly due to the evolution of the Indian portfolio, while
the higher expense ratio is essentially due to greater acquisition costs.
Europ Assistance
Total turnover
€ 4,116 mln
+12.1%
Total operating result
€ 184 mln
+18.5%
Established in 1963, Europ Assistance (EA), which falls within the scope of responsibility of the Country Manager France, is one of
the leading global brands in the field of private assistance, with a presence in over 200 countries thanks to its assistance centres and
its network of partner suppliers. EA offers insurance coverage and assistance in the travel sector, the automotive area with road-side
assistance, personalised coverage for assisting the elderly, cyber-security, and medical and concierge services.
Turnover of the EA group in 2025 amounted to € 4.1 billion, an increase of 12.1% over last year, widespread in all channels and with
a strong increase in travel (+ 17.4%), but other business lines also contributed to the development, with +6% in mobility and +4% in
personal lines. The EA Group continued to support the B2B2C insurance business at the international level and to assist with new
important commercial partnerships with international customers (American Express and Porsche).
In a volatile international context characterised by persistent geopolitical instability and climate crises, EA has demonstrated its
resilience, recording its best performance to date in terms of turnover and results in 2025, thanks to its diversified business model
and continued focus on competitiveness, service quality and people excellence. Europ Assistance continues to pursue a growth
strategy focused on strengthening its leadership position in the travel sector, simultaneously expanding and diversifying its range of
services to the entire P&C and healthcare sector, in support of the entire Generali Group.
Annual Integrated Report and Consolidated Financial Statements 2025
64
Generali Group
P&C SEGMENT
P&C premiums
€ 2,566 mln
+16.0%
P&C OR
€ 227 mln
+20.0%
CoR
93.5%
-0.7 p.p.
P&C premiums amounted to € 2,566 million, up by 16.0%: positive growth was observed in US business travel, in Canada and
Australia, following the partnership with Flight Center Travel Group and the new American Express partnership launched in 2025. All
business lines contributed to the increase in turnover.
The combined ratio improved to 93.5% (-0.7 p.p.) thanks to the positive impact of the evolution of product mix on the current year
loss ratio, partially offset by a higher expense ratio as a result of higher acquisition costs in the travel sector in the United States and
Australia.
Banca Generali - Wealth Management
Total operating result
€ 532 mln
-5.1%
Banca Generali stands out on the Italian financial scene for its focus on financial consulting and wealth planning services, aimed at
customers in the Private and Affluent segments.
The relationship of trust between consultant and customer is placed at the centre and is enriched by the offer of products, services
and support models made available by the Bank.
Banca Generali’s offer includes:
• banking services: a range of accounts and banking services that can be adapted to the needs of customers, making daily
operations simple and efficient, guaranteeing maximum security in mobile payments and digital transactions;
• administered savings: Banca Generali handles the administered component of portfolios, providing consulting on the purchase
and sale of securities on the secondary and primary markets, as well as the possibility of subscribing to certificates;
• asset management: the Bank offers its customers a wide range of mutual funds in an open architecture environment, with the
possibility of choosing the best asset management products from thousands of international asset manager products. The offer is
completed by in-house products, such as Luxembourg SICAVs and portfolio management, which allow the construction of tailor-
made solutions, always keeping risk protection as a priority;
• insurance savings: in the area of insurance investments and, in particular, in the use of asset management for protection and
personalisation of the investment, Banca Generali relies on the synergies and expertise of the Generali Group, enhanced by its
experience and focus on innovation;
• wealth management and trust services: the Bank offers a wide range of wealth advisory solutions, allowing it to establish a 360°
relationship with households, interacting not only on investment issues, but also on pension and equity business (corporate
finance), real estate and art (art advisory), examining the potential optimisation in the protection for the future and the challenges
related to the generational transition (family protection).
New development paths were activated in 2025, enabled mainly through:
• the integration of Intermonte represents a strategic pillar for expansion of the Bank’s value proposition and the internalisation of
specific skills, strengthening the ability to serve business customers in a distinctive manner and to develop specialised skills along
the value chain (in particular in the Capital Markets area);
• the launch of the insurbanking partnership with Alleanza, with the aim of enhancing the complementarity between Alleanza’s
insurance expertise and Banca Generali’s banking and investment solutions, to serve a large and qualified pool of affluent
customers;
• the acquisition of external asset manager Aequitum, a transaction aimed at boosting growth of the business in Switzerland by
leveraging the experience of a group of professionals recognised and highly appreciated on the Swiss market.
In economic terms, the operating result of Banca Generali was € 532 million (-5.1%), mainly due to a decline in non-recurring fees,
while recurring fees were up compared over last year, confirming their solidity and stability of Banca Generali’s business.
Our financial performance
65
Asset Management
Total operating result
€ 662 mln
+7.5%
In the area of asset management, Generali Investments is the Group’s main management entity operating in savings management
activities, both for insurance companies of the Generali Group and for external customers.
After a 2024 characterised by the introduction of a new organisational structure, with Generali Investments Holding (GIH) as supervisor
of all global asset management activities of the Group (except China), and the acquisition of Conning Holdings Limited (CHL), the
new 2025-2027 strategic plan was launched in 2025.
The 2025-2027 asset management plan is based on four pillars, presented to the market during the investor day in January 2025:
• expansion of skills in private credit and real estate;
• expansion and strengthening of distribution and customer service;
• increase in operational effectiveness;
• development and enhancement of talents.
Consistent with these strategic objectives, in October 2025, Generali Investments completed the acquisition of the majority stake
in MGG Investment Group, a US company specialised in private credit for the middle market segment. This deal will allow Generali
Investments to further expand its global Private Credit capabilities.
In 2025, the operating result of the Asset Management segment reached € 662 million (+7.5%), thanks to the contribution of Conning
Holding Limited and its subsidiaries, including MGG Investment Group.
Group’s Holding and other companies
The Group’s holding and other companies includes the Parent Company’s management and coordination activities, including Group
reinsurance, Generali Employee Benefits, Generali Global Corporate & Commercial, Argentina, Greece, Brazil and other countries
of the Latam area, financial holding companies and international service providers not included in the previous geographic areas.
Generali Employee Benefits (GEB) Network
A global Employee Benefits platform that supports Multinational Corporates in achieving their goals by protecting and enhancing the
physical, emotional and financial well-being of their human capital.
As a business line of the Generali Group, GEB is part of Generali Care, the Group’s global company dedicated to B2B2C/E
partnerships, which includes Europ Assistance, Health Services and Insurance Partnerships, and which in 2025 recorded revenues
of nearly € 5.8 billion. GEB is a leader in global employee benefits solutions, designed for local and expatriate employees, which
include physical protection (health, injuries and disability), emotional support (e.g., prevention of mental health issues) and financial
protection (life and pension).
Driven by customer service, innovation and operational excellence, GEB is based on an ecosystem of partnerships that supports
customers in their Environmental, Social & Governance (ESG) journey. Its presence is truly global (131 countries) and reliable thanks
to 138 trusted local Network Partners, which make it possible to offer targeted skills and support to 304 coordinated multinational
Lifecycle Pooling programs, 315 other global solutions and 68 Captive programs, for earned premiums of € 1,634 billion (year-end
2025 figures).
The GEB Network operates through 12 offices worldwide, covering the APAC, EMEA and Americas regions and coordinated centrally
by the Head Office in Luxembourg (Assicurazioni Generali - Luxembourg Branch).
Generali Global Corporate & Commercial (GC&C) provides insurance solutions and related services to medium-large companies in
over 180 countries worldwide. Backed by its solid global experience and knowledge of the local markets and of the corporate sector,
structured solutions can be designed and personalised in the Property, Casualty and Specialty Lines and in Alternative Risk Transfer.
In addition, through the experts of Multinational Programs, Claims and Loss Prevention, GC&C is able to provide companies with
uniform levels of service and protection at the global level. Within the Group, GC&C operates as a center of excellence for parametric
insurance, developing data-driven solutions based on objective triggers to accelerate the settlement of claims and strengthen the
resilience of customers at the global level. Parametric Solutions represent one of the three main components of the GC&C offering
of Alternative Risk Transfer, together with Captive Solutions and Capital Solutions.
Annual Integrated Report and Consolidated Financial Statements 2025
66
Generali Group
GC&C’s total earned premiums were € 3.1 billion in 2025. The volume of premiums grew in 2025, despite a competitive market
context characterised by a reduction in rates in nearly all business lines. The operating result benefited from technical excellence
initiatives and the drop in the frequency of natural catastrophes claims. From a technical perspective, in 2025 GC&C continued to
pursue a policy to develop through Multinational Programs, Parametric Solutions and Engineering Risks.
Argentina, where Generali is ranked as the third largest market operator in terms of premiums, is the main South American market
for the Group and is characterised by a historically high rate of inflation and by high volatility.
In this context, the Group has implemented various best practices, investing in the customer experience and in digital transformation
projects based on business needs. This has allowed the Argentinian company to maintain its #1 position in RNPS and #1 in
Awareness, also distinguishing itself for quality of service and capacity for innovation.
Generali also operates in Brazil, where, after several years of loss related to the motor portfolio and related restructuring, the
company recorded a solid and steady recovery. The successful implementation of the relaunch plan allowed a return to profitability
in 2022, a trend confirmed in 2023 and further consolidated in 2024. Generali’s profits continued to grow in 2025, thanks to the
strategic focus on the Life segment - in particular the protection line - which benefited from a strong increase in revenues, a stable
current year loss ratio and robust investment results. In 2025, the company also celebrated 100 years of activity in Brazil, marking a
century of presence based on resilience and constantly strengthening performance.
In Chile, Generali operates through AFP PlanVital, a company active in the management of pension and savings funds. PlanVital
has 1.6 million active customers, 0.2 million pensioners and total assets under management of around € 13.1 billion. In addition
to managing mandatory pension contributions, PlanVital markets voluntary savings and pension products (mainly through direct
channels), offering financial advice for savings and pension purposes.
In Greece, in December 2025, Generali Hellas completed the acquisition of the Athens Euroclinic Group, after obtaining all necessary
regulatory approvals, further strengthening its position in the Greek healthcare sector. The integration of Euroclinic, one of the leading
private healthcare operators in Greece, enriches Generali’s healthcare ecosystem, expands value-added services along the entire
chain of care and supports the strategic objective of a sustainable insurance model focused on the customer. The transaction
represents a further step in the Group’s targeted investment strategy, in line with the evolution of customer needs, and will contribute
to the diversification of revenue sources.
In addition, in 2025, the company continued to grow in all lines of business, again surpassing the trends of the Greek market, with
total gross written premiums of € 618 million, up 12% compared to 2024.
Our financial performance
67
SHARE PERFORMANCE
KPI per share
31/12/2025 31/12/2024
Earnings per share (EPS) (*) 2.75 2.42
Adjusted EPS (*) 2.85 2.45
Dividend per share (DPS) (**) 1.64 1.43
Total dividend (in € million) (**) 2,480 2,172
Adjusted payout ratio (***) 57.5% 57.6%
Share price 35.75 27.27
Minimum share price 27.48 19.34
Maximum share price 36.02 28.30
Average share price 32.25 23.82
Weighted average number of ordinary shares outstanding 1,513,810,624 1,538,690,704
Market capitalization (in € million) 55,405 42,798
Average daily number of traded shares 3,405,996 3,127,871
Total shareholder return (TSR) (****) 31.7% 47.8%
(*) The net result and adjusted net result used respectively as numerator of EPS and Adjusted EPS calculation include the interest expenses related to Restricted Tier 1 debt classified as Shareholders’ equity.
(**) The proposed total dividend, which is subject to all relevant approvals, takes into account all the transactions resolved by the Board of Directors up to 11 March 2026 or carried out on the share capital
up to the same date, and excludes the own shares held by the Company.
(***) The adjusted payout ratio is calculated as the ratio of the total dividend to the adjusted net result.
(****) The total shareholder return (TSR) is the measure of performance which combines share price variation and dividends paid to show the total return to the shareholder expressed as an annualized
percentage.
€ 1.75
€ 1.50
€ 1.25
€ 1.00
€ 0.75
€ 0.50
€ 0.25
€ 0.05
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividend per share Payout ratio
90%
80%
70%
60%
50%
40%
30%
20%
SUSTAINABILITY
STATEMENT
General information ............................................................................................................ 70
Environmental information ...............................................................................................106
Social information ............................................................................................................139
Governance information ...................................................................................................162
Annual Integrated Report and Consolidated Financial Statements 2025
70
Generali Group
GENERAL INFORMATION
Basis for preparation
General basis for preparation of the Sustainability Statement
In compliance with the provisions of Legislative Decree 2024/125 which implements Directive 2022/2464/EU (known as Corporate
Sustainability Reporting Directive - CSRD), the Sustainability Statement of the Group is prepared according to the European
Sustainability Reporting Standards (ESRS) set out in Delegated Regulation 2023/2772/EU. It is subject to a limited assurance by
the external auditor, which does not extend to the content of other complementary information compared to what is required by the
ESRS, to which reference is sometimes made.
Independent Auditor’s Report on the Sustainability Statement for further details
The Sustainability Statement does not include voluntary information provided by the ESRS and disclosure requirements or their
datapoints that are not applicable, as they are phased-in as provided by Delegated Regulation 2025/1416/EU.
The Sustainability Statement is prepared on a consolidated basis, referring to the same scope used for the Consolidated Financial
Statements, unless otherwise reported.
The controlled companies, which meet the requirements set by European directive or local laws regarding the exemption from
publishing an individual Sustainability Statement, have adhered to this regulatory provision. However, the Banca Generali group is
required to prepare its own Sustainability Statement available at www.bancagenerali.com/investors/reports-and-relations.
The Group has not used the option to omit a specific piece of information corresponding to intellectual property, or a disclosure on
ongoing extraordinary transactions at 31 December 2025.
We, Generali, Significant events after 31 December 2025 and 2026 corporate event calendar for information on possible extraordinary transactions resolved after year-end
Disclosures in relation to specific circumstances
The Sustainability Statement includes metrics that are partially determined through the use of estimates derived directly from internal
sources, customers, or external data providers; the methodologies are detailed alongside each metric, in accordance with the
minimum disclosure requirements. Note that the metrics subject to higher level of uncertainty are those referred to the measurement
of Scope 3 GHG emissions, category 15, since they come from data providers collecting data from public sources (e.g., financial
statements and/or issuer websites or databases for government bonds), which mostly refer to previous fiscal years, and/or using
estimates whenever public data are not available.
The metrics include comparative information, presented consistently with what was published at 31 December 2024. Where deemed
more appropriate to improve comparability, the comparative disclosure is aligned with the presentation defined for year-end 2025.
The Group restated the baseline of the target on New business premiums (NBP) for pension, life and health protection insurance
solutions for underserved customers, with the aim of ensuring greater comparability, accuracy and consistency of the reported
information. Specifically, this restatement provides a clearer understanding of the performance evolution and the progress achieved
in relation to the commitments made by the Group.
Social information, Demographic changes for further information
The Group incorporates information by reference to the Notes, Information on climate change concerning how the climate scenarios
used are compatible with the fundamental climate assumptions reported in the financial statements.
Sustainability Statement
71
Strategy
Market and business model
Group business model and value chain
The Group is one of the largest global insurance and asset management providers
1
. With more than 88 thousand employees
worldwide, an extensive network of agents and a large customer base, it plays a leadership role in Europe and has an increasingly
significant presence in Asia and America.
Social information, Own workforce, Characteristics of employees for information on the number of employees by geographical area
The diversified business model, based on Life, Property and Casualty (P&C) and Asset & Wealth Management
2
, is characterised by
a clear strategy, the focus on technical excellence, a strong multi-channel distribution network, the solid capital position, innovation
and the ability to offer solutions to customers that meet the changing needs of the market.
The Group develops simple, integrated, customized and competitive Life and P&C insurance solutions targeted at both retail
customers, small and medium enterprises (SMEs) and corporate customer: the offer ranges from savings, individual and family
protection policies, unit-linked policies for investment purposes, as well as motor third-party liability (MTPL), home, accident and
health policies, to sophisticated coverage for commercial and industrial risks and tailored plans for multinational companies. Among
the products offered, there are also insurance solutions that contribute to supporting the green and just transition and promoting
societal resilience and for which the Group has set specific targets.
Environmental information, Climate change, Responsible insurer for further details
Social information, Consumers and end users, Demographic changes for further details
Generali expands its offer to asset management solutions addressed to institutional, such as pension funds and foundations, as well
as retail third-party customers.
The Group distributes its products and services using a multi-channel strategy, relying on new technologies, through a global network
of agents, financial advisors, brokers, bancassurance and direct channels, that allow customers to obtain information on alternative
products, compare options, acquire the preferred product and rely on an excellent quality service and after-sales experience.
The premiums received from insurance contracts are responsibly invested in high-quality assets, with a particular attention to their
environmental and social impact. In addition to insurance activities, the Group’s business model also includes investment activities,
including commercial relationships with the companies in which the premiums are invested.
The Group’s supply chain is mainly characterised by data and service providers linked to the core business, as well as a smaller
number of suppliers of goods and support services. Suppliers considered fundamental or essential are subject to a specific control
framework to guarantee service continuity, also in line with industry regulations.
In defining the elements of the value chain for the purposes of the double materiality assessment, the business model and the
responsible roles identified by the Group to create sustainable long-term value have been considered: Responsible Investor, Insurer,
Employer and Corporate Citizen. Generali’s value chain is divided into four main segments:
• investment - refers to the role of Responsible investor and concerns the allocation of the company’s own financial assets, mainly
deriving from insurance activities, and those of third parties;
• insurance - refers to the role of Responsible insurer and includes the provision of Life and P&C insurance policies through the
distribution channel, including claims management;
• own operations - refers to the role of Responsible employer, both in terms of managing the Group’s employees, including the
activities carried out by employees to ensure the Group’s activities take place properly, and in terms of the effective management
of the Group’s own operations;
• supply chain - concerns supplies connected to the Group’s activities.
Formally introduced in 2004, sustainability has been integrated in the Group’s activities, into the business model and in key corporate
processes for decades.
Over the years, the role of sustainability has undergone an ongoing evolution, reaching a significant milestone in 2021, when it was
integrated into the Group’s strategy for the first time. Together with Generali’s people and artificial intelligence and data, sustainability
is one of the three strategic foundations of Lifetime Partner 27: Driving Excellence strategy, that supports the enhancement of
excellence across customer relationships, in Group’s operating model and in core capabilities. In particular, sustainability aims to be
a driver for profitable growth with a positive impact on people and the planet. In this context, the strategic initiatives aim to address
three topics identified as material for the Group through the double materiality assessment: climate change (both climate change
mitigation and climate change adaptation), demographic changes, and workforce transformation.
Below are presented:
1. The Group is not active in the fossil fuel sector, manufacturing of chemical products, controversial weapons, or tobacco cultivation and production.
2. Life, P&C, Asset & Wealth Management segments together with Holding and other activities segment represent the segments identified in accordance with the provisions of IFRS 8, each with specific activities and services
offered. Please refer to Notes for a related description.
Annual Integrated Report and Consolidated Financial Statements 2025
72
Generali Group
• a description of the three strategic topics, which represent the sustainability priorities;
• how the Group’s sustainability strategy intends to address them, through the implementation of specific strategic initiatives,
organised according to the Group’s responsible roles.
Material impacts, risks and opportunities and their interaction with strategy and business model for reconciliation between material topics and topics integrated into the strategy divided by segment of the value chain
Climate change (mitigation and adaptation)
3
Climate change mitigation refers to efforts to reduce or prevent the emission of greenhouse gases in order to limit the increase in global
temperature. Since the beginning of the industrial revolution, the global average temperature has increased by 1.47°C compared
to pre-industrial levels (1850-1900)
4
. This phenomenon is mainly caused by the increase in greenhouse gas concentrations in the
atmosphere, resulting from the use of fossil fuels. To avoid the worst effects of climate change, the 2015 Paris Agreement set the
goal of limiting the global temperature increase to well below 2°C, with efforts to keep the increase within 1.5°C.
For financial companies like Generali, contributing to climate change mitigation becomes an absolute priority, both to reduce the
negative impacts caused by its business on the external world and to mitigate the financial risk it faces.
Climate change adaptation refers to measures taken to protect society and the environment from the negative effects of global
warming, such as the increased frequency and severity of extreme weather events. In 2025, estimated global economic losses from
natural events were $ 220 billion, of which 51% was uninsured
5
, highlighting the need for adaptation solutions to protect individuals
and businesses.
It becomes a priority for the Group to contribute to the resilience and adaptation of the communities in which it operates, which
increasingly face the consequences of extreme events, as well as to mitigate the financial risk that Generali might suffer as a result
of these same events.
The Group is committed to carrying out the following initiatives organised according to three responsible roles:
• Responsible investor: reduce the carbon intensity of the proprietary investment portfolio (corporate and real estate) by 60%
compared to 2019 and by 2030
6
, and increase investments in climate solutions
7
by € 12 billion in the period 2025-2027 to support
the transition.
Environmental information, Climate change, Responsible investor for further details
• Responsible insurer: reduce the carbon intensity of the insurance portfolio relating to private vehicles by 30% and the Global
Corporate & Commercial insurance portfolio by 40% by 2030 compared to 2021; support the climate transition by increasing
premiums from climate insurance solutions by 8-10% CAGR in the period 2024-2027 and increase the offer of specific solutions
and services aimed at mitigating the consequences of the increase in extreme natural events and strengthening social resilience,
with particular attention to SMEs.
Environmental information, Climate change, Responsible insurer for further details
• Responsible employer: reduce the absolute carbon emissions of own operations, including Scope 1, 2, and 3, by 60% by 2030
compared to 2019. Although the topic is not material for own operations according to the double materiality assessment, Generali
believes that the fight against climate change must be addressed with all available levers. Therefore, the Group has set reduction
and a net-zero targets also for its own operations, in line with the identified responsible roles.
www.generali.com/sustainability/responsible-employer/greenhouse-gas-emissions for further details
3. Please refer to Notes, Information about climate change for information on how climate scenarios are compatible with climate-related assumptions in the financial statements.
4. Source: Global Climate Highlights 2025 report, Copernicus Climate Change Service (C3S), January 2026.
5. Source: Swiss Re Institute.
6. It refers to the data at year-end 2029.
7. They are investments that contribute to decarbonization and climate resilience.
Sustainability Statement
73
Demographic changes
Addressing the growing gaps in healthcare and pension systems becomes a priority, particularly for the insurance sector. This is
important both because the business could contribute to increasing social resilience and because addressing the consequences of
demographic changes could have a positive impact on communities, as well as represent an opportunity for the Group.
As a Responsible insurer, the Group is committed to growing the health, protection and pension business with the aim of bridging the
insurance gap in these business areas, with particular attention to clients most exposed to this gap (so-called underserved clients
8
)
for various reasons, such as economic, geographic, and/or health barriers that expose them to higher risks, preventing access to
products and services; lack of familiarity with financial tools and offers; shortage or limited accessibility to providers of such products
and services.
The commitment is articulated in the ambition to increase the New Business Premium (NBP) for pension, life and health protection
insurance solutions for underserved clients by 6-8% CAGR in the period 2024-2027.
Social information, Consumers and end users, Demographic changes for further details
Workforce transformation
Generali is a human-centric group and, also with the aim of preserving and strengthening its competitiveness and contributing to a
solid sustainability strategy, it considers essential to work on building a resilient workforce that best responds to future challenges, in
line with its role as a Responsible employer.
To this aim, the Group is committed to further strengthening its distinctive culture, promoting sustainable working practices, and
investing in the continuous development of its people. In particular, working on Diversity, Equity and Inclusion (DEI), on Group
employees’ well-being and energy, and on the promotion of sustainability has become even more important to further strengthen
their engagement.
The generational change, together with rapid technological evolution, requires a strategic approach to workforce planning and further
evolution of the training offer to maintain or increase the professional relevance of our people in a context of rapid and significant
transformation. At the same time, Generali aims to be the employer of choice for top talent, supporting responsible growth in a
competitive market.
In recent years, the Group has also adopted hybrid work models and witnessed the evolution of own workforce demographics,
which include four generations, increasingly oriented to social and environmental aspects.
In this context, the Group’s commitment is also reflected in the achievement of these ambitions:
• engagement rate ≥ market benchmark in the period 2025-2027;
• upskilling index ≥ 90% in the period 2025-2027.
Social information, Own workforce for further details
Interests and views of stakeholders
Generali believes it is key to establish and maintain a solid and ongoing relationship with its stakeholders. Dialogue and active
engagement with stakeholders are essential for the Group’s sustainable success and long-term value creation.
Understanding the specific needs and priorities of stakeholders is crucial to defining an effective strategy and guiding business
decisions. In this perspective, it is essential to use the most effective communication channels to promote dialogue and monitor the
expectations, needs and opinions of stakeholders.
The Group identifies the following main stakeholder categories, each of them reached through appropriate channels.
8. The clients internally identified as most exposed to the insurance gap are: women, young people (<35 years), elderly (>55 years), families, and migrants/refugees.
CONTRACTUAL
PARTNERS
COMMUNITY
EMPLOYEES
AGENTS AND
DISTRIBUTORS
CLIENTS
FINANCIAL
COMMUNITY
E
N
V
I
R
O
N
M
E
N
T
E
N
V
I
R
O
N
M
E
N
T
Engaged through global surveys,
individual performance assessment
interviews, meetings with trade
unions and workers’ representatives
(also through the European Works
Council, the representative body
for Group employees in Europe),
engagement activities connected
with business ethics and reflection
on the company culture, and
communications via Group intranet
and portal.
Engaged through brand
surveys and surveys
to monitor satisfaction
levels, market
research, dialogue with
consumer associations,
and dedicated
communication
channels.
Engaged through
satisfaction surveys,
roadshow, meetings
and conventions,
workshop, and dedicated
communication channels.
Engaged through
meetings and conventions,
workshop, and dedicated
communication channels.
Engaged through meetings and interviews
with analysts, investors and proxy advisors,
company points of contact dedicated to
financial investor relations and policy for
the management of engagement between
the Board of Directors and investors.
Engaged through multi-stakeholder meetings, meetings with representatives of NGOs,
institutions and civil society associations, press conferences, company contact points dedicated
to relations with the media and institutions, joining voluntary initiatives supported by the United
Nations, and contributing to public consultations.
GLOBAL ENGAGEMENT SURVEY AND GLOBAL PULSE SURVEY
In line with its commitment to ensuring fair working conditions and a safe environment for all employees, Generali places particular emphasis on listening to
and acting on employees’ feedback to shape its strategy and business model. Employees’ opinions feed also into the considerations in defining DEI policies,
ensuring that every employee is treated with respect and has equal opportunities for growth. Generali adopts an inclusive and participatory approach, ensuring
that employees’ voices are heard and integrated into the decision-making processes. One of the main tools used by the Group is the Global Engagement Survey,
conducted every three years, which collects detailed feedback from employees on various aspects of their work experience and the working environment. The
approach to active and regular listening to employees is further strengthened by the Global Pulse Survey, conducted annually between two editions of the Global
Engagement Survey, thereby increasing opportunities to engage with employees and gather their input. The results of the surveys provide valuable insights into
areas for improvement and strengths, directly influencing company policies and strategic initiatives.
Social information, Own workforce for further details
Annual Integrated Report and Consolidated Financial Statements 2025
74
Generali Group
The opinions and interests of Generali’s stakeholders were also considered as part of the double materiality assessment process
performed in 2024, which involved both internal and external stakeholders of the Group
9
, in order to identify sustainability matters,
that highlight material impacts, risks and opportunities, with a focus on the three priorities that underpin the Lifetime Partner 27:
Driving Excellence strategy. The results of the analyses, which include the feedback received from the stakeholders involved, were
shared with the Innovation and Sustainability Committee and subsequently approved by the Board of Directors.
Impact, risk and opportunity management and Governance for further details
9. In 2024, selected stakeholders representing all categories identified by the Group were involved in the double materiality assessment process.
Sustainability Statement
75
Material impacts, risks and opportunities and their interaction with
strategy and business model
To identify and evaluate material impacts, risks and opportunities (IRO) related to sustainability matters, Generali’s double materiality
assessment considered the Group’s business model through the articulation of the four main segments of its value chain: investments,
insurance, own operations and supply chain.
The outcomes of the double materiality assessment of each of the four segments of the value chain were analysed taking into
consideration the elements of Generali’s core business and used as key input for the Lifetime Partner 27: Driving Excellence strategy.
This process allowed the identification of the following topics which, besides being material, are also strategic for the Group: climate
change, demographic changes and workforce transformation. The link between the double materiality assessment and the strategy
definition process allows the Group to orient its medium-term sustainability targets to better manage the impacts associated with its
business model, manage the risks and pursue the opportunities identified.
The strategic topics for the segments of the Group’s value chain included in the Lifetime Partner 27: Driving Excellence strategy are
linked to ESRS topics/sub-topics.
Strategic topics for the Group
Value chain segment ESRS topics ESRS sub-topic
Climate change
Investment
E1 - Climate change
Climate change mitigation
Insurance Climate change adaptation
Demographic changes Insurance S4 - Consumers and end-users
Demographic changes (entity-specific sub-
topic)
Workforce transformation Own operations S1 - Own workforce
Working conditions
Equal treatment and opportunities for all
For each segment of the Group value chain, material IROs and, where applicable, the link with Lifetime Partner 27: Driving Excellence
strategy are reported.
Investment
Topic/Sub-topic Material IRO Link with Lifetime Partner 27: Driving Excellence
strategy
E1 - Climate change
Climate change mitigation
Negative impact on the environment generated by Generali’s
investment activities, considering the exposure of the investment
portfolio to highly emissive sectors and the consequent carbon
footprint.
Transition risk for the investment portfolio.
• Decarbonisation of corporate portfolio: reduction
of the carbon intensity of the corporate
investment portfolio by 60% by 2030 (*)
• Decarbonisation of the corporate portfolio:
engagement with 20 companies to support the
climate transition by 2030 (*)
• Decarbonisation of the real estate portfolio:
reduction of the carbon intensity of GRE real
estate portfolio by 60% by 2030 (*)
• Support to the climate transition: cumulative
investments in climate solutions of € 12 billion in
the period 2025-2027
E1 - Climate change
Climate change adaptation
Potential positive impact on the environment in the medium-long
term generated by capital allocation in economic activities that
contribute to climate change adaptation and by the possibility
of directing capitals towards funds that promote climate change
adaptation.
Physical risk for the investment portfolio.
E4 - Biodiversity and ecosystems
Direct impact drivers of biodiversity
loss - Impacts and dependencies on
ecosystem services
Potential negative impact in the medium-long term due to the
exposure of the investment portfolio to sectors that contribute to the
loss of biodiversity and the degradation of ecosystems.
(*) The deadline is to be intended as year-end 2029.
Insurance
Topic/Sub-topic Material IRO Link with Lifetime Partner 27: Driving Excellence
strategy
E1 - Climate change
Climate change mitigation
Negative impact on the environment generated by Generali’s
underwriting activities, considering the exposure of the P&C insurance
portfolio to highly emissive sectors and the consequent carbon
footprint.
Transition risk for the P&C insurance portfolio.
• Decarbonisation of the insurance portfolio
relating to vehicles for private use: reduction of
emission intensity by 30% by 2030
• Decarbonisation of the insurance portfolio
related to Global Corporate & Commercial:
40% reduction in emission intensity by 2030
• Climate transition support: +8-10% CAGR
GDWP from climate insurance solutions in the
period 2024-2027
Annual Integrated Report and Consolidated Financial Statements 2025
76
Generali Group
Insurance (continued)
Topic/Sub-topic Material IRO Link with Lifetime Partner 27: Driving Excellence
strategy
E1 - Climate change
Climate change adaptation
Potential positive impact on the environment in the medium-long term
due to the extension of NAT CAT coverage and insurance products for
climate adaptation.
Physical risk for the P&C insurance portfolio.
NAT CAT claims recorded by Generali.
• Support the reduction of the protection
gap against natural and catastrophe risks,
expanding the offer on specific solutions and
services, with particular attention to SMEs
S4 - Consumers and end-users
Demographic changes (entity-specific
sub-topic)
Potential positive impact in the medium-long term on people linked to
the reduction of life, health and pension insurance protection gaps due
to demographic changes, including customers highly exposed to such
gaps.
Potential financial opportunity in the medium-long term from the
expansion of life, health and pension insurance protection, including
coverage involving customers highly exposed to such gaps.
• Insurance solutions to reduce life, health and
pension gap: +6-8% CAGR NBP for pension,
life and health protection insurance solutions
for underserved customers in the period 2024-
2027
E4 - Biodiversity and ecosystems
Direct impact drivers of biodiversity
loss - Impacts and dependencies on
ecosystem services
Potential negative impact in the medium-long term due to the exposure
the P&C insurance portfolio to sectors that contribute to the loss of
biodiversity and the degradation of ecosystems.
S4 - Consumers and end-users
Information-related impacts for
consumers and/or end-users
Risk related to the complexity, size and nature of the personal data
processed by the Group, together with the severity of the penalties
associated with violating the relevant legislation.
Risk linked to customer protection due to failure to manage customer
information and documentation, as well as deficiencies in product
development and documentation.
Own operations
Topic/Sub-topic Material IRO Link with Lifetime Partner 27: Driving Excellence
strategy
S1 - Own workforce
Working conditions - Equal treatment
and opportunities for all
Generali’s positive impact on its employees given the Group’s focus
on promoting diversity, equity and inclusion in the workplace. Generali
values its people through training and upskilling programs and
implements flexible and sustainable working models.
Financial opportunity linked to continuous investment in the
development and well-being of employees, leading to greater attraction
and retention of talent, as well as a greater sense of belonging and,
indirectly, better performance.
• Nurture employees’ engagement: engagement
rate ≥ market benchmark
• Skills development: upskilling index ≥ 90%
G1 - Business conduct
Corporate culture
Positive impact on Generali employees due to the adoption of a Code
of Conduct that establishes clear and shared values and principles
that guide the Group's activities, promoting a positive and widespread
corporate culture.
G1 - Business conduct
Corruption and bribery
Positive impact in terms of compliance, reputation, trust, operational
efficiency and risk management by implementing an internal control
system aimed at preventing and contrasting active and passive corruption.
Generali promotes ethical and transparent behaviour both within the Group,
through specific training courses aimed at the company population, and
externally, requiring all its stakeholders to adopt behaviour that counteracts
the outbreak of episodes of corruption.
G1 - Business conduct
Protection of whistle-blowers
Positive impact from adopting robust whistleblowing practices,
including dedicated channels, guidelines for whistle-blower protection
and timely resolution of reports. These practices foster a safe and
confidential workplace, promoting organisational transparency and
integrity and encouraging a speak-up culture.
Supply chain
Topic/Sub-topic Material IRO Link with Lifetime Partner 27: Driving Excellence
strategy
G1 - Business conduct
Management of relationships with
suppliers
Positive impact generated by favouring and establishing commercial
relationships with counterparts that excel in ESG practices, encouraging
the adoption and maintenance of responsible and virtuous behaviour
from an environmental and social point of view, as well as good
governance, in line with Generali’s commitments, in a perspective of
continuous improvement.
Sustainability Statement
77
The Group expects the identified impacts to manifest over the medium term. This time horizon allows for the planning and
implementation of effective strategies to manage the IROs related to the material topics.
It is worth specifying that, as defined in the Own Risk and Solvency Assessment (ORSA) process and reported in the related
Group report, in addition to the risks related to the topics highlighted in the table above, a series of other risks, including emerging
and sustainability ones like demographic and social changes, geopolitical instability and digitalisation, has been also analysed
10
.
Therefore, the assessments of both risks related to Solvency II categories (e.g., operational risks) as well as cross-cutting ones, such
as emerging and sustainability risks, have supported the above-mentioned double materiality assessment.
Further information on material IROs
In relation to the positive impacts and opportunities regarding the own workforce, the results of the double materiality assessment concern
the Group’s entire employed workforce.
Almost all the Group’s employees have a permanent contract, which demonstrates Generali’s attention and continuous commitment to
promoting stable and secure employment. At the same time, there is also a minority of employees with temporary contracts, a situation
that particularly arises in businesses subject to seasonality or project-based needs.
With reference to positive impacts, Generali, as a Responsible employer, has implemented a series of initiatives and activities in several areas
to promote a positive impact on employees who work for the Group. In particular, the initiatives primarily aim to promote diversity, equity,
and inclusion in the workplace, promoting fair treatment and equal access to opportunities for all employees, as well as gender pay equity.
In addition, the initiatives aim to value active listening to employees with the aim of promoting people engagement and empowerment, also
adopting a performance management model that promotes flexibility, transparency and meritocracy. Other initiatives are aimed at training
and continuously developing employees’ skills to face future challenges and support the Group’s strategic objectives. In addition, some
initiatives have been implemented with the aim to: adopt flexible and sustainable working models that guarantee the increasing well-being
of workers and a better work-life balance; promote social dialogue and relations with workers’ representatives; constantly safeguard health,
safety and the work environment.
The initiatives described also represent a concrete way to pursue opportunities, as they may have a positive impact on Group performance.
This is because constant attention to the development and well-being of employees can lead to greater attraction and retention of talent,
a greater sense of belonging and, indirectly, improved performance. In addition, human capital development is among the aspects most
considered in the assessments of ESG rating agencies that are used by investors in their decision-making. All initiatives apply to the entire
workforce, unless otherwise specified in Own workforce.
Social information, Own workforce for further details
In relation to the risks concerning consumers and end-users, the outcomes of the double materiality assessment concern all types of
customers of the Group.
The risks associated with personal data processing concern the possibility that customer data is not processed in an adequate, safe and
secure way and the possibility of data breaches that involve, for example, unauthorised use of data, undesired changes, or accidental
disclosure.
Taking into account the nature, scope, purpose of processing and type of data to be processed, the protection of customers’ personal
data results as being a relevant risk.
The risks associated with the management of information and documentation to customers refer to the information provided to the
customer during the quotation, subscription and updating phases throughout the life of the policy. In particular, the risk is significant for the
Group in light of the regulatory framework associated with product development and distribution processes.
The Group constantly monitors these risks, and the actions taken are primarily aimed at minimising non-compliant treatments and mitigating
the risks where they materialise, so as to guarantee the rights and freedoms of customers.
Social information, Consumers and end users, Privacy and Access to quality information for further details
The resilience of the Group’s business model in relation to material IROs is confirmed, on one hand, by the link between material
topics and the definition of strategic targets, as illustrated above, and, on the other hand, with regard to the topics not included in
the strategy, through the definition and implementation of adequate controls as described in each topic section. In relation to the risk
of climate change, the Group’s resilience has also been assessed through scenario analysis applied to investments (including real
estate for own use), P&C underwriting and Life underwriting.
Process to identify and assess climate-related impacts, risks and opportunities for the methodology and results of the scenario analysis
10. Differently from climate change, risk assessment models for measuring other sustainability risks are less mature. Therefore, by leveraging on current market frameworks, the risk of biodiversity loss has been analysed based on
the United Nations’ Taskforce on Nature-related Financial Disclosure (UN TNFD) which provides a list of economic sectors that are strongly dependent on natural resources. The analysis has been conducted on the investment
portfolio through a top-down approach, with the aim of identifying the main exposures at Group level to sectors and countries linked to the above-mentioned sustainability topics.
Annual Integrated Report and Consolidated Financial Statements 2025
78
Generali Group
Impact, risk and opportunity management
Process to identify and assess material impacts, risks and
opportunities
The double materiality assessment is the process through which the Group identifies material environmental, social and governance
sustainability matters, taking into consideration both the impact dimension and the financial dimension.
In 2024, Generali carried out its first double materiality assessment process in order to identify material impacts, risks and opportunities
for the Group and its value chain. Given the relevance of the exercise also in defining the strategic plan, and as outlined in its
Sustainability Group Policy, Generali performs a double materiality assessment every three years, in line with its strategic planning,
and carries out an annual review in the other years to ensure that the results are still valid for the current year.
The three-year double materiality assessment and the annual review process are among the responsibilities of the Group Chief
Sustainability Officer, who is supported and involves the business and control functions as well as the local Sustainability functions.
Two internal organisational processes have also been formalised, specifying the key figures involved in the different stages, the roles
and responsibilities of each of them, and the main controls implemented to ensure the quality of the process, data and information.
Annual review process
In order to determine if the results of the double materiality assessment performed in 2024 are still valid or need to be revised, the Group
Chief Sustainability Officer function evaluates, through a dedicated analysis:
∙ the presence of potential significant changes in internal sources (e.g., portfolio composition, risk assessment, policies and procedures)
and external sources (e.g., external databases, sector reports and white papers) used in the pre-assessment phase of the 2024
double materiality assessment;
∙ the presence of any internal factors that could lead to significant changes in Generali’s organisational and operational structure (e.g.,
extraordinary transactions and reorganisations) as well as external factors (e.g., geopolitical context, regulatory context and market
trends) with a potential impact on the Group.
The process followed and the results of these analyses are shared, through a dedicated survey, with the members of the Sustainability
GHO Task-force and with the local Sustainability representatives belonging to the Sustainability Council for their feedback. The Group
Chief Sustainability Officer function analyses and consolidates the feedback received, concluding whether the results of the 2024 double
materiality assessment are still valid for the current year.
Based on the analyses carried out as part of 2025 annual review process, the Group confirms the impacts, risks and opportunities identified
in 2024.
Both the methodology and final results are formalised and presented to the Innovation and Sustainability Committee and subsequently to
the Board of Directors of the Parent Company, which approved them on 19 December 2025.
Material impacts, risks and opportunities were identified in 2024 through a four-phase process, inspired by the guidelines issued by
EFRAG.
Definition of the main
methodological choices that guide
the double materiality assessment
process.
Desk analysis of positive
and negative impacts, risks,
and opportunities for each
sub-topic.
Internal and external
stakeholders engagement
to gather feedback on
preliminary results.
Validation of results by top
management, sharing with the
Innovation and Sustainability
Committee and approval by the
Board of Directors.
METHODOLOGY TUNING PRE-ASSESSMENT FEEDBACK COLLECTION FINAL VALIDATION
Sustainability Statement
79
METHODOLOGY TUNING
The first phase of the double materiality assessment process aims at defining the methodological foundations, in particular:
• scope of the assessment: the assessment of the impact and financial materiality was performed considering the sub-topics related
to the 10 topics identified by the ESRS and further analysing entity-specific topics taking into account the business, industry trends
and past materiality assessments carried out by the Group. The assessment was performed on each sustainability matter at sub-
topic level to better identify material impacts, risks, and opportunities;
• value chain: the Group’s value chain is divided into four segments: investments, insurance, own operations, and supply chain. This
breakdown considers the business model and the responsible roles identified by the Group.
Strategy, Market and business model for further details
• time horizon: the three time horizons provided for by the regulations were considered (short - up to 1 year; medium - 1-5 years;
long - over 5 years). The final output of the double materiality assessment is the result of the aggregation of the three time horizons
weighted based on the weights identified by the Group, giving greater value to the medium-term perspective (60%), followed by
the long-term (30%) and short-term (10%);
• stakeholder to engage: internal and external stakeholders were identified, as well as the methods for involving them during the
different phases of the process, including:
- data owner functions at Group Head Office (GHO) level, directly involved by providing data, commenting on, and validating
analyses and results;
- the Sustainability GHO Task-force, an inter-functional forum that includes the main Group business owners, involved both in
defining the methodological choices and in reviewing and commenting on the results of the analysis;
- the Sustainability Community, a network that includes representatives of local Sustainability function, and the Sustainability
Council, made up of representatives of BU-level Sustainability function, involved through an ad hoc survey to gather the local
point of view;
- Group Management Committee (GMC) members involved to gather further feedback on the results of the analyses and strategic
implications;
- selected external stakeholders identified among Generali’s partners to cover the Group’s entire value chain and weighted
according to the Salience Model
11
.
To guarantee the soundness and effectiveness of the process, the methodological choices are shared with the members of the
Sustainability GHO Task-force and with the local Sustainability representatives.
PRE-ASSESSMENT
The double materiality assessment was performed considering all ESRS sub-topics, as well as additional topics, for each of the
four value chain segments: investments, insurance, own operations, and supply chain. Each sub-topic was assessed from both an
impact and a financial perspective, with a short- and medium-term time horizon and considering the specific characteristics and
geographical areas in which the Group operates.
Both impact and financial dimensions were assessed on a scale from 1 (minimum) to 5 (maximum), based on the criteria of severity
and likelihood, which were also measured on an intensity scale from 1 to 5, with a materiality threshold set at 4 (significant).
As for impact materiality, the analysis was performed by assessing both positive and negative impacts. Any positive and/or negative
impact with an assessment above the materiality threshold was considered material. The assessment was calculated considering:
• severity: calculated as the sum of the scale, scope, and irremediable nature of the impact (only in the case of a negative impact);
• likelihood of the impact.
As regards financial materiality, both risks, in terms of inherent risk and in line with the Group risk management process regarding
assessments of operational risks and climate risks, and opportunities were analysed and assessed. Any risk and/or opportunity with
an assessment above the materiality threshold was considered material. The assessment was calculated based on:
• severity: determined as a combination of the dependencies that may influence the ability to continue to use or obtain needed
resources in business processes and the dependencies that may affect the ability to rely on relationships needed in business
activities at acceptable conditions;
• likelihood that the risk or opportunity may occur.
11. The Salience Model is a tool that allows the analysis and classification of stakeholders based on three main attributes: power (the ability of a stakeholder to influence the project or its outcome), legitimacy (the degree of authority
or legitimacy that a stakeholder has in the context of the project) and urgency (the level of priority with which the stakeholder's requests require an immediate response).
Annual Integrated Report and Consolidated Financial Statements 2025
80
Generali Group
Group risk management process
Within the impacts and risks identification process for the double materiality assessment, the results of the risk assessment activities
conducted at Group level were considered.
The Group risk management process, defined in the Risk Management Group Policy, is based on four phases:
∙ risk identification;
∙ risk measurement;
∙ risk management and control;
∙ risk reporting.
The first phase aims at guaranteeing that all material risks to which the Group and its companies are exposed are properly identified. To this
end, Generali relies on a Group-wide process called Main Risk Self-Assessment (MRSA), according to which, both at Group and local level,
the Risk Management function liaises with the respective business functions to ensure that main risks are identified and assessed, based
on their likelihood of occurrence and severity, and that possible mitigation actions are identified. All risks are considered, both quantifiable,
included in the calculation of the Solvency Capital Requirement (SCR), and non-quantifiable ones, i.e., not included in the calculation of
the SCR, among which emerging and sustainability risks, for which no capital requirement is allocated. Specific prescriptions for managing
the different risk categories are provided in the respective Group policies and guidelines, as well as in the Group Risk Appetite Framework.
The results of the risk management process are reported to the Board of Directors and to the Supervisory Authority through the ORSA
report, as well as included in several public disclosures such as Solvency and Financial Condition Report (SFCR). Specifically, emerging
and sustainability risks’ descriptions are provided in the Emerging and Sustainability Risks Booklet.
www.generali.com/sustainability/emerging-risks for further information
In performing its analyses, Generali relied on internal data and analyses, where available, such as climate scenario analysis,
operational risk assessments, metrics, and existing targets. In addition to internal data, external data and information from data
providers, industry studies and market-recognised institutions/associations were used. In case quantitative analyses were not
possible, qualitative analysis was carried out, supported by the expert judgement of the key functions involved in the process.
Examples of the main sources
12
used in the analyses are listed below:
Dimension Environment Social Governance
Impact • P&C insurance portfolio
• Investment portfolio
• ENCORE UN database for impact across
industries
• WWF Risk Filter heatmap by country
• Standard setters for nature impact in the
financial sector (e.g., TNFD)
• P&C insurance portfolio
• Investment portfolio
• Refinitiv and MSCI database for HR-related
metrics
• International Trade Union Confederation for
human rights ratings
• UN Global Compact principles and UN
Guiding principles
• P&C insurance portfolio
• Investment portfolio
• Refinitiv and MSCI database for
governance-related metrics
• Internal documents on several governance
topics (e.g., Ethical Code for Suppliers of the
Generali Group, Group Code of Conduct, and
other internal policies)
Financial • P&C insurance portfolio
• Investment portfolio
• ENCORE UN database for dependencies
across industries
• Assessment on risks related to
sustainability factors
• Carbon footprint baseline
• P&C insurance portfolio
• Investment portfolio
• Peers’ initiatives and positioning on social
topics
• Position papers on social sustainability in
insurance (e.g., Geneva Association)
• Group Operational risk heatmap
• P&C insurance portfolio
• Investment portfolio
• Peers’ initiatives and positioning on
governance topics
• Monetary sanctions/fines for compliance
violations
• Group Operational risk heatmap
The analyses and assessments of the financial impacts associated with each sub-topic under analysis included, where applicable,
any significant implications highlighted by the impact analysis. The risk identification process considered dependencies and negative
impacts stemming from Generali’s business operations, as well as those associated with the activities of its business partners, which
may result in potential risks to Generali.
The Group Risk Management function also contributes through controls over reputational risks arising from the management and
communication of the Group’s impacts on sustainability factors (e.g., greenwashing risks), as well as by performing second-level
controls on certain business processes, such as the negative screening led by the Global Investment Management function.
12. With reference to the portfolios within the double materiality process, the P&C insurance portfolio includes, unless otherwise indicated, GC&C and SMEs - NZIA scope, and the investment portfolio includes general account direct
investments of the Group's insurance companies in listed corporate bonds and equities.
Sustainability Statement
81
FEEDBACK COLLECTION
Stakeholder views and interests are a key step in the process of assessing the impacts, risks and opportunities that are material to
Generali and its value chain.
The results obtained in the pre-assessment phase were initially commented on and validated by the data owner functions at GHO
level and by the Sustainability GHO Task-force to assess the soundness and consistency of the results. To also include the local point
of view, local Sustainability representatives belonging to the Sustainability Community and the Sustainability Council were involved
through an ad hoc survey, in which they were asked to provide feedback on the results obtained in the pre-assessment phase, also
considering short- and long-term time horizons.
In addition to internal stakeholders, the feedback collection phase actively involved selected external stakeholders, representative of
all stakeholder categories identified by the Group, to gather external perspectives that could also be useful for integrating material
topics into the Group’s business model and strategy. The stakeholders were involved through individual interviews, with the aim
of presenting the results of the analysis and collect feedback and comments on impacts, risks and opportunities related to the
sustainability matters, with a focus on both the short, medium and long-term.
Strategy, Interests and views of stakeholders for further information on stakeholder categories
Feedback from each stakeholder were formalised and consolidated in the analyses, influencing the assessments of the segments of
the value chain to which they referred.
Once all the feedback were collected and consolidated, the final results of the double materiality assessment were shared individually
with the members of the GMC to gather further feedback on the results of the analyses and the strategic implications.
The impacts, risks and opportunities related to sustainability matters identified as material for Generali and its value chain are those
which, following the analyses and feedback obtained, have an assessment of 4 (significant) and 5 (highest). Any impact, positive or
negative, risk or opportunity assessed above the materiality threshold is included in the Sustainability Statement.
FINAL VALIDATION
The last phase of the process requires both the methodology and the final results to be formalised and presented to the GMC and
the Innovation and Sustainability Committee, respectively, and then to the Board of Directors of the Holding, which approved them
on 20 May 2024.
Ancillary businesses
In 2024, in performing the double materiality assessment, representatives from all Group companies were involved, including those
belonging to the so-called ancillary businesses which mainly consist of banking and agricultural businesses. Detailed analyses were carried
out to identify any additional considerations and potential significant differences. In particular, for the Banca Generali group, a comparative
analysis was performed between the results of the Generali Group’s double materiality assessment and those that emerged from the
assessment carried out by the banking group, as it is required to prepare its own Sustainability Statement in accordance with Legislative
Decree 2024/125; for the Leone Alato group and the company Deutsche Bausparkasse Badenia Aktiengesellschaft, which are exempt
from regulatory obligations, an analysis was requested focusing on impact materiality, the results of which were compared with the results
of the analysis carried out at Group level. The analyses did not reveal any significant differences
13
between the Group’s sustainability profile
from a double materiality perspective and the sustainability profiles of the respective ancillary businesses.
Similarly, as part of 2025 annual review process, the presence of significant differences in the assessment of sustainability matters related to
ancillary businesses was verified. In particular, the alignment of the Generali Group’s results with those of the double materiality assessment
update process carried out in 2025 by the Banca Generali group was verified; while the Leone Alato group and Deutsche Bausparkasse
Badenia Aktiengesellschaft confirmed the material impacts identified in 2024. Based on the analyses carried out, the Generali Group
confirms the absence of significant differences.
13. According to the methodology and approach adopted by the Group, for any controlled company, including those of ancillary businesses, which carries out its own materiality assessment, a difference is considered significant
only if there are material topics identified that differ from those identified at Group level.
Annual Integrated Report and Consolidated Financial Statements 2025
82
Generali Group
Process to identify and assess climate-related impacts, risks and
opportunities
Following the annual review process carried out by the Group, 2024 double materiality assessment results are confirmed, according
to which material negative impacts and risks related to climate change mitigation, as well as potential material positive impacts and
risks related to climate change adaptation were identified for investment and insurance segments.
In order to identify and assess climate impacts of Generali and its value chain, the carbon footprint related to own operations,
investment and insurance has been taken into consideration.
The emissions of the Group own operations
14
, calculated in accordance with GHG Protocol - Corporate Accounting and Reporting
Standard, recognized by the European Sustainability Reporting Standards on climate change, includes direct and indirect Scope 2
market-based and Scope 3
15
GHG emissions. The emissions of the investment portfolio (indirect Scope 3 emissions, category 15)
are calculated based on the last available data provided by MSCI. Regarding the insurance portfolio, the total emissions related to the
insurance portfolio for personal motor retail and Global Corporate & Commercial insurance portfolios are considered, with specific
reference to clients who publish data on their own emissions.
In addition to the metrics mentioned, the exposure of Generali and its value chain to highly emitting sectors has been analysed: the
level of impact on climate change
16
of the sectors included into both investment portfolio and P&C insurance portfolio, as well as
those related to the Group main spending categories was assessed, weighted respectively by portfolio exposure or by spending
distribution. Regarding own operations, the level of impact on climate change associated with the financial sector was considered.
In assessing the financial materiality of climate change, the Group considered the results of the risk assessment performed by the
Group Risk Management function as part of the annual Group ORSA process and considered the regulatory pressure to which the
financial sector is subject.
Generali recognizes the importance of the financial sector in limiting climate change and accelerating the transition to a low-emission
economy. The double materiality assessment allowed the identification of the most material climate impacts and risks for the Group,
focusing on investment and insurance activities, upon which it can act through its climate strategy, rather than own operations.
This assessment is based on the fact that direct climate impacts associated with the financial sector, together with the assessment
of greenhouse gas emissions associated with Group’s own operations, are lower compared to other sectors, as reported by the info
provider ENCORE. Although the topic is not material for own operations, Generali believes that climate change must be addressed
with all available levers. Therefore, it has set reduction and net-zero targets for own operations as well, in line with the responsible
roles identified.
The following section presents the methodology and the results of the climate change scenario analyses conducted within the ORSA
process, also providing evidence of the resilience analysis.
Climate scenarios methodology
The impact of climate change risk on the Group’s portfolios is assessed with the proprietary Clim@risk methodology through the
internally developed Aeolus tool
17
. The following risks are covered:
• physical risk due to the variation in frequency and severity of climate-related natural events;
• transition risk due to the variation in costs and revenues deriving from the transition to a green economy with limited CO
2
emissions;
• litigation risk due to higher costs deriving from legal cases and controversies due to climate matters.
The assessment is performed on the following portfolios:
• investments: general account (which includes financial instruments and real estate, including self-used buildings), and unit-linked
18
;
• P&C underwriting: Motor line of business and Fire and other property damage line of business, together with Directors & Officers
(D&O) policies
19
;
• life underwriting
20
.
14. The gases included in the calculation are CO
2
, CH
4
, and N
2
O for combustion processes and all greenhouse gases reported in the IPCC AR4 for other emissions (long-lived greenhouse gases - LLGHGs).
15. Indirect Scope 3 greenhouse gas emissions related to the Group’s own operations include: category 1 purchased goods and services; category 3 fuel- and energy-related activities (not included in Scope 1 or 2); category 5
waste generated in operations; category 6 business travel.
16. The level of impact of each sector on climate change is based on ENCORE methodology and database.
17. The Group has developed an internal tool (Aeolus) aimed at progressively enabling Group companies and business functions to access climate change analyses for activities related to reporting, business decisions (e.g., pricing
but also real estate portfolio management) and assessment of individual counterparties for asset allocation choices within decarbonisation strategies.
18. For the investment portfolio, all types of climate risk are assessed where relevant. The perimeter of analysis excludes cash and other types of assets not relevant from a climate perspective.
19. Both for Motor lines of business and for Fire and other property damage line of business, physical and transition risk are assessed, while for D&O policies litigation risk is assessed.
20. For the Life portfolio, physical and transition risk are assessed.
Sustainability Statement
83
The calculation made can be represented as follows:
CLIMATE STRESS
EXPOSURES
X
SCENARIO
IMPACT
Climate stress is determined starting from climate scenarios representing different levels of changes in the global temperature
expected at the end of the century compared to the pre-industrial period (1900-2100).
The Group uses climate scenarios of the Network for Greening the Financial System (NGFS) for energetic and macroeconomic
variables related to transition and litigation risks, and of the Intergovernmental Panel on Climate Change (IPCC) for climate variables
related to physical risks
21
.
The following climate scenarios are considered to analyse transition and litigation risks
22
:
• Net-Zero 2050, with a gradual and homogenous introduction of stringent climate policies for all economic sectors, and an
increasing penetration of innovative low-carbon power generation technologies. This scenario is consistent with reaching net-zero
CO2 emissions around 2050 and limiting global warming to 1.5°C;
• Delayed Transition, with the delayed introduction of very stringent policies. The scenario is consistent with a limitation of warming
to around 2°C;
• Fragmented World, with the delayed and fragmented introduction of policies among countries globally, which reflect the current
fragmented geopolitical context. This scenario is consistent with a little limitation of global warming.
The NGFS scenarios represent different potential evolutions of climate change mitigation policies, considering different levels of
policies ambition in terms of decarbonisation targets, technological innovation and speed of transitioning to a low-carbon economy.
The scenarios’ underlying variables allow to assess expected trends for the various economic sectors and/or transition related events
such as those:
• political and legal, through the projection of variables linked to carbon cost, used for example to assess impacts on the real estate
portfolio;
• technological, through the projection of variables linked to electricity demand and final energy consumption, both fossil and
renewable, dependent on the energy mix evolution in various countries as well as on the penetration of less emissive technologies
to assess economic impacts on each sector;
• market, through variables linked to energy consumption in the transport sector, to assess the impact on this sector and on the
related insurance lines of business.
For the litigation risk assessment, further reputational and litigation aspects are considered.
The geographical scale of the above-mentioned variables is at country level, when available.
For physical risks, the Shared Socioeconomic Pathways (SSP) scenarios considered were SSP1-2.6, SSP2-4.5 and SSP5-8.5
23
.
The IPCC scenarios allow to assess the increase in severity and frequency of climate events, which in turn depend on different
levels of greenhouse gas emissions and socio-economic developments. For this purpose, the following variables are considered for
hazards linked to:
• temperature: temperature and humidity variables are used to analyse the impact of chronic increases in temperature, heatwaves
and wildfires;
• wind: wind speed variable is used to assess the impact of tropical cyclones and windstorms;
• water: precipitation, wind speed, temperature and humidity variables are used to assess the impact of floods (distinguishing
coastal floods, river floods and pluvial floods) and hailstorms;
• solid mass: soil moisture content variable is used to assess the impact of subsidence.
The above-reported climate variables are obtained from the regional-scale climate models of the CORDEX
24
project, which represents
the state-of-the-art of regional climate models in terms of spatial resolution. The analysis of physical risks for the investment and P&C
underwriting portfolios is based on a geographical grid with a resolution
25
that depends on data availability. For the Life underwriting
portfolio, the physical risk analysis is made at country level.
21. In 2025, the scenarios defined by the NGFS Phase V, published in November 2024, and for the physical risk, the IPCC Coupled Model Intercomparison Project, Phase 6 (CMIP6) were used.
22. The Group also analyses the other climate scenarios defined by NGFS Phase V (Low Demand, Below 2°C, Nationally Determined Contributions - NDCs, Current Policies), which are not disclosed as the related results can be
compared to the scenarios described.
23. To assess the combined impact of transition, physical and litigation risks, the NGFS scenarios used for transition and litigation risk are associated to the IPCC scenarios used for physical risk, on the basis of the expected increase
in temperature in 2050. Specifically, the NGFS Low Demand, Net-Zero 2050 and Below 2°C scenarios are associated to the IPCC SSP1-2.6 scenario; the NGFS Delayed Transition and Nationally Determined Contributions (NDCs)
scenarios are associated to the IPCC SSP2-4.5 scenario; the NGFS Fragmented World and Current Policies scenarios are associated to the IPCC SSP5-8.5 scenario.
24. CORDEX is a program sponsored by the World Climate Research Program (WRCP) aimed at organising an international framework to improve regional climate projections on a global scale.
25. Up to 90 m x 90 m for coastal and river floods, and generally up to 11 km x 11 km for the other above-described events, in the areas with the main Group exposures.
Annual Integrated Report and Consolidated Financial Statements 2025
84
Generali Group
To capture the most significant expected impacts, short-, medium- and long-term time horizons
26
have been considered. In
accordance with the latest regulatory developments, medium- and long-term analyses are classified as resilience analyses, aimed
at evaluating the organization’s ability to maintain operational continuity and economic-financial sustainability over the medium- and
long-term, even under adverse scenarios related to climate change and its implications on physical, transition and litigation risks.
The analyses have been performed on the portfolios as at the closing date of the financial year, or with the most recent update
available, and they do not consider the impacts of future managerial and business actions, future adaptation measures or changes in
the macroeconomic and financial context
27
. The representation of the results of the annual scenario analysis conducted is based on
the following three scenarios described above, representing three different levels of climate policy implementation and three different
levels of global warming: Net-Zero 2050, Delayed Transition and Fragmented World.
The findings are reported hereafter and in the broader analysis described in the ORSA report, prepared on an annual basis with the
support of other corporate functions, reviewed by the Management and subject to approval by the Board of Directors according to
the process defined in the Risk Management Group Policy.
The methodological specificities of Clim@risk for each portfolio in scope are reported below.
Investment portfolio
The climate stress is represented:
• for transition risk, by a change in revenues of the Group investees, taking into account their economic sector and their decarbonisation
strategies, or, for real estate, by the costs necessary to reach the scenario’s decarbonisation targets;
• for physical risk, by the costs due to change in frequency and severity of climate perils (i.e., impact of floods, storms, etc. for Group
investees and properties), considering the geolocation of the assets, such as properties, plants and equipment (Property, Plant
and Equipment - PPE);
• for litigation risk, by the cost for climate-related legal cases and controversies of Group investees.
The exposures include equities, corporate bonds, government bonds and real estate assets of the general account and unit-linked
portfolios
28
.
For the equity and corporate bond portfolio, to identify the most material exposures, the economic sectors to which the Group
portfolio is most exposed have been analysed and a major emphasis has been placed on the understanding of the ones most
vulnerable to climate change, classified according to the Climate Policy Relevant Sectors (CPRS)
29
literature and to the geographical
distribution of the activities. In particular, finance and other sectors less impacted by climate change represent the main part of
the Group corporate investment portfolio. Investments in sectors that are more impacted remain limited, such as fossil one, which
represents a small part of the portfolio. For the purposes of the physical risk assessment, the exposures were identified on the basis
of their locations and production facilities
30
.
Government bonds were classified based on the reference country, mostly attributable to European countries, and assessed on the
basis of the sectoral composition of the related GDP.
The real estate portfolio has been analysed on the basis of the buildings’ energy consumption characteristics, of the CO
2
e emissions,
and of their geolocation. The Group’s portfolio appears to be diversified across all energy classes and mostly aligned with CRREM
decarbonisation targets at 2025. For the purpose of assessing physical risk, the resilience to the intensification of natural events is
taken into account.
The impact is reported as the change in Net Assets Value (NAV) determined through financial models to take into account the
economic impacts on the Group investees and properties arising from climate change stresses.
P&C underwriting portfolio
The climate stress is represented:
• for transition risk, by a change in premiums of the lines of business analysed;
• for physical risk, by the change in climate-related claims (e.g., flood, hailstorm, etc.), considering the geolocation of the insured
assets;
• for litigation risk, by the cost of climate-related legal cases and controversies in D&O policies.
The exposures include premiums and claims of the Solvency II lines of business most relevant for the Group, namely Motor and Fire
and other damage to property. D&O policies are considered only with regards to litigation risk.
For the analysis the different geographies where the Group underwrites were also considered.
26. The short-term represents the strategic plan horizon; the medium-term represents a 10 year period which corresponds to the time horizon on which emerging risks are analysed within the MRSA risk identification process; the
long-term represents the timeframe on which the mid-century decarbonisation targets of the 2015 Paris Agreement have been defined.
27. The trend of the main macroeconomic and financial variables is held constant in order to determine the impacts attributable solely to climate trends.
28. The exposures exclude assets that are not relevant from a climate perspective such as, for example, cash. Investment funds are included in the assessment.
29. The CPRS provides a classification of economic activities for transition risk assessment, initially defined in the work of Battiston et al. (2017) available at www.finexus.uzh.ch/en/projects/CPRS.
30. Exposures’ geographical location has been approximated based on each company’s revenues through its main business activities.
Sustainability Statement
85
The financial impact is calculated in terms of:
• higher claims resulting from the change in perils’ frequency and severity and from the increasing frequency of climate-related
litigation cases;
• change in premiums as a result of higher/lower demand for insurance coverage in each economic sector.
The impact is assessed in terms of change in operating result
31
(on premiums for the transition risk and on climate-related claims for
physical and litigation risks) for each combination of line of business, sector and geography at a given future point in time.
Life underwriting portfolio
The climate stress is represented by the effects of changes in future mortality and morbidity rates respectively:
• for transition risk, due to changes in air pollution following the introduction of decarbonization climate policies;
• for physical risk, due to the increase in yearly average temperatures, but also due to heatwaves and vector-borne diseases
32
.
Coherently with the implemented framework, the exposures include all of the Group Life portfolios. In particular, for mortality, stresses
are applied both to portfolios exposed to mortality risk (e.g., term contracts) and to portfolios exposed to longevity risk (e.g.,
annuities), leading to possible offsetting effects which are consistent with the Group product diversification.
The impact resulting from the occurrence of the expected effects of climate scenarios, in terms of both changes in events related
to human life (mortality and morbidity rates) and changes in the value of investments covering liabilities for portfolios with profit
participation, was assessed through sensitivity analyses conducted using actuarial models and quantified in terms of changes in the
Best Estimate of Liabilities (BEL).
Considering the long-term horizon, and not having implemented either specific management actions in response to climate scenarios
or assumptions on future new business, this exercise is not intended to predict actual impacts, should a given climate scenario
materialise in the future, but aims at providing useful indications on the Group’s portfolios most exposed to climate change.
Results of climate change scenario analysis
The results of the analyses are reported for each portfolio included in the perimeter, for three reference climate scenarios
33
:
• Net-Zero 2050, showing the orderly and timely policies as of the Paris Agreement and underpinning several decarbonisation
targets;
• Delayed Transition, showing some late implementation of above-mentioned policies and an already occurring intensification of
climate trends;
• Fragmented World, showing a geopolitical context characterised by increasing uncertainties and divergencies with regards to the
implementation of climate policies.
The results of climate scenarios depend on data of long-term climate and macroeconomic projections, with modelling methodologies
that are under continuous development and maturing in the market. At the same time, second-order impacts, interconnections with
other socio-demographic trends, and changes in the levels of current macroeconomic and financial variables are not considered. The
impacts presented may therefore be subject to change and may not be comparable year on year due to improvements in underlying
methodologies, and developments in assumptions and data availability, as well as due to regulatory requirements and/or alignment
to market standards. The results refer to year-end 2025 data and are subject to in-depth analysis as part of the risk assessments
conducted for the purposes of the ORSA process.
Overall, it can be observed that:
• transition risk is relatively limited, benefiting from the various decarbonization policies already initiated by the Group as part of its
investment and underwriting strategy
Environmental information, Climate change, Responsible investor and Responsible insurer for further information
• physical risk is material, confirming that the increasing volatility and severity of extreme climate events can significantly impact both
the investment and underwriting portfolios, with particular regard to catastrophe claims. These impacts are managed through risk
management controls, as well as through strategic initiatives implemented by the Group, such as Group Climate Hub;
• litigation risk remains limited across all scenarios and portfolios analysed.
31. The operating result is to be considered as a technical result, derived from premiums net of claims and expenses.
32. For vector-borne diseases, initial estimates have been made in absence of mature measurement models in the relevant scientific literature. The diseases considered are: Dengue, Chikungunya and Zika.
33. Also the other climate scenarios have been analysed and present results comparable to the above-mentioned scenarios, specifically:
• Low Demand and Below 2°C scenarios show impacts similar to Net-Zero 2050 scenario in terms of physical risk, while impacts for transition risk are overall more limited;
• NDCs scenario shows impacts similar to Delayed Transition scenario in terms of physical risk, while impacts for transition risk are overall more limited in absence of long-term climate policies;
• Current Policies scenario shows impacts similar to Fragmented World scenario in terms of physical risk, while impacts for transition risk are not assessed given the absence of climate policies defining the specific scenario.
Litigation risk remains limited also in these scenarios.
Annual Integrated Report and Consolidated Financial Statements 2025
86
Generali Group
The assessment results are broadly in line with those observed in the previous financial year, despite:
• the update of NGFS scenarios, which led to a more severe assessment of transition risk;
• the increase in the sum insured within the P&C portfolio, also driven by regulatory requirements concerning mandatory NAT-CAT
coverage in several countries in which the Group operates, including Italy.
Investment portfolio
The following chart shows the impacts of transition, physical and litigation risks for the general account investment portfolio, in terms
of change in Net Asset Value (NAV), calculated as the difference between its values before and after the climate stress
34
.
The impacts in terms of change in NAV for the general account portfolio are the following:
• transition risk:
- under Net-Zero 2050 and Delayed Transition scenarios, they are equal to less than 2% (in line with the analyses at 31 December
2024) in terms of overall losses of total investments and are mainly driven by equities and corporate bonds. Such impacts
remain limited given the low concentration in high-risk sectors, like the fossil sector, due to decarbonisation and restriction
policies already in place within the Group, or other highly emissive sectors. The lower contribution of government bonds is
mostly attributable to investments in sovereign bonds of economies with transition plans already aligned to the scenarios’
decarbonisation targets. Finally, real estate investments present an overall limited exposure, as they constitute a minor portfolio
portion; the impact is due to the adaptations required to meet long-term increasing decarbonisation targets
35
;
- in the Fragmented World scenario, they are generally similar to Delayed Transition scenario, as transition policies are enforced
late and with less effectiveness since they are not pursued in a globally coordinated manner.
They remain almost unchanged compared to 31 December 2024, despite the update of NGFS scenarios to the so-called Phase
V, which incorporates the delays observed in the implementation of decarbonization policies in several countries;
• physical risk:
- under Net-Zero 2050 scenario, they are limited as a consequence of the underlying assumptions of implementing effective
policies to limit global warming;
- under Delayed Transition scenario, they stand at 6% (in line with the analyses at 31 December 2024), due to losses related to
a series of investees in areas of high physical risk in European countries and to those in US and Asia exposed to even more
extreme phenomena such as tropical cyclones. The contribution of government bonds is lower than the one of equities and
corporate bonds, due to the higher resilience of countries compared to the one of individual private issuers against climate-
related losses. Similarly, impacts on the real estate portfolio are limited, as assets are located in low-risk areas as well as
considering their level of resilience and the adaptation measures in place;
34. The following assumptions have been considered for the interpretation of the results: financial markets are considered efficient hence market values fully reflect climate scenarios’ future assumptions; asset allocation is kept
unchanged for the whole projected period and bonds at maturity are reinvested at same conditions; financial market variables (e.g. inflation, interest rates) are based on financial scenarios as at end of the previous year and
kept unchanged over the projection period, without considering how they can be affected by climate.
35. The real estate portfolio shows impacts mainly related to the transition to the energy efficiency requirements represented by the alignment with the CRREM (Carbon Risk Real Estate Monitor) targets. Transition risk impacts on
real estate portfolio benefit from the increasing availability of buildings' CO
2
, emission data, showing a higher share of real estate portfolio already aligned to the CRREM targets. It is worth noting that the physical risk impacts
are less significant because properties are mainly located in areas less exposed to the intensification of climate events.
Changes in asset values under climate scenarios assumptions (reference year 2050)
0.0%
-5.0%
-10.0%
Delta NAV
Net-Zero 2050 Delayed Transition Fragmented World
31/12/2025 31/12/2024 31/12/2025 31/12/2024
31/12/2025 31/12/2024
Transition risk Physical risk Litigation risk
Sustainability Statement
87
- under Fragmented World scenario, they are lower than 10% (in line with the analyses at 31 December 2024). The largest impact
compared to the Delayed Transition scenario is due to the worsening of climate phenomena in absence of effective transition
policies to limit global warming.
They remain substantially unchanged compared to the previous year;
• litigation risk: under all scenarios they remain limited and lower than 1% (in line with the analyses at 31 December 2024).
The unit-linked portfolio presents higher overall impacts due to the higher weight of the corporate equity and bond portfolio
compared to the government one, overall less risky, with impacts above 10% in the Delayed Transition and Fragmented World
scenarios.
P&C underwriting portfolio
The analyses are carried out
36
in terms of change in operating result, calculated as the difference between its values before and after
the climate stress
37
.
The impacts are the following:
• transition risk:
- under Net-Zero 2050 and Delayed Transition scenarios, they are mainly driven, in the Motor line of business, by the worse
penetration of private transports and the higher use of public transport or shared mobility. For the Fire and other property
damage line of business, a positive impact is observed due to the increase in the value of insured real assets, subject to
renovation for energy efficiency;
- under Fragmented World scenario, they are limited as a consequence of lower adaptation efforts.
They do not show significant changes compared to the previous year;
• physical risk:
- under Net-Zero 2050 scenario, they are overall limited;
- under Delayed Transition scenario, they are material and driven by exposures in the Fire and other property damage line of
business largely located in high-risk areas:
∙ flood in Italy, France and Central Europe, where events are expected to be up to three times more intense and frequent than
today (in line with the analyses at 31 December 2024). Specifically, among floods, Italy observes a significant increase in fluvial
floods, while France and Central Europe are exposed to a greater increase of pluvial floods;
∙ hailstorms in Germany, Switzerland and Austria, with events on average 1.5 times as intense and frequent than today (in line
with the analyses at 31 December 2024);
∙ tropical cyclones in certain parts of Asia with events up to three times more frequent than today, although their impact
remains limited due to the Group’s low exposure in these areas (in line with the analyses at 31 December 2024). An increase
in phenomena similar to tropical cyclones, so-called extratropical cyclones, is also observed in European territories on the
Atlantic coast;
- under Fragmented World scenario, they are expected to further increase given the scenario’s underlying hypotheses of
intensification of long-term climate events. In this scenario, an increased intensity of climate phenomena and a greater extension
of the territories affected is observed.
They show a slight growth due to the increase of the sum insured by the Group, especially in Italy;
• litigation risk: under all scenarios, they remain limited due to the Group’s marginal exposure to the D&O policies (in line with the
analyses at 31 December 2024).
Life underwriting portfolio
The analyses carried out show the impacts of transition and physical risks for the Life underwriting portfolio, in terms of change in
Best Estimate Liabilities (BEL), calculated as the difference between its values before and after the climate stress.
The impacts are the following:
• transition risk: they are marginal and generally positive on portfolios exposed to mortality risk, like for protection products, as a
result of improved air quality, partly offset by the opposite effect on the portfolio exposed to longevity risk, like for annuity products;
• physical risk:
- under Delayed Transition scenario, they are driven by increased mortality rates in countries where an intensification of acute
heatwaves and spread of vector-borne diseases are expected. This is observed especially in Southern European countries,
where heatwaves alone are expected to cause an increase in mortality of up to +50 deaths per 100,000 inhabitants (in line
with the analyses at 31 December 2024) although partly offset by reduced mortality due to fewer deaths in winter months. For
vector-borne diseases, a wider spread is expected in Asian countries, resulting in an increase in morbidity up to +15,000 cases
per 100,000 inhabitants;
36. For the purpose of identifying P&C underwriting portfolio exposures and their location, the latest available data at the measurement date have been considered.
37. The following assumptions have been considered for the interpretation of the results: combined ratio is kept unchanged as premiums change (for calculating transition risk’s impacts); price adjustments and changes to
reinsurance structure are not considered; external market conditions, like reinsurance availability and legislation, are kept unchanged.
Annual Integrated Report and Consolidated Financial Statements 2025
88
Generali Group
- under Fragmented World scenario, they are worse compared to the above-described scenarios, due to the intensification
of both heatwaves and spread of vector-borne diseases, with a consequent increase in mortality of up to +80 deaths per
100,000 inhabitants in some Asian and Southern European countries (in line with the analyses at 31 December 2024), while
the increase in morbidity in Asian countries remains similar to the one observed in the Delayed Transition scenario;
- under Net-Zero 2050 scenario, they are more limited due to a lower intensification of heatwaves and a lower vector-borne
diseases contribution.
In addition to the above-mentioned scenario analyses aimed at providing support to the business, risk controls are also carried out
on the respect of the decarbonisation plan, aimed at reducing transition risks, and with exclusion policies towards sectors with high
climate-related impacts, such as coal.
Climate change risk management is integrated into decision-making processes through the definition of a specific framework,
including limits and remedial actions in case of breaches. Limits have been defined for the investment portfolio, complementing the
already existing set of controls related to the application of the ESG principles in the investment processes. The aim is to maintain
the Group’s risk profile within the thresholds defined based on measurements made and to monitor the achievement of carbon
intensity reduction objectives by setting annual tolerance limits defined on the basis of intermediate targets as well as the adoption
of mitigation measures.
Environmental information, Climate change, Responsible investor for further information
Process to identify and assess pollution-related impacts, risks and
opportunities
Following the annual review process carried out by the Group, 2024 double materiality assessment results are confirmed, according
to which no material impacts, risks, or opportunities related to pollution were identified in any segment of Generali’s value chain,
including its own operations.
The assessment of impacts on pollution is based on the exposure of Generali and its value chain to sectors that impact on pollution:
the level of impact on pollutants
38
of the sectors included into both investment portfolio and P&C insurance portfolio, as well as those
related to Group main spending categories, was assessed, weighted respectively by portfolio exposure or by spending distribution.
Regarding own operations, the level of impact associated with the financial sector was considered. An analysis was also performed
on Generali and its value chain exposure to sectors that impact on microplastics and substances of concern
39
. In addition, the
assessment considered also the exposure to countries with very high levels of pollution
40
where Generali operates as an insurer or
investor and where there is at least one office of the Group.
As for the financial dimension, an analysis was performed on Generali and its value chain exposure to sectors that depend on the
quality of resources
41
, weighted by portfolio exposure or by spending distribution. As for own operations, the level of dependency
associated with the financial sector was considered. Additionally, a qualitative assessment was performed on the sectors most
exposed to pollution-related controversies, including the financial sector, using Refinitiv Database.
The analyses to identify and assess impacts, risks, and opportunities related to pollution did not involve affected communities.
However, the results of the double materiality assessment were presented and discussed with selected external stakeholders,
representative of the main categories identified by the Group.
Process to identify and assess water and marine resources-related
impacts, risks and opportunities
Following the annual review process carried out by the Group, 2024 double materiality assessment results are confirmed, according
to which no material impacts, risks, or opportunities related to water and marine resources were identified in any segment of
Generali’s value chain, including its own operations.
The assessment of impacts on water and marine resources is based on the exposure of Generali and its value chain to sectors that
impact water resources: the level of impact on water resource consumption
42
of the sectors included into both investment portfolio
and P&C insurance portfolio, as well as those related to Group main spending categories, was assessed, weighted respectively by
portfolio exposure or by spending distribution. As for own operations, the level of impact associated with the financial sector was
38. The pollutants considered in the analysis are: non-GHG air pollutants; soil pollutants and water pollutants. The level of impact of each sector on pollutants is based on ENCORE methodology and database.
39. Sources: European Chemicals Agency (ECHA) and United Nations Environment Programme (UNEP).
40. The level of pollution of each country was identified using the WWF Risk Filter Suite methodology, applied to the indicator based on nutrient, pesticide, and air pollution. High-risk areas are those with high levels of nitrogen and
pesticides per hectare of cultivated land, high concentrations of nitrogen in freshwater, and a high impact of nutrient and chemical pollution in marine areas.
41. The analyses considered dependencies on the following types of resources: surface water, groundwater, water quality and soil quality. The level of dependency of each sector is based on ENCORE methodology and database.
42. The level of impact of each sector on water resource consumption is based on ENCORE methodology and database.
Sustainability Statement
89
considered. In addition, the assessment considered also the exposure to areas with high water scarcity
43
in each country where
Generali operates as an insurer or investor and where there is at least one office of the Group.
As for the financial dimension, an analysis was performed on Generali and its value chain exposure to sectors that depend on surface
water, groundwater, and water quality
44
, weighted by portfolio exposure or by spending distribution. As for own operations, the level
of dependency associated with the financial sector was considered.
The analyses to identify and assess impacts, risks, and opportunities related to water and marine resources did not involve affected
communities. However, the results of the double materiality assessment were presented and discussed with selected external
stakeholders, representative of the main categories identified by the Group.
Process to identify and assess biodiversity and ecosystem-related impacts,
risks and opportunities
Following the annual review process carried out by the Group, 2024 double materiality assessment results are confirmed, according
to which potential negative impacts on biodiversity were identified for investment and insurance segments. No material risks and
opportunities were identified regarding biodiversity and ecosystems, and no material dependencies on biodiversity, ecosystems, and
their services were identified in any segment of Generali’s value chain, including own operations.
The assessment of impacts related to biodiversity and ecosystems is based on the exposure of Generali and its value chain to sectors
that impact biodiversity and ecosystems. The level of impact on the different areas that have a direct impact on biodiversity loss
45
of the sectors included into both investment portfolio and P&C insurance portfolio, as well as those related to Group main spending
categories, was assessed, weighted respectively by portfolio exposure or by spending distribution. Regarding own operations, the
level of impact associated with the financial sector was considered. Additionally, an analysis of biodiversity exposure was carried out
for each country where Generali operates
46
as an insurer or investor and where there is at least one office of the Group.
Generali has sites located near (within 2 kilometers) biodiversity sensitive areas
47
. In accordance with European regulations and their
national implementations
48
, Generali is not required to implement biodiversity mitigation measures for these sites.
As for the financial dimension, an analysis was performed on Generali and its value chain exposure to sectors that depend on
biodiversity and ecosystems
49
, weighted by portfolio exposure or by spending distribution. As for own operations, the level of
dependency associated with the financial sector was considered. Systemic risks were not considered in the assessment.
The analyses to identify and assess impacts, risks, and opportunities related to biodiversity and ecosystems did not involve affected
communities. However, the results of the double materiality assessment were presented and discussed with selected external
stakeholders, representative of the main categories identified by the Group.
Process to identify and assess resource use and circular economy-related
impacts, risks and opportunities
Following the annual review process carried out by the Group, 2024 double materiality assessment results are confirmed, according
to which no material impacts, risks, and opportunities were identified regarding resource use and circular economy in any segment
of Generali’s value chain, including own operations.
The analysis of impacts, risks and opportunities performed for assessing the topic resource use and circular economy are based on
qualitative assessments and considered Group’s own operations, investment and insurance activities, and supply chain activities,
mainly related to services.
43. The level of water scarcity in each country was identified using the WWF Risk Filter Suite methodology, applied to the indicator related to the physical abundance or lack of freshwater resources.
44. The level of dependency on surface water, groundwater, and water quality of individual sectors is based on ENCORE methodology and database.
45. The direct impact factors on biodiversity loss considered in the analysis are: climate change, land-use change, fresh water-use change and sea-use change, resource exploitation, invasive alien species, and pollution. The level
of impact of each sector is based on ENCORE methodology and database.
46. The level of biodiversity exposure for each reference country has been identified using the WWF Risk Filter Suite methodology, applied to the indicators Provisioning services, Pressures on biodiversity, and Environmental Factors.
47. Areas included in the Natura 2000 Network and KBAs.
48. Directive 2009/147/EC of the European Parliament and of the Council on the conservation of wild birds; Council Directive 92/43/EEC on the conservation of natural habitats and of wild fauna and flora; Environmental Impact
Assessment (EIA) as defined in Article 1(2), point (g), of Directive 2011/92/EU of the European Parliament and of the Council on the assessment of the effects of certain public and private projects on the environment; for
activities located in third countries, equivalent national provisions or international standards are considered, such as the International Finance Corporation (IFC) Performance Standard 6: Biodiversity Conservation and Sustainable
Management of Living Natural Resources.
49. The following types of dependencies were considered in the analyses: ecosystem services that constitute a direct physical input in a production process, those that are an enabling factor for all or part of a production process,
those that help mitigate the direct impacts associated with a production process, and those that provide protection from disruptions to the production process. The level of dependency of individual sectors is based on ENCORE
methodology and database.
Annual Integrated Report and Consolidated Financial Statements 2025
90
Generali Group
In addition to qualitative assessments, and limited to the assessment of the impact on the sub-topic waste, an analysis of exposure
to sectors impacting solid waste
50
production was performed with reference to both investment and P&C insurance portfolio.
Regarding own operations, a qualitative assessment was carried out, considering the impact associated to the adoption of internal
regulations related to the topic.
The assessment of impacts, risks, and opportunities related to resource use and circular economy did not involve affected
communities. However, the results of the double materiality assessment were presented and discussed with selected external
stakeholders, representative of the main categories identified by the Group.
Process to identify and assess business conduct impacts, risks and
opportunities
Following the annual review process carried out by the Group, 2024 double materiality assessment results are confirmed, according
to which positive impacts were identified for own operations segment regarding the sub-topics of corporate culture, protection of
whistle-blowers, corruption and bribery, and a positive impact on the sub-topic of management of relationships with suppliers for
the supply chain segment
The assessment of impacts, risks, and opportunities regarding business conduct
51
was performed considering own operations and
the Group’s core business, including supply activities.
The assessment of impacts on business conduct is based on both qualitative evaluations that considered the impact derived from
the adoption of internal regulations
52
, which set the fundamental conduct rules to be adopted in the development of Group’s activities
and business, and on analyses of Generali and its value chain exposure
53
to sectors that impact business conduct. Additionally, with
reference to the impact of the Group’s own operations on the sub-topic corruption and bribery, the level of corruption in the countries
where Generali operates was considered
54
.
Regarding the financial dimension, the results of the risk assessment activity on operational risks associated with business conduct
were considered. A qualitative assessment
55
was also carried out on the sectors most exposed to controversies on the topic.
50. The level of impact of each sector on solid waste production is based on ENCORE methodology and database.
51. According to ESRS G1, topics related to business conduct include: corporate culture, protection of whistle-blowers, animal welfare, political engagement and lobbying, management of relationships with suppliers, and corruption
and bribery.
52. Examples of internal regulations considered in the analysis are: Group Code of Conduct, Ethical Code for Suppliers of the Generali Group, AFC Group Policy and Guideline, and Anti-Bribery and Anti-Corruption Group Policy.
53. The analyses performed are based on MSCI and Refinitiv databases.
54. The level of corruption by country is based on the Corruption Perceptions Index provided by Transparency International.
55. The analyses performed are based on MSCI and Refinitiv databases.
Sustainability Statement
91
Governance
The role of the administrative, management and supervisory bodies
In a challenging economic and financial context, Generali believes that its governance, in line with international best practices,
is adequate to effectively support the pursuit of its strategy. In line with the principles and recommendations of the Corporate
Governance Code, the Group’s sustainable success consists in the creation of long-term value for the benefit of all shareholders,
taking into account the interests of other relevant stakeholders.
Generali has adopted the traditional Italian corporate governance model with a tripartite organisational structure that does not
provide for worker representation within its corporate bodies.
RISK AND CONTROL
COMMITTEE
NOMINATIONS AND CORPORATE
GOVERNANCE COMMITTEE
INNOVATION, SOCIAL
AND ENVIRONMENTAL
SUSTAINABILITY COMMITTEE
INVESTMENT
COMMITTEE
RELATED-PARTY TRANSACTIONS
COMMITTEE
REMUNERATION AND HUMAN
RESOURCES COMMITTEE
INDEPENDENT
AUDITORS
GROUP
MANAGEMENT
COMMITTEE
SURVEILLANCE
BODY
BOARD OF
DIRECTORS
GROUP CEO
GENERAL MEETING
BOARD OF STATUTORY
AUDITORS
Director responsible for Company management
and Internal Control and Risk Management
System, beneficial owner pursuant to
Legislative Decree 2007/231 and Director
responsible for anti-money laundering.
Body which, on the topics falling within its
powers, expresses the will of the shareholders
through its resolutions.
Body with the broadest powers for the ordinary and
extraordinary management of the Company and the Group,
which has structured its organisation, also through the setting
up of specific Board Committees with recommendatory,
advisory and preparatory functions, in line with the need
to define a strategic plan in line with the Group’s purpose,
values and culture and, at the same time, to monitor its
pursuit with a view to creating sustainable value.
Body responsible for overseeing the
administration and compliance with the
law and the Articles of Association.
Annual Integrated Report and Consolidated Financial Statements 2025
92
Generali Group
Assicurazioni Generali has adopted a Diversity policy for members of the corporate bodies.
The policy provides illustrative and non-binding indications on relevant aspects regarding diversity, defining and formalising the
criteria and tools adopted to ensure a diversified and inclusive composition of the Board of Directors and the Board of Statutory
Auditors, in order to, among other things, mitigate the risks deriving from a lack of diversity and with the aim of ensuring a better
understanding of the needs and demands of stakeholders; reducing the risk of standardisation of the opinions among the members
of the corporate bodies; making the decision-making process more effective and thorough; enriching the discussion in the corporate
bodies thanks to skills of a general strategic or specific technical nature, acquired outside Generali; nurturing the discussion;
allowing the members of the corporate bodies to constructively question management decisions; encouraging turnover within the
corporate bodies.
The policy, approved by the Board, is implemented by Corporate Affairs and it is periodically reviewed to take into account the
interests of relevant stakeholders (e.g., current and potential shareholders, institutional investors and proxy advisors), as well as
market best practices. The document is available on the website (www.generali.com/governance/corporate-governance-system/
diversity-policy).
The Board of Directors and the Board of Statutory Auditors have an adequate collective composition that allows the former to
carry out the role of guidance and supervision and the latter to carry out the role of oversight, leveraging adequate experience and
knowledge with respect to the Group’s strategy, its business model and the markets and geographical areas in which it operates.
Andrea
Sironi
(Chair)
Philippe
Donnet
(Group CEO)
Marina
Brogi
Flavio
Cattaneo
Patricia
Estany
Alessia
Falsarone
Clara
Furse
Umberto
Malesci
Antonella
Mei-Pochtler
Fabrizio
Palermo
Lorenzo
Pellicioli
Clemente
Rebecchini
Luisa
Torchia
Carlo
Schiavone
(Chair)
Permanent
Sara
Landini
Permanent
Paolo
Ratti
Permanent
Annalisa
Firmani (***)
Alternate
Michele
Pizzo
Alternate
Board of Directors
Board of Statutory Auditors (**)
Executive
Independence
54%
Male
46%
Female
Independence
77%
Independence (*) Gender
Independence (*)
100% 66.6%
Male
33.3%
Female
Gender
(*) The percentages shown here indicate the degree of presence of Board members who meet the independence requirement in accordance with the best practices recognised on the Italian market by the Corporate
Governance Code (Recommendation no. 7, implemented at Generali by Article 11 of the Regulations of the Board and Board Committees). In addition, the majority of the non-executive members of the Board and all
members of the Board of Statutory Auditors meet the independence requirements established by the regulations applicable to the Company, as an issuer of listed securities and an insurance company.
(**) Given the legal nature of this body, all its members are non-executive.
(***) On 17 February 2025 Giuseppe Melis, due to supervening reasons, resigned from his position as Alternate Auditor of the Company. The 2025 General Meeting integrated the Board of Statutory Auditors by appointing
Annalisa Firmani as Alternate Auditor in office until the date of the General Meeting called to approve the 2025 financial statements.
Sustainability Statement
93
Integrated governance also relies on the varied and in-depth professional skills present in the corporate bodies and guarantees
effective supervision of the management’s work. In terms of professional skills and educational background, the Board of Directors
is composed of entrepreneurs operating in diversified economic sectors, managers from leading Italian and foreign companies,
university professors of economic, financial and legal subjects and exponents from the world of the professions. The majority of
the Directors have specific sectoral skills in financial and insurance markets, organizational structures, corporate governance and
industry regulations, as well as internal control and risk management system. In addition, all the Directors have developed varied
experiences in the international arena.
Non-executive Directors were chosen from among individuals who meet the professional and competency requirements set forth in
applicable regulations. Enhanced requirements are required for the Chair of the Board, the Group CEO and for some of the members
of the Board of Statutory Auditors.
The Board of Statutory Auditors has a varied range of professional profiles, also in terms of internationality, being able to draw on
skills in the internal auditing, financial auditing, in the academic field and in the Group’s sector of operation.
www.generali.com/governance/board-of-directors to consult the CVs for more information on the experience of each Director
www.generali.com/governance/statutory-auditors to consult the CVs for more information on the experience of each Statutory Auditor
In line with the recommendation contained in the Guidance for the 2025 General Meeting, the composition of the Board reflects the
need also for adequate environmental, social and governance skills. In light of the results of the self-declarations on sustainability
skills, the Board of Directors has ascertained a widespread presence of these skills among the Directors. In particular, the presence
of skills, developed during the course of their working career, applicable to the areas of underwriting insurance risks, investment
activities, the supply chain and activities related to its own operations, including those concerning human resources, corporate
governance and business conduct has been ascertained.
The members of the corporate bodies also participate in training sessions (for newly elected members), updating and in-depth
sessions on sustainability issues. In particular, in 2025, in light of regulatory developments, a training session was held on sustainability
regulations and Generali’s approach to the issue.
In light of the above, it appears that the skills identified among the members of the corporate bodies are relevant to the impacts, risks,
and opportunities resulting from the double materiality assessment required by sustainability reporting regulations.
With regard to roles and responsibilities, the Board is also responsible for supervising the management of impacts, risks and
opportunities related to sustainability issues: these impacts, risks and opportunities are assessed in relation to the Group’s own
operations, investment and risk underwriting in the placement of its insurance products, as well as the supply chain.
To carry out this activity, the Board is supported by the Board Committees with recommendatory, advisory and preparatory functions
that also deal with the analysis and monitoring of impacts, risks and opportunities related to sustainability issues, as provided for in
the Board and Committee Regulations. More specifically:
• the Risk and Control Committee (RCC) assists the Board in defining the guidelines of the internal control and risk management
system, periodically verifying its adequacy and functioning. It is also informed about the identification, assessment and management
of the main corporate risks, including those related to sustainability, such as climate risk, and coordinates with the ISC on matters
within its competence. The RCC periodically reviews sustainability reporting, also gathering the opinion of the auditing firm and the
Board of Statutory Auditors;
• the Nominations and Corporate Governance Committee (NGC) supports the Board on matters of nomination and corporate
governance;
• the Remuneration and Human Resources Committee (RHRC) supports the Board in remuneration matters and in defining roles
within the Company and the Group, formulating proposals on the setting of performance objectives, including ESG objectives, and
verifying their achievement by executive Directors, other Directors who hold particular positions, as well as members of the Group
Management Committee (GMC) who are not responsible for Key Functions;
• the Innovation, Social and Environmental Sustainability Committee (ISC) assists the Board in its decisions on issues of technological
innovation and social and environmental sustainability. In this regard, the ISC supports the integration of sustainability within
corporate strategies, with particular reference to relevant issues including climate change, diversity, equity and inclusion, and
inequalities, also taking into account the outcomes of the double materiality assessment as required by sustainability reporting
regulations: these aspects are essential for the creation of medium and long-term value for the Company and the Group. In
addition, the ISC examines and evaluates the Sustainability Group Policy, which aims to guide and pursue the sustainable success
of the organisation and oversees the implementation of the sustainability strategy and the transformation of key processes. The
ISC expresses an opinion on the methodology for reporting sustainability information and on performance indicators, collaborating
with the RCC on issues of shared responsibility, ensuring consistency with the internal control and risk management system;
• the Investment Committee (IC) is dedicated to examining strategic investment issues, supporting the Board in its assessment
and monitoring activities, ensuring that investment activities are consistent with the Group’s objectives and strategies, including
sustainability. It ensures that the choices made are aligned with Generali’s long-term vision.
The Chairs of each Committee inform the Board at the next meeting about the work carried out, so as to ensure that the Board is
constantly monitoring on the issues addressed. In particular, thanks also to the support of the relevant Board Committees, the Board
ensures that the Group’s organisation and management system is comprehensive, functional and effective in monitoring the impacts
related to sustainability issues.
The Board of Statutory Auditors also has a supervisory role in relation to impacts that may have an effect on the Company and
Annual Integrated Report and Consolidated Financial Statements 2025
94
Generali Group
Group’s risk profile. In particular, the Board of Statutory Auditors, in accordance with its designated tasks and role, constantly
monitors the Company and the Group’s correctness, transparency and adherence to the obligations prescribed by current legislation
with regard to, among other things, sustainability information and the proper management of related issues. In order to carry out the
above-mentioned activities, the Board of Statutory Auditors actively participates in the meetings of the Board of Directors and all the
Board Committees, providing its own observations and/or opinions for this purpose. It meets regularly with company departments/
senior management, also on sustainability issues, consults with the Parent Company’s Surveillance Body, and liaises with the
independent auditors as part of the verification procedures carried out by the latter, exchanging the necessary information flows, in
accordance with the relevant legal provisions.
Corporate Governance and Share Ownership Report 2025 for further information on the various aspects of governance
Generali has incorporated sustainability responsibilities also within the Group Management Committee (GMC). Specifically, the GMC
is responsible for ensuring the integration of sustainability along the value chain and the continuous implementation of related
objectives in business practices and in functions’ activities. The Committee is composed of the Group’s top managers who support
the Group CEO to evaluate key strategic decisions, including setting priorities among sustainability issues, identifying risks and
opportunities, and monitoring progress and results achieved.
There is also a Group Chief Sustainability Officer (GCSO), who reports to the Group CEO through the General Manager (GM), and is
responsible for defining the Group’s sustainability framework.
This framework, approved by the GM, outlines how Sustainability is managed within the Generali Group. To ensure the framework
is properly implemented throughout the Group, the GCSO is supported by the Sustainability GHO Task-force and the Sustainability
Council, as well as local Sustainability functions, local business owners, and local CEOs, taking into account the principles of
proportionality.
Based on the double materiality assessment, the Group’s business owners, i.e. the individual managerial functions reporting to the
Group CEO and thus to the Board, are responsible for integrating relevant sustainability matters into business processes, internal
regulations, and activities, identifying business approaches to follow and defining metrics to be included in the internal regulation of
their functional areas, as well as in the processes and controls defined for managing sustainability risks.
In order to ensure the overall alignment with the framework and to achieve the strategic sustainability objectives, a specific escalation
process has been defined to be activated by Group or local business owners, promptly informing the GCSO function and/or local
Sustainability functions when, in the course of their activities, a decision could:
• infringe public sustainability commitments taken by the Group and those approved at Local level;
• be misaligned with the sustainability strategic goals of the Group and those approved at Local level;
• entail a reputational risk for the Group or a Local entity due to a misalignment with Group appetite and ambition, as outlined in the
Sustainability Group Policy.
The escalation process entails for the progressive involvement of increasing levels of responsibility, including the GCSO function and
Group control functions, and, where necessary, the GM up to the Group CEO, who is responsible for the final decision.
Sustainability information provided to the administrative,
management and supervisory bodies
The Board defines and approves the Group’s strategy, which includes both financial and sustainability aspects, through the three-
year strategic plan, and the outcomes of the double materiality assessment process, as well as internal policies, including those
relating to the issue of corporate conduct, the Group Code of Conduct and the Ethical Code for Suppliers of the Generali Group.
During the year, the Board, the relevant Board Committees and the Board of Statutory Auditors are informed by the Group’s
management about policies, actions, metrics and targets in terms of sustainability, also related to material impacts, risks and
opportunities identified through the double materiality assessment process. The activities of the Committees are coordinated by
their respective Chairs. The Board is then informed of the investigation carried out through a written report that summarises the
information provided, the in-depth analyses carried out, the areas of attention that emerged, any positions of dissent or abstention
and the related motivations.
The Board is engaged in the evaluation and definition of the main elements, objectives and actions underlying the definition and
implementation of the strategic plan for the three-year period and is the recipient, together with the Board of Statutory Auditors -
which oversees the overall adequacy of the internal control and risk management system, including sustainability risks - of specific
strategic in-depth meetings, which are also attended by members of the GMC and other Group managers. These meetings are an
opportunity for the members of the corporate bodies and top management to discuss the progress of the strategy approved by
the Board and the relevant development, also in relation to the definition of the annual budgets and the monitoring of the three-year
targets. The analyses and issues addressed in these meetings help to outline and review the methods by which the Group operates
and will operate in the future.
In these contexts, the Board also takes into account the consistency between relevant sustainability issues and the Group’s strategy,
requesting, where appropriate, adjustments in relation to the strategic issues to be addressed and the definition of targets, as well as
any interventions on policies and action plans for the management of priority environmental, social and governance issues.
Sustainability Statement
95
During 2025, the Board examined the outcomes of the annual control process relating to the double materiality assessment process,
the Generali Climate Transition Plan and the sustainability elements in the remuneration systems, with the support of the ISC, as well
as the progress of the project on the management of climate change-related risk, aimed at identifying, monitoring, managing and
mitigating these types of current and future risks to which the Group is exposed, with the support of the RCC.
Incentives systems
In accordance with regulatory requirements and best international market practices, no variable remuneration is envisaged for non-
executive Directors and Statutory Auditors.
The Group CEO, as the sole executive director, receives a total remuneration package that includes a fixed remuneration, a variable
remuneration subject to malus and clawback mechanisms, and benefits.
The variable remuneration
56
is based on a meritocratic approach and a multi-year horizon, comprising:
• annual cash component - Group Short Term Incentive (STI): a bonus with a maximum cap equal to 200% of fixed remuneration.
The bonus is linked to the achievement of financial (risk-adjusted), economic, and operational objectives, as well as non-financial/
sustainability objectives, the latter accounting for 20%
57
of the total;
• deferred component in shares - Group Long Term Incentive (LTI): a multi-year plan based on Assicurazioni Generali shares, with
a maximum cap of 200% of fixed remuneration. The plan provides for the allocation of shares with deferral and lock-up periods
over a 7-year timeframe
58
. The allocation is linked to an overall three-year performance assessment, with performance indicators
referring to relative Total Shareholder Return (TSR)
59
(with payout starting from the median), Net Holding Cash Flow
60
, and internal,
measurable sustainability objectives, which also have a 20% weighting.
These components are based on a combination of sustainable business objectives, ensuring a direct link between incentives and
both Group and individual results, covering financial (risk-adjusted), economic, operational, and non-financial objectives, including
specific internal, measurable sustainability performance indicators.
For Generali, sustainability is a key driver of market competitiveness, contributing to the attraction, motivation, and retention of talent.
This approach aims to conduct business activities with a positive impact on the environment, communities, social inclusion, and
employees. This is achieved through initiatives aimed at improving working conditions, equity, and pay equity. For this reason, the
variable remuneration of the Group CEO is also linked to the following sustainability objectives within the Lifetime Partner 27: Driving
Excellence strategy:
• annual cash component - Group Short Term Incentive (STI):
- Sustainability Commitment: priority is given to YoY growth of climate insurance solutions;
- People Value: priority is given to the quality and solidity of the succession plan
61
and upskilling index;
• deferred component in shares - Group Long Term Incentive (LTI):
- Sustainability Commitment: priority is given to CO
2
emissions reduction target from Group activities;
- People Value: priority is given to engagement rate.
The weight of Sustainability Commitment objectives, related to climate considerations, is set at 10% for both components.
The level of achievement of sustainability objectives is assessed against predefined ambitions, with measurability determined by setting
specific performance ranges to support the evaluation. The final assessment (and the corresponding payout level) is calculated using
a five-point scale, where 1 represents not achieved (with a payout of 0% of the so-called baseline) and 5 represents far exceeded
(with a payout of 200% of the baseline). This evaluation is approved by the Board of Directors upon the recommendation of the
RHRC, supported by an assessment of actual results against the ambitions and performance ranges set and taking into account the
achievements of other relevant strategic projects which complete the overall evaluation with managerial judgment.
The Group incentives system operates under corporate governance aligned with best international practices. This system carefully
monitors all activities, ensuring compliance with sustainability parameters and their concrete integration into daily decision-making
processes across all aspects of the business, as well as their correct reporting.
The corporate governance system related to sustainability objectives includes a rigorous internal control process carried out by the
Board of Directors upon the recommendation of the RHRC, involving the Key Functions. This process includes, for each sustainability
objective:
• identification of strategic priorities and annual and three-year ambitions, defined in line with the strategic plan set with the support
of the relevant and responsible corporate Functions;
• approval within the individual BSC (STI) and the Group Long Term Incentive plan (LTI) of predefined sustainability goals and related
56. The variable remuneration structure outlined here also applies to the members of the Group Management Committee (GMC).
57. The Balanced Scorecard (BSC) is approved annually. The weight of each component, including the sustainability component, is reviewed every year.
58. At the end of the three-year performance period, 50% of the accrued shares are granted based on the objectives achieved; 25% is immediately available, while the remaining 25% is subject to a one-year lock-up period from
the grant date. The remaining 50% of accrued shares is subject to an additional two-year deferral period, during which the accrued portion may be forfeited if the Group Gate required by the plan is not met or in the event of a
malus scenario as per the plan’s regulations. Once the achievement of the required thresholds has been verified and no malus conditions are met, and provided that the employment relationship with the Company (or another
Group company) is still in place at that date, the remaining 50% of accrued shares is granted. Of this, 25% (half of the second tranche of shares) is immediately available (allowing beneficiaries to cover tax obligations related
to the grant), while 25% (the remaining half of the second tranche) is subject to a one-year lock-up period from the grant date.
59. It refers to the total return on investment for shareholders, calculated as the change in the market price of shares, including dividend distributions or dividends reinvested in shares.
60. It corresponds to the net cash flow available at Parent Company level within a given period, after holding expenses and interest costs. Its main components, considered from a cash flow perspective, include: remittances from
subsidiaries, the result of centralised (re)insurance, financial debt interest, expenses and taxes paid or reimbursed at Parent Company level.
61. The definition and methodology for evaluating the Group CEO’s succession plan are detailed in the Report on Remuneration Policy and Payments.
Annual Integrated Report and Consolidated Financial Statements 2025
96
Generali Group
levels of ambition, in line with the Group remuneration policy;
• constant and continuous monitoring of the performance of sustainability goals;
• overall assessment and reporting on the extent to which the sustainability goals have been achieved (using a missed, met,
exceeded scale) based on the actual results of predefined KPIs rated against the ambitions set, whose measurability has been
further enhanced by determining new specific performance ranges to support their evaluation;
• determination of the remuneration to be paid to beneficiaries;
• verification of the Company’s financial and economic position for the allocation of the remuneration accrued, in compliance with
the regulatory provisions and the Group’s Risk Appetite Framework;
• ex-post monitoring of the sustainability performance over time for the payout of the deferred components of variable remuneration;
• verification that no conditions of malus, clawback and hedging exist.
Report on Remuneration Policy and Payments for further details on the internal control process
Statement on due diligence
The due diligence process refers to a series of practices and procedures that companies adopt to identify and assess, prevent,
mitigate or remediate, and monitor the actual and potential negative impacts of their activities, as outlined in the OECD Guidelines for
Multinational Enterprises. The objective is to ensure that companies conduct their business responsibly, considering all stakeholders
within the value chain.
The due diligence process is structured in the following phases:
• identification and assessment of negative impacts: this initial phase involves identifying adverse negative impacts, both actual and
potential;
• prevention of potential negative impacts: in this phase, specific measures are developed and implemented to prevent potential
adverse negative impacts;
• mitigation or remediation of negative impacts: in case of material negative impacts, mitigation measures are implemented through
processes aimed at reducing or bringing to an end existing exposure and/or business relationship. Additionally, mechanisms for
the engagement of counterparties are foreseen to identify remedial actions;
• monitoring the effectiveness of due diligence measures: periodic assessment mechanisms are established to monitor the
effectiveness of the measures adopted in the due diligence process;
• implementation of procedures for reporting and managing concerns: operational mechanisms are established to receive and
manage concerns reported by all stakeholders.
The Group adopts the due diligence process with respect to the key segments of the value chain related to investment and insurance
processes, own operations and the supply chain. In particular, based on the results of the process for the material negative impacts
identification, linked to the double materiality process, the Group discloses its framework for managing negative impacts deriving
from investment and insurance activities related to climate change and biodiversity. Below are the references to the due diligence
process described in the Sustainability Statement.
Core elements of due diligence Paragraphs in the Sustainability Statement
a) Embedding due diligence in governance, strategy and
business model
• GOV-1: The role of the administrative, management and supervisory bodies
• GOV-2: Sustainability information provided to administrative, management and supervisory bodies
• SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business
model
b) Engaging with affected stakeholders in all key steps of the
due diligence
• SBM-2: Interests and views of stakeholders
c) Identifying and assessing adverse impacts
• IRO-1: Process to identify and assess material impacts, risks and opportunities
• SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business
model
d) Taking actions to address those adverse impacts
• E1: Policies related to climate change
• E1 Policies: Responsible investor and Responsible insurer
• E1 Actions: Responsible investor and Responsible insurer
• E4 Policies: Responsible investor and Responsible insurer
• E4 Actions: Responsible investor and Responsible insurer
e) Tracking the effectiveness of these efforts and
communicating
• E1 Metrics and targets: Responsible investor and Responsible insurer
• E4 Metrics: Responsible investor
Sustainability Statement
97
Risk management and internal controls over sustainability
reporting
In order to ensure quality, integrity, and reliability of sustainability data, as well as adequacy and effectiveness of the administrative
and accounting procedures underlying the Sustainability Statement, the Group has established a specific data quality model in
relation to Sustainability Statement, under the supervision of the Group CFO, acting as the Dirigente Preposto (DP, Manager in
charge of preparing the Company’s Financial Reports and Sustainability Statement). The DP relies on a dedicated structure, that
directly reports to him, for the definition and management of the model within the Parent Company and the Group. The DP reports
- at least annually, as well as whenever necessary - to the corporate bodies regarding the methods by which the management and
control activities of the Sustainability Statement process are carried out and the results of the monitoring activities.
The model requires all employees to adopt the data quality general principles of accuracy, completeness, appropriateness, integrity,
and audit trail of data, in line with applicable regulations, as well as the European Sustainability Reporting Standards (ESRS).
To support these objectives, the Group has developed the Sustainability Reporting Playbooks for Sustainability Statement, which
define sustainability indicators and related methodologies, scopes of application, calculation and estimation methods, as well as data
collection and reporting flows. These documents also describe the risks applicable to Sustainability Statement, outline the control
objectives throughout the reporting process, and clarify the roles and responsibilities of the key actors involved in the generation,
transformation, consolidation, feeding, and reporting of sustainability indicators and information. The risks applicable to Sustainability
Statement reflect the Group’s general principles of data quality and current sustainability regulations: they therefore relate to the
correct interpretation and adoption of the Group’s methodologies, compliance with the ESRS for the collection and calculation of
sustainability indicators, completeness, appropriateness, integrity, and accuracy of data and estimation results, availability of data
along the value chain, as well as the related traceability (audit trail) and compliance with the requirements for comparability, neutrality,
and timeliness of information.
The model applies to all Group companies contributing to Sustainability Statement according to proportionality and modularity
principles. For all companies, the basic requirements apply, which, in addition to the widespread adoption of data quality principles
and a dedicated governance system, include the monitoring of cascading attestations on data quality through the Integrated
Confirmation Letter.
Risk prioritization is managed at Group level through a model that involves identifying significant companies based on quantitative
and qualitative criteria. For those companies identified as significant, extended requirements apply, introducing a structured process
of control and monitoring aimed at identifying and mitigating risks applicable to Sustainability Statement.
The extended requirements include, on the implementation side, the documentation of administrative and accounting procedures
following a Group-level approach that allows for the identification of activities and data flows, risks, and key controls applicable to
Sustainability Statement, as well as the organizational areas and IT systems involved, clearly defining roles and responsibilities. Once
the mapping of procedures related to the phases of generation, transformation, consolidation, feeding and reporting of sustainability
indicators and information has been completed, monitoring activities are carried out to assess the adequacy and effectiveness of
controls in mitigating risks.
The implementation and monitoring activities of the model within each company fall under the responsibility of the respective CFO
and are entrusted to dedicated organizational structures at both Group and local level (the Data Quality Leaders, DQLs) who support
the Data Owners (DOs) - i.e. the managerial roles responsible for data and its management - in defining adequate administrative and
accounting procedures as well as controls to mitigate the risks applicable to Sustainability Statement. The designated local function
informs the Group’s responsible function and the relevant local corporate bodies about the status of implementation and monitoring.
The model also includes a multi-level monitoring system that involves both internal and external stakeholders. In particular, preliminary
self-assessment activities are planned concerning:
• integrated controls at individual company level;
• administrative and accounting procedures, risks applicable to Sustainability Statement, and identified key controls; as well as
• controls over the main processes related to the IT environment.
Dedicated verification activities are also conducted by independent third parties on a sample of processes and key controls.
Any areas for improvement identified during monitoring are subject to the remedial action management process, which includes both
immediate contingent actions aimed at promptly mitigating risks while ensuring the quality of the data and information reported in
the Sustainability Statement, as well as the definition and implementation of structural remediation plans by the DOs with the support
of the DQLs. The results of the monitoring activities are communicated both at Group and local level through dedicated information
flows.
Annual Integrated Report and Consolidated Financial Statements 2025
98
Generali Group
Disclosure requirements covered in the Sustainability
Statement
In compliance with Directive 2022/2464/EU (Corporate Sustainability Reporting Directive - CSRD), transposed by Legislative Decree
2024/125, and with Delegated Regulation 2023/2772/EU regarding the European Sustainability Reporting Standards (ESRS), the
information to be included in the Sustainability Statement was identified based on the double materiality assessment. This process
assessed, on a scale from 1 (minimum) to 5 (maximum), the positive and negative impacts (impact dimension) and the risks and
opportunities (financial dimension) of the 37 sub-topics listed in the ESRS, including an entity-specific sub-topic, for each segment
of the value chain.
In consideration of the current ESRS, which are sector agnostic, the material impacts, risks and opportunities related to the investment
and insurance value chain segments, which relate to climate change mitigation, climate change adaptation, demographic changes
and biodiversity and ecosystems, are addressed through entity-specific reporting - while following the approach set out in the
disclosure for each topic - in order to reflect the specific characteristics of these matters.
Disclosures concerning own workforce, privacy and access to quality information, corporate culture, protection of whistle-blowers,
corruption and bribery and management of relationships with suppliers are provided in accordance with the relevant ESRS. All
information relating to the impacts, risks and opportunities material for each segment of the value chain at sub-topic level is reported.
This approach is applied to all sub-topics, with two specific exceptions:
• for the sub-topic working conditions of own workforce, material for the own operations segment, the non-materiality of the
sub-sub-topic adequate wages is confirmed, also considering that the financial/insurance sector is one of the most competitive
sectors;
• for the sub-topic management of relationships with suppliers, material for the supply chain segment, a specific analysis was
performed on payment practices towards SMEs, concluding that the sub-topic payment practices is not material. This conclusion
is supported by the One Procurement Group Guideline, which addresses and harmonises procurement practices at Group level,
and by the absence of significant passive litigations.
The following table serves as a content index for all disclosure requirements, whether material or mandatory, that have been
considered in the preparation of the Sustainability Statement. In order to provide an integrated and more accessible overview, it also
includes the datapoints derived from other EU legislative acts listed in Appendix B of the ESRS 2 standard, indicating their relevance
and where they can be found in the Sustainability Statement.
Minimum disclosure requirements (MDRs) about policies, actions, metrics, and targets are detailed in the chapters related to each
material topic. With reference to MDRs about policies requiring scope of application and availability of policies, all Group internal
regulations are adopted and implemented in compliance with applicable laws, regulations, and collective agreements. This is done
while taking into account dimension, internal organisation, and nature of the Group companies, as well as the scope of activities and
the complexity of the business managed. These internal regulations are available to employees through the Group intranet. As for
their approval, policies are approved by the Board of Directors of the Parent Company and guidelines by the Group CEO or the head
of the competent Key Function. Approval in the Group companies included in the scope of application is entrusted to the equivalent
administrative body/approver, in accordance with the relevant local system of governance. The competent Group functions are
also responsible for monitoring the implementation status of internal regulations and competent local functions for providing the
necessary data for such monitoring.
Sustainability Statement
99
Content index and summary of datapoints in ESRS 2 and topical ESRS that derive from other EU legislation
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS 2 BP-1
General basis for preparation of
sustainability statements
- - - - - p. 70
ESRS 2 BP-2
Disclosures in relation to
specific circumstances
- - - - - p. 70
ESRS 2 GOV-1
The role of the administrative,
management and supervisory
bodies
- - - - - p. 91
ESRS 2 GOV-1 - 21 (d)
Board's gender diversity

-

- p. 92
ESRS 2 GOV-1 - 21 (e)
Percentage of board members who are
independent
- -

- p. 92
ESRS 2 GOV-1 - G1
The role of the administrative,
management and supervisory
bodies
- - - - - p. 91, 94
ESRS 2 GOV-2
Information provided to
and sustainability matters
addressed by the undertaking’s
administrative, management
and supervisory bodies
- - - - - p. 94
ESRS 2 GOV-3
Integration of sustainability-
related performance in incentive
schemes
- - - - - p. 95
ESRS 2 GOV 3 - E1
Integration of sustainability-
related performance in incentive
schemes
- - - - - p. 95
ESRS 2 GOV-4
Statement on due diligence
- - - - - p. 96
ESRS 2 GOV-4 - 30
Statement on due diligence

- - - p. 96
ESRS 2 GOV-5
Risk management and internal
controls over sustainability
reporting
- - - - - p. 97
ESRS 2 SBM-1
Strategy, business model and
value chain
- - - - - p. 71
ESRS 2 SBM-1 - 40 (d) i
Involvement in activities related to
fossil fuel activities
  
- Not material (*)
ESRS 2 SBM-1 - 40 (d) ii
Involvement in activities related to
chemical production

-

- Not material (*)
ESRS 2 SBM-1 - 40 (d) iii
Involvement in activities related to
controversial weapons

-

- Not material (*)
ESRS 2 SBM-1 - 40 (d) iv
Involvement in activities related to
cultivation and production of tobacco
- -

- Not material (*)
ESRS 2 SBM-2
Interests and views of
stakeholders
- - - - - p. 73
Annual Integrated Report and Consolidated Financial Statements 2025
100
Generali Group
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS 2 SBM-2 - S1
Interests and views of
stakeholders
- - - - - p. 73
ESRS 2 SBM-2 - S4
Interests and views of
stakeholders
- - - - - p. 73
ESRS 2 SBM-3
Material impacts, risks
and opportunities and their
interaction with strategy and
business model
- - - - - p. 75
ESRS 2 SBM-3 - E1
Material impacts, risks
and opportunities and their
interaction with strategy and
business model
- - - - - p. 75
ESRS 2 SBM-3 - E4 - 16 (a) i
Describe the activities negatively
affecting biodiversity sensitive areas

- - - Not material (*)
ESRS 2 SBM-3 - E4 - 16 (b)
Describe whether the Group has
identified material negative impacts
with regards to land degradation,
desertification or soil sealing

- - - Not material (*)
ESRS 2 SBM-3 - E4 - 16 (c)
Specify whether the Group has
operations that affect threatened
species

- - - Not material (*)
ESRS 2 SBM-3 - S1
Material impacts, risks
and opportunities and their
interaction with strategy and
business model
- - - - - p. 75
ESRS 2 SBM-3 - S1 - 14 (f)
Risk of incidents of forced labour

- - - Not material
ESRS 2 SBM-3 - S1 - 14 (g)
Risk of incidents of child labour

- - - Not material
ESRS 2 SBM-3 - S2 - 11 (b)
Significant risk of child labour or forced
labour in the value chain

- - - Not material
ESRS 2 SBM-3 - S4
Material impacts, risks
and opportunities and their
interaction with strategy and
business model
- - - - - p. 75
ESRS 2 IRO-1
Description of the processes
to identify and assess material
impacts, risks and opportunities
- - - - - p. 78
ESRS 2 IRO-1 - E1
Description of the processes
to identify and assess material
climate-related impacts, risks
and opportunities
- - - - - p. 82
ESRS 2 IRO-1 - E2
Description of the processes
to identify and assess material
pollution-related impacts, risks
and opportunities
- - - - - p. 88
ESRS 2 IRO-1 - E3
Description of the processes
to identify and assess material
water and marine resources-
related impacts, risks and
opportunities
- - - - - p. 88
Sustainability Statement
101
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS 2 IRO-1 - E4
Description of processes to
identify and assess material
biodiversity and ecosystem-
related impacts, risks and
opportunities
- - - - - p. 89
ESRS 2 IRO-1 - E5
Description of the processes
to identify and assess material
resource use and circular
economy-related impacts, risks
and opportunities
- - - - - p. 89
ESRS 2 IRO-1 - G1
Description of the processes
to identify and assess material
impacts, risks and opportunities
- - - - - p. 90
ESRS 2 IRO-2
Disclosure requirements in ESRS
covered by the undertaking's
sustainability statement
- - - - - p. 98
ESRS E1-1 - 14
Transition plan to reach climate
neutrality by 2050
- - -

p. 116
ESRS E1-1 - 16 (g)
Undertakings excluded from Paris-
aligned Benchmarks
-
 
- p. 116
ESRS E1-2
Policies related to climate
change mitigation and
adaptation
- - - - - (**) p. 116, 117,
124, 127
ESRS E1-3
Actions and resources in
relation to climate change
policies
- - - - - (**) p. 117, 125,
127
ESRS E1-4
Targets related to climate
change mitigation and
adaptation
- - - - - (**) p. 119, 127
ESRS E1-4 - 34
GHG emission reduction targets
  
- (**) p. 119, 129,
130
ESRS E1-5 - 38
Energy consumption from fossil
sources disaggregated by sources (only
high climate impact sectors)

- - - Not material
ESRS E1-5 - 37
Energy consumption and mix

- - - Not material
ESRS E1-5 - 40 a 43
Energy intensity associated with
activities in high climate impact sectors

- - - Not material
ESRS E1-6
Gross Scope 1, 2, 3 and Total
GHG emissions
- - - - - p. 113
ESRS E1-6 - 44
Gross Scope 1, 2, 3 and Total GHG
emissions
  
- p. 113
ESRS E1-6 - 53 a 55
Gross GHG emissions intensity
  
- Not material (****)
ESRS E1-7 - 56
GHG removals and carbon credits
- - -

Not material
ESRS E1-9 - 66
Exposure of the benchmark portfolio to
climate-related physical risks
- -

- Not material (***)
Annual Integrated Report and Consolidated Financial Statements 2025
102
Generali Group
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS E1-9 - 66
(a) Disaggregation of monetary
amounts by acute and chronic physical
risk
(c) Location of significant assets at
material physical risk
-

- - Not material (***)
ESRS E1-9 - 67 (c)
Breakdown of the carrying value of its
real estate assets by energy-efficiency
classes
-

- - Not material (***)
ESRS E1-9 - 69
Degree of exposure of the portfolio to
climate- related opportunities
- -

- Not material (***)
ESRS E2-4 - 28
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air, water
and soil

- - - Not material
ESRS E3-1 - 9
Water and marine resources

- - - Not material
ESRS E3-1 - 13
Dedicated policy

- - - Not material
ESRS E3-1 - 14
Sustainable oceans and seas

- - - Not material
ESRS E3-4 - 28 (c)
Total water recycled and reused

- - - Not material
ESRS E3-4 - 29
Total water consumption in m3 per net
revenue on own operations

- - - Not material
ESRS E4-2
Policies related to biodiversity
and ecosystems
- - - - - (**) p. 132, 136,
138
ESRS E4-2 - 24 (b)
Sustainable land / agriculture practices
or policies

- - - Not material
ESRS E4-2 - 24 (c)
Sustainable oceans / seas practices
or policies

- - - Not material
ESRS E4-2 - 24 (d)
Policies to address deforestation

- - - Not material
ESRS E4-3
Actions and resources related to
biodiversity and ecosystems
- - - - - (**) p. 132, 137,
138
ESRS E5-5 - 37 (d)
Non-recycled waste

- - - Not material
ESRS E5-5 - 39
Hazardous waste and radioactive
waste

- - - Not material
ESRS S1-1
Policies related to own
workforce
- - - - - p. 140
ESRS S1-1 - 20
Human rights policy commitments

- - - p. 140
ESRS S1-1 - 21
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
- -

- p. 140
Sustainability Statement
103
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS S1-1 - 22
Processes and measures for preventing
trafficking in human beings

- - - Not material
ESRS S1-1 - 23
Workplace accident prevention policy
or management system

- - - p. 152
ESRS S1-2
Processes for engaging with
own workforce and workers’
representatives about impacts
- - - - - p. 144
ESRS S1-3
Processes to remediate negative
impacts and channels for own
workers to raise concerns
- - - - - p. 158
ESRS S1-3 - 32 (c)
Grievance/complaints handling
mechanism

- - - p. 158
ESRS S1-4
Taking action on material
impacts on own workforce,
and approaches to managing
material risks and pursuing
material opportunities related
to own workforce, and
effectiveness of those actions
and approaches
- - - - - p. 145 - 157
ESRS S1-5
Targets related to managing
material negative impacts,
advancing positive impacts, and
managing material risks and
opportunities
- - - - - p. 144, 153
ESRS S1-6
Characteristics of the
undertaking's employees
- - - - - p. 142
ESRS S1-8
Collective bargaining coverage
and social dialogue
- - - - - p. 145
ESRS S1-9
Diversity metrics
- - - - - p. 148
ESRS S1-11
Social protection
- - - - - p. 145
ESRS S1-12
Persons with disabilities
- - - - - p. 149
ESRS S1-13
Training and skills development
metrics
- - - - - p. 153
ESRS S1-14
Health and safety metrics
- - - - - p. 152
ESRS S1-14 - 88 (b), (c)
Number of fatalities and number and
rate of work-related accidents

-

- p. 152
ESRS S1-14 - 88 (e)
Number of days lost to injuries,
accidents, fatalities or illness

- - - Not material (***)
ESRS S1-15
Work-life balance metrics
- - - - - p. 156
ESRS S1-16
Remuneration metrics (pay gap
and total remuneration)
- - - - p. 151
Annual Integrated Report and Consolidated Financial Statements 2025
104
Generali Group
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS S1-16 - 97 (a)
Unadjusted gender pay gap

-

- p. 151
ESRS S1-16 - 97 (b)
Excessive CEO pay ratio

- - - p. 151
ESRS S1-17
Incidents, complaints and
severe human rights impacts
- - - - - p. 158
ESRS S1-17 - 103 (a)
Incidents of discrimination

- - - p. 158
ESRS S1-17 - 104 (a)
Non-respect of UNGPs on Business and
Human Rights and OECD guidelines

-

- Not material
ESRS S2-1 - 17
Human rights policy commitments

- - - Not material
ESRS S2-1 - 18
Policies related to value chain workers

- - - Not material
ESRS S2-1 - 19
Non-respect of UNGPs on Business
and Human Rights principles and OECD
guidelines

-

- Not material
ESRS S2-1 - 19
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
- -

- Not material
ESRS S2-4 - 36
Human rights issues and incidents
connected to its upstream and
downstream value chain

- - - Not material
ESRS S3-1 - 16
Human rights policy commitments

- - - Not material
ESRS S3-1 - 17
Non-respect of UNGPs on Business and
Human Rights, ILO principles or OECD
guidelines

-

- Not material
ESRS S3-4 - 36
Human rights issues and incidents

- - - Not material
ESRS S4-1
Policies related to
consumers and end-users
- - - - - p. 158, 160, 161
ESRS S4-1 - 16
Policies related to consumers and
end-users

- - - p. 158
ESRS S4-1 - 17
Non-respect of UNGPs on Business and
Human Rights and OECD guidelines

-

- p. 158
ESRS S4-4
Taking action on material
impacts on consumers and
end-users, and approaches to
managing material risks and
pursuing material opportunities
related to consumers and
end-users, and effectiveness of
those actions
- - - - - p. 158, 160, 161
ESRS S4-4 - 35
Human rights issues and incidents

- - - Not material
Sustainability Statement
105
Content index
(Material or mandatory disclosure
requirements)
Datapoints in ESRS 2
and topical ESRS that derive
from other EU legislation
SFDR
reference
Pillar 3
reference
Benchmark
Regulation (UE)
2016/1011
reference
EU Climate Law
reference
Sustainability
Statement
ESRS G1-1
Business conduct policies and
corporate culture
- - - - - p. 162
ESRS G1-1 - 10 (b)
United Nations Convention against
Corruption

- - - p. 162
ESRS G1-1 - 10 (d)
Protection of whistleblowers

- - - p. 162
ESRS G1-2
Management of relationships
with suppliers
- - - - - p. 165
ESRS G1-3
Prevention and detection of
corruption and bribery
- - - - - p. 164
ESRS G1-4
Confirmed incidents of
corruption or bribery
- - - - - p. 164
ESRS G1-4 - 24 (a)
Fines for violation of anti-corruption
and anti-bribery laws

-

- p. 165
ESRS G1-4 - 24 (b)
Standards of anti-corruption and
anti-bribery

- - - p. 165
(*) Not applicable.
(**) Entity-specific.
(***) Disclosure Requirement subject to phase-in provision.
(****) In accordance with the provisions of Appendix E of ESRS 1, Group emission intensity is not reported as it is deemed not representative of Group-wide performance, considering the diversification of
Generali’s businesses. However, the emission intensity is strategic for some components of the value chain, as reported in the dedicated sections.
Environmental information, Climate change, Responsible investor and Responsible insurer for information on emission intensity
Annual Integrated Report and Consolidated Financial Statements 2025
106
Generali Group
ENVIRONMENTAL INFORMATION
Disclosure pursuant to art. 8 of Regulation 2020/852/EU
(Taxonomy Regulation)
The European Union (EU) developed an ambitious strategy for sustainable development and the transition to a low-carbon economy,
in line with the objectives of the 2015 Paris Agreement on climate, committing to becoming the first net-zero continent by the end
of 2050. To achieve such objectives, the EU is promoting investments in eco-sustainable activities with the use of both public and
private resources. In this perspective, the European Commission adopted an initial Sustainable Finance Action Plan in 2018, where
it defined a strategy for redirecting capital flows towards sustainable investments, in order to achieve a sustainable and inclusive
growth.
In this context, the EU established a significantly evolving, standardized system of classification of sustainable activities (known as
Taxonomy Regulation), outlined in Regulation 2020/852/EU, Delegated Regulation 2022/1214/EU (known as Complementary Climate
Delegated Regulation concerning economic activities in certain energy sectors), as well as Delegated Regulation 2023/2485/EU
(known as Climate Delegated Regulation) - which amends Delegated Regulation 2021/2139/EU - Delegated Regulation 2023/2486/
EU (knows as Environmental Delegated Regulation) and Delegated Regulation 2026/73/EU (knows as Omnibus Delegated Regulation)
which define the criteria for determining whether an economic activity can be considered eco-sustainable in order to identify the
degree of eco-sustainability of an investment. Activities that contribute to at least one of the following environmental objectives are
considered eco-sustainable:
• climate change mitigation;
• climate change adaptation;
• sustainable use and protection of water and marine resources;
• transition towards a circular economy;
• prevention and control of pollution;
• protection of ecosystems and biodiversity;
provided that they do not cause significant damage to the other objectives (known as DNSH principle) and that they are carried out
in compliance with minimum safeguards in accordance with art. 18 of Regulation 2020/852/EU.
According to EU Taxonomy, insurance companies can contribute to EU climate objectives both by developing and offering insurance
coverage to protect against climate change-related perils and by leveraging their role as long-term investors by reorienting capital
flows towards eco-sustainable businesses and activities.
The instrument for the classification of economic activities is complemented by Disclosure Delegated Regulation
62
for financial and
non-financial undertakings, which provides for the inclusion of specific indicators regarding their contribution to the EU Taxonomy
objectives. In particular, for the 2025 reporting period insurance undertakings are required to provide for the following EU Taxonomy
alignment indicators in line with art. 7 of Disclosure Delegated Regulation:
• the alignment indicator for the proportion of investments aimed at financing or associated with activities aligned with EU Taxonomy
Exposures in economic activities aligned on the basis
of turnover
8.2%
Exposures in economic activities aligned on the basis
of capital expenditure
10.1%
• the alignment indicator relating to non-life insurance economic activities
Aligned non-life insurance economic activities
3.6%
The Group has also taken into account the provisions of the guidelines and reporting communications published by the European
Commission in December 2021, October 2022, October 2023, November 2024
63
and December 2025 as recommended by
the ESMA European common enforcement priorities (ECEP), and applied the Delegated Regulation 2026/73/EU as regards the
62. It refers to Delegated Regulation 2026/73/EU amending Delegated Regulation 2021/2178/EU as regards the simplification of the content and presentation of information to be disclosed concerning environmentally sustainable
activities and Delegated Regulations 2021/2139/EU and 2023/2486/EU as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to environmental
objectives.
63. C/2024/6691: The Group determined that such Commission Notice can only be partially considered applicable for the purposes of this reporting, such as for the detailed representation of premiums covering climate-related
perils within multi-risk policies (so-called unbundling, FAQ 67). In particular, the Group has not adopted the indications related to Section B - Scope of consolidation of disclosure and Section D - Assessment of groups in relation
to the Taxonomy, as they were deemed not relevant for the Group's purposes.
Sustainability Statement
107
simplification of the Disclosure Delegated Regulation for the 2025 reporting period which introduces a simplification of the Investment
and Underwriting disclosure templates and reporting rules, detailed in the dedicated sections.
The Disclosure Delegated Regulation also requires the reporting of qualitative information for companies in the financial sector, in
accordance with Annex XI of the same Delegated Regulation.
Exposures to economic activities and eligible to EU Taxonomy
At 31 December 2025 the total assets covered by the EU Taxonomy indicators were calculated as the difference between total
assets of the Group
64
, amounting to € 561,354 million, and exposures to central governments, central banks and supranational
issuers, which amounted to € 140,715 million (24.8% of total assets of the Group), cash and cash equivalents and derivatives,
and exposures to undertakings or groups of undertakings that are not obliged to include sustainability information in their
management report pursuant to Article 19a or Article 29a of Directive 2013/34/EU (excluding exposure to undertakings reporting
Taxonomy indicators on a voluntary basis) as well as the sum of intangible assets, tangible assets (excluding self-used buildings),
insurance activities, other financial activities and other assets, which amounted to € 33,938 million (6.0% of total assets of the
Group). The assets covered
65
by the EU Taxonomy indicators therefore were equal to € 264,866 million or 47.2% of total assets
(€ 373,274 million at 31 December 2024, 68.9% of total assets of the Group) and do not include assets managed on behalf
of third parties, in line with the requirements for insurance undertakings set out in Annexes IX-X of the Disclosure Delegated
Regulation.
The approach adopted for calculating the indicators in 2025 was based on the following activities:
• the analysis of alignment with the EU Taxonomy was conducted on investments where the Group has direct control and for which
the Group itself is the undertaking carrying out the Taxonomy activities, particularly on real estate and infrastructure assets, where
the compliance of investments with the applicable technical screening criteria was assessed;
• the collection of alignment data with the all six environmental objectives under the EU Taxonomy included non-financial
counterparties of the Group’s direct and indirect investments that are required to publish the Sustainability Statement
66
, using
the EU Taxonomy data made available by these entities during 2025 and provided by the data provider MSCI. This allowed the
Group to identify exposures in specific economic activities classified as aligned and eligible under the EU Taxonomy, as described
in Delegated Regulation 2021/2139/EU, and Delegated Regulation 2022/1214/EU, Delegated Regulations 2023/2485/EU and
Delegated Regulations 2023/2486/EU;
• for financial issuers, the collected alignment indicators include only performance data related to climate change adaptation and
mitigation. Starting from 2026, in compliance with regulation, a detailed breakdown by environmental objective will be provided for
alignment indicator for financial issuers, related to the remaining four environmental objectives;
• where possible within the Group’s tools, the alignment of indirect investments has been assessed using look-through data from
funds to weight the exposure based on the alignment level of the underlying investment;
• the Group also included in the indicators exposures to undertakings or groups that are not obliged to include sustainability
information in their management report pursuant to Article 19a or Article 29a of Directive 2013/34/EU, which reported Taxonomy
indicators on a voluntary basis in accordance with Annexes I to X to the Disclosure Delegated Regulation;
• in accordance with Delegated Regulation 2026/73/EU and with the Commission Communication of 17 December 2025 (FAQ 4),
the Group did not restate the comparative data relating to the previous financial year.
The aligned exposures totalled € 21,760 million, 8.2% of total covered assets (€ 16,427 million at 31 December 2024, 4.4% of total
covered assets) on the basis of turnover and € 26,765 million, 10.1% of total covered assets (€ 21,447 million at 31 December 2024,
5.7% of total covered assets) on the basis of capital expenditure. The percentage increase
67
is essentially driven by the application of
Delegated Regulation 2026/73/EU, which allows for a more effective measurement of the Group’s level of alignment. The alignment
indicators consist of:
• the value of direct and indirect investments aligned with the EU Taxonomy towards non-financial undertakings or Groups subject
to the obligation to publish sustainability information and those disclosing Taxonomy indicators on a voluntary basis, weighted
by the share of turnover attributable to economic activities aligned with the EU Taxonomy of the companies benefiting from the
investments for € 12,713 million, or
• the value of direct and indirect investments aligned with the EU Taxonomy towards non-financial undertakings or Groups subject
to the obligation to publish sustainability information and those disclosing Taxonomy indicators on a voluntary basis, weighted by
the share of capital expenditure attributable to economic activities aligned with EU Taxonomy of the companies benefiting from the
investments for € 17,707 million
64. For reporting purposes pursuant to Disclosure Delegated Regulation, the Group reported performance indicators on balance sheet values, with the exception of real estate investments and instrumental properties for which the
market value was considered, as it is more suitable to represent the appreciation of properties connected to their degree of environmental sustainability. In accordance with the Disclosure Delegated Regulation, the Group also
excluded government bonds connected to unit-linked insurance solutions from the denominator of the KPI.
65. The scope of the assets relevant for the purposes of the EU Taxonomy indicators as of 31 December 2025 is not fully comparable with the previous financial year, since the Group applied Delegated Regulation 2026/73/EU
without restating the comparatives, in accordance with the provisions of the applicable regulations. The new provisions have modified the scope by excluding certain asset classes - in particular exposures to undertakings not
subject to sustainability reporting obligations, derivatives and cash and cash equivalents - thereby affecting the total amount of assets considered.
66. Are the Undertakings subject to the disclosure obligations under Articles 19a and 29a of Directive 2013/34/EU, including subsidiaries of another parent company that fulfils this obligation.
67. The increase observed during the period is mainly attributable to the methodological impact arising from to the adoption of the new regulatory framework, which, inter alia, led to the exclusion from the denominator of exposures
to undertakings not subject to sustainability reporting obligations. This change reduced the calculation base represented by covered assets, with a consequent improvement in the related percentage ratios. The evolution
observed also reflects the portfolio developments during the year, including the strengthening of the Taxonomy-aligned real estate component.
Annual Integrated Report and Consolidated Financial Statements 2025
108
Generali Group
to which is added the value of real estate and infrastructural investments aligned with EU Taxonomy for € 9.047 million (3.4%
of total covered assets) on the basis of turnover and € 9.058 million (3.4% of total covered assets) on the basis of capital
expenditure.
Real Estate portfolio
The Group leveraged the property management activities of Generali Real Estate (GRE) to analyse the compliance of properties with the
technical screening criteria defined for activity 7.7 Acquisition and ownership of properties of Annex I of Delegated Regulation 2021/2139/
EU.
Substantial contribution to climate change mitigation
The presence of class A energy performance certificates (EPC) was considered or, alternatively, the inclusion of the property in the first 15%
of the national building stock in terms of primary energy demand, comparing the performance of the property with those of the comparable
national building stock built before 31 December 2020.
To this end, GRE compared property performance to the thresholds defined by property type and country developed by an external data
analytics provider and, where available and reliable, local benchmarks
68
. Furthermore, in the case of a large non-residential buildings
69
, the
presence of energy performance contracts or automation and control systems was verified.
Do No Significant Harm (DNSH principle)
With reference to the assessment of compliance with the principle of not causing significant damage to the objective of adaptation to
climate change (Appendix A of Delegated Regulation 2021/2139/EU), the Group estimated the financial impacts of physical phenomena
(flood, storm, hail, and subsidence) on the value of properties and considering specific climate scenarios (SSP5-8.5).
General information for further details on the Clim@risk model for assessing the impact of the risk deriving from climate change on the Group’s real estate portfolio
For properties for which a material impact of climate factors was estimated, the Group identifies the most suitable adaptation measures to
reduce such risks.
Minimum safeguards
The Group verified compliance with the requirements of the minimum safeguards in carrying out its activities, with particular reference to
companies exercising ownership over properties.
The Group considered among the exposures in economic activities eligible to the EU Taxonomy real estate and infrastructure
investments not aligned with the technical screening criteria, mortgage loans guaranteed by residential property and the eligible and
share of turnover and capital expenditure communicated by financial and non-financial issuers.
Since the Group decided to adopt Commission Delegated Regulation 2026/73/EU, investments in undertakings not subject to the
obligation to publish sustainability information were excluded from the denominator.
For such exposures, as an official data source at community level that allows to identify such companies is not yet available, the
Group used the indication provided by MSCI based on a reference perimeter defined by the Centre for European Policy Studies
(CEPS). In particular, also on the basis of the information provided by the data provider, undertakings not obliged to publish the
sustainability information include European undertakings excluded from the scope of application of Articles 19a and 29a of Directive
2013/34/EU.
Additionally, according to the Commission Delegated Regulation 2026/73/EU, which suppressed the entire Annex XII, the Group
reports the share of exposures to economic activities in certain energy sectors (nuclear and fossil gas) described in the of Delegated
Regulation 2022/1214/EU within the investment indicators disclosure template in an aggregated manner.
68. The benchmark is publicly available on Deepki’s website (index-esg.com) for further details.
69. Large-scale buildings refer to non-residential buildings with an effective rated output for heating systems, systems for combined space heating and ventilation, air-conditioning systems or systems for combined air-conditioning
and ventilation of over 290 kW.
Sustainability Statement
109
Template 2: Investment KPI
Exposures % € million
1 Total AUM 100.0% 561,354
2 Assets covered by the KPI 47.2 % 264,866
% of covered assets % Turnover based % CapEx based
3 Taxonomy eligible 28.8% 31.6%
4 Nuclear activities 0.3% 0.2%
5 Fossil gas activities 0.1% 0.1%
6 Taxonomy aligned 8.2% 10.1%
7
Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU
4.4% 6.1%
8 of which non-financial undertakings 4.0% 5.7%
9 of which financial undertakings 0.4% 0.5%
10 Other covered counterparties and real estate assets 3.4% 3.4%
11
Investments other than investments held in respect of life insurance contracts where the
investment risk is borne by the policy holders 4.4% 6.1%
12 Exposures included on a voluntary basis 0.4% 0.5%
13 Transitional activities 0.2% 0.3%
14 Enabling activities 2.5% 3.1%
15 Nuclear activities 0.0% 0.0%
16 Fossil gas activities 0.1% 0.1%
Taxonomy aligned per objective % Turnover based % CapEx based
17 Climate Change Mitigation (CCM) 7.9% 9.6%
18 Climate Change Adaptation (CCA) 0.1% 0.3%
19 Water and marine resources (WTR) 0.0% 0.1%
20 Circular economy (CE) 0.1% 0.1%
21 Pollution (PPC) 0.0% 0.1%
22 Biodiversity and Ecosystems (BIO) 0.0% 0.0%
23 Non-assessed exposures 0.0% 0.0%
24 Exposures financing non-assessed non-material activities of counterparties n.a. n.a.
25 Exposures financing counterparties reporting in accordance with Article 7(9) to this Regulation n.a. n.a.
26 Non-assessed exposures considered non-material by the reporting entity 0.0% 0.0%
Breakdown of covered assets % € million
27 Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU 35.0% 92,578
28 of which non-financial undertakings 20.1% 53,158
29 of which financial undertakings 14.9% 39,420
30 Other covered counterparties and real estate assets 18.9% 50,038
31
Investments other than investments held in respect of life insurance contracts where the
investment risk is borne by the policy holders 30.7% 81,285
32
Exposures included on a voluntary basis
1.5% 4,034
The Group has established and monitored the process of implementing the latest European legislative provisions, particularly with
regard to the requirements introduced by Regulation 2019/2088/EU on sustainability-related disclosures in the financial services
sector (known as Disclosure Regulation) and Regulation 2020/852/EU on the establishment of a framework to facilitate sustainable
investments (known as EU Taxonomy Regulation). The Group has also updated the framework for the integration of sustainability
factors into the investment policies as Asset Owner, in line with its commitments and to encourage the investments necessary to
achieve the objectives of the European Green Deal of net-zero GHG emissions by 2050, committing to making the investment
portfolio net-zero by 2050. The adoption of the EU Taxonomy represents an important step to ensure the transparency of investments
in activities considered as environmentally sustainable. In order to increasingly integrate information from the EU Taxonomy into
its framework for the incorporation of ESG criteria into investments, the Group continues to carefully assess the availability and
quality of the data retrievable on the market. One of the priorities for the future is to deepen the information provided by issuers
about their sustainable activities in line with the six environmental objectives outlined by the EU Taxonomy, in order to provide a
Annual Integrated Report and Consolidated Financial Statements 2025
110
Generali Group
comprehensive overview of their sustainability strategy in both current terms (revenues from sustainable activities) and prospective
terms (capital expenditure from sustainable activities). Therefore, the Group will assess how this information can contribute to
enhance its investment and product strategies. In the meanwhile, the Group is using EU Taxonomy alignment information related to
climate change mitigation and adaptation to select investments that may qualify as climate solutions.
Environmental information, Climate change for further details
Aligned non-life insurance activities
The Group identifies EU Taxonomy aligned non-life insurance activities as those insurance solutions that fall within certain business
lines - identified according to the Solvency II
70
classification - that cover climate-related perils and that comply with the technical
screening criteria as defined in Annex II of Delegated Regulation 2021/2139/EU.
The Group has established the following process for reporting EU Taxonomy aligned non-life insurance activities:
01
Identification of eligible activities
In line with Disclosure Delegated Regulation and the European Commission Communication C/2024/6691, the Group reports as
eligible insurance activities in the P&C segment the portion of gross written premiums (GWP) covering climate-related perils, limited
to the lines of business defined in Delegated Regulation 2021/2139/EU. Compared to 2024, when the Group’s eligible activities were
equal to the alignment indicator, the analysis of products and policies has been refined to capture eligible GWP beyond the scope
of aligned activities.
02
Analysis of the substantial contribution to climate change adaptation
For a product or policy to be considered EU Taxonomy aligned, it must comply with all the following technical screening criteria.
Below is the Group’s approach to these criteria:
a. Leadership in modelling and pricing of climate-related risks
The Group is continually optimizing the modelling and pricing of climate-related risks, also through the use of actuarial models, which
are periodically updated, to estimate potential losses, including catastrophe losses affected by climate change. As a result, the
Group has confirmed its flexible approach to pricing adjustments, also in view of the increase in reinsurance costs resulting from the
increased catastrophe losses in recent years. Pricing methodologies have been identified and described in the Natural Catastrophe
Technical Pricing Blueprint issued to all Group insurance companies. These methodologies are based on an extensive use of
external NAT CAT models, possibly enriched with historical company data. In addition to external models, the Group has initiated
the development of internal models, where needed. These methodologies adequately reflect the risk arising from climate change,
as they rely not only on historical losses but also on forward-looking scenarios, when relevant. In fact, if relevant elements emerge
during the year (e.g., extraordinary climate events), the Group takes prompt action to ensure that these aspects are updated in the
calibration of the models as soon as possible. Plausible climate risk scenarios impacting insurance business are investigated through
forward-looking analysis performed by Group Risk Management.
General information, Processes to identify and assess material climate-related impacts, risks and opportunities for further details
70. Insurance services (non-life insurance) as defined in Annex I of the European Commission Delegated Regulation 2015/35/EU of 10 October 2014.
Sustainability Statement
111
b. Product design
EIOPA defines preventive actions as structural measures and services implemented by the policyholder ex-ante in the event of a loss
that reduce the policyholder’s physical exposure to climate-related risks by reducing the likelihood or severity of a climate-related
loss. The Group encourages the adoption of such adaptation measures and preventive actions by the policyholder, reflecting the
reduction of climate-related risks in policy terms and conditions.
The use of adaptation measures is currently more widespread for corporate clients, leveraging typically customised risk assessment
activities and insurance contracts, compared to the more standardised business for individuals and SMEs. In particular, the Group
provides consultancy services to make technical and organisational improvements that can enhance the protection of insured assets
from extreme natural events, defining loss prevention programmes and periodically monitoring their implementation.
With reference to the retail and SME segment, the Group aims to make policyholders aware of the potential impact of climate-related
risks and the most appropriate prevention measures to reduce the risk. Flood risk, for example, represents an area where action is
both necessary and feasible, as physical barriers can significantly reduce potential losses. The Group’s strategy therefore focuses
on engaging currently unprotected clients, encouraging the adoption of effective protective solutions, such as flood barriers, and
manage catastrophe risks.
c. Innovative insurance coverage solutions
The Group offers modular solutions that cover climate-related risks according to customer demand. Policyholder demand for
climate-related risk coverage and how the insurance product meets this demand are documented at product level in the product
development process.
d. Data sharing
Through a dedicated form, the Group makes available to public authorities and research institutions a significant part of the data on
climate risk-related losses in order to improve research and climate change adaptation policies, by providing a level of granularity of
information sufficient for the use declared by the respective institutions.
www.generali.com/sustainability/responsible-insurer/EU-Taxonomy-TSC-4-Data-sharing for further information about data sharing
e. High level of service in post-disaster situations
The Group companies are required to implement adequate claim flow management systems in the event of catastrophe events (e.g.,
the Generali Qui per Voi service by Generali Italia), in accordance with the dedicated procedures for NAT CAT events.
03
Assessment of the principle of not causing significant harm (DNSH)
to climate change mitigation
EU Taxonomy requires that the climate insurance does not cover activities related to the extraction, storage, transport or production
of fossil fuels, or the insurance of vehicles, property or other assets used for such purposes in order for the related GWP to be
considered aligned. The Group excludes such GWP, by identifying corporate policies flagged with specific codes connected to the
fossil fuel activities above-mentioned.
04
Identification of fossil gas and nuclear aligned and eligible activities
The newly adopted Disclosure Delegated Regulation requires insurers to disclose the breakdown of aligned and eligible GWP
connected to the fossil gas and nuclear activities, as defined in Delegated Regulation 2022/1214/EU. Similarly to the approach
adopted for DNSH, the Group discloses such GWP, by identifying corporate policies flagged with specific codes connected to fossil
gas and nuclear activities.
05
Assessment of compliance with the minimum safeguards
Minimum safeguards are provided for in articles 3 and 18 of Regulation 2020/852/EU to ensure that companies conducting
environmentally sustainable activities in accordance with the technical screening criteria of EU Taxonomy comply with certain minimum
governance standards and do not violate social norms. In order to ensure compliance with regulatory requirements, companies are
required to conduct their activities in line with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on
Annual Integrated Report and Consolidated Financial Statements 2025
112
Generali Group
Business and Human Rights, including the principles and rights set out in the eight core conventions identified in the International
Labour Organisation’s Declaration on Fundamental Principles and Rights at Work and the International Bill of Human Rights.
The Group conducts an in-depth analysis of its activities along the entire value chain, with particular reference to issues related to
human rights, corruption, competition, and taxation. To ensure compliance with minimum safeguards, the Group verifies that the
policies and guidelines adopted by its companies take into account the requirements of the aforementioned international frameworks
and reflect the Group’s commitment to these issues. The Group’s policies and procedures ensure the implementation of a due
diligence and/or risk assessment process, as well as the identification of remedial procedures for major negative impacts and/or
risks related to the aforementioned issues. Finally, the Group confirms the effectiveness of the existing procedures and processes in
managing issues related to minimum safeguards.
General information, Statement on due diligence
06
Calculation of indicators
In the case of multi-risk products, the Group reports only the portion of premiums that relates to the coverage of climate-related risks,
adopting a specific methodology to calculate the alignment indicator
71
.
Template 1: The underwriting KPI
Economic activities: Non-life insurance and
reinsurance underwriting activities
Absolute
premiums
31/12/2025
Proportion of
premiums
31/12/2025
Absolute
premiums
31/12/2024
Proportion of
premiums
31/12/2024
€ million % € million %
Taxonomy-aligned activities 1,303 3.6% 1,006 3.0%
Nuclear activities 0 0.0% n.a. 0.0%
Fossil gas activities 1 0.0% n.a. 0.0%
Taxonomy-eligible activities (*) 2,685 7.4% 1,006 3.0%
Nuclear activities
0 0.0% n.a. 0.0%
Fossil gas activities
1 0.0% n.a. 0.0%
Non-assessed activities considered not-material
0 0.0% n.a. 0.0%
Total
36,181 100.0% 33,756 100.0%
(*) Taxonomy-eligible activities at 31 December 2025 benefited from the evolution in methodology and information flow: therefore, they are not comparable with those at 31 December 2024.
The Group requires mandatory compliance with technical screening criteria for all newly issued products with climate-related hazard
guarantees/coverages.
Climate adaptation considerations are increasingly embedded across product design, underwriting and client engagement. The
Group is strengthening its ability to address physical climate-related risks, with particular attention to closing the protection gap
for SMEs. Through the Group Climate Hub, Generali is advancing climate risk modelling, promoting loss prevention and fostering
collaboration across the insurance value chain to help clients and communities build resilience to climate change.
Climate change, Responsible insurer for further information
71. No non-assessed activities were reported, as the Group did not classify any insurance activities in the P&C segment as non-material.
Sustainability Statement
113
Climate change
The fight against climate change is one of the main challenges to be addressed in the context in which we live.
In pursuing the goals outlined in the Paris Agreement and the ambitions defined in the Lifetime Partner 27: Driving Excellence
strategic plan, the Group is committed to contributing to the mitigation of the climate impact generated by its activities and its value
chain, as well as to adapting to the effects of climate change. The commitment is formalized through the implementation of the
Generali Climate Transition Plan.
www.generali.com/sustainability/our-commitment-to-the-environment-and-climate for further information
This chapter describes the approach followed by the Group on the aforementioned commitments, focusing on the calculation of
direct and indirect emissions and delving into the specifics related to own and third-party investment activities and underwriting ones,
identified as relevant, through the description of policies, actions, metrics, and targets in place.
Greenhouse gas emissions
Total greenhouse gas (GHG) emissions disaggregated by Scopes 1 and 2 and significant Scope 3 (*)
(tCO
2
e) 31/12/2025 31/12/2024 Change
Scope 1 GHG emissions (**)
Gross Scope 1 GHG emissions 58,719 60,502 -2.9%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes
(%) (***) 0 0 n.m.
Scope 2 GHG emissions (**)
Gross location-based Scope 2 GHG emissions
145,501 175,906 -17.3%
Gross market-based Scope 2 GHG emissions (****)
60,134 84,325 -28.7%
Significant Scope 3 GHG emissions (*****)
Total gross indirect (Scope 3) GHG emissions
20,871,212 22,828,202 -8.6%
1. Purchased goods and services
16,740 25,828 -35.2%
3. Fuel and energy-related activities
24,329 23,798 2.2%
4. Upstream transportation and distribution
741 1,128 -34.3%
5. Waste generated in operations
911 1,036 -12.0%
6. Business travel
11,971 9,616 24.5%
7. Employee commuting
39,580 n.m.
9. Downstream transportation and distribution
1,783 1,127 58.2%
10. Processing of sold products
904 1,429 -36.7%
12. End-of-life treatment of sold products
580 806 -28.1%
13. Downstream leased assets
57,559 85,605 -32.8%
15. Investments
20,716,115 22,677,829 -8.7%
Total GHG emissions (******)
Total GHG emissions (location-based)
21,075,433 23,064,610 -8.6%
Total GHG emissions (market-based)
20,990,066 22,973,029 -8.6%
(*) Emissions are defined and calculated according to the principles of the GHG Protocol - Corporate Accounting and Reporting Standard and to those of the PCAF (Partnership for Carbon Accounting
Financials), both recognised by the sustainability reporting standard related to climate change.
(**) Scope 1 and 2 emissions related to the Group’s consolidation scope were 186,465 tCO
2
e (215,947 tCO
2
e at 31 December 2024) considering Scope 2 location-based, and 107,765 tCO2e (136,263
tCO
2
e) considering Scope 2 market-based, while those related to investees were 17,755 tCO
2
e (20,462 tCO
2
e) considering Scope 2 location-based, and 11,088 tCO
2
e (8,564 tCO
2
e) considering Scope
2 market-based.
(***) The percentage of Scope 1 emissions from regulated emissions trading schemes is confirmed equal to zero (0%), as the emission sources in the Group’s inventory are not attributable to activities
included in the sectors within the scope of the scheme.
(****) The Group does not sell produced or purchased electricity, and the renewable nature of the purchased electricity is certified by guarantees of origin (GO) in Europe and by International Renewable
Energy Certificates (I-REC) in other jurisdictions. Its main activity, being predominantly insurance-based, is not attributable to high-energy intensity operational sectors; therefore, the percentage
shares of bundled (combined with electricity purchase) or unbundled (stand-alone instruments) contractual instruments used are not relevant and are not quantified.
(*****) Emissions related to insurance portfolios are not included, as they are not covered by the categories defined by the sustainability reporting standard.
Environmental information, Responsible insurer for further information
0.5% (0.4% at 31 December 2024) of Scope 3 emissions are calculated using primary data; the percentage is affected by the weight of emissions under category 15 resulting from data provider.
(******) With reference to Scope 1, 2, and 3 emissions attributable to all the Group’s own operations, Scope 1 biogenic emissions resulting from the combustion or biodegradation of biomass, totalling 118
tCO
2
e (91 tCO
2
e at 31 December 2024), depend on the presence of a biogenic emission source related to the consumption of biogas at the Adliswil office (Switzerland) and the production of electricity
carried out by companies operating in the agricultural business through the combustion of biogas produced by bioreactors or digesters fed with manure from self-managed livestock and crops. The
Group does not report Scope 2 biogenic emissions resulting from the combustion or biodegradation of biomass separately from fossil greenhouse gas emissions, as the applied emission factors do
not distinguish the percentage of biomass or biogenic CO
2
. There are no Scope 3 biogenic emissions resulting from the combustion or biodegradation of biomass.
Annual Integrated Report and Consolidated Financial Statements 2025
114
Generali Group
Emissions represent the Group’s own operations - including those related to the agricultural business of the Leone Alato group - as
well as the investments in financial instruments - including those of the Banca Generali group - and those in real estate.
At 31 December 2025, total emissions decreased from 22,973,029 tCO
2
e to 20,990,066 tCO
2
e, primarily driven by the Group’s
investment decarbonisation pathway. The reduction derived also from own operations thanks to energy-efficiency initiatives,
increased use of renewable energy, fleet electrification, and process digitalization.
Characteristics of Scope 1, 2 and 3 emissions from the Group’s own operations
Line of business Scope and methodology Emission factors
Own operations (excluding
agricultural business and real
estate portfolio managed
by GRE)
Scope 1, 2, and 3 emissions attributable to own operations refer to 100% of
the workforce of the companies within the consolidation scope. Emissions from
organizational units in the following countries, except for Scope 3, category 7
emissions, are measured (79.9%): Argentina, Austria, Bulgaria, Chile, Croatia, Czech
Republic, France (including Europ Assistance), Germany, Greece, Hungary, India,
Ireland, Italy (including the Banca Generali group and Europ Assistance), Malaysia,
Poland, Portugal, Romania, Slovakia, Slovenia, Serbia, Spain, Switzerland, the UK,
and the USA. Emissions from organizational units in countries not listed above are
instead extrapolated (*) (20.1%).
For Scope 3, category 7 emissions, those from organizational units in the following
countries are measured (25.5%): Austria, France (including Europ Assistance),
Germany, Italy (including Europ Assistance), and the USA. Emissions from
organizational units in countries not listed above are instead extrapolated (*) (74.5%).
Gases included in the calculation are CO2, CH4, and N2O for combustion processes
and all greenhouse gases reported in the IPCC AR4 for other emissions (long-lived
greenhouse gases - LLGHGs); the remaining greenhouse gases (HFC, PFC, SF6, and
NF3) are excluded from the calculation as they are not material within the scope of
the Group’s activities.
Emissions, except for category 7 of Scope 3
emissions, are calculated using the emission
factors of Verein für Umweltmanagement und
Nachhaltigkeit in Finanzinstitutionen (VfU, 2018),
Department for Environment, Food & Rural Affairs
(DEFRA, 2021), and the GaBi database (2021).
The calculations are performed automatically with
the Sphera Cloud Corporate Sustainability system,
which integrates the aforementioned emission
factors. Category 7 of Scope 3 emissions
are calculated using the emissions factors of
DEFRA (2021, 2025), Agence de l’Environment
et de la Maîtrise de l’Énergie (ADEME, 2018),
Sinanet-ISPRA (2020), Mobitool.ch (v.2) and
Ecoinvent (2024) databases, as well as data from
International Council on Clean Transportation,
German and Austrian environmental agencies
and Deutsche Bahn. Calculations are manually
performed at local level.
Agricultural business
Scope 1, 2, and 3 emissions refer to the agricultural business of the Leone Alato
group, present in Italy and Romania, and are calculated using an approach that
combines methodologies based on primary data and established calculation models.
Scope 1 emissions for FLAG (Forest, Land, and Agriculture) and Energy&Industry are
calculated using company data related to agricultural and livestock activities (e.g.,
number of livestock and hectares of crops), data analysed in accordance with the
guidelines of the Intergovernmental Panel on Climate Change (IPCC 2006, 2019) and
the ISPRA report (2025).
Emissions are calculated using emission factors
from the Italian Institute for Environmental
Protection and Research (ISPRA, 2025),
Environmentally Extended Input-Output (EEIO)
Eurostat (2022), DEFRA (2025), Ecoivent (2023),
and IPCC (2006, 2019).
Real estate portfolio
managed by GRE
GHG emissions of the real estate portfolio managed by GRE are calculated based on
consumption data collected at property level and are divided into the following three
categories:
• Scope 1: direct emissions from sources owned or controlled by the Group. This
category includes emissions resulting from the consumption of fossil fuels
attributed to the owner;
• Scope 2: indirect emissions resulting from energy consumption. This category
includes emissions related to the consumption of electricity and centralized
heating/cooling purchased by the owner;
• Scope 3: other indirect emissions from sources not owned or controlled by the
Group. This category includes emissions produced by the utility consumption of
tenants.
The scope of the properties therefore includes both those held directly in terms of
ownership and properties indirectly owned through a joint venture, joint operation, or
co-ownership. Emission sources are included only if they pertain to assets for which
the Group maintains operational control.
Utility consumption data is collected, consolidated and stored in a data analysis
system (ESG Core Business System) for calculating the emissions of the real estate
portfolio managed by GRE.
Emissions are calculated using emission factors
provided by each supplier, which take into
account the renewable nature of the energy,
where applicable, following the market-based
methodology defined by the GHG Protocol. Where
this information is not available, the location-
based methodology is applied, under which
emissions are calculated using national or local
emission factors provided by Carbon Risk Real
Estate Monitor ( CRREM, 2025 v. 2.07), to reflect
the physical reality of emissions associated with
the national energy mix.
(*) Extrapolation of emissions consists of projecting the personnel weighted average carbon intensity of measured companies onto the personnel of those companies that by materiality do not provide
primary data.
Characteristics of Scope 3 emissions by category (*)
Category Category name Scope and methodology (**)
1 Purchased goods and services
Emissions derive from the production of consumed paper and water consumption for the Group's own
operations and from the production and purchase of the following for the agricultural business: seeds, animal
feed, bulk or processed wine, agricultural products (sorghum, corn silage, etc.), pigs, pet food line, bulbs, must,
paper-cardboard and wood packaging, sugar, olive oil, fertilizers.
3
Fuel and energy-related activities (not
included in Scope 1 or 2)
Emissions derive from the production, transmission and distribution of purchased energy, which includes
electricity, natural gas, diesel, and other fuels used for the Group's own operations, including those of the
agricultural business but excluding those of the real estate portfolio.
4 Upstream transportation and distribution
Emissions derive from upstream transportation and distribution activities related to the agricultural business.
Specifically, the calculated emissions are linked to road transport and cargo ships.
Sustainability Statement
115
5 Waste generated in operations
The calculated emissions refer to separated waste destined for recycling, unseparated waste for disposal, and
unseparated waste destined for incineration and energy recovery, for the Group's own operations. Data derive
from measurements, where possible, or are estimated when the latter are not available.
6 Business travel Emissions derive from travel by airplane, private car or short-term rental, and train.
7 Employee commuting
Emissions derive from the means of transport used by employees to commute between their home and
workplace. Data collected through polls sent to employees in Italy, Germany, Austria and Europ Assistance are
used to investigate commuting habits. These results are then extrapolated to the entire Group.
9
Downstream transportation and
distribution
The Group assesses the relevance of the emission category only in relation to the transportation of products
from the agricultural business, considering the tons of product sold, the average kilometers travelled, the
average load per trip, and the total number of kilometers. The storage of final products in retail stores is also
considered to determine the associated emissions.
10 Processing of sold products
The category refers to the agricultural business, which calculates emissions related to: fattening pigs for
slaughter, animal feed production, flour production, sugar production, and brown rice processing.
12 End-of-life treatment of sold products
The category refers to the agricultural business, which calculates emissions related to the end-of-life treatment
for glass, cardboard, and plastic packaging, as well as food waste.
13 Downstream leased assets
These are indirect emissions from sources not controlled by the Group. The category includes emissions
produced by the utility consumption of tenants occupying the Group's properties.
15 Investments
Emissions refer to the following classes of investments belonging to the direct investment portfolios and
proprietary portfolios of the insurance companies of the Group and the Banca Generali group: listed equities,
listed corporate bonds, and government bonds, calculated according to the PCAF methodology (***).
With reference to the portfolios of the insurance companies, emissions associated with listed equities and
corporate bonds are obtained through the data provider MSCI, which collects data from the most recent and
available public sources (financial statements and/or issuer websites) at the time of calculation for this reporting
(therefore, they mostly refer to the previous fiscal year), supplemented with estimates. Emissions associated
with government bonds, also calculated by MSCI, are based on data provided by sources such as the United
Nations and the World Bank. The scope includes only sovereign securities. Sub-sovereign, supranational, and
municipal securities are excluded from the total emissions calculation.
With reference to the portfolios of the Banca Generali group, emissions associated with listed shares, listed
corporate bonds, and government bonds are obtained through the data provider MainStreet Partners. Emissions
associated with government bonds, which include only sovereign securities, are based on data provided by
UNFCCC and World Bank Open Data.
(*) Emissions from IT equipment and services (categories 1 and 2) are not reported, although they are relevant to the Group, as they are not available at the time of this reporting. Emissions related to
upstream leased assets (category 8), the use of sold products (category 11), and franchises (category 14) are not reported as they are considered not relevant within the scope of the Group’s activities.
(**) The methodologies adopted for the relevant Scope 3 emission categories are consistent with those defined by the GHG Protocol - Corporate Accounting and Reporting Standard.
The methodology used for estimating Scope 3 emissions for own operations, excluding the agricultural business and the real estate portfolio managed by GRE, involves the use of primary data for the
measured scope and an extrapolation of emissions for the unmeasured scope, in line with what is indicated in the table Characteristics of Scope 1, 2 and 3 emissions from the Group’s own operations and
in this table for commuting. The methodologies used for estimating emissions for the agricultural business vary depending on the Scope 3 category. For categories 1, 3, 4, 6, and 9, primary data related
to the volume of materials consumed or activities performed are used as input, which are converted into tCO
2
e using emission factors from public sources (DEFRA, Eurostat) and scientific literature. For
categories 5 and 12, the volumes of waste generated and the related treatment methods are estimated based on public reports (World Bank, ISPRA), subsequently applying emission factors published by
DEFRA. For category 7 emissions are calculated based on employees’ home and distances from workplace. Primary data on kilometres travelled are used and multiplied the appropriate DEFRA (2025)
emission factors, which are expressed in tCO
2
e/Km. The methodology used for estimating emissions related to the real estate portfolio managed by GRE involves the precise measurement of utility
consumption (heating, electricity) through meters and/or bills, and the corresponding conversion into CO
2
e. Where complete data is not available, it is possible to estimate the final data using gap filling
or benchmark techniques.
(***) The PCAF methodology recognizes an intrinsic component of double counting between the emissions of equities and corporate bonds, and the emissions of government bonds related to the use of the
production-based approach, thus considering the GDP generated in the geographical area of a given country.
In accordance with the provisions of Appendix E of ESRS 1, Group emission intensity is not reported as it is deemed not representative
of Group-wide performance, considering the diversification of Generali’s businesses. However, the emission intensity is strategic for
some components of the value chain, as reported in the dedicated sections.
Responsible investor and Responsible insurer for information on emission intensity
With regard to total emissions, the Group’s strategic reduction targets focus on:
• Generali’s operations (offices, data centers, mobility), whose total Scope 1, 2 and 3 emissions amounted to 77,036 tCO
2
e (82,005
tCO
2
e at 31 December 2024). Targets for Group’s operations include an emission reduction target on all Scopes from own
operations by 35% compared to 2019 (baseline 149,684 tCO
2
e) by the end of 2025 - target overachieved - and by 60% compared
to 2019 baseline by the end of 2030, as well as to achieve net-zero emissions by 2035;
• the direct investment portfolio of the Group’s insurance companies in listed equities and corporate bonds (corporate investment
portfolio), whose emissions amounted to 6,606,696 tCO
2
e (8,125,860 tCO
2
e at 31 December 2024) reported in Scope 3, category
15. Decarbonization targets of the corporate investment portfolio include a target of reducing carbon intensity by 60% by 2030
compared to 2019 (baseline 182 tCO
2
e/€ mln), as well as achieving net-zero emissions by 2050;
Responsible investor for further information
• GRE real estate portfolio, whose total Scope 1, 2 and 3 emissions amounted to 148,573 tCO
2
e (204,639 tCO
2
e at 31 December
2024), of which 32,991 tCO
2
e are reported within the scope of Group’s operations. Decarbonization targets of GRE real estate
portfolio include a target of reducing carbon intensity by 60% by 2030 compared to 2019 (baseline 405,280 tCO
2
e), as well as
achieving net-zero emissions by 2050.
Responsible investor for further information
Annual Integrated Report and Consolidated Financial Statements 2025
116
Generali Group
The Banca Generali group and the Leone Alato group are committed to specific decarbonization pathways with emission reduction
targets available on their websites.
The scope of the targets currently excludes:
• the contribution of employee commuting emissions (Scope 3, category 7), for which the Group is currently monitoring calculation
methodologies in order to improve reporting;
• the contribution of emissions from government bonds (included in total Scope 3, category 15), currently monitored through carbon
intensity metrics, with the aim of promoting their gradual integration into investment analyses and decisions.
Responsible investor for further information
Policies related to climate change
Sustainability Group Policy
The Sustainability Group Policy defines how sustainability is managed within the Generali Group through the Group Sustainability
Framework, which is divided into the following components: Ambition and Appetite, Sustainability Integration, and Foundations.
The Ambition and Appetite component outlines the direction Generali wants sustainability to evolve, and the underlying principles
driving the strategic choices and their execution. In particular, the policy defines the ambition that the Group has adopted in relation
to climate change: to contribute to keeping global warming well below 2°C (WB2D), and possibly as close as 1.5°C by the end of the
century compared to pre-industrial levels, throughout the Group’s value chain, with a particular focus on investment and underwriting
activities, as well as its own operations. The Sustainability Integration component defines the identification and prioritisation of
sustainability matters through the double materiality assessment and their integration into key business processes. The Foundations
component includes the underpinning elements necessary to enable sustainability integration, like governance, internal regulations,
incentives, monitoring and reporting.
Inaugural Generali Climate Transition Plan
72
In 2025, Generali adopted its inaugural Climate Transition Plan, approved by the Board of Directors of the Parent Company,
implemented by Group and local competent functions, and periodically updated. The plan is fully embedded in the Lifetime Partner
27: Driving Excellence strategy, ensuring alignment of climate targets with Group’s business planning. Progress in implementing the
plan are reported on an ongoing basis through specific disclosures to corporate bodies and Group’s sustainability statements.
The plan encompasses investment and underwriting activities, as well as own operations, and excludes banking and agricultural
activities, as they are engaged in specific decarbonisation pathways that are available on their website (www.bancagenerali.com/en/
sustainability/Environment-and-community and group.leonealato.net/en/our-commitment-to-sustainability).
The plan defines the commitments, levers, resources and governance mechanisms through which Generali supports a transition
towards a net-zero greenhouse gas emissions economy and commits to becoming a net-zero company by 2050, in line with the
Paris Agreement and the EU Climate Law. In particular, it sets science-based interim targets for 2030, which are defined on pathways
compatible with limiting global warming to 1.5°C, and it identifies the key decarbonisation levers required to achieve them and the
main categories of resources supporting their implementation.
However, Generali believes that accurately quantifying the contribution of each lever to GHG emissions reduction targets and the
related resource allocations, current and planned, is a process currently characterised by considerable complexity, given data
limitations, sectoral variabilities and methodological challenges. Generali therefore intends to progressively extend the scope of
activities included in its plan over the next three years and integrate the plan on the areas mentioned above.
Generali is included in the applicable EU Paris-aligned Benchmarks at the time of this reporting; concerning its own activities, it has
not invested significant CapEx related to coal, oil and gas-related economic activities and it therefore does not retain material locked-
in GHG emissions from key assets or products, considering the risk of stranded assets as irrelevant.
Where possible, Generali promotes the alignment of its investment and underwriting processes with EU Taxonomy through the
transition levers set out in the plan, with a resulting potential improvement in alignment indicators over the coming years.
Disclosure pursuant to art. 8 of Regulation 2020/852/EU (Taxonomy Regulation) for further information
The plan, available on the Group website (www.generali.com/sustainability/our-commitment-to-the-environment-and-climate), is in
line with the Paris Pledge for Action initiative, defined at COP21, which the Group has supported since 2015. To follow up on
this commitment, Generali participates as a member in the Net-Zero Asset Owner Alliance (NZAOA) and the Forum for Insurance
Transition to Net-Zero (FIT).
72. The inaugural Generali Climate Transition Plan does not include all the information required by paragraphs 14–16 of ESRS E1-1, as such information is currently not available, as described in more detail later in the document.
Sustainability Statement
117
Responsible investor
Asset Owner
Strategy
As an Institutional investor and Asset Owner, the Group has identified the fight against climate change as one of the pillars of its
strategy, considering both the potential risks to the financial performance of its investments and the potential negative impacts on
the environment and society.
Our financial performance, Group’s financial position for further information on Group’s investments
Generali is exposed to climate-related risks arising from the loss of value of assets and investments in its portfolio. This exposure
derives both from the potential damages caused by the increasing frequency and severity of extreme climate events (so-called
physical risk), and from the ongoing environmental and energy transition processes, that affect the business models of several
industrial sectors and companies in which Generali invests (so-called transition risk). At the same time, Generali recognises a strong
responsibility towards the environment and society at large, to be fulfilled also through responsible investment practices that prioritise
activities contributing to the energy transition, while avoiding or limiting those more harmful to the environment and climate.
Generali has outlined, within its Climate Transition Plan, the commitments undertaken to pursue the long-term goal of supporting
the transition to a low-carbon economy as well as the decarbonisation of its investment portfolio to achieve net-zero greenhouse
gas emissions by 2050, in line with the goals of the Paris Agreement to limit global warming to 1.5°C above pre-industrial levels. The
Group has set medium-term climate targets for 2030, based on data at the end of 2029, in accordance with the protocol shared
by participants in the Net-Zero Asset Owner Alliance (NZAOA), which it has adhered to since 2020. The scope of application of the
Group’s strategy covers the proprietary investments of its insurance companies, excluding investments managed on behalf of third
parties.
The Group undertakes commitments and adheres to initiatives and networks aimed at establishing guidelines and best practices for
integrating environmental, social and corporate governance principles into investment practices. In addition to its participation in the
NZAOA, confirming its long-standing commitment to sustainability, the Group joined the United Nations Global Compact in 2007,
the Principles for Responsible Investment (PRI) in 2011 and signed the Paris Pledge for Action in 2015.
Policies
Investment Governance Group Policy
The Investment Governance Group Policy defines the governance of the investment process for the insurance portfolios and the
related methods for integrating material sustainability factors, including environmental factors linked to climate change.
Integration of Sustainability into Investments and Active Ownership Group Guideline
In the implementation of the Investment Governance Group Policy, the Integration of Sustainability into Investments and Active
Ownership Group Guideline outlines the methods for integrating sustainability factors into the decision-making process for proprietary
investments in order to execute the Group’s climate change strategy. The guideline’s objective includes, among other things, defining
actions to integrate factors related to climate change into the management of proprietary investments. It does so by defining an
operational model that enables the reduction of negative environmental impacts and climate risks to which the investment portfolio
is exposed.
The guideline addresses climate change with reference to both mitigation and adaptation objectives. However, at the time of this
reporting, also considering the maturity level of market practices, the Group has identified and disclosed its strategic objectives and
its metrics by referring to both mitigation and adaptation in a conjoined manner.
The guideline is available in a summary version on the Group website (www.generali.com/sustainability/responsible-investor/
sustainability-into-investments).
Actions for climate change mitigation and adaptation
The Group translates its commitments set out in the Climate Transition Plan into concrete actions integrated into the investment
process and aimed at reducing negative impacts and risks associated with climate change. These actions are implemented through
the following approaches: exclusion, integration, engagement and voting.
Annual Integrated Report and Consolidated Financial Statements 2025
118
Generali Group
Exclusion
The Group adopts a guideline aimed at limiting or excluding investments in issuers whose activities (or policies in the case of
sovereign issuers) have a significantly negative impact on climate
73
. These exclusions contribute to the decarbonisation of the
Group’s portfolio over the years and to the achievement of the ultimate goal of net-zero emissions by 2050.
Scope of application Actions
Asset type Asset class
Direct
investments
Corporate issuers
New investments are prohibited and gradual divestment is required from listed companies operating in sectors
and activities with a significant negative impact on climate change. The identification of issuers is based on
specific criteria:
• thermal coal: companies identified through progressively more restrictive criteria to achieve the coal phase-
out by 2030 for OECD countries and by 2040 for the rest of the world;
• unconventional oil and gas: companies identified based on their exposure to tar sands, hydraulic fracturing,
and the extraction and production of fuels in the Arctic Circle;
• conventional oil and gas: companies in this sector presenting transition plans (strategy, targets, and
decarbonisation plans) that are not adequate and therefore subject to restrictions and limitations on
investments.
Sovereign issuers
New investments are prohibited, and a gradual divestment is required from countries that show evident
controversies related to their environmental impact, particularly related to climate change, without a solid
commitment to reducing such an impact.
Indirect
investments
(funds)
Liquid assets (corporate and
sovereign)
Investments in funds are subject to a due diligence process that includes sustainability criteria. Specifically,
among the criteria used for fund selection, it is verified that the fund or the Asset Manager (AM) has adopted
a policy of excluding companies exposed to thermal coal. The overall evaluation of the fund also includes the
presence of an exclusion policy on unconventional oil and gas.
Private funds & real asset (corporate)
The Group does not provide new funding for infrastructure projects dedicated to thermal coal, oil and gas (both
conventional and unconventional). However, as reported in the Generali Climate Transition Plan, flexibility is
foreseen to authorize, albeit in a limited way, midstream and downstream projects related to oil and gas, when
deemed relevant for a just transition or aligned with the ambition to limit global warming to 1.5°C.
Integration
The Group promotes investment plans, across the different investment classes in which it operates, aimed at supporting
environmentally sustainable economic activities and at financing the environmental and energy transition. By implementing these
plans, integrated into the broader investment strategy, the Group seeks to generate long-term value not only for investors but also
for society as a whole. The Group continues its commitment, started at the end of 2018, progressively extending its level of ambition.
Scope of application Actions
Asset type Asset class
Direct
investments
Corporate and sovereign issuers
The Group develops sustainable investment plans with environmental and social objectives, adopting selection
criteria consistent with the main market standards and with applicable regulation. As part of the Lifetime Partner
27: Driving Excellence strategy, the Group has set a target for investments in so-called climate solutions, i.e.,
investments in projects and activities with a positive impact on the environment and society. The target involves
different types of investments, including green, sustainable and sustainability-linked bonds (both corporate and
sovereign) where, based on the issuance prospectus, the proceeds are predominantly invested in projects and/
or activities aimed at climate change mitigation and adaptation.
Real estate
The Group integrates sustainability factors through targeted actions across all phases of real estate asset
management:
• during the purchase phase, specific sustainability factors are considered in the evaluation (due diligence) of
the property, such as external certifications and alignment with EU Taxonomy;
• during the development and/or renovation phase, plans are oriented towards improving energy performance
and reducing CO2 emissions;
• during the operational management phase, the real estate portfolio is managed with the objective of
promoting the gradual but constant improvement of sustainability credentials by obtaining/renewing
external environmental sustainability certifications (e.g., BREEAM and LEED), stipulating green clauses with
tenants (so-called green leases), or optimising energy consumption in the operational management of the
properties.
Properties aligned with EU Taxonomy, or properties with high-level sustainability certifications combined with
high energy efficiency, contribute to achieving the climate solutions investment target.
Indirect
investments
(funds)
Corporate
Investments in funds are subject to a due diligence process that includes sustainability criteria. Among the
criteria used for fund selection, it is verified that the fund provides adequate disclosure on climate performance
(carbon intensity) and has integrated climate policies into its investment objectives. Funds characterised by the
integration of specific climate mitigation and adaptation objectives into their investment policy, as defined by
the relevant transparency regulations (SFDR, ESMA guidelines and similar), contribute to the climate solutions
investment target.
73. The exclusions apply to the investments of the Group’s insurance companies and do not apply to Generali China Life, where the adoption of similar local policies depends on the specific provisions set out in the shareholders’
agreements.
Sustainability Statement
119
Engagement and voting
To pursue its climate objectives for decarbonizing the investment portfolio, the Group undertakes specific actions known as active
ownership, including engagement with both investee companies and investment managers. These actions are aligned with the five-
year commitment signed with the NZAOA. The objectives linked to the NZAOA commitment are reiterated in the Lifetime Partner 27:
Driving Excellence strategy.
Stakeholders involved Actions
Investee companies
In line with the commitments made under the NZAOA, the Group engages with companies whose greenhouse gas emissions
significantly impact the overall emissions level of the investment portfolio. The goal of this activity is to influence companies to
adopt transition plans that are aligned with the Group’s expectations and commitments.
Where the Group holds equity interests, it exercises its voting rights at meetings by supporting proposals aligned with its
criteria and expressing negative judgments on climate plans that lack the necessary ambition.
Asset Managers
As Asset Owner, the Group delegates the management of its investment portfolios to professional managers based on
mandates that define investment objectives and limits, including those related to sustainable investments. In this context,
the Group entrusts the delegated managers with the implementation of its climate policies and oversees their correct
implementation, also establishing a constant dialogue with the manager to ensure full alignment of expectations and
objectives.
Climate change mitigation and adaptation metrics and targets
74
As Responsible investor, within the Lifetime Partner 27: Driving Excellence strategy, the Group aims to further strengthen its climate
change strategy through the following goals:
Metrics and targets (entity-specific information)
Strategic target Metric Result of the metric at Target (*) Target reference
period
Baseline and
base year
31/12/2025 31/12/2024
Decarbonisation of
corporate portfolio
Carbon intensity of
corporate investment
portfolio (EVIC)
73 tCO
2
e/€ mln
invested
89 tCO
2
e/€ mln
invested
-60% carbon intensity
of corporate investment
portfolio (EVIC)
2019-2030 (**)
182 tCO
2
e/€ mln
invested
(2019)
Decarbonisation of real
estate portfolio
Carbon intensity of GRE
real estate portfolio
23.9 KgCO
2
e/m
2
33.5 KgCO
2
e/m
2
-60% carbon intensity of
GRE real estate portfolio
2019-2030 (**)
61.2 KgCO
2
e/m
2
(2019)
Support to the climate
transition
Investments in climate
solutions
€ 35.3 mld € 26.7 mld
Increase of € 12 bln of
investments in climate
solutions
2025-2027
€ 26.7 bln
(2024)
(*) Achievement of the targets is subject to market conditions and constraints.
(**) The end of the time horizon is intended as year-end 2029.
Decarbonisation
To pursue its long-term objective of decarbonising the investment portfolio and achieving net-zero greenhouse gas emissions by
2050, the Group has set medium-term decarbonisation targets for both corporate and real estate portfolios in accordance with
the NZAOA protocol guidelines. These guidelines recommend reductions between 40% and 60% by the end of 2030 compared
to year-end 2019 levels, in line with the most accredited scientific evidence and the available climate scenarios provided by the
Intergovernmental Panel on Climate Change
75
. Carbon intensity reduction targets for both corporate and real estate portfolios are
positioned at the upper end of the range provided by the NZAOA protocol, reflecting the Group’s ambition.
Regarding the decarbonisation targets of the corporate portfolio, the Group has also confirmed its multi-year commitment to initiate
or continue engaging with at least 20 investee companies that, from time to time, contribute the most to the Group’s carbon
intensity, with the aim of assessing and promoting environmental and climate transition plans aligned with the Group’s expectations.
In line with this objective, in 2025 Generali engaged 26 invested companies on climate-related matters. These dialogue initiatives
were conducted both individually (14) and collectively (12). The companies involved operate in highly polluting sectors (12 energy, 8
materials, 6 utilities) with the largest impact in Group’s investment portfolios and they were selected based on the following criteria:
• ranked among the highest contributors to the Group portfolio’s attributed emissions (based on the assessment of the portfolio’s
carbon intensity at the end of the year);
• have not set scientifically validated targets (SBT) or have an SBTi target that is not ambitious enough compared to expectations;
• operate in hard-to-abate sectors, such as fossil fuels, steel, cement and petrochemicals.
74. The emissions calculation methodologies are based on the PCAF and GHG Protocol standards.
Glossary for further information
75. For the definition of carbon intensity reduction range, NZAOA considered a selection of C1 scenarios included in the IPCC Sixth Assessment Report.
Annual Integrated Report and Consolidated Financial Statements 2025
120
Generali Group
In addition, the Group also maintains its ongoing dialogue with its asset managers to oversee the effective implementation of climate
policies and the achievement of the defined objectives.
When holding equity investments, the Group exercises its voting rights at shareholders’ meetings. During 2025, in 66 shareholders’
meetings of 50 investee companies, Generali voted on 81 climate change resolutions
76
(22 proposed by corporate management
and 59 by shareholders). Generali’s votes were distributed as follows: 85.7% in favour, 12.7% abstentions, and 1.6% against. The
companies subject to the vote belong to various sectors (35 financials, 10 utilities, 8 industrials, 8 consumer discretionary, 7 energy,
5 communication services, 4 consumer staples, 3 materials, 1 healthcare), demonstrating the breadth of Generali’s commitment to
promoting sustainable practices through voting on climate issues.
Decarbonisation of corporate portfolio
Metrics related to the direct investment portfolio of the Group’s insurance companies in listed equities and corporate bonds (*) (entity-
specific information)
31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025
2019-2025
change
Absolute emissions (mln tCO
2
e) 15.4 12.0 10.4 6.8 6.8 8.1 6.6 -57.1%
Coverage - Absolute emissions 71% 74% 73% 75% 75% 88% 87% 22.5%
Carbon intensity (EVIC) (tCO
2
e/€ mln invested) 182 145 128 100 98 89 73 -60.1%
Coverage - Carbon intensity (EVIC) 71% 74% 73% 75% 75% 88% 87% 22.5%
Carbon intensity (sales) (tCO
2
e/€ mln sales) 277 243 241 188 147 151 138 -50.3%
Coverage - Carbon intensity (sales) 85% 87% 85% 88% 92% 89% 88% 3.5%
Direct investments in listed equities and corporate
bonds (€ bln)
117.5 111.5 110.4 91.0 92.0 102.1 104 -11.5%
(*) Emissions associated with listed equities and corporate bonds are obtained from the MSCI data provider, which gathers the most recent publicly available information (financial statements and/or issuers’
websites) at the time of calculation for this reporting (and are therefore largely based on the previous financial year) and supplements it with estimates.
Sectoral contribution to carbon intensity of the corporate investment portfolio (EVIC) (entity-specific information)
Sector 31/12/2023 31/12/2024 31/12/2025
Materials 37.5% 36.3% 36.6%
Utilities 32.2% 25.7% 25.4%
Energy 17.1% 17.6% 19.0%
Industrial 5.5% 7.8% 8.2%
Consumer discretionary 2.2% 2.1% 3.0%
Communication services 2.3% 3.4% 2.3%
Consumer staples 1.4% 1.5% 2.1%
Financial 0.4% 4.1% 1.7%
Health care 0.6% 0.6% 0.8%
Real estate 0.4% 0.4% 0.5%
Information Technology 0.4% 0.4% 0.3%
76. In order to uniquely identify these resolutions, a flag based on thematic codes is used in the internal database.
Carbon intensity of the corporate investment portfolio
(EVIC) (tCO
2
e/€ mln invested) (entity-specific information)
31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025
145
182
128
100
98
89
73
-60.1%
Sustainability Statement
121
The carbon intensity (EVIC) decreased by 60.1% between the end of 2019 and the end of 2025, falling from 182 tCO
2
e/€ million
invested to 73 tCO
2
e/€ million invested. This reduction is the result of several factors. Among them are the continuous decarbonisation
efforts undertaken by the companies in the portfolio, as well as the steady reduction in exposure to sectors and issuers with a
negative impact on climate, accompanied by the prioritisation of new investments in companies with decarbonisation commitments
aligned with the Group’s criteria. Market dynamics also contributed to this result. Over the past year, it was observed that the
increase in EVIC for certain companies within the portfolio has significantly contributed to the overall reduction in carbon intensity.
Throughout 2026, the Group will maintain its commitment to advancing its decarbonisation pathway through the levers mentioned
above, while also monitoring the contribution of exogenous variables (such as EVIC) and their potential impact on performance.
Decarbonisation of real estate portfolio
Metrics related to GRE real estate portfolio (entity-specific information)
31/12/2019 31/12/2024 31/12/2025
2019-2025
change
Absolute emissions of GRE real estate portfolio (tCO
2
e) 405,280 204,639 148,573 -63.3%
Carbon intensity of GRE portfolio (kgCO
2
e/m
2
) 61.2 33.5 23.9 -61.0%
The reduction in carbon intensity (-61.0%) and absolute emissions (-63.3%) compared to the YE2019 baseline reflects the outcome
of Generali Group’s ongoing commitments along the decarbonisation pathway of its real estate portfolio. This progress is supported
by significant investment plans (capex) dedicated, among other things, to the electrification of the real estate portfolio, improvements
in buildings’ energy efficiency, and the increased use of electricity from renewable sources.
A central role is also played by active engagement and constant dialogue with Group’s property tenants, aiming to progressively
expand the availability of real consumption data in place of estimated figures and promote the adoption of energy supply contracts
based on renewable sources.
Finally, alongside the management levers described above, the portfolio’s carbon-intensity reduction has also benefited from the
effect of exogenous variables, such as the decrease in emission factors
77
across countries where properties are located. These
factors reflect changes in national energy mixes and the related decarbonisation plans.
Direct sovereign investments
Government bonds represent a fundamental component of the Group’s overall investment strategy. Consistently with the commitments
made for a gradual decarbonisation of proprietary investments, the Group has started monitoring the carbon emission intensity of
its government bond investments since 2023, with the aim of gradually integrating such metrics and assessments into investment
decisions. Although measuring CO
2
emissions for this category of investments is still constrained by data availability and update
frequency, the Group considers it essential to increase transparency towards stakeholders.
Investing in a country’s government bonds means financing its development policies, including its climate change strategy: accurate
monitoring of the performance of various countries is the starting point for defining a strategy aimed at limiting global warming to
1.5°C.
Metrics related to the Group’s sovereign investments (*) (entity-specific information)
31/12/2023 31/12/2024 31/12/2025
Absolute emissions (production-based approach) - PIL PPA (mln tCO
2
e) 12.9 13.6 13.3
Carbon intensity (production-based approach) - PIL PPA (tCO
2
e/€ mln invested) 136.6 148.5 143.9
Coverage - Carbon intensity 99.9% 99.7% 97.2%
Direct investments in sovereign bonds (€ bln) 94.1 91.5 92.0
(*) The metrics are calculated based on the emissions produced within a specific country (the so-called production-based approach). The perimeter includes sovereign bonds only. Sub-sovereigns, supra-
nationals, and municipals are excluded.
Emissions associated with sovereign bonds are obtained from the MSCI data provider and are based on information from sources such as the United Nations and the World Bank.
77. The emission factor is a coefficient used to quantify the greenhouse gas emissions associated with a building’s energy consumption. It expresses the amount of CO
2
emitted per unit of energy consumed, that is generally
reported in kgCO
2
e per kWh of electricity or thermal energy used.
Annual Integrated Report and Consolidated Financial Statements 2025
122
Generali Group
Support to climate transition
In line with the commitment to support the climate transition, the Group has set a target for investments in so-called climate
solutions, i.e., investments that contribute to decarbonisation and climate resilience, selected based on criteria consistent with
existing taxonomies and market reference frameworks.
The achievement of the target is supported by various types of investments:
• green, sustainable and sustainability-linked bonds
78
(both corporate and sovereign) where, based on the issuance prospectus, the
proceeds are predominantly invested in projects and/or activities aimed at climate change mitigation and adaptation
79
. The bond
instruments eligible for the target, selected on the basis of specific criteria defined by the Group with the support of Generali Asset
Management, represent a subset of the total green, sustainable, social or sustainability-linked investments currently held in the
portfolio, which amounted to €26.3 billion at 31 December 2025;
• real estate investments where properties are aligned with EU Taxonomy or hold high-level sustainability certifications combined
with high energy efficiency
80
;
• funds integrating, within their investment policy, specific climate mitigation and adaptation objectives, as defined by the reference
transparency regulations (SFDR, ESMA guidelines, and similar). All asset classes may be subject to investment in this category,
with a preference for infrastructure, equity, and debt classes.
Investments in climate solutions are also pre-screened through the Group’s negative screening criteria to verify their overall
sustainability profile.
Investments in climate solutions (*) (entity-specific information)
(€ billion) 31/12/2024 31/12/2025
Investments in climate solutions 26.7 35.3
Green, sustainable and sustainability-linked bonds 17.2 22.0
Real estate investments (**) 7.6 10.1
Funds (***) 1.9 3.2
(*) The metrics used for calculating the components refer to the total exposure value at the reporting date: nominal value for bond investments, market value for real estate investments, and committed
capital for funds.
(**) Compared to the baseline value at 31 December 2024, an increase of € 0.8 billion in real estate investments is attributable to methodological refinements related to the technical screening criteria used
to assess the alignment of certain properties in portfolio with EU Taxonomy.
(***) Compared to the baseline value at 31 December 2024, an increase of € 0.5 billion derives from the revision of the investment policies of a fund that has adopted specific climate objectives aligned with
the eligibility criteria set for the Group target.
In 2025, investments in climate solutions recorded a positive trend, with an overall increase of € 8.7 billion, mainly driven by the bond
component, with a significant contribution from green bonds. As regards real estate investments, growth observed in 2025 was
supported by properties aligned with EU Taxonomy. Finally, regarding investments in funds, the increase was mainly attributable to
infrastructure funds, both debt and equity.
In light of its commitment to supporting the climate transition, the Group considers it increasingly important to assess the positive
impact generated by its investments
81
. In this regard, specifically with reference to green, sustainable and sustainability-linked bond
investments within the perimeter of so-called climate solutions, by the end of 2025 the Group had invested € 22 billion in bond
instruments (both corporate and sovereign), whose proceeds are primarily allocated to financing projects related to renewable
energy, clean transportation and green buildings. On an annual basis, these investments contributed to:
• generating 6.9 TWh of renewable energy;
• avoiding 5.0 MtCO
2
of greenhouse gas emissions;
• saving 1.9 TWh of energy.
78. Green, sustainable and sustainability-linked instruments are identified on the basis of official labels, such as, by way of example, the EU Green Bond label, or reference market frameworks (ICMA).
79. For sustainability-linked bonds, the prevalence criterion is assessed based on the indicators linked to the bond.
80. High-level certifications include: BREEAM Very Good or higher; LEED Gold or higher; and equivalent levels of local certifications (HQE, DNGB). High energy efficiency is defined as equal to or better than C or the top 30% in the
reference market.
81. Environmental impact indicators were calculated considering the portfolio investments at 31 December in the bond component within the scope of climate solutions (excluding sustainability-linked bonds). The coverage rate of
the analysis for these instruments in terms of managed assets is 99%. The reference data is the latest available yearly impact data. MainStreet Partners collects relevant data for each bond by reference to public documents
published by the issuers themselves, integrating this information with estimates. Such data reflects the guidelines established by the ICMA Green Bond Principles and Social Bond Principles, internationally recognized by
investors, issuers and financial intermediaries. Data may be obtained by engaging with the issuer directly, where necessary. Impact results are calculated based on the amount invested in each bond in relation to the nominal
amount issued.
Sustainability Statement
123
Asset Manager
Generali comprises a variety of Asset Management firms (AM) specialized in terms of products, solutions and geographical areas.
These AMs offer asset management services both for the Group insurance companies and for third-party clients. Depending on
their business model, target market, client type and size, each AM adopts different environmental, social, and governance (ESG)
integration practices into investments, often customized at the level of individual products or investment portfolio and according to
the client’s preferences, in line with its fiduciary duty.
Considering the number of AMs within the Group and the heterogeneity of ESG approaches, the reporting is focused on the three
AMs characterized by a higher degree of ESG ambition and adopting a more structured approach to integrating climate change and
biodiversity and ecosystems into their investment processes (Infranity, Sycomore AM and Sosteneo). These AMs manage a marginal
share of the entire portfolio of assets managed by the Group’s AMs: their Assets Under Management (AUM) amount to € 20.1 billion
at the end of 2025. Nonetheless, other AMs within the Group also integrate ESG considerations into their investment process, in line
with what is set out in their respective policies and procedures.
Our financial performance, Group’s financial position for further information on the Group’s investments
Strategy
Through its climate strategy, an integral part of its identity, Infranity aims to contribute to the United Nations 2030 Agenda by
selecting and pursuing specific Sustainable Development Goals (SDGs), focusing on sustainable infrastructure and environmental
transition and to align the climate trajectory of its portfolios with the Paris Agreement objectives. As part of these objectives, Infranity
committed to the Net Zero Asset Managers initiative (NZAMi) and set specific targets, validated by the Institutional Investors Group
on Climate Change (IIGCC), in relation to its investments.
To implement its climate strategy, Infranity has developed a proprietary methodology for target setting and assessing the alignment of
assets with 1.5°C climate scenarios. This methodology is consistent with the principles of the Net Zero Investment Framework and
related guidelines for infrastructure assets and with the Net Zero Asset Owner Alliance target setting protocol.
Three main decarbonisation levers are adopted in the investment process:
• avoid: exclusion of investments in environmentally harmful sectors;
• integrate: integration of ESG factors into the investment process by:
- using proprietary methodologies to assess the level of alignment of assets and investments to the net-zero goal;
- defining specific targets at individual fund level and for Infranity’s overall investment portfolio;
• influence: engagement with portfolio assets, with the aim of improving their climate performance.
This strategy is overseen by the Managing Partner responsible for sustainability.
The Natural Capital Strategy represents the framework through which Sycomore AM aims to promote nature-related issues in
investment decisions. Within this strategy, the AM has defined specific investment objectives, validated by the Science Based
Targets initiative (SBTi) and aligned with the Paris Agreement goal to limit global warming to 1.5°C.
The strategy is guided by the first two statutory objectives of its mission:
• provide investment solutions offering clients a source of financial performance and enabling them to be part of a more sustainable
and inclusive economy;
• measure and enhance the net social and environmental contribution of the investments of the AM, in a rigorous, transparent and
understandable manner.
The approach adopted when addressing environmental issues is the following:
• multi-issues: covering biodiversity, natural resources and climate change considerations;
• comprehensive: based on a lifecycle analysis;
• scientific: based on recognized scientific frameworks;
Energy efficiency
9.8%
Water management
3.4%
Sustainable management of resources
3.2%
Pollution prevention and control
2.9%
Other
3%
Climate change adaptation
1.2%
Circular economy
2.7%
Clean transportation
32.4%
Renewable energy
25.5%
Green buildings
15.9%
Investments allocation towards projects based on the Green and Social Bond Principles of the International Capital Market Association
(ICMA) (entity-specific information)
Annual Integrated Report and Consolidated Financial Statements 2025
124
Generali Group
• integrated: embedded in the fundamental analysis of all companies within the investment universe;
• collaborative: conducted through the participation of other stakeholders, to develop indicators as well as to engage investee
companies;
• transparent: on both environmental measurement methodologies and results.
Sycomore AM implements its climate strategy in the investment process through three main levers:
• avoid: exclusion of investments in sectors that are environmentally harmful;
• integrate: definition of different investment strategies. Some of these are focused on climate solutions, while others aim at avoiding
significant ESG risks, including exposure to climate change risks. Additionally, some investment strategies may also be exposed
to companies that are transitioning their business models to align with the objectives of the Paris Agreement;
• influence: engagement with companies that negatively contribute to climate change either through their direct activities or through
products and services. The aim is to encourage those companies to reduce their GHG emissions.
The strategy was approved by Sycomore AM’s Mission Committee, whose role is to monitor progress in the implementation of the
AM mission.
Sosteneo’s vision is to be the reference manager in infrastructure investments supporting the energy transition to renewable energy;
for this reason, the AM invests exclusively in this type of asset class. Its investment strategy focuses on greenfield infrastructure
projects, namely projects that generate additional energy compared to what is already available in the system. These projects are
linked to renewable energy and supporting technologies, in particular initiatives for the construction of photovoltaic and wind power
projects, battery storage systems and other technologies aimed at reducing greenhouse gas emissions, as well as grid assets.
Within this context, Sosteneo supports the decarbonisation process of the economic and energy system and periodically reports, in
accordance with the Sustainable Finance Disclosure Regulation (SFDR), on all the financial products it manages that are classified
under Article 8 or Article 9 of the Regulation. It also adheres to the infrastructure module of the Global Real Estate Sustainability
Benchmark (GRESB), an independent organization that provides validated data on ESG performance and benchmark references.
In order to implement its climate strategy, Sosteneo has adopted an Investment Sustainability Policy that enables the application of
three decarbonisation levers in the investment decision-making process and throughout the entire life cycle of the underlying assets:
• avoid: exclusion of investments in projects exposed to climate and environmental risks;
• integrate: prior analysis of climate and environmental risks during the investment selection phase and monitoring throughout the
investment life cycle;
• influence: engagement on ESG issues, in its role as Investment Manager, with a particular focus on potential deviations from SFDR
sustainable investment status and from alignment with the EU Taxonomy.
Policies
Infranity Sustainable Investment Policy
The Sustainable Investment Policy is the instrument through which Infranity expresses its vision as a responsible investor and its
approach to sustainable investments. Through this policy, Infranity integrates sustainability considerations into the management of
all investments, with the aim to fight climate change and support resilient, inclusive and sustainable economies, notably through the
rational use of resources, biodiversity protection, mitigation of pollution, and access to essential services.
The policy has three main objectives:
• aligning the climate trajectory of the managed portfolios with the objectives of the Paris Agreement and those of NZAMi;
• contributing to specific UN SDGs;
• setting ESG standards including meeting minimum social safeguards and DNSH (Do Not Significantly Harm) principles.
The policy is supplemented by additional and more specific policies and procedures. It is available on Infranity’s website and was
approved by the Board of Directors upon the proposal of the Managing Partner responsible for sustainability, who is tasked with its
implementation.
The policy addresses the issue of climate change in relation to both mitigation and adaptation objectives. Infranity has identified
and expressed its strategic objectives without explicitly distinguishing between mitigation and adaptation. In practice, mitigation is
addressed through assets contribution to reducing GHG emissions, either their own or those of others when they provide climate
solutions. Adaptation is addressed through the analysis of climate risks and the risk management measures implemented by the
companies in which the AM invests.
Specifically, the policy outlines the strategy, the governance and the ways through which the company integrates climate change into
its investment processes. It includes the following phases:
• exclusion of investments related to fossil fuels to mitigate climate change also mandating a full coal phase-out by 2030 in OECD
countries and by 2040 in non-OECD countries;
• assessment and management of sustainability risks and opportunities throughout the investment decision-making process
through Infranity’s ESG due diligence;
• engagement on climate change issues with assets in portfolio, particularly through the NZAMi.
Sustainability Statement
125
Sycomore AM ESG Integration Policy
The ESG Integration Policy describes how Sycomore AM incorporates ESG factors in investment decisions. The objective of the
policy, which covers all assets under management (AUM), is to define portfolio-selection processes aimed at supporting companies
that provide a positive environmental contribution, in order to promote a more sustainable and inclusive economy.
The policy is supplemented by additional and more specific policies and procedures. It is available on Sycomore’s website and was
approved by the CEO. The company’s Head of Sustainability is responsible for its implementation.
The policy addresses the issue of climate change in relation to both mitigation and adaptation objectives. However, at the time of
this reporting, also considering the maturity of market practices, the AM has identified and expressed its strategic objectives without
explicitly distinguishing between mitigation and adaptation.
Specifically, the policy describes the process of integrating ESG considerations - and in particular those related to climate change -
into Sycomore AM’s investment process. This process is implemented through:
• the proprietary ESG integration methodology SPICE, through its environmental component;
• the exclusion of investments in activities and/or companies related to the fossil fuel sector;
• active ownership with investee companies on issues related to climate change;
• the consideration of the main adverse impacts of investment decisions on sustainability factors, including climate change.
Sosteneo Investment Sustainability Policy
The Investment Sustainability Policy is the reference framework for the sustainable management of Sosteneo’s investments in
infrastructure for the energy transition. Applied to all investments, the policy aims to accelerate the transition towards clean energy
- Sosteneo’s core asset class - by contributing to climate change mitigation, investing in the best greenfield projects, and promoting
energy transition efforts.
The policy is available on Sosteneo’s website and was approved by its Board of Directors. The company’s Head of Sustainable
Investments is responsible for its implementation.
The policy addresses climate change with reference to both mitigation and adaptation objectives and outlines Sosteneo’s climate
strategy and governance within the investment process, through the following phases:
• exclusion of investments in projects involved in the exploration and production of fossil fuels and in projects that present
environmental risks;
• identification and quantification of climate and environmental sustainability risks through a screening and assessment process
during the pre-investment phase and throughout the portfolio holding period;
• engagement on ESG matters, in the role of Investment Manager, with respect to sustainable investments, with a particular focus
on deviations from SFDR sustainable investment status or from alignment with the EU Taxonomy.
Actions
To achieve the goals outlined in its policy and meet its climate targets, Infranity integrates sustainability criteria into its investments
through the following main actions, presented by decarbonisation lever and implemented on an ongoing basis.
Decarbonisation
levers
Scope of application Actions
Avoid All AUM
Measures aimed at limiting exposure to carbon-intensive assets through the exclusion of investments in fossil fuel
sectors, such as coal and unconventional fossil fuels. These exclusions are applied following the specific criteria
outlined in the Sustainable Investment Policy and related policies and procedures.
Integrate
All AUM
Climate analysis of investment opportunities and their impact on funds in order to limit the exposure to assets that are
not aligned with a net-zero trajectory and that have a high exposure to climate risks.
Majority of AUM
When possible and relevant, definition of a percentage target for funds to be aligned with net-zero emissions within a
specific period of time.
Influence All AUM
Engagement activities aimed at improving the climate performance of the portfolio holdings. All AUM are considered,
but the engagements are conducted based on a prioritization of the assets in the portfolio based on the materiality of
the topic for the asset, the potential for improvement and the leverage that Infranity can exercise over the asset.
Sycomore AM integrates sustainability within its investments, in line with the principles guiding its policy, through the following main
actions, presented by decarbonisation lever and implemented on an ongoing basis.
Annual Integrated Report and Consolidated Financial Statements 2025
126
Generali Group
Decarbonisation
levers
Scope of application Actions
Avoid
Exclusion of investments to limit exposure to sectors related to fossil fuels according to the specific criteria outlined
in the ESG Integration Policy and the related policies and procedures. Three levels of exclusion are applicable:
All direct investments
• Core: exclusion criteria applied on companies operating in the thermal coal sector or involved in severe
controversies in violation of the principles of the United Nations Global Compact (UNGC);
Open-ended UCITS funds
within Sycomore AM's SRI
range; SRI-certified funds;
mandates and dedicated
funds managed according to
a SRI strategy
• SRI: applied in addition to the Core exclusions, these pertain to companies involved in sectors related to thermal
coal, production of carbon-intensive electricity, conventional and unconventional oil and gas sectors and
development of new oil and gas projects;
Label-certified funds and
mandates
• related to specific certifications: applied in addition to the Core and SRI exclusions, they involve the exclusion of
sectors outlined by the respective sustainability certification (e.g., Towards Sustainability, Relance label, FNG-
Siegel, Umweltzeichen and Greenfin ecolabels).
All sustainable investments
Consideration of the principal adverse impacts of investment decisions on climate change, with the aim of limiting
exposure to companies that have not established a transition plan compatible with scenarios consistent with an
increase in global average temperatures of 1.5°C.
Integrate All AUM
Systematic ESG integration of risks and opportunities related to climate change and other environmental factors
into investment decisions through the proprietary SPICE methodology.
Influence
All AUM
Individual and collective engagement with the highest GHG emitters in its portfolio with the aim to encourage them
to improve their practices.
All AUM Voting on issues related to climate change at investee companies’ general meetings.
In order to achieve the objectives set out in its policy, Sosteneo integrates sustainability criteria into its investments through a series
of actions, organized by type of decarbonisation lever and implemented on an ongoing basis.
Decarbonisation
levers
Scope of application Actions
Avoid All AUM
Exclusion from the investable universe of projects and companies linked to projects involved in:
• exploration and production of fossil fuels (including oil sands, shale, tight oil and gas, and activities in the Arctic
Circle);
• greenfield or brownfield projects in the upstream, midstream, and downstream oil sector;
• greenfield projects in the upstream gas sector;
• greenfield or brownfield projects in the midstream and downstream gas sector (*);
• electricity generation with high greenhouse gas intensity (≥100 gCO
2
e/kWh) where such activities generate
revenues equal to or greater than 50%;
• exploration, extraction, distribution, or refining of hard coal and lignite generating revenues equal to or greater than
1%.
Integrate
All AUM
Climate risk analysis, covering both physical and transition risks, and assessment of their material financial impact on
investments and investment decisions.
Alternative Investment
Funds and portfolio
management mandates
that qualify as financial
products under Article 8
or Article 9 of the SFDR
Definition, integration, and monitoring of climate sustainability indicators (Principal Adverse Impacts - PAIs) within
investment decisions.
All investments aligned
with the EU Taxonomy
Integration of physical climate risk exposure assessment for investments aligned with the EU Taxonomy.
Influence All AUM
• The manager, in its role as responsible for sustainable investments, carries out engagement activities through due
diligence processes, with a focus on the holding phase, sustainability indicators, and follow-up actions;
• Project companies are involved in monitoring and engagement activities to discuss any deviations from SFDR
sustainable investment designation or EU Taxonomy alignment and, where applicable, to agree on remedial
management actions.
(*) The exclusion applies only to activities subject to revenue and portfolio thresholds.
Responsible insurer
Strategy
As a Responsible insurer, in order to reduce the negative impacts caused by its business on the environment and to contribute to the
resilience and adaptation of the communities in which it operates increasingly facing the consequences of extreme weather events,
as well as to mitigate the financial risk that could arise, the Group has developed and continues to develop insurance solutions that
offer coverage and services to customers with habits, behaviours, or activities that respect the environment and/or meet protection
needs against natural and climate-related risks. Generali also aims to progressively decarbonize its insurance portfolio to achieve
Sustainability Statement
127
net-zero greenhouse gas emissions by 2050, in line with the objectives of the Paris Agreement and the global warming scenario of
1.5°C compared to pre-industrial levels.
Policies related to climate change for further information on Generali Climate Transition Plan
Policies
Responsible Underwriting Group Guideline
The Responsible Underwriting Group Guideline outlines principles and rules aimed at integrating considerations, including climate
change, on the sustainability profile of clients/companies into the P&C underwriting process. To minimize exposure to potential
sustainability and reputational risks, the Group considers the sustainability profile of clients/companies, with the goal of reducing
underwriting of risks belonging to sensitive sectors (e.g., thermal coal and conventional and unconventional oil & gas).
The Group seeks to play an active role in managing sustainability issues by promoting adherence to and implementation of the
UN Global Compact, the United Nations Environment Programme Finance Initiative, and the UNEP FI Principles for Sustainable
Insurance (PSI).
The guideline applies to individually negotiated contracts tailored to specific customer needs for SME and Global Corporate &
Commercial business segments and is published in a summarized version on the Group website (www.generali.com/sustainability/
responsible-insurer/sustainability-into-underwriting).
Climate change mitigation
The Group translates its climate commitments into concrete actions integrated into the underwriting process, aimed at reducing
negative impacts and associated risks. These actions are implemented through the following decarbonization levers:
• exclusion (or limitation) of underwriting risks not aligned with the net-zero 2050 target (e.g., fossil fuel sector);
• integration of insurance offerings with products supporting customers’ fair energy transition (e.g., renewable energy and hybrid/
electric vehicles);
• engagement to influence customers towards a fair transition, accompanying them as a Lifetime Partner and supporting them with
tailored climate-related products to reduce their greenhouse gas emissions.
Exclusion
The Group is committed to decarbonizing its P&C insurance portfolio by applying increasingly stringent restrictions to underwriting
activities related to thermal coal and oil & gas sectors.
Scope of application Actions
Group P&C insurance portfolio
Exclusion criteria are applied with regard to direct premiums arising from the underwriting of risks related to the following sectors:
• thermal coal (*): restrictions are applied to both existing and new customers. In particular, insurance cover is not renewed for
those clients whose decarbonisation and coal sector phase-out policies are assessed as not in line with Generali’s strategy
and, since 2018, insurance cover is not offered for the construction of new coal mines, new infrastructure and new coal-fired
power plants. The phase-out plan from the coal sector will be reached by 2030 for clients operating in OECD countries and by
2038 for clients in the rest of the world (**);
• oil & gas: the Group does not insure customers’ assets related to oil and gas exploitation and extraction (upstream segment)
activities, both conventional (***) and unconventional. Concerning the unconventional tar sands and hydraulic fracturing
fracking sectors, the restrictions also apply to transportation infrastructure (midstream segment). In addition, since 1 January
2025, the Group does not offer new covers for midstream/downstream assets of customers who do not demonstrate to have
sufficiently solid commitments to reduce their emissions.
(*) Companies operating in the thermal coal sector (identified as customers) are defined as those with: coal revenues exceeding 20%, coal-fired electricity production exceeding 20%, installed coal-fired
electricity generation capacity exceeding 5 GW, extraction of more than 10 million tonnes of coal per year, companies involved in the construction of new mines and/or new coal-fired power plants and/
or new coal transport infrastructure.
(**) The target for residual exposure to the thermal coal sector was defined through a process involving eight thermal coal companies based in Central and Eastern European countries, which began in July
2018 and ended in 2022 with the termination, by mutual agreement with the customers still in the portfolio, of the residual insurance cover relating to coal assets. In defining this target and the related
time horizons, the Group took into account the recommendations of the IPCC, which call for an acceleration of the phase-out of the thermal coal sector and a shift towards renewable energy sources, the
scenarios of the IEA, which predict that advanced economies must eliminate energy generation from unabated coal by 2030, while emerging markets and developing economies must do so by 2040.
(***) Unless residual with respect to the customer’s main activity (less than 10% of the value of the covered assets).
Annual Integrated Report and Consolidated Financial Statements 2025
128
Generali Group
Thanks to the commitments made, over the years the Group has succeeded in limiting its exposure to the thermal coal and oil and
gas sectors. In particular, the residual insurance exposure to the thermal coal sector
82
and the insurance exposure to the oil and gas
sector confirm the values recorded at 31 December 2024: they are respectively less than 0.1% of the premiums of the Group P&C
insurance portfolio and equal to 0.0% of the same aggregate, in line with the Group’s risk appetite.
Integration
The Group’s commitment to mitigating the effects of climate change is reflected in the identification and ongoing development of
insurance solutions that offer covers and services to customers with habits, behaviours or activities that respect the environment
and/or contribute to reducing emissions and mitigating climate impacts.
Scope of application Actions
Group P&C insurance portfolio
The Group offers climate insurance solutions - identified according to an internal classification as those that contribute most
to climate change mitigation - which can be grouped into the following categories:
• green mobility: these are products that offer covers and services dedicated to sustainable mobility and/or with a reduced
environmental impact, including covers offered to customers who, through their driving behaviour, can contribute to
reducing CO
2
emissions. This category includes insurance products dedicated to electric and hybrid vehicles, those that
reward customers with low annual mileage and responsible driving behaviour, thanks also to the use of telematic devices,
or those designed for other means of transport, such as bicycles and scooters;
• renewable energy: these are products covering risks related to the production of renewable energy. Policies covering
renewable energy production equipment guarantee reimbursement for damage caused to solar panels, photovoltaic
panels or similar systems, which can be supplemented with guarantees to protect against loss of profit resulting from the
interruption or reduction of electricity production;
• energy efficiency: these are products designed to cover energy efficiency measures in buildings. In some cases, advice is
provided to customers to identify opportunities to optimize consumption and thus reduce environmental impact.
Climate insurance solutions generated € 2,223 million premiums, up compared to 31 December 2024. Growth was driven by the
contribution of all companies in the Group and, in particular, by the green mobility category, which benefited from the increase in
electric and hybrid vehicles insured and the offering of dedicated products, as well as the positive impact of certain commercial
partnerships.
As part of its Lifetime Partner 27: Driving Excellence strategy, the Group intends to further support climate transition through a growth
target for gross direct written premiums from climate insurance solutions (+8-10% CAGR 2024-2027).
82. Deriving from property, engineering and marine covers of coal-related business.
31/12/2025 31/12/2024
1,965
1,637
Green mobility
Renewable energy
Energy efficiency
Premiums from climate insurance solutions by category (€ million) (entity-specific information)
56
202
157
27
Sustainability Statement
129
Metric and target (entity-specific information)
Strategic target Metric Result of the metric at Target (*) Target
reference period
Baseline and
base year
31/12/2025 31/12/2024
Climate transition support
Gross direct written
premiums from climate
insurance solutions
€ 2,223 mln € 1,821 mln
+8-10% CAGR gross
direct written premiums
from climate insurance
solutions
2024-2027
€ 1,821 mln
(2024)
(*) The target is inspired by the re/insuring the transition target described in the Target Setting Protocol, a document drawn up by the Net Zero Insurance Alliance (now defunct) to help its then members
set targets for net-zero. Specifically, the re/insuring the transition target involved offering insurance solutions for activities that avoid, reduce, or remove emissions. Hence the decision to consider
the categories of green mobility, renewable energy, and energy efficiency in defining the Group’s metric. The target, which is valid on the basis of the European Union’s current climate commitments
and is therefore subject to market constraints, was defined through close collaboration between the Group and its main companies and is based on an internal classification designed to facilitate the
identification of the categories that contribute most to climate change mitigation. The target is monitored on an annual basis through data collection in a centralized system, while the relevant Group
function performs a managerial review of the data provided by the companies on the information collected.
Climate insurance solutions support climate transition, including by incentivizing customers to change their habits, such as adopting
more environmentally friendly driving styles. These are therefore levers/actions that also contribute to the decarbonization of the
personal motor insurance portfolio.
At 31 December 2025, the emission intensity of the personal motor insurance portfolio decreased to 0.26 ktCO
2
e/€ million, mainly
due to the increase in premiums, as a natural consequence of the pricing policies implemented to cope with inflation. However, also
absolute emissions associated
83
with the personal motor insurance portfolio, with a data quality score almost stable at 2.5, showed
a reduction: they fell from 1,900,289 tCO
2
e at 31 December 2021 to 1,595,057 tCO
2
e at 31 December 2025. The 16.1% decrease
benefited from the increase in the share of hybrid and electric vehicles and, more generally, the decrease in kilometres driven and
improved technology in combustion vehicles, which are less emissive.
As part of its Lifetime Partner 27: Driving Excellence strategy, the Group intends to reduce the emission intensity associated with its
personal motor insurance portfolio in Italy, Germany, France, Switzerland, Austria, the Czech Republic, Hungary, Slovenia, Poland,
Spain and Portugal by 30.0% by 2030, thus covering 52.1% of total gross direct premiums for the motor line.
Metric and target (entity-specific information)
Strategic target Metric (*) Result of the metric at (**) Target (***) Target
reference period
Baseline and
base year
31/12/2025 31/12/2024
Decarbonization of
the personal motor
insurance portfolio
Emission intensity
of personal motor
insurance portfolio
0.26 ktCO
2
e/€ mln 0.30 ktCO
2
e/€ mln
-30% emission intensity
of personal motor
insurance portfolio
2021-2030
0.35 ktCO
2
e/€ mln
(2021)
(*) The emission intensity of the personal motor insurance portfolio is calculated as the ratio of the absolute emissions of the vehicle associated with the insurer to the policy premiums (net of commissions).
The methodology used to calculate the metric and the related target is in line with PCAF standards, as is the scope of application. It should be noted that the collaboration with PCAF has proved useful
in defining a standardized methodology for measuring greenhouse gas emissions associated with the insurance portfolio (insurance-associated emissions).
(**) The result of the metric always refers to the previous financial year due to lack of availability at the time of reporting.
(***) The target, which is valid on the basis of the European Union’s current climate commitments and is therefore subject to market constraints, is aligned with the scientific pathway of the IPCC’s Sixth
Assessment Report, which identifies the emissions reductions needed by 2030 to remain in line with the 1.5°C scenario. It was defined thanks to close collaboration between the Group and its main
companies: not only was an excellent level of consensus reached on the feasibility of achieving the target, but also on the various technical levers to be implemented. The target is monitored on an annual
basis and involves data collection in a centralized system, while the relevant Group function carries out a managerial review of the information collected.
Engagement
Engagement with corporate clients is a cornerstone of Generali’s sustainability journey. The Group fosters collaborative relationships,
guiding and supporting clients in their efforts to reduce emissions.
Scope of application Actions
Global Corporate & Commercial
insurance portfolio
The approach to customer engagement is developed through the following levers:
• clients engagement in supporting climate transition by promoting dialogue on sustainability: Generali is actively committed
to working with its clients to accompany them on the path towards responsible climate transition. This involves initiating and
maintaining a constructive and ongoing dialogue on environmental sustainability issues, with the aim of identifying shared
solutions, promoting virtuous behaviour and encouraging the adoption of business practices with low environmental impact;
• expansion of climate-related insurance solutions, guided by clear and measurable objectives: innovation in climate risk
insurance covers is promoted through the development and expansion of specific products. This expansion is guided by well-
defined strategic objectives, which aim to strengthen clients’ resilience to extreme weather events and support the transition to
a more sustainable economy;
• adherence to the Group’s principles for responsible underwriting: all underwriting activities are conducted in strict compliance
with the principles of responsibility defined at Group level. This includes the assessment of environmental, social, and
governance (ESG) risks in decision-making processes to ensure that insurance operations are consistent with sustainability
commitments and responsible risk management.
83. The methodology used to calculate the metric and data quality is in line with PCAF standards.
Annual Integrated Report and Consolidated Financial Statements 2025
130
Generali Group
The combined adoption of these levers is in line with the Group’s ambition - defined in its Lifetime Partner 27: Driving Excellence
strategy - to reduce the emission intensity of Global Corporate & Commercial insurance portfolio by 40.0% by 2030, with specific
reference to clients who publish data on their emissions and who account for 40.0% of total premiums in Global Corporate &
Commercial.
At 31 December 2025, the emission intensity of Global Corporate & Commercial insurance portfolio was reduced compared to both
baseline 2021 and result at 31 December 2024, mainly thanks to:
• reduction in absolute associated emissions. Absolute associated emissions, with a data quality score at 1, fell from 138,010
kgCO
2
e at 31 December 2021 to 115,310 kgCO
2
e at 31 December 2025. This improvement (-16.4%) also benefited from a
lower attribution factor determined by the ratio of premiums collected from the insured client to related revenues: the more than
proportional increase in revenues compared to premiums resulted in a lower share of emissions attributable to the insured portfolio;
• increase in insurance premiums, that contributes to widening the denominator of the emission intensity indicator, favouring its
reduction;
• decrease in average emissions per clients, confirming a shared path of integrating sustainability into the business, which has led
to a progressive reduction in the environmental impact of the portfolio compared to the baseline.
Metric and target (entity-specific information)
Strategic target Metric (*) Result of the metric at (**) Target (***) Target
reference period
Baseline and
base year
31/12/2025 31/12/2024
Decarbonization of
Global Corporate &
Commercial insurance
portfolio
Emission intensity of
Global Corporate &
Commercial insurance
portfolio
0.18 ktCO
2
e/€ mln 0.20 ktCO
2
e/€ mln
-40% emission intensity
of Global Corporate &
Commercial insurance
portfolio
2021-2030
0.27 ktCO
2
e/€ mln
(2021)
(*) The emission intensity of Global Corporate & Commercial insurance portfolio is calculated as the ratio of client emissions associated with the insurer to client premiums (net of commissions). The
methodology used to calculate the metric and the related target is in line with PCAF standards, as is the scope of application. It should be noted that the collaboration with PCAF has proved useful in
defining a standardized methodology for measuring greenhouse gas emissions associated with the insurance portfolio (insurance-associated emissions).
(**) The result of the metric always refers to the previous financial year due to lack of availability at the time of reporting.
(***) The target, determined on the basis of the European Union’s current climate commitments, was defined in close collaboration between the Group and BU Global Corporate & Commercial, sharing the
feasibility of achieving the objective and the technical levers to be implemented. The target is monitored on an annual basis and involves data collection in a centralized system, while the relevant Group
function performs a managerial review of the information collected.
Climate change adaptation
Adaptation to climate change, together with its mitigation, is a fundamental pillar of the Lifetime Partner 27: Driving Excellence
strategy. Indeed, considering the general increase in extreme natural events, both in terms of frequency and intensity, and the low
level of insurance coverage penetration for individuals and businesses, the Group is committed to reducing the protection gap
against catastrophe risks. In this context, particular attention is given to SMEs, which represent the backbone of the global economy.
This implies expanding the portfolio of customized solutions and services by developing coverages for natural catastrophes and
parametric insurance products, as well as promoting public-private partnerships to improve readiness and resilience in the event of
catastrophe events.
In line with the Group’s strategy, in 2025 Generali established the Group Climate Hub: a center of excellence designed to coordinate
and accelerate climate initiatives. The Hub plays a key role in defining methodologies and approaches to understand and manage
physical risks, supporting their integration across the entire insurance value chain. It also monitors technical profitability and provides
strategic guidance to the business in collaboration with other functions, complementing mitigation activities with those aimed at
climate change adaptation.
The ambition is to create a knowledge and innovation platform that, also through strategic partnerships, leverages both internal
expertise (such as information assets from historical catastrophe loss data) and external know-how (e.g., in the scientific field). This
approach aims to strengthen the Group’s ability to understand and anticipate extreme weather events and enhance the resilience
of the communities where it operates.
In this context, the Hub has started working with some of the Group’s main BUs (Italy, France and Czech Republic) on priority topics,
and later extended them to others (Germany, Austria, Spain, Portugal, Poland and Hungary) with the aim of developing approaches
and tools that can be scaled across most of the markets where Generali operates. The first outcomes of this process are expected
during 2026.
Key areas of work include:
• climate risk modelling and analysis: the Hub aims to make these activities increasingly sophisticated, starting with risks related to
windstorms and severe convective storms. To achieve this, the Group leverages extensive internal cross-country databases on
claims, policies, and insured assets, enriching them with geospatial imagery and meteorological data from external partners. This
approach supports the calibration of models provided by external vendors and, where necessary, the development of in-house
modelling solutions;
• prevention and adaptation: initiatives aimed at reducing natural catastrophe losses before they occur, promoting proactive
protection measures for customers and insured assets, also keeping in consideration EU Taxonomy and EIOPA initiatives. Generali
encourages the adoption of these measures, making adaptation a tangible and essential component of the insurance relationship,
Sustainability Statement
131
also through technical awareness initiatives and advisory activities carried out by distributors. To ensure consistency, the Hub
is defining a common approach to guide the implementation of preventive measures across different markets, strengthening
collaboration with specialized partners;
Environmental information, Disclosure pursuant to art. 8 of Regulation 2020/852/EU (Taxonomy Regulation)
• risk accumulation monitoring: an initiative focused on developing methodologies and tools to assess portfolio diversification, a key
condition for increasing exposures, helping to close the insurance gap while maintaining financial stability in the medium to long
term.
The Group is developing metrics and targets to verify the effectiveness of its actions on climate adaptation, specifically for assessing
its positive impact on climate and managing physical risk, in line with the Lifetime Partner 27: Driving Excellence strategy.
Biodiversity and ecosystems
Biodiversity plays a fundamental role in human well-being and economic activities, as it is a key element in the provision of ecosystem
services by nature for the benefit of humanity. Legislators, central banks, and regulators recognize the risks that biodiversity loss
poses to economic activities and financial systems.
In December 2022, at the United Nations Conference of the Parties (COP15) in Montreal, the Kunming-Montreal Global Biodiversity
Framework, which includes 23 new goals, was adopted. Not all goals are quantitative, and actions are needed to translate them into
quantifiable and standardized objectives for implementation by governments and the private sector.
Biodiversity loss has also emerged as a major global risk, with far-reaching environmental, social, economic, and financial implications.
Scientific evidence
84
highlights a rapid decline in biodiversity and degradation of ecosystems across multiple indicators. This ongoing
phenomenon affects sectors that rely heavily on ecosystem services: more than half of global gross domestic product (GDP) is
generated in sectors dependent on nature
85
and biodiversity loss and ecosystems collapse are recognised as among the top
three most severe risks over the long term (10 years)
86
. These dynamics are increasingly relevant for institutional investors and
asset owners. Biodiversity and nature-related loss can generate significant economic risks and may potentially jeopardise financial
stability
87
. It can affect the value of investments, the frequency and intensity of insured losses, and the overall risk profile of insurers’
portfolios.
The Group recognizes the importance of the biodiversity topic and is committed to undertaking a path to mitigate the potential
negative impact arising from the exposure of its own investment portfolio and third-party investments, as well as the insurance sector,
to activities harmful to biodiversity. The disclosure adopts an entity-specific approach through the description of policies, actions, and
metrics in place, in order to reflect the peculiarities of its business.
Responsible investor
Asset Owner
Strategy
As institutional investor and Asset Owner, Generali has identified the conservation and/or restoration of biodiversity as one of the
emerging and most relevant sustainability topics to be developed and a complementary pillar to our climate strategy. The link
between climate change and biodiversity is increasingly evident: the territory’s biodiversity is influenced by the effects of climate
change, yet it also represents one of the most important lines of defense, for example through the capacity of forests to sequester
and store atmospheric carbon. This link is so strong that Generali’s strategy should be oriented toward protecting nature in a broader
and more comprehensive sense.
The Group is committed to developing its sustainable investment framework and gradually integrating biodiversity considerations
into its investment decisions to assess, measure and mitigate impacts and dependencies due to exposure to economic activities:
• producing pressures that alter ecosystems and impact biodiversity (impact materiality);
• with dependencies on biodiversity and ecosystem services (financial materiality), where dependency refers to an activity’s reliance
on ecosystem services for its production or operations.
This objective will be pursued progressively, in line with the availability of scientific methodologies together with complete and reliable
data that can assess the biodiversity-related exposure of the investment portfolio and quantify the resulting positive and negative
impacts.
84. Source: Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) (2024). Assessment Report on the Interlinkages Among Biodiversity, Water, Food and Health.
85. Source: World Economic Forum (2020). Nature Risk Rising, Why the Crisis Engulfing Nature Matters for Business and the Economy.
86. Source: World Economic Forum (2026). The Global Risks Report 2026. 21
st
Edition.
87. Source: Network of Central Banks and Supervisors for Greening the Financial System (2022). Statement on Nature-Related Financial Risks.
Annual Integrated Report and Consolidated Financial Statements 2025
132
Generali Group
During 2024, the Group initiated collaborations with relevant initiatives and carried out a pilot exercise, on a reduced perimeter of
Generali France’s portfolio, which allowed for an in-depth study of the various metrics available on the market and their use. During
2025, the Group further extended the analyses to include its direct investments in corporate issuers (both listed equity and bond
instruments) and performed a qualitative and quantitative assessment to determine the impact and dependency of its investments
on biodiversity. To do so, an assessment at sectoral level was performed, prior to an issuer-level measurement of the biodiversity
footprint. These initiatives and their outcomes are presented in detail in the Metrics section.
Policies
The Investment Governance Group Policy and the Integration of Sustainability into Investments and Active Ownership Group Guideline
outline the methodologies for integrating sustainability factors into the decision-making process of the proprietary investments,
including considerations related to biodiversity as specified in the Actions section.
Climate change, Responsible investor for further details on policies
Actions
In addition to the actions undertaken to limit climate change, those presented below aim to demonstrate how investment decisions
can limit the negative impact on biodiversity. Specifically, the concrete actions that Generali integrates into its investment process to
limit the negative impacts on biodiversity draw on two of the three approaches already applied to climate change: exclusion as well
as engagement and voting.
Exclusion
The Group adopts policies aimed at limiting and/or excluding investments in issuers whose activities (or policies in the case of
sovereign issuers) have a significantly negative impact on biodiversity.
In addition to the exclusions already mentioned in Climate Change (which can also limit the loss of biodiversity of the territory, such
as unconventional oil and gas), other specific exclusions apply to both direct investments and funds.
Asset type Asset class Actions
Direct investments
Corporate issuers
New investments are prohibited, and gradual divestment from issuers responsible for serious environmental
abuses, including the destruction of natural capital and damage to the biodiversity of the territory, is required.
Sovereign issuers
New investments are prohibited, and gradual divestment is required from countries that show evident
controversies related to their environmental impact, where the analysis of such impact also includes the
deforestation of the territory.
Indirect investments
(funds)
Liquid assets (corporate
and sovereign)
Investments in funds are subject to a due diligence process that also includes sustainability criteria. In
particular, among the criteria used for fund selection, it is verified that the fund or the AM has adopted an
exclusion policy for companies accused of major environmental controversies, including those related to
biodiversity loss.
Engagement and voting
The Group undertakes specific active ownership actions to encourage the companies in which it invests to reduce their negative
environmental impact and adopt measures to safeguard biodiversity.
Stakeholders involved Actions
Investee companies
Engagement
The Group engages with companies that, through their direct or indirect activities, are exposed to material biodiversity risk or are generating
significant negative impact on biodiversity. The identification of companies with which to seek dialogue is based on multiple complementary
approaches:
• an annual screening of the Group’s portfolios, conducted using data from MSCI, to identify issuers involved in material environmental
controversies that could have an impact on biodiversity, such as industrial site and packaging pollution, palm oil sourcing;
• an annual alignment of Generali’s holdings with the list of companies identified as priorities for engagement by Nature Action 100, in
accordance with the initiative’s methodology;
• an annual alignment of Generali’s holdings with the companies prioritized for engagement under the PRI Spring framework, based on the
initiative’s methodology.
These approaches result in a list of priority companies, with which Generali undertakes either direct individual engagement or collective
engagement through collaborative investor initiatives.
Voting
As for voting activities, the Group’s voting principles are aligned with the content of the environmental objectives of Regulation 2020/852/
EU (known as Taxonomy Regulation). Generali uses voting to express expectations and promote accountability in relation to companies
operating in biodiversity-sensitive areas. Through its voting decisions, Generali encourages companies to appropriately identify and manage
material environmental risks, and to enhance transparency around risk assessments, management measures and related outcomes.
Sustainability Statement
133
Metrics
As a core approach for addressing biodiversity-related impacts, engagement plays a crucial role to establish a constructive dialogue
with investee companies and to encourage them to better integrate biodiversity considerations into their strategies. Continuous
dialogue with them allows the Group to monitor and support the improvements by tracking progress over time. Engaged companies
are identified based on the complementary criteria described above.
In parallel, to ensure a robust framework for integrating biodiversity considerations into the Group’s management practices, quantitative
analyses are essential. They provide a solid foundation that anchors the approach in science-based indicators and key performance
metrics. In this context, the Group assesses and monitors the portfolio’s exposure to biodiversity risk at two levels: sector and issuer.
These two layers of analysis provide complementary insights into the overall biodiversity profile of Group’s investment portfolio.
The sector-level analysis complements the assessment carried out by the Group Risk Management (GRM) function in line with
regulatory expectations for the Own Risk and Solvency Assessment (ORSA) process. Specifically, GRM performs an independent,
exposure-based risk analysis of the investment portfolio using the Taskforce on Nature-related Financial Disclosures (TNFD)
framework, which covers a broader and distinct perimeter of investments.
Engagement and voting
In terms of dialogue with issuers, starting from 2023, Generali has implemented a thematic engagement plan on biodiversity,
engaging in discussions with selected companies in its investment portfolio. In particular, in 2025, the Group directly engaged with
22 of the most significant companies in its portfolios, analysing their sustainability strategies and assessing the alignment of their top
management incentives with environmental goals. In 2025, Generali continued its engagement activities with investee companies
through 5 individual dialogues and 17 collective initiatives, such as the Nature Action 100, which the Group joined in 2024, and PRI
Spring collective engagement framework, joined in 2025. In terms of industrial sectors, the engagements are largely related to the
consumer staples sector.
Sector level assessment: impact and dependency on biodiversity
The Group recognises the growing importance of assessing whether its investment portfolio is exposed to economic activities that
are dependent on biodiversity and ecosystem services and that have an impact on biodiversity and ecosystems.
In that regard, the Group has conducted a specific assessment on its direct investments in corporate issuers (listed equities and
corporate bonds) relying on data collected from ENCORE database
88
.
88. ENCORE database is developed and maintained by the ENCORE Partnership (Global Canopy, UNEP-FI and UNEP-WCMC). Analyses based on the ENCORE database are used to identify, assess, and prioritize biodiversity-related
risks by linking economic activities to their dependencies and impacts on ecosystem services. ENCORE provides a science-based mapping among sectors, natural capital dependencies, and environmental pressures, enabling
organizations to understand where and how their activities or investments are exposed to nature-related risks. These analyses help translate biodiversity loss into financially relevant risk drivers - such as physical, transition,
and systemic risks - thereby supporting risk materiality assessments, strategic decision-making, and the integration of biodiversity considerations into risk management frameworks.
Sector breakdown of the share of Group investment portfolio invested in sectors considered as having a material impact (high or very high)
on biodiversity (entity-specific information) (*)
Manufacture of tobacco products
3.6%
Manufacture of motor vehicles, trailers and semi-trailers
7.5%
Civil engineering
4.5%
Postal and courier activities
3.1%
Water collection, treatment and supply
3.3%
Others
15.8%
Manufacture of computer, electronic, electrical equipment
12.2%
Manufacture of chemicals and chemical products
9.3%
Other manufacturing
8.2%
Electricity, gas, steam and air conditioning supply
20.0%
Extraction and manufacture of fossil fuels
12.5%
25.3%
of Group
investment portfolio
(*) Percentages displayed refer exclusively to the portion of the portfolio identified as invested in sectors with material biodiversity impact and therefore do not refer to the total perimeter analysed.
Annual Integrated Report and Consolidated Financial Statements 2025
134
Generali Group
At the end of 2025
89
, 25.3% of the Group portfolio is invested in sectors considered as having a material impact
90
on biodiversity.
Within this share, a significant contribution comes from issuers involved in the following sectors, which together represent almost half
of the total: electricity, steam and air conditioning supply; extraction and manufacturing of fossil fuels; and manufacture of computer,
electronic and electrical equipment. Some of these sectors have a direct impact on biodiversity, while others generate indirect
impacts. For example, the production of computers and peripheral equipment may involve the use of large quantities of chemicals
that can pollute soil and water. Electricity generation, by contrast, affects biodiversity mainly indirectly through greenhouse gas
emissions and their contribution to climate change, which in turn has negative consequences for biodiversity.
These results make it possible to identify the sectors that can be considered potentially the most impactful within the Group’s
portfolio. A detailed analysis of the data also allows to understand, for each of them, the main pressures exerted on the environment.
Taken together, these insights provide an initial basis for identifying counterparties that could have a significant impact.
At the end of 2025, 27.1% of the Group portfolio is invested in sectors considered as having a high or very high dependency on
ecosystem services. Within this share, a significant contribution comes from issuers involved in the real estate activities, manufacture
of pharmaceuticals and manufacture of food and beverages sectors. These sectors are highly dependent on the resources and
ecosystem services provided by biodiversity. For example, the manufacture of beverages relies on ecosystem-provided water supply
services to ensure sufficient water quantity and quality. In the pharmaceutical sector, many active ingredients originate directly from
plants, animals, fungi, or microorganisms; this means that biodiversity loss reduces the potential for discovering new medicines. The
real estate sector, in turn, is highly dependent on visual amenity services: proximity to natural areas, parks, and other green spaces
increases the attractiveness - and therefore the value - of most real estate assets.
This sectoral analysis provides a better understanding of the portfolio’s dependencies. It highlights the main sectors characterized
by a material dependence on ecosystem services (e.g., real estate, manufacture of food and beverages, extraction and manufacture
of fossil fuels, electricity, pharmaceuticals). Once these have been identified, the analysis makes it possible to determine which
ecosystem services they depend on and thus to better understand the link between economic activity and the services provided by
nature.
The materiality assessment carried out using ENCORE is a widely adopted market practice. However, it is important to acknowledge
that the underlying methodology continues to evolve, reflecting ongoing scientific advancements as well as developments in
regulatory and strategic frameworks. Accordingly, future results may change as more advanced methodologies and more robust
datasets become available. It is also important to note that sector-level assessments (for both impacts and dependencies) are
based on the issuers included by ENCORE in its sector classification. These assessments do not consider the specific issuers in the
Group’s portfolio within each sector, nor do they include location-specific information or capture differences within the same sector.
Therefore, when a high dependency is identified for a particular economic activity, this does not imply that all companies operating
in that activity share the same level of dependency or exert the same level of pressure.
89. The total perimeter of the analysis refers to direct investments in listed equities and corporate bonds, amounting to € 104 billion at year-end 2025, with a total coverage rate of 98% for both impact and dependency metrics.
90. High and very high impact categories are considered as material for the analysis. The assessment covers 271 economic activities. Every sector is given a score ranging from very low to very high for each pressure and each
dependency on an ecosystem service. By aggregating the scores by sub-factor, an overall impact or dependency score for each sector is obtained.
Civil engineering
4.2%
Manufacture of other non-metallic mineral products
4.7%
Land transport and transport via pipelines
4.3%
Water collection, treatment and supply
3.0%
Manufacture of tobacco products
3.4%
Others
17.0%
Extraction and manufacture of fossil fuels
11.7%
Electricity, gas, steam and air conditioning supply
11.4%
Manufacture of pharmaceuticals
9.2%
Real estate activities
17.7%
Manufacture of food and beverages
13.4%
27.1%
of Group
investment portfolio
Sector breakdown of the share of Group investment portfolio invested in sectors considered as having a high or very high dependency on
ecosystem services (entity-specific information) (*)
(*) Percentages displayed refer exclusively to the portion of the portfolio identified as invested in sectors with high or very high dependency on ecosystem services and therefore do not refer to the total
perimeter analysed.
Sustainability Statement
135
Issuer level assessment: impact (Corporate Biodiversity Footprint - CBF)
The sectoral analyses presented above provide a high-level understanding of the Group’s main biodiversity-related challenges.
However, to translate these insights into a more advanced understanding of the impact of the portfolio based on its specific issues,
more granular analyses at both portfolio and asset level are required. To this end, the Group has introduced a biodiversity footprint
measurement approach, selecting Mean Species Abundance (MSA) as reference metric.
CBF is an assessment tool that helps investors combine investees’ modelled and reported data to quantify their potential biodiversity
impact. The resulting footprint therefore is a measure of negative impact of the portfolio. Within this framework, MSA measures the
loss of biodiversity in a specific area attributable to a company’s activities, relative to the conditions of an undisturbed ecosystem
91
.
Metric related to direct investments in listed equities and corporate bonds, based on the loss of species caused by the company’s activities
within a defined geographic area (entity-specific information) (*)
31/12/2025
Mean Species Abundance (MSA.km
2
/€ mln) -0.06
(*) The total perimeter of the analysis refers to direct investments in listed equities and corporate bonds, amounting to € 104 billion at year-end 2025, with a total coverage rate of 81%.
For every million euro invested and compared to the initial state, the companies in the portfolio generate a total loss of biodiversity
over an area of 0.06 km
2
. This includes not only the direct impact on land use, but also the indirect impact generated on biodiversity
from different pressures, such as climate change, natural resource exploitation and pollution.
Through the CBF analysis, it is possible to assess the contribution of each issuer in the portfolio to biodiversity impacts, as well as
the main drivers behind those impacts. Examining this information enables to engage constructively with these companies, better
understand the measures they are implementing to mitigate their impact, and support them in strengthening their biodiversity
management practices.
As noted for the sector level assessment, this analysis is based on a methodology that can be refined in future iterations as data
quality, companies’ disclosure practices and biodiversity assessment frameworks evolve. The results are subject to methodological
limitations: in particular, the biodiversity footprint is constrained by data availability and often relies on a combination of publicly
disclosed information, estimates and model assumptions. Unlike climate data, biodiversity lacks a unified metric comparable to
greenhouse gas emissions, making any aggregation into a single indicator inherently challenging.
Asset Manager
Reporting on the biodiversity and ecosystems topic follows the same structure used for the climate change, considering the context
of the Group’s multiple Asset Managers (AMs), as described in Climate change.
Strategy
In light of the market’s limited maturity and the availability of metrics and reliable data on biodiversity and ecosystems, Infranity
has not defined a dedicated strategy on biodiversity and ecosystems within its investment activities. However, the AM has begun
integrating this topic by contributing to the objectives of the Kunming-Montreal Global Biodiversity Framework and to specific actions
set out in its Sustainable Investment Policy. In addition, during 2025, as part of its participation in the Finance for Biodiversity initiative,
Infranity published its Sustainable Investment Report.
Sycomore AM has adopted the Natural Capital Strategy, an environmental strategy based on a multidimensional approach that
covers the main environmental impacts of its investments, namely climate change, biodiversity and natural resources. The strategy
aims to increase the contribution of its investments to the environmental transition by 2030.
The Natural Capital Strategy is inspired by the requirements of the Taskforce on Nature-Related Financial Disclosures (TNFD); it
assesses the impact and dependence of investments on biodiversity and contributes to the objectives of the Kunming-Montreal
Global Biodiversity Framework, as well as setting specific environmental targets for 2030.
To implement the strategy, Sycomore AM adopts three main levers:
• avoid: exclusion of investments in environmentally harmful sectors, particularly those affecting biodiversity and ecosystems;
• integrate: investments in companies that contribute to the environmental transition through their products and services;
• influence: engagement with portfolio companies to support them in managing their impacts and dependencies on natural capital.
Climate change for more details on Sycomore AM’s Natural Capital Strategy
91. MSA is calculated by using the MSA.km
2
as unit of measure and expresses the loss of species generated by the activities of the company on its operating geographical areas, compared to the state of nature in this same area
ten years ago. The assessment relies on data provided through the Iceberg Data Lab platform which applies internal models to allocate biodiversity loss (i.e. species decline) to each combination of activity, geographic location
and pressure type. Input data include the issuer’s reported data (revenues, production volumes, financial data, geographic location, etc.) complemented by third-party data sources. The reference pristine state of each area,
defined as its biodiversity condition a decade earlier, is derived from the GLOBIO database.
Annual Integrated Report and Consolidated Financial Statements 2025
136
Generali Group
Given the limited maturity of the market, the constrained availability of reliable data on biodiversity and the heterogeneity with which
biodiversity considerations can be implemented across the various projects and technologies in which it invests, Sosteneo has not,
at this stage, formalized a biodiversity policy applicable to its investments.
However, as outlined in its Investment Sustainability Policy, Sosteneo has initiated the integration of biodiversity considerations into
its investments through specific actions related to the exclusion of activities with adverse impacts on biodiversity and ecosystems,
the identification and measurement of environmental risks and the monitoring of environmental factors.
The company integrates biodiversity considerations within its projects through the implementation of tailored asset management
initiatives and actions, which vary depending on the geographic area in which each project is located.
Policies
The policies of the three AMs, described in Climate change, also address the integration of biodiversity and ecosystem considerations
into the investment process and apply to all Assets Under Management (AUM).
Specifically, the Infranity Sustainable Investment Policy, along with related policies and procedures, outlines the strategy, the
governance and the ways through which the company integrates biodiversity into its investment processes, through the following
phases:
• exclusion from the investment universe of specific sectors whose activities are harmful to biodiversity and ecosystems, as well as
investments that pose an excessively high sustainability risk;
• analysis of negative impacts on biodiversity and ecosystems, addressed through an ESG due diligence to identify potential adverse
impacts as well as existing mitigation measures;
• engagement of assets on sustainability-related issues, including considerations related to biodiversity and ecosystems, which are
deemed particularly relevant for the infrastructure asset class.
Sycomore AM disciplines the integration of ESG considerations into the investment process, including the topic of biodiversity and
ecosystems, in its ESG Integration Policy and the related policies and procedures. This process is implemented through:
• the proprietary ESG integration methodology SPICE, through its environmental component;
• the exclusion of investments in specific sectors aimed at limiting the negative impact on biodiversity and ecosystems from
Sycomore AM’s investment decisions;
• the engagement activities and voting at the shareholders’ meetings of investee companies on issues related to biodiversity and
ecosystems;
• the consideration of the main adverse impacts of investment decisions on sustainability factors, including biodiversity and
ecosystems.
Sosteneo integrates the sustainable management of investments in infrastructure for the energy transition, including biodiversity
considerations, within its Investment Sustainability Policy through the following phases:
• exclusion of investments in projects involved in specific activities that are harmful to biodiversity and ecosystems and that pose
environmental risks;
• identification and quantification of climate and environmental sustainability risks through a screening and assessment process
during the pre-investment phase;
• engagement on ESG matters, in its role as Investment Manager, with respect to sustainable investments, with a particular focus
on deviations from sustainable investment status under the Sustainable Finance Disclosure Regulation (SFDR) and from alignment
with the EU Taxonomy.
Climate change for more details on the AM policies
Sustainability Statement
137
Actions
Infranity has implemented actions related to the protection of biodiversity and ecosystems in line with the objectives of its Sustainable
Investment Policy. Actions, presented by type of lever, are applied on an ongoing basis.
Levers Scope of application Actions
Avoid All AUM
Exclusion of investments in the following sectors, according to the specifications of the Sustainable Investment
Policy and the related policies and procedures, with the aim to limit exposure to investments in sectors harmful
to biodiversity and ecosystems:
• pesticides, chemicals, plastics, agricultural materials related to deforestation, palm oil production, GMOs,
mining and conventional and unconventional fossil fuels sectors;
• investments with a direct impact on biodiversity and ecosystems: (i) activities located in areas at high risk of
deforestation; (ii) activities that use palm oil for energy production, unless they comply with Roundtable on
Sustainable Palm Oil (RSPO) standards and commit not to contribute to deforestation; (iii) activities that use
biomass as an energy source that may have a high risk of contributing to deforestation.
Integrate All AUM
ESG analysis of all investment opportunities through an ESG score calculated using a proprietary methodology,
which considers issues related to biodiversity and ecosystems.
Influence All AUM
Engagement activities with assets in portfolio to enable improvement in the performance on biodiversity and
ecosystems.
To implement the objectives of its Natural Capital Strategy and to enforce the provisions of the ESG Integration Policy, Sycomore AM
integrates the topic of biodiversity and ecosystem protection through various actions, applied on an ongoing basis and categorized
by type of lever.
Levers Scope of application Actions
Avoid
Application of exclusion criteria for investments aimed at limiting exposure to environmentally harmful sectors
according to the specifications described in the ESG Integration Policy and the related policies and procedures.
Three different levels of exclusions are applied:
All direct investments
• Core: exclusion of investments in companies involved in the thermal coal sector, synthetic chemical
pesticides and palm oil or involved in severe controversies related to non-compliance with UNGC principles;
Open-ended UCITS funds
within Sycomore AM's SRI
range; SRI-certified funds;
mandates and dedicated
funds managed according
to an SRI strategy
• SRI: applied in addition to the Core exclusions, they pertain to companies involved in sectors related to
thermal coal, production of carbon-intensive electricity, conventional and unconventional oil and gas sectors
and development of new oil or gas projects;
Label-certified funds and
mandates
• related to specific certifications: applied in addition to the Core and SRI exclusions, they involve the
exclusion of sectors specifically outlined by sustainability certifications (e.g., Towards Sustainability,
Relance label, FNG-Siegel, Umweltzeichen and Greenfin ecolabels).
All sustainable
investments
Consideration of the principal adverse impacts of investment decisions on biodiversity and ecosystems, with the
aim of limiting exposure to activities that negatively affect sensitive areas from a biodiversity perspective.
Integrate
All AUM
Use of the proprietary SPICE model for the environmental analysis of potential investments, in order to integrate
considerations related to biodiversity- and ecosystem-related risks and opportunities into investment decisions.
Funds within Eco Solutions
range and some mandates
Development of funds and management of mandates with environmental investment objectives, including
issues related to biodiversity and ecosystems.
Influence All AUM
Voting at the general meetings of portfolio companies, in line with the objectives of Sycomore AM’s Natural
Capital Strategy. The action is carried out on a case-by-case basis for specific investments.
Annual Integrated Report and Consolidated Financial Statements 2025
138
Generali Group
Sosteneo has adopted actions aimed at protecting the environment and ecosystems, in line with the objectives set out in its
Investment Sustainability Policy. These initiatives, structured by type of lever, are implemented on an ongoing basis.
Levers Scope of application Actions
Avoid All AUM
Exclusion from the investable universe of projects and companies linked to projects involved in activities that
are harmful to biodiversity and ecosystems.
Integrate All AUM
• ESG analysis of environmental risks and assessment of their material financial impact on investments and
investment decisions;
• Definition, integration and monitoring of sustainability indicators related to biodiversity and ecosystems
(Principal Adverse Impacts - PAIs) within investment decisions.
Influence All AUM
• The manager, in its role as responsible for sustainable investments, carries out engagement activities
through due diligence processes, with a focus on the holding phase, sustainability indicators and follow-up
actions;
• Project companies are involved in monitoring and engagement activities to discuss any deviations from
SFDR sustainable investment designation or EU Taxonomy alignment and, where applicable, to agree on
remedial management actions.
Responsible insurer
Biodiversity protection is an issue that is becoming increasingly important also within the Group underwriting activities.
The Responsible Underwriting Group Guideline (RUGG) outlines, as described in Climate change, specific restrictions toward sectors
that are sensitive from a climate change perspective and also have a potential negative impact on biodiversity, including thermal coal
and conventional and unconventional oil and gas.
In addition, the Group has specifically identified so-called sensitive sectors toward biodiversity, such as mining, hydrocarbon mining,
fishing and livestock, and large dams for hydropower plants. As they are potentially impactful toward biodiversity, the Group has
developed an additional safeguard i.e., it has adopted a local escalation process (which may also involve local top management)
aimed at limiting their subscription as much as possible. This escalation process consists of shared decision-making with cross-
functional committees at the local level to ensure a fair and independent assessment of sustainability risks and an appropriate level
of decision-making authority to decide whether to proceed or not.
The Group is also considering possible developments to be implemented over the next few years in order to further mitigate the
potential medium- and long-term negative impact generated by the exposure of P&C insurance portfolio to sectors that contribute
to biodiversity’s loss and ecosystems’ impoverishment.
Sustainability Statement
139
SOCIAL INFORMATION
Own workforce
Group People Strategy
Sustainability is at the heart of GPeople27 - People Powered Excellence. Built on the strong belief that Generali’s people are the true
drivers of transformation and growth, GPeople27 represents a foundation of the Lifetime Partner 27: Driving Excellence strategy.
With the goal of increasing people’s motivation and inspiring them to fully realize their potential, it promotes empowerment and a
culture of continuous learning, providing the skills needed to be ready for future challenges and fostering a dynamic, collaborative
work environment.
GPeople27 embraces four strategic priorities.
DISTINCTIVE CULTURE
Generali promotes a people-centered organizational culture, where every individual, regardless of generation, feels valued, engaged, and actively involved in the ongoing
transformation journey toward excellence. Through GPeople27, which also includes the evolution, promotion, and adoption of the new Group cultural framework (purpose,
values, and behaviors), the Group fosters well-being, authentic collaboration, and empathy, creating an inclusive and psychologically safe environment where every voice
is valued and respected. In this spirit, the Group continues to encourage participation in the triennial Global Engagement Survey and the annual Global Pulse Surveys,
gathering feedback and actively involving its people in continuously improving the work environment. Generali is firmly committed to establishing itself as a reference point
for excellence in diversity, equity, and inclusion through initiatives and campaigns that reflect its dedication to respecting and valuing every identity, promoting gender equality,
and encouraging cooperation and intergenerational dialogue. Furthermore, to strengthen individual ownership and the creation of sustainable long-term value, a new three-
year share ownership plan will be launched in 2026 to support the Group’s strategy.
SKILLS LEADERSHIP
The Group, in synergy with its local functions, is committed to preparing people to successfully face the challenges of a rapidly evolving professional and technological
environment by developing high-quality training programs, that are globally accessible and fully aligned with the Group’s strategic priorities. Generali offers training programs
on key business and soft skills, and the Lifetime Partner culture, as well as digital upskilling, with a particular focus on emerging technologies such as Artificial Intelligence
(AI) and GenAI. For the design and delivery of these programs, it also leverages the expertise already present within the Group, actively involving internal leaders and experts
and promoting a culture based on shared knowledge.
TALENT ATTRACTION AND DEVELOPMENT
Generali aspires to be the employer of choice for top talent, supporting responsible growth, focused on value creation and aimed at attracting strategic capabilities to support
the evolution of business in a highly competitive market. In this regard, Generali is enhancing its offering for corporate leadership and talent, with tailored experiences in
training, career development, international mobility, and competitive compensation packages. Furthermore, the Group will invest in a global Employer Branding
92
(EB) strategy
and in an Employee Value Proposition
93
(EVP), based on a coherent and engaging narrative rooted in its purpose and consistently communicated across all channels. Finally,
to strengthen its attractiveness, the Group will support various initiatives, including dedicated communication campaigns, international programs for young graduates, and
the development of a new global career platform that enhances the international visibility of the Group’s professional opportunities.
FUTURE-READY ORGANIZATION
To effectively support the achievement of strategic objectives and remain competitive, Generali is working on the ongoing evolution of its organizational and operational
model. As part of GPeople27, the Group adopts an integrated approach to strategic workforce planning and management, anticipating role evolution and demographic
changes, and ensuring that all employees, across all generations, hold positions aligned with their profile and ambitions, equipped with the skills needed to advance their
career paths. GPeople27 also promotes the responsible and scalable adoption of innovative technologies such as AI and GenAI, supporting transformation processes to
enhance both individual and organizational productivity. At the same time, Generali is committed to fostering an agile environment that enables the organization to respond
effectively to market challenges, aiming at excellence and long-term growth.
92. EB is the strategic process of shaping and communicating an organisation’s identity and reputation as an employer to attract, engage, and retain the right talent.
93. EVP is the clear, authentic promise of the experience, culture, and benefits people can expect when they work for an organisation.
DISTINCTIVE
CULTURE
SKILLS
LEADERSHIP
TALENT ATTRACTION
AND DEVELOPMENT
FUTURE-READY
ORGANIZATION
HYBRID FORWARD TO ENHANCE SENSE OF BELONGING, ENGAGEMENT AND EFFECTIVENESS
TO BE LEVERAGED AS
A COMPETITIVE ADVANTAGE
TO STRENGTHEN OUR RECOGNISED
POSITION AS A LEADING UPSKILLING
ENVIRONMENT
TO BE RECOGNISED AS
AN EMPLOYER OF CHOICE
TO SUPPORT EXCELLENCE,
PRODUCTIVITY AND GROWTH
PEOPLE POWERED EXCELLENCE
Annual Integrated Report and Consolidated Financial Statements 2025
140
Generali Group
These priorities are pursued within a balanced hybrid work environment which, while adapting to local needs and regulations,
represents a distinctive element of Generali’s organizational culture, shared and valued across the Group. The model is built on the
trust that Generali places in its people and is designed to encourage collaboration, well-being, and personal fulfillment, contributing
to improved individual and collective performance. The approach adopted continues to receive strong appreciation from employees,
as evidenced by the annual survey results. The feedback collected will remain an essential tool for refining the effectiveness and
quality of the way of working.
The strength of the Group People Strategy was also recognized by the Top Employers Institute, the global certifying body for HR
excellence. The Institute awarded Generali the Top Employer Europe 2026 certification, and a further 14 Group companies across
10 countries worldwide received the Top Employer certification.
With the goal of supporting the business strategy, the Group People Strategy is redefined every three years, in collaboration with
all Business Units (BUs), on the occasion of the launch of a new strategic cycle. The Group Chief People & Organization Officer is
responsible for its definition and implementation, with the support of the HR Council - composed of the Group People & Organization
Centers of Excellence (CoEs) and the HR Directors of the main BUs and geographies - and the sponsorship of the Group CEO and
the Group Management Committee (GMC), ensuring alignment with other Group initiatives and policies. The Group Sustainability
Officer and the Head of The Human Safety Net
94
are also involved in defining the strategy to ensure that sustainability, environmental
considerations, and community support through volunteering are core principles guiding the initiatives inspiration and prioritization.
The European Works Council (EWC) is informed of priorities and key initiatives from the strategy definition phase.
Given the relevance and significance of the Group People Strategy and the resulting initiatives, the Group actively maintains a
constant dialogue with all stakeholders. In particular, the Group People & Organization Officer is committed to gathering the needs
and priorities of all employees both through focus groups and listening initiatives (such as the Global Engagement Survey and
the Global Pulse Survey) and by involving representatives of all BUs and geographies, in order to define initiatives that respond to
everyone’s needs. All functions, including those relating to the commercial area, are also involved in proposing initiatives to consider
the interests of external stakeholders, particularly customers, in line with the Group’s objective of being Lifetime Partner.
Considering the topics addressed and the objectives it pursues, the Group People Strategy applies across all types of employees and
in all countries where the Group operates. This means promoting the Group’s values uniformly, disseminating key skills independently
of local training capacities, and spreading best practice models wherever they are applicable. The strategy also inspires local HR-
related initiatives, such as the development of skills of local interest and applicability, and hybrid working models consistent with
country-specific regulations.
All potentially involved stakeholders are informed on the contents and initiatives of the Group People Strategy during the activation
phase. Employees, who are the main protagonists of the strategy, are the recipients of an extensive communication plan regarding
the initiatives, which includes various tools, such as an illustrative and summary handbook, a video in which the Group Chief People
& Organization Officer illustrates the key points of the Group People Strategy, as well as a training course that covers the entire
content of the Group strategy and includes a chapter that delves specifically into the People initiatives.
The main initiatives of the Group People Strategy will be published on the Group website, allowing all stakeholders to consult
them.
Policies related to own workforce
As a leading global insurance group, Generali is committed to safeguarding and promoting respect for human and labour rights
across all countries in which it operates. As a responsible group and member of the UN Global Compact (UNGC), it recognises
human rights as a fundamental aspect of its broader sustainability framework, formally upheld within the Sustainability Group Policy.
Generali is committed to respect and promote all human rights as defined in the United Nations International Bill of Human Rights
and in the International Labour Organization (ILO). In particular, in line with its strategic goals, Generali actively promotes and
supports the respect for human rights, including the labour rights, of all employees at all levels of the organisation.
As furtherly detailed in the Human Rights Public Statement, the Group has implemented a due diligence process to identify, assess,
prevent, mitigate or remediate, and monitor any potential direct and indirect adverse impacts on human rights, in accordance with
the United Nations Guiding Principles on Business and Human Rights and with the OECD Guidelines for Multinational Enterprises.
The identification and assessment of adverse impacts for the Group leveraged the double materiality assessment, which has
involved both internal and external stakeholders, like, for example, workers’ representatives, the financial community and contractual
partners.
The Group includes the respect of human rights and the related international principles in its policies and internal regulations related
to its own workforce. In particular, the Group Code of Conduct, the DEI Group Guideline, the European Social Charter, the EWC
Agreement and the Group Remuneration Internal Policy represent the internal regulations that most effectively support the Group
commitment in addressing the respect of all workers’ human rights. In addition, they include the constant measures implemented by
94. The Human Safety Net is a social innovation hub for the community, dedicated to unlocking the potential of people living in vulnerable conditions.
Sustainability Statement
141
the Group to prevent any potential adverse impacts on human rights considered relevant for workers.
Generali also adopts dedicated processes to identify remedial measures and address any behaviours or unlawful conduct linked to
human rights violations, monitored through specific reporting channels.
Reporting processes and ways for further details
The Group’s regulatory framework, which is composed of internal policies and regulations, plays a key role in the implementation
of the Group People Strategy. Below are reported the Group’s key documents that address the main topics related to its own
workforce.
Group Code of Conduct
The Group Code of Conduct defines the fundamental rules to be adopted and requires all employees and members of administrative,
management or supervisory bodies of the Group companies to respect integrity and ethical values to prevent misconducts for which
its companies may be held accountable.
Governance information, Policies related to business conduct for further details
Reporting Concerns and Anti-Retaliation Group Guideline
The Reporting Concerns and Anti-Retaliation Group Guideline disciplines how to report violations, even only potential or alleged, of
the Group Code of Conduct or other internal and external regulations and how to manage whistleblowing reports. The document
also provides a description of the anti-retaliation policy for safeguarding people who report, collaborate and facilitate the report and/
or the investigation, conduct the investigation, and third parties - including legal persons - connected with reporters, that may suffer
retaliation in a work-related context.
Governance information, Policies related to business conduct for further details
DEI Group Guideline
The DEI Group Guideline defines the reference framework concerning DEI principles. Specifically, the guideline illustrates how these
principles are managed within the Group, integrated into core human resources processes, and implemented through governance.
This enables the Group not only to ensure compliance with DEI principles but also to foster an inclusive environment by protecting
employees against discrimination and defining its own inclusion path in alignment with strategic objectives.
As stated in the Group Code of Conduct, the guideline further emphasizes the Group’s rejection of any form of irregular or work
exploitation, as well as any kind of forced or compulsory and child labour, and any other practice not in line with the principles
contained in the UNGC and ILO standards.
The scope of application follows the principle of proportionality; the rules outlined in the guideline must be adopted with particular
attention to the size and organisational structure of individual companies, especially in terms of the number of employees. Smaller
companies must at least implement the fundamental principles of the guideline, including those related to handling harassment
and retaliation issues. The guideline is drafted according with the Joint Declaration on DEI signed by the EWC and Assicurazioni
Generali.
European Social Charter
The European Social Charter defines key objectives for promoting social dialogue, respecting the fundamental rights of Group’s
employees, the rights of freedom of association, the establishment of workers’ representations and their functions (such as collective
bargaining). It also aims to minimise social impacts for employees by promoting the implementation of job protection and retraining
measures for employees in the event of corporate restructuring.
The Charter, further testament to the Group’s continuous commitment to all aspects related to its workforce and social dialogue,
recalls the fundamental principles of the ILO. These include respect for human dignity, freedom, equality, solidarity, health and safety,
the prohibition of child labour and the banning of all forms of discrimination and harassment, both moral and sexual. In this respect,
it takes inspiration from the United Nations’ Declarations of Human Rights and the Charter of Fundamental Rights of the European
Union.
The document applies to all employees in the countries of the European Union (EU) and the European Economic Area (EEA) where
the Group operates and is available on the Group website (www.generali.com/sustainability/responsible-employer/european_social_
charter).
The Charter has been developed in cooperation with workers’ representatives from the EWC, the Group’s unique European employee
representative body. It has been validated by the Group CEO and the Group Chief People & Organization Officer and is implemented
through the EWC Relations & Labour Network function.
Annual Integrated Report and Consolidated Financial Statements 2025
142
Generali Group
EWC Agreement
The EWC Agreement was first signed in 1997 in accordance with Directive 1994/45/EC, subsequently renewed in 2012 in compliance
with Directive 2009/38/EC
95
as implemented by Legislative Decree 113/2012, and further integrated with a specific addendum in
2022. Its main purpose is the information and consultation of employees through their European representatives in the EWC. In
particular, it regulates the functioning of information and consultation processes supporting company transformational projects of a
transnational nature and of relevant interest for employees, involving at least two countries or two Group companies operating in two
different countries within the EU and the EEA.
The agreement governs the duties of the EWC, the methods of dialogue between management and the EWC, which is structured
through various annual meetings, as well as the establishment and activities of the EWC in plenary session, the Select Committee,
the EWC Secretary and Deputy Secretary, and the working groups set up within the Committee to develop knowledge and skills on
specific topics (for example, Artificial Intelligence and well-being).
The agreement, referenced in the European Social Charter, includes specific provisions regarding: the designation and composition
of the members of the committees, the topics subject to information and consultation, meetings in restricted and plenary sessions,
the leave entitlements of EWC members, and their training activities.
In dialogue with the EWC, the Parent Company is represented by the Group Chief People & Organization Officer who, through the
EWC Relations & Labour Network function, informs and consults the EWC on various topics, such as for example: the economic and
financial situation, the foreseeable development of activities, major investments, fundamental changes in the Group’s structure, new
acquisitions/mergers and significant downsizing or closure of companies (sites or their essential parts), the situation and foreseeable
evolution of employment, and other specific topics to be agreed between the parties.
The scope of application of the agreement covers the EU and EEA member countries. All Group employees have the opportunity to
learn about the contents of social dialogue as well as to access detailed and up-to-date information on the most significant results
achieved within the European Forum with the EWC through dedicated communication channels, such as the corporate intranet and
the Group website (www.generali.com/sustainability/responsible-employer/European_Works_Council).
The agreement was signed between the Group Chief People & Organization Officer, the Group Head Office EWC Relations & Labour
Network function, and the EWC of the Group.
Group Remuneration Internal Policy
The Group Remuneration Internal Policy (GRIP) is prepared annually following the approval of the Group Remuneration Policy by the
Annual General Meeting of Shareholders of Assicurazioni Generali. It defines the Group’s internal remuneration policy in compliance
with international and national regulations, ensuring the correct fulfilment of the Group Remuneration Policy across all insurance
companies and its consistent implementation within other Group companies, as required by IVASS Regulation No. 38/2018, in
accordance with the applicable business-specific regulatory framework for these entities.
The policy is based on clear, shared, and globally consistent principles, applicable to the entire organisation, which are translated into
the Group’s various remuneration programs.
Any intervention in remuneration policies follows these guiding principles, which underpin all decisions taken:
• equity and consistency of remuneration in terms of responsibilities assigned and capabilities demonstrated;
• alignment with the strategy and long-term sustainable value creation for all stakeholders;
• competitiveness with respect to market practices and trends;
• recognition of merit and performance-based reward, in terms of sustainable results, behaviours, and adherence to Group values;
• clear governance and compliance with the regulatory framework.
Characteristics of employees
At 31 December 2025, the Group had 88,249 employees, of which 2,226 inactive
96
.
Notes, Additional information for information about employees
The employees’ gender distribution remained balanced, with a ratio of 52.1% female and 47.9% male.
95. Directive 2025/2450/EC has amended Directive 2009/38/EC, enhancing the regulatory framework on consultation and information at EU level within the EWC. During 2026, as part of the European social dialogue forum,
management and the EWC will jointly assess the newly introduced provisions.
96. The number of employees corresponded to the head count of the Group at the end of each reporting period, including so-called inactive employees mostly due to long-term absences, such as, for example, employees on parental
leave, maternity leave and other long-term absences, in accordance with the applicable local legislation.
Sustainability Statement
143
Information on employee head count by gender
Gender Number of employees (head count)
31/12/2025 31/12/2024
Male 42,247 41,545
Female 45,999 45,304
Other 2 2
Not reported 1 0
Total 88,249 86,851
Italy, Germany and France represented the countries where the Group is present with at least 10% of its total employees.
Employee head count in countries where the undertaking has at least 50 employees >= 10% of its total number of employees
Country Number of employees (head count)
31/12/2025 31/12/2024
Italy 19,057 18,733
Germany 11,211 11,388
France 10,378 9,991
The geographical distribution of employees highlighted Generali’s strong presence in Europe with 78.1% of total. In the rest of the
world, the Asia Pacific & Middle East region, Latin America and North America follow in terms of numbers.
Number of employees per Region
(head count) 31/12/2025 31/12/2024
Europe 68,927 68,310
Asia Pacific & Middle East 14,652 13,787
Latin America 3,218 3,314
North America 1,452 1,440
Total 88,249 86,851
The majority of employees (94.0%) had a permanent contract, demonstrating the Group’s attention and continuous commitment to
promoting stable and secure employment. At the same time, the minority of employees (6.0% of the total) had temporary contracts,
a situation that particularly arose in businesses subject to seasonality or project-based needs.
Information on employees by contract type, broken down by gender
(head count) 31/12/2025 31/12/2024
Female Male Other Not reported Total Female Male Other Not reported Total
Number of employees 45,999 42,247 2 1 88,249 45,304 41,545 2 0 86,851
Number of permanent
employees
42,857 40,081 2 1 82,941 41,995 39,327 2 0 81,324
Number of temporary
employees
3,134 2,164 0 0 5,298 3,297 2,214 0 0 5,511
Number of non-
guaranteed hours
employees (*)
8 2 0 0 10 12 4 0 0 16
(*) Non-guaranteed hours employees are employed by the Group without a guarantee of a minimum or fixed number of working hours.
During 2025, a total of 12,783 employees left the Group voluntarily or due to dismissal, retirement or death in service. The corresponding
turnover rate was 14.5%. This value also takes into account the higher levels of turnover typical of certain geographical areas, such
as Asia, of specific business lines, such as the assistance sector, as well as of the sales force.
Annual Integrated Report and Consolidated Financial Statements 2025
144
Generali Group
Employees who left the Group during the reporting period
31/12/2025 31/12/2024
Number of employees who left the Group 12,783 12,597
Turnover rate 14.5% 14.5%
Processes for engaging with own workforce
In line with the Group’s key principles and the Group People Strategy, employees’ engagement is one of the fundamental elements to
ensure Group’s competitiveness and growth. Among the diverse approaches for active and recurring employees listening, the Group
leverages dedicated surveys, such as the Global Engagement Survey and the Global Pulse Survey. Additionally, in the European
context, Generali ensures employees engagement through their designated representatives in the EWC, in accordance with local
engagement methods as per the practices and regulations of the respective countries.
The Global Engagement Survey and the Global Pulse Survey are open to all employees of the consolidated Group companies
and are managed by the Group People & Organization function, with the support of local HR and Communication functions for
the related communication and the involvement of our people. The surveys measure and promote on yearly basis the employees’
engagement, a key element of GPeople27, increasing the opportunities for connection and feedback, and enabling the integration
of the perspectives of all employees within our processes and corporate strategy.
The Generali Global Engagement Survey is conducted every three years and explores various aspects of the work environment, from
the relationship with both top management and managers, to career topic, training and development, DEI principles, hybrid working
model, well-being, empowerment and trust, and collaboration among teams and departments. The Global Pulse Survey, introduced
since 2022 to further improve employee listening approach, adopts a shorter and more specific version of the questionnaire and is
conducted annually in the period between two editions of the Global Engagement Survey.
Each survey requires a detailed analysis of the feedback received from employees to identify areas for improvement and acceleration
to make Generali an even better place to work, thereby developing dedicated initiatives. Dedicated moments of sharing with the
EWC representatives are set at various stages, from the definition of the surveys to the implementation of the related initiatives and
actions.
In 2025, the third edition of the Global Pulse Survey was conducted, achieving a record response rate that exceeded those of the
two previous editions. This result reflects the success of this initiative and the broad participation of our people, with approximately
69,000 respondents out of more than 77,300 employees invited to participate
97
.
The key metric is the engagement rate, which measures employees’ belief in the company’s goals and objectives (rational
connection), their sense of pride in working at Generali (emotional connection), and their willingness to go the extra mile to support
the corporate success (behavioural connection). In the 2025 Global Pulse Survey the Group engagement rate reached 85% of
favourable responses, the highest figure on record since tracking began. This exceptional result, markedly above the relevant market
benchmark, conveys the strong sense of connection, motivation, and alignment with our purpose by our people. It also reflects the
remarkable work carried out at all levels of the organisation.
Metric and target (entity-specific information)
Strategic target Metric (*) Result of the metric at Target (**) Target
reference period
Baseline and
base year
31/12/2025 31/12/2024
Nurture Group’s
employees engagement
Engagement rate 85% 83%
Engagement rate above
or equal to the market
benchmark
2025-2027 N/A
(*) This index is calculated as the average of the results of six specific questions in the Group survey that capture various elements of engagement. It is evaluated both in relation to the Group’s historical
evolution and against an external benchmark of comparable financial services companies.
(**) The market benchmark refers to the European HQ Financial Services Norm by Willis Towers Watson. The target was established as part of the Group’s strategic plan definition. The identification of
the target, the monitoring of the results obtained, and the identification of potential target improvements do not involve the participation of employees or their representatives. Employees and/or their
representatives are recipients of a communication plan regarding the defined targets, the level of achievement compared to the target, and the related supporting actions identified.
The Global Pulse Survey has been translated into 25 languages to ensure immediate global accessibility. The perspectives of
particularly vulnerable workers are addressed and equally considered, with the possibility of analysing any differences in feedback
among various population segments, for example, through self-declared gender identity. This approach enables the implementation
of specific initiatives to maintain high engagement and satisfaction among all employees.
At the outset of each strategic cycle, drawing on the results of the Global Engagement Survey, the Group identifies areas of
opportunity on which to initiate specific actions, complemented by local initiatives from each BU. The cascading of communications,
97. The discrepancy between the total number of employees and those actually invited is primarily due to the number of employees who left the Group between the launch of the initiative and the actual distribution of the survey,
as well as the exclusion of selected recently acquired companies or those with specific business peculiarities.
Sustainability Statement
145
as well as information-sharing and engagement, is under the responsibility of local HR and Communications functions, which may
follow the Group’s proposals or, as appropriate, reinforce or integrate them based on local needs. During the strategic cycle, the
Global Pulse Survey serves as a key checkpoint for monitoring the progress and effectiveness of strategic initiatives and ongoing
specific actions, enabling the identification of potential further areas for improvement or acceleration. Employee feedback collected
during the 2025 Global Pulse Survey confirmed the excellent work carried out in defining, planning, and executing the initiatives
launched during the first year of the 2025–2027 strategic cycle. The results also reaffirmed the work priorities identified in the 2024
Global Engagement Survey, highlighting significant progress, supported by more than 400 engagement initiatives active across
the Group.
To support social dialogue, the Group implements and develops processes and initiatives to engage employees through workers’
representatives. This approach is essential to establish a constructive exchange that allows the integration of the outcomes of
agreements and understandings into corporate policies. The only employee representation body at European level within the Group
is the EWC. EWC representatives are appointed in their respective countries according to local regulations and legislation and
attend annual training sessions, including those on collective bargaining and workers’ representation topics during the EWC plenary
session.
As illustrated in Policies related to own workforce, the EWC Agreement regulates the tasks and activities of the EWC and refers
to the objectives defined in the European Social Charter, which is inspired by the fundamental principles of the ILO. Under the
addendum to the agreement signed in 2022, in-depth meetings are scheduled to monitor initiatives and processes resulting from
the implementation of the corporate strategy and the joint declarations signed with the EWC. The dialogue between the Parent
Company’s Management, represented by the Group Chief People & Organization Officer, and the EWC takes place periodically
throughout the year, quarterly within the Select Committee and once a year with all Committee members in plenary session. The
EWC plenary also meets internally for its annual training session, which is usually scheduled in November.
The Committee can express an opinion regarding transnational measures with significant impacts on employees (e.g., corporate
restructurings, transfer or spin-off of activities and employees affecting at least two countries) in the information and consultation
processes. These opinions may be taken into consideration during the Group’s decision-making process. The Group shares its
Group’s strategic plan and the Group People Strategy with the Committee, and the engagement of worker representatives is also
activated on transnational projects and initiatives stem from them, such as the Global Engagement Survey, in relation to business
and specific people-related topics.
Local dedicated structures also involve workers’ representatives in information sessions on topics and initiatives of interest to
employees, such as the implementation of the hybrid working model.
Dialogue between the parties is further promoted through periodic meetings, whose frequency is agreed locally; dedicated moments
for active participation of all employees, such as Town Halls, are increasingly organised.
Collective bargaining, social dialogue, freedom of association and
secure employment
Aspects such as the recognition of fundamental workers’ rights, collective bargaining, social dialogue, and freedom of association
are referenced in the Group Code of Conduct, which applies to employees in all countries where the Group operates. Also the
European Social Charter, which applies, like the EWC Agreement, to EU and EEA countries, reflects the Group’s commitment to
its employees, social dialogue, and relations with workers’ representatives. In particular, the Charter defines respect for trade union
rights and the exercise of related functions, and it promotes, through social dialogue, the socially responsible management of any
impacts on people resulting from corporate restructuring.
The EWC Agreement, referenced in the European Social Charter, incorporates its principles and objectives, which are pursued
through periodic activities of sharing, information and consultation with workers’ representatives. At local level, these activities may
include, for example, the signing, review and/or renewal of existing contractual agreements.
The Group has undertaken concrete actions to improve social dialogue and promote collective bargaining, respect for freedom
of association and the establishment of representative bodies, as well as trade union freedoms. In particular, in recent years, joint
declarations have been signed with the EWC, resulting from a process that began in 1997 with the agreement establishing the EWC,
which over time has seen key milestones in growth of social dialogue, such as the adoption of the European Social Charter in 2006
and the cycle of meetings in 2010 and 2011 called Sharing Labour and Social Experiences in a European Perspective, aimed at
raising awareness among social partners on these issues.
The joint declarations, which are texts jointly signed by management and the EWC Select Committee, aim to define guiding principles
intended to steer the policies of individual countries in a non-binding manner and to promote topics arising from the constant
transformation of work, the changing context and technological evolution.
The most recent joint declarations signed have addressed the following topics:
• the new sustainable way of working in a Next Normal scenario (2023), aimed at redefining the transition from a fully remote work
model introduced during the Covid-19 emergency to a hybrid work model better suited to the post-pandemic context;
Annual Integrated Report and Consolidated Financial Statements 2025
146
Generali Group
• Diversity, Equity and Inclusion (DEI, 2023), promoting the principles and values of the Group People Strategy to strengthen
corporate culture with the aim to consolidate a work environment focused on valuing people and being a socially responsible
employer.
During 2025, the Group’s main actions
98
focused on continuing the process of sharing information with the EWC regarding the
implementation and adoption of technological transformation and Artificial Intelligence (AI) processes, whose development aligns
with an ethical and socially responsible business management approach. Specifically, dialogue with the EWC led to the signing, on
17 December 2025, of a Joint Declaration on technological transformation, digitalization, and Artificial Intelligence, applicable to all
Group entities across the territories within the EEA. The contents of the new joint text include, among other aspects, the management
of AI impacts in relation to training programs aimed at upskilling and reskilling our people, the possible creation of new professional
roles and/or the evolution of existing ones, internal mobility and the development of soft skills, as well as the management and control
of risks arising from AI applications and the processing of personal data.
The declarations generally do not have a time limit, and their implementation is subject to periodic monitoring to verify their practical
application.
At European level, monitoring of these issues is carried out with the EWC. Through dialogue with this body and in application of the
Charter, any discrepancies or violations of recognized rights are brought to management’s attention. Ongoing dialogue helps identify
and promote actions and initiatives of interest to employees aimed, on the one hand, at ensuring sustainable and socially responsible
business management and, on the other, at maintaining an adequate level of industrial relations. Considering the internal regulatory
framework consisting of the Charter, the EWC Agreement and joint declarations, should social partners identify any critical issues,
they may take action to identify the most appropriate solutions to remediate any violations of rights.
68.0% of the Group’s total employees are covered by collective agreements, with a percentage rising to 88.1% in the EEA. In France
and Italy, coverage is almost total, while in Germany it stands at 82.4%. In these countries, workers’ representation covers nearly
all employees. Outside Europe, the Asia Pacific & Middle East region records a low rate of collective bargaining coverage, which is
nevertheless in line with coverage rates generally present in this geographical area across all sectors.
Collective bargaining coverage and social dialogue
Coverage rate
31/12/2025
Collective bargaining coverage Social dialogue
Employees - EEA (for countries with
> 50 employees representing
> 10% total employees)
Employees - Non-EEA (estimate for
regions with > 50 employees
representing > 10% total employees)
Workplace representation (EEA only)
(for countries with > 50 employees
representing > 10% total employees)
0-19% Asia Pacific & Middle East
20-39%
40-59%
60-79%
80-100% France, Germany, Italy France, Germany, Italy
Collective bargaining coverage and social dialogue
Coverage rate
31/12/2024
Collective bargaining coverage Social dialogue
Employees - EEA (for countries with
> 50 employees representing
> 10% total employees)
Employees - Non-EEA (estimate for
regions with > 50 employees
representing > 10% total employees)
Workplace representation (EEA only)
(for countries with > 50 employees
representing > 10% total employees)
0-19% Asia Pacific & Middle East
20-39%
40-59%
60-79%
80-100% France, Germany, Italy France, Germany, Italy
98. Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Sustainability Statement
147
Generali has dedicated structures and personnel for managing relations with workers’ representatives, both at Parent Company
level, through the EWC Relations & Labour Network structure, and local level. To this end, the companies operating in the various
countries allocate the appropriate financial resources to meet what has been agreed upon in collective bargaining and to implement
any initiatives arising from social dialogue.
In this context, building on its commitment to social dialogue with all key stakeholders and in alignment with its purpose, the Group
also gives high priority to the social protection of its employees, in line with market best practices, while respecting the specific
characteristics of the national contexts in which it operates.
All Group employees are covered by social protection schemes for events which include sickness, unemployment, employment
injury and acquired disability, parental leave, and retirement, except for a few very limited cases aligned with the specificities of the
respective country. In particular, unemployment coverage is not available in India, French Polynesia, Peru and Singapore. There are
immaterial cases where coverage is not provided in specific situations: parental leave among temporary employees in the United
States, as well as all employees in French Polynesia; retirement coverage for temporary employees in Japan and for non-citizen
employees in Singapore. For areas not yet covered, the Group is committed to carefully monitoring potential needs and opportunities
for coverage improvement, ensuring continuous alignment with the highest standards, market best practices and specific contexts,
and requirements of each country.
DISTINCTIVE CULTURE
As part of GPeople27 and in line with the refreshed cultural framework, the Group promotes an approach deeply rooted in the
principles of diversity, equity and inclusion, including pay equity, where protecting health and work environment safety is an essential
element guiding everyday decisions and actions.
Diversity
The DEI Group Guideline illustrates how DEI principles are managed within the Group. It expresses the Generali commitment to
promoting diversity, equity and inclusion in the belief that a diverse, equitable and inclusive workplace expands perspectives, fuels
innovation, strengthens corporate culture, and ultimately contributes to the Group’s sustainable success and competitiveness.
To reaffirm this commitment, at the end of 2023, a Joint Declaration on DEI was signed with the EWC, following the previous Joint
Declaration on Diversity and Inclusion signed in 2019. This new declaration incorporates the concept of equity to promote a fair and
transparent environment and to ensure equal access to opportunities for all Group employees.
Generali endeavours to create an environment that recognizes the value of each employee’s individual attributes, acknowledging
their significant contributions to the progress and advancement of the business. Furthermore, it strives to eliminate systemic biases
and ensure that all employees have fair and equal access to opportunities for learning, development and advancement considering
meritocracy as one of the key components in decision-making processes.
In line with these objectives, the main HR processes (i.e., recruitment, training, development, appraisal, compensation policies,
promotion and appointment) integrate DEI principles at all organisational levels and are based on merit, work performance, skills,
and behaviours, rather than individual characteristics (such as gender, gender identity, sexual orientation, ethnicity, age, mental
and physical abilities, culture, beliefs, perspectives or any other category protected by law in local jurisdictions). The Group is also
committed to actively supporting employees belonging to particularly vulnerable categories and ensuring that all employees have
equal access to opportunities and feel valued and respected in the workplace. The Group promotes inclusion by recognizing the
diverse needs of employees, fostering inclusive behaviours and language, and supporting work-life balance, well-being and a barrier-
free environment.
The Group encourages employees to speak up and report any inappropriate behaviour. A zero-tolerance standard is in place for any
form of discrimination and harassment, whether sexual or non-sexual, including bullying, mobbing, and any type of discrimination
based on gender, gender identity, sexual orientation, ethnicity, age, mental and physical abilities, culture, beliefs, perspectives or any
other category protected by law in local jurisdictions.
The DEI Group Guideline is subject to a process that oversees and monitors its implementation. Additionally, it explicitly references
other Group guidelines, such as the Reporting Concerns and Anti-Retaliation Group Guideline, which regulates the process for
handling reports of violations of internal or external regulations, including any form of discrimination.
Governance information, Policies related to business conduct for further details
The DEI strategy revolves around three pillars: diversity, equity, and inclusion. For each of these pillars, actions have been implemented
to generate a positive impact within the Group while also representing an opportunity for growth.
Annual Integrated Report and Consolidated Financial Statements 2025
148
Generali Group
Diversity
In order to foster an increasingly diverse work environment, the Group focuses on two main areas: gender diversity and generational
diversity.
Regarding gender diversity, Generali continues to promote equality as an integral part of its long-term DEI strategy, aiming to
consolidate the progress achieved in female representation, particularly in strategic positions and managerial roles.
Gender diversity in top management (*)
31/12/2025 31/12/2024
Number of women in strategic positions 605 647
Percentage of women in strategic positions 40.7% 38.6%
(*) Strategic positions are defined as those within the Group Management Committee (GMC), the Generali Leadership Group (GLG), and their direct reports. The data source is Orion, a Group’s IT system.
Metrics are calculated including all Group consolidated companies, excluding asset and wealth management ones, which do not envisage GMC or GLG, and immaterial exclusions due to local specificities.
To support gender equality, Generali is committed, both at Group level and locally, with a series of concrete actions
99
:
• in July 2024 the Group launched the third edition of the Elevate program for women managers, with the aim to equip participants
with the skills and tools to advance to strategic positions, thus contributing to nurturing the Group’s leadership pipeline. The
journey, which concluded in December 2025, was built around key elements such as executive presence coaching and
sponsoring. The program, which lasted over a year, was potentially open to all Group companies and selected participants
based on performance and growth potential, representing the full diversity of the Group in terms of geography, professional
roles, and backgrounds;
• one of the key initiatives supporting female leadership is the Lioness Acceleration Program, designed for senior managers to
accelerate their progression into top leadership roles. The year-long program offers development activities focused on strategic
leadership skills, individual coaching, mentoring, and sessions with external experts. The selection process, launched in 2025
through a structured approach involving external assessors, will lead to the official start of the program’s third edition in 2026. Also
in 2026, the Women Hub project will be launched, a dedicated space for women in leadership roles to foster peer networking,
share experiences, and learn from common challenges and opportunities;
• in 2023, TOGETHER was launched as the first global network dedicated to women and allies, colleagues who actively support
gender equality, with the aim of providing a space for dialogue, growth, and raising awareness on gender-related topics. In 2025,
on the occasion of International Women’s Day, the TOGETHER Week was introduced, engaging the Group’s various companies
through a series of local events and a global event, fostering a shared reflection on gender parity. The network continues to serve
as a key reference point for promoting a more equitable and conscious organizational culture and is open to all Group employees,
including CEOs and business leaders.
In addition to these Group initiatives, approximately 160 actions were implemented locally, including women empowerment programs,
networking events, mentoring programs, return-to-work after parental leave initiatives, parents’ communities, development activities
with external partners (e.g., Valore D and FinŽeny), gender violence trainings and campaigns, scholarships and job orientation events
dedicated to female students in STEM subjects (i.e., science, technology, engineering, and mathematics).
Regarding generational diversity, to support the ambition to create an inclusive workplace free from bias and discrimination, Generali
focuses particularly on the theme of having four different generations currently working together, distributed across different age
groups.
Distribution of employees by age group (*)
31/12/2025 31/12/2024
Under 30 years old 11,718 11,303
Between 30 and 50 years old 50,798 50,437
Over 50 years old 25,733 25,111
Total 88,249 86,851
(*) The figures are provided in terms of head count. Employees who left the Group during 2025 are not included in the count.
The Group’s goal is to leverage the strengths, skills, and unique experiences of people of all ages, promoting the exchange of
competencies at all levels to attract, retain, and engage its people. To further support this ambition:
• in 2024 the Group launched the Jump into the Future! program which brought together early-career talents from different countries,
empowering them to contribute to our new strategic plan with their innovative and fresh ideas, while exploring key topics such as
new technologies, Data & AI, sustainability, climate change, and intercultural dynamics. The program included customized learning
initiatives with both internal and external experts. Following the success of the first edition, the second edition of the program was
99. Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Sustainability Statement
149
launched in September 2025, reaffirming the Group’s commitment to empowering the new generations and promoting a culture
of innovation and active participation;
• in 2025, the Next Gen Council was launched, a new body complementing the existing DEI Council, which is composed of the
Group’s CEOs and leaders. Its aim is to contribute to the DEI strategy by bringing fresh perspectives and fostering intergenerational
dialogue. Like the DEI Council, the Next Gen Council reflects the Group’s geographic and generational diversity and represents a
further step towards inclusive governance, capable of integrating complementary viewpoints into the design of DEI initiatives and
priorities.
These programs are complemented by about 50 locally launched actions, including generational awareness workshops, cross-
generation cooperation initiatives, reciprocal mentoring programs, internships, buddy programs, employer branding activities for
talents and programs focused on more experienced colleagues.
Equity
In line with the principles set out in the Group DEI Guideline, the Group ensures equal opportunities and fosters an inclusive work
environment. In particular, it continues to promote a culture grounded in gender balance and pay equity. In this regard, since 2020
specific analyses have been carried out at local level using a Group-wide methodology focused on ensuring fairness in terms of the
Equal Pay Gap for the same role or for roles of equal value. In addition, in 2025 a monitoring process has been launched on the
transposition of the EU Pay Transparency Directive, with the goal of ensuring that all companies involved across the various countries
are prepared to implement the requirements starting from 2026.
Remuneration for further details
Inclusion
To support the goal of promoting an inclusive culture and environment, a series of awareness initiatives, communication campaigns,
and training programs have been implemented, along with concrete projects aimed at supporting the Group’s evolution. In
particular:
• in 2019 the Group Diversity, Equity and Inclusion Community of Practice (DEI CoP) was set up and it comprises over 300 members.
This community is open to all the employees of the Group who voluntarily choose to become DEI ambassadors and to actively
contribute to promoting DEI across the Group. Through its activity, the CoP raises awareness about DEI topics, shares internal and
external best practices and co-creates innovative initiatives. In 2025, on the occasion of Disability Week, an event was organized to
explore topics related to disability, inclusion, and the value of diverse abilities. The initiative was designed for the CoP and Group’s
Employee Resource Groups (ERGs). The event provided a genuine space for dialogue, where concrete experiences and initiatives
that had a positive impact within the Group were shared, further strengthening the commitment to a more inclusive and aware
culture;
• starting from 2020, to support the inclusion of all gender identities and sexual orientations, WeProud ERG was established for
LGBTQI+ employees and allies. The ERG is open to all the employees of the Group and has approximately 1,000 members.
WeProud’s objective is to raise awareness on inclusion topics, prevent and fight against any discrimination, advocate for LGBTQI+
rights. Moreover, WeProud orchestrates the enhanced participation of the Group in the Pride parades. On top of the two global
ERGs, WeProud and Together, there are numerous local ERGs focused on DEI topics, including gender, generations, LGBTQI+,
cultures, parenthood, and disability;
• on the occasion of International Women’s Day, Generali celebrated TOGETHER Week, an initiative that embodies the Group’s
commitment to promoting DEI and further strengthening its efforts to create an increasingly gender-balanced organization, as well
as a more inclusive and equitable work environment;
• always in support of an inclusive culture, in 2024 the Group organised the first edition of Inclusion Day, an event open to all
employees globally which aims to celebrate the 700+ DEI actions carried out within the organisation. The event was also aimed at
informing about progress and achievements and to envision the DEI way forward. The initiative was accompanied by local events
promoted by CEOs across different regions, held over a two-week period. Starting in 2024, Inclusion Day became an annual event.
In the 2025 edition, the global closing event of the campaign brought together several DEI Ambassadors and Group leaders,
who shared successful local initiatives and engaged in an open dialogue on inclusive practices and approaches, with the aim of
strengthening inclusivity in every aspect of daily working life.
Regarding the topic of disability, the Group actively advocates for both physical and digital accessibility, ensuring that everyone,
regardless of their abilities, can fully and equally participate in all aspects of employees’ work experience.
Annual Integrated Report and Consolidated Financial Statements 2025
150
Generali Group
At 31 December 2025, employees with disabilities amounted to 2,686, representing 3.0% of the overall workforce.
Persons with disabilities amongst employees
31/12/2025 31/12/2024
Persons with disabilities amongst employees (*) 3.0% 3.0%
(*) In calculating this indicator, the number of employees with disabilities is defined in accordance with the definition of disability established by local national laws. Therefore, the disclosure of this
information in certain countries where the Group operates may be subject to legal restrictions or limitations on data collection (e.g., the United States). The percentage is based on the employees’ head
count out of the total Group workforce.
The Group promotes a series of initiatives dedicated to this topic. In particular:
• every year, on International Day of Persons with Disabilities, Generali runs the Disability Week initiative where the Group shares its
commitment to promote disability inclusion both within the organisation and across the broader community;
• to support the commitment to eliminate systemic biases and ensure that all employees have fair and equal access to opportunities
for learning, development and advancement, in 2024 the Overcome our biases to shape an inclusive culture program was launched,
a three-module journey open to all employees. This transformational journey saw the participation of over 2,500 employees. The
training offers concrete tools to facilitate conversations on biases with colleagues in order to eradicate or mitigate them and is
based not only on rigorous scientific research, but also on real-world scenarios and case studies that help participants see how
unconscious biases manifest in different situations, and day-to-day interactions. In 2025, the second chapter of this journey,
Inclusion in Action, focused on embedding inclusive behaviors and communication into everyday practices, in the way we act,
collaborate, and interact. This work began with the involvement of the Next Gen Council and the DEI Council, through a joint
reflection on the key traits of inclusive leadership, with particular attention to behaviors that foster a fair and respectful work
environment. This evolutionary phase will continue in 2026, engaging various corporate stakeholders and converging into the third
module of the Managerial Acceleration Program, dedicated to the Group’s entire managerial population and focused on inclusion
and inclusive leadership;
• in 2022 the Accessibility Manifesto was created, a guide that establishes the leading principles to provide Group’s stakeholders
with digital products in line with the European Accessibility Act directive, with the goal of promoting the progressive adoption of
inclusive solutions. In 2025, New Mobile Web Hub was launched, the new cross-market platform designed in compliance with the
Web Content Accessibility Guidelines (WCAG). The My Generali application and the customer web portal feature a modular and
flexible structure, tailored to adapt to different business units and ensure fair access to digital services, reaffirming accessibility as
one of the core values of the Group’s initiatives;
• since 2022, the Group has also been member of Valuable 500, a global collective of 500 CEOs, whose mission is to use the power
of global business to drive systemic change for all people living with a disability. Thanks to the international reach, network and best
practices of Valuable 500, in 2025 Generali participated for the second time in Generation Valuable, a program aimed to address
the gap in disability talent across all levels of organisations.
All the mentioned activities are complemented by a series of actions on disability at local level, including initiatives to improve
accessibility, specific training projects, as well as the establishment of partnerships with companies and associations aimed at
identifying potential candidates with disabilities to be involved in job shadowing programs or internships.
With regard to inclusion in general, the Group’s initiatives are complemented by more than 300 locally organised inclusion actions,
including communication campaigns on unconscious bias, local ERGs, awareness raising programs on disability, mental health
initiatives, numerous collaborations with LGBTQI+ and disability associations, as well as participation in Pride events.
The impact of the initiatives on diversity, equity and inclusion is measured annually through Group surveys, such as the Global
Engagement Survey and the Global Pulse Survey. In 2025, the results of the Global Pulse Survey demonstrated the positive impact
of the Group’s DEI activities in relation to employee satisfaction and organisational culture.
Processes for engaging with own workforce for further details
The effectiveness of actions aimed at increasing the presence of women in strategic positions is also measured through the
corresponding metric.
In terms of organisational resources dedicated to DEI topics, a governance structure has been defined at Group, BU, and local levels.
The Group DEI Council, chaired by the Group’s DEI sponsor and the Group Chief People & Organization Officer and composed of
selected members of the Group’s Senior Management, sets DEI priorities, contributes to shaping and orchestrating the Group’s DEI
strategy and defines specific ambitions for its implementation. All its members play an active role as DEI ambassadors, promoting
DEI initiatives at both global and local levels. The Group Leadership Development and Academy function, which also has DEI
responsibilities and reports to the Group Chief People & Organization Officer, leads and monitors the implementation and execution
of the Group’s DEI strategy, orchestrating the work of local HR teams (or DEI teams where present). Additionally, it monitors progress
through indicators, defines awareness-raising actions at Group level, and promotes training and awareness initiatives across the
whole organisation.
Sustainability Statement
151
Remuneration
The Group’s remuneration policies are based on clear, shared, and globally consistent principles, applicable across the entire
organisation and translated into remuneration programs that comply with regulatory requirements and local laws.
Generali believes that by adhering to these principles, remuneration programs can be effectively managed as a key factor to
attract, develop, and retain top talent and key professionals with critical skills and high potential, while engaging all employees. This
approach also helps align employees’ performance with business results, laying the foundation for solid and sustainable outcomes
over time.
Specifically, the principle of fair and consistent remuneration holds particular importance for the Group and is implemented through
several complementary commitments in defining remuneration programs. In particular, Generali:
• defines remuneration in compliance with local laws and regulations, as well as national and company collective agreements, ensuring
fairness in relation to tasks and responsibilities assigned, roles held, and competencies and skills demonstrated;
• commits to promoting equal treatment and gender pay equity, fostering a meritocratic and fair culture where equal work or work of
equal value corresponds to equal pay;
• promotes fair remuneration practices, ensuring that employee salaries adequately meet their needs, taking into account national
economic and social conditions;
• structures remuneration packages in line with principles of fairness and consistency, as well as the position and tasks performed,
balancing different remuneration components while considering market best practices.
In line with these principles, the Group renewed its commitment to fairness and meritocracy in 2025. The achievements obtained
so far are the result of a structured journey towards pay equity, which began in 2020 in line with the Group DEI strategy, and has
evolved over time from a set of targeted analyses and actions into a broader program embedded in the Group’s remuneration
governance.
During the 2022-2024 strategic cycle, the Group strengthened this approach by introducing a methodology based on statistical
regression models, which considers the most relevant gender-neutral objective factors of salary differentiation (e.g., professional
family and organizational level). This anticipated the direction of emerging regulatory developments and helped reinforce pay
transparency across the organisation. This methodology enabled consistent and data-driven analysis at country and Business Unit
level and allowed the Group to evolve its model and progressively reduce the Equal Pay Gap towards zero, with a specific focus
on base salary. At the end of the 2022-2024 strategic cycle, Generali achieved the closure of the Equal Pay Gap, in line with the
ambitious goals set at the beginning of the journey and confirming the effectiveness of the approach adopted.
Building on the progress made in the previous years, in 2025 the Group embarked a series of actions
100
, as part of a process to refine
its analytical framework and further expanding its scope towards a broader total remuneration perspective, with the aim of integrating
additional components and objective criteria to provide an even more comprehensive view of pay equity.
This evolution is further accelerated by the upcoming EU Pay Transparency Directive, which marks a pivotal moment by fully
embracing pay equity and transparency. The Directive opens a new chapter in Generali’s journey, requiring additional steps beyond
the solid foundations already in place and strengthening the Group commitment to international standards. In this respect, the
interested companies are moving forward with a shared ambition to embrace the purpose of the Directive, while respecting their
specific market and regulatory contexts and adhering to national level transposition, which is currently in progress. Full compliance
is expected in 2026 and 2027, in line with the Directive’s requirements.
In accordance with ESRS metrics, Generali also discloses the gender pay gap and the total remuneration ratio. The gender pay
gap is defined as the difference in average hourly pay levels between male and female employees, expressed as percentage of the
average hourly pay level of male employees. The total remuneration ratio is defined as the ratio of the highest-paid individual to the
median annual total remuneration of all employees, excluding the highest-paid individual. The calculation of these indicators takes
into account the remuneration components required by the standard. At 31 December 2025, the gender pay gap is 26.9% (28.4%
at 31 December 2024) and the total remuneration ratio is 219:1 (187:1 at 31 December 2024)
101
.
In a globally operating group such as Generali, these metrics do not fully reflect internal pay equity, as they consider all Group
consolidated companies as a single unit and compare remuneration across different countries and types of business, without taking
into account differences in employee distribution across geographies and, more broadly, varying pay dynamics and socio-economic
conditions. For example, if the analysis of the total remuneration ratio were focused on the main countries in Europe, the indicator
would show a substantial reduction of more than 25%. Similarly, if the gender pay gap were calculated at a country basis and then
aggregated at Group level, a significant reduction would be observed, exceeding 20%.
100. Reported actions contribute to generate positive impacts as well as to pursue opportunities.
101. The metrics refer to companies with more than 50 employees (headcount) and represent 98% of the Group’s total workforce.
Annual Integrated Report and Consolidated Financial Statements 2025
152
Generali Group
Health & Safety
The Group Code of Conduct outlines the commitment to ensure a healthy, safe and secure workspace, while guaranteeing its
employees fair working conditions and ensuring a safe and healthy environment. Employees are requested to avoid any conduct
that could endanger anyone’s health or safety, instead of promoting actions that have a positive impact. The responsibility related
to the definition and implementation of health and safety management systems to prevent work-related accidents is demanded to
the companies, in accordance with the respective local regulation. The importance of employees’ health and safety is also outlined
in the European Social Charter.
In line with this commitment, the Group’s companies have launched several initiatives aimed at actively promoting the safety and
well-being of their employees, going beyond the minimum requirements set by current local regulations.
Purpose of initiatives Specific actions (*) that involved all the types of employees during 2025
Support of mental well-being, through services
dedicated to the psychological well-being which
include, for example, prevention activities focused on
stress management
Services aimed at both psychological support (such as online sessions with psychologists, workshops and
specific platforms) and mental well-being (such as webinars, programs, or workshops) were made available to
employees.
Promotion of the physical health of employees through
initiatives such as periodical health check-ups or the
promotion of a healthy and balanced nutrition
Specific health services can be freely accessed by employees, such as the possibility of free vaccination,
specific medical visits, as well as medical consultation through online or call services. Preventive measures
were also promoted, offering employees the opportunity to access health check-ups for free or discounted. A
healthy lifestyle is encouraged also in terms of nutrition, by providing consultations with professionals (such as
nutritionists) and the availability of healthy food options.
Promotion of physical activity, for example by
supporting the organisation of sports events or by
encouraging employees’ well-being through various
type of physical activities
Sports events are organised, the employees’ participation in physical activities (such as marathons or teams’
sports tournaments) is promoted. In addition, it is provided the possibility to benefit from discounts and
agreements for the participation of sports events, gym memberships and access to specific services such as
physiotherapy sessions. Finally, employees can exercise both independently and by participating in specific
courses (e.g., yoga and pilates to improve physical well-being and posture), thanks to the availability of
dedicated fitness areas within the company spaces.
Providing training activities on topics related to well-
being, health, ergonomics, and safe driving, through
courses, workshops, and meetings with experts
Contents focused on stress management, physical health and the importance of sleep is provided. Employees
are given the opportunity to participate in safe driving courses both online and practical ones, and training
materials (such as videos and specific courses) on ergonomics-related topics are made available. Health
informative campaigns are also promoted to raise employees’ awareness on topics such as oncological risks or
the importance of healthy nutrition.
(*) Reported initiatives contribute to generate positive impacts as well as to pursue opportunities.
The initiatives were adopted by the Group’s companies in a differentiated manner, considering the local peculiarities and specificities.
In particular, they were made available to more than 80% of the Group’s employees.
As further confirmation of Group’s commitment to the health and well-being of its employees, concrete measures were adopted
to foster a safe and comfortable work environment. Several company spaces were designed to facilitate both work activities and
interaction among colleagues, with dedicated areas to facilitate sharing and relaxation, such as break zones and areas equipped for
meal consumption. To further safeguard our employees’ health and enhance their comfort, ergonomic tools and support were made
available to employees, including chairs, desks, footrests, dual monitor setups, or larger-sized monitors, as well as health measures,
such as defibrillators or air purifiers.
Each BU defines the resources required to implement the key measures to manage health and safety matters, in accordance with
the current local regulations.
All employees are covered by health and safety management system, based on local legal requirements and/or recognized standards
or guidelines. The number of recordable work-related accidents is particularly influenced by both specific business lines where the
Group operates, such as caregiving sector, and accidents occurred during commuting to and from work, which, in accordance
with some national legislations, are considered as work-related. Cases related to commuting accidents, which in several countries
account for the majority of recorded accidents, amounted to 176 and represented 27.1% of the total recorded accidents.
Health and safety at the workplace
31/12/2025 31/12/2024
Percentage of employees who are covered by health and safety management system 100.0% 100.0%
Number of fatalities as result of work-related injuries and work-related ill health 0 1
Number of recordable work-related accidents 649 654
Rate of recordable work-related accidents (*) 4.7 4.7
(*) It is calculated as the number of recordable work-related accidents divided by the total number of hours worked by employees and multiplied by 1,000,000. In cases where it was not possible to directly
calculate the number of hours worked, this number was estimated on the basis of normal or standard hours of work, taking into account entitlements to periods of paid leave of absence from work (e.g.,
paid holidays, paid sick leave and public holidays).
Sustainability Statement
153
SKILLS LEADERSHIP
The Group aims to provide its people with training paths that ensure their competitiveness in a rapidly evolving context, while also
strengthening the Group’s attractiveness to top talent. Continuous performance monitoring plays a key role in supporting these
objectives.
Training and skills development
The Group People Strategy outlines the main objectives related to training and skills development of Generali’s people, an area that
plays a fundamental role in the Group’s business strategy.
The increasingly changing external context and the rapid spread of new technologies have boosted the need for the Group to
invest more and more in cutting-edge knowledge and tools, and to further strengthen its daily commitment to develop new skills
and reinforce competencies of Generali’s people, ensuring everyone has access to the necessary resources for their professional
development.
The focus on innovation and ongoing digital transformation has led to a profound renewal of the Group’s training activities. The Group
upskilling program called We LEARN has been in place since 2019 and its content is continuously evolving. The program is founded
on the following key objectives:
• provide our people with the latest and most relevant skills, enabling them to expand and improve their existing knowledge and to
perform at their best in their current or future roles. By launching new courses and adopting a new skills assessment solution (e.g.,
We LEARN|Know My Skills), Generali aims to support the growth of its people, foster impact in the digital era, and evolve within
the hybrid working model. The catalogue includes more than 250 customised digital courses translated into over 18 languages;
• improve the approach to workforce strategic planning to gain a clearer understanding of the new roles and capabilities needed
to successfully execute the Group strategy, and to activate consistent HR action plans to guide sourcing, upskilling and reskilling;
• raise awareness of the Group strategy and support the achievement of its objectives, through the Global Learning Strategic
Campaigns. These training programs are designed for all our people, supported by a dedicated communication plan, translated
into all languages spoken across the Group, and made easily accessible to facilitate participation;
• develop an ecosystem that produces professional learning contents (such as videos and interviews) and deliver training sessions
relying on a network of more than 500 internal experts and on collaborations with highly specialised partners (i.e. prestigious
universities and external training providers), to ensure constantly updated and innovative learning contents;
• foster a learning organisation culture in which our people feel responsible for their upskilling journey, leveraging on a hybrid learning
approach that combines both remote and in-person opportunities.
During 2025, the Group developed the following actions
102
to further strengthen the development of employees’ competencies:
• the upskilling program was expanded with the introduction of the Technical and Functional Schools, naming technical and
functional academies designed to support the Group’s excellence in core business capabilities through modular learning pathways,
structured across different proficiency levels and tailored to specific professional families (e.g., P&C and Health);
• two Global Learning Strategic Campaigns were developed and launched: one is dedicated to the 2025–2027 strategic plan, aimed
at promoting awareness of the Group’s strategic priorities and objectives; and one is focused on Generative Artificial Intelligence
(GenAI), intended to train all our people on the use of these tools to support their daily work activities.
The program Accountary and Controller of the Future was also successfully completed in 2025, an executive mini master offered
within the New Roles Schools initiative, designed to internally train a selected group of talented professional figures and prepare them
to take on new roles across different business areas, increasingly shaped by innovation and digital transformation.
The initiatives launched during 2025 are planned for the entire 2025–2027 strategic cycle.
The training initiatives within the We LEARN program are available for all the BUs in the regions where the Group operates, with
some limited exclusions due to business peculiarities or local context specificities. Training programs are at times intended for all
employees, but at other times only for specific groups (such as people manager). Each BU has the responsibility to implement them
locally, in line with its specific training needs.
The program is also supported by We LEARN Champions, i.e. ambassadors distributed across more than 45 countries and all BUs
by promoting participation and engagement in training through multiple initiatives and dedicated learning sessions.
During 2025, the total amount of financial resources allocated increased to € 74.0 million
103
compared to the previous fiscal year
(€ 62.5 million at 31 December 2024). In the same period, an average of 36.5 hours of training per employee was recorded. These
increases are attributable to the ongoing support for the program’s objectives and the initiatives implemented at Group level and in
various geographical areas, in line with the GPeople27 priorities.
102. Reported actions contribute to generate positive impacts as well as to pursue opportunities.
103. This investment is related to the activities carried out by Group Academy for the entire Group as well as L&D activities management related to local trainings. Information on training investments at the Group level is collected
annually by the Group Academy function from all companies and, after conversion to euros when necessary, aggregated to produce the total amount.
TALENT ATTRACTION AND DEVELOPMENT
Annual Integrated Report and Consolidated Financial Statements 2025
154
Generali Group
Average number of training hours per employee (*)
31/12/2025 31/12/2024
Male 38.5 34.8
Female 34.6 30.8
Other 34.0 7.5
Not reported 8.0 -
Total 36.5 32.7
(*) The calculation of the indicator excludes inactive employees, while including those who joined during the year, and it also considers business and local context peculiarities.
The upskilling index metric has been defined in order to monitor the progress of the training initiatives within the upskilling program.
It indicates the percentage of the targeted Group’s population that has successfully completed their upskilling journey during the
strategic cycle 2025-2027, especially on trainings related to strategically relevant topics linked to new technologies, with a particular
focus on AI and GenAI, technical excellence, sustainability, and the cross functional and cultural skills associated with the Lifetime
Partner model. The metric was defined based on the objectives of the Lifetime Partner 27: Driving Excellence strategy, in line with
the evolution of the training offer and considering current trends and the results achieved so far.
The Group’s goal of reaching 90% of the upskilling index by the end of 2027 has been defined in line with market benchmarks taking
into consideration the main sector players, as well as the Group’s size, its organisational structure, and its strategic plan.
Metric and target (entity-specific information)
Strategic target Metric (*) Result of the metric at Target (**) Target
reference period
Baseline and
base year (***)
31/12/2025 31/12/2024
Develop the necessary
skills to grow in the digital
era and support strategic
priorities
Upskilling index 31% N/A Upskilling index ≥ 90% 2025-2027 N/A
(*) The upskilling index is a composite index that includes three different components with weighted and equally distributed importance: Culture, Customer & Sustainability (33%), AI, GenAI & Operational
Model (33%) and Core Competencies (Technical & Functional Excellence) (33%). The percentage of each component is rounded down for ease of reading. All components include both Group-level
initiatives and local initiatives developed by Academies in each BU. The metric is defined as a formula that combines the population involved in the upskilling program, the number of training initiatives
proposed and planned in the strategic cycle, and the actual participation in these initiatives.
(**) The target was established as part of the Group’s strategic plan definition. The identification of the target, the monitoring of the results obtained, and the identification of potential target improvements do
not involve the participation of employees or their representatives. Employees and/or their representatives are recipients of a communication plan regarding the defined targets, the level of achievement
compared to the target, and the related supporting actions identified. Each BU is responsible for adapting its reference population and the targets of each training initiative based on organizational
changes and consequently updating the monitored companies. The scope of the upskilling index potentially includes all line-by-line consolidated companies with at least one employee; the decision to
join the program is a managerial choice and is at the discretion of each BU. Therefore, companies that, for substantiated reasons, are not relevant for monitoring purposes, such as those with employees
who primarily attend mandatory training courses due to their functions, may be excluded. The sales force is involved based on the specific training needs of each BU. By the end of each year of the
strategic cycle, BUs are responsible for providing Group Academy with the list of companies within their scope.
(***) Monitoring of the metric begins with data collection in the first quarter of 2025 and does not include a baseline value. Monitoring ends in the last quarter of 2027.
Local HR functions are involved in monitoring the metric’s progress towards the target, as they are responsible for the local
training offer and for promoting the initiatives developed at Group level. The Group Academy function leads and manages the
program by providing a learning framework, delivering Group training courses, and supporting the BUs in planning and delivering
their activities, while each BU is responsible for identifying its own learning priorities, executing its learning plan, and delivering
their trainings.
In addition to the training initiatives delivered under the We LEARN program, the Group has also defined a dedicated learning
pathway within the second phase of the Managerial Acceleration Program, named as MAP Forward. This program aims to provide
people managers with the skills, knowledge and mindset required to translate the priorities of GPeople27 into daily managerial
actions, strengthening their role as reference points and models of excellence within the organization. The program, launched
in 2024 as a three-year pathway, began with a first phase focused on artificial intelligence, data usage, and automation. The
second phase, delivered in 2025, centred on GPeople27 and, in particular, on Generali’s Culture of Excellence, highlighting the
role of Group managers in achieving the business plan objectives through people development, empowerment, collaboration, and
experimentation. This second phase included a train the trainers initiative involving approximately 400 people managers across the
Group. Following these sessions, participants launched cascading local trainings, with the aim of disseminating and transferring the
acquired knowledge to more than 9,100 people managers across the organization.
Performance management
The GPeople27 has placed particular emphasis on strengthening the Employer Branding and Employee Value Proposition of Generali,
based on a meritocratic corporate culture founded on transparency, accountability and performance. In this context, the Group relies
on a performance management process (GPM) as a strategic lever for individual development and talent identification. This process
Sustainability Statement
155
ensures fairness and equal growth opportunities, through the establishment of clear objectives consistent with the Group’s priorities
and a system of continuous feedback from both managers and colleagues.
The GPM process, designed by the Group and implemented from the previous strategic cycle 2022-2024, consists of the following
main phases.
It is the phase inspired by granting greater flexibility and further enhancement of employee accountability. In defining achievable and
measurable goals, three components are considered: what (achievements that employees are expected to accomplish), how (goals
focused on developing skills related to the Group’s behaviours), know-how (goals describing technical skills relevant for future business
challenges and career growth). Employees then identify the internal stakeholders with whom they collaborate and from whom they seek
feedback on performance during the year.
It is the foundational element of the performance evaluation process and an enabling factor for a continuous, deep, and inclusive feedback
culture, which is structured on three levels. The first level consists of feedback provided by colleagues identified by the employee and
approved by its line manager, aiming to improve performance and development. The second level requires continuous and informal
feedback also from colleagues with whom the employee has collaborated during the year, offering all employees the opportunity to receive
feedback at any time. The third level is the formal mid-year meeting with its line manager to share feedback (mid-year check-in), to review
performance, the goals set at the beginning of the year, the progression of the Individual Development Plan (IDP), and the feedback
received. This moment is crucial for promoting a culture based on constructive and continuous feedback, showing the value of meaningful
and frequent conversations about performance and development.
It is the phase in which employees firstly provide a comprehensive qualitative self-appraisal of the year’s performance, which is then
reviewed with their line manager. In particular, the discussion is about the achievement of the goals set at the beginning of the performance
cycle, the progression of the IDP, the feedback received from key stakeholders, and the final evaluation.
It is the key result of performance management. In light of this, the employee is the main actor in defining its own development and
autonomously proposes its own IDP, which can be updated at any time during the year, to ensure flexibility in a constantly evolving
context. In defining their IDP, employees specify the three development targets for the following year, also considering the performance of
recent years, which consist of: improving their strengths, working on areas for improvement, and expressing their professional ambitions
and aspirations.
Following the implementation of the process at Group level, with the objective of driving our people through the change, specific
initiatives are in place aiming at providing digital support, continuous training, and practical tools for managers and employees, as
well as monitoring the adoption and effectiveness of the process through key performance indicators. This process includes, among
others, the following aspects:
• use of internally-developed GPM app, which complements the digital solutions already supporting the performance management
process and in use in the various BUs and geographies of the Group;
• the definition of a training program provided by the Group for local HR, structured in various modules for each phase of the
process, to further increase knowledge and full awareness of the process, supporting change and implementation at local level;
• the design, production, and availability of 16 training pills in 13 languages on the Group’s training platform (We LEARN) for
employees and managers that describe the process according to the two paths;
• the development of a toolkit for managers and employees on the characteristics of the process with practical tools for the adoption
of the GPM, on which dedicated sessions have been organised to delve into each phase of the process.
During 2025, the main actions
104
were focused on the adoption of the GPM app by additional BUs and Group companies, further
expanding its usage.
104. Reported actions contribute to generate positive impacts as well as to pursue opportunities.
GOAL SETTING
SHARING FEEDBACK
PERFORMANCE APPRAISAL
CONTINUOUS INDIVIDUAL DEVELOPMENT PLAN
Annual Integrated Report and Consolidated Financial Statements 2025
156
Generali Group
The supervision of the effectiveness of the process described above is monitored by tracking the adoption of the following key
characteristics for the related process phases:
• what, how and know-how goals;
• mid-year check-in meeting;
• qualitative self-appraisal;
• continuous and open IDP.
The GPM foresees the periodic review of employee performance, considered as the entire performance assessment cycle in which
employees are formally involved and evaluated during the year. In 2025, the percentage of eligible employees, i.e. those who
took part in the performance cycle and related reviews, stood at 76.6%, highlighting a gender balance. The gap between the
number of employees eligible for the performance cycle and the total number of employees is mainly due to those not included
in the GPM processes, such as the sales force in some BUs (which are subject to different performance evaluation processes),
certain types of temporary contracts, employees who left the Group during the year, new hires not yet included in the process and
inactive employees. Additionally, 97.7% of the eligible employees completed the performance cycle during 2025, confirming again
a balanced completion rate by gender.
Percentage of employees who participated in the performance review cycle (*)
31/12/2025 31/12/2024
Male 97.4% 97.4%
Female 98.0% 97.5%
Other 0.0% 100.0%
Not reported 100.0% -
Total 97.7% 97.5%
(*) It is calculated as the ratio of the number of employees who completed the performance cycle during the year to the total number of eligible employees.
In terms of organisational resources dedicated to performance management, the processes and initiatives delivered within the Group
are overseen by the Group Talent Management function. At local level, the initiatives are managed by the respective Leadership &
Development (L&D) referents, who are responsible for promoting and monitoring the implementation of the process and initiatives
in the GPM area, alongside other activities carried out in the L&D field. To ensure continuous alignment with the countries, the
Group Talent Management function regularly organises periodic meetings with the L&D Community, where, among other topics,
performance management issues are addressed.
FUTURE-READY ORGANIZATION
To maintain and strengthen its competitiveness, the Group closely considers social and technological developments, promoting
ways of working that support its people’s well-being and enable them to express their full potential. With this aim, the Group adopts a
strategic approach to people management that considers technological innovation and cultural, demographic and market evolution.
Generali has also decided to confirm the adoption of a hybrid working model that supports a healthy work-life balance.
Working time and work-life balance
The Group has always been invested in protecting and reconciling work commitments with personal needs of its employees at all
levels of the organisation and in all countries where it operates. In line with this perspective, the work environment is meant to sustain
the adoption of hybrid, flexible and sustainable working models, which reflect our vision and incorporate our behaviours as well as
enhance the potential of our people.
The principle of promoting work-life balance is outlined in the DEI Group Guideline and it is primarily realized through the recognition
of benefits provided by laws, national collective agreements, corporate supplementary agreements and local regulations. Among the
various measures that facilitate flexible working arrangements, paid leave is provided, such as, for pregnancy, breastfeeding for new
mothers, marriage leave, maternity/paternity leave, child illness and care-giver assistance for disabled family members.
Specific actions
105
at the European level stem from the signing of the Joint Declaration on the New Sustainable Way of Working in a
Next Normal Scenario in 2023 with the EWC. It further guarantees the promotion of the right to disconnect, work-life balance, well-
being and compliance with the contractual working hours limit. The declaration includes periodic monitoring sessions involving EWC
representatives who can provide evidence of the actual implementation of the objectives in the countries in scope. Moreover, through
agreements resulting from negotiations with local workers’ representatives, the Group guarantees to its employees the opportunity to
benefit from measures or initiatives aimed at ensuring greater flexibility such as hybrid work, flexible working hours even on in-office
days, part-time work, company nurseries, and leave for parental and family related reasons.
105. Reported actions contribute to generate positive impacts as well as to pursue opportunities.
Sustainability Statement
157
The Group principles on hybrid work have effectively guided the definition of hybrid working models across countries during the
2022-2024 strategic cycle, consistently taking into account relevant geographical and cultural specificities. These balanced models,
combining in-office and remote work, have been periodically reviewed and updated over time, also based on new trade union
agreements. In this regard and over the past few years, the Group has continuously invested in creating forward-looking skills to
drive growth and transformation in the new hybrid era, for example, with targeted training programs for managers aiming at fostering
a managerial culture centred on empowering people. This journey is also supported by additional initiatives, for instance, to sustain
the work-life balance and to promote inclusive work environments.
Building on the successful work of recent years in adopting and supporting effective ways of working, within the framework of
GPeople27 - People Powered Excellence, the Group reaffirms the promotion of a balanced way of hybrid working, grounded in
trust, flexibility and performance, that empower Generali people to effectively thrive, collaborate and drive excellence. In 2025, this
approach guided a further evolution of the Group’s reference model, with the definition and promotion of 7 Golden Rules:
• we sustain a balanced hybrid model, getting the best of physical and digital;
• we believe in ownership on results and flexibility;
• our managers lead by example and empower teams to work at best;
• we nurture collaboration, connection and innovation across teams;
• we welcome and promptly integrate new joiners;
• we gather insights and listen to our people to improve our way of working;
• we embrace AI and new technologies to work better.
The effectiveness of the hybrid model is measured through surveys; the results of the Global Pulse Survey 2025 confirmed an
extremely positive attitude among our people towards hybrid working models, with an average favourability of 90% across the set of
dedicated questions. More specifically, 93% of respondents believe that the hybrid working model allows them to effectively manage
the work of their team.
In addition to the employees’ surveys, the Group’s social parties share in dedicated forums the opportunity to make any adjustments
to official statements, agreements and regulations of reference.
Nearly all the Group employees, corresponding to 99.9%, are entitled to take family-related leave, with a substantial balance between
women and men, while the overall percentage of those who took family-related leave is 9.5%. The small portion of the population
that is not entitled to take family-related leave mainly includes limited cases of employees with permanent contracts, whose rights
accrue upon the conclusion of their probation periods.
Employees entitled to take and that took family-related leave
(%) 31/12/2025 31/12/2024
Employees entitled to take family-related leave 99.9% 99.3%
Male 99.9% 99.5%
Female 99.9% 99.1%
Other 100.0% 100.0%
Not reported 100.0% -
Entitled employees that took family-related leave (*) 9.5% 10.6%
Male 31.1% 31.1%
Female 68.9% 68.9%
Other 0.0% 0.0%
Not reported 0.0% -
(*) The distribution of employees who took family-related leave by gender is expressed as a percentage of total employees who took family-related leave.
Collective bargaining, social dialogue, freedom of association and secure employment for the organisational resources employed to manage these topics
Annual Integrated Report and Consolidated Financial Statements 2025
158
Generali Group
Reporting processes and ways
The Group provides its employees with different options to report potential, alleged or even feared violations to be investigated.
Employees and other reporters can use the Generali Group Whistleblowing Helpline (generali.whispli.com/speakup) available on the
intranets and on the Group corporate web sites. Reporting processes, as disciplined in the Reporting Concerns and Anti-Retaliation
Group Guideline, are described in Information on Governance; for whistleblowing reports, mechanisms of their management and
ways for monitoring actions taken following reports’ handling are provided.
Reports on issues related to the workforce can also be conveyed through EWC representatives, as provided by the European
Social Charter available on the Group’s website and intranet. Violations - or alleged violation - may be brought to the attention
of the Management during ordinary or extraordinary annual meetings with the EWC, as well as in regular correspondence or in
dedicated meetings between the EWC Secretary and/or the EWC representatives and the permanent interlocutor of EWC named
EWC Relations & Labour Network belonging to the Group Chief People & Organization Officer function.
Below is a representation of incidents of discrimination and complaints received on workforce-related issues through the
aforementioned channels.
Incidents and complaints
31/12/2025 31/12/2024
Number of incidents of discrimination (*) 24 25
Number of complaints filed (**) 98 93
(*) The number refers to reports, including those from previous periods, that resulted substantiated in the reporting period.
(**) No reports were made to the national contact points for multinational enterprises of the OECD and published in the dedicated OECD database.
Consumers and end users
Privacy
In line with its commitment to respecting the fundamental rights of individuals, and particularly the privacy, reiterated in the Group
Code of Conduct, Generali is equipped with a series of measures to protect the processing of the data of its customers, employees
and other stakeholders.
The Group collects only the data that is strictly necessary, uses it for legitimate purposes and protects it with appropriate technical
and organizational measures according to its standards and the provisions of the European Commission - even when transferred
outside the European Union and subject to less stringent regulations - and guarantees each person full control of their data, making
the processes for accessing, updating or deleting them simple and transparent.
The principles relating to the processing of personal data are identified and detailed in the Personal Data Protection Group Policy,
which, although based on the principles of the General Data Protection Regulation (GDPR), also establishes their application to all
Group companies outside the European Union. Through this policy, the Group also incorporates and aligns its commitment with
international principles and initiatives such as the Global Compact and the United Nations Guiding Principles on Business and
Human Rights, which promote sustainable practices and recognize privacy as a fundamental right.
The policy and the actions aimed at reducing risk are constantly updated. To ensure alignment with regulatory, technological and
organizational developments and to ensure effective protection of personal data in every Group operating context, the best practices
that have emerged, recent legal and regulatory guidelines, and critical issues reported through complaints and the whistleblowing
channel are taken into consideration.
A summary of the policy is available on the Group’s corporate website (www.generali.com/info/privacy/privacy-information).
Generali adopts a risk management process related to the processing of personal data that makes it possible to identify the risk
itself and assess it, mitigate its impact and monitor it over time, as well as to provide adequate information and reporting to the
management bodies.
Sustainability Statement
159
The management of the risk associated with the processing of personal data is part of the Group’s broader risk management system.
It is therefore assessed using a structured methodology, which allows it to be positioned in a risk matrix that considers both the level of
exposure of the individual Group companies and their ability to manage it effectively.
The Group also uses risk drivers and risk indicators to continuously assess the exposure of the main companies that process personal
data. This assessment is based on the information collected through the platform used for the management of compliance risks and for
the execution of the main obligations required by the GDPR.
The Group adopts a governance model structured on three levels, based on recognized international principles - such as the UN Guiding
Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises - which, together with the company policy,
define the guidelines for managing the risk framework related to the processing of personal data. In line with the Protect, Respect, Remedy
paradigm, the Group is committed to preventing and mitigating the negative impacts on individuals from the processing of personal data,
including through the continuous strengthening of cybersecurity measures and the adoption of effective remediation mechanisms. In the
same way, it promotes responsible conduct oriented towards transparency, compliance with regulations, protection of rights and proactive
risk management, overseeing both regulatory and operational risks related to the processing of personal data.
In this context:
∙ operational functions, the first line of defence, manage the risk related to the processing of personal data in their respective areas and
take the necessary technical and organizational measures (e.g., they collect only the data that is strictly necessary, use tools such as
pseudonymisation and encryption to protect it, regulate access according to roles and ensure continuous training of staff on secure
data management);
∙ Compliance functions and DPOs, where appointed, as a second line of defence, support and oversee the implementation of the policy,
ensuring that regulatory risk is adequately managed and mitigated by the first-level structures. The control of this risk is their exclusive
responsibility, as they are directly responsible for compliance with the regulatory framework on the protection of personal data. The
Risk Management function, which is also part of the second line of defence, contributes in a complementary way to the management
of privacy risk, by integrating it into the Enterprise Risk Management system and monitoring its evolution as an operational risk;
∙ the Internal Audit function, as a third line of defence, verifies the overall effectiveness of the control system in place over time,
promoting, where still necessary, the strengthening of risk mitigation measures.
While the operational functions carry out continuous control activities, the functions of the second and third line of defence implement
control campaigns based on annual plans structured with an adequate frequency to ensure an independent verification of the work of
the first line of defence. The functions involved in the controls analyse the results of the verification campaigns and the risk monitoring
indicators, in order to identify any mitigation actions and define the necessary corrective activities, sharing the results with the business
functions to ensure awareness, alignment and effective implementation of the interventions.
To prevent the risk associated with the processing of personal data, Generali develops and shares best practices and knowledge on the
subject, organizes dedicated working groups and guarantees adequate training both online and in the classroom for all employees.
In the context of risk identification and prevention, the reporting channels made available by the Group play an important role, to interact
with individual companies, in order not only to exercise their rights, but also to represent critical issues regarding the processing of
personal data. These channels include dedicated tools such as confidential emails, personal areas and, where applicable, also anonymous
whistleblowing, in accordance with the regulations in force in the countries in which the Group operates. According to the practices of the
individual countries, also through their employers’ associations and the initiatives of the institutions to which they belong, a direct channel
is also made available with consumers to collect the relevant requests.
The actions described above are integrated into the processes of the Group companies.
On the basis of the internal control system, the results relating to risk monitoring, the results of control activities and the identification of
any corrective activities are reported to the Board of Directors of the individual companies involved, as well as to the other bodies and
committees involved in the oversight of the Internal Control and Risk Management System, in line with the model of the three lines of
defence. The Board of Directors of the Parent Company is also informed, with a focus on the Group-wide cases that are most significant in
terms of impact on the overall risk profile, regulatory compliance and adequacy of the governance system, including those that may affect
the Group’s solvency, reputation or business continuity.
RISK PREVENTION AND MITIGATION
RISK IDENTIFICATION
RISK REPORTING
Annual Integrated Report and Consolidated Financial Statements 2025
160
Generali Group
Access to quality information
The Group is committed to identifying the customers’ needs, taking care of their requirements and providing complete and easily
accessible information, while always complying with regulatory requirements on the development and distribution of insurance
products and services.
In this regard, and to oversee the underlying processes, Generali has adopted the Product Oversight and Governance Group Policy
(POG), that outlines, among others, the principles and guidelines to mitigate the risk of non-compliance with relevant regulations. It
defines the commitment to ensuring that the distribution network maintains all necessary documentation for the insurance products
intermediated, which must be clear, precise, and updated. Additionally, it specifies the importance of having accurate and transparent
pre-contractual and contractual communication and documentation to customers. The POG establishes the minimum requirements
that each Group insurance company must comply with and implement, also providing the necessary guidelines for the Group’s
European insurance companies to comply with applicable European regulations. The objective is also achieved through the definition
of an insurance product development process, setting out the measures and procedures for the design, monitoring, review and
distribution, including the identification of the target market. This model ensures an adequate offering to customers’ needs and a
distribution process that safeguards transparency and an underwriting of products that meet customers’ needs.
To ensure proper and transparent distribution, the Group outlines and updates the standards for distribution networks to enable
them to fully and completely understand the characteristics of the products offered and related services, including the risks and costs
(even implicit) and any changes in price that may occur during renewal. This guarantees complete accessibility to quality information
to all customers who contact the sales networks for the insurance products offered by the Group.
To monitor the effectiveness of the above-mentioned actions, the Group outlines in the POG an insurance product monitoring
process, whose focus is on the customer, as well as a distribution channel monitoring process, aimed at assessing the network’s
compliance with the POG’s provisions, with the possibility of implementing remedial actions where necessary.
Demographic changes
Modern communities are more and more influenced by significant demographic and social phenomena that strongly impact their
socio-economic balance.
In Europe, there is an ongoing process of aging population, driven by increased life expectancy and reduced birth rates, which also
contributes to a more imbalanced ratio between the working-age population and the elderly. International migration phenomena only
partially counterbalance this trend, which is nonetheless differently influenced by socio-political initiatives adopted on a local basis
and highly dependent from the international geo-political scenario constraints.
Aging population leads to an increased demand of solutions capable to ensure a prolonged good life standard, in terms of both
expenditure capacity and health conditions.
In most European markets, the working-age adult population is often under pressure due to the simultaneous demands of work and
caregiving responsibilities for the expanding elderly population and for children and adolescents.
The younger age groups are affected by a reduced and often discontinuous average income capacity, heavily influenced by a flexible
but precarious labour market, which does not ensure reasonable certainty in financing the public welfare system. It remains a strong
characterization of unbalanced communities, where the increase in welfare and healthcare needs is not matched by adequate
funding and coverage of public systems by the active population.
The need for assistance naturally evolves towards increasingly sophisticated, and therefore costly, services and performances, which
must address new needs. The stable expansion of the older and more fragile age groups highlights the trend of a constant increase
in chronic diseases of prolonged severity and incidence over time. In parallel with these phenomena, there is a greater awareness of
the link between health, lifestyle habits, and the environmental context, thanks to both public social initiatives and greater proactivity
and promotion by the private market.
Strategy
Demographic changes according to the outlined trends can be summarized into two major social issues: insufficient awareness
and/or dissemination of pension protection (the so-called pension gap) and inadequate coverage of healthcare expenses and other
possible present and future needs related to risks on life protection (the so-called care gap).
The Group has identified these areas of intervention as priority levers for the development and strengthening of the Life and Health
business to address the issue of demographic changes, particularly focusing on generally underserved, and therefore more
vulnerable, population groups, such as women, young people, the elderly, families, and migrants/refugees.
Generali positions itself as an active part in strengthening more stable communities, monitoring and addressing the effects of a
changing society. For this reason, it develops and offers flexible and modular solutions with high pension and care content to
cover healthcare expenses and other possible present and future needs, individual, family, and community. Specifically, the senior
customer segment is particularly targeted with modular solutions that combine savings, protection, and services in an assistance
Sustainability Statement
161
logic. Generali also commits to strengthening dialogue with people through services accessible on a 24/7 basis.
The Group provides customers with complete and easily accessible information on products and services, helping them understand
the main factors that can affect their income capacity, accurately assess their savings capacity, as well as identify their present and
future needs.
Believing that the insurance service is the most suitable to foresee and address possible human life needs in advance, the Group
takes care of its definition and offer even in market contexts with little knowledge and individual propensity for insurance solutions.
Policies
Life Underwriting and Reserving Group Policy
The Life Underwriting and Reserving Group Policy includes guidelines for the development of products with social value, aligned with
strategic sustainability objectives as well as with the set of guidelines and strategies in the Life and Health business, with particular
reference to demographic changes.
Actions
The Group is continuously committed to identify and develop insurance solutions to address demographic changes also leveraging
the foundation of a dedicated Demographic Hub. With the Lifetime Partner 27: Driving Excellence strategy, the focus is in particular
on pension, protection and health insurance solutions that promote and strengthen social inclusion in the demographic evolving
scenario, to be addressed with renewed interest to the mostly underserved and therefore more vulnerable segments of the population,
such as women, young people, the elderly, families, and migrants/refugees.
Three main areas of potential gap have been identified:
• pension gap to be faced with pension products structured to provide a source of profit in addition to the public welfare system,
therefore to support needs in old age after retirement;
• the life protection gap to cope with the financial impact of death, disability, critical illness or need of long-term care;
• health protection gap to be faced with products that replace or supplement public health services, aimed at covering the costs of
care and assistance, or the reduction of customers’ income in the event of serious illnesses or non-self-sufficiency.
Metrics and targets
As a Responsible insurer, with the purpose of reducing the pension, protection and health gaps driven by the demographic changes,
the Group has identified as relevant metric the NBP for pension, life and health protection insurance solutions for underserved
customers and has set a growth target in terms of CAGR (+6-8%) on a like-for-like basis for the period 2024-2027. This target
aims to support Generali’s commitment to being a significant player in mitigating the impacts on society induced by the evolving
demographic scenario.
Metric and target (entity-specific information)
Strategic target Metric (*) Result of the metric at (**) Target (***) Target
reference period
Baseline (**) and
base year
31/12/2025 31/12/2024
Development of solutions
to reduce the pension and
welfare gap
New business premiums
(NBP) for pension, life
and health protection
insurance solutions for
underserved customers
€ 3,517 mln € 3,205 mln
+6-8% CAGR NBP for
pension, life and health
protection insurance
solutions for underserved
customers
2024-2027
€ 3,205 mln
(2024)
(*) In the case of annual contracts that include accident and health coverage for which new business premiums are not applicable, the reference metric can be replaced by gross written premiums. The
Group has adopted an internal classification to identify pension and protection and health insurance solutions and categories of underserved customers, i.e., those most exposed to the insurance gap:
women, young people (<35 years), elderly (>55 years), families, and migrants/refugees.
(**) The metric value at 31 December 2024, which corresponds to the baseline value of the target, was originally defined and published in the Annual Integrated Report and Consolidated Financial Statements
2024 using forecast data that were provided based on standard planning and control procedures. It was restated for this reporting based on year-end 2024 actual data. The value moved from € 2,899
million to € 3,205 million, showing a € 306 million increase, also driven by the incorporation of additional information that provides a forward-looking view through 2027. The information are provided by
the main companies through dedicated interaction between the competent Group and local functions, with the support of the corresponding Sustainability functions.
(***) The achievement of the target is subject to market environment and constraints. The target was confirmed, even though its baseline value was revised upward, thereby increasing the distance from the
expected improvement path. It is monitor on an annual basis through an automated centralized system, while the competent Group function performs managerial reviews of the collected information.
At 31 December 2025 New Business Premiums amounted to € 3,517 million, with a growth of 9.6% on a like-for-like basis
compared to the previous year and base year. Growth was supported by increases across all lines of business, with particularly
strong contributions from the pension and health segments chiefly underwritten by the underserved categories of families and young
people. The life protection segment also contributed positively, supported by underwriting from the underserved category of senior
customers.
Annual Integrated Report and Consolidated Financial Statements 2025
162
Generali Group
GOVERNANCE INFORMATION
Business conduct
The Group runs its activities in compliance with law provisions, internal regulations, and principles of professional ethics, and it
is committed to positively contribute to the well-being of all its stakeholders. Specifically, it adopts measures and practices to
ensure a positive impact regarding corporate culture and management of reports, anti-bribery and anti-corruption phenomena, and
relationships with suppliers.
Policies related to business conduct
Group Code of Conduct
The Group Code of Conduct, together with our values, constitutes the foundation of the Group’s cultural identity and defines the
fundamental rules to be adopted. The set of values and ethical expectations defined in the Code of Conduct aims to assist in making
consistent choices and to ensure that in the workplace, one can always rely on good principles such as frankness, openness, and
impartiality. The Code of Conduct requires all employees and members of the administrative, management or supervisory bodies
of the Group companies to respect integrity and ethical values, in order to prevent misconduct for which the companies may be
held accountable. To this aim, it establishes rules of conduct related, for example, to fair conduct of business, sustainability, work
environment, diversity, equity and inclusion, personal information and privacy, fair competition and antitrust, conflicts of interest,
anti-bribery and anti-corruption, anti-money laundering, counter terrorist financing and international sanctions. These rules are
complemented by a set of implementing regulations, that details principles and provisions of the Code of Conduct. It states the rights
to fair treatment and non-discrimination as well as to work towards the objectives of an organization that consistently promotes and
rewards ethical behaviour. The Code of Conduct and its implementing regulations require to adopt appropriate remedial actions for
managing any potential violations of the Code of Conduct and internal regulations, which may lead to the application of disciplinary
measures in accordance with current legislation.
The Code of Conduct rejects any form of violation of human rights, including exploitation or irregular work as well as any kind of
forced or compulsory and child labour, and any other practice not in line with the principles contained in the UN Global Compact
and International Labour Organization (ILO) standards, also from its suppliers. The Code of Conduct provides that the Group stands
against any kind of harassment, sexual harassment, bullying, mobbing or retaliation.
Principles and rules set forth in the Code of Conduct apply to all employees, including members of supervisory and management
bodies of the Group, and to third parties (consultants, suppliers, agents, etc.) who act on its behalf.
The Code of Conduct was approved by the Board of Directors of the Parent Company and must be adopted by the administrative,
management or supervisory body of each company. CEOs are responsible for overseeing the implementation of the Code of Conduct
and internal regulations in accordance with local legal requirements.
To ensure that it is easily accessible and publicly available, the Code of Conduct is translated into all the languages of the countries
in which the Group operates and published on the Group website (www.generali.com/sustainability/our-rules/code-of-conduct); its
publication is required also on the websites of each company of the Group.
Reporting Concerns and Anti-Retaliation Group Guideline
The Reporting Concerns and Anti-Retaliation Group Guideline outlines how to report violations, even only potential or alleged of
the Code of Conduct or other internal or external regulations and how to manage them, with particular reference to the internal
channel provided by the Whistleblowing legislation. The document also provides with a description of the anti-retaliation policy for
safeguarding people who report, collaborate and facilitate the report and/ or the investigation, conduct the investigation, and third
parties - including legal persons - connected to the reporter that may suffer retaliations in a work-related context.
An extract of the guideline illustrating the process for managing whistleblowing reports is published on the Group website and on the
Generali Group Whistleblowing Helpline page (generali.whispli.com/speakup).
Anti-Bribery and Anti-Corruption Group Policy
The Anti-Bribery and Anti-Corruption (ABC) Group Policy establishes the framework through which the Group manages its risks
related to corruption, bribery and abuse of power, defining the standards and requirements applicable to its companies. It has been
designed to prevent corrupt and bribery practices within the Group’s companies, while protecting the Group and its employees from
any corporate or personal liability arising from ABC laws and regulations. The objective of the policy is to safeguard the Group’s
reputation and brand, minimizing the associated risks.
It has been drafted in line with the main international and national standards on the subject, including the United Nations Convention
against Corruption, the OECD Convention on Combating Bribery of Foreign Public Officials in International Commercial Transactions,
and Wolfsberg Group’s ABC Compliance Program guidelines.
The principles of the policy are promoted and made accessible to the public in a special section of the Group website (www.generali.
com/sustainability/our-rules/Anti-Financial-Crime-and-Anti-Bribery-and-Corruption).
Sustainability Statement
163
Ethical Code for Suppliers of the Generali Group
The Ethical Code for Suppliers of Generali Group, available on the website (www.generali.com/sustainability/our-rules), addresses
the need to communicate to suppliers/contractors the Group’s approach to the most relevant social and environmental matters,
informing them of the rules the Group has established, detailing the principles and values that should establish the basis for good
business relationships: correctness and honesty, transparency and impartiality, prevention of conflicts of interest, fair competition,
confidentiality, workers protection, and environmental protection.
The Ethical Code has been drafted in line with the values promoted by United Nations Global Compact, Principles for Responsible
Investment (UN PRI), Carbon Disclosure Project, International Labour Organization (ILO) Convention, and UN Universal Declaration
of Human Rights (UDHR).
The Ethical Code was approved by the Board of Directors of the Parent Company, and the responsibility for its implementation is
assigned to each local procurement function.
One Procurement Group Guideline
The One Procurement Group Guideline, referring to the Ethical Code for Suppliers of Generali Group
106
, aims to define a framework
of principles, processes, and controls for procurement activities across the Group. Additionally, it seeks to provide a comprehensive
and consistent set of principles and rules for the management of procurement activities, thus ensuring:
• the incorporation into procurement practices of principles and values inspired by the Code of Conduct and the Ethical Code;
• the adoption of common practices for the purchase of goods and services;
• a uniform approach and alignment among all the Group companies involved;
• compliance with Group internal regulations.
Corporate culture and reporting processes
The Group Code of Conduct constitutes the foundation of the Group’s cultural identity aimed at promoting an ethical culture and a
high level of compliance and integrity, to deliver long-term success and sustainability and to contribute positively to the well-being of
all stakeholders and to realize Generali’s purpose.
The Senior Management of the Group companies promotes continuous training initiatives and communications to foster the effective
adherence of employees to principles of integrity and ethical values with the aim to make the employees fully aware of the importance
and usefulness of internal controls, as well as ensuring that the Code of Conduct and other internal regulations are correctly
understood and effectively acted upon. The provision of annual training programs on the Code of Conduct aims to promote full
awareness of its provisions, encourage the reporting of violations and reassure individuals about the confidentiality of the handling
process and the protection of those involved in reporting and related investigations.
A video on how to use the Generali Group Whistleblowing Helpline has been made available for anyone who intends to report. The
Senior Management of the Group companies must ensure that employees receive adequate information and training on the reporting
process and provide specific training on handling reports to the Compliance function staff.
The Group provides with different options to report violations or concerns of behaviours that may potentially violate the Code of
Conduct or other internal or external regulations. The reporter, in accordance with Group and local regulations and processes, can
address the HR function, the direct manager or directly the local or Group Compliance Officer, or for whistleblowing reports, use the
Generali Group Whistleblowing Helpline (generali.whispli.com/speakup), a secure and confidential internet platform, handled by a
third-party provider on servers located in the European Union and accessible from the intranet and the Group website (www.generali.
com/sustainability/our-rules/code-of-conduct), which must be made easily available by Group companies.
Reports received through the Generali Group Whistleblowing Helpline are analysed, evaluated and managed by independent internal
specialists from the Compliance function. Internal regulations provide that the case is managed by the competent local Compliance
function to ensure its timely and close management. If a conflict of interest arises, the case is assigned to the Group Compliance
function that is also competent to receive reports of violations or concerns from the reporter who does not feel comfortable reporting
them locally.
If the Compliance function conducts investigations of the reports and those are deemed substantiated, it proposes remedial actions
(e.g., training session, communication initiative, organizational or procedural change, adoption of a first or second line control),
involving other relevant functions and the competent corporate bodies for the final decision. Group regulations require that decisions
and remedial actions, including any disciplinary measures, are documented and monitored.
Investigations are conducted by the Compliance function with diligence and utmost confidentiality. All information collected during
the case management is handled and archived in accordance with internal and external regulations. Once cases are closed, the
personal information managed is archived and then removed in compliance with applicable internal and external local provisions.
106. The product categories to which the guideline applies are: Indirect Categories: professional services, marketing & communications, travel, other expenses; Information Technologies: IT services, hardware, software, telco, credit
& financial info provider, business and public data provider; Real Estate & Facilities: works and materials, facility services, property services, RE professional services, furniture and utilities, rental, fleet management, other real
estate expenses; Local Categories: general & administrative, logistics & warehousing, black boxes and assistance.
Annual Integrated Report and Consolidated Financial Statements 2025
164
Generali Group
Number of reports received and managed via the Whistleblowing tool (*) by types (entity-specific information)
31/12/2025 31/12/2024
Discrimination, harassment and retaliation 67 67
Ethical culture and sustainability 53 51
Conflicts of interest 11 23
Internal fraud 22 20
External fraud 4 9
Distribution 9 5
Customer relationship 4 2
Personal information and privacy 4 2
Other 48 8
Total 222 187
(*) Data has been processed based on the reports received and the cases managed on the Generali Group Whistleblowing Tool according to the Reporting Concerns and Anti-Retaliation Group Guideline.
At 31 December 2025, 233 reports were closed, including those relating to previous periods (208 at 31 December 2024). Of these,
86 (84 at 31 December 2024) resulted as substantiated - 24 (25 at 31 December 2024) about discrimination, harassment and
retaliation - and led to dismissal or termination of the employment contract, warnings and other remedial measures, such as trainings
and updates of policies or procedures.
Social information, Own workforce, Reporting processes and ways for further details on reports about HR topics
Measures adopted for closed and substantiated reports (entity-specific information) (*)
31/12/2025 31/12/2024
Dismissal or termination of the employment contract 16 16
Warnings 42 47
Other 22 21
Total 80 84
(*) Data are tracked in the Generali Group Whistleblowing Tool.
The Group guarantees protection to all individuals involved in reports and investigations, in line with the provisions of the Directive
2019/1937/EU, and does not tolerate any form of retaliation
107
, as outlined in the Code of Conduct and internal regulations. Retaliatory
actions against those who report, conduct investigations, participate in investigations, or refuse to participate in or collaborate with
improper or illegal activities are strictly prohibited. Retaliation is an unlawful behaviour and, if it occurs, must be severely punished: it
may result in disciplinary measures up to and including termination of the employment contract.
The implementation and observance of the internal and external regulations aim to ensure an environment where employees and
stakeholders feel safe to report and communicate transparently, raising questions or concerns at any time without fearing retaliation.
Corruption
The Group is firmly committed to fight against corruption and adhere to relevant international and national regulations, adopting
a zero-tolerance approach towards the risks of corruption, bribery and abuse of power. It has issued the Anti-Bribery and Anti-
Corruption (ABC) Group Policy, previously described in Policies related to business conduct, which, supported by operational
guidelines, defines approaches, processes and any additional measures aimed at such prevention.
The Group is committed to embed the principles and implications of the ABC policy in its corporate culture through training activities.
Members of the Board of Directors and the Board of Statutory Auditors of the Parent Company receive periodic induction training,
organised by the Group Chief Anti-Financial Crime Officer function. Members of the two corporate bodies receive detailed analysis
on corruption also when preparing policies and internal regulation updates.
107. Retaliation is any unfair or negative act against people who report, in good faith, internally or externally, anonymously or by identifying her/himself, facilitates the reporting and collaborates in the investigation, including third
persons who are connected with the reporting person(s) and who could suffer retaliation in a work-related context, conduct the investigation.
Although there is no exhaustive list, retaliation can include: employment actions, such as termination, denial of promotion, demotion, job duties change or pay cut; other actions affecting employment or having a negative
impact such as threats, unjustified negative evaluations, unjustified negative references, increased surveillance or failure to ensure the employees’ safety in the workplace; harassing and mobbing, including ignoring and
avoiding the employee in an obvious manner, failing to provide the employee with important information needed to perform his/her job or blaming the employee for causing problems because he/she filed a concern or
remarking that the employees should transfer or quit the job; physical harm which can manifest itself in a verbal, physical or written form.
Sustainability Statement
165
All employees of the Group are involved in corruption training programs focused not only on regulatory references, but also on Group
policies and standards. As a result, and in line with the prior period, 100% of high-risk functions are subjected to training programs.
They are provided with online training, available at Group level, accessible on the We LEARN platform and assigned by the HR
functions of each company. The Be aware of Anti-Bribery and Corruption module covers the understanding of the crime of corruption
(active and passive); the recognition of risks, red flags, high-risk areas and controls; and the management of risks associated to
public officials relationships and interaction with intermediaries.
At local level, the Senior Management raises awareness among managers and employees about ABC risks through structured
training that covers laws, internal and external regulations, case studies and practical examples, including potential scenarios
employees may face, as well as the appropriate reporting channels.
Additional initiatives are also promoted, including memos and alerts with case studies disseminated across all the companies of
the Group, aimed at increasing awareness of how the reputation of the company may be impacted by an individual’s conduct. The
Group’s intranet has a dedicated section, where informational materials related to the ABC measures adopted by the Group, such
as infographics and flash cards, are available.
The Group adopts specific procedures and a reporting channel, the Generali Group Whistleblowing Helpline, described above, in
order to prevent, identify and manage cases of potential violations of internal and external regulations, including cases of corruption. It
has also defined a set of risks and compliance controls (so-called second-level controls), aimed to ensure the correct implementation
of the risk management process, compliance with the operational limits assigned to various functions, and adherence with the rules
of business operations.
Each function is in any case responsible, for its areas of competence, for implementing the appropriate controls, measures and
procedures in its processes to ensure full compliance with the standards defined by the Group.
Functions exposed to relationships with third parties are considered the highest-risk functions for corruption, due to the mandate
conferred upon them and the fact that they are more likely to engage in business, commercial, or marketing relationships with public
administrations, public officials, or individuals identified as politically exposed persons.
Incidents of corruption or bribery
31/12/2025 31/12/2024
Number of convictions for violation of anti-corruption and anti-bribery laws (*) 0 0
Amount of fines for violation of anti-corruption and anti-bribery laws (€ million) (*) 0 0
(*) The evidence can be found in the Group process aimed at identifying and collecting operational events that generate direct economic losses, due, for example, to non-compliance with regulatory
provisions regarding the management of gifts and entertainment or accurate and transparent recording of payments, as well as non-compliance with regulatory provisions related to the formal
assignment of clear responsibilities and the implementation of internal procedures to prevent corruption and bribery practices. The amounts represent payments made in the reference periods.
Managing relationships with suppliers
The Group has long adopted a series of internal rules that define how the impacts, risks, and opportunities related to its suppliers
should be addressed and managed. The purpose is to ensure integrity through the entire supply chain with respect to key principles
that include human and labour rights, anti-corruption, and the environment.
Policies related to business conduct for a description of the content and high-level objectives of the Generali Group Code of Conduct, the Ethical Code for Suppliers of the Generali Group, and the One Procurement Group Guideline
The Group is keen on collaborating with suppliers who share its values, focused on the development and respect of sustainability
and environmental conservation practices, human rights, and labour rights with a view to enhance the overall societal well-being.
Therefore, Generali also considers social and environmental criteria in the supplier selection process.
The ESG assessment of suppliers is under responsibility of Group companies that implement the One Procurement Group Guideline
and it is performed at local level by dedicated teams. Starting from mid-2025 the ESG assessment has been extended to purchases
exceeding € 200,000. It weighs 5% in the tender award criteria.
The ESG assessment is carried out by an independent external certifying provider, based on a supplier’s self-declaration and
accompanied by any environmental and social certifications. The self-declaration covers four areas:
Annual Integrated Report and Consolidated Financial Statements 2025
166
Generali Group
It is structured as follows:
∙ equal rights and non-discrimination: it assesses whether the company guarantees equal rights and treatment to all employees,
regardless of ethnicity, gender, age, disability, religion, nationality, sexual orientation, or social background;
∙ forced labour and mistreatment: it assesses whether the company is committed to ensuring a work environment free from physical,
sexual, mental, and verbal abuse;
∙ child labour: it assesses whether the company complies with local legislation on the minimum age of employees and the International
Labour Organization (ILO) Convention on Minimum Age (No. 138);
∙ working hours and wages: it assesses whether the company takes evidence of employees’ working hours and wages to comply with
local legislation and ILO standards;
∙ collective bargaining and freedom of association: it assesses whether the company recognizes and promotes the fundamental right
of employees to form unions and participate in collective bargaining;
∙ impact on local communities: it assesses whether the company does not illegally acquire or use land, forests, or water that represent
livelihood for people.
It investigates the company’s responsibility in complying with local occupational health and safety laws. It assesses whether the company
has implemented a health and safety policy adequate to its activities, whether it has training programs for employees to improve the safety
performance, and whether it has processes to record and assess safety risks and correct identified weaknesses. It also assesses whether
the company has established key performance indicators to monitor relevant safety matters. It investigates whether the use of protective
equipment is promoted and whether there is a first aid procedure on which employees are regularly trained. Finally, it asks the company to
confirm that it does not violate the ILO Convention on Occupational Safety and Health (No. 155).
It is structured as follows:
∙ environmental pollution, which investigates the company’s responsibility regarding compliance with local environmental laws, the
existence of policies for environmental protection, processes to address environmental requirements, objectives and training to improve
environmental protection, key performance indicators to monitor environmental impact, internal control mechanisms to monitor the
management system. It also asks for confirmation that the company is not causing harmful pollution or excessive water consumption;
∙ substances of concern: the company is required to confirm that its products or production processes do not incorporate mercury or
mercury compounds, and do not incorporate any persistent organic pollutants (POPs);
∙ waste: the company is required to confirm that it does not export or import hazardous waste, domestic waste, or residues resulting
from the incineration of domestic waste.
It investigates the presence of a company policy that requires suppliers to ensure social, ethical and environmental standards in their supply
base. It asks whether the company has a supplier self-assessment process to obtain transparency on economic, ecological and social
responsibility in the supply base. It also investigates whether the company’s procurement decisions are influenced by suppliers’ compliance
with criteria such as environmental protection, human and labour rights, health and safety, and anti-corruption.
Finally, it assesses whether the company has established an action plan in case issues related to the environment, labour, human rights,
health and safety, or corruption are identified in the supply chain.
The independent external certifying provider processes the information submitted in the self-declaration by suppliers and returns an
ESG assessment that consists in a qualitative scale with three possible values: compliant, non-compliant, or in progress.
The ESG assessment contributes to increasing the knowledge of suppliers across the four investigated areas, allowing to verify, for
example, the degree of adherence to international standards and principles, or the level of maturity of the company regarding these
matters.
Starting in 2026, the Group will introduce - with the support of a provider specialized in supplier assessment - advanced methodologies,
in particular evaluations through carbon scorecards and carbon footprint, to strengthen the monitoring of environmental impact of
selected suppliers.
HUMAN RIGHTS AND LABOUR
HEALTH AND SAFETY
ENVIRONMENTAL PROTECTION
SUPPLY CHAIN RESPONSIBILITY
Sustainability Statement
167
RISK REPORT
Annual Integrated Report and Consolidated Financial Statements 2025
170
Generali Group
A. EXECUTIVE SUMMARY
The purpose of this section is to provide an overview of the Generali Group’s solvency position and risk profile, as well as its risk
management framework. To this end, a brief introduction on external and regulatory context is provided.
External context
The Group is mainly exposed, as is the insurance sector in general, to vulnerabilities arising from financial markets influenced in turn
by the macroeconomic and geopolitical landscape, as well as by the occurrence of natural phenomena and other trends that also
impact underwriting risks.
The Group has confirmed its resilience also during 2025, and the solvency position, equal to 219%, has remained above the
tolerances set out in the Group Risk Appetite Framework (Group RAF).
Geopolitical instability, along with concerns about slowing growth and international tensions, continue to pose the main challenges
for the Group and, more broadly, for the insurance and financial sector.
The macroeconomic context observed during 2025, despite an environment marked by shocks and uncertainty in international trade
relations, was characterized by equity markets driven by technological innovation on a global scale. Medium- to long-term interest
rates increased across all major economies, while short-term rates declined slightly. Major central banks began to lower short-term
deposit rates despite limiting monetary easing due to concerns over a potential resurgence of inflationary pressures. Bond market
performance was generally positive for both financial and non-financial sectors, supported by the narrowing of credit spreads
brought about by the stabilization of the economic cycle.
From a forward-looking perspective, uncertainties stemming from geoeconomic fragmentation persist. The introduction of tariffs
continues to represent an additional risk factor for global economic growth, with particularly significant impacts on productive
sectors characterized by highly interconnected supply chains, such as technology-related and industrial sectors. These dynamics
might exacerbate direct effects on consumer goods prices, generating new inflationary pressures and greater volatility in financial
markets.
Furthermore, in addition to the persistence of the war in Ukraine, the Group is monitoring the evolution of the conflict in the Middle
East involving several countries in the region, evaluating the impacts on Group risk profile.
Alongside the impacts arising from financial, credit, underwriting and liquidity risks, increasing attention is being paid to operational
risks - which include non-compliance risks and, in particular, those related to ICT (Information and Communication Technology)
risks - as well as other risks so-called emerging and sustainability risks, linked to long-term trends and phenomena related to
environmental topics - such as climate change, biodiversity loss - and social ones.
In particular, with regard to operational risks, the increasing sophistication of digital tools, including Artificial Intelligence, and the rapid
and widespread adoption of emerging technologies, while enhancing the efficiency of several operational processes such as data
management, also expose organizations to growing cybersecurity and data-protection risks, as well as to ethical and reputational
implications.
In the context of emerging and sustainability risks, climate change continues to be deemed material for the Generali Group. To this
end, physical risk arising from the intensification of climate-related events are assessed through long-term climate scenarios alongside
the existing evaluations of catastrophe risks. These events have led to further refinement of risk modelling and strengthening of
actions related to climate adaptation, as well as preventive measures, also in light of new initiatives in European countries aimed at
increasing insurance penetration.
Finally, demographic and social trends, with the progressive increase in average age, the reduction of birth rates, and the migration
phenomena, together with the need to offer welfare and pension solutions, require the development of increasingly customized and
integrated products, especially with reference to protection, health, and pension segments, to respond appropriately to the evolving
needs of various customer types, such as the elderly.
The risk assessments mentioned above have also contributed to the double materiality assessment aimed at defining the material
sustainability matters for the Group, described in the Sustainability Statement, General information, and also used for the Lifetime
Partner 27: Driving Excellence strategy as presented in We, Generali, Our Strategy.
In addition to the aforementioned risks, the Group is also exposed to risks typically associated with asset and wealth management
activities, the management of which is coordinated respectively by the subsidiaries Generali Investments Holding (GIH) and Banca
Generali, through the relevant sector-specific frameworks.
Regulatory context
During 2025, the continuous monitoring of national and supranational regulatory developments confirmed the persistent focus
on customer protection frameworks, with particular reference to transparency requirements, the proper definition and ongoing
assessment of insurance product value for customers (value for money). This regulatory area remains in active evolution, mainly -
though not exclusively - due to the legislative debate on the proposed Retail Investment Strategy. This initiative is expected to impact
Risk Report
171
insurance product value assessments, remuneration structures (inducements), key information documents for insurance-based
investment products (KID, Key Information Document), as well as distribution and advisory activities.
The insurance sector was also affected by the adoption of amendments to the Solvency II Directive (Directive EU 2/2025), aimed
at supporting long-term investments, simplifying the regulatory framework for small and medium sized insurers, and integrating
sustainability and macroprudential supervision tools. In addition, the new regulatory framework on the resolution of insurance
undertakings (Directive EU 1/2025 - IRRD) entered into force. Further developments are expected in 2026, with the forthcoming
adoption of several regulatory and implementing technical standards, which will influence areas such as sustainability risk management
and reporting processes.
Across the broader financial sector, complexity increased following the introduction of the Digital Operational Resilience Act (DORA)
and new Artificial Intelligence-related legislation, together with the ensuing regulatory and supervisory guidance issued by competent
authorities. In parallel, the EU digital regulatory landscape is undergoing a rationalization process through the Digital Omnibus
proposals, aimed at consolidating and streamlining digital regulatory frameworks, reducing administrative burdens and harmonizing
provisions, particularly with respect to data protection, cybersecurity and artificial intelligence.
In the field of sustainable finance, a moderate shift emerged towards the simplification or deferral of certain regulatory obligations,
notably for small and medium-sized enterprises. This includes reduced disclosure requirements, the rationalization of overlapping
regulatory provisions and the introduction of product categories designed to mitigate greenwashing risks. In this context, the European
Commission published the proposal to amend Regulation (EU) 2019/2088 (SFDR) and Regulation (EU) 1286/2014 (PRIIPs), together
with the repeal of Delegated Regulation (EU) 2022/1288.
Supervisory Authorities continued to maintain a heightened focus on disclosure practices and on assessing the impacts of natural
catastrophe events and greenwashing risks.
With respect to the risks related to financial crimes, a growing attention of the international Supervisory Authorities on the compliance
with the regulatory requirements on anti-money laundering, counter-terrorism financing (AML/CTF
1
), anti-corruption and international
sanctions is confirmed.
An initial strengthening of the regulatory framework resulted from the publication, in 2022, of the European Banking Authority (EBA)
guidelines on the roles and responsibilities of AML/CTF Compliance Officers, which were subsequently adopted by the Italian
Supervisory Authority (IVASS) in June 2024, with an expansion of supervisory obligations at Group level.
The regulatory framework has been further enhanced with the publication, in June 2024, of the new EU AML/CTF legislative
package, which includes Regulation (EU) 2024/1620 establishing the Anti-Money Laundering Authority (AMLA) and Regulation
(EU) 2024/1624, known as the Single Rulebook, which will apply from 10 July 2027. This represents a major shift from the previous
directive-based framework to a body of directly applicable rules, contributing to consolidating a more harmonised and coherent
preventive model at the European level, characterised by more stringent controls and procedures, and by more effective centralised
and cooperative supervision among national and EU authorities.
Solvency position and risk profile
In terms of solvency position, the Group and its subsidiaries based in the European Economic Area (EEA) are subject to the Solvency
II prudential supervisory framework, which requires capital to be held for all quantifiable risks.
For this purpose, the Group uses its Partial Internal Model (PIM), which has been approved by the Supervisory Authority, to calculate
capital requirements to better reflect Generali Group’s risk profile. The Solvency Capital Requirement (SCR) is calculated with the
Internal Model (IM) for the legal entities which received the authorization, namely all the major Business Units in Italy, Germany,
France, Austria, Switzerland, Czech Republic and Spain. Other insurance and reinsurance entities adopt the Standard Formula.
Regulated entities of other financial sectors (mostly banks, pension funds, and asset managers) contribute to the SCR based on local
sectoral regulatory requirements such as Basel regime.
The Group solvency position is confirmed solid, with the Solvency Ratio
2
at 219%, above the tolerances and within the operating
target range, both defined in the Group RAF. The contribution of the normalized capital generation, coupled with positive market
variances, has more than offset the impact of regulatory changes, non-economic variances, M&A operations and capital movements.
Also in 2025, given the current geopolitical context, a monthly monitoring process of the Group and local solvency position was
maintained, it was thus possible to provide timely and constant information on the solvency position with respect to the evolution of
the financial markets.
For risks not included in SCR calculation, additional assessment techniques are used. In particular, for liquidity risk the Group has in
place methodologies and models to grant a sound risk management in line with the Group risk strategy, defined in the Group RAF.
Generali Group risk management system is based on a system of governance and a set of processes, defined in line with the
Solvency II prudential supervisory framework and formalized within risk policies in the broader Generali Internal Regulation System
(GIRS). In particular, the risk management process is regulated within the Risk Management Group Policy and in a set of other
1. Anti-Money Laundering and Counter-Terrorism Financing.
2. The values related to the solvency position (Own Funds and SCR) and the Minimum Solvency Ratio (Own Funds for coverage and related MCR) reported in this document are based on the latest available information. Therefore,
there may be discrepancies with the official values that will be included in the Solvency and Financial Condition Report (SFCR) and in the Quantitative Reporting Templates (QRT) at 31 December 2025. More details on the
solvency position are provided in the section Solvency Capital Requirement Coverage.
Annual Integrated Report and Consolidated Financial Statements 2025
172
Generali Group
policies that cover the main risk categories and processes, ensuring an integrated approach aimed at preserving capital resilience
and the ability to fulfil commitments towards policyholders.
To this end, in addition to the Group RAF, which outlines the Group’s risk strategy, the Own Risk and Solvency Assessment (ORSA)
process represents a fundamental risk management tool, with the twofold purpose to provide a comprehensive risk reporting on all
the main risks, both quantifiable and not quantifiable, and to support the Group risk strategy update.
In addition to the ORSA process, the Group also relies on a set of tools, such as the Recovery Plan, the Liquidity Risk Management
Plan and the Systemic Risk Management Plan defined following the Financial Stability Board (FSB) and the International Association
of Insurance Supervisors (IAIS) standards
3
.
The Risk Report structure is the following:
• section B providing a brief oversight of the risk management system;
• section C providing the Group solvency position and the key elements of the capital management process, as well as the sensitivity
analysis to main risks;
• section D providing a highlight on the Group risk profile.
More details on the solvency position and risk profile are then provided in the Solvency and Financial Condition Report (SFCR),
available on Generali Group website.
Finally, Group’s rating assessment by external rating agencies is provided on the Group website in the section www.generali.com/
investors/debt-ratings/ratings.
3. The Generali Group is not included in the list of Global Systemically Important Insurers (GSIIs) issued by FSB.
Risk Report
173
B. GROUP RISK MANAGEMENT SYSTEM
Risk governance
Risk governance is a part of the broader Group system of governance.
The Group system of governance, which includes the internal control and risk management systems, consists of the roles and
responsibilities of the Administrative, Management or Supervisory Body (AMSB), of the Senior Management and of the Key Functions.
Furthermore, it consists of policies, administrative and accounting procedures and organizational structures aimed at identifying,
evaluating, measuring, managing, and monitoring the main risks.
To ensure a consistent framework through the Group, the Parent Company sets Group Directives on the System of Governance,
complemented by Group internal control and risk management policies.
The Group system of governance is founded on the establishment of an AMSB and of three lines of defence:
• Operating Functions (Risk Owners), which represent the first line of defence and have ultimate responsibility for risks relating to
their area of responsibility;
• Risk Management, Compliance, Actuarial and Anti Financial Crime Functions (where applicable), which represent the second line
of defence;
• Internal Audit Function, which represents the third line of defence.
Internal Audit Function together with Risk Management, Compliance and Actuarial Functions represent the Key Functions; the Anti
Financial Crime Function is considered equivalent to the Key Functions.
Key roles within the internal control and risk management system are outlined below:
• the AMSB is the ultimate responsible for the system of governance and ensures that the system of governance and internal
control and risk management system are consistent with all the applicable regulations, the Group Directives on the System of
Governance and Group policies on internal control and risk management system. To this end, the AMSB, supported by the Key
Functions, reassesses the adequacy of the system of governance periodically, at least once a year. The AMSB approves the
organizational set-up, establishes the Key Functions defining their mandate and reporting lines as well as, where appropriate, any
support committee, adopts Group internal control and risk management policies, performs the duties related to the ORSA, risk
concentration and intragroup transactions, approves the ORSA results and, based on them, defines the risk appetite;
• the Senior Management is responsible for the implementation, maintenance and monitoring of the internal control and risk
management system, including risks arising from non-compliance with regulations, in accordance with the directives of the AMSB;
• Key Functions are established at Group level and within the Group legal entities:
- the Risk Management Function supports the AMSB and Senior Management in ensuring the effectiveness of the risk management
system and provides advice and support to the main business decision-making processes;
- the Compliance Function grants that the organizational and the internal procedures are adequate to manage the risk to incur
in administrative or judiciary fines, economic losses or reputational damages as a consequence of non-compliance with laws,
regulations, provisions issued by the Supervisory Authorities or with the internal regulations, as well as the risk deriving from
unfavourable changes in the law or judicial orientation (compliance risk);
- the Actuarial Function coordinates the technical provisions calculation and grants the adequacy of underlying methodologies,
models and assumptions, verifies the quality of the related data and provides an opinion on the underwriting policy and on the
adequacy of reinsurance arrangements;
- the Internal Audit Function verifies business processes and the adequacy and effectiveness of controls in place also providing
support and advice;
• the Anti Financial Crime Function supports the AMSB and the Senior Management in defining the Group requirements with the
aim of preventing and counteracting the risks of money laundering, terrorist financing, bribery and corruption, and international
sanctions, as well as of confirming the adherence to FATCA (Foreign Account Tax Compliance Act) requirements
4
.
Heads of Key Functions and of Anti Financial Crime Function report to the AMSB.
Group Key Functions, including the Anti Financial Crime Function, collaborate according to a pre-defined coordination model, in
order to share information and create synergies. A strong Parent Company coordination and direction for Key Functions are granted
by the so-called solid reporting lines model established between the Head of the Group Key Function and Heads of the respective
functions within the legal entities
5
.
4. The Heads of the local Anti Financial Crime Functions have the responsibilities related to the abovementioned topics with exceptions subject to approval by the Group Anti Financial Crime Function.
5. The so-called solid reporting lines model applies to the Group’s insurance companies.
Annual Integrated Report and Consolidated Financial Statements 2025
174
Generali Group
Risk management system
The principles defining the Group risk management system, including strategies, processes and reporting procedures, are provided
in the Risk Management Group Policy
6
, which is the cornerstone of all risk-related policies and guidelines. The Risk Management
Group Policy covers all risks, on a current and forward-looking basis, and is implemented in a consistent manner across the Group.
Generali Group’s risk management process is defined in the following phases:
1. Risk identification
The risk identification process, so-called Main Risks Self-Assessment, aims to ensure that all material risks to which the Group is
exposed are properly identified. To this end, the Risk Management Function interacts with the main business functions and Business
Units in order to identify the main risks, assess their importance and ensure that adequate measures are taken to mitigate them,
according to a sound governance process. The identified risks are divided into quantifiable risks in terms of capital (life and non-
life underwriting risks, financial and credit risks, and operational risks) and non-quantifiable (liquidity, strategic, reputational and
contagion risks). At Group level, risks related to intra-group transactions, concentrations and interdependencies between risks are
also considered within the scope of non-quantifiable risks.
Within this process also emerging risks
7
related to future risks, characterised by uncertain evolution and often of systemic nature,
are considered, as well as sustainability risks
8
. In order to identify these risks, dedicated surveys are conducted and addressed to
the employee population as well as to the main business functions and Top Management in all major countries where the Group
operates.
The Group main risks’ identification process is conducted at both Group and local levels, and the main conclusions are reported
in ORSA Reports. For the identification process at Group level, the results of local risk identification processes are also taken into
consideration.
The process is conducted annually, and monitoring is envisaged through a further update during the year to capture any significant
changes in the identified risks.
2. Risk measurement
Identified risks are then measured through their contribution to the SCR, complemented by other modelling techniques deemed
appropriate and proportionate to better reflect the Group risk profile. Using the same metric for measuring the risks and the capital
requirements ensures that each quantifiable risk is covered by an adequate amount of capital that could absorb the loss incurred if
the risk materializes. For SCR calculation purposes, in line with Solvency II regulation, 1 in 200 years events are considered.
The SCR is calculated by means of the IM for financial, credit, life underwriting risk, non-life underwriting risk and operational risk, for
what may concern the most relevant Group legal entities
9
. The IM provides an accurate representation of the main risks the Group is
exposed to, measuring not only the impact of each risk taken individually but also their combined impact on the Group Own Funds.
Insurance and re-insurance entities not included in the IM scope calculate the capital requirement based on Standard Formula, while
regulated entities of other financial sectors (e.g., banks, pension funds and asset managers) calculate the capital requirement based
on their own specific sectoral regimes.
Group PIM
10
methodology and governance are provided in section C. Solvency Position.
For liquidity risk a Group model is used to calculate the metrics, as defined in section D. Liquidity Risk. Other risks are assessed by
means of quantitative and qualitative techniques.
Finally, sensitivity and scenario analyses are also used for risk assessment, aimed to better reflect the Group’s risk profile, including
long-term analyses related to climate risk assessment.
6. The Risk Management Group Policy covers all Solvency II risk categories and, in order to adequately deal with each specific risk category and the underlying business processes, is complemented by the following risk policies:
Investment Governance Group Policy; P&C Underwriting and Reserving Group Policy; Life Underwriting and Reserving Group Policy; Operational Risk Management Group Policy; Liquidity Risk Management Group Policy, Tax
Absorption Capacity of Deferred Taxes Group Policy, Risk Appetite Framework Group Policy; other risk-related policies, such as Capital Management Group Policy, Supervisory Reporting and Public Disclosure Group Policy, Risk
Concentrations Management Group Policy - Investment Exposures, Risk Concentrations Management Group Policy - Reinsurance and Underwriting Exposures, etc..
7. More details on emerging risks’ definition are provided in section D. Risk Profile.
8. More details on sustainability risks’ definition are provided in section D. Risk Profile.
9. For the SCR calculation, the use of IM has been approved for the most relevant insurance entities in Italy, Germany, France, Austria, Switzerland, Czech Republic and Spain.
10. The Group Internal Model is defined as Partial considering that a number of companies use the Standard Formula to determine the capital requirement.
01. Risk
identification
02. Risk
measurement
03. Risk management
and control
04. Risk
reporting
Risk Report
175
3. Risk management and control
The risks which the Group is exposed to are managed on the basis of the Group RAF defined by the Board of Directors of Assicurazioni
Generali S.p.A. (hereafter, Board of Directors). The Group RAF defines the level of risk the Group is willing to accept in conducting
business and thus provides the overall framework for embedding risk management into business processes. In particular, the Group
RAF includes the risk appetite statement, the risk preferences, the risk metrics, the risk tolerances and target range levels.
The purpose of the Group RAF is to set the desired level of risk on the basis of the Group strategy. The Group RAF statement is
complemented by:
• qualitative assertions (risk preferences) supporting the decision-making processes;
• risk tolerances providing quantitative boundaries to limit excessive risk-taking. The tolerance levels refer to capital, liquidity,
earnings, and related to investment risk;
• an operating target range providing indications on the solvency level at which the Group aims to operate.
The Group RAF governance provides a framework for embedding risk management into day-to-day and extraordinary business
operations, control mechanisms as well as escalation and reporting processes to be applied in case of risk tolerance breaches.
Should an indicator approach or breach the defined tolerance levels, pre-defined escalation mechanisms are activated.
4. Risk reporting
The purpose of risk reporting is to keep business functions, Senior Management, AMSB and Supervisory Authority aware and
informed on an ongoing basis on the development of the risk profile and of the single risks, as well as any breaches of risk tolerances.
The ORSA process includes the reporting on the assessment of all risks, in a current and forward-looking view. For the purposes of
the evaluations, both quantifiable risks and not quantifiable risks in terms of capital requirements are considered. Within the ORSA,
stress tests, sensitivity analyses and reverse stress tests are also performed to assess the resilience of the solvency position and
risk profile to changed market conditions or specific risk factors. Moreover, exercises such as those related to measurement of the
impacts across various climate scenarios, including long-term ones, are also considered.
Generali Group applies a Group-wide process, which implies that each Group insurance legal entity is responsible for the preparation
of its own ORSA Report and the Parent Company coordinates the Group ORSA reporting process. The other entities, other than
insurance ones, set-up simplified reports by taking into account the principles of proportionality and/or reports prepared according
to local sectoral regulations.
At Group level, the process is coordinated by the Risk Management Function, supported by other Functions for what concerns Own
Funds, technical provisions and other risks.
The purpose of the ORSA process is to provide the assessment of risks and of the overall solvency needs on a current and forward-
looking basis. The ORSA process ensures a forward-looking assessment of the solvency position based on the Strategic Plan and
the Group Capital Management Plan.
The Group ORSA Report, documenting main results of this process, is produced on an annual basis. A non-regular ORSA Report
can also be produced in case of significant changes of the risk profile.
In addition to the ORSA assessments, the Group monitors its risk exposures, providing dedicated reporting to the Board of Directors
on a quarterly basis with respect to capital position, and on a semi-annual basis with respect to the liquidity profile.
Annual Integrated Report and Consolidated Financial Statements 2025
176
Generali Group
C. SOLVENCY POSITION
Solvency Capital Requirement coverage
Risk and capital management are closely integrated processes aimed at managing the Group solvency position (or capital position)
and the Group risk profile.
The solvency position is defined as the ratio between Group Own Funds (GOF) and Solvency Capital Requirement (SCR).
At year-end 2025, the solvency position of the Group is confirmed solid, with the Solvency Ratio at 219% (210% at 31 December
2024). The increase reflects the sound contribution of normalised capital generation and positive market variances (mostly attributable
to the government bonds spreads tightening, the growth of the listed equity market and the increase in interest rates).
These factors more than offset the negative regulatory changes (mainly from the EIOPA changes at the beginning of the year and the
temporary loss of the Internal Model application in Spain, partly offset by the enabling of SCR diversification between the Standard
Formula and the Internal Model scope, net of other minor regulatory and model changes), non-economic variances (mainly following
the optimized strategic asset allocation, entailing an increased weight of investments with a higher SCR absorption, as well as the
impact from the sovereign downgrade in France and from the restructuring costs), M&A operations (arising from the acquisition of
the minorities of the Chinese P&C insurance business and of the majority stake in MGG Investment Group) and capital movements
(stemming from the impact of the dividend for the period
11
and the share buy-back programme, net of the subordinated debt
operations throughout the year).
SCR coverage
(€ million) 31/12/2025 31/12/2024
GOF 52,551 49,066
SCR 24,006 23,396
Solvency Ratio 219% 210%
Based on last available information for 2025, official figures for 2024.
1. Group Own Funds
In compliance with the Solvency II regulatory requirements, Group Own Funds are defined as the sum of consolidated Basic Own
Funds (BOF) related to insurance entities, holdings and ancillary undertakings attributable to insurance activity and the Own Funds
attributable to entities of other financial sectors, defined according to their sectoral solvency regulatory regimes.
Basic Own Funds, can be further analysed as the sum of the following components:
• the excess of assets over liabilities as defined in accordance with art. 75 of Directive 2009/138/EC
12
;
• plus subordinated debt eligible in Basic Own Funds;
• less foreseeable dividend;
• less deductions for participations in entities of other financial sectors;
• less deductions for Solo Own Funds items that are non-available for Group purposes
13
and for shares of the Parent Company.
Within Generali Group, ancillary Own Funds are not present.
11. The foreseeable dividend corresponds to the proposed total dividend, subject to approval by the next Annual General Meeting.
12. Net of minority interest for entities that are evaluated with the proportional consolidation method, according to article 335 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014.
13. Such as minority deductions, surplus funds and other items not available to cover risks and losses at Group level.
Risk Report
177
The contribution to the Group Own Funds of the elements above listed is detailed in the following table:
Group Own Funds components
(€ million) 31/12/2025 31/12/2024
Excess of assets over liabilities 51,498 47,484
Subordinated debt eligible in Basic Own Funds 9,436 8,959
Foreseeable dividend -2,480 -2,172
Deductions for participations in entities of other financial sectors -5,441 -4,990
Deductions for own shares, minorities and other non-available items -2,775 -2,809
Basic Own Funds after deductions 50,238 46,472
Contribution of entities of other financial sectors 2,313 2,594
GOF 52,551 49,066
Based on last available information for 2025, official figures for 2024.
Commenting on the items contributing to the GOF, it can be noted that:
• the increase in the excess of assets over liabilities of € 4,014 million, primarily results from the solid normalized Own Funds
generation and the positive market variances, including the contribution from the higher market value of Banca Generali. These
effects more than compensated for the dividend paid during the year and the negative impact of regulatory changes, M&A activity
and non economic variances;
• the rise in subordinated debts eligible in Basic Own Funds of € 478 million, reflects the issuance and redemption operations
undertaken during the year, only partially offset by the negative impact of higher interest rates on their Solvency II valuation;
• the growth of the foreseeable dividend of € 309 million (from € 2,172 million to € 2,480 million);
• the adverse impact of deductions for participations in entities of other financial sectors of € 451 million, mainly attributable to the
increase in the fair value of the outstanding shares of Banca Generali, only partly compensated by the effects of the acquisition of
a majority stake in MGG Investment Group;
• the limited benefit stemming from lower deductions for own shares, minorities and other non-available items of € 34 million,
resulting from the decrease of the non-eligible part of surplus funds, minority interests and other items at Group level, largely offset
by the higher cancellation of own shares driven by the yearly increase in the quoted market price of Assicurazioni Generali;
• the decrease in the contribution from entities of other financial sectors of € 281 million, mainly driven by the impact of the
acquisition of a majority stake in MGG Investment Group.
Group Own Funds tiering
According to Solvency II regulation, Group Own Funds items are classified into three tiers representing different levels of quality,
depending on the ability to absorb losses due to adverse business fluctuations on a going-concern basis and in the case of winding-
up.
The Group’s tiering is described below:
• Tier 1 unrestricted Own Funds represents the following items:
- ordinary share capital and the related share premium account of the Parent Company;
- available surplus funds (from German, Austrian and French business);
- reconciliation reserve, net of foreseeable dividends and shares of the Parent Company;
- deductions for minorities and other not available Own Funds items;
- Own Funds of entities of other financial sectors;
• Tier 1 restricted Own Funds consist of subordinated liabilities meeting the highest Solvency II eligibility standards, including both
qualifying subordinated instruments issued under the Solvency II regime and the portion of grandfathered
14
Solvency I subordinated
debt that meets transitional Tier 1 criteria;
• Tier 2 Own Funds consist of subordinated liabilities that do not meet Tier 1 restricted requirements, including subordinated
instruments whose features result in Tier 2 classification under Solvency II, as well as the remaining portion of grandfathered
15
Solvency I subordinated;
• Tier 3 is composed of available net deferred tax assets, which are characterised by lower capital quality being not immediately
available to absorb losses.
14. These items were issued before the entry into force of the Solvency II Directive and cover the Solvency margin up to 50% according to Solvency I regime. The grandfathering period ends on 31 December 2025, after which
those subordinated liabilities will no longer be eligible as Basic Own Funds items.
15. Differently from grandfathered Tier 1 restricted debts, these items cover the Solvency margin up to 25% according to Solvency I regime.
Annual Integrated Report and Consolidated Financial Statements 2025
178
Generali Group
Regarding the Group Own Funds coverage of the SCR, for the contribution of insurance entities, the following eligibility filters apply:
• the eligible amount of Tier 1 restricted should not exceed 20% of total Tier 1;
• the sum of Tier 2 and Tier 3 should not exceed 50% of the SCR;
• the eligible amount of Tier 3 Own Funds cannot exceed 15% of SCR.
The GOF split by tiers is reported in the following table:
Group Own Funds by tiering
(€ million) 31/12/2025 31/12/2024
Tier 1 43,697 41,331
Tier 1 unrestricted 42,777 39,905
Tier 1 restricted 919 1,425
Tier 2 8,517 7,533
Tier 3 338 202
GOF 52,551 49,066
Based on last available information for 2025, official figures for 2024.
For 2025, Group Own Funds confirmed the high-quality of the capital tiering. Tier 1 amounts to 83.2% of the total (84.2% in 2024),
Tier 2 represents 16.2% (15.4% in 2024), and Tier 3 only 0.6% of the total (0.4% in 2024).
No eligibility deductions are triggered thanks to the high-quality of the capital-tiering.
2. Solvency Capital Requirement
The SCR covers financial, credit, underwriting and operational risks as follows:
SCR split by risk
(€ million) 31/12/2025 31/12/2024
Total Impact (%) Total Impact (%)
SCR before diversification 37,9 4 5 100% 36,194 100%
Financial risk (*) 13,412 35% 13,942 39%
Credit risk (**) 9,095 24% 8,268 23%
Life underwriting risk 5,238 14% 4,388 12%
Health underwriting risk 396 1% 344 1%
Non-life underwriting risk 6,895 18% 6,413 18%
Intangible risk - - - -
Operational risk 2,908 8% 2,838 8%
Diversification benefit -9,789 -8,979
SCR after diversification 28,156 27,215
Tax absorption -5,550 -5,143
SCR excl. other regimes 22,606 22,072
Other regimes (***) 1,399 1,324
Total SCR 24,006 23,396
Based on last available information for 2025, official figures for 2024.
(*) Financial risk includes also spread risk (for Standard Formula entities).
(**) Credit risk includes default risk, spread widening and rating migration risks (for IM entities).
(***) Within this category regulated entities of other financial sectors are included (e.g., IORP, banks, etc.).
Regarding its impact on the risk profile:
• financial and credit risks account for 59% of the total SCR before diversification, due to the predominance of traditional life
business;
• life and non-life underwriting risks account for respectively 14% and 18% of the total SCR before diversification;
• health underwriting risk deriving from Standard Formula entities account for 1% of the total SCR before diversification;
• operational risks contribute to the Group SCR for 8%.
Risk Report
179
Compared to the previous year, an overall SCR increase is observed, mainly due to:
• a reduction in financial risks, driven primarily by the increase in the risk-free interest rate curve, which resulted in greater
loss-absorption capacity of the life portfolios, partially offset by the solid performance of equity markets;
• an increase in credit risks, mainly driven by a growth in volumes linked to the reduction of bond yield spreads, only partially offset
by the increase in the risk-free interest rate curve, as well as by higher exposure resulting from Asset Allocation activities;
• an increase in life underwriting risks, mainly driven by higher lapse risk due to the greater value of expected future profits in the
life portfolios, as well as by temporary changes in the Internal Model perimeter related to the merger between the Spanish entities
Generali España S.A. and Generali Seguros y Reaseguros S.A.
16
;
• an increase in non-life underwriting risks due to the growth of the business, particularly within the Generali Corporate & Commercial
portfolios and the Europ Assistance Business Travel portfolio, as well as to the effects of the 2024 Legge di Bilancio related to
the portfolios of the Italian companies, and to the temporary changes in the Internal Model perimeter related to the merger of the
aforementioned Spanish entities.
It should be noted that, during the current year, the acquisition of the minority interests in Generali China Insurance Co. Ltd. and of
the entities of the MGG Investment Group was completed.
Each risk category is further detailed in section D. Risk Profile.
Minimum Capital Requirement coverage
In addition to SCR coverage, the Group calculates the Minimum Consolidated Group SCR (MCR) coverage. The MCR calculation
is required to determine the minimum level of capital, under which the Group would be exposed to an unacceptable level of risk to
continue its operations.
The Minimum Solvency Ratio stands at 253% at 31 December 2025, with an increase of 16 p.p. compared to the previous year. In
the following table, the MCR coverage is reported:
MCR coverage
(€ million) 31/12/2025 31/12/2024
GOF to meet the MCR 44,934 42,306
MCR 17,755 17,848
Ratio of GOF to MCR 253% 237%
Based on last available information for 2025, official figures for 2024.
To define MCR coverage, stricter Own Fund eligibility rules are applied compared to the ones previously used for the SCR
17
. In the
following table, the split by tiers of the Own Funds covering the MCR is reported:
GOF to meet the MCR by tiering
(€ million) 31/12/2025 31/12/2024
Tier 1 41,383 38,736
Tier 1 unrestricted 40,464 37,311
Tier 1 restricted 919 1,425
Tier 2 3,551 3,570
GOF to meet MCR 44,934 42,306
Based on last available information for 2025, official figures for 2024.
16. The inclusion of the Spanish business in the Internal Model is planned for 2027.
17. The eligible amount of Tier 1 items shall be at least 80% of the MCR. The eligible amounts of Tier 2 items shall not exceed 20% of the MCR. No Tier 3 items are allowed to cover the Minimum Capital Requirement. No Own
Funds from entities of other financial sectors are considered.
Annual Integrated Report and Consolidated Financial Statements 2025
180
Generali Group
Sensitivity analysis
In addition to the calculation of the SCR, the Group regularly performs sensitivity analyses of the variability of its Solvency Ratio to
changes in specific risk factors. The aim of these analyses is to assess the resilience of the Group solvency position to the main risk
drivers and evaluate the impact of a wide range of shocks.
For this purpose, several sensitivity analyses have been performed at 31 December 2025, in particular:
• increase and decrease of interest rates by 50 bps;
• increase of Euro area government bonds spread by 50 bps
18
;
• increase of corporate bonds spread by 50 bps;
• increase and decrease of equity values by 25%.
The changes in terms of percentage points with respect to baseline scenario at 31 December 2025 (Solvency Ratio equal to 219%)
are the following:
Sensitivity analysis
Interest rates
+50 bps
Interest rates
-50 bps
Euro area
government
bonds spread
+50 bps
Corporate bonds
spread
+50 bps
Equity
+25%
Equity
-25%
Delta on Solvency Ratio +2 p.p. -3 p.p. -8 p.p. -2 p.p. +6 p.p. -7 p.p.
Based on last available information for 2025.
Since no regulatory update of the Ultimate Forward Rate (UFR) by EIOPA is planned for 2026, no impact on the Solvency Ratio at
31 December 2025 due to a change in the UFR is expected.
Group Partial Internal Model (Group PIM)
19
The IM is considered to be the most appropriate way of assessing the Group risk profile. It represents the best way of capturing the
risk profile of the entire Group and of the legal entities in scope in terms of granularity, calibration and correlation of the various risk
factors.
The IM is structured around a Risk Map, defined in the Risk Management Group Policy, which contains all quantifiable risks that
Generali Group has identified as relevant to its business, allowing for the calculation of the SCR both at single risk level and at higher
aggregation level.
1. Group PIM methodology
In order to calculate PIM SCR, the Group combines the results of the IM with two additional components, namely the Standard
Formula and the capital requirements under other sectoral regimes, in line with second level regulatory provisions that allow to benefit
from diversification effects across different regimes and methodologies.
In implementing the PIM, the Group has adopted, for the entities that received an IM approval, the so-called Monte-Carlo approach
with proxy functions to determine the Probability Distribution Forecast (PDF) of the changes in the Basic Own Funds over a one-year
time horizon.
2. Group PIM governance
Governance and processes regarding the IM are defined in the Internal Model Governance Group Policy, ensuring that:
• models and components are appropriate for their purpose;
• procedures are in place to design, implement, use and validate new models and model changes;
• the appropriateness of models on an ongoing basis is confirmed.
To rule the activities related to the IM developments necessary to ensure its appropriateness over time and, more in general, to
support the IM change process, the Internal Model Change Group Policy has been also defined with the aim to specify roles and
responsibilities in the implementation of major and minor changes.
18 The impact reflects the variation in the Solvency Ratio resulting from a 50 bps spread widening of government bonds issued by Euro area countries.
19. The Internal Model at Group level is defined as Partial because a number of entities still use the Standard Formula to determine the capital requirement.
Risk Report
181
Within IM Governance, a dedicated committee, the Internal Model Committee, has been established to review Group IM calibrations,
and evaluate the proposals on all model methodologies, assumptions used, parameters, results, documentation and all other model
related elements in order to support the Group Chief Risk Officer (GCRO) in the decision-making process on IM developments
or model changes and to control the full model lifecycle, assuring proper compliance with the Internal Model Governance Group
Policy. This Committee is chaired by the Model Design Authority, in the person of the Head of Group Enterprise Risk Management,
responsible for ensuring the overall consistency and appropriateness of the IM. The members of the Internal Model Committee are
all the Model Owners and the Model Design Authority and any additional participants required by the Model Design Authority.
The GCRO defines the processes and controls to ensure the ongoing appropriateness of the design and operations of the IM, so
that it continues to appropriately reflect the Group risk profile. The GCRO is also responsible for defining the methodology of each
model component, based on the Group Internal Model Committee’s proposals, as well as for the results’ production and ultimately
for submitting the relevant IM reporting to the Risk and Control Committee (RCC) and the Board of Directors.
The Board of Directors, assisted by the RCC, ensures the ongoing appropriateness of the design and operations, the ongoing
compliance of the IM and also that the IM continues to appropriately reflect the risk profile of the Group.
These roles are generally mirrored within the organizational structure of each Group legal entity within IM scope.
3. Group PIM validation
The IM is subject to validation review on an ongoing basis, which aims to gain independent assurance of the completeness, robustness
and reliability of the processes and results of the IM, as well as their compliance with the Solvency II regulatory requirements.
The validation process follows the principles and procedures defined within the Internal Model Validation Group Policy and related
guidelines.
The validation outputs are designed to support Senior Management and Board of Directors in understanding the appropriateness of
the IM, including areas of weaknesses and limitations, especially with regards to its use.
To ensure an adequate level of independence, the resources performing the validation activities are not involved in the development
or operation of the IM.
Within the validation process, also the results obtained during previous validation exercises are considered, as well as developments
within internal and external business environment, financial market trends and IM changes. The IM validation process excludes those
aspects covered by the assurance work of the Actuarial Function (i.e. technical provisions and related IT systems, actuarial platforms
and their governance). Furthermore, regular interaction is foreseen with the Actuarial Function. This interaction has the aim to ensure
consistency in the related review processes and to possibly leverage on activities already performed by the Actuarial Function.
The validation process overall serves as an incentive mechanism for the ongoing enhancement and update of the IM.
In order to guarantee the appropriateness of the array of elements contained within the IM, the validation covers both the quantitative
and qualitative aspects of the IM and is therefore not limited to the calculation engine and methodology.
Other important items such as data quality, documentation and uses of the IM are validated accordingly.
The validation process is carried out on regular annual basis and when requested by either the Senior Management, Board of
Directors or Supervisory Authorities.
Annual Integrated Report and Consolidated Financial Statements 2025
182
Generali Group
D. RISK PROFILE
Life underwriting risk
Life underwriting risk derives from losses or adverse changes in the value of insurance liabilities related to life and health insurance
policies. This risk stems from the uncertainty underlying mortality, longevity, health, morbidity and disability rates taken into account
in the insurance liability valuations (biometric assumptions), or risks related to the expenses and the exercise of contractual options
by policyholders (operating assumptions). Policy lapse is the main contractual option foreseen for the policyholders, together with
the possibility to reduce or suspend the insurance coverage.
The Group’s main exposures derive from traditional life products, including savings and protection products, as well as unit-linked
products, arising from direct business. Indirect business, or business accepted through outward reinsurance from companies outside
the Group, represents a minor component of the portfolio.
Management Report, Our financial performance for the indicators by country, by volumes of premiums and related geographic breakdown
Notes, Insurance and investment contracts
The prevailing component of traditional business includes products with insurance coverages linked to the policyholders’ life and
health. It also includes pure risk covers, with related mortality risk, and some annuity portfolios, with the presence of longevity risk.
The vast majority of the insurance coverage includes legal or contractual policyholder rights to fully or partly terminate, surrender,
decrease, restrict or suspend the insurance cover or permit the insurance policy to lapse, or to fully or partially establish, renew,
increase, extend or resume the insurance or reinsurance cover. For these reasons, the products are subject to lapse risk.
Life and health underwriting risks are:
• mortality risk, defined as the risk of loss, or of adverse change in the value of insurance liabilities, resulting from changes in mortality
rates, where an increase in mortality rates leads to an increase in the value of insurance liabilities. Mortality risk also includes
mortality catastrophe risk, resulting from the significant uncertainty of pricing and provisioning assumptions related to extreme or
irregular events;
• longevity risk, similarly to mortality, is defined as the risk resulting from changes in mortality rates, where a decrease in mortality
rates leads to an increase in the value of insurance liabilities;
• disability and morbidity risks derive from changes in the disability, sickness, morbidity and recovery rates;
• lapse risk is linked to the loss or adverse change in liabilities due to a change in the expected exercise rates of policyholder options.
The relevant options are all legal or contractual policyholder rights to fully or partly terminate, surrender, decrease, restrict or
suspend insurance cover or permit the insurance policy to lapse. Mass lapse events are also considered;
• expense risk results from changes in the expenses incurred in servicing insurance or reinsurance contracts;
• health risk refers specifically to health insurance also linked to catastrophic events
20
.
In addition to the risks above, the Group Risk Map includes also the going concern reserve risk, a German business specific risk that
refers to the misestimate of new business assumptions.
Life underwriting risk is measured by means of the PIM
21
. This measurement is based on the calculation of the loss resulting from
unexpected changes in biometric and operating assumptions, through the application of stress scenarios. Capital requirements are
calculated on the basis of the difference between the value of the insurance liabilities before and after the application of the stress.
Furthermore, as part of the broader ORSA process, the Group’s vulnerability to underwriting risks is assessed through sensitivity and
scenario analyses, also considering longer time horizons, such as those of the Strategic Plan.
The SCR for life underwriting risk amounts to € 5,238 million before diversification (equal to 14% of total SCR before diversification).
This is mainly driven by lapse risk, followed by expense
22
and mortality
23
risks. In terms of contribution to the risk profile, it is to be
noted that life underwriting risks are well diversified with other risk categories. The overall contribution to the risk profile therefore
remains limited.
Life underwriting risk within Generali Group is managed in accordance with the risk strategy defined in the Group RAF and internal
regulations. It is mainly based on the following:
• product development and related pricing process;
• new product approval process;
• setting and monitoring of operative underwriting limits;
• portfolio management and monitoring.
20. This risk is modelled specifically for IM companies.
21. For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
22. Including also the going concern reserve.
23. Including also Mortality Cat.
Risk Report
183
Product pricing consists in setting product features and assumptions regarding expenses, financial, biometric and policyholders’
behaviour to allow the Group legal entities to withstand any adverse development in the realization of these assumptions.
For savings business, this is mainly achieved through profit testing, while for protection and health business with a biometric
component, it is achieved by setting prudent assumptions during the pricing process.
Lapse risk, related to voluntary withdrawal from the contract, and expense risk, related to the uncertainty around the expenses that
the Group expects to incur in the future, are evaluated in a prudential manner in the pricing of new products. This evaluation is taken
into account in the construction and profit testing of a new tariff, considering the underlying assumptions derived from the Group’s
experience.
For insurance portfolios with a biometric risk component, comprehensive reviews of the mortality experience are compared with
expected mortality of the portfolio, determined according to the most up-to-date mortality tables available in each market. To this
end, mortality by sex, age, policy year, sum assured, and other underwriting criteria are taken into consideration to ensure mortality
assumptions remain adequate and avoid the risk of misestimating for the next underwriting years.
The same annual assessment of the adequacy of the mortality tables used in the pricing is performed for longevity risk. In this case,
not only biometric risks are considered but also the financial risks related to the minimum interest rate guarantee and any potential
mismatch between the liabilities and the corresponding assets.
For the purpose of long-term health insurance pricing, the monitoring of health-related market claims and corresponding indexing
mechanisms is performed.
A particular emphasis is placed on the underwriting of new contracts with reference to medical, financial and moral hazard risks.
The Group has defined clear underwriting standards through manuals, forms, medical and financial underwriting requirements. For
insurance riders, which are most exposed to moral hazard, maximum insurability levels are also set, lower than those applied for
death covers. In order to mitigate these risks, policy exclusions are also defined.
Regular risk exposure monitoring and adherence to the operative limits, reporting and escalation processes are also in place,
allowing for potential remediation actions to be undertaken.
Group Risk Management Function defines the guidelines to be implemented by the local Risk Management Functions to contribute
to these processes and to ensure an adequate risk perspective.
In particular, the Risk Management Function assesses the risk implications of new lines of business/products and monitors the
Group’s risk profile on a regular basis. It also supports compliance assessment with respect to operative limits as well as the reporting
and escalation processes to define the most appropriate mitigation actions.
The Group has defined a framework aimed at developing new products and services in line with sustainability targets. Furthermore,
the potential impacts of sustainability risks are taken into account in the underwriting processes.
During 2023, Generali Group’s surrender rates increased, driven by the evolution of the macroeconomic environment and rising
interest rates. Already in 2024, a decreasing trend in surrender rates compared to 2023 was observed, also supported by the
successful initiatives undertaken by the Group. This reduction continued also throughout 2025, with surrender rates at Group level
returning to values similar to those recorded before 2023.
Finally, reinsurance of underwriting risk related to the life portfolio is adopted by the Group to optimize the use of capital, by ceding
part of the underwriting risk to selected counterparties. The Group’s life reinsurance strategy is developed in line with the risk appetite
and the risk preferences defined in the Group RAF. The reinsurance process and the definition of reinsurance treaties are coordinated
by the Group Reinsurance Function with the involvement of Risk Management and Actuarial Functions.
Non-life underwriting risk
The Group is exposed to non-life underwriting risk arising from losses or adverse changes in estimates related to the frequency and/
or severity of the claims. This risk stems from:
• changes in the assumptions underlying the pricing and reserving processes (pricing and reserving risk);
• losses arising from extreme or exceptional events (catastrophe risk);
• any policyholder lapses from P&C insurance contracts (lapse risk).
The Group operates in the retail, middle market and corporate & commercial segments, with a broadly diversified presence across
all geographies, and greater exposure to the non-motor business.
Management Report, Our financial performance for the indicators by country, by volumes of premiums and related geographic breakdown
Notes, Insurance and investment contracts
Annual Integrated Report and Consolidated Financial Statements 2025
184
Generali Group
Non-life underwriting risk is measured by means of the PIM
24
. This measurement is based on both internally developed models and
external ones, particularly for catastrophic events for which market-wide experience is considered beneficial.
Furthermore, as part of the broader ORSA process, the Group’s vulnerability to underwriting risks is assessed through sensitivity and
scenario analyses, also considering longer time horizons, such as those of the Strategic Plan.
The SCR for non-life underwriting risk amounts to € 6,895 million before diversification (equal to 18% of total SCR before diversification).
This is mainly given by reserving risk, followed by catastrophe and pricing risks. Non-life lapse risk contributes only for a marginal
amount to the risk profile.
For catastrophe risk, the Group’s major exposures include earthquakes in Italy, floods in Italy, Germany, Austria, and in the Central
Eastern European area, and more broadly, storms in Europe. Additional catastrophe risks, less significant for the Group, are evaluated
as well through scenario analysis.
Following the enactment of the 2024 Italian Legge di Bilancio, which requires companies operating in Italy to write mandatory insurance
coverage for damages resulting from natural disasters, Generali Group, and more specifically the affected Italian companies, have
activated specific underwriting, reinsurance, and risk management impacts monitoring processes.
At the same time, there is a constant ongoing improvement to consider risk adjusted KPIs in decision making processes in the
underwriting, portfolio monitoring, and reinsurance.
Non-life underwriting risks are managed in accordance with the risk strategy defined in the Group RAF and internal regulations. Risk
selection is mainly based on the following:
• product development and related pricing process carried out in accordance with dedicated methodologies for retail business, case
underwriting and catastrophe risk;
• new product approval process;
• setting of underwriting limits and monitoring of any breaches;
• definition of restrictions for specific types of business not allowed under relevant Group policies;
• continuous portfolio monitoring through indicators of technical performance and the profitability of lines of business;
• activation of specific measures in case of extraordinary exposures or phenomena for which no comparable precedents have been
observed, either at Group level or within the broader insurance market (unknown events).
In particular, P&C risk selection starts with an overall proposal in terms of underwriting strategy and corresponding business selection
criteria. During the strategic planning process, targets are established and translated into underwriting limits to ensure business is
underwritten according to the Plan. Underwriting limits define the maximum size of risks and classes of business that Group legal
entities shall be allowed to write without seeking any additional or prior approval. The limits may be set based on value, risk type,
product exposure or class of occupancy. The purpose of these limits is to attain a coherent and profitable book of business founded
on the expertise of each legal entity.
Group Risk Management Function defines the guidelines to be implemented by the local Risk Management Functions to contribute
to these processes and to ensure an adequate risk perspective.
Furthermore, the Risk Management Function assesses the risk implications of new lines of business/products and monitors the
Group’s risk profile on a regular basis. It also supports compliance assessment with respect to operative limits as well as the reporting
and escalation processes to define the most appropriate mitigation actions.
Additional indicators such as relevant exposures, risk concentration and capital requirement figures are used for the purpose of P&C
underwriting risk monitoring. The indicators are calculated at least on a half-yearly basis.
In addition to the provisions already set out in the P&C Underwriting and Reserving Group Policy, with regard to the assessment of
clients on sustainability matters within the non-life underwriting process, the Group has developed and adopted a specific guideline,
the Responsible Underwriting Group Guideline, to guarantee the adoption of responsible behaviours and reduce exposures to
counterparties operating in sectors with potentially sensitive ESG profiles, as defined in the aforementioned guideline.
Reinsurance represents the key mitigation technique used by the Group for non-life underwriting risks. By ceding part of the
underwriting risk to selected counterparties, it allows to optimize the use of capital and limit the volatility of the technical result.
As for life underwriting risk, the Group’s non-life reinsurance strategy is developed in line with the risk appetite and risk preferences
defined in the Group RAF and taking into account the reinsurance market cycle.
24. For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
Risk Report
185
At Group level, the Parent Company acts as core reinsurer for the Group legal entities and cedes or retrocedes part of the underwritten
risks to external reinsurers. In particular, for the mitigation of non-life catastrophe risk, the Group adopts a centralized approach where
the Group Reinsurance Function manages the placement of reinsurance towards the market, thereby optimizing diversification and
limiting the concentration towards individual counterparties.
While maintaining its preference for traditional reinsurance, the Group also considers the development of most innovative risk-transfer
techniques, such as cat bonds, where reinsurance capacity is provided by third-party investors rather than traditional reinsurers.
For these reasons, part of the exposure to earthquakes in Italy and storms in Europe is excluded from the traditional catastrophe
reinsurance program and placed in the Insurance Linked Securities (ILS) market through a cat bond.
Financial and credit risks
The Group invests collected premiums in a wide variety of financial assets. In particular, financial and credit risks arise from:
• investments in financial assets, aimed at meeting future obligations towards policyholders and generating value for its shareholders;
• exposures to different types of counterparties, such as reinsurers or custodian banks.
As a result, the Group is exposed to the financial risks driven by either:
• invested assets not performing as expected as a result of a decline in their value, market volatility or reduced ability of the
counterparties to which the Group is exposed to fulfil their financial obligations;
• reinvested proceeds of existing assets being exposed to unfavourable market conditions, typically at lower interest rates.
Generali Group traditional life savings business is long-term in nature. Therefore, the Group’s portfolio is characterized by long-term
investments which are less impacted by short-term decreases and fluctuations in the market value of assets.
The Group manages its investments in a prudent way according to the so-called Prudent Person Principle
25
defined by Solvency
II, and strives to optimize the sustainability and the return of its assets while minimizing the negative impact of short-term market
fluctuations on its solvency position. Under Solvency II, the Group is also required to hold a capital buffer, with the purpose of
maintaining a sound solvency position even under adverse market conditions.
To ensure a comprehensive management of the impact of financial risks on assets and liabilities, the Group Strategic Asset Allocation
(SAA) process, based on a liability-driven approach, has to take into consideration the coherence with the liabilities and has to be
strongly correlated with insurance-specific targets and constraints. For this reason, SAA and Asset Liability Management (ALM) are
interdependent processes and represent main components in defining both Group and local investment strategies.
In particular, SAA and ALM aim to define the combination of asset classes which maximise the investment contribution to value
creation, considering the constraints set by the solvency, actuarial and accounting indicators. Therefore, the aim is not just to mitigate
risks, but also to define an optimal risk-return profile that satisfies both the return targets and the risk appetite defined within the
strategic planning process.
The Group proactively integrates sustainability matters into the investment process, by defining a framework and guidelines to
manage:
• actual or potential impacts generated by the investment strategy;
• impact of sustainability risk on the value of its investments.
The Group integrates sustainability matters into investment processes also through the definition of specific targets and constraints.
Furthermore, the Group integrates active ownership in its sustainable investment framework, considering it a contributor to long-term
risk mitigation and value creation for clients and shareholders.
The assets’ selection is performed by taking into consideration the risk profile of the liabilities, so to ensure that they are covered by
appropriate and sufficient assets. This selection process aims at guaranteeing the security, quality, profitability, and liquidity of the
overall portfolio, providing an adequate diversification of the investments.
The asset portfolio is invested and rebalanced according to asset class and duration weights. The main risk mitigation techniques
adopted by the Group consist of asset management according to a liability-driven approach and a regular portfolio rebalancing. The
liability-driven approach aligns investment strategies with the liability structure, while periodic portfolio rebalancing allows maintaining
the weights of different asset classes and their relative durations within the tolerance thresholds established as limits to investment
targets.
25. The Prudent Person Principle set out in Article 132 of Directive 2009/138/EC requires the company to only invest in assets and instruments whose risks can be identified, measured, monitored, controlled and reported as well
as taken into account in the company overall solvency needs. The adoption of this principle is ruled in the Investment Governance Group Policy.
Annual Integrated Report and Consolidated Financial Statements 2025
186
Generali Group
SAA and ALM activities aim at ensuring the Group holds sufficient and adequate assets to reach defined targets and meet liability
obligations. For this purpose, analyses of the asset-liability relationship under a range of adverse market scenarios and stressed
investment conditions are undertaken.
The Group works to ensure a close interaction between the Group Chief Investment Officer (GCIO), the Group Chief Financial Officer
(GCFO, including Treasury), the Actuarial and the Risk Management Functions to secure that the ALM and SAA processes remain
consistent with the Group RAF, the strategic planning and the capital allocation mechanisms.
The annual SAA proposal defines:
• target exposures and boundaries for each relevant asset class, including minimum and maximum allowed exposure, and a set of
key indicators (e.g., duration), embedding potential ALM mismatches deemed acceptable and respecting the risk limits;
• target returns at portfolio and asset class level, which are then transposed to Asset Management Companies.
Regarding specific asset classes such as (i) private equity, (ii) bond instruments of private issuers, (iii) hedge funds and liquid
alternative, (iv) derivatives and structured products, the Group has mainly centralized their management and monitoring. This kind of
investments is subject to accurate due diligence to assess their quality, the level of risk related to the investment, and its consistency
with the approved liability-driven SAA.
The Group also uses derivatives with the aim of mitigating risks embedded in the asset and/or liability portfolios, thereby improving
the quality, liquidity and profitability of investments in line with the Strategic Plan targets. Derivative transactions are subject to
dedicated monitoring and reporting processes.
During 2025, in light of the prolonged war in Ukraine and the conflict in the Middle East, as well as trade policies and new tariffs by
the United States resulting in heightened geopolitical uncertainty at global level, some strategic measures have been maintained. In
particular:
• for equity exposures, hedging strategies have been implemented;
• for bond exposures, in order to monitor any accelerations in the deterioration of creditworthiness, a bi-weekly reporting was
prepared on issuers subject to a rating deterioration or to a spread widening that might suggest an increased probability of
default.
Hedging strategies were implemented to mitigate potential negative developments, specifically a Group equity risk hedge (equity
macro-hedge) already adopted in December 2024 has been further extended during 2025.
In addition to the risk tolerance limits defined in the Group RAF, the risk monitoring process also includes the application of provisions
contained in the Investments Risk Group Guideline (IRGG). The IRGG establishes general principles and quantitative risk limits, with
particular focus on concentration, credit and currency risk. For specific asset classes - such as Private Equity, Alternative Funds
and Real Estate, Private Debt or ABS (Asset-Backed Security) - or transactions - such as collateralised positions, exposures to
counterparties -, the IRGG defines minimum requirements for fund selection, portfolio management, authorisation processes and
exclusions that Group companies have to comply with.
Furthermore, concentration risk is managed at Group level through the Risk Concentrations Management Group Policy - Investment
Exposures in order to limit the risk exposure by issuer, sectors, currencies and geographies.
With reference to the geopolitical context and its impacts on financial and credit markets observed during 2025, please refer to
section A. Executive Summary (External Context).
Financial risk
Financial risk refers to the possibility that the value of the financial assets held by the Group may decrease as a result of adverse
price movements. Such variations are driven by market volatility and are mainly attributable to interest rate fluctuations, equity and
real estate price movements, or currency exchange rate fluctuations.
The Group is exposed to financial risk because, in order to generate value for policyholders and shareholders, it invests collected
premiums in a wide variety of financial instruments. The Group’s investments cover a broad range of asset classes and include, for
example, both equity and debt instruments, as well as the real estate sector. Investments can be made either directly or through the
purchase of investment fund units, and may also involve so-called private instruments not listed on regulated markets.
Within the traditional life business, financial risk is particularly relevant for types of contracts that provide policyholders with a
minimum guaranteed return on the accumulated capital. The presence of these guarantees implies that, if the yields generated by
the financial instruments are lower than the guaranteed return, then the Group shall compensate the deficit with its own funds for
those contractual guarantees.
Risk Report
187
Unit-linked business typically does not represent a source of financial risk for the Group, except in cases where contractual guarantees
are granted to policyholders.
Regarding P&C business, the Group has to ensure the availability of resources necessary to pay out the benefits on a timely basis
when claims occur.
In more detail, the Group is exposed to the following generic financial risk types:
• equity risk deriving from the risk of adverse changes in the market value of the assets or in the value of liabilities due to changes in
the level of equity market prices which can lead to financial losses;
• equity volatility risk deriving from changes in the volatility of equity markets. The exposure to equity volatility is typically related to
equity option contracts or to insurance products sold with embedded guarantees whose market consistent value is sensitive to
the level of equity volatility;
• interest rate risk, defined as the risk of adverse changes in the market value of the assets or in the value of liabilities due to
changes in the level of interest rates in the market. The Group is mostly exposed to downward changes in interest rates as lower
interest rates increase the present value of the commitments towards policyholders more than the value of the assets backing
those commitments. As a result, it may become increasingly costly for the Group to maintain its commitments, thereby leading to
financial losses;
• interest rate volatility risk derives from changes in the level of interest rate implied volatilities. This risk related, for example, from
insurance products with embedded minimum guarantees whose market consistent value is sensitive to the level of interest rates
volatility;
• property risk deriving from changes in the level of property market prices. Exposure to property risk arises from property asset
positions;
• currency risk deriving from adverse changes in exchange rates;
• concentration risk deriving from asset portfolio concentration to a small number of counterparties.
Notes, Investments
Financial risk is measured by means of the PIM
26
. In particular:
• equity risk is modelled by associating each equity exposure to a market index representative of its industrial sector and/or
geography. Potential changes in market value of the equities are then estimated based on past shocks observed for the selected
indices;
• equity volatility risk models the impact that changes in the equity implied volatility can have on the market value of derivatives;
• interest rate risk models the changes in the term structure of the interest rates for various currencies and the impact of these
changes on any interest rate sensitive asset and on the value of future liability cash flows;
• interest rate volatility risk models the impact that the variability in interest rate curves can have on both the market value of
derivatives and the value of liabilities sensitive to interest rate volatility assumptions (such as minimum pension guarantees);
• property risk models the returns on a selection of property investment indices and the associated impact on the value of the
Group’s property assets. These are mapped to various indices based on property location and type of use;
• for currency risk, the plausible movements in exchange rate of the reporting currency of the Group in respect to foreign currencies
are modelled, as well as the consequent impact on the value of asset holdings not denominated in the domestic currency;
• for concentration risk the extent of additional risk borne by the Group due to insufficient diversification in its equity, property and
bond portfolios is assessed.
Risk measurement by means of the IM also applies to complex and/or illiquid financial instruments, ensuring their correct valuation
within the modules included in the Group Risk Map.
Furthermore, the Group’s vulnerability to financial risk is also assessed through sensitivity analyses on the main risk factors, including
interest rates and equity values, along with scenario analyses and stress tests.
The SCR for financial risk amounts to € 13,412 million before diversification (equal to 35% of total SCR before diversification). This
risk is mainly driven by equity risk, interest rate risk, property risk and currency risk.
The available historical observations contribute to define the risk metrics of the IM, therefore, observations related to market events
occurred during 2025 also contributed to the calibration of risk within the IM.
Financial risk management within the Generali Group is carried out in line with the risk strategy defined in the Group RAF and with the
Investment Governance Group Policy (IGGP). The related risk management activities are mainly based on Strategic Asset Allocation
(SAA) process and provisions contained in the Investments Risk Group Guideline (IRGG), as described above.
26. For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
Annual Integrated Report and Consolidated Financial Statements 2025
188
Generali Group
Credit risk
Credit risk refers to the possibility that the value of the Group’s assets may be adversely affected by a reduced ability of counterparties
to which the Group is exposed to meet their financial obligations. Changes in the market value of assets due to credit risk may arise
from the market spread volatility, a deterioration in counterparties’ creditworthiness, or their default.
The Group’s exposures to credit risk arise both from investments in debt instruments, such as bonds and loans, and from other types
of credit exposures, such as cash deposits, reinsurance and the use of derivative instruments.
In particular, credit risk includes the following two categories:
• spread widening risk, defined as the risk of adverse changes in the market value of debt security assets. Spread widening can be
linked either to the market’s assessment of the creditworthiness of the specific obligor (often implying also a decrease in rating) or
to a market-wide systemic reduction in the price of credit assets;
• default risk, defined as the risk of incurring in losses because of the inability of a counterparty to honour its financial obligations.
Notes, Investments
Credit risk is measured by means of the PIM
27
. In particular:
• credit spread risk models the possible movement of the credit spread levels for bond exposures of different rating, industrial sector
and geography based on the historical analysis of a set of representative bond indices. Spread-sensitive assets held by the Group
are associated with specific indices based on the characteristics of their issuer and currency;
• default risk models the impact of default of bond issuers or counterparties to derivatives, reinsurance and in general other
transactions on the value of the Group’s assets. Distinct modelling approaches have been implemented to model default risk for
the bond portfolio (i.e. credit default risk) and the risk arising from the default of counterparties in cash deposits, risk mitigation
contracts (such as reinsurance), and other types of exposures (i.e. counterparty default risk).
Risk measurement by means of the IM also applies to complex and/or illiquid financial instruments, ensuring their correct valuation
within the modules included in the Group Risk Map.
As for financial risk, the Group’s vulnerability to credit risk is also assessed through sensitivity analyses on the main risk factors,
including spreads on both government and corporate bonds, along with scenario analyses and stress tests.
The IM credit risk model evaluates spread risk and default risk also for sovereign bond exposures. This approach is more prudent
than the Standard Formula, which treats bonds issued by EU Central Governments and denominated in domestic currency as
exempt from credit risk.
The SCR for credit risk amounts to € 9,095 million before diversification (equal to 24% of total SCR before diversification). Credit
risk mainly derives from the spread risk of fixed-income securities, while the contribution to SCR of the counterparty risk (including
reinsurer’s default) remains more limited.
In addition, it should be noted that credit risk monitoring tools are in place, which include a continuous monitoring of rating
downgrades, aimed at measuring the impacts of credit rating deterioration on the solvency position and at identifying potential risk
mitigation actions.
The available historical observations contribute to define the risk metrics of the IM, therefore, observations related to credit events
occurred during 2025 also contributed to the calibration of risk within the IM.
Furthermore, for credit risk assessment, the Internal Model complements the ratings provided by external credit rating agencies
(ECAI) with estimates of the creditworthiness of counterparties and financial instruments provided by a specific Parent Company unit,
defined according to the provisions and processes set in the Credit Rating Assignment Group Guideline.
As part of the credit risk assessment, specific conditions that trigger the process for assigning an internal rating at the counterparty
and/or financial instrument level, even when external ratings are available, have been defined. The internal rating assessment is
reviewed on an annual basis.
Moreover, additional assessments are performed each time the parties involved in the process gain access to new information,
deriving from reliable sources, that may affect the creditworthiness of the issuer and/or the financial instrument.
The internal credit rating assignment system at counterparty level is based on the evaluation of quantitative metrics and qualitative
elements. The risk elements considered, among others, are referred to the assessment of the riskiness of the sector where the
counterparties operate, the country where the activities are carried out, and the controlling group, where present. Additionally,
macroeconomic factors potentially affecting the credit stance of the borrowers are considered, such as: interest rates levels,
movements in the FX market and prices of raw materials. At financial instrument level, instead, the risk of the issuer is one of the
main elements considered, together with the peculiarities of the instrument itself.
27. For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
Risk Report
189
In line with the approach described for financial risk, credit risk management within Generali Group is mainly based on Strategic
Asset Allocation (SAA) process and provisions set in the Investments Risk Group Guideline (IRGG), as described above.
Furthermore, the Group mitigates counterparty default risk - for example in derivative or reinsurance contracts - by adopting
collateralisation strategies, which limit potential losses in case of default.
Operational risk
Operational risk represents the possibility of loss arising from inadequate or failed internal processes, personnel or systems, or from
external events
28
.
The operational risks to which Generali Group is exposed are identified and classified in the Operational Risk Management Group
Policy, which details the Group Risk Map as defined in the Risk Management Group Policy.
Operational risk is measured by means of the PIM
29
. This measurement is based on scenario analyses performed by the Heads
of the individual operational areas (Risk Owner) who, through expert judgement and with the support of Subject Matter Experts
(SMEs), provide estimates of the frequency and severity of each scenario associated with the identified risks. The risks considered
material based on this analysis are used for the calibration of the IM. From these estimates, the probability distributions of losses
over one-year horizon are derived, which are subsequently aggregated to obtain the annual loss distribution. The loss data collection
integrates these forward-looking assessments with a retrospective view, enabling a comprehensive assessment of operational risks.
This process allows for the calculation of the capital requirement at a confidence level of 99.5%, as required by Solvency II, and
provides a more accurate description of the Group’s risk profile, capturing its specificities. The SCR for operational risk amounts to
€ 2,908 million before diversification (equal to 8% of total SCR before diversification).
In 2025, the main operational risks to which the Group is exposed are related to cyber-attacks, the protection of sensitive customer
data, and the unavailability or dysfunction of applications and IT infrastructures. Additional significant risks arise from non-compliance
with regulations concerning anti-money laundering, terrorist financing, and international sanctions. Finally, risks associated with
Product Oversight and Governance processes are also highlighted, considering the increasing scrutiny by the Supervisory Authorities,
with specific reference to Value for Money and Greenwashing.
The risk assessment results are influenced by the current external environment. On the one hand, geopolitical tensions have led to
an increase in international sanctions, further complicating the regulatory context within which the Group operates. In this regard,
particular attention should be paid to the continuous evolution of sanction packages against Russia linked to the protracted conflict
in Ukraine, as well as to the re-imposition of sanctions against Iran by the United Nations and the European Union. On the other
hand, market uncertainty and slow economic growth could incentivize the use of insurance products for money laundering and
terrorist financing purposes, or for the provision of services of any kind, including financial services, in violation of European Union
restrictive measures. In response, international and local regulations are increasingly defining clearer and more stringent principles
and minimum requirements for sanction regimes to counter financial crime, requiring the management and monitoring of these risks
through targeted initiatives designed to strengthen the related processes.
With reference to risks related to Product Oversight and Governance processes, the increasing focus of Supervisory Authorities on
consumer protection requires insurance companies to adopt progressively more rigorous processes in the design, distribution, and
monitoring of their products.
Additionally, the increasing reliance on cloud technologies, digital infrastructures, and artificial intelligence solutions has exposed
the financial sector to critical vulnerabilities and operational risks. To address these risks, the regulator has introduced two key
regulations: the DORA Regulation and the AI Act.
The DORA Regulation, which came into force in January 2023, and fully applicable from 17 January 2025, requires financial
entities to adopt stringent measures for managing ICT risks, including cybersecurity standards and business continuity and
disaster recovery plans. Particular attention is given to the assessment and management of risks associated with ICT service
providers, such as cloud service providers and data centers, which support essential or important functions. The new requirements
introduced by the DORA Regulation promote the evolution of the ICT risk management framework. Their implementation ensures
an integrated and coordinated risk management and monitoring at all levels of the organization, thus keeping exposure to such
risks under control.
The AI Act, issued in August 2024, and fully applicable from December 2027 (unless delays occur in the legislative implementation
timeline), aims to establish a harmonized legal framework for the development and use of artificial intelligence systems in the
European Union, with objectives such as risk classification, user transparency, and human oversight.
28. The definition includes the compliance risk, the financial reporting risk and the sustainability reporting risk, while strategic and reputational risks are not included. However, since they are often an indirect consequence of
operational risks, during the Overall Risk Assessment process, considerations are also made regarding potential reputational and strategic impacts, with a deep-dive on the indirect impacts related to sustainability matters.
29. For the scope of the PIM please refer to section A. Executive Summary. Entities not included in the IM scope calculate the capital requirement based on Standard Formula or the capital requirements of sectoral regime.
Annual Integrated Report and Consolidated Financial Statements 2025
190
Generali Group
In light of emerging market challenges and regulatory pressure, in 2025, Generali Group evolved its ICT and Cyber risk management
model by reviewing internal processes and procedures and introducing operational limits for risk monitoring. The results of the
application of this framework will be subject to regulatory reporting as required by the DORA Regulation.
In terms of governance, the responsibility for managing operational risk, in line with the Operational Risk Management Group Policy,
is assigned to the first line of defense, the so-called Risk Owners, whereas the Risk Management Function defines methodologies
and processes aimed at identifying, measuring, managing, and monitoring the main risks which the Group is exposed to. In this way,
the management of operational risk is ensured at all levels with a holistic view, which is essential for prioritizing actions and allocating
resources in the most critical risk-related areas.
The target is achieved by adopting methodologies and tools in line with industry best practices and by establishing a strong dialogue
with the first line of defence.
Specifically, in relation to ICT risks, the Group has developed or enhanced dedicated tools and models which include:
• qualitative risk assessments, including analyses related to Artificial Intelligence and Cloud, which evaluate the level of potential
exposure and the adequacy of controls, considering the design and effectiveness of measures in place, historical ICT events and
the estimate of possible economic losses;
• quantitative risk assessments, which allow assessing in economic terms the exposure to cyber threats and the unavailability of
ICT systems;
• ICT Risk Appetite Framework, aimed at supporting the Group’s digital resilience strategy by defining levels of ICT and Cyber risk
considered acceptable for achieving business objectives;
• Risk Event Register Monitoring, aimed at ensuring constant oversight of risk events through monitoring the implementation status
of response plans, conducting in-depth analyses with Risk Owners in case of action postponement and validating requests for
risk closure.
Information related to the risk exposure, as well as the evidence of the application of the relevant frameworks, is shared through a
structured reporting system in compliance with applicable regulations.
The aforementioned initiatives complement specific measures to reduce exposure to operational risks, including the strengthening of
cybersecurity controls through a dedicated unit at Group level, the introduction of internal policies for managing risks associated with
the use of Artificial Intelligence, and the establishment of specialised structures to address risks such as fraud and those related to
financial reporting management. Furthermore, Risk Owners, supported by key functions, are responsible for implementing planned
actions, which may include different strategies:
• mitigation, aimed at transferring risk to third parties through traditional instruments, such as underwriting insurance policies;
• reduction, aimed at limiting risk by implementing additional controls to reduce the impact and/or frequency of individual events, for
example by improving internal control systems;
• acceptance, aimed at consciously retaining risk exposure, in line with the defined business strategy;
• exclusion, aimed at eliminating the cause of risk, avoiding the performance of activities that generate exposure.
Finally, it should be noted that Generali Group exchanges operational risk data, properly anonymized, through the Operational Risk
data eXchange Association (ORX), a global association of operational risk practitioners where main banking and insurance players
at global level participate. The aim is to use the data to improve the risk management and to anticipate emerging trends. In addition,
since losses are collected by the first line, the process contributes to create awareness among the Risk Owners upon risks that could
impact the Group. In this sense, a primary role is played by forward-looking assessments that aim to estimate the evolution of the
operational risk exposure in a given time horizon, supporting the anticipation of potential threats, the efficient allocation of resources
and the definition of related initiatives.
Other material risks
Liquidity risk
The Group is exposed to liquidity risk arising from uncertainty over the ability to fully and timely meet cash payment obligations
deriving from insurance, investment or financing activities, even in market scenarios characterised by stressed conditions.
The main sources of the Group’s exposure stem from:
• insurance and reinsurance activities, due to potential mismatches between cash inflows and cash outflows;
• investment management activity, which may generate potential liquidity gaps related to the management of the asset portfolio, or
result in a potentially insufficient level of liquidity in the event of disposals;
• financing activity, which may involve difficulties in accessing external funding or high financing costs.
Finally, additional exposures may arise from issued guarantees, contractual commitments, margin calls on derivative instruments and
regulatory constraints.
Risk Report
191
For risk measurement purposes, the Group has defined a specific framework based on a forward-looking approach. It relies on
projecting cash obligations and available liquid resources over a 12-month time horizon, with the aim of ensuring that available liquid
resources are at all times sufficient to cover cash obligations that will become due in the reference period.
To this end, the Group has defined a liquidity risk metric (liquidity indicator) to monitor the liquidity situation both at single company
and at Group level on a regular basis. Such metric is forward-looking, i.e. it is based on projections of cash flows, stemming both
from assets and liabilities and on the assessment of the level of liquidity and ability to sell the asset portfolio at the beginning of
period.
The metric is calculated under both the so-called base scenario, in which the values of cash flows, assets and liabilities are determined
in line with those projected according to each legal entity’s Strategic Plan assumptions, and the so-called stress scenario, in which
the projected cash inflows and outflows and the market price of assets are calculated to take into account adverse but plausible
conditions that would adversely impact the liquidity of each Group insurance legal entity.
Risk limits are defined based on this indicator, to ensure an adequate liquidity buffer even under adverse conditions. Furthermore, the
Group monitors the degree of investment illiquidity through the calculation of the Investment Illiquidity Ratio (IIR) in the base scenario,
aimed at measuring the share of illiquid instruments held in investment portfolios.
The metric used to measure liquidity risk at Group level is based on the liquidity metrics calculated for each legal entity. The Group
manages expected cash inflows and outflows to maintain a sufficient available level of liquid resources to meet its medium-term
needs. The Group metric is forward-looking and is calculated both under the base and liquidity stress scenario; liquidity risk limits
have been defined in terms of value of the abovementioned Group liquidity risk indicator.
Liquidity risk management within the Group, in line with the risk strategy defined in the Group RAF and with the provisions set out
in the Liquidity Risk Management Group Policy, is based on a system of governance which defines risk limits and provides for an
escalation process to be activated in the event of limit breaches or other liquidity-related issues. The management principles are fully
integrated into strategic and business processes, including investment management and product development. As liquidity risk is
considered one of the main risks associated with investments, indicators such as cash flow duration mismatch are an integral part of
the Strategic Asset Allocation (SAA) process. Moreover, investment limits are defined to ensure the share of illiquid assets, including
complex instruments, remains within thresholds that do not compromise overall liquidity. These limits are regularly monitored both
at Group and local level.
Finally, within the Liquidity Risk Management Plan and the Recovery Plan, specific stress tests are carried out to assess the impact
of adverse and extreme scenarios on the Group’s liquidity profile.
The Group also integrates principles aimed at containing liquidity risk in life and non-life underwriting processes, in relation to the
management of life lapses and non-life claims respectively.
During 2025, all the expected cash remittances from Group companies have been secured, contributing to the Parent Company’s
strong cash position, in a macroeconomic context still marked by persistent geopolitical uncertainties and market volatility.
The Group continues to closely monitor the liquidity position of the companies in order to anticipate any repercussions arising from
the economic environment.
Management Report, Debt and liquidity
Notes, Investment and Insurance and investment contracts
Concentration risk
The Group identifies three main sources of concentration risk:
• investment risk concentration;
• exposures to reinsurance counterparty default risk, stemming from ceded reinsurance;
• non-life underwriting exposures, specifically natural disasters or man-made catastrophes.
Investments risk concentration is the potential loss in the value of the investment portfolio and corporate treasury portfolio when an
individual or a group of exposures are large enough:
• to threaten the solvency, Profit & Loss or liquidity position of the Group;
• to trigger a significant change in the Group risk profile.
Annual Integrated Report and Consolidated Financial Statements 2025
192
Generali Group
Investment concentrations at Group level are managed through the Risk Concentrations Management Group Policy - Investment
Exposures. This Policy defines a comprehensive framework for managing investments risk concentrations. In particular, the
concentrations are measured on the basis of the following categories: ultimate
30
, geography, industry sector and currency.
The metrics for measuring investments risk concentrations are based on both market value and Risk Based Exposure (Risk Based
Exposure is calculated by multiplying the market value of each exposure by a stress coefficient identified in coherence with the IM
considering the risk profile of each individual position in terms of rating, country of issue, asset type and industry sector).
The exposure is subject to specific concentration limits (above which the Board of Directors approval is needed) and concentration
reporting thresholds (above which the positions are reported to the Board of Directors for informative purposes).
Alongside the limits defined in terms of market value and Risk Based Exposure, this Policy provides further concentration limits
dedicated to corporate bonds (that cannot exceed a pre-defined threshold of the issuer’s total debt), and to equity (that cannot
exceed pre-defined thresholds of voting rights or market value). The concentrations on investments are monitored on a quarterly
basis and are reported on half-yearly basis to the Board of Directors.
The Group has developed a specific framework for identifying, measuring, monitoring, managing and reporting Group risk
concentrations stemming from exposures to reinsurance counterparties and non-life underwriting exposures, within the Risk
Concentrations Management Group Policy - Reinsurance and Underwriting Exposures. Concentrations arising from reinsurance
counterparties and from non-life underwriting exposures are monitored and reported to the Board of Directors on a semi-annual
basis.
Reputational, emerging and sustainability risks
Among the risks not included in the SCR calculation, the following are also taken into account:
• reputational risk referring to potential losses arising from the deterioration or a negative perception of the Group among its customers
and other stakeholders. Within the Sustainability Risks Group Guideline and Operational Risk Group Guidelines, reputational risks
are mostly considered second order risks, consequent to sustainability matters or operational risks;
• emerging risks arising from new or future risks, more complex to identify and quantify, and typically systemic. These risks
generally refer to environmental topics and climate change, technological changes and digitalisation, geopolitical developments,
and demographic and social changes. For the identification and the assessment of these risks and to raise awareness on the
implications of the main emerging risks, the Risk Management Function engages with a dedicated network, involving all main
business functions and relies on structured surveys that are also extended to the employee population. The Group also participates
in the Emerging Risk Initiative (ERI), a dedicated working group of the CRO Forum, which involves the CROs (Chief Risk Officers) of
the main European groups. Within the ERI, risks common to the insurance industry are discussed and published in the ERI Radar
as well as specific studies (Position Papers) on selected emerging risks. During 2025, for example, the ERI updated the Radar and
published the Paper Understanding and mitigating the impacts of space-related risks, both available on the CRO Forum’s website;
• sustainability risks referring to an environmental, social or governance event or condition that, in case of occurrence, it could
cause an actual or a potential negative impact on the value of the investment or on the value of the liability. The management of
sustainability risks, as well as the management of the potential negative impacts resulting from business decisions on sustainability
matters, in addition to being defined in the Risk Management Group Policy, are mainly ruled in the Sustainability Group Policy,
Investment Governance Group Policy, Life Underwriting and Reserving Group Policy, P&C Underwriting and Reserving Group
Policy and further detailed in the related guidelines.
During 2025, the assessment of climate change related risk on investment and underwriting portfolios has been updated based
on revised climate scenarios developed by the NGFS (Network for Greening the Financial System) as well as by the IPCC
(Intergovernmental Panel on Climate Change), and further risk analyses were conducted on other factors, such as biodiversity and
human rights. Further details are available within the Sustainability Statement.
Based on the analyses performed, climate change risk materiality was confirmed, particularly with regard to physical risk arising
from the increasing severity of long-term climate-related natural events.
Sustainability Statement, General information for further details
www.generali.com/what-we-do/emerging-risks for more details on emerging risks
30. Ultimate is defined as the sum of exposure belonging to individual counterparties within the same group.
Risk Report
193
OUTLOOK
Annual Integrated Report and Consolidated Financial Statements 2025
196
Generali Group
The recent US and Israeli attack on Iran will exert a drag on the global economy, through both the energy price and general
confidence. Before the attack GDP was expected to expand by around 3% in 2026, thanks to previous interest rate cuts, more
expansionary fiscal policy in many large economies and progressive easing of trade-related uncertainties. In the base scenario of
a limited escalation of the attack, this drag is expected to be mild: less than 0.2 p.p. in the US, an energy self-sufficient economy,
0.2-0.3 p.p. in Euro area, and slightly more in Asia. The base scenario is based on the assumption that both the US and China
have a vested interest in keeping the conflict contained: China depends on fossil energy imports from the region, while the US
prepares mid-term elections focused on the affordability crisis. Faced with a stagflationary shock, central banks may look through
the rise in inflation, if oil prices spike only briefly. Still, this will may reduce the room for the Fed to cut rates further. The potential
impact on Euro area consumer prices may not be negligible. At the beginning of March it appears rather unlikely that the ECB
would raise rates, but a long-lasting spike in energy prices would threaten that view, given the risks of second-round inflation
effects. In all, the evolution of the attack remains subject to high uncertainties, and a prolonged escalation would pose a risk of
stagflation.
In this context, thanks to its Lifetime Partner 27: Driving Excellence strategic plan, Generali is focused on three strategic priorities:
excellence in customer relationships, excellence in core capabilities and excellence in the Group operating model.
When it comes to excellence in customer relationships is enhancing its Lifetime Partner proposition by offering a truly seamless
experience across digital and physical channels, adding more personalized and integrated solutions to address emerging customer
needs and strengthening its powerful distribution network by equipping agents with the very best tools to maximise client facing time
and their productivity.
Excellence in core capabilities will accelerate profitable growth in the Life segment by capitalizing on Generali’s broad customer
base and strong distribution footprint. In addition, the Group is further improving its technical proficiency to increase profitability and
enhancing operational effectiveness by leveraging and optimizing the Group-wide assets across its entire value chain. Generali’s
focus remains on simplification and innovation, offering updated and integrated solutions to adapt to evolving customer needs
throughout their lifetime.
The main areas of focus include protection and health products, as well as capital-light savings solutions. The development of these
business lines aims to form a wide range of insurance solutions adapted to risk and investment profiles for the benefit of both the
policyholder and the Group. For protection and health products Generali aims to offer integrated end-to-end services, with the goal
of becoming the health partner of choice for each customer. The Group’s Hybrid and unit-linked offers continue to be a priority to
address growing customer needs for financial security with the objective to becoming the go-to partner for retirements and savings.
Generali continues to optimise its portfolio, reaffirming its strategies that focus on capital-light business and internalizing unit-linked
funds. These effort are underpinned by increased collaboration between activities in the Life and Asset Management segments to
leverage the expanded investment capabilities of the Group.
The Group remains committed to developing insurance solutions that adequately and effectively align with its sustainability goals,
with a focus on supporting underserved, and therefore more vulnerable, customers in addressing their health and pension gaps.
In the Property & Casualty (P&C) segment, the Group’s objective is to maximise profitable growth - with a focus on non-motor lines
- across the insurance markets where it operates, strengthening its position and offering, especially in countries with high growth
potential.
The Group confirms and reinforces its flexible approach to tariff adjustments, also considering a general increase in extreme natural
events, both in terms of frequency and intensity.
Consistent with the strategic priorities of profitable growth and with the aim of being a Lifetime Partner to our customers, the non-
motor offer will continue to be enhanced through the addition of modular solutions designed to address specific customer interests
and needs, also through the development of natural catastrophe coverage solutions (both traditional and parametric), as well as the
promotion of public-private partnerships will aim at enhancing readiness and resilience to catastrophic events.
The Group also confirms its prudent approach towards P&C market opportunities, thanks to a discipline in risk underwriting and
portfolio management optimization (i.e. pricing, risk selection and profitability, efficient claims management), and to the careful
evaluation of emerging coverage needs in line with the Group’s customer-centric approach to product development.
P&C segment growth will continue with the aim to strengthening the Group’s leadership in the European insurance market for private
individuals, professionals and Small and Medium-sized Enterprises (SMEs).
Building on its commitment to embed sustainability across the business, Generali will continue to increase its focus on developing
insurance solutions aligned with its sustainability commitments in the P&C segment, in particular initiatives related to the environment
and climate change. The two main goals will be to implement an underwriting approach that considers climate change mitigation
aspects, promoting products focused on the climate transition with the aim to reduce emissions associated with insurance
portfolios, and to develop products that also meet the EU Taxonomy requirements. In order to complement mitigation activities with
measures aimed at climate change adaptation, the Group has established the Group Climate Hub, which plays a key role in defining
methodologies and approaches to understand and manage physical risks, supporting their integration across the entire insurance
value chain and enhancing the resilience of the communities in which it operates.
Asset Management will continue to expand its product offering, particularly in the real and private assets, while also benefiting from
the investment capabilities obtained through the acquisition of MGG Investment Group in October 2025. Enhanced distribution
channels and commercial networks will play a key role in improving the Group’s ability to serve clients and in continuing the growth
of third-party Assets Under Management. Investments in data, AI, and people will remain a cornerstone of the Asset Management
Outlook
197
strategy. In Wealth Management, for 2026, also thanks to the recent acquisition of Intermonte and the launch of Insurbanking, Banca
Generali group will focus on enhancing its future growth path and maintaining robust shareholder remuneration.
In terms of investment policy, the Group will continue to pursue an asset allocation strategy aimed at ensuring consistency with
policyholder liabilities and improving risk-adjusted returns with a focus on increasing current income.
In order to efficiently match assets and liabilities, the Group will continue to primarily use long-term government bonds with high
credit ratings to ensure effective coverage of long-term liabilities. The Group will also maintain a balanced and positive approach
to investments in investment-grade corporate bonds, contributing to improve portfolio returns and greater diversification on fixed
income investments.
Investments in private and real assets will continue be pursued gradually to enhance portfolio diversification and capture opportunities,
with a prudent approach that takes into account the lower liquidity and higher complexity of these instruments. In the real estate
segment, the Group pursue geographical and sectorial diversification policy, closely monitoring and evaluating market opportunities
and asset quality.
The Group’s equity investments are managed with particular attention to periods of volatility, in order to seize market opportunities
and ensure a high level of portfolio diversification, both geographically and by sector. Equity exposure is also managed through
hedging derivative strategies.
The Group proactively integrates sustainability factors into the investment process across all asset classes. In this context, the Group
pursues a policy with a strong focus on environmental aspects, prioritizing investments that are consistent with green energy policies
aimed at reducing climate change impacts.
Regarding excellence in the Group operating model, Generali will continue to centralize areas of distinctive expertise to deliver
growth, nurture talent and optimize capital expenditure. This will ensure that Group expertise and tools are deployed in the most
effective way to address growing protection gaps in areas such as climate, demographic change, health and mobility.
In addition, Generali is pragmatically expanding its shared services to harness the potential of scale. AI and automation, and
continues to modernize and consolidate is technology landscape, reducing complexity and accelerating convergence towards global
standardized platforms, for both core and non-core system.
Through the Lifetime Partner 27: Driving Excellence plan - the Group is committed to delivering its ambitious 2025 -2027 targets:
• strong earnings per share growth: 8-10% EPS CAGR
1
;
• solid cash generation: > € 11 billion cumulative Net Holding Cash Flow
2
;
• Increasing dividend per share
3
: >10% DPS CAGR
4
, with ratchet policy
underpinned by a clear capital management framework, with increased focus on shareholder returns:
• over € 7 billion cumulative dividends
5
(2025-2027);
• a commitment to a minimum annual € 0.5 billion share buyback, to be assessed at the beginning of each year of the plan (for a
total commitment of at least € 1.5 billion
5
over the plan), with a € 0.5 billion share buyback executed in 2025 and a further € 0.5
billion to be launched in 2026
5
.
People, AI and Data, and Sustainability represent the three strategic foundations of Lifetime Partner 27: Driving Excellence plan.
Generali aims to be recognized as a workplace founded on excellence, meritocracy, and diversity, capable of attracting, developing,
and valuing its people and talents. The quality and technical capabilities of its people remain a key differentiating asset for Generali.
Over the three-year period it will further leverage its distinctive human touch culture as a competitive advantage in the talent market.
The Group remains committed to boosting the capabilities of its people across key areas such as technical excellence, managerial
skills, AI and data, with a 90% target for upskilling employees. The Group will continue to foster a sense of belonging and participation
among its employees through engagement and listening, reaffirming the central role of the engagement rate as a key metric, with
the ambition to meet or exceed the market benchmark. The Group also reiterates its commitment to adopting sustainable and
balanced hybrid work models across all of its companies, based on the values of flexibility and trust, leveraging the potential of new
technologies.
Excellence in AI and Data driven represent a foundational pillar and a key accelerator of the strategic plan, with a commitment to
scaling AI and GenAI applications across all markets and business lines, while further strengthening an organization-wide AI and
data culture. The Group will continue to scale and industrialize its portfolio of 16 flagship high-impact AI applications, leveraging the
deployment of centrally designed global engines, to support efficiency, scalability, and harmonization across the insurance value
chain and its best-in-class customer service. Generali maintains a constant focus on the evolution of AI technologies and their
applications within insurance (e.g., agentic AI) and will continue to explore frontier developments through strategic collaborations,
such us the recent partnership with MIT Laboratory for Information and Decision Systems (LIDS). The Group will further capitalize on
its strong data foundations to enable the next wave of GenAI innovation. Investments in digital-savvy talent, targeted upskilling and
strategic partnership will continue to accelerate innovation.
1. 3-year CAGR based on the Group’s adjusted net result.
2. Expressed on cash basis.
3. Subject to all relevant approvals.
4. 3-year Dividend per Share (DPS) CAGR with 2024 baseline at € 1.28 per share.
5. Subject to all relevant approvals.
Annual Integrated Report and Consolidated Financial Statements 2025
198
Generali Group
Generali has fully integrated sustainability into its business and operations, in line with its commitments as a responsible insurer,
investor, employer, and corporate citizen. The Group plans to strengthen this positioning by enhancing sustainability value proposition
by the end of 2027. This commitment is supported by a range of targets focused on the green and just transition, such as:
• a 30% reduction of emission intensity of its personal motor insurance portfolio
6
and a 40% reduction of emission intensity of the
Global Corporate & Commercial insurance portfolio
7
by 2030, as well as an increase of between 8% and 10% of GDWP CAGR in
climate insurance solutions
8
between 2024 and 2027;
• a reduction in the carbon intensity of its proprietary investment portfolio
9
and GHG emissions related to own operations
10
by 60%
by 2030 and € 12 billion in investments in climate solutions
11
between 2025 and 2027.
Further objectives are dedicated to supporting societal resilience. This ambition is articulated in the Group’s commitment to mitigating
the consequences of extreme natural events, through the expansion of its offering of solutions and services with a particular focus
on SMEs, which represent the backbone of the global economy. The Group also targets a 6% and 8% increase in NBP CAGR for
pension, life and health protection insurance solutions for underserved customers
12
between 2024 and 2027, also leveraging the
experience of The Human Safety Net in assisting the most vulnerable communities.
6. The target refers to the motor portfolio and is defined as reduction by year-end 2030 compared to year-end 2021, measured by carbon intensity weighted on GWP. It includes motor underwriting private portfolios of Italy,
Germany, France, Switzerland, Austria, Czech Republic, Hungary, Slovenia, Poland, Spain, and Portugal. Subject to market environment and constraints.
7. The target on Global Corporate & Commercial portfolio is a reduction by 40% by year-end 2030 compared to year-end 2021, for corporate clients with public emissions. Subject to market environment and constraints.
8. 2024-2027 GWP CAGR for direct premiums (GDWP). The target includes car coverages for green mobility, energy efficiency, and renewable energy business. Subject to market environment and constraints.
9. The target for investments includes listed equity, corporate bonds, and real estate within the general account portfolio and is defined as reduction by year-end 2029 compared to year-end 2019. For listed equity and corporate
bonds, the reduction is measured by carbon intensity weighted on € million invested, whereas for real estate it is measured by carbon intensity per square meter. Subject to market environment and constraints.
10. The target includes Scope 1, 2, and 3 emissions, defined as reduction by year-end 2030 compared to year-end 2019, and calculated in absolute GHG emissions. Net-zero target for own operations is anticipated to 2035. Subject
to market environment and constraints.
11. The target covers a broad range of asset classes, both direct investments and funds, and includes bonds, corporate, government infrastructure debt-equity, and real estate. It is measured as 2025-2027 cumulated net new
investments. Subject to market environment and constraints.
12. 2024-2027 New Business Premium (NBP) CAGR. The metric for annual health and accident premiums is GWP. The target includes premiums in the life, health and pension protection lines for customer categories internally
identified as those most exposed to the protection gap: women, young/elderly people, families, and migrants/refugees. Subject to market environment and constraints.
The Report contains statements concerning events, estimates, forecasts and future expectations based on the current knowledge of the Group’s
management. Such statements are generally preceded by expressions such as “a decrease/increase is expected”, “is forecast”, “should grow”, “we
believe it may decline” or other similar wording. Please note that these forward-looking statements should not be considered forecasts of the Group’s
actual results or of factors outside the Group. Generali assumes no obligation to update or revise such forecasts, even after new information, future
events or other elements come to light, unless required by law.
Outlook
199
APPENDICES TO
THE MANAGEMENT
REPORT
Notes to the Management Report .....................................................................................202
Methodological notes on alternative performance measures ..........................................204
Annual Integrated Report and Consolidated Financial Statements 2025
202
Generali Group
NOTES TO THE MANAGEMENT REPORT
The Annual Integrated Report and Consolidated Financial Statements 2025 is drafted in compliance with currently effective regulations,
among which the provisions of Legislative Decree 2024/125, which implements Directive 2022/2464/EU of the European Parliament
and of the Council of 14 December 2022 (known as Corporate Sustainability Reporting Directive - CSRD) regarding corporate
sustainability reporting, and of Regulation 2020/852/EU (known as EU Taxonomy Regulation) and the relative Delegated Regulations,
as well as applying the IAS/IFRS international accounting standards.
Sustainability Statement for further details
Notes, Basis of presentation and accounting principles for further details
The Group used the option provided for under art. 70, paragraph 8, and art. 71, paragraph 1-bis of Issuers’ Regulation to waive the
obligation to publish the information documents provided for in relation to significant mergers, de-mergers or capital increases by
contribution of assets, acquisitions and disposals.
The Report is drawn up in euro, i.e. the functional currency used by the entity that prepares the Annual Integrated Report and
Consolidated Financial Statements. The amounts are shown in million and rounded to the nearest million, unless otherwise reported.
Therefore, the sum of each rounded amounts may sometimes differ from the rounded total. Changes may be affected by rounding.
Information broken down by geographical area reported in this document reflects the Group’s geographical structure that is made
up of:
• Italy;
• France;
• Germany;
• Austria;
• Switzerland;
• Central Eastern Europe (CEE);
• Spain;
• Portugal;
• Asia;
• Europ Assistance;
• Wealth Management;
• Asset Management;
• Group holdings and other companies, which consists of the Parent Company’s management and coordination activities, including
Group reinsurance, Global Business Activities and other financial holding companies and suppliers of international services not
included in the previous geographical areas.
At 31 December 2025, the consolidation area totalled 541 companies (538 at 31 December 2024), of which 487 subsidiaries
consolidated line by line and 54 associated companies valued at equity.
Essential intangible assets
Directive 2022/2464/EU, implemented by Legislative Decree 2024/125, requires companies to disclose information on essential
intangible assets and explain how the company’s business model fundamentally depends on these assets and how they constitute
a source of value creation for the company.
The Group has developed a solid and resilient business model, leveraging its own capitals, creating value over time for all stakeholders.
According to the principles contained in the International <IR> Framework, the capitals used are:
• human capital;
• financial capital;
• intellectual capital;
• social and relationship capital;
• manufactured capital;
• natural capital.
Appendices to the Management Report
203
Within these capitals, the Group has identified the essential intangible assets that play a fundamental role in determining its success
and competitiveness and on which to leverage for value creation over time. These are, in particular, human capital, intellectual capital,
and social and relationship capital.
The Lifetime Partner 27: Driving Excellence strategy reflects the importance of these essential intangible assets. The Group aims to
promote excellence in customer relationships, core competencies, and its operational model, with these essential intangible assets
as its foundation. In particular, the Group continues to be:
• people powered, enabling people to thrive through continuous skills development and a culture of excellence, meritocracy, and
diversity;
• AI & data driven, boosting capabilities to improve customer and distributor experience, as well as to drive operational efficiency
and technical excellence;
• sustainability rooted to deliver a positive impact on profit, people and the planet by supporting a green and just transition and
fostering societal resilience, acting as a Responsible insurer, Responsible investor, Responsible employer, and Responsible
corporate citizen.
Sustainability Statement, Social information for further details
Transactions with related parties
The related information is available in the chapter Transactions with related parties in the Notes.
Annual Integrated Report and Consolidated Financial Statements 2025
204
Generali Group
METHODOLOGICAL NOTES ON ALTERNATIVE
PERFORMANCE MEASURES
In order to help the assessment of the quality and sustainability of the net result of the Generali Group in the various business
segments and territorial areas, the Management Report includes the following alternative performance measures.
Gross written premiums
Gross written premiums in the Management Report differ from insurance income generated from insurance contracts issued shown
in the income statement. To better present the insurance turnover of the Group they include the inflows coming from both insurance
contracts and investment contracts.
Operating result
The operating result cannot replace earnings before taxes calculated in accordance with IAS/IFRS. In addition, it should be read with
the financial information and related notes on the accounts which are included in the audited financial statements.
The operating result is drawn up by reclassifying items of earnings before taxes for each segment on the basis of the management
characteristics of each segment and taking into consideration the recurring holding expenses.
Specifically, the operating result represents earnings before taxes, gross of interest expense on financial debt, non-operating
investment result and non-operating income and expenses, including non-operating holding expenses.
In the Life segment, all profit and loss accounts are considered as operating items, except for the following which are represented
in the non-operating result:
• net gains from investments valued at fair value through profit and loss, net gains on currencies, allocation and reversal to expected
credit losses and other net impairments only related to investments not backing portfolios with direct profit participation, and the
free assets;
• net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
Furthermore, where a new fiscal law or other non-recurring fiscal impacts materially affects the operating result, thanks to the
policyholders’ profit participation mechanisms, the estimated amount of non-recurring effects mentioned above is accounted for in
the operating result.
In the Property & Casualty segment, all profit and loss accounts are considered as operating items, except for the following which
are represented in the non-operating result:
• net gains from investments valued at fair value through profit and loss, net gains on currencies, net realized gains, allocation and
reversal to expected credit losses and other net impairments from the other investments;
• net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
In the Asset & Wealth Management segment, all profit and loss accounts are considered as operating items, except for the following
which are represented in the non-operating result:
• net gains from investments valued at fair value through profit and loss, net gains on currencies, net realized gains, allocation and
reversal to expected credit losses and other net impairments from the other investments;
• net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
In the Holding and other businesses segment, all profit and loss accounts are considered as operating items, except for the following
which are represented in the non-operating result:
• net gains from investments valued at fair value through profit and loss, net gains on currencies, net realized gains, allocation and
reversal to expected credit losses and other net impairments from the other investments;
• net other non-operating expenses that mainly include company restructuring costs, amortization of intangible assets generated by
business combinations and bancassurance agreements and net other non-recurring expenses.
As for holding expenses, general expenses incurred for management and coordination by the Parent Company and territorial sub-
holdings as well as costs arising from the assignment of stock options and stock grants by the Parent Company and by other Group
companies
1
– except for the costs of the Asset & Wealth Management segment, which are classified in this business segment – are
1. These costs were considered non-operating until 2023 and, following the change in the definition of operating result, the comparative period was consistently recalculated.
Appendices to the Management Report
205
considered as operating items. Non-operating holding expenses include:
• interest expenses on financial debt;
• company restructuring costs and other non-recurring expenses incurred for management and coordination activities.
The operating result and non-operating result of the Group are equivalent to the sum of the operating result and the non-operating
result of the abovementioned segments and related consolidation adjustments.
In accordance with the approach described above, the operating result in the main countries where the Group operates is reported
for the Life and Property & Casualty segments and the consolidated figures. In order to provide a management view of the operating
result by geographical area, the disclosure by business segment and geographical area allows measurement of the result of each
geographical area from a country viewpoint instead of as a contribution to the Group’s results.
Within the context of the Life and Property & Casualty operating result of each country, reinsurance operations between Group
companies in different countries are considered as transactions concluded with external reinsurers. This representation of the Life
and Property & Casualty operating result by geographical area makes this performance indicator more consistent with both the risk
management policies implemented by each company and the other indicators measuring the technical profitability of the Group’s
companies.
The main reclassifications made in the calculation of the operating result with respect to the corresponding items in the income
statement are:
• income related from the release of the liability for incurred claims acquired in a business combination or in a portfolio transfer are
deducted from the insurance expenses;
• financial investments and properties management expenses not linked to contracts with direct profit participation are reclassified
from acquisition and administration costs to net operating income from financial instruments, more specifically to other expenses
from financial instruments and land and buildings (investment properties);
• net financial expenses related to insurance contracts linked to the change in underlying items different from investments are
reclassified in the net insurance service result;
• income and expenses related to real estate development activities are classified under other non-operating income and expenses,
in accordance with the management model adopted that provides for sale at completion;
• gains and losses on foreign currencies, in Life segment, if related to portfolios with direct profit participation are reclassified in net
operating income from financial instruments at fair value through profit or loss, while, in all the other cases, they are classified as
net non-operating income from financial instruments at fair value through profit or loss;
in case of new fiscal law or other non-recurring fiscal which impacts materially affects the operating result, thanks to the policyholders’
profit participation mechanisms, the estimated amount of non-recurring effects mentioned above is accounted for in the operating
result and excluded from taxes.
From operating result to result of the period
Notes
Consolidated operating result
Operating insurance service result
It includes 5. Insurance service result and technical profit sharing (included in 12. Net finance result), net fee and commissions
(included in 18. Other income/charges), depreciation of land and properties (from 16. Net impairment on tangible assets), other
administration costs, operating holding expenses and other income/expenses classified as operating according to the Group
methodology (in particular, as for holding expenses, general expenses incurred for management and coordination by the Parent
Company and territorial sub-holdings are considered as operating items).
Operating investment result
It includes 12. Net finance result (excluded the technical profit sharing previously mentioned), where - according to the Group
methodology - all profit and loss accounts are considered as operating items, except for the ones represented in the non-operating
result.
Consolidated non-operating result
Non-operating investment result
It includes 12. Net finance result items classified as non-operating according to the Group methodology: net gains from investments
valued at fair value through profit and loss, net gains on currencies, net realized gains (except for Life segment), allocation and reversal
to expected credit losses and other net impairments only related to investments not backing portfolios with direct profit participation,
and the free assets.
Net other non-operating expenses
It includes 15. Net provisions for risks and charges and other income/expenses classified as non-operating items according to the
Group methodology: net other non-operating expenses that mainly include company restructuring costs, amortization of intangible
assets generated by business combinations and bancassurance agreements and net other non-recurring expenses or exceptional
items included in 5. Insurance service result.
Non-operating holding expenses
Non-recurring unallocated holding expenses included in 18. Other income/charges and interest expenses on financial debt included in
12. Finance result.
Earnings before taxes
Income taxes
It includes the items of 20. Taxes, net of adjustments for operating taxes and for non-recurring taxes that significantly affect the
operating result of the countries where the policyholders’ profit sharing is determined also by taking into account the taxes for the
period (these adjustments are excluded from income taxes and included in net other operating expenses).
Earnings after taxes
Annual Integrated Report and Consolidated Financial Statements 2025
206
Generali Group
Operating result by margins
The operating result of the Life and Property & Casualty segments are reported also in accordance with a margin-based view which
shows the operating trends of the changes occurred in each segment performance more clearly.
The Life operating result is made up of the operating insurance service result, which includes the release of contractual service
margin, risk adjustment release, losses on onerous contracts, experience variances and other operating income and expenses, and
of the operating investment result which includes income and expenses from investments and financial income and expenses related
to insurance contracts. The Property & Casualty operating result is made up of the operating insurance service result which includes
income, claims, expenses and other charges from insurance services, and of the operating investment result which includes income
and expenses from investments and financial income and expenses related to insurance contracts.
Adjusted net result
The adjusted net result is obtained deducting from the net result the following items:
• volatility effects deriving from the valuation at fair value through profit and loss of investments and other financial instruments not
backing portfolios with direct profit participation and the free assets;
• profit and loss impact deriving from the application of IAS 29 - Financial Reporting in Hyperinflationary Economies;
• amortization of intangible assets related to M&A, if material;
• impact of gains and losses from business acquisitions and disposals, including possible restructuring costs incurred during the
first year from the acquisition, if material.
Return on investments
The indicators for the return on investments are:
• net current return calculated as the ratio of:
- interest and other income, including income from financial instruments at fair value through profit and loss (excluding income
from financial instruments related to linked contracts) net of depreciation on real estate investments; to
- average investments (calculated on book value);
• harvesting rate calculated as the ratio of:
- net realized gains, net impairment losses and realized and unrealized gains and losses from financial instruments at fair value
through profit and loss (excluding those from financial instruments related to linked contracts); to
- average investments (calculated on book value).
The profit or loss return is the sum of the net current return and the harvesting rate net of investment management expenses as well
as gains and losses on foreign currencies.
The average investments (calculated on book value) include: land and buildings (investment properties), investments in subsidiaries,
associated companies and joint ventures, loans and receivables, cash and cash equivalents, financial assets at fair value through
other comprehensive income, financial assets at fair value through profit or loss excluding those related to linked contracts. Total
investments are adjusted for both derivative instruments classified as financial liabilities at fair value through profit of loss and REPOs
classified as other financial liabilities. The average is calculated on the average investment base of each quarter of the reporting
period.
The indicators for the return on investments described above are presented for the Group and for Life and Property & Casualty
segments.
Appendices to the Management Report
207
Consolidated investments
In order to provide a presentation of investments that is consistent with the calculation of the return on investments, the Group’s
investments in the Management Report differ from those reported in the balance sheet items since:
• Investment Fund Units (IFU) are split by nature in equity, bond and investment property instruments as well as cash equivalents;
• derivatives are presented on a net basis, thus including derivative liabilities. Moreover, hedging derivatives are classified in the
respective asset class hedged;
• reverse REPOs (Repurchase Agreements) are reclassified from other fixed income instruments to cash and cash equivalents in
accordance with their nature of short-term liquidity commitments; and
• REPOs classified as liabilities are presented in cash and cash equivalents;
• specific items accounted within receivables are included.
Investments by segment are presented in accordance with the methods described in the chapter Segment reporting in the Notes.
CONSOLIDATED
FINANCIAL
STATEMENTS
Consolidated financial statements ...................................................................................213
Notes ................................................................................................................................223
Appendices to the Notes ...................................................................................................379
CONSOLIDATED FINANCIAL STATEMENTS
Balance sheet
Income statement
Statement of comprehensive income
Statement of changes in equity
Statement of cash flows (indirect method)
NOTES
Basis of presentation and accounting principles
Segment reporting
Information on consolidation area and related operations
1. Consolidation area
2. Investments in subsidiaries, associated companies and joint ventures
3. Disclosures on interests in other entities
4. Goodwill and other intangible assets
5. New entities acquisition
6. Non-current assets or disposal group classified as held for sale
7. Transactions with related parties
Investments
8. Financial assets measured at amortised cost
9. Financial assets measured at fair value through other comprehensive income
10. Financial assets measured at fair value through profit or loss
11. Investment properties
12. Cash and cash equivalents
13. Financial liabilities measured at fair value through profit or loss
14. Financial liabilities measured at amortised cost
15. Investments income and expenses
16. Expected credit losses
17. Details on investments
Insurance and investment contracts
18. Insurance contracts
19. Reinsurance contracts
20. Income and expenses related to insurance contract issued and reinsurance contracts held
21. Detailed information related to insurance contracts issued
22. Detailed information related to reinsurance contracts
23. Other details on insurance contracts issued and reinsurance contracts held
Shareholders’ equity and share
24. Shareholders’ equity
25. Details of the other components of the comprehensive income statement
26. Earnings per share
27. Reconciliation statement of the result of the period and shareholders’ equity of the Group and the Parent Company
Other balance sheet items
28. Tangible assets
29. Other financial assets
30. Other assets
31. Other provisions
32. Payables
33. Other liabilities
213
214
216
217
218
220
223
224
258
264
264
264
265
268
273
275
275
277
278
280
282
282
283
284
284
287
292
292
302
302
306
309
313
328
333
341
341
343
345
346
347
347
349
349
349
350
350
210
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
INDEX
351
351
352
352
355
356
357
357
360
361
361
367
367
370
373
374
374
374
376
376
376
379
Other notes to the income statement
34. Other incomes and expenses
35. Other revenues and charges
36. Income taxes
Fair value measurement
37. Fair value hierarchy
38. Transfers of financial instruments at fair value between Level 1 and Level 2
39. Additional information on Level 3
40. Information on fair value hierarchy of assets and liabilities not measured at fair value
Additional information
41. Brief risk management disclosure
42. Information about employees
43. Provisions for defined benefit plans
44. Share-based compensation plans
45. Contingent liabilities, commitments, guarantees, pledged assets and collateral
46. Significant non-recurring events and transactions
47. Significant events after 31 December 2025
48. Leasing
49. Other information
50. Audit and other service fees for the fiscal year
51. Information about climate change
APPENDICES TO THE NOTES
211
Consolidated Financial Statements
Consolidated financial
statements
BALANCE SHEET
BALANCE SHEET - ASSETS
(€ million)

Note |  | Items of assets | 31/12/2025 | 31/12/2024
4 | 1. | INTANGIBLE ASSETS | 12,200 | 11,861
4 |  | of which: goodwill | 9,348 | 9,126
28 | 2. | TANGIBLE ASSETS | 4,099 | 3,746
18, 19 | 3. | INSURANCE ASSETS | 4,729 | 4,902
| 3.1 | Insurance contracts that are assets | 317 | 262
| 3.2 | Reinsurance contracts that are assets | 4,412 | 4,640
| 4. | INVESTMENTS | 514,328 | 494,340
11 | 4.1 | Land and buildings (investment properties) | 22,293 | 22,503
2 | 4.2 | Investments in subsidiaries, associated companies and joint ventures | 3,026 | 2,840
8 | 4.3 | Financial assets measured at amortised cost | 21,490 | 21,561
9 | 4.4 | Financial assets measured at fair value through other comprehensive income | 241,751 | 237,979
10 | 4.5 | Financial assets measured at fair value through profit or loss | 225,767 | 209,457
10 |  | a) financial assets held for trading | 637 | 753
10 |  | b) financial assets designated at fair value | 136,526 | 124,270
10 |  | c) financial assets mandatorily measured at fair value through profit or loss | 88,604 | 84,434
29 | 5. | OTHER FINANCIAL ASSETS | 7,395 | 6,209
30 | 6. | OTHER ASSETS | 8,470 | 9,275
6 | 6.1 | Non-current assets or disposal groups classified as held for sale | 0 | 60
36 | 6.2 | Tax receivables | 5,462 | 5,845
|  | a) current | 4,080 | 4,125
|  | b) deferred | 1,382 | 1,719
| 6.3 | Other assets | 3,008 | 3,371
12 | 7 | CASH AND CASH EQUIVALENTS | 7,30 8 | 8,315
|  | TOTAL ASSETS | 558,529 | 538,647

214
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
BALANCE SHEET - EQUITY AND LIABILITIES
(€ million)

Note |  | Items of shareholders’ equity and liabilities | 31/12/2025 | 31/12/2024
24 | 1. | SHAREHOLDERS' EQUITY | 34,788 | 33,095
|  | of which: attributable to the Group | 32,064 | 30,389
|  | of which: attributable to minority interests | 2,724 | 2,707
| 1.1 | Share capital | 1,603 | 1,603
| 1.2 | Other equity instruments | 506 | 0
| 1.3 | Capital reserves | 6,087 | 6,607
| 1.4 | Revenue reserves and other reserves | 23,038 | 21,489
| 1.5 | (Own shares) | -1,231 | -1,037
| 1.6 | Valuation reserves | -2,111 | -1,997
| 1.7 | Shareholders' equity attributable to minority interests | 2,233 | 2,264
| 1.8 | Result of the period attributable to the Group | 4,172 | 3,724
| 1.9 | Result of the period attributable to minority interests | 491 | 442
31 | 2. | OTHER PROVISIONS | 2,229 | 2,399
| 3. | INSURANCE PROVISIONS | 452,432 | 438,486
18 | 3.1 | Insurance contracts that are liabilities | 452,396 | 438,412
19 | 3.2 | Reinsurance contracts that are liabilities | 35 | 74
| 4. | FINANCIAL LIABILITIES | 48,843 | 45,710
13 | 4.1 | Financial liabilities measured at fair value through profit or loss | 9,272 | 8,166
13 |  | a) financial liabilities held for trading | 552 | 522
13 |  | b) financial liabilities designated at fair value | 8,721 | 7,644
14 | 4.2 | Financial liabilities measured at amortised cost | 39,570 | 37,544
32 | 5. | PAYABLES | 10,212 | 9,027
33 | 6. | OTHER LIABILITIES | 10,027 | 9,931
6 | 6.1 | Liabilities associated with non-current assets and disposal groups classified as held for sale | 0 | 0
36 | 6.2 | Tax payables | 4,890 | 4,773
|  | a) current | 2,585 | 2,607
|  | b) deferred | 2,306 | 2,166
| 6.3 | Other liabilities | 5,136 | 5,157
|  | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 558,529 | 538,647

215
Consolidated Financial Statements
INCOME STATEMENT
(€ million)

Note |  | Items | 31/12/2025 | 31/12/2024
20 | 1. | Insurance revenue from insurance contracts issued | 56,412 | 54,132
20 | 2. | Insurance service expenses from insurance contracts issued | -48,391 | -47,556
20 | 3. | Insurance revenue from reinsurance contracts held | 2,868 | 3,457
20 | 4. | Insurance service expenses from reinsurance contracts held | -3,988 | -4,057
| 5. | Insurance service result | 6,901 | 5,976
15 | 6. | Income/expenses from financial assets and liabilities measured at fair value through profit or loss | 10,550 | 14,505
15 | 7. | Income/expenses from investments in subsidiaries, associated companies and joint ventures | 215 | 220
15 | 8. | Income/expenses from other financial assets, liabilities and investment properties | 9,510 | 7,894
15 | 8.1 | - Interest income calculated using the effective Interest rate method | 7,957 | 8,152
15 | 8.2 | - Interest expenses | -821 | -1,150
15 | 8.3 | - Other income/expenses | 2,577 | 2,396
15 | 8.4 | - Realised gains/losses | -218 | -725
15 | 8.5 | - Unrealised gains/losses | 16 | -778
16 |  | of which: linked to credit impaired financial assets | -18 | -42
| 9. | Result of investments | 20,276 | 22,620
| 10. | Net finance income/expenses related to insurance contracts issued | -18,377 | -20,901
| 11. | Net finance income/expenses related to reinsurance contracts held | 72 | 103
| 12. | Net finance result | 1,971 | 1,823
34 | 13. | Other income/expenses | 2,424 | 2,160
| 14. | Acquisition and administration costs: | -1,928 | -1,403
| 14.1 | - Investment management expenses | -63 | -41
| 14.2 | - Other administrative costs | -1,866 | -1,362
| 15. | Net provisions for risks and charges | -32 | -179
| 16. | Net impairment and depreciation of tangible assets | -188 | -152
| 17. | Net impairment and amortisation of intangible assets | -288 | -338
|  | of which: impairment on goodwill | 0 | -46
35 | 18. | Other revenue/charges | -2,497 | -1,848
| 19. | Profit (Loss) before tax | 6,363 | 6,041
36 | 20. | Income tax | -1,717 | -1,843
| 21. | Profit (Loss) after tax | 4,646 | 4,198
| 22. | Profit (Loss) from discontinued operations | 17 | -31
| 23. | Consolidated result of the period | 4,663 | 4,167
|  | of which attributable to the Group | 4,172 | 3,724
|  | of which attributable to minority interests | 491 | 442

216
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
STATEMENT OF COMPREHENSIVE INCOME
(€ million)

| Items | 31/12/2025 | 31/12/2024
1. | Profit (Loss) for the period | 4,663 | 4,167
2. | Other items, net of taxes, that may not be reclassified to profit and loss in future periods | 177 | 249
2.1 | Share of valuation reserves of associated companies valued at equity method | -1 | -0
2.2 | Reserve for revaluation model of intangible assets | 0 | 0
2.3 | Reserve for revaluation model of tangible assets | 0 | 0
2.4 | Net finance expenses/income from insurance contracts issued | 0 | 0
2.5 | Result of discontinued operations | 0 | -0
2.6 | Actuarial gains or losses arising from defined benefit plans | 72 | 34
2.7 | Net gains and losses on equity instruments measured at fair value through other comprehensive income | 106 | 215
2.8 | Changes in own credit risk on financial liabilities measured at fair value through profit or loss | 0 | 0
2.9 | Other items | 0 | 0
3. | Other items, net of taxes, that may be reclassified to profit or loss in future periods | -275 | -525
3.1 | Foreign currency translation differences | -378 | 69
3.2 | Net gains and losses on financial assets (other than equity instruments) measured at fair value through other comprehensive income | -3,496 | 2,204
3.3 | Net gains and losses on cash flows hedging derivatives | -369 | 384
3.4 | Net gains and losses on hedge of a net investment in foreign operations | 2 | -5
3.5 | Share of valuation reserves of associated companies measured at equity method | -12 | 39
3.6 | Net finance expenses/income from insurance contracts issued | 3,954 | -3,298
3.7 | Net finance expenses/income from reinsurance contracts held | 25 | 77
3.8 | Result of discontinued operations | 0 | 6
3.9 | Other items | 0 | 0
4. | TOTAL OTHER COMPREHENSIVE INCOME (EXPENSES) | -98 | -276
5. | TOTAL COMPREHENSIVE INCOME (EXPENSES) | 4,565 | 3,891
5.1 | of which: attributable to the Group | 4,058 | 3,591
5.2 | of which: attributable to minority interests | 507 | 300

217
Consolidated Financial Statements
STATEMENT OF CHANGES IN EQUITY
218
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
(€ million) Share capital Other equity
instruments
Capital
reserves
Revenue
reserves and
other reserves
Own shares V a l u at i o n r ese r v es P r o fi t (L o s s) f o r t h e p e r i o d S h a r eh o l der s' e q u i t y
a t t r i b u t a b l e t o t h e G r o u p
S h a r eh o l der s' e q u i t y
a t t r i b u t a b l e t o m i n o r i t y i n t e r e s t s
S h a r eh o l der s' e q u i t y
Amounts at 1/1/2024 1,592 0 6,607 21,495 -273 -2,2 5 9 4,1 2 2 2 8,968 2,3 16 3 1,2 8 4
of which: Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2023 0 0 0 0 0 0 0 0 0 0
Reserves 0 0 0 1,805 0 0 -1,8 0 5 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,3 1 7 -1,9 8 7 -3 3 0 -2,3 1 7
Changes in amount 0 0 0 0 0 0 0 0 0 0
New issuance shares 10 0 0 0 0 0 0 10 0 10
Purchase own shares 0 0 0 0 -764 0 0 -7 6 4 0 -7 6 4
Change in ownership interest 0 0 0 566 0 0 0 3 49 2 1 7 56 6
Other Comprehensive Income 0 0 0 0 0 -2 7 6 4,1 6 7 3,5 9 1 30 0 3,8 9 1
Other changes 0 0 0 425 0 0 0 2 2 1 20 4 42 5
Amount at 31/12/2024 1,603 0 6,607 24,291 -1,037 -2,5 3 5 4,1 6 7 3 0,3 8 9 2,7 0 7 3 3,0 9 5
Amounts at 1/1/2025 1,603 0 6,607 24,291 -1,037 -2,5 3 5 4,1 6 7 3 0,3 8 9 2,7 0 7 3 3,0 9 5
Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2024 0 0 0 0 0 0 0 0 0 0
Reserves 0 0 0 1,658 0 0 -1,658 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,5 0 8 -2,1 7 2 -3 3 6 -2,5 0 8
Changes in amount 0 0 0 0 0 0 0 0 0 0
New issuance shares 0 0 -520 -119 639 0 0 0 0 0
Purchase own shares 0 0 0 0 -833 0 0 -8 3 3 0 -8 3 3
Change in ownership interest 0 0 0 -121 0 0 0 8 -1 2 8 -1 2 1
Other Comprehensive Income 0 0 0 0 0 -9 8 4,6 6 3 4,0 5 8 5 0 7 4,565
Other changes 0 506 0 84 0 0 0 6 14 -2 5 5 89
Amount at 31/12/2025 1,603 506 6,087 25,793 -1,231 -2,6 3 2 4,6 6 3 3 2,0 6 4 2,7 2 4 3 4,7 8 8
219
Consolidated Financial Statements
(€ million) Share capital Other equity
instruments
Capital
reserves
Revenue
reserves and
other reserves
Own shares Valuation reserves Profit (Loss) for the period Shareholders' equity
attributable to the Group
Shareholders' equity
attributable to minority interests
Shareholders' equity
Amounts at 1/1/2024 1,592 0 6,607 21,495 -273 -2,259 4,122 28,968 2,316 31,284
of which: Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2023 0 0 0 0 0 0 0 0 0 0
Reserves 0 0 0 1,805 0 0 -1,805 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,317 -1,987 -330 -2,317
Changes in amount 0 0 0 0 0 0 0 0 0 0
New issuance shares 10 0 0 0 0 0 0 10 0 10
Purchase own shares 0 0 0 0 -764 0 0 -764 0 -764
Change in ownership interest 0 0 0 566 0 0 0 349 217 566
Other Comprehensive Income 0 0 0 0 0 -276 4,167 3,591 300 3,891
Other changes 0 0 0 425 0 0 0 221 204 425
Amount at 31/12/2024 1,603 0 6,607 24,291 -1,037 -2,535 4,167 30,389 2,707 33,095
Amounts at 1/1/2025 1,603 0 6,607 24,291 -1,037 -2,535 4,167 30,389 2,707 33,095
Change in opening balances 0 0 0 0 0 0 0 0 0 0
Result of the period allocation 2024 0 0 0 0 0 0 0 0 0 0
Reserves 0 0 0 1,658 0 0 -1,658 0 0 0
Dividends and other destination 0 0 0 0 0 0 -2,508 -2,172 -336 -2,508
Changes in amount 0 0 0 0 0 0 0 0 0 0
New issuance shares 0 0 -520 -119 639 0 0 0 0 0
Purchase own shares 0 0 0 0 -833 0 0 -833 0 -833
Change in ownership interest 0 0 0 -121 0 0 0 8 -128 -121
Other Comprehensive Income 0 0 0 0 0 -98 4,663 4,058 507 4,565
Other changes 0 506 0 84 0 0 0 614 -25 589
Amount at 31/12/2025 1,603 506 6,087 25,793 -1,231 -2,632 4,663 32,064 2,724 34,788
STATEMENT OF CASH FLOWS
(INDIRECT METHOD)

(€ million) | Amount |
| 31/12/2025 | 31/12/2024
Net cash flow from (used in): |  |
- Earnings before taxes | 4,663 | 4,167
- Net revenues and expenses from insurance contracts issued and reinsurance contracts held (-/+) | 11,403 | 14,821
- Gains/losses on financial assets measured at fair value through profit and loss (-/+) | -6,553 | -11,207
- Other non-monetary income and expenses arising from financial instruments, investment property and investments in subsidiaries, associated companies and joint venture (-/+) | 0 | 882
- Net provisions for risks and charges (+/-) | 58 | 197
- Interest income, dividends, interest expense, taxes (+/-) | -9,155 | -8,076
- Other adjustments (+/-) | 296 | -119
- Interest income collected (+) | 8,901 | 8,956
- Dividends collected (+) | 3,354 | 2,847
- Interest paid (-) | -1,619 | -2,046
- Taxes paid (-) | -1,113 | -1,003
Net cash flow from (used in) other monetary items related to operating activities |  |
- Insurance contracts issued that are liabilities/assets (+/-) | 9,739 | 3,993
- Reinsurance contracts held that are assets/liabilities (+/-) | -712 | 54
- Liabilities from financial contracts issued by insurance companies (+/-) | 483 | 144
- Receivables from banks (+/-) | -32 | -81
- Payables to banks (+/-) | 977 | 1,673
- Other financial assets and liabilities measured at fair value through profit or loss (+/-) | 0 | 0
- Other financial assets and liabilities (+/-) | -1,022 | 183
Net cash flow from (used in) operating activities | 19,669 | 15,383
Net cash flow from (used in): |  |
- Sales/purchases of investment property (+/-) | 888 | 591
- Sale/purchases of investments in associated companies and joint ventures (+/-) | 0 | 0
- Dividends collected on investments in subsidiaries, associated companies and joint venture (+) | 234 | 163
- Sales/purchases of financial assets measured at amortised cost (+/-) | 264 | -169
- Sales/purchases of financial assets measured at fair value through other comprehensive income (+/-) | -9,904 | -10,968
- Sales/purchases of tangible and intangible assets (+/-) | -441 | -378
- Sales/purchases of subsidiaries and business branches (+/-) | -482 | -2,125
- Other net liquidity flows from investing activities (+/-) | -9,320 | -930
Net cash flow from (used in) investing activities | -18,761 | -13,817
Net cash flow from (used in): |  |
- Share capital increases (+/-) | 501 | 0
- Issues/purchases of own shares (+/-) | -833 | -764
- Dividend distribution and other (-) | -2,171 | -1,986
- Disposal/acquisition of minority interests in subsidiaries | 0 | 0
- Issues/purchases of subordinated liabilities and participating financial instruments (+/-) | 46 | 1,364
- Issues/purchases of liabilities measured at amortised cost (+/-) | 622 | 1,044
Net cash flow from (used in) financing activities | -1,834 | -342
NET CASH FLOW FROM/USED IN THE PERIOD | -926 | 1,224

220
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group

(€ million) Balance sheet items | Amount |
31/12/2025 | 31/12/2024
Cash and cash equivalents opening balance | 8,315 | 7,070
Net cash flows from (used in) for the period | -926 | 1,224
Cash and cash equivalents: foreign exchange effect | -80 | 21
Cash and cash equivalents closing balance | 7,308 | 8,315

221
Consolidated Financial Statements
Notes
224
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
BASIS OF PRESENTATION AND
ACCOUNTING PRINCIPLES
Basis of presentation
This document is the consolidated financial statements of Generali Group, registered under number 026 of the Insurance Groups
Register, whose Parent Company is Assicurazioni Generali S.p.A., a company established in Trieste in 1831 with a share capital of
€ 1.602.736.602,13 fully paid up.
The registered office of the Group and the Parent Company is established in Trieste, Piazza Duca degli Abruzzi, 2 and is registered
under the number 1,00003 of the register of insurance and reinsurance companies.
The Generali Group’s consolidated financial statements at 31 December 2025 were drawn up in accordance with the IAS/IFRS
issued by the IASB and endorsed by the European Union, in accordance with the Regulation (EC) No. 1606 of 19 July 2002 and the
Legislative Decree No. 58/1998, as subsequently amended.
The Legislative Decree No. 209/2005 empowered ISVAP (now IVASS) to give further instructions for financial statements and chart
of accounts in compliance with the international accounting standards.
In this yearly report the Generali Group prepared its consolidated financial statements and Notes in conformity with the ISVAP (now
IVASS) Regulation No. 7 of 13 July 2007 as amended by Art. 12 of IVASS Order no. 121 of 7 June 2022, as amended by IVASS Order
No. 152 of 26 November 2024 and information of the Consob Communication No. 6064293 of 28 July 2006.
As allowed by the aforementioned Regulation, the Generali Group believed it appropriate to provide further details in the Notes, to
fulfil also IAS/IFRS international accounting standards requirements. In particular, information on discontinued operations and their
accounting treatment are included in the chapter Non-current assets or disposal group classified as held for sale in the section
Information on consolidation area and related operations.
The consolidated financial statements at 31 December 2025 were approved by the Board of Directors on 11 March 2026.
The consolidated financial statements at 31 December 2025 are subject to audit by the firm KPMG S.p.A., in charge of the statutory
audit assignment for the period 2021-29.
Consolidated Financial Statements and Notes
Consolidated statements are made up of the balance sheet, the income statement, the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows and Notes, as required by the ISVAP Regulation No. 7 of 13 July 2007,
as amended by Art. 12 of IVASS Order no. 121 of 7 June 2022 and modified by IVASS Order n. 152 of 26 November 2024.
The comparative information included in the statements and notes is presented consistently with what was published as of 31
December 2024. Where deemed more appropriate, in order to enhance comparability, the comparative disclosures have been
aligned with the presentation defined for 31 December 2025.
Tables that are mandatorily required as minimum content by the Regulator are presented within to the Notes. In case those regulatory
tables foresee some cells with invalid combinations, it should be noted that Regulator required to insert a “x” to point out the non-
applicability of related information.
This yearly report is drawn up in euro (the functional currency used by the entity that prepared the financial statements) and the
amounts are shown in millions, unless otherwise stated, rounded to the nearest million. The rounded amounts may not add to the
rounded total in all cases.
Consolidation methods
Investments in subsidiaries are consolidated line by line, whereas investments in associated companies and interests in joint ventures
are accounted for using the equity method.
Investments in associated companies and interests in joint ventures underlying contracts with direct participation features are
measured at fair value through profit or loss.
The balance sheet items of the financial statements denominated in foreign currencies are translated into euro based on the exchange
rates at the end of the year.
The profit and loss account items are translated based on the average exchange rates of the year, which represents with reasonable
approximation the effects that would have been produced by converting the individual transactions at the exchange rate on the day
of completion.
The exchange rate differences arising from the translation of the statements expressed in foreign currencies are accounted for in
equity in an appropriate reserve and recognized in the profit and loss account only at the time of the disposal of the investments.
225
Consolidated Financial Statements
For what concerns the accounting criterion for the translation of the financial statements of subsidiaries operating in countries subject
to hyperinflation, please refer to a subsequent section.
Exchange rates used for the translation in euro of specifically relevant currencies for Generali Group are disclosed below.

Exchange rates of the balance sheet |  |
Currency | Exchange rate at the end of the period (€)
| 31/12/2025 | 31/12/2024
US dollar | 1.174 | 1.036
Swiss franc | 0.931 | 0.938
British pound | 0.873 | 0.827
Argentine peso | 1,704.776 | 1,067.601
Czech Koruna | 24.172 | 25.175
Chinese renminbi | 8.207 | 7.558

Exchange rates of the income statement |  |
Currency | Average exchange rate (€) |
| 31/12/2025 | 31/12/2024
US dollar | 1.130 | 1.082
Swiss franc | 0.937 | 0.953
British pound | 0.857 | 0.847
Argentine peso* | 1,411.691 | 989.946
Czech Koruna | 24.689 | 25.119
Chinese renminbi | 8.122 | 7.785

(*) in accordance with IAS 29, the items of profit or loss have been restated at the exchange rate at the end of the period.
Basis of consolidation
The consolidated financial statements of the Group include the financial statements of Assicurazioni Generali S.p.A. (Parent Company)
and its subsidiaries.
Subsidiaries are all entities (including structured entities) over which the Group has control, in accordance with the requirements of
IFRS 10.
The Group controls an investee if, and only if, the Group has:
• power over the investee (i.e. existing not merely protective rights that give it the current ability to direct the relevant activities of the
investee, that impact meaningfully the returns of the investee);
• exposure, or rights, to variable returns from its involvement with the investee;
• the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group
has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
• the contractual arrangements with the other vote holders of the investee;
• rights arising from other contractual arrangements;
• Group voting rights and potential voting rights.
The Group reviews periodically and systematically if there was a variation of one or more elements of control, based on the analysis
of the facts and the essential circumstances.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated
financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
In preparing the consolidated financial statements:
• the financial statements of the Parent Company and its subsidiaries are consolidated line by line through specific reporting
packages, which contribute to the consistent application of the Group’s accounting principles. For consolidation purposes, if the
financial year-end date of a company differs from that of the Parent Company, the former prepares anyhow for the financial period
the financial statements closed at 31 December of each financial year;
• all intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation process (intra-group losses are eliminated, except to the extent that the underlying
asset is impaired);
• the carrying amount of the Parent Company’s investment in each subsidiary and the Parent Company’s portion of the shareholder’s
equity of each subsidiary are eliminated at the date of acquisition;
226
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
• profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the Parent of the
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. The non-
controlling interests, together with their share of profit are shown as separate items.
The impact of the changes in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity
transaction. Consequently, no additional goodwill or badwill is recognized.
If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest
and other components of equity while any resultant gain or loss is recognized in the profit or loss. Any post-transaction interests are
valued at fair value.
Investment funds managed by the Group in which the Group holds an interest and that are not managed in the primary interest of the
policyholders are consolidated based on the substance of the economic relationship and whether the conditions of control stated by
IFRS 10 are satisfied. On consolidation of an investment fund, a liability is recognized to the extent that the Group is legally obliged
to buy back participations held by third parties. Where this is not the case, other participations held by third parties are presented as
non-controlling interests in equity.
Business combination
Business combinations are acquisitions of the control over assets and liabilities that constitutes a business and are accounted for in
accordance with IFRS 3, by applying the so-called acquisition method which provides for:
• the identification of the buyer and the determination of the acquisition date;
• the determination of the cost of the business combination (commonly referred to as the purchase price); and
• the allocation, at the acquisition date, of the purchase cost to the identifiable acquired assets and the identifiable assumed liabilities.
The buyer is the entity that obtains control of the business, and the acquisition date is the date on which the buyer actually gains
control over the acquired business or assets.
The acquisition cost is measured as the sum of the consideration transferred measured at its acquisition date fair value, including
contingent consideration, liabilities assumed towards the previous owners and the amount of any non-controlling interests. For
each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in the
administrative expenses.
Any contingent consideration will be recognised by the acquirer at fair value at the acquisition date. Change in fair value of contingent
consideration classified as an asset or liability is accounted for according to IFRS 9.
At the acquisition date, the assets acquired and liabilities assumed in the context of a business combination are initially recognized
at fair value. In this context, the Group mainly applies the following assumptions and hypotheses:
• the fair value of financial instruments is estimated based on market quotations at the acquisition date for instruments traded on
active markets, or through internal valuation models for other financial instruments;
• the valuation approaches used to determine the value and useful life of definite life intangible assets, such as customer relationships,
distribution agreements, and software, are in line with the most widespread market practices. Depending on the nature of the
intangible asset being estimated, one or a combination of the following approaches are usually employed:
- Market approach, based on multiples or prices from market transactions involving the sale of comparable assets;
- Income approach, based on the present value of expected future income streams from the asset;
- Cost approach, based on the reproduction or replacement cost adjusted for depreciation, obsolescence, and tax effects;
• the fair value of insurance assets and liabilities primarily considers the sum of: i) the present value at market interest rates of
expected future cash flows; ii) a margin of prudence for the risk and uncertainty associated with the present value of future
cash flows; and iii) a margin for the remuneration of invested capital calculated using a cost of capital approach. Additionally, in
accordance with paragraph B5 of IFRS 17, acquired insurance contracts that cover events that have already occurred but whose
financial effects are still uncertain are considered part of the residual coverage liability and not part of the liability for incurred claims.
Consequently, the General Measurement Model (GMM) is applied to these contracts. The related insurance revenues will reflect
the portion of the premium received from the insured attributable to the services provided in the period and are presented within
the insurance service results.
Goodwill is initially measured at cost being the excess of the aggregate acquisition cost over the net value of the identifiable assets
acquired and liabilities assumed. If this amount is greater than acquisition cost, the difference is recognized in profit and loss (badwill).
If a business combination is achieved in stages, previously held interests are remeasured at fair value at the acquisition date and the
resulting gains and losses are recognized in profit or loss.
Investments in associates and joint ventures
The investments in associates and joint ventures, other than those backing insurance contracts with direct participation features, are
consolidated through the equity method.
227
Consolidated Financial Statements
An associate is an entity over which the investor has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those policies. If an investor holds,
directly or indirectly through subsidiaries, 20% or more of the voting power of the investee, it is presumed that the investor has
significant influence.
Typically, a joint control arrangement is a contractual arrangement in which decisions about the relevant activities require the
unanimous consent of all parties sharing control. Joint arrangements can be classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint
venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the arrangement.
Generali Group has assessed the nature of its current joint arrangements and determined them as joint ventures.
The considerations made in determining significant influence or joint control are similar to those necessary to determine control over
subsidiaries. Investments in associates and joint ventures are accounted for using the equity method and they are initially recognized
at cost, which includes goodwill arising on acquisition.
Any excess between the share of interest in the net fair value of the identifiable assets and liabilities of the investee compared to the
initial cost is recognized in the income statement at the date of acquisition. The carrying amount of the investment is subsequently
adjusted to recognize changes in the Group’s share of the net assets of the associate or joint venture since the acquisition date.
The income statement reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of
those investees is presented as part of the Group’s OCI. Dividends receivable from associates are recognized as a reduction in the
carrying amount of the investment.
At each reporting date, after application of the equity method the Group determines whether there is objective evidence that the
investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as
the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss as
share of losses of an associate in the related income result. Where the Group’s share of losses in an associate equals or exceeds its
interest in the associate, including any other unsecured long-term receivables, the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the associate or joint venture.
Upon loss of significant influence over the associate or joint control over the joint venture (in the event that this does not result in the
retention of significant influence) the Group measures and recognizes the retained interest at its fair value. Any difference between
the net proceeds and the fair value of the retained interest and the carrying amount is recognized in the income statement and gains
and losses previously recorded directly through OCI are reversed and recorded through the income statement.
Investments in associated companies and joint ventures underlying contracts with direct participation features are measured at
fair value through profit or loss, according to IFRS 17 Amendment to IAS 28 Investments in Associates and Joint Ventures which
foresees that when an investment in an associated company or a joint venture is held by, or is held indirectly through, an entity that is
a venture capital organisation, or a mutual fund, unit trust and similar entities including investment-linked insurance funds, the entity
may elect to measure that investment at fair value through profit or loss in accordance with IFRS 9.
Significant judgements in determining control, joint control and
significant influence over an entity
The Group considers as subsidiaries all entities in which it holds more than half of the voting rights, assuming - unless evidence to the
contrary is provided - the existence of the power to steer the relevant activities and the resulting exposure to variable returns arising
from its involvement, in accordance with IFRS 10. Similarly, the Group presumes that it exercises significant influence when it holds
more than 20% of the voting rights, unless specific substantive factors indicate the absence of the ability to participate in decisions
regarding financial and operating policies, as required by IAS 28. Regardless of the legal form of the investees, the assessment of
control or significant influence is carried out by considering the Group’s effective power over the relevant activities and its actual ability
to influence their management, irrespective of the formal percentage of voting rights held directly or indirectly.
In three cases, the Group holds exactly 50% of the voting rights but nonetheless exercises control due to its substantive ability to
steer the entity’s relevant activities and its resulting exposure to variable returns.
In two specific cases, although holding more than 20% of the voting rights, the Group does not exercise significant influence due to
a governance structure that does not allow it to participate in decisions concerning the investee’s financial and operating policies.
The Appendices to the consolidated financial statements provide the list of fully consolidated subsidiaries, as well as associates
and joint ventures accounted for using the equity method, included in the consolidation scope as of 31 December 2025. Unless
otherwise indicated, the Group’s ownership interest corresponds to the related percentage of voting rights.
The qualitative and quantitative information required by IFRS 12 is provided in the chapter Disclosures on Interests in Other Entities,
included in the section Disclosures on the Consolidation Scope and Related Transactions.
228
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the
date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at
the reporting date.
Differences are recognised in profit or loss with the exception of the monetary items that are designated as part of the hedge of
the Group’s net investment of a foreign operation. These are recognised in other comprehensive income until the net investment is
disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange
differences on those monetary items are also recorded in other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the
dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair
value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e. translation differences on items whose
fair value gain or loss is recognised in other comprehensive income or profit or loss are recognised in other comprehensive income
or profit or loss, respectively).
IAS 29 - Financial Reporting in Hyperinflationary Economies
application
On 31 December 2025, as in the previous year, IAS 29 - Financial Reporting in Hyperinflationary Economies to the financial statement
values of the Argentine companies of the Group (Caja de Seguros S.A, Europ Assistance Argentina S.A, Caja de Ahorro y Seguro
S.A., Ritenere S.A) is required, due to the fact that the cumulative inflation rate over three years exceeds 100%.
The financial statements items of the abovementioned Argentine companies have been restated, applying the Argentine Consumer
Price Index, which reflects the change of general purchasing power. In particular, the following items have been restated at the unit
current at the end of the reporting period:
• non-monetary assets and liabilities;
• all items of comprehensive income, applying the change of the general price index from the date when income and expenses were
initially registered in the financial statements;
• the items of the income statement have been restated at the closing exchange rate;
• restatement in the first period of application of the standard of the components of owners’ equity, except retained earnings and
any revaluation surplus, applying the Consumer Price Index from the dates the components were contributed. Restated retained
earnings derive from the restatement of assets and liabilities;
• restatement at the end of the period of the components of owner’s equity, applying the Consumer Price Index at the beginning of
the period.
The effects of reassessment until 31 December 2024 are included in the opening balance of shareholder’s equity. The impacts at
consolidated level are not material and do not require the presentation of the statements of Argentine companies.
Accounting principles
The accounting standards adopted in preparing the consolidated financial statements, and the contents of the items in the financial
statements are presented in this section.
New accounting principles, changes in the accounting rules and in
the financial statements
Amendments that shall be applied from 1 January 2025
New amendments to existing standards, effective from 1 January, are illustrated below.
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability
On 15 August 2023, IASB published Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability. This Amendment introduces a consistent approach in assessing whether a currency can be exchanged into another
currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
229
Consolidated Financial Statements
The Amendment’s effective date was 1 January 2025, after being endorsed by the European Union on 12 November 2024.
Considering the currency exposures held by the Group and the current macroeconomic conditions, the impacts linked to the
application of the Amendment are not significant for the Group.
New accounting principles and changes to existing ones that are
not yet applicable
Below are reported new Standards and Amendments published by IASB but not yet applicable. In addition to what is described
below, it is reported that on 18 July 2024, IASB published the document Annual Improvements to IFRS Accounting Standards —
Volume 11, which includes minor amendments to five accounting standards. This document, endorsed by the European Union on 9
July 2025, will enter into force starting from 1 January 2026.
Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7)
On 30 May 2024, the IASB published the document Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7).
The Amendment will enter into force on 1 January 2026, with retrospective application and without restatement of the comparative
period, and was endorsed by the European Union on 27 May 2025.
The Amendment clarifies certain aspects relating to the derecognition of financial liabilities, the classification of specific classes of
financial assets, and introduces new disclosure requirements for certain classes of financial instruments.
With regard to the clarifications on the derecognition of financial liabilities, the Amendment clarifies the accounting treatment of the
extinguishment of a financial liability when settlement occurs through an electronic payment system. Given the specific nature of this
change, no impacts on the Group’s financial statements have been identified.
With reference to the classification of certain financial assets, the Amendment clarifies how contractual terms that modify the timing
or amount of contractual cash flows should be considered when determining whether a financial instrument has the characteristics
of a “basic lending arrangement.” This assessment must focus on the item being compensated rather than on the amount of
compensation, although the magnitude of such compensation may still indicate that the compensation relates to risks other than
those associated with “basic lending” (such as the time value of money or credit risk).
If a contractual clause modifies the timing or amount of the contractual cash flows of the financial instrument, it is necessary to
assess whether the contractual cash flows that would arise both before and after the occurrence of the contingent event (without
estimating the probability of its occurrence) remain consistent with the characteristics of a “basic lending arrangement.” When the
nature of the contingent event is not directly related to elements typical of a “basic lending arrangement”—for example, when the
contractual interest rate of a financial instrument is linked to the achievement of carbon-emission reduction targets—the SPPI test is
passed if and only if, in all contractually possible scenarios, the contractual cash flows are not significantly different from those of a
financial instrument with identical contractual terms but excluding the contingent event itself (the benchmark instrument).
To implement the clarifications on the classification of financial assets introduced by the Amendment, the Group has updated its
methodology for performing the SPPI test to incorporate the relevant requirements. A quantitative threshold, consistent with current
market practice, has therefore been defined together with a calculation algorithm to determine the significance of deviations between
the cash flows of the financial instrument under assessment and those of the benchmark instrument.
Furthermore, the Group has performed the SPPI test on its current portfolio of debt instruments using the methodology described
above, which showed that no impacts arise in relation to ESG-linked instruments failing the SPPI test (on an exposure of € 2.4 billion
as at 31 December 2025). Accordingly, no changes to the classification of the existing portfolio are expected as a result of the entry
into force of the Amendment.
Finally, with regard to the new disclosure requirements, the Amendment requires specific disclosures for contingent events that
modify the timing or amount of contractual cash flows of a financial instrument and that are not directly related to risks qualifying as
“basic lending.” Specifically, for financial assets and financial liabilities measured at amortised cost, and for financial assets measured
at fair value through other comprehensive income, the Amendment requires:
• a qualitative description of the nature of the contingent event;
• quantitative information about the possible changes to contractual cash flows that could result from those contractual terms; and
• the gross carrying amount of financial assets and the amortised cost of financial liabilities subject to those contractual terms.
The Group is analyzing the new disclosure requirement in order to align the financial statement disclosures to the amendments
introduced.
230
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent
Electricity
On 18 December 2024, the IASB published the Amendment to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent
Electricity, aimed at clarifying the reporting of the financial effects of electricity contracts dependent on natural events, which are often
structured as power purchase agreements.
The Group does not hold contracts with such characteristics.
The Amendment entered into force on 1 January 2026 and was endorsed by the European Union on 30 June 2025.
IFRS 18 Presentation and Disclosure in Financial Statements
On 9 April 2024, the IASB published the new standard IFRS 18 Presentation and Disclosure in Financial Statements, which replaces
IAS 1 Presentation of Financial Statements.
IFRS 18 aims to improve the disclosure on entity performance in terms of comparability, transparency and usefulness of the
information published through the financial statements, and introduces substantial changes in its structure with particular reference
to the income statement.
In particular, the new Standard introduces three defined categories for revenues and costs – operating, investment and financing – to
improve the structure of the income statement and requires companies to provide new defined subtotals, including operating profit:
the improved structure and new subtotals will provide investors with a consistent starting point for analyzing entity performance and
facilitate comparison.
Furthermore, the new Standard introduces the request for disclosure in the explanatory notes on management-defined performance
measures (MPMs) and new principles for the grouping (aggregation and disaggregation) of information in the financial statements.
The Group is analyzing the new Standard in order to align financial statement disclosures to the changes introduced.
The new Standard will come into force starting from 1 January 2027 and was endorsed by the European Union on 13 February 2026.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
On 9 May 2024, the IASB issued the new standard IFRS 19 Subsidiaries without Public Accountability: Disclosures, with the
objective of simplifying the disclosure requirements in the notes to the financial statements for subsidiaries of groups applying
International Financial Reporting Standards.
The application of IFRS 19 aims to reduce the cost of preparing financial statements while maintaining the necessary level of
usefulness of the information for users of those financial statements.
Subsidiaries within the scope of IFRS 19 are those entities that do not have public accountability — meaning they do not have equity
or debt instruments traded in an active market and do not hold assets in a fiduciary capacity for a broad group of third parties — and
whose parent company applies IAS/IFRS in preparing its publicly available consolidated financial statements.
The Group is currently assessing the impact of this standard on the entities included within the consolidation scope.
The new standard will enter into force on 1 January 2027 and, as of today, has not yet been endorsed by the European Union.
Balance sheet - Assets
Intangible assets
In accordance with IAS 38 – Intangible Assets, an intangible asset is recognised if, and only if, it is identifiable and controllable,
and it is probable that the expected future economic benefits attributable to the asset will flow to the company and the cost of the
asset can be measured reliably. This category includes goodwill and other intangible assets, such as goodwill recognised in the
separate financial statements of the consolidated companies, application software for multi-year use and intangible assets arising
from insurance business combinations and related to bancassurance operations.
This item also includes right of use of leased assets which are allocated to the individual macro-items in the financial statements on
the basis of the nature of the assets.
Goodwill
Goodwill is the estimate of future benefits not separately identifiable acquired in a business combination. At the date of acquisition,
the goodwill is equal to the excess between the sum of the consideration transferred, including contingent consideration, liabilities
231
Consolidated Financial Statements
assumed towards the previous owners and the fair value of non-controlling interests (as well as, in a business combination achieved
in stages, the fair value of the acquirer’s previously held equity interest in the acquiree) and the fair value of net amount of the
separately identifiable assets and liabilities acquired.
After initial recognition, in accordance with IAS 36 - Impairment of Assets, goodwill is not subject to amortization but is tested for
impairment at least annually.
The purpose of the impairment test on goodwill is to identify the existence of any its impairment losses. In this context, cash-
generating units or group of cash-generating units to which the goodwill is allocated are identified and tested for impairment. Cash-
generating units or group of cash-generating units (hereinafter “CGU”) usually represent the consolidated units within the same
primary segment in each country. Any impairment is equal to the difference, if negative, between the recoverable amount and the
carrying amount, which is the higher between the fair value of the cash-generating unit and its value in use, i.e. the present value of
the future cash flows expected to be derived from the CGU itself. The recoverable value of the CGU is determined on the basis of
current market quotation or usually adopted valuation techniques (mainly Dividend Discount Model - DDM or alternatively Market
Value Balance Sheet or appraisal value). The DDM is a variant of the Cash flows method. In particular, this method, in the Excess
Capital methodology, states that the economic value of an entity is equal to the discounted dividends flow, together with any excess
capital quota, calculated considering the capital requirements consistent with the Risk Appetite Framework (RAF) defined by the
Group for specific CGU. Such models are based on the projections on budgets/forecasts approved by management or conservative
or prudential assumptions covering a maximum period of 5 years. Cash flow projections for a period longer than five years are
extrapolated using estimated among others growth rates. The discount rates reflect the free risk rate, adjusted to take into account
specific risks. Should any previous impairment losses no longer exist, the book value cannot be restored.
Profits or losses arising from the transfer to third parties of interests that result in the loss of control include the related portion of
goodwill.
For further details see section Information on consolidation area and related operations in the Notes.
Other intangible assets
Intangible assets with finite useful life are measured at acquisition or production cost less any accumulated amortisation and
impairment losses. Specifically, the purchased software expenses are capitalised on the basis of the cost for purchase and use.
Software development costs are recognized as intangible assets when their amount can be reliably determined; there is the intention,
availability of financial resources, and technical capability to make the asset available for use; and it is possible to demonstrate that
the asset is capable of producing future economic benefits.
The amortisation is based on the useful life and begins when the asset is available for use. In particular, licenses for the use of
software and any development costs are amortised based on the expected technological obsolescence and in any case generally
no longer than a period of 10 years. Intangible assets related to bancassurance operations are generally amortised over a period
corresponding to the duration of the related contracts.
Other intangible assets with indefinite useful life are not subject to amortization but are periodically tested for impairment.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.
This item also includes the right-of-use assets arising from intangible assets under lease, which are allocated to individual balance
sheet items based on the nature of the asset and accounted for in accordance with IFRS 16. These rights of use of leased assets
are subject to the recoverability test, carried out with a view to the overall Cash-Generating Unit, as illustrated in the section Leasing.
Tangible assets
This item comprises land and buildings used for own activities and other tangible assets.
Land and buildings (Self-Used)
In accordance with IAS 16, this item includes land and buildings used for own activities.
Land and buildings (self-used) are measured applying the cost model set out by IAS 16. The cost of the self-used property comprises
purchase price and any directly attributable expenditure.
The depreciation is systematically calculated applying specific economic/technical rates which are determined locally in accordance
with the residual value over the useful economic life of each individual component of the property. For the purposes of determining the
useful life of the different types of properties, the Group has adopted appropriate internal procedures which have led to determining
a useful life of between 20 and 125 years.
Buildings are measured at cost less any accumulated depreciation and impairment losses. Lands are not depreciated but periodically
tested for impairment losses. Maintenance costs, which determine an increase in value, in the functionality or in the expected useful
life of the asset, are directly charged to the assets to which they refer and depreciated in accordance with the residual value over the
assets’ useful economic life. Costs of the day-to-day servicing are charged to the profit and loss account.
For land and buildings underlying contracts with direct participation features (for a share at least equal to or greater than 50%), the
Group adopts fair value measurement through profit or loss, according to the model foreseen by IAS 40 and in line with provisions
of paragraph 29A of IAS 16. For additional details on the measurement of these land and buildings, please refer to section Fair Value
Measurement.
232
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
This item also includes right of use of leased assets that are allocated to the specific balance sheet items based on the nature of
the assets and that are accounted for according to IFRS 16. These right-of-use assets acquired through leasing are subject to a
recoverability test, conducted from the perspective of the overall Cash-Generating Unit, as illustrated in the Leasing section.
Other tangible assets
Property, plant, equipment, furniture and property inventories are classified in this item as property inventory. In particular, property,
plant, equipment and furniture, as provided by IAS 16, are initially measured at cost and subsequently recognised net of any
accumulated depreciation and any impairment losses. They are systematically depreciated on the basis of economic/technical rates
determined in accordance with their residual value over their useful economic life. Other tangible assets are depreciated over useful
lives of between 2 and 16 years.
Inventories, as stated by IAS 2 - Inventories, are measured at the lower of cost (including cost of purchase, cost of conversion and
cost incurred to bring the inventories to their present location and condition) and net realizable value, i.e. the estimated selling price
in the ordinary course of business less the estimated cost of completion and costs to sell.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from
its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year
end and adjusted prospectively, if appropriate.
This item also includes right of use of leased assets that are allocated to the specific balance sheet items based on the nature of
the assets and that are accounted for according to IFRS 16. These right-of-use assets acquired through leasing are subject to a
recoverability test, conducted from the perspective of the overall Cash-Generating Unit, as illustrated in the Leasing section.
Capitalization of borrowing costs
Costs directly attributable to the acquisition, construction or production of an asset that necessarily take a substantial period of time
to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the
period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.
Insurance assets and liabilities
The IFRS 17 standard establishes the accounting rules for insurance contracts based on a measurement model structured on a
Building Block Approach based on the Fulfilment Cash Flows (FCF), which comprise the present value of expected cash flows,
weighted by the probability of occurrence (Present Value of Future Cash Flows – PVFCF), and the adjustment for non-financial risk
(Risk Adjustment - RA), and on the expected value of the unearned profit for the services to be provided (Contractual Service Margin
- CSM). The adoption of a simplified approach (Premium Allocation Approach - PAA) is allowed if the contractual coverage period is
less than one year or if the model used for the measurement provides a reasonable approximation with respect to the building block
approach. The simplification applies to the measurement of the Liability for Remaining Coverage (LRC), which does not have to be
broken down into PVFCF, RA and CSM, but is essentially based on the premium received net of acquisition costs. As it pertains
to the Liability for Incurred Claims (LIC), the measurement is applied consistently with the General Measurement Model (GMM), for
which all the costs for claims incurred but not yet settled are subject to discounting and the calculation of the Risk Adjustment is
executed accordingly.
The Variable Fee Approach (VFA) is envisaged for contracts entailing the direct participation of the policyholders in the Company’s
financial and/or insurance results; this is an alternative model to GMM, which provides for a different treatment of changes in cash
flows linked to financial variables whose impact is reported in the CSM rather than directly in the other comprehensive income.
Scope and separation of components of an insurance contract
IFRS 17 provisions apply to all contracts that meet the definition of insurance contract, including:
• insurance contracts, including reinsurance contracts issued;
• reinsurance contracts held; and
• investment contracts with discretionary participation features (DPF) issued if the entity also issues insurance contracts.
Following the definition envisaged by IFRS 17, the main characteristics that distinguish an insurance contract are:
• the uncertainty of the insured event (i.e. the moment when the insured event will occur is uncertain, and/or the probability of the
event occurring);
• the insurable interest (the contract envisages that the incurring of the uncertain and damaging event is a precondition for the
payment towards the policyholder);
• the presence of an insurance risk that would imply the payment of an additional amount, whereas this additional amount is
uncertain rather than a consequence of the policyholder’s decision;
233
Consolidated Financial Statements
• the significance of the insurance risk (that is, the additional amounts paid by the entity to the policyholder are significant in each
scenario, excluding ones that do not have commercial substance).
At initial classification, then, a contract is qualified as an insurance contract based on valuation of the significance of the transferred
insurance risk. Such valuation requires the use of professional judgement and is based on a qualitative and quantitative analysis that
considers also minimum thresholds taken as a reference, established at Group level.
Some insurance contracts provide exclusively insurance coverage (i.e. most of short term P&C contracts), whereas other types of
insurance contracts can contain:
• investments components (e.g. deposits falling into the definition of financial instruments where one counterpart receives a specified
amount of money, committing to repay that amount with the addition of given interests);
• service components (e.g. services different from the ones classifiable as insurance services, such as individual pension schemes
management services, risk management services, asset management or securities custody services); and
• embedded derivatives (e.g. options related to equity indexes).
The above-mentioned components are considered and measured separately, according to the requirements of the related reference
Standard, only if the conditions specifically provided by IFRS 17 are met.
In particular, the investment component is distinct and separated from the host insurance contract if and only if both the following
criteria are met:
• the investment component and the insurance component are not strictly interrelated. Both the components are strictly interrelated
if the value of one of the components varies the other component’s value, and consequently the entity is not able to value one
component without considering the other one. Both components are also strictly interrelated if the policyholder cannot benefit from
one component if the other one is not present;
• a contract with equivalent terms is sold, or could be, separately on the same market or in the same jurisdiction by entities that
issue insurance contracts.
Investment components that are distinct from the host insurance contract, unless the same would represent an investment contract
with discretionary participation within IFRS 17 scope of application, are accounted for as financial liabilities and measured at fair value
through profit or loss or at amortized cost, in accordance with IFRS 9.
If the investment component does not meet the above-mentioned criteria, it is identified as a non-distinct investment component
and therefore IFRS 17 is applied to the considered contract in its entirety (there is no separation from the host insurance contract).
This category includes insurance contracts with discretionary participation features (DPF) that provide a profit-sharing mechanism
with policyholders. Therefore, apart from transferring the significant insurance risk to the issuer, a contract with direct participation
features provides a significant investment service component. Underlying items could comprise different cases, among which a
reference portfolio of assets, insurance-related features, the equity of an entity, or a specified subset of the equity of an entity. The
nature of the underlying items depends mainly on local regulations and products’ features.
The Group classifies as DPF those contracts for which:
• contractual clauses specify that the policyholder participates in a share of a clearly identified pool of underlying items;
• the Group envisages to correspond to the policyholder an amount equal to a substantial share of the returns valued through fair
value of the underlying items; and
• the Group envisages that each variation of the amounts to correspond to the policyholder should be attributable for a substantial
share of the variation of the fair value of the underlying items.
The Group assesses whether the above conditions are met using its own expectations at the inception of the contract and does not
plan to reassess the conditions thereafter unless the contract is modified.
With reference to service component, the latter is separately accounted for according to IFRS 15 if the cash flows and their associated
risks are not closely related to those associated with the primary insurance contract and, therefore, there is no significant interrelation
of the service with the insurance component. The Group identified a limited number of insurance contracts that include embedded
significant obligations for the provision of non-insurance goods and services for which the accounting treatment under IFRS15 has
been chosen.
Level of aggregation
IFRS 17 requires an entity to aggregate at inception insurance contracts issued and reinsurance held contracts in groups for
recognition, measurement, presentation and disclosure. The groups are established at initial recognition and their composition shall
not be reassessed subsequently.
The starting point for aggregating contracts is to identify portfolios of insurance contracts. A portfolio comprises contracts that are
subject to similar risks and are managed together.
234
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The assessment of “similar risks” should take into consideration the prevailing risks of the contracts. In case the prevailing risks are
similar, then two contracts can be considered as exposed to similar risks.
The Group applies the level of aggregation requested by IFRS 17, valuing portfolios of contracts on the basis of a variety of
characteristics that consider underlying contracts risk as well as products features that can influence management and profitability
of contracts. A non-exhaustive list of segmentation drivers can be represented by:
• line of business;
• individual policies vs group policies;
• contract features that imply different measurement models (e.g. multiyear vs annual contracts or participating contract vs non
participating contract).
The Group also considers currency segmentation as a driver for portfolio definition, whenever it has a significant impact on profitability.
In case of contracts sharing the Fulfilment Cash Flows (so-called, mutualized business), the portfolio of insurance contracts is
generally set in line with the level of granularity where mutualisation applies.
With reference to reinsurance contracts, the Group’s position is that a portfolio of reinsurance contracts could be composed of
one or more reinsurance treaties that are managed together if exposed to similar risks. Types of coverage (proportional or non-
proportional, Loss Occurring or Risk Attaching), as well as the nature of reinsurance contracts, can be considered as drivers that
may be used to determine whether reinsurance contracts belong to the same portfolio.
The same group of contracts cannot include contracts issued more than one year apart in the same group. Therefore, each portfolio
should be disaggregated into annual cohorts, or cohorts consisting of periods of less than one year. The Group applies the amendment
approved in the endorsement phase of IFRS 17 and homologated by the European Commission (Regulation EU 2021/2036) that
grants at Art.2 an entity applying IFRS 17 the option (i.e., Carve-out option) to not apply the annual cohort requirement to:
• groups of insurance contracts with direct participation features and groups of investment contracts with discretionary participation
features as defined in Appendix A to the Annex to the Regulation, and with cash flows that affect or are affected by cash flows to
policyholders of other contracts as laid down in paragraphs B67 and B68 of Appendix B of that Annex (the so-called contracts
characterized by intergenerational cash flows mutualisation);
• groups of insurance contracts characterized by cash flow matching and that meet the conditions laid down in Article 77b of
Directive 2009/138/EC and have been approved by supervisory authorities for the application of the matching adjustment.
At Group level, the following guidelines for the application of the carve-out option were applied:
• insurance companies operating within the EU, with regard to the business with direct participation features, including hybrid
products with mutualized characteristics (that have a traditional business component and a Unit Linked business component)
applied the carve-out option;
• insurance companies operating outside the EU, with regard to the business with direct participation features, including hybrid
products with mutualized characteristics (that have a traditional business component and a Unit Linked business component)
applied the carve-out option to the extent that IFRS 17 requirements for local financial statements do not require the annual
segregation of annual cohorts;
• for pure Unit-Linked business, irrespective of the territory in which the insurance companies operate, the cohorts requirement shall
be applied as per IFRS 17.22.
Finally, contracts within each portfolio shall be divided on initial recognition taking into consideration the related profitability, in the
following three groups:
• groups of contracts that are onerous at the first recognition date;
• groups of contracts that at initial recognition have no significant probabilities of becoming onerous later in time; and
• group of the remaining contracts in the portfolio.
The Group adopts an approach for which short term contracts under the Premium Allocation Approach measuring model are
predominantly considered without any probability of becoming onerous or onerous at the first recognition date. Other types of
contracts are, on the other hand, predominantly considered as having a significant probability of becoming onerous or onerous
at the first recognition date, as non-short-term contracts that at the first recognition date do not have any significant probability of
becoming onerous, are considered residual.
Measurement models
General Model Measurement
The GMM represents the standard measurement model envisaged by the standard for the measurement of insurance assets and
liabilities.
Within the Life segment, the Group applies the GMM measurement model mainly to pure risk multiyear products and traditional
savings policies not eligible for application of the VFA business. Within the P&C segment, the broad eligibility for the simplified PAA
model determines a residual application of the standard measurement model.
235
Consolidated Financial Statements
Variable Fee Approach
The VFA is the mandatory measurement model to be applied for insurance contracts with direct participation features.
The Group applies the VFA predominantly to the insurance portfolio of the Life segment. The VFA measurement model is mainly
applied to traditional savings policies underwritten in the EU market and unit-linked policies. As mentioned before, for contracts
characterized by intergenerational cash flows mutualisation, the Group makes use of the exemption from the application of the
requirement of annual cohorts (i.e. carve-out option). Finally, as part of this approach, the Group applies for some groups of contracts
the option provided for in paragraph B115 of IFRS 17 (so-called risk mitigation option).
Premium Allocation Approach
This is a simplified method allowed for the measurement of the Liability for the Remaining Coverage (LRC) provided that its
measurement does not differ substantially from the GMM, or only if the contract has a coverage period equal to one year or less.
Using the PAA, the LRC is equal to premiums received at initial recognition less any insurance acquisition cash flows and any
amounts recognized on a pro-rata temporis basis as insurance revenues at the closing date. The GMM remains applicable for the
measurement of the Liability for Incurred Claims.
At Group level, this model is predominantly applied to the insurance portfolio of the P&C segment. With reference to the life segment,
the application of this measurement model is limited only to groups of contracts with a duration not exceeding one year.
Initial recognition
A group of insurance contracts issued is recognized from the earliest of the following conditions:
• the beginning of the coverage period;
• the date when the first payment from a policyholder in the group becomes due;
• for a group of onerous contracts, when the group becomes onerous.
With reference to reinsurance contracts held, the initial recognition is set:
• at the beginning of the coverage period, except reinsurance contracts for which the initial recognition is postponed until the date
that the underlying insurance contract is initially recognized;
• at the previous date when the entity recognizes an onerous group of underlying insurance contracts if the entity entered into the
related reinsurance contract at or before that date.
Initial recognition of contracts acquired in a transfer of insurance contracts or in a business combination is set at the acquisition date.
At the first recognition date, groups of insurance contracts are measured as a sum of:
• Fulfilment Cash Flows, that comprise expected Future Cash Flows estimates, adjusted to reflect the time value of money, and for
non-financial risk; and
• Contractual Service Margin.
Contract boundaries valuation on initial recognition of insurance contracts
The measurement of a group of insurance contracts includes all the expected cash flows within the boundary of each insurance
contract within the group. Generali Group considers the contract boundary requirements as linked to the entity’s ability to fully reprice
a contract. All future premiums and policyholder options should be included in the initial projections if the entity does not have the
ability to fully reprice the contract when the premium is paid or the option is exercised.
According to this requirement, the contract boundaries will be set considering the insurance contract as a whole and not considering
each single component independently. This leads to differences compared to the current approach applied in Solvency II, with
particular reference to multi-risk contracts, where different risk components may have different contract boundaries.
In the case where premiums are collected first by an intermediary, who acts in the name and on behalf of the policyholder, receivables
towards that intermediary are considered within the contractual boundaries of the insurance contract and consequently considered
in the Fulfilment Cash Flows, according to IFRS 17 provisions.
Expected Future Cash Flows
Expected Future Cash Flows are the first element of Fulfilment Cash Flows and represent an estimate of expected future cash flows
within the contract boundaries.
The estimate of future cash flows shall: i) incorporate, in an unbiased way, all reasonable and supportable information available;
ii) reflect the perspective of the entity, provided that the estimates of any relevant market variables are consistent with observable
market prices for those variables, iii) be current and iv) be explicit.
236
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The following is an illustrative list of the different types of future cash flows to consider in the projection:
• payments owed by policyholders as a contractual obligation (i.e. annual premiums payment);
• payments due to policyholders (or other beneficiaries) from the insurance company, such as maturities, claims, surrenders, etc.;
• options related to the above-mentioned flows, due to a modification of the insurance obligation as a consequence of the exercise
of contractual options by policyholders;
• expenses directly attributable to Fulfilment Cash Flows, commissions, etc.;
• expenses that the insurance company will incur to provide an investment-return service (for insurance contracts without direct
participation features), or an investments-related service (for insurance contracts with direct participation features);
• transactions’ taxes (such as premium taxes, VAT, goods and services taxes) and duties (such as fire brigade charges), that derive
directly from existing insurance contracts or that can be attributed to them reasonably and coherently;
• payments owed by the insurance company when acting in a fiduciary capacity to meet fiscal obligations incurred by the policyholder,
and the related inflows;
• all other expenses specifically chargeable to the policyholder under the terms of the contract.
On the other hand, cash flows excluded from the projection (according to IFRS 17 B66) are:
• investment returns;
• cash flows arising from future insurance contracts;
• payments and receipts of income taxes that the insurance company does not pay, or receive, when acting in a fiduciary capacity,
or that are not specifically chargeable to the policyholder under the terms of the contract;
• cash flows deriving from components separated from the insurance contract and accounted for using other applicable standards.
With regard to the P&C segment, future cash flows are based on the estimate of the ultimate cost of the claim, an assessment
that the Group adopts using several statistical-actuarial methods, with different parameterizations. Each method and related
parameterization, applied to homogeneous risk groups, represents a scenario based on specific and realistic assumptions, deemed
adequate for the projection and development of the underlying claims, and that are in line with the usual market practices in terms
of actuarial methodology in single jurisdictions in which the Group operates.
With regard to the Life segment, the main assumptions in terms of risk drivers considered in the projection of future cash flows,
that are performed via actuarial engines and are based on historical data, are mainly related to persistency assumptions (mortality,
longevity, morbidity, surrender rates), directly attributable expenses level, policyholders’ behavior following market’s volatility,
contractual features related to participating options, and discount rates as a consequence of the current market situation.
Time value of money (discount rates)
IFRS 17 requires adjusting the estimates of expected cash flows to reflect the time value of money and the financial risks associated
with those cash flows to the extent that the financial risks are not already included in the cash flow estimates.
In order to comply with the market consistent approach prescribed by IFRS 17, the Group considers a risk neutral approach and
applies a bottom-up approach to define the discount rates to apply to insurance and reinsurance contracts, consistently with the
Solvency II framework, where appropriate.
In detail, the Group’s position is to apply a risk neutral approach for IFRS 17 both for participating and non-participating businesses.
In this context, the IFRS 17 discount curve, for each currency in the portfolio, is determined as the sum of:
• a risk-free base curve; and
• an adjustment for the illiquidity premium (so-called IFRS 17 adjustment).
With regard to the risk-free base curve, the approach is basically aligned with the Solvency II methodology and parameterization. In
particular, the same extrapolation algorithm (i.e., the Smith-Wilson method) and the same ultimate forward rate are applied.
To determine the IFRS 17 adjustment, the Group considers the average spread of a reference asset portfolio, adjusted to exclude
credit risk components (i.e., risk corrections) and the effect of potential misalignments of cash flows of underlying assets with respect
to the portfolio of liabilities. In particular:
• for the GMM and PAA businesses, the same Solvency II adjustment is used (i.e., the volatility adjustment);
• for the VFA business, the IFRS 17 illiquidity premium adjustment is calibrated for each insurance company in order to ensure a
better economic representation of the life business and considers appropriate risk corrections determined based on historical
analyses.
The illiquidity premium of the VFA business is based on the following Group entity specific characteristics:
• asset mix (instead of the EIOPA reference portfolio considered by Solvency II);
• a duration ratio aimed at better reflecting the assets and liabilities matching (instead of 65% required by Solvency II).
237
Consolidated Financial Statements
For some insurance companies of the Group, which operate in countries in which local financial statements are prepared in
accordance with the provisions of IFRS 17 (or an equivalent accounting standard), the Group’s general approach – from the date of
first application of the standard – is tailored to allow for adaptation to local practices, also for the Group’s purposes.
In particular, for contracts under the Variable Fee Approach, this has resulted in an update of current rates, while for contracts
measured under the General Measurement Model, in addition to the current rates, the discount rates at the initial recognition date
(so-called locked-in rates) have been also redetermined to ensure a more consistent measurement of these groups of contracts with
local market context. At Group level, this has resulted in a reduction of the current and locked-in value of Present Value of Future
Cash Flows, as well as a related increase of the value of the Contractual Service Margin, with a non-significant change in insurance
liabilities and Group Shareholder’s equity.
The tables below include the non-VFA zero-coupon discount curves for the Group’s main economies and the discount curves for
VFA portfolios in the main countries, expressed as weighted averages.
IFRS 17 discounting curve ZC - Contract portfolios measured under VFA

Currency | Italy |  | France |  | Germany | Austria |  | Switzerland | Spain |  | Czech Republic | China |
| EUR |  | EUR |  | EUR |  | EUR |  |  | CHF | EUR |  | CZK |  | CNY |
Maturity (years) | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
1 | 2.71% | 3.04% | 2.57% | 2.85% | 2.52% | 2.75% | 2.49% | 2.78% | 0.02% | 0.22% | 2.50% | 2.88% | 3.40% | 3.67% | 1.84% | 1.58%
2 | 2.79% | 2.89% | 2.65% | 2.70% | 2.60% | 2.60% | 2.57% | 2.63% | 0.10% | 0.19% | 2.58% | 2.73% | 3.47% | 3.54% | 1.86% | 1.64%
3 | 2.91% | 2.89% | 2.77% | 2.70% | 2.72% | 2.60% | 2.69% | 2.63% | 0.19% | 0.23% | 2.70% | 2.73% | 3.57% | 3.53% | 1.88% | 1.69%
4 | 3.02% | 2.92% | 2.88% | 2.73% | 2.83% | 2.63% | 2.80% | 2.66% | 0.29% | 0.29% | 2.81% | 2.76% | 3.66% | 3.54% | 1.99% | 1.80%
5 | 3.11% | 2.94% | 2.97% | 2.75% | 2.92% | 2.65% | 2.89% | 2.68% | 0.38% | 0.34% | 2.90% | 2.78% | 3.74% | 3.56% | 2.14% | 1.92%
6 | 3.19% | 2.97% | 3.05% | 2.78% | 3.00% | 2.68% | 2.97% | 2.71% | 0.46% | 0.38% | 2.98% | 2.81% | 3.81% | 3.59% | 2.20% | 2.01%
7 | 3.28% | 3.00% | 3.14% | 2.81% | 3.09% | 2.71% | 3.06% | 2.74% | 0.54% | 0.42% | 3.07% | 2.84% | 3.88% | 3.63% | 2.25% | 2.10%
8 | 3.35% | 3.02% | 3.21% | 2.83% | 3.16% | 2.73% | 3.13% | 2.76% | 0.60% | 0.46% | 3.14% | 2.86% | 3.94% | 3.66% | 2.30% | 2.16%
9 | 3.42% | 3.04% | 3.28% | 2.85% | 3.23% | 2.75% | 3.20% | 2.78% | 0.67% | 0.50% | 3.21% | 2.88% | 4.00% | 3.69% | 2.33% | 2.18%
10 | 3.49% | 3.07% | 3.35% | 2.88% | 3.30% | 2.78% | 3.27% | 2.81% | 0.73% | 0.55% | 3.28% | 2.91% | 4.06% | 3.73% | 2.37% | 2.20%
15 | 3.74% | 3.13% | 3.60% | 2.94% | 3.55% | 2.84% | 3.52% | 2.87% | 1.00% | 0.81% | 3.53% | 2.97% | 4.24% | 3.83% | 2.70% | 2.42%
20 | 3.84% | 3.06% | 3.70% | 2.87% | 3.65% | 2.77% | 3.62% | 2.80% | 1.21% | 1.03% | 3.63% | 2.90% | 4.24% | 3.83% | 2.82% | 2.53%
25 | 3.86% | 3.05% | 3.72% | 2.87% | 3.68% | 2.77% | 3.65% | 2.80% | 1.37% | 1.21% | 3.66% | 2.90% | 4.17% | 3.79% | 2.84% | 2.50%
30 | 3.82% | 3.06% | 3.71% | 2.89% | 3.66% | 2.81% | 3.64% | 2.84% | 1.49% | 1.36% | 3.65% | 2.92% | 4.08% | 3.74% | 2.93% | 2.56%
35 | 3.78% | 3.07% | 3.67% | 2.93% | 3.64% | 2.85% | 3.61% | 2.88% | 1.59% | 1.47% | 3.62% | 2.95% | 4.00% | 3.70% | 3.13% | 2.79%
40 | 3.74% | 3.09% | 3.64% | 2.96% | 3.61% | 2.90% | 3.59% | 2.92% | 1.67% | 1.56% | 3.59% | 2.98% | 3.92% | 3.66% | 3.45% | 3.13%
45 | 3.70% | 3.11% | 3.61% | 2.99% | 3.58% | 2.93% | 3.56% | 2.95% | 1.73% | 1.64% | 3.57% | 3.01% | 3.86% | 3.63% | 3.75% | 3.47%
50 | 3.66% | 3.13% | 3.58% | 3.02% | 3.56% | 2.97% | 3.54% | 2.98% | 1.79% | 1.70% | 3.55% | 3.04% | 3.81% | 3.60% | 4.00% | 3.75%

238
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group

IFRS 17 discounting curve ZC - Contract portfolios measured under non - VFA |  |  |  |
Currency | EUR |  | CHF |  | CZK |  | CNY |
Maturity (years) | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
1 | 2.22% | 2.47% | -0.08% | 0.02% | 3.56% | 3.83% | 1.84% | 1.58%
2 | 2.30% | 2.32% | 0.00% | -0.01% | 3.63% | 3.70% | 1.86% | 1.64%
3 | 2.42% | 2.32% | 0.09% | 0.03% | 3.73% | 3.69% | 1.88% | 1.69%
4 | 2.53% | 2.35% | 0.19% | 0.09% | 3.82% | 3.70% | 1.99% | 1.80%
5 | 2.62% | 2.37% | 0.28% | 0.14% | 3.90% | 3.72% | 2.14% | 1.92%
6 | 2.70% | 2.40% | 0.36% | 0.18% | 3.97% | 3.75% | 2.20% | 2.01%
7 | 2.79% | 2.43% | 0.44% | 0.22% | 4.04% | 3.79% | 2.25% | 2.10%
8 | 2.86% | 2.45% | 0.50% | 0.26% | 4.10% | 3.82% | 2.30% | 2.16%
9 | 2.93% | 2.47% | 0.57% | 0.30% | 4.16% | 3.85% | 2.33% | 2.18%
10 | 3.00% | 2.50% | 0.63% | 0.35% | 4.22% | 3.89% | 2.37% | 2.20%
15 | 3.25% | 2.56% | 0.91% | 0.63% | 4.40% | 3.99% | 2.70% | 2.42%
20 | 3.35% | 2.49% | 1.13% | 0.88% | 4.39% | 3.98% | 2.82% | 2.53%
25 | 3.39% | 2.51% | 1.30% | 1.08% | 4.30% | 3.92% | 2.84% | 2.50%
30 | 3.41% | 2.58% | 1.43% | 1.24% | 4.19% | 3.86% | 2.93% | 2.56%
35 | 3.41% | 2.65% | 1.54% | 1.37% | 4.10% | 3.80% | 3.13% | 2.79%
40 | 3.40% | 2.71% | 1.62% | 1.48% | 4.01% | 3.75% | 3.45% | 3.13%
45 | 3.40% | 2.77% | 1.69% | 1.56% | 3.94% | 3.71% | 3.75% | 3.47%
50 | 3.39% | 2.82% | 1.75% | 1.63% | 3.88% | 3.67% | 4.00% | 3.75%

Risk Adjustment
The Risk Adjustment (RA) corresponds to the component of the insurance liability that captures the uncertainty the entity bears
on the amount and timing of cash flows arising from non-financial risk. In evaluating the Risk Adjustment, the Group considers the
following scope of risks:
• Life and Health Underwriting risks (i.e., mortality and mortality catastrophe, longevity, lapse, morbidity);
• P&C Underwriting risks (i.e., Reserving risk and Pricing risk, Lapse and CAT risks);
• Expense risk.
The Group RA reflects the risk diversification at legal entity level only, not benefitting from diversification among different legal entities
and between life and property & casualty segments.
Differently from the Solvency II framework for which the Cost of Capital method is applied to quantify the Risk Margin, IFRS 17 does
not prescribe a specific method to calculate the Risk Adjustment. In this context, the Group defines the RA as the value at risk at the
75th percentile of the PVFCF probability distribution, leveraging the methodology and calculation models developed for the Solvency
II Internal Model.
Similarly to Solvency II, where the Solvency Capital Requirement corresponds to the value at risk of the basic own funds of the
insurance or reinsurance undertaking subject to a confidence level of 99.5% over a period of one year, the percentile considered for
the purposes of calculating RA refers to the probability distribution of losses over a one-year horizon, however applied to the entire
cash flow projection of the liability portfolio.
For the sake of comparison, please note that the 75th percentile applied by the Group adopting a “one-year” approach is estimated
to be approximately equivalent, at Group level, to the following percentiles determined on the basis of an “ultimate” view, i.e.,
considering a risk distribution that reflects cash flows volatility on a multi-year horizon, consistent with liability’s duration:
• the 60th percentile for the Life segment – assuming a normal distribution of future cash flows;
• the 72nd percentile for the P&C segment – deriving from “ultimate” distribution of P&C Underwriting risks.
Contractual Service Margin
The Contractual Service Margin reflects the estimate of the unearned profit of a group of insurance contracts that has not yet been
recognized in profit or loss at the reporting date, because it relates to future insurance and investment services still to be provided.
The carrying amount of the CSM at the end of the reporting period is equal to the carrying amount at the beginning of the reporting
period adjusted by:
• the New Business contribution;
• the impact of changes in non-financial variables on future fulfilment cash flows or experience variances of the reporting period
related to future services (i.e., operating variances). Not-exhaustive examples of these variances can be represented by updates
239
Consolidated Financial Statements
of operating assumptions (e.g. persistency assumptions) or by differences between expected and actual cash flows relating to
non-distinct investment components (e.g., surrenders for savings products);
• the impact of financial variables on current and future fulfilment cash flows (i.e., economic variances), which includes:
- under the GMM measurement model, interest accreted on CSM in the reporting period. Interest accreted is determined on the
basis of discount rates identified at the date of initial recognition of the group of contracts (the so-called locked-in rate);
- under the VFA measurement model, the change in fair value of the underlying items, the unwinding of discount on the carrying
amount of the CSM determined at current rates, the systematic economic variance due to the expected realization of the real-
world assumptions over risk-free rates in the reporting period and the other non-systematic economic variances;
• the effect of currency exchange differences;
• the CSM release in the income statement. This includes a portion of the value of each of the above-listed components (opening
value, new production, accrued interests, non-systematic operational and economic variances) released based on the coverage
units. Additionally, the release of the CSM to the income statement includes the systematic economic variance due to the expected
realization of real-world assumptions compared to risk-free interest rates.
Contractual Service Margin release
IFRS 17 requires calculating the release of the contractual service margin (CSM) in accordance with the pattern of the coverage
units that are determined by considering for each contract the quantity of the benefits provided to the policyholder and its expected
coverage duration.
The coverage unit and the related quantity of benefit are defined by the Group Legal entities following centrally defined Group rules
that vary on the basis of the product’s features and type of coverage:
• in the case of Saving contracts, the coverage units are generally defined as a function of the assets under management;
• in the case of contracts providing only insurance services, the coverage units are generally defined as a function of the sum insured;
• in the case of contracts that envisage a bundling of services, hybrid approaches are generally adopted (e.g., combination of assets
under management and sum insured).
Future coverage units used to determine the CSM release are generally discounted. In detail:
• for the GMM business, coverage units are discounted using the reference locked-in curve of each group of insurance contracts,
• for the VFA business, in order to avoid a non-representative CSM release volatility caused by the fluctuations of interest rates, a
10- year rolling weighted average curve is applied.
The coverage unit mechanics spread over the duration of the insurance contracts the opening and new business CSM as well as the
variances, including the systematic economic variance, defined as the impact on the CSM of the excess of real-world returns over
risk-free rates over a projection horizon that is consistent with the reporting period.
According to the Group’s position, this “systematic” variance reflects the investment-related services provided to the policyholder
and, as such, consistently with IFRS 17 requirements, is considered as an adjustment to the coverage units of the reporting period.
This approach allows the avoidance of the deferral of the systematic economic variance and its concentration towards the end of the
projection horizon (so-called “bow-wave” effect).
The systematic economic variance is determined with expected hypotheses defined at the beginning of the reporting period
assuming that a long-term risk premium (so-called over-the-cycle) is achieved for some classes of risky assets; for the Euro area
for example:
• for equity investments, the Group applies a risk premium of 4% above the risk free ten year yield curve (Euro Swap including Credit
risk adjustment),
• for real estate investments, the Group applies a risk premium of 2.5% above the risk free ten year yield curve (Euro Swap including
Credit risk adjustment),
• for investments in private equity the Group applies a risk premium of 5.5% above the risk free ten year yield curve (Euro Swap
including Credit risk adjustment).
No risk premium is taken into account for corporate and government bonds, as market risk-adjusted spreads are already included
in the illiquidity premium.
Acquisition cash flows
Insurance acquisition cash flows (IACF) are generally identified under IFRS 17 with reference to those acquisition costs incurred at
initial recognition of insurance contracts. Any insurance acquisition cash flows paid in advance (i.e., before the coverage period starts)
or unconditionally paid to the distribution channels embedding a renewal probability are considered out of contractual boundaries
and recognized as an asset (IACF asset). In applying the PAA model, the insurance acquisition cash flows occurred after the
inception date are not recognized as expenses if paragraph 59(a) of IFRS 17 applies.
The IACF asset is allocated on a systematic basis to the group of insurance contracts to which it belongs. Consequently, the
allocated amount of IACF asset is recognized as part of:
• the fulfilment cash flows and reduces the CSM of the related group of contracts for contracts measured under GMM and VFA;
• the liability for remaining coverage for contracts measured under PAA.
When applying GMM and VFA, the amortization of the IACF follows the same coverage unit pattern used for releasing the CSM. If,
however, the IACF relate to insurance contracts accounted for under the PAA model, the amortization follows the release of the LRC.
For groups of contracts to be recognized or for the future renewals or for contracts that have a delay in the beginning of the coverage,
240
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
in case the expected future cash flows (including Risk Adjustment) do not exceed the IACF asset, an impairment of the asset should
be considered and reported in profit or loss. At each reporting date, if a reversal of impairment is recognized based on the outcome
of the impairment test, the IACF asset is increased, and a gain is recognized in profit or loss.
Insurance finance income and expenses
The Group applies the disaggregation approach to its existing portfolio of insurance contracts issued and reinsurance contracts held
to mitigate the potential accounting mismatch and related volatility in the Income Statement that may arise because of the interaction
between the classification and measurement of financial assets in accordance with IFRS 9 and the accounting for insurance contract
liabilities.
Consequently, any change in discount rates is recognized into Other Comprehensive Income. More in detail:
• for insurance contracts under the Variable Fee Approach, the insurance finance expenses to be included in the Income Statement
is an amount that offsets the finance income (expense) arising on the financial underlying items;
• for insurance contracts under the GMM, the insurance finance expenses that are recognized in the Income Statement include only
the amount arising by discounting insurance liabilities with the discount rates determined at initial recognition (i.e. locked-in rate).
Any change in financial assumptions arising from the application of current rates shall be accounted for Other Comprehensive
Income;
• for insurance contracts under the PAA, the insurance finance expenses recognized in the Income Statement include mainly the
amount derived from discounting insurance liabilities with discount rates determined at the incurred claims date for the liability for
incurred claims (so-called accident-year rate). Any change in financial assumptions arising from applying current rates are, on the
other hand, recognized within the Other Comprehensive Income.
Such accounting policy choice is applied coherently at a portfolio level of insurance contracts issued and reinsurance cession
contracts.
Insurance finance income and expenses include also changes of groups of insurance contracts with direct participation features,
associated with the effects and variations of financial risks that do not modify the Contractual Service Margin as they are subject to
mitigation with derivatives or non-derivative financial instruments measured at fair value through profit or loss, or with reinsurance
contracts held (so-called risk mitigation).
Derecognition
According to IFRS 17, derecognition of an insurance contract happens when the contract is terminated, expires or is modified in
such a way as to be considered a new contract. More in detail:
• the contract is considered terminated when the entity is obliged to fulfill each obligation or when contract’s rights and obligations
are no longer enforceable;
• the contract expires at the end of the insurance coverage period specified in the contract itself;
• if the terms of the contract are significantly modified, the entity has to cancel the original contract and recognize the modified
contract as a new contract. This happens only if the modification implies a substantial variation of rights and obligations for the
counterparts.
Reinsurance contracts
According to IFRS 17, reinsurance contracts are recognized, measured and accounted for separately from direct insurance contracts.
The reference accounting model is the same as the one for direct insurance contracts, with the following exceptions:
• measurement model: VFA is not envisaged. Valuation follows the GMM or the PAA based on the characteristics of the reinsurance
contracts and independently of the underlying direct business;
• CSM: the Contractual Service Margin of a portfolio of reinsurance contracts could either be positive or negative, as it is not
envisaged for an immediate recognition of losses for onerous contracts;
• loss recovery component: in case of onerous underlying business, it is possible to compensate the loss recognized in the Income
Statement of the period by recognizing a profit, estimated on the basis of the quota of recoverable claims (so-called loss recovery
component).
Insurance service revenues and expenses are presented gross of reinsurance, with the result of reinsurance held separately included
in the insurance service result.
241
Consolidated Financial Statements
Transition
IFRS 17 has been applied starting from annual reporting periods beginning on January the 1st, 2023. The transition date has been
identified by the beginning of the annual reporting period immediately preceding the date of initial application (January the 1st 2022).
In the following paragraphs are reported the main accounting policies adopted by the Group in the IFRS 17 transition phase.
IFRS 17 envisages the following methods to recognize and measure insurance and reinsurance contracts for transition purposes:
• Fully Retrospective Approach (FRA): this method requires an entity to identify, recognize and measure each group of insurance and
reinsurance contracts as if IFRS 17 had always been applied;
• Modified Retrospective Approach (MRA): if the FRA is impracticable, an entity can choose to apply the MRA, whose objective is to
approach the closest result to applying the FRA, maximizing the use of information that would have been used in that eventuality,
if available without excessive costs or efforts, and considering appropriate and reasonable approximations;
• Fair Value Approach (FVA): if the FRA is impracticable, an entity can choose to apply the FVA. This transition method relies on the
possibility to calculate the contractual service margins at the date of transition as the difference between the fair value of a group
of insurance contracts at that date and the Fulfilment Cash Flows at that date.
The Full Retrospective Approach (FRA) is applicable to contracts for which the totality of historical data is available, and for which is
not necessary to apply simplified assumptions. The Group deemed this approach possible mainly for the measurement of liabilities
for residual coverage related to short term contracts, valued with the Premium Allocation Approach, and for the measurement of
liabilities for incurred claims related to more recent generations.
As for long-term contracts where the FRA is impracticable, the MRA is considered as the preferred transition method.
In particular, for contracts characterized by intergenerational mutualisation of cash flows the FRA has been generally deemed
impracticable, also taking into consideration the fact that the Group applied the exemption from the application of the annual cohorts
requirement (i.e., carve-out option).
Within the Life segment, approximately 93% of the Contractual Service Margin at the transition date was therefore measured by
applying the Modified Retrospective Approach, or the Full Retrospective Approach to a residual extent. The remaining 7% of the
Contractual Service Margin is measured using the Fair Value Approach and concerns specific run-off portfolios.
The extensive application of the Modified Retrospective Approach ensures greater alignment with the Present Value of Future Profits
(PVFP) of the underlying portfolio and a valuation consistent with that applied to new business after the transition date.
In the P&C segment, the Full Retrospective Approach was applied for measurement at the transition date of the Liability for Remaining
Coverage of contracts valued with the PAA. With regard to the Liability for Incurred Claims (LIC), it is noted that the Group applied the
Fair Value Approach for all the accident years prior to 2016, taking into consideration the absence of reasonable and demonstrable
information to determine the reference curve rate required by the Full Retrospective Approach. Therefore, the discount curve at the
year end of 2021 has been used to discount the Liabilities for Incurred Claims (LIC) relating to claims with a year of occurrence prior
to 2016. For all the subsequent years of occurrence, the estimates at the transition date of the Liabilities for Incurred Claims (LIC)
have been valued with the Full Retrospective Approach.
With reference to the P&C business measured under the GMM, it is noted that the related Contractual Service Margin has been
measured at the transition date mainly with the Fair Value Approach.
The Modified Retrospective Approach allows a list of simplifying assumptions related to the level of aggregation, the discount rate,
the Contractual Service Margin recognition and the insurance finance income or expenses.
Regarding the level of aggregation of groups of insurance contracts, the Group envisages performing the eligibility test to apply
the Variable Fee Approach, with the objective of identifying groups of contracts with elements of direct participation, by using data
and assumptions related to the date of initial recognition, therefore not leveraging the simplification, except in cases where relevant
information is unavailable.
The Group applied the approved amendment to IFRS 17 homologated by the European Commission (EU Regulation 2021/2036
of the Commission), that envision the possibility of not applying the annual cohorts’ requirement (i.e., carve-out option) for group
of contracts characterized by intergenerational mutualisation of cash flows and groups of insurance contracts characterized by
matching cash flow approved by supervisory authorities for application of the matching adjustment.
Regarding the depth of historical information considered for the purposes of the evaluation, data were retrieved, when possible, up
to the date when the oldest contract in each group of insurance contracts at the transition date was issued. When this approach
was impracticable, a lesser historical depth was considered, with a previous assessment of the materiality of the impact on the
Contractual Service Margin at the transition, resulting from the exclusion of missing and/or unused historical data.
242
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
With regard to contracts without direct participation features, historical information from financial markets has been used to determine
the locked-in curves at the initial recognition date, identified for each group of insurance contracts. Based on the same information,
a liquidity premium was estimated at the initial recognition date, applying the same approach considered for measurements following
the transition.
With regard to business combination, the Group chose to adopt the simplification provided by the Standard that allows classification
of a liability for insurance contracts acquired before the transition date as a Liability for Incurred Claims (LIC) rather than a Liability for
Remaining Coverage (LRC).
The objective of the Modified Retrospective Approach, similarly to the Full Retrospective Approach, is to determine the Contractual
Service Margin at the initial recognition date of the contract and roll its value at the transition date:
• in the case of contracts with direct participation elements, IFRS 17 provides that the Contractual Service Margin of Liabilities for
Remaining Coverage at the transition date is calculated as the difference between the fair value of the underlying assets at such
date and the Fulfilment Cash Flows, adjusted to include related amounts charged, either paid to policyholders, or related to the
adjustment for non-financial risk, between the initial recognition date and the transition date.
Coherently with this requirement, the Group adjusted the above-mentioned difference between the fair value of underlying assets
and the Fulfilment Cash Flows for each group of insurance contracts with direct participation features, considering past results
according to contractually defined rules and/or relevant local legislation.
When retrieving information on past profits, the contribution of generations of contracts that have been measured at the transition
date with the Full Retrospective Approach and the generations of contracts that were not part of the portfolio at the date of
transition (i.e. contracts expired before the date of transition), have been excluded as they are not part of the portfolio subject to
the measurement;
• regarding contracts without direct participation elements, IFRS 17 provides that an entity shall estimate the future cash flows at
the date of initial recognition, for each group of insurance contracts, as the amount of the future cash flows at the transition date
(or at an earlier date, if the future cash flows at a prior date can be determined retrospectively), adjusted by the cash flows that are
known to have occurred between the initial recognition date and the transition date.
Coherently with this requirement, the Group considered a date of application of IFRS 17 anticipated compared to the transition
date, exclusively whenever it was deemed practicable based on data availability, reasonableness of costs and the approximation
level that the activity would have required. In certain cases, the adjustment of Fulfilment Cash Flows based on net cash flows that
occurred between the first recognition date and the date of transition was approximated by past financial results.
Regarding the adjustment for non-financial risk, the estimate of this component at the initial recognition date, for each group of
insurance contracts, was applied starting from its amount at the transition date, properly adjusted to consider the profile of risk
releasing between the date of transition and the initial recognition date.
With regards to the insurance finance income and expenses, the Group adopted the following disaggregation approach for the
liabilities for remaining coverage:
• for insurance contracts with direct participation elements, if the Group held underlying assets, the opening entries in the Other
Comprehensive Income are determined similarly to the opening OCI of the related underlying assets;
• for insurance contracts with direct participation elements, if the Group did not hold the underlying elements, the OCI liabilities were
set to zero;
• for insurance contracts without direct participation elements, the opening OCI was calculated as the difference between the
present value of future cash flows measured at the transition date with locked-in rates, defined at the initial recognition date, and
the same value measured at the transition date considering current rates.
Regarding the Liabilities for Incurred Claims (LIC), coherently with market practice, it is noted that the discount curve at year end of
2021 was applied to discount the Liabilities for Claims Incurred (LIC) for claims with an accident year prior to 2016, for which it was
not possible to determine the reference curve required by the Full Retrospective Approach. Consequently, there was no impact in the
Other Comprehensive Income at the transition date for the Liabilities for Incurred Claims (LIC) regarding claims incurred before 2016.
Finally, with reference to insurance contracts for which the Fair Value Approach was applied at the transition date, the Contractual
Service Margin was determined as the difference between the fair value of such contracts and the amount of the related Fulfilment
Cash Flows at the transition date. The methodology used by the Group for determining the fair value mainly considered: i) the
present value with current rates of expected future cash flows, ii) a prudency margin considering risk and uncertainty related to
the present value of future cash flows and iii) a margin to compensate the invested capital, calculated based on a cost of capital
approach.
243
Consolidated Financial Statements
Investments
Land and Buildings (Investment Properties)
In accordance with IAS 40, this item includes land and buildings held to earn rentals or for capital appreciation or both. Land and
buildings for own activities and property inventories are instead classified as Tangible assets.
To measure the value of land and buildings (investment properties), the Group applies the cost model set out by IAS 40 and adopts
the depreciation criteria defined by IAS 16. Please refer to the paragraph on land and buildings (self-used) for additional information.
For investment properties underlying contracts with direct participation features (for a share at least equal to or greater than 50%),
the Group adopts fair value measurement through profit or loss, in line with provisions of paragraph 32A of IAS 40. For additional
details on the measurement of these land and buildings, please refer to section Fair Value Measurement.
Leases of land and buildings are accounted for according to IFRS 16 requirements.
Investments in subsidiaries, associated companies and joint ventures
This item includes investments in subsidiaries and associated companies valued at equity or maintained at cost when it is considered
a reasonable approximation of the related measurement method. Immaterial investments in subsidiaries and associated companies
maintained at the cost, as well as investments in associated companies and interests in joint ventures valued using the equity method
belong to this category.
For investments in subsidiaries, associated companies and joint ventures underlying contracts with direct participation features (for
a share at least equal to or greater than 50%), the Group adopts fair value measurement through profit or loss, in line with provisions
of paragraph 18 of IAS 28. For additional details on the measurement of these investments, please refer to section Fair Value
Measurement.
A list of such investments, excluding investments in subsidiaries, associated companies and joint ventures valued at cost, is shown
in attachment to this Consolidated financial statement.
Financial assets
IFRS 9 envisages a classification approach for financial instruments based on models through which financial instruments are
managed (business models) and on their contractual cash flow characteristics (SPPI test - Solely Payments of Principal and Interest).
The standard identifies three possible business models:
• “Hold to collect” with the aim of holding financial assets to maturity and collecting the contractual cash flows.
• “Hold to collect and sell” with the aim of holding financial assets, both to collect the contractual cash flows and to realise gains
from their sale.
• “Other” which covers all cases not included in the previous two business models.
The “Hold to collect and sell” model is the main business model for the Group. There are a limited number of exceptions, largely
referring to the banking business, for which the specific business characteristics were considered in determining the main business
model and were consistently reflected in the accounting classification of the related portfolios.
In addition to the analysis related to the business model, the standard requires analysis of the contractual terms of financial assets. To
allow their classification at amortised cost or at fair value through other comprehensive income, cash flows generated by the financial
asset must be represented by Solely Payments of Principal and Interest (SPPI test). This analysis is conducted, in particular, for debt
securities and loans, at individual financial instrument level, and from the moment of initial recognition in the financial statements.
The contractual cash flow analysis for a financial asset must be based on the general concept of “basic lending arrangement”.
Where specific contractual clauses introduce exposure to risk or volatility of contractual cash flows that are not consistent with this
concept, the contractual flows are not compliant with the SPPI requirements (e.g., cash flows exposed to changes in share, index or
commodity prices). If there are contractual conditions that modify the time value of money element, a “benchmark cash flows test”
should be performed - considering quantitative and qualitative elements - to confirm whether the contractual cash flows still satisfy
the SPPI requirements.
In accordance with the results of the business model and SPPI test, financial assets can be classified in the following accounting
categories.
244
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Financial assets measured at amortised cost
Financial assets at amortised cost include debt instruments managed under the “Hold to collect” business model, the contractual
terms for which are represented solely by payments of principal and interest (SPPI test passed).
Financial assets measured at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include debt instruments managed under the “Hold to collect and
sell” business model, the contractual terms for which are represented solely by payments of principal and interest (SPPI test passed).
Moreover, this category includes equity instruments held in portfolios other than those covering contracts underlying insurance
contracts with direct participation features (VFA business), for which the Group has adopted the option of designation at fair value
through other comprehensive income without recycling in the income statement.
Financial assets measured at fair value through profit or loss
Financial assets at fair value through profit or loss include all financial assets managed under the “Other” business model and
financial assets compulsorily measured at fair value due to failing the SPPI test.
For equity instruments, the standard requires the measurement at fair value through profit or loss, except for instruments that are
not held for trading purposes, for which the option of irrevocable designation at fair value through other comprehensive income is
adopted. If this option is adopted, income components other than dividends cannot be recycled in the income statement.
There is also the option, on initial recognition, to designate a financial instrument at fair value through profit or loss if that would
eliminate or significantly reduce the accounting mismatch in the measurement of assets or liabilities or recognition of gains and losses
related to them.
Other financial assets
The category includes other financial assets not included in item Investments, such as trade receivables, receivables towards
insurance intermediaries and financial assets referred to in IFRS 15 – Revenue from Contracts with Customers.
Impairment
In line with IFRS 9 accounting standard dictates, Generali Group introduced an impairment model to determine expected credit
losses (ECL) in accordance with the principle’s guidelines which recommends, for each financial instrument categorized as either
bond, loans or trade receivables and it is accounted for as amortised cost or fair value through other comprehensive income, the
assessment of its credit risk (probability of default, PD) and potential consequential loss (loss given default, LGD) necessary to
determine the corresponding expected loss.
Above mentioned parameters must be estimated based on all information available without undue costs or efforts regarding past
events, current economic situation, and future forecasts, and considering a pool of possible scenarios. The Group decided to
determine expected losses starting from three scenarios: a baseline one and two alternative scenarios, respectively an optimistic and
a conservative one both compared to the central estimate of the evolution of macroeconomic variables.
The standard foresees also three different credit risk stages in which an entity should classify various financial assets:
• in the first stage falls all debt securities and loans that do not show a significant increase in credit risk since the initial recognition
date or that present low credit risk at reporting date. For these assets, expected losses for the next 12 months (one year ECL) are
recognized in the income statement. Interest income recognized on these assets is calculated on the gross carrying amount of
the financial asset;
• the second stage includes all debt instruments and loans that, at reporting date, present a significant increase in credit risk
compared to the initial recognition, but do not show evidences of impairment. For these assets, expected losses resulting from
all possible default events over the entire remaining life of the instrument (lifetime ECL) are recognized in the income statement.
Interest income recognized on these assets is calculated on the gross carrying amount of the financial asset;
• the third stage consists of all debt instruments and loans that show evidence of impairment. For these assets, the expected loss
is defined as the difference between the present value of contractual cash flows and the present value of cash flows estimated in
relation to the default process. Interest income recognized on these assets is calculated on the net carrying amount of the financial
assets.
With regards to its own investment portfolio and the assessment of expected losses, Generali Group has devised two distinct
models, tailored to the unique characteristics of main financial asset classes within the portfolio. Specifically:
• bonds and bond likes; and
• trade receivables and loans to individuals.
Regarding investments in Bond and bond likes, the calculation of expected credit losses is based on the assessment of each single
position, intended as the sum of exposures to a specific instrument which have identical characteristics at the time of acquisition.
The identified positions undergo an evaluation that quantifies their creditworthiness, considering the respective sector and country
of risk, thereby defining a specific probability of default and consequential loss.
245
Consolidated Financial Statements
More in detail, the definition of probability of default, intended as the inability to meet the expected payment of principal or interest,
originates from the quantification of the generic credit risk (through the cycle) of the issuer, expressed through the usage of credit
ratings. Subsequently, each position is associated with a probability of default related to the issuer’s credit risk in the specific
economic context (point in time) and with a probability of default related to future expectations (forward-looking) according to specific
models designed to consider sector and country of risk characteristics.
These pieces of information are used both for estimating the twelve-month probability of default and the lifetime probability of default.
Subsequently, the same quantitative information, combined with qualitative elements and managerial assessments, is utilized to
define any significant increase in credit risk.
It is worth noting that within the methodologies used by the Group for quantifying the significant increase in credit risk, the so-called
low credit risk exemption is not directly taken into account, whereas for what regards the classification within the third stage, the
process can originate from by the quantitative results of the stage allocation process or by a managerial decision, but it is always
subjected to a final approval by a dedicated internal committee.
The probability of default thus identified, combined with a loss given default also parameterized at single instrument level, based on
issuer’s characteristics and debt seniority, is then attributed to each single position exposure at default, in order to finally determine
the expected credit loss.
For what concerns trade receivables and loans to individuals, also referred to as ‘other than bonds,’ a dedicated ECL model has
been defined to allow the quantification of the probability of default, despite their intrinsic characteristics that do not permit the use
of public or market information (e.g., ratings).
According to this model, the probability of default and the related loss given default result from a retrospective analysis of each
company’s portfolio. This analysis aims to identify trends and define risk classes among companies’ positions, which are then used
to classify borrowers based on the duration of non-performing periods and subsequently define corresponding PD and LGD.
In particular, starting from these risk classes and constantly observing the evolution of the loan portfolio over time, a point-in-time
probability of default is then determined. This probability is subsequently transformed into a forward-looking estimate through the
usage of a dedicated satellite model which aims at linking the evolution of the probability of default to specific macroeconomic
indexes.
Also stage allocation process leverages on the analysis of non-performing positions and it foresees, for installment loans, the
possibility of allocation to first, second, or third stage, while for trade receivables, a simplification allowed by IFRS 9 is applied where
stage allocation process is bypassed, and expected credit losses are calculated directly throughout the instruments’ entire life.
It is worth noting that, given the heterogeneous composition of trade receivables and loans to individuals portfolios within Group’s
companies, as well as the Group’s nature of financial conglomerate, the adoption of specific local procedures is encouraged where
deemed more suitable to the peculiarities of the business or operational context.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
• the rights to receive cash flows from the asset have expired;
• the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognised to the extent of the
Group’s continuing involvement in the asset. In that case, the Group also recognises an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Group could be required to repay.
Other assets
Non-current assets or disposal groups classified as held for sale, tax receivables, deferred tax assets, and other assets not classified
in other items of assets are classified in this item.
Non-Current Assets or Disposal Groups Classified as Held For Sale
This item comprises non-current assets or disposal groups classified as held for sale under IFRS 5. Non-current assets and disposal
groups are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than
through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the
asset or disposal group is available for immediate sale in its present condition and management must be committed to the sale,
which should be expected to qualify for recognition as a completed sale within one year from the date of classification.
They are measured at the lower of their carrying amount and fair value less costs to sell.
246
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The profit or loss for the period as well as any effect of the application of IFRS 5, are excluded from the results of continuing operations
and are presented as a single amount in profit or loss after tax from discontinued operations in other comprehensive income.
Deferred tax assets
Deferred tax assets are recognized for deductible temporary differences between the carrying amounts of assets and liabilities and
the corresponding amounts recognized for tax purposes.
In the presence of tax losses carried forward or unused tax credits, deferred tax assets are recognized to the extent that it is probable
that future taxable profit will be available against which the aforementioned tax losses or unused tax credits.
Deferred taxes relating to items recognised outside profit or are recognised outside profit or loss too. Deferred tax items are
recognized, in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current
income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Deferred tax assets are measured at the tax rates that are expected to be applied in the year when the asset is realized, based on
information available at the reporting date.
Deferred tax assets are not recognized in the following cases provided in paragraph 24 of IAS 12:
• when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss;
• in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the temporary differences can be utilised;
• for all deductible temporary differences between the carrying amount of assets or liabilities and their tax base to the extent that it
is probable that taxable income will be available, against which the deductible temporary differences can be utilised.
Tax receivables
Receivables related to current income taxes as defined and regulated by IAS 12 are classified in this item. They are accounted for
based on the tax laws in force in the countries where the consolidated subsidiaries have their tax offices.
Current income taxes relating to items recognised outside profit or are recognised outside profit or loss, too. Current income taxes
are recognized, in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
Other assets
This item comprises deferred commissions for investment management services related to investment contracts. Deferred fee
and commission expenses include acquisition commissions related to investment contracts without DPF measured at fair value as
provided for by IFRS 9 as financial liabilities at fair value through profit or loss. Acquisition commissions related to these products
are accounted for in accordance with IFRS 15. For further information please refer to paragraph Revenues from contracts with
customers within the scope of IFRS 15.
Deferred commissions for investment management services are amortised, after assessing their recoverability in accordance with
IAS 36.
Tax credits not arising from Income Taxes, therefore out of the scope of IAS 12 (including tax credits acquired on the market) are also
included among Other assets.
Cash and cash equivalents
Cash in hand and equivalent assets, cash and balances with banks payable on demand (including treasury current accounts with
negative balances at the end of the period) and with central banks are accounted for in this item at their carrying amounts.
Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value are included in this item. Investments are qualified as cash equivalents only when they have a short maturity
not exceeding three months from the date of the acquisition.
247
Consolidated Financial Statements
Balance sheet - Equity and Liabilities
Shareholder’s equity
Shareholder’s Equity Attributable to the Group
Share Capital
Ordinary shares are recognized as share capital and their value equals the nominal value.
Other equity instruments
This item includes special categories of shares and any equity components embedded of compound financial instruments.
It is noted that this line item comprises issuances of subordinated debt that are classified as equity instruments and, in particular,
the perpetual Restricted Tier 1 notes. These securities are perpetual and may be redeemed at the issuer’s discretion, subject to the
fulfilment of the conditions required for redemption under the applicable legislation, as detailed in the terms and conditions of the
notes.
Capital reserves
The item includes, in particular, the share premium account of the Parent Company.
Revenue reserves and other reserves
The item comprises retained earnings or losses adjusted for the effect of changes arising from the first-time application of IAS/IFRS
(including IFRS 9 and IFRS 17), the reserve deriving from the derecognition of equity instruments designated at fair value through
other comprehensive income, the reserve for changes in fair value with impact on other comprehensive income of investments in
subsidiaries, associated companies and joint ventures measured at fair value, the reserve deriving from the application of the IAS 29,
reserves for share-based payments, legal reserves envisaged by the Italian Civil Code and special laws before the adoption of IAS,
as well as reserves from the consolidation process.
Own shares
As provided for by IAS 32, the item includes equity instruments of the Parent company held by the same company or by its
consolidated subsidiaries.
Valuation reserves
The item mainly includes:
• exchange differences to be recognised in equity in accordance with IAS 21, which derive from accounting for transactions in
foreign currencies and from the translation of subsidiaries’ financial statements denominated in foreign currencies;
• gains or losses arising from changes in the fair value of financial assets at fair value through other comprehensive income, as
previously described in the corresponding item of investments. The amounts are accounted for net of the related deferred taxes;
• gains or losses arising from changes in the fair value of equity instruments designated at fair value through other comprehensive
income, as previously described in the corresponding item of investments. The amounts are accounted for net of the related
deferred taxes;
• finance income and expenses related to existing insurance contracts issued and reinsurance contracts held for which the Group
applies the disaggregation approach;
• gains or losses on cash flow hedging instruments and gains or losses on hedging instruments of a net investment in a foreign
operation;
• profits and losses relating to defined benefit plans; and
• the part of the balance sheet reserves whose variation is part of the comprehensive income of participations and those relating to
non-current assets or disposal groups classified as held for sale.
Shareholder’s Equity Attributable to minority interests
The item comprises equity instruments attributable to minority interests. It also includes unrealized gains and losses on financial
assets at fair value through other comprehensive income and any other gains or losses recognized directly in equity attributable to
minority interests.
248
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Result of the period attributable to the Group
The item refers to the Group consolidated result of the period. Dividend payments are accounted for after the approval of the
shareholders’ general meeting.
Result of the period attributable to minority interests
This item refers to the consolidated result of the period attributable to minority interests.
Other provisions
Provisions for risks and charges are provided only when it is deemed necessary to respond to an obligation (legal or implicit) arising
from a past event and it is probable that an outflow of resources whose amount can be reliably estimated, as required by IAS 37 –
Provisions Contingent Liabilities and Contingent Assets.
Within this item are also included financial guarantees issued within the scope of IFRS 9 and related loss allowance, commitments
to provide a loan at a below-market interest rate and related loss allowance, and loss allowance on loan commitments that are not
within the scope of IFRS 9.
Financial liabilities
Financial liabilities at fair value through profit or loss and financial liabilities at amortised cost are included in this item.
Financial liabilities measured at fair value through profit or loss
The item refers to financial liabilities at fair value through profit or loss, as defined and regulated by IFRS 9. In detail, it includes
financial liabilities related to contracts where the investment risk is borne by the policyholders, other financial liabilities designated at
fair value through profit or loss, as well as derivative liabilities owned for both hedging and trading purposes.
Liabilities arising from agreements to repurchase minority interests recognized in accordance with paragraph 23 of IAS 32 are also
included under this item.
IFRS 9 requires that the amount of change in fair value of financial liabilities at fair value through profit or loss attributable to changes
in the credit risk of that liability shall be presented in other comprehensive income. The Group does not hold liabilities with own credit
risk. The only financial liabilities designated at fair value through profit or loss are contracts where the investment risk is borne by the
policyholders and investment contracts, the value change of which is therefore linked to the underlying asset and not to credit risk
of the liability.
Financial liabilities measured at amortised cost
The item includes financial liabilities measured at amortised cost as defined and governed by IFRS 9.
Subordinated liabilities are classified under this item; for these instruments, in the event of the liquidation of the entity, the creditor’s
right to repayment may be exercised only after all other creditors and bondholders have been satisfied.
Bond issuances are recognised at the amount effectively received at the time of issuance, net of transaction costs directly attributable
to the issue. The difference between this amount and the redemption value is recognised in profit or loss over the life of the issuance
using the effective interest rate method.
This item also includes interbank liabilities and liabilities to banking customers, deposits received from reinsurers, issued debt
securities, lease liabilities, other borrowings, and financial liabilities related to investment contracts not within the scope of IFRS 17
that are measured at amortised cost.
In this context, it should be noted that certain borrowings obtained by Group companies operating in the real estate sector are
subject to covenants, with standard terms consistent with commonly used market practices (such as Loan-to-Value (LTV) ratios,
Interest Coverage Ratios, or leverage indicators).
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and
the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement.
249
Consolidated Financial Statements
Payables
This item includes other financial liabilities not included in item Financial liabilities. In particular within this item are included provisions
for the Italian trattamento di fine rapporto (employee severance pay). These provisions are accounted for in accordance with IAS
19 - Employee Benefits.
Other liabilities
The item comprises liabilities not elsewhere accounted for. In detail, it includes liabilities directly associated with non-current assets
and disposal groups classified as held for sale, tax payables and deferred tax liabilities and other liabilities.
Liabilities Associated With Non-Current Assets and Disposal Groups
Classified As Held For Sale
The item includes liabilities directly associated with a disposal group, for which assets are equally classified as held for sale, as
defined by IFRS 5.
Deferred tax liabilities
Deferred tax liabilities are recognised for all taxable temporary differences between the carrying amount of assets and liabilities and
their tax base. Deferred tax liabilities are measured at the tax rates that are expected to be applied in the year when temporary
differences will be taxable, are based on the tax rates and tax laws enacted or substantively enacted at the reporting date.
Deferred taxes relating to items recognised outside profit or loss are recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current
income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Deferred tax liabilities are not recognized in the following cases provided for in paragraph 15 of IAS 12:
• when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
• in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures,
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will
not reverse in the foreseeable future.
Tax payables
The item includes payables due to tax authorities for current taxes. Current income tax relating to items recognised directly in equity
is recognised in equity and in the comprehensive income, while not in the income statement. This item includes also the uncertainties
in the accounting treatment of income taxes, as required by IFRIC 23 – Uncertainty over Income Tax Treatments.
Other liabilities
This item includes provisions for defined benefit plans, such as termination benefit liabilities and other long-term employee benefits
(the Italian provision for trattamento di fine rapporto is excluded and classified within Payables). In compliance with IAS 19, these
provisions are measured according to the projected unit credit method. This method implies that the defined benefit liability is
influenced by many variables, such as mortality, future salaries variations, expected inflation, expected rate of return on investments,
etc. The liability recognised in the balance sheet represents the present value of the defined benefit obligation net of the fair value
of plan assets (if any), adjusted for any actuarial gains and losses not amortised. The rate used to discount future cash flows is
determined by reference to market yields on high-quality corporate bonds. The actuarial assumptions are periodically tested to
confirm their consistency. The actuarial gains and losses arising from subsequent changes in variables used to make estimates are
recognised in other comprehensive income without any possibility of recycling to profit and loss.
Deferred fee and commission income include acquisition loadings related to investment contracts without DPF, which are classified
as financial liabilities at fair value through profit or loss, according to IFRS 9.
Acquisition loadings related to these products are accounted for in accordance with IFRS 15.
250
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Profit and loss account
Insurance service result
This item includes insurance revenue and insurance expenses related to insurance contracts issued or reinsurance contracts held.
Insurance revenue from insurance contracts issued or from reinsurance
contracts held
This item includes revenue from insurance contracts issued which reflect the portion of the consideration received from the
policyholder which is deemed to be due for the services provided in the period. The recognition of insurance revenues in the income
statement depends on the measurement model applied.
For insurance contracts that fall within the General Measurement Model or the Variable Fee Approach, the revenues recognized
in the reference period are mainly represented by the release of the CSM (on the basis of the coverage units as better detailed in
the chapter Contractual Service Margin release); by the adjustment for the non-financial risk relating to current services and from
changes in liabilities for remaining coverage for incurred claims and other expenses for expected insurance services, in addition to
the recovery of the relevant share of acquisition costs.
In the context of the Premium Allocation Approach model, the insurance revenues for the period are instead equal to the amount of
expected premium receipts attributed to the period (excluding investment components) on the basis of the passage of time. In the
event that the expected pattern of release of insurance risk during the coverage period differs significantly from the passage of time,
a release model is identified on the basis of the expected timing of future claims and costs.
With reference to reinsurance contracts held, this item includes the amounts recovered from the reinsurers such as, for example, the
amount of losses recovered on insurance contracts, in addition to the positive balance between recoveries and value adjustments
connected with the expected losses arising from the risk of default by the reinsurer.
Insurance service expenses from insurance contracts issued or from
reinsurance contracts held
Insurance service expenses from insurance contracts issued are mainly composed of:
• claims incurred during the year (excluding investment components) and other directly attributable expenses;
• change in liabilities for incurred claims;
• losses on onerous groups of contracts;
• commissions and expenses for the acquisition of insurance contracts, amortised or entirely recognised in profit or loss in the
period;
• management expenses related to investments backing insurance contracts to which VFA is applied.
For reinsurance contracts held, expenses of the period are represented by the allocation of the premiums paid in the period, net of
the amounts expected by the reinsurers which are not connected with the claims relating to the underlying insurance contracts, in
addition to the other acquisition costs entirely recognized in profit or loss and the negative balance between recoveries and value
adjustments connected with expected losses deriving from the risk of default by the reinsurer.
Result of investments
Income/expenses from financial assets and liabilities measured at fair value
through profit or loss
The item comprises realized gains and losses, interests, dividends and unrealized gains and losses on financial assets and liabilities
measured at fair value through profit or loss.
Income/expenses from investments in subsidiaries, associated companies
and joint ventures
The item comprises income and expenses of investments in associated companies and joint ventures, which are accounted for in
the corresponding asset item of the balance sheet and it is related to the Group share of result attributable to each associate or joint
venture.
251
Consolidated Financial Statements
Income/expenses from other financial assets and liabilities and investment
properties
The item includes income and expenses from financial instruments not at fair value through profit or loss and from investment
properties. In detail, it includes interest income calculated using the effective interest method, interest expenses, other income
including dividends from equity instruments which are recognised when the right arises, income from properties used by third parties,
expenses on investment properties (such as general property expenses and maintenance and repair expenses not recognised in the
carrying amount of investment properties); realized gains and realized losses from the write-off of financial assets, financial liabilities
and investment properties; depreciations, impairment and reversals of impairment of investment properties; unrealized gains and
losses from investment properties underlying contracts with direct participation features.
This item includes also the balance, positive or negative, between expected credit losses allocation and reversal on financial assets
at amortised cost and at fair value through other comprehensive income.
Net finance result
Net finance result is composed of result of investments, net finance income/expenses related to insurance contracts issued and net
finance income/expenses related to reinsurance contracts held.
Net finance income/expenses related to insurance contracts issued
The item includes the balance, positive or negative, of changes in carrying amount of insurance contracts issued related to effects
of time value of money, as well as effects of financial risks arising from cash flows of insurance contracts issued, different from those
that are recognized in other comprehensive income.
As previously highlighted, the Group applies the disaggregation approach to its existing portfolio of insurance contracts issued and
reinsurance contracts held recognizing any change in discount rates into other comprehensive income. In particular:
• for insurance contracts measured under VFA, the insurance finance expenses to be included in profit or loss are an amount that
offsets the finance income arising on the financial underlying items, resulting in the net of the separately items being nil;
• for insurance contracts measured under GMM and for the LRC of insurance contracts measured under PAA, the insurance finance
expenses to be included in profit or loss are only the amount arising by discounting insurance liabilities with the discount rates
determined at initial recognition (i.e. locked-in rate). Any changes in financial assumptions arising from the application of current
rates are accounted for in the other components of the statement of comprehensive income;
• for the LIC of insurance contracts measured under PAA the insurance finance expenses to be included in profit or loss are only
the amount arising by discounting LIC with the discount rates determined at incurred claims date (i.e. “accident-year” rate). Any
changes in financial assumptions arising from the application of current rates are accounted for in the other components of the
statement of comprehensive income.
This item also includes changes of groups of insurance contracts with discretionary participation features related to effects and
variations of financial risks that do not modify contractual service margin because subject to mitigation of financial risks with the
use of derivatives, financial instruments measured at fair value through profit or loss, or reinsurance contracts held (so-called risk
mitigation).
Net finance income/expenses related to reinsurance contracts held
The item includes the balance, positive or negative, of changes in carrying amount of reinsurance contracts held related to effects
and variations of time value of money, as well as effects and variations of financial risks arising from cash flows of reinsurance
contracts held, different from those that are recognized in other comprehensive income.
Other income/expenses
The item includes revenue arising from rendering of services other than financial services, such as service and assistance activities,
realized gains and losses and impairment, depreciation and reversals of impairment on self-used land and buildings, tangible assets
and other assets, the net fees and commission for financial services of companies operating in the financial segment, as well as
the release to the income statement of deferred fees and commissions related to contracts not falling within the scope of IFRS 17.
Acquisition and administration costs
The item includes acquisition and administration costs for investment management, such as overheads and personnel expenses for
investment management and other administration expenses, including overheads and personnel expenses related to the acquisition
and administration of investment contracts without discretionary participation features and administration expenses of non-insurance
companies.
252
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Net provisions for risks and charges
The item contains the balance, positive or negative, between the provisions and any release relating to the provisions for risks and
charges.
Net impairment and depreciation of tangible assets
The item contains the balance, positive or negative, between impairment, depreciation and reversals of impairment on tangible
assets different than those related to investment properties, those related to leased assets and right of use assets acquired with the
lease and related to the use of tangible assets.
Net impairment and amortisation of intangible assets
The item contains the balance, positive or negative, between impairment, depreciation and reversals of impairment on intangible
assets, including those related to leased assets and right of use assets acquired with the lease and related to the use of intangible
assets.
Other income/charges
The item includes income and charges not attributable to the other items that contribute to the determination of the profit (loss)
before tax.
Income tax
The item includes income taxes for the period and for previous years, deferred taxes and tax losses carried back, as well as the tax
benefit from tax losses. This item includes also the uncertainties in the accounting treatment of income taxes, as required by IFRIC
23.
Profit (Loss) from discontinued operations
The item includes income and expenses from discontinued operations, net of taxes.
Statement of Comprehensive income
The statement of comprehensive income was introduced by the revised IAS 1 issued in September 2007 by the IASB, approved by
the EC Regulation No 1274/2008. The statement comprises items of income and expenses different from those included in profit or
loss, recognised directly in equity other than those changes resulting from transactions with shareholders.
In accordance with the ISVAP (now IVASS) Regulation No. 7 of 13 July 2007, as amended by Art. 12 of IVASS Order no. 121 of 7
June 2022 and by IVASS Order No. 152 of 26 November 2024, items of income and expenses are net of taxes. Total comprehensive
income is divided by distinguishing the part attributable to the Group from that attributable to minority interests.
Statement of changes in equity
The statement was prepared in accordance with the requirements of the ISVAP (now IVASS) No. 7 of 13 July 2007, as amended by
Art. 12 of IVASS Order no. 121 of 7 June 2022 and by IVASS Order No. 152 of 26 November 2024, and explains all the variations
of equity.
Statement of cash flows
The report, prepared using the indirect method, is drawn up in accordance with the ISVAP (now IVASS) requirements n. 7 of 13
July 2007, as amended by Art. 12 of IVASS Order no. 121 of 7 June 2022 and by IVASS Order No. 152 of 26 November 2024,
distinguishing its component items among operating, investing and financing activities.
253
Consolidated Financial Statements
Other information
Fair value
IFRS 13 - Fair Value Measurement provides guidance on fair value measurement and requires disclosures about fair value
measurements, including the classification of financial assets and liabilities in fair value hierarchy levels.
With reference to the investments, Generali Group measures financial assets and liabilities at fair value in the financial statements,
or discloses the contrary in the notes.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date (exit price). In particular, an orderly transaction takes place in the principal or most advantageous
market at the measurement date under current market conditions.
A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:
• in the principal market for the asset or liability; or
• in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value is equal to market price if market information is available (i.e. relative trading levels of identical or similar instruments)
into an active market, which is defined as a market where the items traded within the market are homogeneous, willing buyers and
sellers can normally be found at any time and prices are available to the public.
If there isn’t an active market, a valuation technique should be used which shall maximise the observable inputs. If the fair value
cannot be measured reliably, amortised cost is used as the best estimate in determining the fair value.
As for measurement and disclosure, the fair value depends on the unit of account, depending on whether the asset or liability is a
stand-alone asset or liability, a group of assets, a group of liabilities or a group of assets and liabilities in accordance with the related
IFRS.
However, when determining fair value, the valuation should reflect its use if in combination with other assets.
With reference to non-financial assets, fair value measurement of a non-financial asset takes into account a market participant’s
ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use. The highest and best use of a non-financial asset takes into account the use of the
asset that is physically possible and legally permissible taking into account financial feasibility. However, an entity’s current use of a
non-financial asset is presumed to be its highest and best use unless market or other factors suggest that a different use by market
participants would maximise the value of the asset.
For the liabilities, the fair value is represented by the price that would be paid to transfer a liability in an orderly transaction in the
principal (or most advantageous) market at the measurement date under current market conditions (i.e. an exit price). The valuation
shall always consider the creditworthiness of the issuer.
When a quoted price for the transfer of an identical or a similar liability or entity’s own equity instrument is not available and the
identical item is held by another party as an asset, an entity shall measure the fair value of the liability or equity instrument from the
return perspective of a market participant that holds the identical item as an asset at the measurement date. This return perspective
is determined, where relevant, also having regard to the remuneration of the capital necessary to assume this liability.
Fair value hierarchy
Assets and liabilities measured at fair value in the consolidated financial statements are measured and classified in accordance
with the fair value hierarchy in IFRS13, which consists of three levels based on the observability of inputs within the corresponding
valuation techniques used.
The fair value hierarchy levels are based on the type of inputs used to determine the fair value with the use of adequate valuation
techniques, which shall maximize the market observable inputs and limit the use of unobservable inputs:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date.
• Level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly
(i.e. quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets
that are not active; inputs other than quoted prices that are observable for the asset or liability; market-corroborated inputs).
• Level 3 inputs are unobservable inputs for the asset or liability, which reflect the assumptions that market participants would use
when pricing the asset or liability, including assumptions about risk (of the model used and of inputs used).
The fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is
significant to the entire measurement. Assessing the significance of a particular input to the entire measurement requires judgement,
taking into account factors specific to the asset or liability.
A fair value measurement developed using a present value technique might be categorised within level 2 or level 3, depending on the
inputs that are significant to the entire measurement and the level of the fair value hierarchy within which those inputs are categorised.
If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or
lower fair value measurement, the resulting measurement would be categorised within the level attributable to the input with the
lowest level utilized.
254
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Adequate controls have been set up to monitor all measurements including those provided by third parties. If these checks show
that the measurement is not considered as market corroborated the instrument is classified in level 3. In this case, generally the
main inputs used in the valuation techniques are volatility, interest rate, yield curves, credit spreads, dividend estimates and foreign
exchange rates.
Valuation techniques
Valuation techniques are used when a quoted price is not available or shall be appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
Single or multiple valuation techniques valuation technique will be appropriate. If multiple valuation techniques are used to measure
fair value, the results shall be evaluated considering the reasonableness of the range of values indicated by those results. A fair value
measurement is the point within that range that is most representative of fair value in the circumstances.
Three widely used valuation techniques are:
• market approach: uses prices and other relevant information generated by market transactions involving identical or comparable
(i.e. similar) assets, liabilities or a group of assets and liabilities;
• cost approach: reflects the amount that would be required currently to replace the service capacity of an asset; and
• income approach: converts future income to the related current (i.e. discounted amount).
Application to assets and liabilities
Debt securities
Generally, if available and if the market is defined as active, fair value is equal to the market price.
In the opposite case, the fair value is determined using the market and income approach. Primary inputs to the market approach
are quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark
defines the fair value level. The income approach in most cases means a discounted cash flow method where either the cash flow
or the discount curve is adjusted to reflect credit risk and liquidity risk, using interest rates and yield curves commonly observable at
frequent intervals. Depending on the observability of these parameters, the security is classified in level 2 or level 3. In particular, for
level 3 instruments, the fair value is determined using expert judgement estimates or risk-adjusted value ranges.
Equity securities
Generally, if available and if the market is defined as active, fair value is equal to the market price.
In the opposite case, the fair value is determined using the market and income approach. Primary inputs to the market approach are
quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark defines
the fair value level. The income approach in most cases means a discounted cash flow method estimating the present value of future
dividends. Depending on the observability of these parameters, the security is classified in level 2 or level 3.
Investment funds and SICAV
Generally, if available and if the market is defined as active, fair value is equal to the market price.
The fair value of investment funds is mainly determined using audited financial statements or the Net Asset Value (NAV) provided
by the responsible parties, adjusted, if necessary, to comply with the requirements of IFRS 13. The level of fair value hierarchy is
assigned consistently with the characteristics of the inputs used.
With reference to SICAV, if fair value is not available or if the market is not active, the fair value is mainly determined using net asset
values provided by the responsible subjects. This value is based on the valuation of the underlying assets carried out through the
use of the most appropriate approach and inputs. Depending on how the share value is collected, directly from public providers or
through counterparts, the appropriate hierarchy level is assigned. If this NAV equals the price at which the quote can be effectively
traded on the market in any moment, the Group considers this value comparable to the market price.
Derivatives
Generally, if available and if the market is defined as active, fair value is equal to the market price.
In the opposite case, the fair value of derivatives is determined using internal valuation models or provided by third parties. In particular,
the fair value is determined primarily on the basis of income approach using deterministic or stochastic models of discounted cash
flows commonly shared and used by the market.
The main input used in the valuation include volatility, interest rates, yield curves, credit spreads, dividend estimates and exchange
rates observed at frequent intervals.
With reference to the fair value adjustment for credit and debt risk of derivatives (credit and debt valuation adjustment CVA / DVA),
the Group considered this adjustment as not material for the valuation of its positive and negative derivatives, as almost entirely of
them is collateralized. Their evaluation does not take into account for these adjustments.
255
Consolidated Financial Statements
Financial assets where the investment risk is borne by the policyholders and related to
pension funds
Generally, if available and if the market is defined as active, fair value is equal to the market price. On the contrary, fair value is
determined by reference to the fair value of the underlying assets.
Financial liabilities
Generally, if available and if the market is defined as active, fair value is equal to the market price.
If there is not an active market, the fair value is determined primarily on the basis of the income approach using discounting
techniques. In particular, the fair value of debt instruments issued by the Group is valued using discounted cash flow models based
on the current marginal rates of funding of the Group for similar types of loans, with maturities consistent with the maturity of the
debt instruments subject to valuation.
The fair value of liabilities relating to investment contracts is determined by reference to the fair value of the underlying assets.
Real estate properties
Real estate properties are primarily valued using inputs derived from active markets for comparable assets with similar characteristics
in terms of location, condition, and lease arrangements. Valuations are performed using discounted cash flow (DCF) models
based on projected future rental income and expenses, reflecting the property’s highest and best use from a market participant’s
perspective.
The valuation considers not only the discounted net future income but also property specific features such as intended use, location,
and expected vacancy rates. Fair value is determined on a property-by-property basis, reflecting the individual characteristics of each
asset. The hierarchy applied in selecting valuation methodologies prioritizes the market approach, followed by the income approach,
and, where appropriate, the cost approach.
To ensure consistency in fair value measurement, the Group has established a structured valuation process covering both properties
held directly and those owned through investment vehicles. The fair market value of real estate properties is updated at least annually
based on valuations performed by independent external appraisers.
All appointed appraisers comply with international professional standards, applicable local legal requirements, and the guidelines
issued by the Royal Institution of Chartered Surveyors (RICS). Valuations are carried out in accordance with the definitions and
methodologies set out in the International Valuation Standards, including the RICS Red Book and Blue Book. The Group provides
appraisers with all relevant property specific information, such as tenancy schedules, capital expenditure plans, and available
certifications. This information is used to assess projected rental income, together with the appraisers’ independent assumptions
regarding market rents, vacancy rates, discount rates, and exit yields.
The terminal value is determined by capitalizing net rental income using an appropriate exit yield supported by market evidence. For
each property, the appraiser applies the valuation methodology considered most appropriate based on the asset’s nature, condition,
and market context, in line with industry best practices. The valuation report provides a clear description of the methodology applied
and the rationale supporting its selection.
Accounting for derivatives
Derivatives are financial instruments or other contracts with the following characteristics:
• their value changes in response to the change in interest rate, security price, commodity price, foreign exchange rate, index of
prices or rates, credit rating or other pre-defined underlying variables;
• they require no initial net investment or, if necessary, an initial net investment that is smaller than one which would be required for
other types of contracts that would be expected to have a similar response to changes in market factors;
• they are settled at a future date. Derivatives are classified as at fair value through profit or loss.
The Group carries out hedging transactions accounted for using the hedge accounting technique.
With reference to emissions of some subordinated liabilities, the Group has entered into hedging transactions of the interest rates
volatility and exchange rate fluctuations GBP/EURO, which for accounting purposes is designated as hedging the volatility of cash
flows (cash flow hedge).
According to this accounting model the portion of the gain or loss on the hedging instrument that is determined to be an effective
hedge is recognized directly in an appropriate item of comprehensive income while the ineffective portion of the gains or loss on the
hedging instrument is recognized in profit or loss.
The amount accumulated in the other components of comprehensive income is reversed to profit and loss account in line with the
economic changes of the hedged item.
When the hedging instrument expires or is sold, or the hedge no longer meets the criteria for hedge accounting, the cumulative gain
or loss on the hedging instruments, that remains recognized directly in the other components of other comprehensive income from
the period when the hedge was effective, remains separately recognized in comprehensive income until the forecast transaction
occurs. However, if the forecasted transaction is no longer expected to occur, any related cumulative gain or loss on the hedging
256
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
instrument that remains recognized directly in the other components of comprehensive income from the period when the hedge was
effective is immediately recognized in profit or loss.
Further the Group set cash flow hedges on forecast refinancing operations of subordinated liabilities that are accounted for as hedge
of forecast operations, that are highly probable and could affect profit or loss.
In addition, where appropriate, the Group set also hedges of a net investment in a foreign operation that are accounted for similarly
to cash flow hedges: the effective portion of gain or loss on the hedging instrument is recognized among the components of profit
or loss, while the part not effective shall be recognized in the separate income statement.
Finally, the Group applies the fair value hedge accounting technique in order to cover the change in the fair value of financial
instruments deriving from financial risk.
The fair value hedge is accounted for as follows:
• the book value of the hedged instrument is adjusted for the change in fair value attributable to the hedged risk. This change is
recognized in the income statement (i.e. in other comprehensive income in the case of hedging of equity securities designated at
fair value through other comprehensive income In the case of debt instruments classified at amortised cost, the adjustment to the
book value (so-called basis adjustment) is amortised in the income statement, based on the effective interest rate method, over
the duration of the hedged item.
In the case of debt instruments measured at fair value through other comprehensive income, the book value is not adjusted; the
adjustment consists of the cumulative amount of gains and losses, on which depreciation is calculated;
• the hedging derivative is recognized in the income statement (except for derivatives hedging equity securities designated at fair
value through other comprehensive income, for which hedging changes are recognized in other comprehensive income).
If the fair value hedge relationship is fully effective, the gain or loss on the hedging derivative is fully compensated by the change in
fair value attributable to the hedged risk of the hedged item.
Finally, within the scope of fair value hedging transactions and within its banking activities, the Group has implemented macro hedges
of portfolios of financial assets and liabilities, as permitted by IAS 39 endorsed by the European Commission. The objective of such
hedges is to reduce the fluctuations in fair value, attributable to interest rate risk, of a monetary amount arising from a portfolio of
financial assets or liabilities. Net amounts arising from the imbalance of assets and liabilities cannot be designated as the object of
macro hedges.
Revenues from contracts with customers within the scope of IFRS 15
The Generali Group is a predominantly insurance group. The revenues arising from this business are defined by IFRS 17; the
other revenues arising from the sale of goods and services different from financial and insurance services, and arising from asset
management are defined and disciplined by IFRS 15. These revenues are included in the income statement items Other income/
expenses and Other revenue/charges. In particular, within Generali Group, entities specialized in banking, asset management and
other residual businesses included in the segment Holding and other activities segment. Revenues from contracts with customers
for Generali Group are mainly financial and real estate asset manager, investment and pension funds commissions, as well as service
and assistance. These revenues are not multi-annual and recognized on accrual basis during the financial year. In some cases, in
particular in case of asset and pension fund management, the revenues are linked to managed amounts or to the performance of
the assets. Despite this, significant judgements in estimate and measurement of revenues are rarely needed, as for example the
definition of transfer price and timing.
Use of estimates
The preparation of financial statements compliant to IFRS requires the Group to make estimates and assumptions that affect items
reported in the consolidations financial balance sheet and income statement and the disclosure of contingent assets and liabilities.
The use of estimates mainly refers to as follows:
• assets and liabilities related to insurance contracts issued and reinsurance contracts held;
• financial instruments measured at fair value classified in level 3 of the fair value hierarchy;
• expected credit losses on financial assets;
• the analysis in order to identify durable impairments on intangible assets (e.g. goodwill) booked in the balance sheet (impairment
test);
• other provisions;
• deferred and anticipated taxes;
• defined benefit plan obligation;
• share-based payments.
Estimates and valuations are periodically verified by the Group and are based on best knowledge of current facts and circumstances.
However, due to the complexity and uncertainty affecting the abovementioned items, future events and actions, actual results
ultimately may differ from those estimates, possibly significantly.
For information on the methodologies used in determining these items and the main risk factors, please refer to the previous
paragraphs containing the description of the accounting criteria and to the subsequent part dedicated to the analysis of financial
and insurance risks.
257
Consolidated Financial Statements
In particular, macroeconomic variables such as inflation, interest rate trends, and other financial variables were taken into account in
the valuation of assets and liabilities, as well as in the recoverability analyses listed above.
Finally, it should be noted that, also taking into account the Communication Banca d’Italia/Consob of 6 March 2025, the Group has
no significant exposures or risks associated with positions in crypto-assets.
Share-based payments
Share-based payment plans approved by the Shareholders’ Meeting represent share-based compensation for services rendered
by directors, executives and non-executive personnel. The fair value of the options was determined using a model that, at granting
date, takes into account information such as the exercise price and the option term, the current share price and its implied volatility,
expected dividends, the risk-free interest rate, and the specific features of the plan in force. The pricing model uses a stochastic
simulation in order to incorporate the possibility of exercising the options within the three exercise windows provided for under the
plan.
Long-Term Incentive Plans (LTIPs), designed to strengthen the alignment between management remuneration and the expected
performance of the Group, also qualify as share-based payments.
The fair value of the right to receive free shares is determined at the grant date by considering market and non-market conditions.
The market-condition component is measured using a model that incorporates the historical volatility of Generali shares and of a
selected peer group, the correlation between these securities, the risk-free interest rate and the specific characteristics of each plan.
The valuation adopts simulation models generally recognised for these types of arrangements. Other non-market conditions that
influence the right to receive the bonus in the form of free shares are excluded from this valuation. The probability of such conditions
being met, combined with the fair value of the free shares, determines the total cost of each plan.
The related amount is recognised in the income statement, with a corresponding entry in equity, over the vesting period, taking into
account, where applicable, the probability that the vesting conditions will be met by the beneficiaries.
The expense or income for the period represents the change in the cumulative cost recognized at the beginning and at the end of
the period.
No cost is recognised for rights that ultimately do not vest, except for those subject to market conditions: these are treated as if
they were vested, regardless of whether the relevant market conditions are actually met, provided that all other vesting conditions
are satisfied.
If the original terms of a plan are modified, the minimum cost recognised is the one determined at the original grant date, unless the
rights fail to vest due to the non-fulfilment of a non-market condition specified at the original grant date. In addition, any incremental
cost resulting from modifications that increase the total fair value of the share-based payment, or are otherwise favourable to the
employees, is recognised with reference to the modification date.
If rights are cancelled, they are treated as if they had vested at the cancellation date, and any cost not yet recognised is immediately
recorded in the income statement. This includes all awards where vesting conditions—whether controlled by the entity or by the
employees—are not met. However, if a cancelled award is replaced by a new one and this replacement is identified as such at the
grant date, the cancelled and new awards are treated as a modification of the original award, in accordance with the criteria above.
The dilutive effect of outstanding options is reflected in the calculation of diluted earnings per share.
Information on financial and insurance risk
In accordance with IFRS 7 and IFRS 17, the additional disclosures that enable users to understand the Group’s exposure to financial
and insurance risks and how such risks are managed are presented in the Risk Report included in the Management Report and in
the paragraph Brief risk management disclosure, Investments and Insurance and investment contracts of the Notes to the Financial
Statements. These disclosures describe the nature of the principal risks to which the Group is exposed and the related governance
processes.
258
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
SEGMENT REPORTING
Generali’s activities could be split in different lines of business according to the products and services offered. In particular, in
accordance with IFRS 8, four main sectors of activity have been defined in line with the performance monitoring made by the Chief
Operating Decision Maker (CODM):
• Property & Casualty segment, which includes insurance activities performed in the Property & Casualty business;
• Life segment, which includes insurance activities performed in the Life business;
• Asset & Wealth Management;
• Holding and other business segment.
The performances from each single segment are reported in the Management Report, in the section Our financial performance.
Life segment
Activities of Life segment include saving and protection business, for both individuals and families, as well as unit-linked products
with investment purposes and complex plans for multinationals.
Investment vehicles and entities supporting the activities of Life companies are also reported in this segment.
Property & Casualty segment
Activities of Property & Casualty segment include both motor and non-motor businesses, among which mass-market coverage such
as motor third party liabilities, casualty, accident and health. It includes also more sophisticated covers for commercial and industrial
risks.
Investment vehicles and entities supporting the activities of Property & Casualty companies are also reported in this segment.
Asset & Wealth Management
This segment, in addition to including the activities of the Banca Generali group, operates as a supplier of products and services both
for the insurance companies of the Generali Group and for third-party customers identifying investment opportunities and sources
of income for all of its customers, simultaneously managing risks. These products include equity and fixed-income funds, as well as
alternative products.
The segment includes companies that may specialize in institutional or retail clients, rather than on Group insurance companies or
on third-party customers, or on products such as real assets, high conviction strategies or more traditional solutions.
Holding and other businesses
This grouping is a heterogeneous pool of activities different from insurance and asset & wealth management – included in the above-
mentioned segments - and in particular it includes financial holding activities, activities for the supply of international services and
other activities that the Group considers ancillary to the core insurance business as well as the expenses related to the management
and coordination activities and to the Group business financing. The holding expenses mainly include the holding and regional sub-
holding expenses regarding coordination activities, the expenses related to Parent company stock option and stock grant plans as
well as interest expenses on the Group financial debt.
259
Consolidated Financial Statements
Methods of disclosure presentation
According to IFRS 8, the disclosure regarding operating segments of the Group is consistent with the evidence reviewed periodically
at the highest managerial level for the purpose of making operational decisions about resources to be allocated to the segments and
assessment of the results.
Assets, liabilities, income and expenses allocated to each operating segment have been prepared using the statements required by
ISVAP Regulation No. 7 of 13 July 2007, as replaced by Article 12 of IVASS Order No. 121 of 7 June 2022 and as further amended
by IVASS Order No. 152 of 26 November 2024.
Segment data derives from a separate consolidation of the amounts of subsidiaries and associated companies in each business
segment, eliminating the effects of transactions between companies belonging to the same segment and, where applicable,
eliminating the carrying amount of the investments in subsidiaries and the related shareholder’s equity quota. The reporting and
control process implemented by the Group implies that assets, liabilities, income and expenses of the companies operating in
different business segments are allocated to each segment directly by the entity through specific segment reporting. Intra-group
balances between companies belonging to different business segments are accounted for in the consolidation adjustments column
in order to reconcile segment information with consolidated information.
In this context, 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 impacts are explained below:
• the elimination in the Property & Casualty segment and Holding and other businesses segment 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 Property & Casualty segment and Holding and other businesses segment of the realized gains and losses
arising from intra-segment operations;
• the elimination in the Life segment of the participations and loans to companies of other segments, belonging to the same country,
as well as the related income (dividends and interests) if not backing technical reserves;
• the elimination in the Life segment of the realized gains and losses arising from intra-segment operations if not backing technical
reserves.
Furthermore, loans and related interest expenses on loans between Group companies belonging to different segments are eliminated
directly in each segment.
This approach allows to reduce consolidation adjustments, which in this view principally consist of investments in subsidiaries and
dividends received by Life and Property & Casualty companies from companies belonging to other segments, intragroup financing
and related interest income and fee and commissions income and expenses on financial services rendered or received by Group
companies, still allowing for an adequate performance presentation for each segment.
Assets, liabilities, income and expenses of each segment are presented here below.
260
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Statement of financial position by business segment
(€ million) Property&Casualty Life business A s s e t&W e a l t h M a n a ge m e n t H o l d i n g a nd O t her B u si ne s s e s C o n s o l id a t i o n adj u s t m e n t s To t a l
Items/Business segments 31/12/2025 31/12/2024 31/12/2025 31/12/2024 3 1/12/2 0 2 5 3 1/12/2 0 2 4 3 1/12/2 0 2 5 3 1/12/2 0 2 4 3 1/12/2 0 2 5 3 1/12/2 0 2 4 3 1/12/2 0 2 5 3 1/12/2 0 2 4
1 INTANGIBLE ASSETS 5,968 5,987 4,849 4,754 1,262 1,0 0 7 93 85 28 28 1 2,20 0 1 1,8 6 1
2 TANGIBLE ASSETS 2,378 2,238 991 791 25 8 2 57 57 3 550 -1 0 2 -9 1 4,0 9 9 3,74 6
3 INSURANCE ASSETS 4,012 4,324 716 604 0 0 0 0 0 -2 6 4,7 29 4,9 0 2
3.1 Insurance contracts that are assets 18 23 299 265 0 0 0 0 0 -2 6 3 1 7 2 6 2
3.2 Reinsurance contracts that are assets 3,994 4,301 418 340 0 0 0 0 0 0 4,4 12 4,6 4 0
4 INVESTMENTS 47,362 44,476 447,418 432,120 1 7,2 2 6 1 5,2 5 0 1 1,5 0 0 10,5 4 2 -9,1 7 9 -8,0 4 9 5 14,3 2 8 4 9 4,3 4 0
4.1 Land and buildings (investment properties) 2,280 2,506 20,010 19,985 0 0 3 12 0 0 22,2 93 22,5 0 3
4.2 Investments in subsidiaries, associated companies and joint ventures 2,966 2,317 3,908 3,499 5 6 74 64 -3,9 2 7 -3,0 4 6 3,0 2 6 2,8 4 0
4.3 Financial assets measured at amortised cost 2,099 2,113 3,389 4,103 12,4 9 1 12,6 6 0 6,4 6 0 5,5 6 2 -2,9 4 7 -2,8 7 7 2 1,4 9 0 2 1,5 6 1
4.4 Financial assets measured at fair value through other comprehensive income 32,225 30,335 206,910 207,240 3,7 2 3 1,7 0 7 1,1 9 6 82 2 -2,3 0 2 -2,1 2 5 24 1,7 51 2 3 7,97 9
4.5 Financial assets measured at fair value through profit or loss 7,792 7,207 213,202 197,293 1,0 0 7 8 76 3,7 6 8 4,0 8 1 -2 -0 2 2 5,7 6 7 2 0 9,4 5 7
5 OTHER FINANCIAL ASSETS 3,971 2,607 3,233 2,686 1,0 4 6 7 3 0 38 8 18 6 -1,2 4 3 0 7,3 9 5 6,2 0 9
6 OTHER ASSETS 3,637 2,755 3,484 5,325 1,0 2 1 8 52 39 4 4 69 -67 -1 2 6 8,47 0 9,2 7 5
7 CASH AND CASH EQUIVALENTS 2,599 2,690 3,873 3,957 7 6 8 1,3 4 0 25 8 52 3 -1 8 9 -1 9 6 7,3 0 8 8,3 1 5
TOTAL ASSETS 69,927 65,077 464,565 450,237 2 1,5 8 2 19,4 3 6 13,2 0 6 12,3 5 6 -1 0,7 5 0 -8,4 5 9 5 5 8,5 2 9 5 3 8,6 47
1 SHAREHOLDERS' EQUITY 3 4,7 8 8 3 3,0 9 5
2 OTHER PROVISIONS 1,065 1,054 480 636 3 42 383 3 13 2 97 29 29 2,229 2,3 9 9
3 INSURANCE PROVISIONS 39,622 37,9 47 412,810 400,565 0 0 0 0 0 -2 6 4 52,4 3 2 438,4 8 6
3.1 Insurance contracts that are liabilities 39,613 37,922 412,783 400,516 0 0 0 0 0 -2 6 4 5 2,3 9 6 4 3 8,4 12
3.2 Reinsurance contracts that are liabilities 9 25 27 49 0 0 0 0 0 0 35 74
4 FINANCIAL LIABILITIES 5,932 5,298 21,960 20,542 16,2 9 2 14,4 7 8 8,3 10 7,7 9 8 -3,6 5 2 -2,4 0 7 48,84 3 4 5,7 10
4.1 Financial liabilities measured at fair value through profit or loss 148 171 8,630 7,732 49 4 2 6 2 3 1 -2 -0 9,2 7 2 8,1 6 6
4.2 Financial liabilities measured at amortised cost 5,784 5,127 13,330 12,810 15,7 9 8 1 4,2 1 7 8,3 0 8 7,7 9 7 -3,6 5 0 -2,4 0 7 3 9,5 7 0 3 7,5 4 4
5 PAYABLES 5,122 4,405 3,824 2,945 1,2 2 3 7 18 1,1 6 7 9 5 9 -1,1 2 3 0 1 0,2 12 9,0 2 7
6 OTHER LIABILITIES 5,291 5,381 3,961 3,553 52 2 57 0 34 8 5 1 1 -9 4 -8 5 10,0 2 7 9,9 3 1
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 5 5 8,5 2 9 5 3 8,6 47
261
Consolidated Financial Statements
Statement of financial position by business segment
(€ million) Property&Casualty Life business Asset&Wealth Management Holding and Other Businesses Consolidation adjustments Total
Items/Business segments 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024
1 INTANGIBLE ASSETS 5,968 5,987 4,849 4,754 1,262 1,007 93 85 28 28 12,200 11,861
2 TANGIBLE ASSETS 2,378 2,238 991 791 258 257 573 550 -102 -91 4,099 3,746
3 INSURANCE ASSETS 4,012 4,324 716 604 0 0 0 0 0 -26 4,729 4,902
3.1 Insurance contracts that are assets 18 23 299 265 0 0 0 0 0 -26 317 262
3.2 Reinsurance contracts that are assets 3,994 4,301 418 340 0 0 0 0 0 0 4,412 4,640
4 INVESTMENTS 47,362 44,476 447,418 432,120 17,22 6 15,250 11,500 10,542 -9,179 -8,049 514,328 494,340
4.1 Land and buildings (investment properties) 2,280 2,506 20,010 19,985 0 0 3 12 0 0 22,293 22,503
4.2 Investments in subsidiaries, associated companies and joint ventures 2,966 2,317 3,908 3,499 5 6 74 64 -3,927 -3,046 3,026 2,840
4.3 Financial assets measured at amortised cost 2,099 2,113 3,389 4,103 12,491 12,660 6,460 5,562 -2,947 -2,877 21,490 21,561
4.4 Financial assets measured at fair value through other comprehensive income 32,225 30,335 206,910 207,240 3,723 1,707 1,196 822 -2,302 -2,125 241,751 237,979
4.5 Financial assets measured at fair value through profit or loss 7,792 7,207 213,202 197,293 1,007 876 3,768 4,081 -2 -0 225,767 209,457
5 OTHER FINANCIAL ASSETS 3,971 2,607 3,233 2,686 1,046 730 388 186 -1,243 0 7,395 6,209
6 OTHER ASSETS 3,637 2,755 3,484 5,325 1,021 852 394 469 -67 -126 8,470 9,275
7 CASH AND CASH EQUIVALENTS 2,599 2,690 3,873 3,957 768 1,340 258 523 -189 -196 7,308 8,315
TOTAL ASSETS 69,927 65,077 464,565 450,237 21,582 19,436 13,206 12,356 -10,750 -8,459 558,529 538,647
1 SHAREHOLDERS' EQUITY 34,788 33,095
2 OTHER PROVISIONS 1,065 1,054 480 636 342 383 313 297 29 29 2,229 2,399
3 INSURANCE PROVISIONS 39,622 37,9 47 412,810 400,565 0 0 0 0 0 -26 452,432 438,486
3.1 Insurance contracts that are liabilities 39,613 37,922 412,783 400,516 0 0 0 0 0 -26 452,396 438,412
3.2 Reinsurance contracts that are liabilities 9 25 27 49 0 0 0 0 0 0 35 74
4 FINANCIAL LIABILITIES 5,932 5,298 21,960 20,542 16,292 14,478 8,310 7,798 -3,652 -2,407 48,843 45,710
4.1 Financial liabilities measured at fair value through profit or loss 148 171 8,630 7,732 494 262 3 1 -2 -0 9,272 8,166
4.2 Financial liabilities measured at amortised cost 5,784 5,127 13,330 12,810 15,798 14,217 8,308 7,797 -3,650 -2,407 39,570 37,544
5 PAYABLES 5,122 4,405 3,824 2,945 1,223 718 1,167 959 -1,123 0 10,212 9,027
6 OTHER LIABILITIES 5,291 5,381 3,961 3,553 522 570 348 511 -94 -85 10,027 9,931
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 558,529 538,647
Income statement by business segment
(€ million) Property&Casualty Life A s s e t&W e a l t h M a n a ge m e n t H o l d i n g a nd O t her B u si ne s s e s C o n s o l id a t i o n adj u s t m e n t s To t a l
Items/Business segments 31/12/2025 31/12/2024 31/12/2025 31/12/2024 3 1/12/2 0 2 5 3 1/12/2 0 2 4 3 1/12/2 0 2 5 3 1/12/2 0 2 4 3 1/12/2 0 2 5 3 1/12/2 0 2 4 3 1/12/2 0 2 5 3 1/12/2 0 2 4
1 Insurance revenue from insurance contracts issued 35,475 33,606 20,928 20,510 0 0 0 0 10 16 5 6,4 12 5 4,1 3 2
2 Insurance service expenses from insurance contract issued -31,608 -30,848 -17,154 -17,093 -6 -0 -0 -0 3 78 385 -4 8,3 9 1 -4 7,5 5 6
3 Insurance revenue from reinsurance contracts held 1,503 1,870 1,365 1,587 0 0 0 0 0 0 2,8 6 8 3,4 5 7
4 Insurance service expenses from reinsurance contracts held -2,464 -2,337 -1,524 -1,720 0 0 0 0 0 0 -3,9 8 8 -4,0 5 7
5 Insurance service result 2,906 2,291 3,614 3,284 -6 -0 -0 -0 38 8 4 01 6,9 0 1 5,9 7 6
6
Income/expenses from financial assets and liabilities valued at fair value
through profit or loss
223 421 10,166 13,907 8 11 15 4 16 6 0 0 10,5 5 0 14,5 0 5
7
Income/expenses from investments in associated companies and joint
ventures
202 232 237 167 45 56 26 52 -2 9 6 -2 8 6 2 15 2 20
8
Income/expenses from other financial assets and liabilities and investment
properties
1,335 1,274 8,282 6,793 40 0 42 6 -4 0 0 -5 0 3 -1 0 7 -9 6 9,5 10 7,8 9 4
9 Result of investments 1,761 1,928 18,685 20,867 4 54 49 3 -2 2 0 -2 8 4 -4 0 3 -383 2 0,2 7 6 2 2,6 20
10 Net finance income/expenses related to insurance contracts issued -492 -698 -17,885 -20,203 0 0 0 0 0 -0 -1 8,3 7 7 -2 0,9 01
11 Net finance income/expenses related to reinsurance contracts held 63 114 9 -11 0 0 0 0 0 0 72 10 3
12 Net finance result 1,332 1,344 809 653 4 54 49 3 -2 2 0 -2 8 4 -4 0 3 -383 1,9 7 1 1,8 2 3
13 Other income/expenses 217 205 210 217 2,3 0 9 2,0 7 5 17 1 14 8 -4 8 3 -484 2,42 4 2,1 6 0
14 Acquisition and administration costs -410 -182 -328 -280 -1,2 0 3 -9 7 2 -1 5 0 -1 3 0 16 3 16 1 -1,9 2 8 -1,4 0 3
15 Other revenue/charges -969 -1,014 -472 -63 -5 0 1 -5 21 -996 -846 -6 6 -7 3 -3,0 0 5 -2,5 16
16 Profit (Loss) before tax 3,076 2,644 3,831 3,811 1,0 5 3 1,0 7 5 -1,1 9 5 -1,1 1 2 -4 0 2 -3 7 7 6,3 6 3 6,0 41
262
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Income statement by business segment
(€ million) Property&Casualty Life Asset&Wealth Management Holding and Other Businesses Consolidation adjustments Total
Items/Business segments 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024
1 Insurance revenue from insurance contracts issued 35,475 33,606 20,928 20,510 0 0 0 0 10 16 56,412 54,132
2 Insurance service expenses from insurance contract issued -31,608 -30,848 -17,154 -17,093 -6 -0 -0 -0 378 385 -48,391 -47,556
3 Insurance revenue from reinsurance contracts held 1,503 1,870 1,365 1,587 0 0 0 0 0 0 2,868 3,457
4 Insurance service expenses from reinsurance contracts held -2,464 -2,337 -1,524 -1,720 0 0 0 0 0 0 -3,988 -4,057
5 Insurance service result 2,906 2,291 3,614 3,284 -6 -0 -0 -0 388 401 6,901 5,976
6
Income/expenses from financial assets and liabilities valued at fair value
through profit or loss
223 421 10,166 13,907 8 11 154 166 0 0 10,550 14,505
7
Income/expenses from investments in associated companies and joint
ventures
202 232 237 167 45 56 26 52 -296 -286 215 220
8
Income/expenses from other financial assets and liabilities and investment
properties
1,335 1,274 8,282 6,793 400 426 -400 -503 -107 -96 9,510 7,894
9 Result of investments 1,761 1,928 18,685 20,867 454 493 -220 -284 -403 -383 20,276 22,620
10 Net finance income/expenses related to insurance contracts issued -492 -698 -17,885 -20,203 0 0 0 0 0 -0 -18,377 -20,901
11 Net finance income/expenses related to reinsurance contracts held 63 114 9 -11 0 0 0 0 0 0 72 103
12 Net finance result 1,332 1,344 809 653 454 493 -220 -284 -403 -383 1,971 1,823
13 Other income/expenses 217 205 210 217 2,309 2,075 171 148 -483 -484 2,424 2,160
14 Acquisition and administration costs -410 -182 -328 -280 -1,203 -972 -150 -130 163 161 -1,928 -1,403
15 Other revenue/charges -969 -1,014 -472 -63 -501 -521 -996 -846 -66 -73 -3,005 -2,516
16 Profit (Loss) before tax 3,076 2,644 3,831 3,811 1,053 1,075 -1,195 -1,112 -402 -377 6,363 6,041
263
Consolidated Financial Statements
264
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
INFORMATION ON CONSOLIDATION AREA
AND RELATED OPERATIONS
1. Consolidation area
In accordance with IFRS 10, the consolidated financial statements include the data of the Parent Company and of the entities it
controls, either directly or indirectly.
As at 31 December 2025, the entities fully consolidated and those accounted for by using the equity method amounted to 541
companies (538 as at 31 December 2024), of which 487 were fully consolidated and 54 were accounted for by using the equity
method.
Changes that occurred during the year in the scope of consolidation and the detailed list of the companies included in the consolidation
area are presented in the annex Changes in the scope of consolidation compared to 31 December 2024.
2. Investments in subsidiaries, associated companies
and joint ventures
Investments in subsidiaries, associated companies and joint venture

(€ million) | 31/12/2025 | 31/12/2024
Investments in subsidiaries, associated companies and joint ventures at cost or at equity | 1,920 | 1,898
Investments in non-consolidated subsidiaries at cost | 122 | 117
Investments in associated companies at equity and at cost | 1,198 | 1,160
Investments in joint ventures at equity | 600 | 621
Investments in subsidiaries, associated companies and joint ventures measured at fair value through profit or loss | 1,106 | 942
Investments in associated companies measured at fair value through profit or loss | 151 | 161
Investments in joint ventures measured at fair value through profit or loss | 955 | 781
Total | 3,026 | 2,840

Item Investments in non-consolidated subsidiaries at cost includes interests in entities non-consolidated as not material and that
mainly perform ancillary services to the insurance business.
Significant investments in subsidiaries, associated companies and joint venture: book value, fair value and dividends received

Entity name | Type (1) | Balance Sheet Value | Fair value | Dividends received
Joint venture |  |  |  |
Saxon Land B.V. | c | 301 |  | 11
Fondo Sericon | c | 152 |  | 5
Associates |  |  |  |
Deutsche Vermögensberatung Aktiengesellschaft DVAG | b | 393 |  | 92
Guotai Asset Management Co., Ltd. | b | 357 |  | 13
AKG Participations S.A.S. | b | 157 |  |
G3B Holding AG | b | 221 |  | 3
Total |  | 1,580 | 0 | 124

(1) a=subsidiaries (only for IAS/IFRS financial statements); b= connected; c= joint venture
Please note that the fair value, by the provisions of the Regulator, must be entered only for listed companies.
265
Consolidated Financial Statements
3. Disclosures on interests in other entities
3.1. Interests in subsidiaries
Interests in exclusively controlled companies with significant third party
interests
A summary of the financial information relating to the most significant interests in exclusively controlled companies with significant
third party interests material for the Group is provided here below. The amounts disclosed are before inter-company eliminations,
except for the items cumulated non-controlling interests and profit or loss attributable to non-controlling interests, which are disclosed
from a consolidated perspective.
Financial information

Principal place of business | Banca Generali Group Italy | Generali China Life Insurance Co. Ltd China
(€ million) | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
BALANCE SHEET |  |  |  |
Investments | 16,865 | 14,821 | 24,957 | 23,118
Other assets | 1,210 | 975 | 176 | 164
Cash and cash equivalents | 381 | 1,026 | 201 | 226
TOTAL ASSETS | 18,456 | 16,822 | 25,334 | 23,508
Technical provisions | - | - | 21,697 | 19,804
Financial liabilities | 15,923 | 14,521 | 2,279 | 2,729
Other liabilities | 952 | 841 | 216 | 48
Shareholders' equity | 1,581 | 1,460 | 1,141 | 927
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 18,456 | 16,822 | 25,334 | 23,508
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 707 | 648 | 571 | 425
INCOME STATEMENT |  |  |  |
Insurance revenues | - | - | 1,179 | 1,181
Fees and commissions incomes from financial service activities | 1,246 | 1,208 | - | -
NET RESULT | 447 | 431 | 142 | 115
OTHER COMPREHENSIVE INCOME | -7 | 9 | 127 | -356
TOTAL COMPREHENSIVE INCOME | 440 | 440 | 269 | -242
TOTAL COMPREHENSIVE ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 217 | 210 | 80 | 59
DIVIDENDS PAID TO NON-CONTROLLING INTERESTS | 153 | 128 | 40 | 39
CASH FLOW |  |  |  |
cash flow from operating activities | -211 | 678 | 4,043 | 2,447
cash flow from investing activities | -94 | -28 | -3,731 | -2,634
cash flow from financing activities | -341 | -213 | -319 | 338

Equity investments in exclusively controlled companies with significant third party interests

Entity name | % Minority interests | % Availability of votes in the ordinary meeting by third parties | Dividend distributed to third parties | Consolidated profit (loss) attributable to minority interests | Shareholders’ equity attributable to minority interests
Generali China Life Insurance Co. Ltd | 50.00% | 50.00% | 40 | 80 | 571
Banca Generali S.p.A. | 48.67% | 48.53% | 153 | 217 | 707

Significant restrictions
In relation to the Group’s interests in subsidiaries, no significant restrictions exist on the Group’s ability to access or use its assets
and settle its liabilities.
266
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
3.2. Interests in associates
The most significant associates for the Group
1
, accounted for according to the equity method, are the following:
Material Group associates

Company | Deutsche Vermogensberatung Aktiengesellschaft DVAG | Guotai Asset Management Company | AKG Participations S.A.S. | G3B Holding AG
Nature of the relationship with the Group | DVAG is the leading sales network for financial services in Germany and has an exclusive distribution partnership with a company held by Generali Deutschland Group. | Guotai is one of the first professional fund management companies in China. The company manages mutual funds and several Social Security Fund (SSF) portfolios. | AKG is the holding company which helds the participation in the French mutual insurance company Klesia SA. | G3B is a holding company which holds shares in three significant Austrian regional banks (Bank für Tirol und Vorarlberg Aktiengesellschaft, BKS Bank AG and Oberbank AG).
Principal Place of business | Germany | China | France | Austria
Profit rights/voting rights held (if different) | 30% / 40% | 30% | 43% | 50%

The summarised financial information relating to the most material associates in which the Group has an interest including the
reconciliation with the related carrying amounts (including goodwill, where present) are provided here below.
Summarized financial information - material associates

(€ million) | Deutsche Vermogensberatung Aktiengesellschaft DVAG | Guotai Asset Management Company | AKG Participations S.A.S. | G3B Holding AG
| 31/12/2024(*) | 31/12/2022(*) | 31/12/2025 | 31/12/2024 | 31/12/2024(*) | 31/12/2022(*) | 31/12/2024(*) | 31/12/2022(*)
INCOME STATEMENT |  |  |  |  |  |  |  |
Revenues | 2,540 | 2,344 | 561 | 473 | 810 | 738 | 5 | 12
Profit from continuing operations | 541 | 456 | 234 | 237 | -23 | 126 | 5 | 12
Profit from discontinued operations after taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net result after taxes | 353 | 272 | 163 | 179 | -2 | 107 | 0 | 9
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TOTAL COMPREHENSIVE INCOME | 353 | 272 | 163 | 179 | -2 | 107 | 4 | 9
BALANCE SHEET |  |  |  |  |  |  |  |
Intangible Assets | 16 | 36 | 16 | 8 | 0 | 0 | 0 | 0
Tangible assets | 263 | 272 | 0 | 0 | 0 | 0 | 0 | 0
Amounts ceded to reinsurers from insurance provisions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Investments | 745 | 718 | 910 | 886 | 1,468 | 1,376 | 161 | 161
Other assets | 643 | 531 | 227 | 208 | 10 | 11 | 0 | 0
Cash and cash equivalents | 188 | 136 | 159 | 74 | 0 | 0 | 0 | 1
TOTAL ASSETS | 1,856 | 1,693 | 1,311 | 1,176 | 1,478 | 1,387 | 162 | 162
Other provisions | 0 | 0 | 47 | 0 | 0 | 0 | 0 | 0
Technical provisions | 0 | 0 | 0 | 0 | 1,125 | 1,019 | 0 | 0
Financial liabilities | 173 | 168 | 0 | 0 | 0 | 0 | 0 | 0
Other liabilities | 813 | 768 | 386 | 349 | 0 | 0 | 0 | 4
TOTAL LIABILITIES | 986 | 935 | 434 | 349 | 1,125 | 1,019 | 0 | 4
SHAREHOLDERS' EQUITY | 871 | 758 | 878 | 827 | 353 | 368 | 161 | 158

(*) The financial information are referred to the last approved financial statements by the respective Shareholders’ meeting of each associated company.
Carrying amount reconciliation - material associates

(€ million) | Deutsche Vermogensberatung Aktiengesellschaft DVAG | Guotai Asset Management Company | AKG Participations S.A.S. | G3B Holding AG
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Carrying amount in investee as at 31 December previous year | 375 | 315 | 341 | 293 | 155 | 162 | 189 | 163
Total comprehensive income attributable to the Group | 110 | 126 | 28 | 62 | 2 | -7 | 35 | 26
Dividends received during the year | -92 | -66 | -13 | -14 | 0 | 0 | -3 | -1
Carrying amount in investee as at the end of the year | 393 | 375 | 357 | 341 | 157 | 155 | 221 | 189

As part of the commercial relationships in the German area with the distribution partner DVAG, we inform that the current controlling
shareholder holds a put option exercisable in respect of Generali Group.
At the reporting date no liability has been accounted for because the put option refers to an associate and therefore it does not fall
1. Please note that associates are related parties of the Group.
267
Consolidated Financial Statements
into the category of the options on non-controlling interests referred to in par. 23 of IAS 32. The potential outflow of resources will
be defined by the parties when and if the option is exercised on the basis of the fair value measurement criteria of the option itself.
Furthermore, the Group holds interests in associates which are not individually material that are accounted for at fair value through profit
or loss or alternatively according to the equity method (for a total amount of € 190 million) and, to a minor extent, held at cost (for an
amount of € 23 million). The associates in which the Group has interest mainly operate in the insurance and financial services industries.
For these associates, aggregated financial information is summarised below:
Aggregated information on other associates

(€ million) | 31/12/2025 | 31/12/2024
Carrying amount of interests in not significant associates | 213 | 251
Aggregated Group's share of: |  |
Profit from continuing operations | 2 | 7
Profit from discontinued operations after taxes | 0 | 0
Other comprehensive income | 5 | -1
Total comprehensive income | 7 | 6

In relation to the Group’s interests in associates, no significant contractual, legal or regulatory restrictions exist on the Group’s ability
to access or use its assets and settle its liabilities.
3.3. Joint ventures
The most significant joint ventures for the Group, accounted for using the equity method, are Saxon Land B.V. (a real estate
investment company owning the “One Fen Court” building located in the heart of London’s financial district, jointly controlled with
Munich RE) and from 2025 the Sericon Fund (a closed-end investment fund owning a property located in central Milan, jointly
controlled with Prima Multi-Manager Platform 1 ICAV).
As at 31 December 2025, the carrying amount of the investment in Saxon Land B.V. measured using the equity method is € 301
million and in the Sericon Fund is equal to € 152 million. A summary of the financial information for these entities is presented below.
Summarized financial information - material joint ventures

(€ million) | Saxon Land B.V. |  | Fondo Sericon |
| 31/12/2024(*) | 31/12/2023(*) | 31/12/2025 | 31/12/2024
INCOME STATEMENT |  |  |  |
Revenues | 38 | 35 | 19 | 13
Profit from continuing operations | -21 | -31 | 16 | -10
Profit from discontinued operations after taxes | 0 | 0 | 0 | 0
Net result after taxes | -20 | -23 | 16 | -10
Other comprehensive income | 0 | 0 | 0 | 0
TOTAL COMPREHENSIVE INCOME | -20 | -23 | 16 | -10
BALANCE SHEET |  |  |  |
Intangible Assets | 0 | 0 | 0 | 0
Tangible assets | 0 | 0 | 0 | 0
Amounts ceded to reinsurers from insurance provisions | 0 | 0 | 0 | 0
Investments | 540 | 560 | 295 | 290
Other assets | 92 | 74 | 4 | 4
Cash and cash equivalents | 25 | 18 | 9 | 9
TOTAL ASSETS | 658 | 653 | 308 | 302
Other provisions | 0 | 0 | 0 | 0
Technical provisions | 0 | 0 | 0 | 0
Financial liabilities | 0 | 0 | 0 | 0
Other liabilities | 33 | 18 | 5 | 5
TOTAL LIABILITIES | 33 | 18 | 5 | 5
SHAREHOLDERS' EQUITY | 624 | 635 | 303 | 297

(*) The financial information are referred to the last approved financial statements by the respective Shareholders’ meeting of company.
268
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Here below please find the information on Group joint ventures:
Aggregated information on joint ventures

(€ million) | 31/12/2025 | 31/12/2024
Summarized carrying amount on associates and joint ventures | 1,110 | 1,075
Aggregated Group's share of: |  |
Profit from continuing operations | 75 | -14
Profit from discontinued operations after taxes | 0 | 0
Other comprehensive income | -14 | -2
Total comprehensive income | 61 | -16

The carrying value related to interests in joint ventures is basically stable compared to last year and it mainly includes real estate
investment vehicles.
Significant restrictions
In relation to the Group’s interests in joint ventures, no significant contractual, legal or regulatory restrictions exist on the Group’s ability
to access or use its assets and settle its liabilities, nor significant commitments exist.
3.4. Unconsolidated structured entities
As of 31 December 2025, Generali Group holds no interests in unconsolidated structured entities that expose the Group to the
variability of returns arising from their performance.
For completeness, it should be noted that in June 2021, Assicurazioni Generali S.p.A. stipulated a reinsurance contract with Lion
III Re DAC, an Irish special purpose company, which for a period of four years will cover the possible catastrophic losses suffered
by the Generali Group following storms in Europe and earthquakes in Italy, till June 2025. Lion III Re DAC was liquidated in 2025
following the maturity of the underlying reinsurance contract and the repayment of the Catastrophe bond issued by Lion III Re DAC.
Assicurazioni Generali S.p.A. has entered in June 2025 into collateralized multi-year reinsurance agreements with Lion Re DAC, a
multi-arrangement special purpose vehicle domiciled in Ireland, providing cover for the Group’s losses from windstorms in Europe
and earthquakes in Italy over a four-year period with maturity in June 2029.
Lion Re DAC, in turn, has issued its series 2025-1 notes (the “Series 2025-1 Notes”), comprising two classes with an overall size of
€ 200 million to fund its obligations under the reinsurance agreements.
Lion Re DAC, as multi-arrangement special purpose vehicle, allows even further flexibility with regard to the sponsorship of multiple
catastrophe bond issuances over time within a specific framework (i.e. shelf programme).
The aforementioned vehicle is not consolidated as the Generali Group has no control over the entity and is not exposed to the
resulting variable returns.
4. Goodwill and other intangible assets
Intangible asset: composition

(€ million) | Total 31/12/2025 | Total 31/12/2024
Activities/Values | Finite useful life | Indefinite useful life | Finite useful life | Indefinite useful life
A.1 Goodwill | X | 9,348 | X | 9,126
A.1.1 attributable to the Group | X | 9,348 | X | 9,126
A.1.2 attributable to minority interests | X | 0 | X | 0
A.2 Other intangible assets | 2,852 | 0 | 2,735 | 0
A.2.1 Assets measured at cost | 2,852 | 0 | 2,735 | 0
a) Self-developed intangible assets | 805 | 0 | 408 | 0
b) Other assets | 2,047 | 0 | 2,327 | 0
A.2.2 Assets measured at restated value: | 0 | 0 | 0 | 0
a) Self-developed intangible assets | 0 | 0 | 0 | 0
b) Other assets | 0 | 0 | 0 | 0
Total | 2,852 | 9,348 | 2,735 | 9,126

269
Consolidated Financial Statements
Intangible asset: variations

(€ million) | Goodwill | Other intangible assets: self- developed | Other intangible assets: others | Total
|  | Finite useful life | Indefinite useful life | Finite useful life | Indefinite useful life |
A. Opening balances | 9,523 | 1,415 | 0 | 4,905 | 0 | 15,843
A.1 Accumulated depreciation and impairment | -397 | -1,007 | 0 | -2,578 | 0 | -3,982
A.2 Net opening balance | 9,126 | 408 | 0 | 2,327 | 0 | 11,861
A.2.a Adjustment opening balances | 0 | 0 | 0 | 0 | 0 | 0
B. Increases | 239 | 519 | 0 | 162 | 0 | 920
B.1 Acquisitions | 239 | 192 | 0 | 161 | 0 | 593
B.2 Increases in self-developed intangible assets | X | 92 | 0 | 1 | 0 | 93
B.3 Reversals of impairment losses | X | 0 | 0 | 0 | 0 | 0
B.4 Positive changes in restated value | 0 | 0 | 0 | 0 | 0 | 0
- through comprehensive income statement | X | 0 | 0 | 0 | 0 | 0
- through profit or loss | X | 0 | 0 | 0 | 0 | 0
B.5 Positive exchange differences | 0 | 0 | 0 | 0 | 0 | 0
B.6 Other changes | 0 | 234 | 0 | 0 | 0 | 234
C. Decreases | -17 | -122 | 0 | -442 | 0 | -581
C.1 Sales | 0 | -64 | 0 | -91 | 0 | -155
C.2 Changes in value | 0 | -57 | 0 | -132 | 0 | -188
- Amortisations | X | -57 | 0 | -96 | 0 | -152
- Impairment losses | 0 | 0 | 0 | -36 | 0 | -36
- through comprehensive income statement | X | 0 | 0 | 0 | 0 | 0
- through profit or loss | 0 | 0 | 0 | -36 | 0 | -36
C.3 Negative changes in restated value | 0 | 0 | 0 | 0 | 0 | 0
- through comprehensive income statement | X | 0 | 0 | 0 | 0 | 0
- through profit or loss | X | 0 | 0 | 0 | 0 | 0
C.4 Transfers to non-current assets held for sale | 0 | 0 | 0 | 0 | 0 | 0
C.5 Negative exchange differences | -17 | -1 | 0 | -49 | 0 | -67
C.6 Other changes | 0 | 0 | 0 | -171 | 0 | -171
D. Net final carrying amount | 9,348 | 805 | 0 | 2,047 | 0 | 12,200
D.1 Accumulated depreciation and impairment | -397 | -999 | 0 | -2,859 | 0 | -4,255
E. Gross book value | 9,745 | 1,804 | 0 | 4,906 | 0 | 16,455
F. Measured at cost | 9,745 | 1,804 | 0 | 4,906 | 0 | 16,455

Deferred tax liabilities were accounted for with reference to the above mentioned intangible assets. Further information on calculation
method is detailed in the paragraph Other intangible assets of the section Basis for presentation and accounting principles in the
Annual Integrated Report and Consolidated Financial Statements 2025.
As at 31 December 2025 Group’s goodwill amounts to € 9,348 million. The main changes are attributable to the first consolidation
of MGG Investment Partner Group, Intermonte Partners SIM and Athens Euroclinic. The Purchase Price Allocation (PPA) process, as
defined by IFRS 3, is described in detail in the section New entities acquisition.
The exchange differences are mainly attributable to the currency translation of goodwill booked on “Generali CEE Holding”, “Generali
Schweiz Holding”, “Generali Investment Holding”, “Europ Assistance” and “Generali Malaysia”.
Cash-generating units or group of cash-generating units (hereinafter “CGU”) were established in accordance with the Group’s
participation structure, with the methods used by the management to monitor the operations and the business of the CGUs and
considering the IFRS 8 requirements relating to operating segments that Assicurazioni Generali has identified as Life business,
Property&Casualty, and Asset&Wealth Management, in line with the previous year.
270
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The details of the goodwill allocated per CGU are provided below.

Goodwill by CGU at 31 December 2025 |  |  |  |
(€ million) | Life | Property&Casualty | Asset&Wealth Management | Total
Generali Deutschland Holding | 562 | 1,617 | 0 | 2,179
Alleanza Assicurazioni | 1,461 | 0 | 0 | 1,461
Generali Italia | 640 | 692 | 0 | 1,332
Spain | 38 | 879 | 0 | 917
Generali CEE Holding | 458 | 379 | 0 | 837
Generali Investment Holding | 0 | 0 | 735 | 735
Generali France | 319 | 248 | 0 | 567
Portugal | 0 | 464 | 0 | 464
Europ Assistance Group | 0 | 276 | 0 | 276
Generali Schweiz Holding | 0 | 201 | 0 | 201
Generali Versicherung | 93 | 77 | 0 | 170
Banca Generali Group | 0 | 0 | 95 | 95
Generali Malaysia | 0 | 64 | 0 | 64
Others |  |  |  | 51
Goodwill |  |  |  | 9,348

Goodwill by CGU at 31 December 2024 |  |  |  |
(€ million) | Life | Property&Casualty | Asset&Wealth Management | Total
Generali Deutschland Holding | 562 | 1,617 | 0 | 2,179
Alleanza Assicurazioni | 1,461 | 0 | 0 | 1,461
Generali Italia | 640 | 692 | 0 | 1,332
Spain | 38 | 879 | 0 | 917
Generali CEE Holding | 440 | 383 | 0 | 822
Generali Investment Holding | 0 | 0 | 607 | 607
Generali France | 319 | 248 | 0 | 567
Portugal | 0 | 464 | 0 | 464
Europ Assistance Group | 0 | 284 | 0 | 284
Generali Schweiz Holding | 0 | 198 | 0 | 198
Generali Versicherung | 93 | 77 | 0 | 170
Banca Generali Group | 0 | 0 | 39 | 39
Generali Malaysia | 0 | 66 | 0 | 66
Others |  |  |  | 19
Goodwill |  |  |  | 9,126

The goodwill booked was subject to impairment tests as stated by IAS 36.
Cash generating units have been defined consistently with IAS 36. In particular, the recoverable amount of the “Banca Generali
Group” CGU was determined using the official stock market price as at the reporting date. With regard to the measurement of the
recovery value of the other cash generating unit, the Dividend Discount Model (DDM) has been used, as described in the basis of
presentation and accounting principles, for the determination of the recoverable amount.
271
Consolidated Financial Statements
This method represents a variant of the method of cash flows. In particular, the Excess Capital variant, defines the entity’s economic
value as the discounted dividend maintaining an appropriate capital structure taking into consideration the capital constraints
imposed by the Supervisor as the solvency margin. This method results in the sum of discounted value of future dividends and the
CGUs terminal value.
The application of this criterion entailed in general the following phases:
• explicit forecast of the future cash flows to be distributed to the shareholders in the planned time frame, taking into account the
limit due to the necessity of maintaining an adequate capital level;
• calculation of the cash generating unit’s terminal value, that was the foreseen value of the cash generating unit at the end of the
latest year planned.
For the impairment exercise carried out on 31 December 2025, the cash flows derives from the three-year period 2026–2028
financial business plans approved by the corporate bodies of the relevant CGUs. Own Funds and Regulatory Solvency Capital
Requirement projections for the companies belonging to the CGUs are taken from the Group’s Capital Management Plan for the
three-year period 2026–2028 approved by the Board of Directors of the Parent Company in December 2025, from the Group Risk
Appetite Framework and the local Capital Management Plan of the individual companies constituting the GCU for the three-year
period 2026–2028.
Finally, in order to extend the explicit forecast period to 5 years, the main economic and financial data were estimated for a further
two years (2029 and 2030). In this case, the net result was mainly determined based on the sustainable growth rate for each CGU.
The table below shows the evaluation parameters used for the main CGU:
A) Nominal Growth Rate (g):

Goodwill: nominal growth rate (g) |  |
| 31/12/2025 | 31/12/2024
Generali Deutschland Holding | 2.0% | 2.0%
Alleanza Assicurazioni | 2.0% | 2.0%
Generali Italia | 2.0% | 2.0%
Spain | 2.0% | 2.0%
Generali CEE Holding | 2.5% | 2.5%
Generali Investment Holding | 2.0% | 2.0%
Generali France | 2.0% | 2.0%
Portugal | 1.0% | 1.0%
Europ Assistance Group | 2.0% | 2.0%
Generali Schweiz Holding | 1.0% | 1.0%
Generali Versicherung | 2.0% | 2.0%
Generali Malaysia | 3.0% | 3.0%

272
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
B) Cost of Equity of the company net of taxes (Ke):

Goodwill: cost of equity net of taxes (Ke) |  |
| 31/12/2025 | 31/12/2024
Generali Deutschland Holding |  |
Life | 8.5% | 9.0%
Property&Casualty | 7.3% | 7.7%
Alleanza Assicurazioni |  |
Life | 9.2% | 10.2%
Generali Italia |  |
Life | 9.2% | 10.2%
Property&Casualty | 8.0% | 8.9%
Spain |  |
Life | 9.0% | 9.7%
Property&Casualty | 7.8% | 8.4%
Generali CEE Holding |  |
Life | 10.4% | 11.2%
Property&Casualty | 8.8% | 9.7%
Generali Investment Holding |  |
Asset&Wealth Management | 11.3% | 11.5%
Generali France |  |
Life | 9.2% | 9.8%
Property&Casualty | 8.0% | 8.5%
Portugal |  |
Property&Casualty | 7.6% | 8.1%
Europ Assistance Group |  |
Property&Casualty | 9.2% | 9.9%
Generali Schweiz Holding |  |
Property&Casualty | 5.8% | 6.8%
Generali Versicherung |  |
Life | 8.8% | 9.5%
Property&Casualty | 7.6% | 8.1%
Generali Malaysia |  |
Property&Casualty | 7.2% | 8.0%

The cost of equity (Ke) for each entity is extrapolated based on the Capital Asset Pricing Model (CAPM) formula eventually adjusted
to reflect specifics and identified risks.
In detail:
• Risk free rate was defined as the average value – observed during the last three months of 2025 of the 10-years government bond
of the reference country of operation of the CGU, on which the goodwill has been allocated;
• The Beta coefficient was determined based on a homogeneous basket of securities of the non-life and life insurance sectors,
which was compared to market indexes. The observation period was 5 years with weekly frequency;
• The market risk premium amounts to 5.5% for all Group’s CGUs, consistent with what was done in the previous financial year.
The analysis carried out following the impairment test confirmed the recoverability of the carrying amounts recognised in the financial
statements.
As part of the goodwill impairment test, a sensitivity analysis was also performed on the results obtained by changing the cost of
equity (Ke) (+/-1%) and the perpetual growth rate of distributable future cash flows (g) (+/-0.5%).
For prudence, the changes in the financial assumptions used for the sensitivity analysis were not reflected in either the projected
earnings of the respective plans or in the carrying amounts of the CGUs.
These sensitivity analyses confirmed the recoverability of the carrying amounts recognised in the financial statements.
273
Consolidated Financial Statements
5. New entities acquisition
Intermonte Partners SIM S.p.A.
On 31 January 2025, the public tender offer (the “Offer”), launched by Banca Generali on 16 September 2024 and aimed at acquiring
all the outstanding ordinary shares issued by Intermonte Partners SIM S.p.A. (“Intermonte”), a company listed on the Italian Stock
Exchange (Euronext Growth Milan) and parent company of the namesake financial group, was completed.
The Offer was concluded on 31 January 2025, with the tender of 30,789,819 shares, representing approximately 95.332% of the
shares subject to the Offer. Following the transfer of ownership of the shares to Banca Generali, the latter paid cash consideration to
the tendering shareholders for a total amount of € 93.6 million.
In light of the final results of the Offer, Banca Generali decided to exercise the Squeeze-out Right provided under Article 111 of
the TUF (and to comply with the corresponding purchase obligation under Article 108, paragraph 2, of the TUF) in respect of the
remaining 1,339,086 shares (excluding treasury shares), representing 4.146% of the issuer’s share capital, for a total consideration
of € 4.1 million.
The procedure was completed on 5 February 2025 and, consequently, Borsa Italiana ordered the delisting of Intermonte effective
from the trading session of the same date.
As part of the integration of Intermonte into the Generali Group, the acquisition date for the purposes of IFRS 10 — i.e., the date on
which control was obtained — was identified as 31 January 2025, corresponding to the completion of the Offer. Considering the
short time lapse between the acquisition date and the reporting date of Intermonte’s latest consolidated financial information, as well
as the absence of significant events occurring between the two dates, for the purposes of IFRS 3 the fair value of the acquired assets
and assumed liabilities was determined with reference to 31 December 2024 (the “valuation date”).
The total acquisition cost amounts to € 112 million, corresponding to the consideration paid as part of the Offer (€ 98 million),
together with the fair value of the existing interest in Intermonte SIM S.p.A. — a subsidiary of Intermonte Partners SIM — already
held by other Group companies.
The purchase price allocation process resulted in the recognition of net identifiable assets amounting to € 57 million, including €
11 million of separately identifiable intangible assets. Considering non-controlling interests of € –1 million, the fair value of the net
assets acquired amounts to € 56 million. The difference between this amount and the acquisition cost of € 112 million resulted in the
recognition of goodwill of € 56 million, fully allocated to the existing CGU “Banca Generali Group”.
With reference to the measurement period required to obtain the information necessary for recognising the identifiable assets
acquired and liabilities assumed, paragraph 45 of IFRS 3 stipulates that such period ends once the acquirer has obtained all relevant
information about facts and circumstances existing at the acquisition date or concludes that no further information can be obtained.
In any case, the measurement period may not exceed one year from the acquisition date. In accordance with this paragraph, the
purchase price allocation process for Intermonte is considered final as of the date of these Consolidated Financial Statements.
From the acquisition date to 31 December 2025, Intermonte contributed a net result of € 11 million to the Generali Group Consolidated
Financial Statements.
Generali China Insurance Company Limited
On 25 March 2025, Generali Group completed the acquisition of 100% of the shares of Generali China Insurance Company Limited
(“Generali China Insurance”, “GCI”) following the receipt of all required regulatory approvals. As a wholly foreign-owned entity, GCI will
now operate in China under the Generali brand, fully aligned with the Group’s strategy and positioned to fully leverage the potential
of the rapidly growing Chinese market.
As part of the integration of GCI into Generali Group, the acquisition date for the purposes of IFRS 10 — i.e., the date on which
control was obtained — was identified as 25 March 2025, corresponding to the transfer to Assicurazioni Generali of ownership of the
acquired shares. Considering the short time lapse between the acquisition date and the reporting date of the latest available financial
information, as well as the absence of significant events occurring between the two dates, for the purposes of IFRS 3 the fair value
of the acquired assets and assumed liabilities was determined with reference to 31 March 2025 (the “valuation date”).
The total acquisition cost amounted to € 132 million, corresponding to the full consideration transferred for the acquisition of 51% of
GCI’s shares (€ 99 million), together with the fair value of the previously held interest.
The purchase price allocation process did not result in the recognition of separately identifiable intangible assets, while the fair value
adjustment relating to insurance assets and liabilities amounted to € 5 million.
The integration of Generali China Insurance did not result in the recognition of any goodwill.
In accordance with paragraph 45 of IFRS 3, the purchase price allocation process is considered completed as of the date of these
Consolidated Financial Statements.
274
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
From the acquisition date to 31 December 2025, Generali China Insurance contributed € 151 million in gross written premiums and
€ 4 million in net result to Generali Group Consolidated Financial Statements.
MGG Investment Group
On 1 October 2025, Generali Group, through Conning Holding Company Limited (“CHL”), a wholly owned subsidiary of Generali
Investment Holding, completed the acquisition of 77% of MGG Investment Group LP (“MGG”), a company specialising in direct
private credit in the U.S. middle market.
As part of the integration of MGG into the Generali Group, the acquisition date for the purposes of IFRS 10 — i.e., the date on which
control was obtained — was identified as 1 October 2025, corresponding to the moment in which ownership of the acquired shares
was transferred to CHL. Considering the short time lapse between the acquisition date and the reporting date of the latest available
financial information, as well as the absence of any significant events occurring between the two dates, for the purposes of IFRS 3
the fair value of the acquired assets and assumed liabilities was determined with reference to 30 September 2025 (the “valuation
date”).
The total acquisition cost amounted to € 271 million, corresponding to the full consideration transferred for the acquisition of 77%
of MGG’s shares.
The purchase price allocation process resulted in the recognition of net identifiable assets amounting to € 156 million, including € 138
million of separately identifiable intangible assets with finite useful life (primarily customer relationships). Considering non-controlling
interests of € –36 million, the fair value of the net assets acquired amounts to € 120 million. The difference between this amount and
the acquisition cost of € 271 million resulted in the recognition of provisional goodwill of € 151 million, fully allocated to the existing
CGU “Generali Investment Holding”.
In accordance with paragraph 45 of IFRS 3, it is noted that the purchase price allocation process is not considered final as of the date
of these Consolidated Financial Statements, particularly with regard to the fair value measurement of intangible assets.
From the acquisition date to 31 December 2025, MGG contributed € 4.5 billion in third-party Assets Under Management and € –1
million in net result to the Generali Group Consolidated Financial Statements.
Athens Euroclinic S.A.
On 9 December 2025, the Generali Group, through Generali Hellas Insurance Company S.A., a wholly owned subsidiary operating
in Greece, completed the acquisition of 100% of the shares of Athens Euroclinic S.A. (“Euroclinic”), a company active in the Greek
healthcare sector.
As part of the integration of Euroclinic into the Generali Group, the acquisition date for the purposes of IFRS 10 — i.e., the date
on which control was obtained — was identified as 9 December 2025, corresponding to the transfer to Generali Hellas Insurance
Company S.A. of ownership of the acquired shares. Considering the short time lapse between the acquisition date and the reporting
date of the latest available financial information, as well as the absence of any significant events occurring between the two dates,
for the purposes of IFRS 3 the fair value of the acquired assets and assumed liabilities was determined with reference to 30 October
2025 (the “valuation date”).
The total acquisition cost amounted to € 40 million, corresponding to the full consideration transferred for the acquisition of 100%
of Euroclinic’s shares.
The purchase price allocation process resulted in the recognition of net identifiable assets amounting to € 8 million. The difference
between this amount and the acquisition cost of € 40 million led to the recognition of provisional goodwill of € 32 million, fully
allocated to the existing CGU “Generali Hellas”, included within the “Other” cluster.
In accordance with paragraph 45 of IFRS 3, it is noted that the purchase price allocation process is not considered final as of the date
of these Consolidated Financial Statements, particularly with regard to the fair value measurement of intangible assets.
From the acquisition date to 31 December 2025, Euroclinic’s contribution to the Generali Group Consolidated Financial Statements
is considered immaterial.
275
Consolidated Financial Statements
6. Non-current assets or disposal group classified as
held for sale
As of 31 December 2025, no non-current assets or disposal groups held for sale were recognised in accordance with the requirements
of IFRS 5.
It is noted that, on 23 May 2025, Generali completed the disposal of 100% of its investment in Generali Life Assurance Philippines,
Inc. to The Insular Life Assurance Company, Ltd., following the agreement reached in December 2024. As of 31 December 2025,
the transaction had a negative impact on the income statement of € 1.3 million.
In addition, on 1st October 2025, the transaction relating to the non-proportional total demerger of Cronos — an entity held by Generali
Italia for € 49.5 million as part of the system-wide solution to the Eurovita S.p.A. crisis — was completed. The non-proportional
total demerger resulted in the derecognition of the investment, the simultaneous recognition of the assets and liabilities received,
and the consequent recognition of a positive difference of € 18.1 million (equal to the difference between the carrying amount of
the investment and the net value of the assets and liabilities received as determined by an independent appraisal). This gain was
recognized in the “Profit (Loss) from discontinued operations” line item of the Income statement.
In accordance with IFRS 3, the assets and liabilities received were subject to a PPA process. The acquisition date for the purposes
of IFRS 10 was identified as 1st October 2025, corresponding to the effective date of the non-proportional total demerger. The same
date, 1st October 2025, was established as the reference date for determining the fair values of the identifiable assets acquired and
liabilities assumed.
The total acquisition cost amounts to € 67.6 million, corresponding to the net value of the assets and liabilities received as determined
by appraisal. The fair value allocation process resulted in the recognition of separately identifiable intangible assets with a finite
useful life for € 10 million, as well as a fair value adjustment to insurance assets and liabilities of € 16 million and did not result in the
recognition of any goodwill.
In accordance with paragraph 45 of IFRS 3, the purchase price allocation process is considered completed as of the date of these
Consolidated Financial Statements.
For further details on other atypical or unusual transactions, reference should be made to the section Significant non-recurring events
and transactions.
7. Transactions with related parties
With regard to transactions with related parties, the main activities, set on an arm’s length basis, mainly consist in relations of
insurance, reinsurance and co-insurance, also including claims settlement, administration and management of securities and real
estate assets, leasing, loans and guarantees, financial advice, IT and administrative services.
When carried out with companies belonging to the Group, these operations substantially aim at guaranteeing the streamlining of
operational functions, an exploitation of synergies, greater economies in overall management and an appropriate level of service.
When carried out with companies that are not included in the scope of full consolidation, such transactions have an immaterial
impact compared to the size of the Generali Group.
For further information regarding related parties transactions - and in particular regarding the procedures adopted by the Group to
ensure that these transactions are performed in accordance with the principles of transparency and substantive and procedural
correctness - please refer to the paragraph Related Party Transactions Procedures included in section Internal control and risk
management system of the Corporate governance and Ownership Report.
The total remuneration due to the Members of the Board of Directors, the Board of Statutory Auditors and the Managers with Strategic
Responsibilities and the shareholdings held by the same are shown, as per CONSOB regulations, in the Report on Remuneration
Policy and Payments, in the specific tables 1, 3a, 3b and 4 of Part II of Section II of the report itself. The remuneration components
were assigned and quantified according to the Remuneration Policy approved by the Shareholders’ Meeting on 24th of April 2024,
following implementation, when required, of the procedure for transactions with related parties, as required by law.
Furthermore, in accordance with IAS 24, the table below shows the compensation paid to the same subjects for the reference year
of this Financial Statement as approved by the competent corporate bodies based on the Group’s results and the verification of
compliance with solvency requirements (Regulatory Solvency Ratio), even if not paid and subject to deferral (where applicable) and
the verification of malus conditions, clawback and prohibitions on hedging strategies as better defined in the Report on Remuneration
Policy and Payments.
276
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The amounts represented are consistent with CONSOB principles as reported in the Report on Remuneration Policy and Payments
and also include social security charges and the provision for severance pay where required by regulatory and contractual standards.

Remuneration Components |  |
(€ million) | Non-executive Directors and Members of the Board of Statutory Auditors (*) | Other Managers with Strategic Responsibilities (**)
a Short-term employee benefits | 5 | 40
b Post-employment benefits | - | 2
c Other long-term employee benefits | - | 1
d Termination benefits | - | 2
e Share-based payment | - | 16
Total | 5 | 61

(*) It includes 17 individuals.
(**) It includes 21 individuals, including the Group CEO.
Below we highlight the economic and financial transactions relating to loans and interest income and expenses with Group companies
not included in the area of full consolidation and with other related parties.
The transactions between Group companies consolidated line by line have been eliminated in the consolidation and are not disclosed
in the Notes.
As shown in the table below, the impact of such transactions, if compared on a Group basis, is not material.
Related parties

(€ million) | Subsidiaries with significant control not consolidated | Associated companies and joint-ventures | Other related parties | Total | % on balance sheet item
Loans | 0 | 813 | 0 | 813 | 0.16%
Loans issued | -2 | -4 | -16 | -21 | 0.04%
Interest income | 0 | 24 | 0 | 24 | -0.30%
Interest expense | -0 | -0 | 0 | -0 | -0.02%

In particular, the subtotal Associated companies and Joint ventures includes loans to Group companies valued with equity method
for € 813 million, mostly related to real estate companies.
In addition to the figures in the table above and with reference to the related parties as stated by IAS 24 par 19 letter b, it should be
noted in particular that, with regard to transactions with Banca Monte dei Paschi di Siena S.p.A (MPS) – an entity that through its
subsidiary Mediobanca Banca di Credito Finanziario S.p.A. exerts significant influence over the Generali Group – and with its other
subsidiaries, the main balances on assets and liabilities at 31 December 2025 are represented by investment funds (approximately
€ 350 million), debt securities issued by Mediobanca and its subsidiaries (approximately € 160 million) and financial activities related
to repurchase agreement (Repo) transactions (approximately € 100 million), as well as collateralised hedging derivatives for about
€ -5 million. The main impacts on the profit and loss account at 31 December 2025 amounted to about € 29 million of net costs,
mainly attributable to fees recognized in the context of insurance brokerage relationships, as well as to net commissions, partially
offset by interest income on debt securities and lease rentals.
In addition, with regard to the public exchange offer for all shares of Banca Generali launched by Mediobanca in the first part of
the year, on 21 August 2025 the Shareholders’ Meeting of Mediobanca rejected the proposal of Mediobanca’s Board of Directors
concerning the authorization to carry out the voluntary public exchange offer. Mediobanca, acknowledging the outcome of the
Shareholders’ Meeting, declared the offer for Banca Generali to be lapsed.
With reference to Article 18 of the Related Party Transactions Procedures concerning periodic disclosure requirements, it should be
noted that during the reporting period (i) no Related Party Transactions of greater importance were concluded, (ii) no Related Party
Transactions were concluded that had a material impact on the Group’s financial position or results, and (iii) there were no changes or
developments in the Transactions described in the previous annual report that had a material effect on the Group’s financial position
or results.
277
Consolidated Financial Statements
INVESTMENTS
The following table presents the details by nature and accounting category of the balance sheet item Investments. Comments on the
specific balance sheet items are provided in the following paragraphs of this chapter.

(€ million) INVESTMENTS - DETAIL BY NATURE at 31/12/2025 | Land and buildings (Investment properties) | Interests in subsidiaries, associated companies and joint ventures | Financial assets measured at amortised cost | Financial assets measured at fair value through other comprehensive income | Financial assets measured at fair value through profit or loss | Total
Equity investments | 0 | 0 | 0 | 3,474 | 24,239 | 27,712
Direct equities | 0 | 0 | 0 | 3,186 | 4,339 | 7,525
Units of equity investment funds | 0 | 0 | 0 | 0 | 4,630 | 4,630
Other financial instruments* | 0 | 0 | 0 | 288 | 15,270 | 15,558
Fixed income investments | 0 | 0 | 18,618 | 238,155 | 45,797 | 302,571
Bonds | 0 | 0 | 9,078 | 230,213 | 9,263 | 248,554
of which: Government bonds | 0 | 0 | 6,469 | 132,058 | 2,187 | 140,715
of which: Corporate bonds | 0 | 0 | 2,609 | 98,155 | 7,076 | 107,839
Units of bond and similar investment funds | 0 | 0 | 0 | 0 | 36,308 | 36,308
Loans | 0 | 0 | 9,540 | 7,942 | 226 | 17,709
Real estate investments | 22,293 | 0 | 0 | 0 | 4,094 | 26,387
Measured at fair value | 19,879 | 0 | 0 | 0 | 0 | 19,879
Measured at cost | 2,414 | 0 | 0 | 0 | 0 | 2,414
Units of Real Estate investment funds | 0 | 0 | 0 | 0 | 4,094 | 4,094
Cash Equivalents | 0 | 0 | 572 | 122 | 10,246 | 10,940
Repurchase Agreements | 0 | 0 | 572 | 122 | 0 | 695
Units of Money Market investment funds | 0 | 0 | 0 | 0 | 10,246 | 10,246
Derivative assets | 0 | 0 | 0 | 0 | 458 | 458
Other investments | 0 | 3,026 | 2,300 | 0 | 4,816 | 10,141
Investments in subsidiaries, associated companies and joint ventures | 0 | 3,026 | 0 | 0 | 0 | 3,026
Other investments | 0 | 0 | 0 | 0 | 4,816 | 4,816
Receivables from banks and customers | 0 | 0 | 2,300 | 0 | 0 | 2,300
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds** | 0 | 0 | 0 | 0 | 136,118 | 136,118
Total | 22,293 | 3,026 | 21,490 | 241,751 | 225,767 | 514,328

(*) It includes shares of investment fund units, attributable to alternative strategies, amounting to € 5,006 million.
(**) It includes shares of investment fund units amounting to € 112,479 million.
278
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group

(€ million) INVESTMENTS - DETAIL BY NATURE at 31/12/2024 | Land and buildings (Investment properties) | Interests in subsidiaries, associated companies and joint ventures | Financial assets measured at amortised cost | Financial assets measured at fair value through other comprehensive income | Financial assets measured at fair value through profit or loss | Total
Equity investments | 0 | 0 | 0 | 3,233 | 23,995 | 27,229
Direct equities | 0 | 0 | 0 | 2,786 | 3,944 | 6,729
Units of equity investment funds | 0 | 0 | 0 | 0 | 5,198 | 5,198
Other financial instruments* | 0 | 0 | 0 | 448 | 14,854 | 15,301
Fixed income investments | 0 | 0 | 19,114 | 234,529 | 40,516 | 294,159
Bonds | 0 | 0 | 9,767 | 226,460 | 8,031 | 244,258
of which: Government bonds | 0 | 0 | 7,364 | 129,645 | 2,044 | 139,053
of which: Corporate bonds | 0 | 0 | 2,403 | 96,815 | 5,987 | 105,205
Units of bond and similar investment funds | 0 | 0 | 0 | 0 | 32,348 | 32,348
Loans | 0 | 0 | 9,347 | 8,068 | 137 | 17,552
Real estate investments | 22,503 | 0 | 0 | 0 | 4,184 | 26,687
Valued at fair value | 19,814 | 0 | 0 | 0 | 0 | 19,814
Valued at cost | 2,689 | 0 | 0 | 0 | 0 | 2,689
Units of Real Estate investment funds | 0 | 0 | 0 | 0 | 4,184 | 4,184
Cash Equivalents | 0 | 0 | 420 | 217 | 12,466 | 13,102
Repurchase Agreements | 0 | 0 | 420 | 217 | 0 | 636
Units of Money market investment funds | 0 | 0 | 0 | 0 | 12,466 | 12,466
Derivative assets | 0 | 0 | 0 | 0 | 687 | 687
Other investments | 0 | 2,840 | 2,027 | 0 | 3,753 | 8,621
Investments in subsidiaries, associated companies and joint ventures | 0 | 2,840 | 0 | 0 | 0 | 2,840
Other investments | 0 | 0 | 0 | 0 | 3,753 | 3,754
Receivables from banks and customers | 0 | 0 | 2,027 | 0 | 0 | 2,027
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds** | 0 | 0 | 0 | 0 | 123,855 | 123,855
Total | 22,503 | 2,840 | 21,561 | 237,979 | 209,457 | 494,340

(*) It includes shares of investment fund units, attributable to alternative strategies, amounting to € 3,450 million.
(**) It includes shares of investment fund units amounting to € 91,896 million.
8. Financial assets measured valued at amortised cost
The table below details the carrying amounts and the fair value hierarchy, by product composition, of financial assets valued at
amortised cost.
Financial assets measured at amortised cost: product composition, percentage composition and hierarchy of fair value

(€ million) Items/Values | 31/12/2025 |  |  | 31/12/2024
Carrying Amounts | Comp. % | L1 | L2 | L3 | Fair value | Carrying Amounts | Comp. % | L1 | L2 | L3 | Fair value
1) Bonds | 9,078 | 42.2% | 8,607 | 485 | 57 | 9,149 | 9,767 | 45.3% | 9,539 | 162 | 52 | 9,753
Government bonds | 6,469 | 30.1% | X | X | X | X | 7,364 | 34.2% | X | X | X | X
a) listed | 6,469 | 30.1% | X | X | X | X | 7,364 | 34.2% | X | X | X | X
b) unlisted | 0 | 0.0% | X | X | X | X | 0 | 0.0% | X | X | X | X
Other bonds | 2,609 | 12.1% | X | X | X | X | 2,403 | 11.1% | X | X | X | X
a) listed | 2,609 | 12.1% | X | X | X | X | 2,403 | 11.1% | X | X | X | X
b) unlisted | 0 | 0.0% | X | X | X | X | 0 | 0.0% | X | X | X | X
2) Loans and receivables | 12,412 | 57.8% | 714 | 8,930 | 2,729 | 12,373 | 11,794 | 54.7% | 274 | 8,352 | 3,142 | 11,768
Total | 21,490 | 100.0% | 9,321 | 9,415 | 2,786 | 21,522 | 21,561 | 100.0% | 9,813 | 8,514 | 3,194 | 21,521

279
Consolidated Financial Statements
This item includes 4.2% (4.4% at 31 December 2024) of the amount recognized in the investments item presented in the balance
sheet. The exposures mainly refer to bonds, equal to 42.2% (45.3% at 31 December 2024) of the category, attributable to the
operations of the Group’s banking companies, and mainly to mortgage loans and receivables from banking customers, equal to
29.7% (26.8% as of 31 December 2024) of this item.
This investment category amounted to € 21,490 million at 31 December 2025, recording a stable trend (€ 21,561 million at
31 December 2024), maintaining a similar composition among investment classes.
The table below illustrates the amount of unrealized gains and losses for financial assets classified at amortised cost.
Financial assets measured at amortized cost: unrealized gains and losses

(€ million) | Book Value |  | Fair value |  | Unrealized gains/ losses
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Bonds | 9,078 | 9,767 | 9,149 | 9,753 | 70 | -14
Loans and receivables | 12,412 | 11,794 | 12,373 | 11,768 | -39 | -25
Total | 21,490 | 21,561 | 21,522 | 21,521 | 32 | -39

The table below shows the details of financial assets valued at amortized cost by nature and credit risk stages.
Financial assets measured at amortized cost: product composition and credit risk stages

(€ million) | Carrying Amounts 31/12/2025 |  | Carrying Amounts 31/12/2024 |
| First stage | Second stage | Third stage | First stage | Second stage | Third stage
Government bonds | 6,469 | 0 | 0 | 7,364 | 0 | 0
Other bonds | 2,609 | 0 | 0 | 2,403 | 0 | 0
Loans and receivables | 12,074 | 269 | 69 | 11,521 | 207 | 66
a) to banks | 3,102 | 0 | 0 | 3,020 | 1 | 14
b) to customers | 8,972 | 269 | 69 | 8,501 | 206 | 52
- mortgage loans | 6,252 | 71 | 35 | 5,890 | 67 | 33
- policy loans | 0 | 0 | 0 | 0 | 0 | 0
- other loans and receivables | 2,721 | 198 | 34 | 2,611 | 139 | 19
Total 31/12/2025 | 21,153 | 269 | 69 | X | X | X
Total 31/12/2024 | X | X | X | 21,288 | 207 | 66

Financial assets measured at amortised cost: gross carrying amount and ECL allocation

(€ million) | Gross amount | Net expected credit losses allocation | Total 31/12/2025 | Total 31/12/2024
| First stage | of which: Assets with low credit risk | Second stage | Third stage | First stage | of which: Assets with low credit risk | Second stage | Third stage
Government bonds | 6,471 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 6,469 | 7,364
of which investment grade | 6,371 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 6,370 | 7,253
of which non investment grade | 22 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 22 | 11
of which not rated | 78 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 77 | 100
Other bonds | 2,611 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 2,609 | 2,403
of which investment grade | 2,535 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 2,534 | 2,303
of which non investment grade | 53 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 53 | 64
of which not rated | 22 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 22 | 36
Loans and receivables | 12,086 | 0 | 270 | 116 | -12 | 0 | -2 | -47 | 12,412 | 11,794
- to banks | 3,105 | 0 | 0 | 0 | -3 | 0 | 0 | 0 | 3,102 | 3,034
- to customers | 8,981 | 0 | 270 | 116 | -9 | 0 | -2 | -47 | 9,310 | 8,759
Total 31/12/2025 | 21,168 | 0 | 270 | 116 | -15 | 0 | -2 | -47 | 21,490 | 0
Total 31/12/2024 | 21,315 | 0 | 209 | 115 | -27 | 0 | -2 | -49 | 0 | 21,561

In line with the stage allocation methodology adopted by the Group, which does not explicitly provide for the use of the low credit
risk exemption, the column relating to assets with low credit risk allocated in the first stage is not filled in.
280
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The table below presents the evolution of the credit risk stages of financial assets valued at amortised cost.

Financial assets measured at amortized cost: credit risk stages roll forward |  |  |
|  | 31/12/2025 |  |
| First stage | Second stage | Third stage | Total
Opening balance | -27 | -2 | -49 | -78
Purchases and issues | -1 | -0 | -0 | -1
Sales and pay-backs | 4 | 0 | 3 | 8
ECL remeasurement | 9 | -0 | -2 | 7
Reclassification from first stage |  | -0 | 0 | -0
Reclassification from second stage | 0 |  | 0 | 0
Reclassification from third stage | 1 | 0 |  | 1
Other variations | -2 | -0 | 0 | -2
Closing balance | -15 | -2 | -47 | -64

9. Financial assets measured at fair value through other
comprehensive income
The table below details the carrying amounts, by product composition, of financial assets valued through other comprehensive
income.
Financial assets measured at fair value through other comprehensive income: composition and impact

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Carrying Amounts | Comp. % | Carrying Amounts | Comp. %
Equities | 3,186 | 1.3% | 2,786 | 1.2%
a) quoted | 2,568 | 1.1% | 2,152 | 0.9%
b) unquoted | 618 | 0.3% | 634 | 0.3%
Bonds | 230,213 | 95.2% | 226,460 | 95.2%
Government bonds | 132,058 | 54.6% | 129,645 | 54.5%
a) quoted | 122,013 | 50.5% | 120,780 | 50.8%
b) unquoted | 10,045 | 4.2% | 8,865 | 3.7%
Other bonds | 98,155 | 40.6% | 96,815 | 40.7%
a) quoted | 93,614 | 38.7% | 91,558 | 38.5%
b) unquoted | 4,540 | 1.9% | 5,257 | 2.2%
Other financial assets | 8,353 | 3.5% | 8,733 | 3.7%
Total | 241,751 | 100% | 237,979 | 100%

The category includes 47% (48.1% at 31 December 2024) of the amount recognized in the investments item presented in the
balance sheet. It mainly consists of bonds, corresponding to 95.2% (95.2% at 31 December 2024) of the total amount recognized in
the accounting category, reflecting the Group’s hold to collect and sell business model, aimed at holding the assets financial assets
both for the purpose of collecting the contractual cash flows and for realization purposes. These exposures mainly consist of bonds
with a rating equal to or higher than BBB, the rating class assigned to Italian government bonds.
Equities held in portfolios relating to products without discretionary profit participation, amounting to € 3,186 million (€ 2,786 million
at 31 December 2024), are also included in this category.
The increase recorded compared to 31 December 2024 is substantially attributable to bonds, equal to € 230,213 million (€ 226,460
million at 31 December 2024), in particular, following the increase of government bonds, equal to € 132,058 million (€ 129,645 million
at 31 December 2024).
Equity investments designated at fair value through other comprehensive income without recycling to the income statement amounted
to € 3,186 million (€ 2,786 million at 31 December 2024), mainly following net acquisitions of equities included in this category.
Dividends recognized in the income statement, deriving from equity investments designated at fair value through other comprehensive
income without recycling to the income statement, amounted to € 169 million at 31 December 2025 (€ 131 million at 31 December
2024), of which € 10 million (€ 9 million at 31 December 2024) relating to assets sold during the year.
The fair value of the equity investments included in this category sold during the year is € 580 million (€ 610 million in 2024).
sdfcvb
281
Consolidated Financial Statements
The realized gains recognized in equity reserve during the year amounted to € 56 million (€ 4 million at 31 December 2024). The result
determined by the sale of equity instruments designated at fair value through other comprehensive income is transferred to a specific
equity reserve, without recognizing any effect in the income statement of the period.
The item “Other financial assets”, which amounts to € 8,353 million (€ 8,733 million at 31 December 2024), also includes other
investments considered equity investments, whose dividends amount to € 24 million (€ 0 million at 31 December 2024).
The table below shows unrealized profits and losses for financial assets at fair value through other comprehensive income.

Financial assets measured at fair value through other comprehensive income: unrealized gains and losses |  |
(€ million) | Book Value |  | Amortised cost Unrealized gains/ losses
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Equity investments | 3,186 | 2,786 | 2,570 | 2,297 | 616 | 489
Bonds | 230,213 | 226,460 | 256,798 | 248,899 | -26,585 | -22,438
Other financial assets | 8,353 | 8,733 | 8,215 | 7,782 | 138 | 951
Total | 241,751 | 237,979 | 267,583 | 258,977 | -25,831 | -20,999

The table below shows the detail of financial assets at fair value through other comprehensive income by nature and stage of credit
risk.
Financial assets measured at fair value through other comprehensive income: gross carrying amount and ECL allocation

(€ million) | Gross amount | Net expected credit losses allocation |  | Total 31/12/2025 | Total 31/12/2024
First stage | of which: Assets with low credit risk | Second stage | Third stage | First stage | of which: Assets with low credit risk | Second stage | Third stage
Government bonds | 132,161 | 0 | 31 | 12 | -122 | 0 | -11 | -12 | 132,058 | 129,645
of which investment grade | 119,969 | 0 | 15 | 0 | -94 | 0 | 0 | 0 | 119,889 | 119,343
of which non investment grade | 1,311 | 0 | 16 | 0 | -19 | 0 | -11 | 0 | 1,296 | 1,172
of which not rated | 10,881 | 0 | 0 | 12 | -8 | 0 | -0 | -12 | 10,873 | 9,130
Other bonds | 98,094 | 0 | 270 | 81 | -202 | 0 | -18 | -71 | 98,155 | 96,815
of which investment grade | 88,752 | 0 | 215 | 0 | -161 | 0 | -7 | 0 | 88,800 | 87,998
of which non investment grade | 6,015 | 0 | 33 | 28 | -26 | 0 | -11 | -28 | 6,012 | 4,553
of which not rated | 3,327 | 0 | 22 | 53 | -15 | 0 | -0 | -43 | 3,343 | 4,264
Other financial assets | 8,133 | 0 | 1 | 0 | -69 | 0 | 0 | 0 | 8,065 | 8,285
Total 31/12/2025 | 238,388 | 0 | 301 | 93 | -393 | 0 | -29 | -83 | 238,278 | 0
Total 31/12/2024 | 234,797 | 0 | 357 | 112 | -405 | 0 | -21 | -94 | 0 | 234,746

In line with the stage allocation methodology adopted by the Group, which does not explicitly provide for the use of the low credit
risk exemption, the column relating to assets with low credit risk allocated in the first stage is not filled in.
The table below shows the evolution of the credit risk stages of financial assets through other comprehensive income.
Financial assets measured at fair value through other comprehensive income: credit risk stages roll forward

|  | 31/12/2025 |  |
| First stage | Second stage | Third stage | Total
Opening balance | -405 | -21 | -94 | -520
Purchases and issues | -73 | -0 | 0 | -73
Sales and pay-backs | 53 | 1 | 8 | 63
ECL remeasurement | 34 | 0 | 3 | 37
Reclassification from first stage | 0 | -0 | 0 | -0
Reclassification from second stage | 0 | 0 | 0 | 0
Reclassification from third stage | 0 | 0 | 0 | 0
Other variations | -2 | -9 | -0 | -11
Closing balance | -393 | -29 | -83 | -505

282
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
10. Financial assets measured at fair value through
profit or loss
The table below shows the carrying amounts, by product composition, of financial assets at fair value through profit or loss. It should
be noted that the financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial
liabilities related to investment contracts, and reserves linked to pension funds, are included, by convention, in the item “Financial
assets designated at fair value”.

Financial assets measured at fair value through profit or loss: composition and impact
(€ million) | Financial assets held for trading | Financial assets designed at fair value | Financial assets mandatorly at fair value
31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Items/Values | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. %
Equities | 34 | 5.3% | 0 | 0.1% | 6,929 | 5.1% | 5,879 | 4.7% | 4,305 | 4.9% | 3,943 | 4.7%
a) quoted | 34 | 5.3% | 0 | 0.1% | 6,086 | 4.5% | 4,925 | 4.0% | 3,325 | 3.8% | 3,026 | 3.6%
b) unquoted | 0 | 0.0% | 0 | 0.0% | 843 | 0.6% | 954 | 0.8% | 980 | 1.1% | 917 | 1.1%
Own shares | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0%
Own financial liabilities | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0%
Bonds | 91 | 14.3% | 0 | 0.0% | 15,195 | 11.1% | 12,534 | 10.1% | 9,172 | 10.4% | 8,031 | 9.5%
a) quoted | 91 | 14.3% | 0 | 0.0% | 14,860 | 10.9% | 12,233 | 9.8% | 8,689 | 9.8% | 7,602 | 9.0%
b) unquoted | 0 | 0.0% | 0 | 0.0% | 335 | 0.2% | 301 | 0.2% | 482 | 0.5% | 429 | 0.5%
Investment fund units | 54 | 8.5% | 65 | 8.6% | 112,479 | 82.4% | 104,114 | 83.8% | 60,230 | 68.0% | 57,495 | 68.1%
Derivatives | 458 | 71.9% | 687 | 91.3% | -35 | 0.0% | -104 | -0.1% | 0 | 0.0% | 0 | 0.0%
Hedging derivatives | 0 | 0.0% | 0 | 0.0% | 408 | 0.3% | 415 | 0.3% | 0 | 0.0% | 0 | 0.0%
Other financial assets | 0 | 0.0% | 0 | 0.0% | 1,550 | 1.1% | 1,432 | 1.2% | 14,898 | 16.8% | 14,965 | 17.7%
Total | 637 | 100% | 753 | 100% | 136,526 | 100% | 124,270 | 100% | 88,604 | 100% | 84,434 | 100%

The category, which represents 43.9% (42.4% at 31 December 2024) of total investments, amounted to € 225,767 million (€ 209,457
at 31 December 2024). The increase recorded compared to 31 December 2024 is mainly attributable to the increase in carrying
amounts of financial assets designated at fair value, in particular of investment fund units, almost entirely attributable to financial
assets linked to technical reserves where the investment risk is borne by the policyholders.
Specifically, the investments measured at fair value through profit or loss are mainly allocated to Life segment, equal to 94.4% of the
total amount (€ 213,202 million at 31 December 2025).
11. Investment properties
The table below shows, split by measurement model, the amount of investment properties held for the purpose of receiving rent and/
or to achieve objectives of appreciation of the invested capital:
Investment properties: composition

(€ million) | At cost |  | Measured at fair value
Activities/Values | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
1. Land and buildings (investment properties) owned | 2,414 | 2,689 | 19,879 | 19,814
a) land | 209 | 191 | 354 | 354
b) buildings | 2,205 | 2,498 | 19,525 | 19,459
2. Right of use assets under lease contracts | 0 | 0 | 0 | 0
a) land | 0 | 0 | 0 | 0
b) buildings | 0 | 0 | 0 | 0
Total | 2,414 | 2,689 | 19,879 | 19,814

283
Consolidated Financial Statements
Land and buildings (investment properties) amounted to € 22,293 million at 31 December 2025 (€ 22,503 million at 31 December
2024). In particular, land and buildings (investment properties) measured at fair value represent 89.2% (88% at 31 December 2024)
of the total of this category and mainly consists of backing contracts with direct participation features.
The table below presents the main changes that occurred in the period and the detail of fair value:
Investment properties: variations

(€ million) | Land | Buildings | Total
A. Opening balances | 545 | 22,917 | 23,462
A.1 Accumulated depreciation and impairment | -0 | -959 | -959
A.2 Net opening balance | 545 | 21,958 | 22,503
A.2.a Adjustment opening balances | 0 | 0 | 0
B. Increases | 32 | 1,003 | 1,035
B.1 Acquisitions | 31 | 252 | 283
B.2 Capitalized expenses | 0 | 235 | 235
B.3 Positive changes in fair value | 0 | 414 | 414
B.4 Reversals of impairment losses | 0 | 0 | 0
B.5 Positive exchange differences | 1 | 0 | 1
B.6 Transfers from self-used properties | 0 | 0 | 0
B.7 Other changes | 0 | 102 | 102
C. Decreases | -13 | -1,231 | -1,244
C.1 Sales | -11 | -715 | -726
C.2 Depreciations | 0 | -49 | -49
C.3 Negative changes in fair value | -0 | -312 | -312
C.4 Impairment losses | -1 | -100 | -101
C.5 Negative exchange differences | 0 | -13 | -13
C.6 Transfers to: | 0 | -43 | -43
a) self-used properties for own use | 0 | -43 | -43
b) non-current assets and disposal groups held for sale | 0 | 0 | 0
C.7 Other changes | -0 | 0 | -0
D. Net final carrying amount | 564 | 21,730 | 22,293
D.1 Accumulated depreciation and impairment | -1 | -952 | -954
D.2 Gross book value | 565 | 22,682 | 23,247
E. Fair value measurement | 566 | 23,810 | 24,376

The fair value of the investment properties at the end of the period was determined on the basis of appraisals commissioned mainly
from third parties.
12. Cash and cash equivalents
Cash and cash equivalents

(€ million) | 31/12/2025 | 31/12/2024
Cash and cash equivalents | 131 | 230
Cash and balances with central banks | 400 | 933
Cash at bank and credit balances with banks payable on demand | 6,777 | 7,151
Total | 7,3 08 | 8,315

Group cash and cash equivalents decreased compared to € 8,315 million at 31 December 2024 to € 7,308 million at 31 December
2025, substantially in order to reflect the potential effects of long-term financial investments aimed at generating future returns, while
ensuring adequate liquidity coverage for the various business segments of the insurance operations and supporting investments in
liquid assets by the Group companies operating in Wealth Management segment.
284
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
13. Financial liabilities measured at fair value through
profit or loss
The table below provides the breakdown of the carrying value, by composition, of financial liabilities measured at fair value through
profit or loss.
Financial liabilities measured at fair value through profit or loss: composition

(€ million) | Financial liabilities held for trading | Financial liabilities designated at fair value | Total |
31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Items/Values | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. % | Carrying Amounts | Comp. %
Investment contracts issued IFRS 9: | 0 | 0.0% | 0 | 0.0% | 6,473 | 74.2% | 5,268 | 68.9% | 6,473 | 69.8% | 5,268 | 64.5%
a) investment contracts where the investment risk is borne by the policyholders | 0 | 0.0% | 0 | 0.0% | 1,500 | 17.2% | 692 | 9.1% | 1,500 | 16.2% | 692 | 8.5%
b) pension funds | 0 | 0.0% | 0 | 0.0% | 4,691 | 53.8% | 4,353 | 56.9% | 4,691 | 50.6% | 4,353 | 53.3%
c) other financial liabilities issued | 0 | 0.0% | 0 | 0.0% | 282 | 3.2% | 223 | 2.9% | 282 | 3.0% | 223 | 2.7%
Derivatives | 552 | 100.0% | 522 | 100.0% | 0 | 0.0% | 0 | 0.0% | 552 | 6.0% | 522 | 6.4%
Hedging derivatives | 0 | 0.0% | 0 | 0.0% | 1,951 | 22.4% | 2,285 | 29.9% | 1,951 | 21.0% | 2,285 | 28.0%
Other financial liabilities | 0 | 0.0% | 0 | 0.0% | 296 | 3.4% | 91 | 1.2% | 296 | 3.2% | 91 | 1.1%
Total | 552 | 100.00% | 522 | 100.00% | 8,721 | 100.00% | 7,644 | 100.00% | 9,272 | 100.00% | 8,166 | 100.00%

The financial liabilities at fair value through profit or loss mainly consist of financial liabilities designated at fair value, accounting for
94% (93.6% at 31 December 2024) of the total item. In particular, this category includes investment contracts falling within the scope
of IFRS 9, amounting to € 6,473 million (€ 5,268 million at 31 December 2024), primarily related to pension funds for € 4,691 million
(€ 4,353 million at 31 December 2024). Additionally, the amount of hedging derivatives is equal to € 1,951 million (€ 2,285 million at
31 December 2024).
14. Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost: composition and fair value hierarchy

(€ million) |  |  | 31/12/2025 |  |  |  |  | 31/12/2024 |  |
Items/Values | Carrying Amounts | Comp. % | L1 | L2 | L3 | Total Fair value | Carrying Amounts | Comp. % | L1 | L2 | L3 | Total Fair value
Equity instruments | 0 | 0.0% | 0 | 0 | 0 | 0 | 0 | 0.0% | 0 | 0 | 0 | 0
Subordinated liabilities | 9,806 | 24.8% | 9,719 | 0 | 0 | 9,719 | 9,784 | 26.1% | 9,802 | 0 | 1 | 9,803
Bonds issued | 1,287 | 3.3% | 1,259 | 0 | 0 | 1,259 | 1,286 | 3.4% | 1,269 | 0 | 0 | 1,269
Other loans received | 28,477 | 72.0% | 374 | 17,538 | 10,609 | 28,521 | 26,473 | 70.5% | 205 | 17,309 | 9,058 | 26,572
- from banks | 7,411 | 18.7% | X | X | X | X | 6,510 | 17.3% | X | X | X | X
- from customers | 21,067 | 53.2% | X | X | X | X | 19,963 | 53.2% | X | X | X | X
Total | 39,570 | 100% | 11,352 | 17,53 8 | 10,609 | 39,499 | 37,5 44 | 100% | 11,276 | 17,30 9 | 9,059 | 37,644

The item Subordinated liabilities is substantially in line with the previous year. This trend is mainly due to the issuance of securities in
January and June for a total nominal amount of € 1,000 million, offset by the repurchase and redemption of a security, which took
place in January and November respectively, for a total nominal amount of € 1,000 million.
The item Bonds issued remains unchanged compared with the previous year.
The following tables sort Subordinated and Senior liabilities into categories based on maturity, or first call date if it falls at least one
year before maturity.
285
Consolidated Financial Statements
For each category of maturity, the undiscounted cash flows (including the related hedging derivatives), the book value and the fair
value of financial liabilities are reported.
Subordinated liabilities - undiscounted cash flows

(€ million) |  | 31/12/2025 |  |  | 31/12/2024 |
| Contractual undiscounted cash flows | Book value | Fair value | Contractual undiscounted cash flows | Book value | Fair value
Up to 1 year | 1,918 | 1,441 | 1,398 | 1,390 | 995 | 996
From over 1 year up to 2 years | 2,096 | 1,781 | 1,813 | 1,877 | 1,463 | 1,440
From over 2 years up to 3 years | 1,106 | 871 | 888 | 2,054 | 1,792 | 1,827
From over 3 years up to 4 years | 713 | 517 | 513 | 1,064 | 870 | 891
From over 4 years up to 5 years | 944 | 753 | 716 | 672 | 517 | 513
From over 5 years up to 10 years | 4,461 | 3,934 | 3,895 | 3,877 | 3,393 | 3,374
Over 10 years | 521 | 509 | 497 | 781 | 754 | 763
Perpetual | 0 | 0 | 0 | 0 | 0 | 0
Total subordinated liabilities | 11,757 | 9,806 | 9,719 | 11,717 | 9,784 | 9,803

The following main subordinated issuances are included as part of the subordinated liabilities category:
Main subordinated issues

Issuer | Nominal rate | Nominal issued (*) | Currency | Ammortized cost (**) | Issuance | Call | Maturity
Assicurazioni Generali | 6.27% | 350.00 | GBP | 414.00 | 16/06/2006 | 16/06/2026 | Perp
Assicurazioni Generali | 4.13% | 1000.00 | EUR | 1027.00 | 02/05/2014 | n.a. | 04/05/2026
Assicurazioni Generali | 5.50% | 1250.00 | EUR | 1259.00 | 27/10/2015 | 27/10/2027 | 27/10/2047
Assicurazioni Generali | 5.00% | 850.00 | EUR | 871.00 | 08/06/2016 | 08/06/2028 | 08/06/2048
Assicurazioni Generali | 4.25% | 500.00 | EUR | 507.00 | 14/12/2017 | 14/12/2027 | 14/12/2047
Assicurazioni Generali | 3.88% | 500.00 | EUR | 517.00 | 29/01/2019 | n.a. | 29/01/2029
Assicurazioni Generali | 2.12% | 750.00 | EUR | 753.00 | 01/10/2019 | n.a. | 01/10/2030
Assicurazioni Generali | 2.43% | 600.00 | EUR | 605.00 | 14/07/2020 | 14/01/2031 | 14/07/2031
Assicurazioni Generali | 1.71% | 500.00 | EUR | 503.00 | 30/06/2021 | 30/12/2031 | 30/06/2032
Assicurazioni Generali | 5.80% | 500.00 | EUR | 512.00 | 06/07/2022 | 06/01/2032 | 06/07/2032
Assicurazioni Generali | 5.40% | 500.00 | EUR | 517.00 | 20/04/2023 | 20/10/2032 | 20/04/2033
Assicurazioni Generali | 5.27% | 500.00 | EUR | 506.00 | 12/09/2023 | 12/03/2033 | 12/09/2033
Assicurazioni Generali | 4.16% | 750.00 | EUR | 785.00 | 03/10/2024 | 03/07/2034 | 03/01/2035
Assicurazioni Generali | 4.08% | 500.00 | EUR | 507.00 | 14/01/2025 | 16/01/2035 | 16/07/2035
Assicurazioni Generali | 4.14% | 500.00 | EUR | 509.00 | 18/06/2025 | 18/12/2035 | 18/06/2036

(*) In millions, in currency.
(**) In millions of euros.
Subordinated liabilities issued by Assicurazioni Generali S.p.A. are classified in this category.
The main changes are related to two new issuances of subordinated securities carried out in January and June, each with a nominal
value of € 500 million, as well as the repurchase and the redemption of a security, completed in January and November respectively,
for a total nominal amount of € 1,000 million.
286
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The fair value of subordinated liabilities amounts to € 9,719 million.

Senior bonds - undiscounted cash flows |  |  |  |  |  |
(€ million) |  | 31/12/2025 |  |  | 31/12/2024 |
| Contractual undiscounted cash flows | Book value | Fair value | Contractual undiscounted cash flows | Book value | Fair value
Up to 1 year | 43 | 0 | 0 | 43 | 0 | 0
From over 1 year up to 2 years | 43 | 0 | 0 | 43 | 0 | 0
From over 2 years up to 3 years | 43 | 0 | 0 | 43 | 0 | 0
From over 3 years up to 4 years | 543 | 514 | 507 | 43 | 0 | 0
From over 4 years up to 5 years | 27 | 0 | 0 | 543 | 514 | 507
From over 5 years up to 10 years | 856 | 773 | 752 | 883 | 773 | 762
Over 10 years | 0 | 0 | 0 | 0 | 0 | 0
Perpetual | 0 | 0 | 0 | 0 | 0 | 0
Total debt securities issued | 1,554 | 1,287 | 1,259 | 1,596 | 1,286 | 1,269

The item of Bonds issued includes the listed senior issuances shown below:
Main senior bonds issues

Issuer | Nominal rate | Nominal issued (*) | Currency | Ammortized cost (**) | Issuance | Maturity
Assicurazioni Generali | 3.55% | 750 | EUR | 773 | 15/01/2024 | 15/01/2034
Assicurazioni Generali | 3.21% | 500 | EUR | 514 | 15/01/2024 | 15/01/2029

(*) In millions, in currency.
(**) In millions of euros.
The item Main senior bond issues remains unchanged compared with the previous year.
The fair value of the senior bonds amounts to € 1,259 million.
Details on financial liabilities
The major monetary and non-monetary changes occurred during the period for the main items of financial liabilities (non-insurance)
as well as for derivatives at fair value are shown below:
Details on financial liabilities

(€ million) | Carrying amount as at 31 December previous year | Monetary movements | Non-monetary movements | Carrying amount as at the end of the period
| Changes in fair value | Changes in consolidation scope | Foreign currency translation effects | Other non- monetary movements
Subordinated liabilities | 9,784 | 45 | 0 | -0 | -23 | 1 | 9,806
Net position of hedging derivatives on subordinated liabilities | 88 | 28 | -12 | 0 | -4 | 0 | 100
Bonds and other loans at long term | 4,099 | 167 | 0 | 1,095 | -25 | 14 | 5,349
Derivatives and hedging derivatives classified as financial liabilities | 2,587 | -968 | 663 | 14 | -38 | 0 | 2,258
REPO and other short-term financial liabilities | 4,231 | -279 | 0 | 36 | -209 | 0 | 3,779
Other liabilities evaluated at fair value | 91 | -90 | 0 | 0 | 0 | 0 | 1
Total | 20,879 | -1,097 | 651 | 1,144 | -300 | 14 | 21,292

The change in the scope of consolidation relating to the item Debt securities issued and other long-term borrowings is mainly
attributable to the recognition of the financial liability related to Cronos.
287
Consolidated Financial Statements
15. Investments income and expenses

Insurance activities - Net financial result of investments by Life and Property&Casualty segment |  |  |
(€ million) Items/Bases of aggregation | Life business 31/12/2025 | Of which: DPF | Property&Casualty 31/12/2025 | Total 31/12/2025 | Life business 31/12/2024 | Of which: DPF | Property&Casualty 31/12/2024 | Total 31/12/2024
A. NET FINANCIAL RESULT OF INVESTMENTS | 14,324 | 13,192 | 1,656 | 15,980 | 23,610 | 21,222 | 2,555 | 26,165
A.1 Interest income from financial assets at amortised cost and fair value through other comprehensive income | 6,400 | 5,455 | 1,106 | 7,506 | 6,442 | 5,400 | 1,330 | 7,773
A.2 Net gains/losses on assets at fair value through profit or loss | 10,509 | 9,984 | 228 | 10,737 | 13,830 | 13,478 | 412 | 14,242
A.3 Net expected credit losses allocation | -33 | -18 | -3 | -35 | -125 | -85 | -6 | -131
A.4 Other income/expenses | 1,822 | 1,831 | 430 | 2,252 | 736 | 904 | 192 | 928
A.5 Net gains/losses on financial assets at fair value through other comprehensive income | -4,375 | -4,061 | -105 | -4,480 | 2,727 | 1,525 | 627 | 3,353
B. NET CHANGE IN IFRS9 INVESTMENT CONTRACTS | -14 | 0 | 0 | -14 | -17 | 0 | 0 | -17
1. TOTAL NET FINANCIAL RESULT OF INVESTMENTS | 14,310 | 13,192 | 1,656 | 15,966 | 23,593 | 21,222 | 2,555 | 26,148
of which: recorded in profit or loss | 18,685 | 17,253 | 1,761 | 20,446 | 20,867 | 19,697 | 1,928 | 22,795
of which: recorded in other comprehensive income | -4,375 | -4,061 | -105 | -4,480 | 2,727 | 1,525 | 627 | 3,353

The table above shows the composition of net investments financial result for each operating segment, detailing the amount
recognized in profit or loss (€ 20,446 million at 31 December 2025 compared to € 22,795 million at 31 December 2024) and in the
statement of other comprehensive income (€ -4,480 million at 31 December 2025 compared to € 3,353 million at 31 December
2024). The net change in IFRS9 investment contracts amounted to € -14 million at 31 December 2025 (€ -17 million at 31 December
2024).
288
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Investment return by asset class
(€ million) 31/12/2025 Financial assets I A S 2 8 I A S 4 0 O t h e r a s s e t s a n d
fi n a n c i a l l i a b i l i t i e s
I n v es tm e n t
m a n a ge m en t
e x p en s e s/ne t
g a i n s o n f o r eign
c u r r e n cie s
To t a l
Equity Instruments Fixed Income I n ve s t m e n t f u n d s O t her I n v e s t m en t s S u bs i d i a r i es,
a s s o c i a t e d
c o mp a ni e s a n d
j o i n t ve n t u r e s
R ea l E s t a t e
FVTPL FVOCI FVTPL FVOCI AC F V T PL A C
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
127 170 361 7,140 537 2,6 41 454 2 3 4 76 9 20 8 X X 12,6 4 0
Realized gains/losses 154 X 26 -352 -4 3 53 11 7 -5 45 11 3 X X 4 46
Realized gains 201 X 36 233 28 4 49 1,3 2 9 -3 54 11 8 X X 2,4 4 3
Realized losses -47 X -11 -585 -32 -9 6 -1,2 1 2 -2 -9 -5 X X -1,9 9 7
Unrealized gains/losses 377 X 178 -48 -9 -4 6 3 -2 8 0 -1 4 15 1 -7 2 X X -1 8 1
Unrealized gains 508 X 276 X X 1,4 9 5 444 X 4 65 X X X 3,1 8 9
Unrealized losses -131 X -98 X X -1,9 5 8 -7 2 5 X -3 14 X X X -3,2 2 6
Net expected credit losses allocation and impairment X X X -48 -9 X 1 -1 4 X -7 2 X X -1 4 3
Net gains and losses on financial liabilities X X X X X X X X X X 8 52 X 8 52
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 6,8 5 4 X 6,8 5 4
Total Finance result 658 170 564 6,740 523 2,5 31 2 91 2 1 5 9 6 5 24 9 7,7 0 6 X 2 0,6 12
Investment management expenses X X X X X X X X X X X -3 7 3 -3 7 3
FX effect X X X X X X X X X X X -3 8 0 -3 8 0
Total P&L return 658 170 564 6,740 523 2,5 31 2 91 2 1 5 9 6 5 24 9 7,7 0 6 -7 5 3 19,8 5 9
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 152 X X X X -1 6 9 X X X X X -1 7
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X -4,797 X X X X X X X X -4,7 9 7
Net gains and losses on hedging derivatives and other gains and losses X X X 412 X X -9 0 63 X X X X 385
Total investments comprehensive return 658 322 564 2,354 523 2,5 31 32 2 78 9 6 5 24 9 7,7 0 6 -7 5 3 1 5,4 3 0
(*) The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
Please note that the difference between the amount reported under Net finance result in the table above and the Result of investments
presented in the Income Statement is attributable to the different allocation of certain classes of investment management expenses,
for a total amount of € 336 million as at 31 December 2025.
289
Consolidated Financial Statements
Investment return by asset class
(€ million) 31/12/2025 Financial assets IAS 28 IAS 40 Other assets and
financial liabilities
Investment
management
expenses/net
gains on foreign
currencies
Total
Equity Instruments Fixed Income Investment funds Other Investments Subsidiaries,
associated
companies and
joint ventures
Real Estate
FVTPL FVOCI FVTPL FVOCI AC FVTPL AC
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
127 170 361 7,140 537 2,641 454 234 769 208 X X 12,640
Realized gains/losses 154 X 26 -352 -4 353 117 -5 45 113 X X 446
Realized gains 201 X 36 233 28 449 1,329 -3 54 118 X X 2,443
Realized losses -47 X -11 -585 -32 -96 -1,212 -2 -9 -5 X X -1,997
Unrealized gains/losses 377 X 178 -48 -9 -463 -280 -14 151 -72 X X -181
Unrealized gains 508 X 276 X X 1,495 444 X 465 X X X 3,189
Unrealized losses -131 X -98 X X -1,958 -725 X -314 X X X -3,226
Net expected credit losses allocation and impairment X X X -48 -9 X 1 -14 X -72 X X -143
Net gains and losses on financial liabilities X X X X X X X X X X 852 X 852
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 6,854 X 6,854
Total Finance result 658 170 564 6,740 523 2,531 291 215 965 249 7,70 6 X 20,612
Investment management expenses X X X X X X X X X X X -373 -373
FX effect X X X X X X X X X X X -380 -380
Total P&L return 658 170 564 6,740 523 2,531 291 215 965 249 7,70 6 -753 19,859
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 152 X X X X -169 X X X X X -17
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X -4,797 X X X X X X X X -4,797
Net gains and losses on hedging derivatives and other gains and losses X X X 412 X X -90 63 X X X X 385
Total investments comprehensive return 658 322 564 2,354 523 2,531 32 278 965 249 7,70 6 -753 15,430
(*) The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
Please note that the difference between the amount reported under Net finance result in the table above and the Result of investments
presented in the Income Statement is attributable to the different allocation of certain classes of investment management expenses,
for a total amount of € 336 million as at 31 December 2025.
290
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Investment return by asset class
(€ million) 31/12/2024 Financial assets I A S 2 8 I A S 4 0 O t h e r a s s e t s a n d
fi n a n c i a l l i a b i l i t i e s
I n v es tm e n t
m a n a ge m en t
e x p en s e s/ne t
g a i n s o n f o r eign
c u r r e n cie s
To t a l
Equity Instruments Fixed Income I n ve s t m e n t f u n d s O t her I n v e s t m en t s S u bs i d i a r i es,
a s s o c i a t e d
c o mp a ni e s a n d
j o i n t ve n t u r e s
R ea l E s t a t e
FVTPL FVOCI FVTPL FVOCI AC F V T PL A C
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
158 129 330 7,204 546 2,1 6 2 4 88 16 3 14 2 89 2 X X 12,2 1 4
Realized gains/losses 40 X 40 -787 4 52 6 -1 5 9 89 -2 3 2 3 6 X X -3 3
Realized gains 198 X 43 371 19 6 71 34 6 10 4 8 2 52 X X 2,01 1
Realized losses -158 X -3 -1,157 -14 -1 4 6 -5 0 5 -1 5 -31 -1 5 X X -2,0 4 4
Unrealized gains/losses 14 X 223 -88 -1 1,3 6 9 -111 -31 -5 82 -8 4 X X 7 10
Unrealized gains 322 X 318 X X 2,1 1 0 4 4 8 X 19 8 X X X 3,3 9 6
Unrealized losses -307 X -95 X X -74 1 -5 6 0 X -7 8 0 X X X -2,4 8 4
Net expected credit losses allocation and impairment X X X -88 -1 X 2 -31 X -8 4 X X -2 0 2
Net gains and losses on financial liabilities X X X X X X X X X X 32 2 X 32 2
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 9,7 3 5 X 9,7 3 5
Total Finance result 213 129 593 6,330 550 4,0 5 7 2 19 2 20 -4 6 2 1,043 10,0 5 7 X 2 2,9 4 8
Investment management expenses X X X X X X X X X X X -3 75 -3 75
FX effect X X X X X X X X X X X 2 69 2 69
Total P&L return 213 129 593 6,330 550 4,0 5 7 2 19 2 20 -4 6 2 1,043 10,0 5 7 -1 0 6 2 2,8 42
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 278 X X X X 70 X X X X X 348
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X 2,152 X X X X X X X X 2,1 5 2
Net gains and losses on hedging derivatives and other gains and losses X X X 887 X X 15 4 6 2 X X X X 1,1 0 2
Total investments comprehensive return 213 408 593 9,369 550 4,0 5 7 4 43 2 82 -4 6 2 1,043 10,0 5 7 -1 0 6 2 6,4 4 5
(*) The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
291
Consolidated Financial Statements
Investment return by asset class
(€ million) 31/12/2024 Financial assets IAS 28 IAS 40 Other assets and
financial liabilities
Investment
management
expenses/net
gains on foreign
currencies
Total
Equity Instruments Fixed Income Investment funds Other Investments Subsidiaries,
associated
companies and
joint ventures
Real Estate
FVTPL FVOCI FVTPL FVOCI AC FVTPL AC
Income/expenses from financial assets, investment properties,
subsidiaries, associated companies and joint ventures
158 129 330 7,204 546 2,162 488 163 142 892 X X 12,214
Realized gains/losses 40 X 40 -787 4 526 -159 89 -23 236 X X -33
Realized gains 198 X 43 371 19 671 346 104 8 252 X X 2,011
Realized losses -158 X -3 -1,157 -14 -146 -505 -15 -31 -15 X X -2,044
Unrealized gains/losses 14 X 223 -88 -1 1,369 -111 -31 -582 -84 X X 710
Unrealized gains 322 X 318 X X 2,110 448 X 198 X X X 3,396
Unrealized losses -307 X -95 X X -741 -560 X -780 X X X -2,484
Net expected credit losses allocation and impairment X X X -88 -1 X 2 -31 X -84 X X -202
Net gains and losses on financial liabilities X X X X X X X X X X 322 X 322
Investment results from unit-linked assets and pension funds (*) X X X X X X X X X X 9,735 X 9,735
Total Finance result 213 129 593 6,330 550 4,057 219 220 -462 1,043 10,057 X 22,948
Investment management expenses X X X X X X X X X X X -375 -375
FX effect X X X X X X X X X X X 269 269
Total P&L return 213 129 593 6,330 550 4,057 219 220 -462 1,043 10,057 -106 22,842
Net gains and losses on equity instruments measured at fair value
through other comprehensive income
X 278 X X X X 70 X X X X X 348
Net gains and losses on financial assets (other than equity instruments)
measured at fair value through other comprehensive income
X X X 2,152 X X X X X X X X 2,152
Net gains and losses on hedging derivatives and other gains and losses X X X 887 X X 154 62 X X X X 1,102
Total investments comprehensive return 213 408 593 9,369 550 4,057 443 282 -462 1,043 10,057 -106 26,445
(*) The investment result from unit-linked assets and pension funds refers to financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related
to investment contracts, and reserves linked to pension funds.
292
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
16. Expected credit losses
The table below shows the ECL allocation and reversal details for the financial assets divided by credit risk stage.
ECL allocation and reversal by stage: composition

(€ million) |  | ECL allocation |  |  | Reversal ECL |
| First stage | of which: Assets with low credit risk | Second stage | Third stage | First stage | of which: Assets with low credit risk | Second stage | Third stage
Government bonds | -46 | 0 | -0 | -0 | 38 | 0 | 0 | 0
Other bonds | -94 | 0 | -2 | -1 | 76 | 0 | 2 | 4
Loans and receivables | -39 | 0 | -17 | -26 | 25 | 0 | 12 | 5
- to banks | -1 | 0 | 0 | 0 | 4 | 0 | 0 | 0
- to customers | -39 | 0 | -17 | -26 | 21 | 0 | 12 | 5
Total 31/12/2025 | -178 | 0 | -19 | -27 | 138 | 0 | 14 | 9
Total 31/12/2024 | -225 | 0 | -14 | -56 | 130 | 0 | 39 | 14

17. Details on investments
17.1. Bonds
The table below presents the book value of bonds (government and corporate bonds), divided by accounting treatment, detailed by
rating and maturity:
Bonds: details for rating

(€ million) | Financial assets measured at fair value through other comprehensive income | Financial assets measured at fair value through profit or loss | Financial assets measured at amortised cost | Total
AAA | 15,772 | 318 | 1,199 | 17,289
AA | 22,500 | 591 | 1,456 | 24,547
A | 83,666 | 3,337 | 1,935 | 88,938
BBB | 91,502 | 3,650 | 4,314 | 99,466
Non investment grade | 7,272 | 1,049 | 80 | 8,401
Not rated | 9,500 | 318 | 94 | 9,912
Total Bonds | 230,213 | 9,263 | 9,078 | 248,554
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds | 0 | 15,195 | 0 | 15,195
Total | 230,213 | 24,458 | 9,078 | 263,749

293
Consolidated Financial Statements
Bonds: details for maturity

(€ million) | Financial assets measured at fair value through other comprehensive income | Financial assets measured at fair value through profit or loss | Financial assets measured at amotized cost | Total
Up to 1 year | 16,686 | 263 | 924 | 17,873
Between 1 and 5 years | 47,506 | 1,277 | 5,509 | 54,292
Between 5 and 10 years | 59,846 | 1,690 | 2,139 | 63,675
Beyond 10 years | 104,093 | 4,787 | 506 | 109,386
Perpetual | 2,082 | 1,246 | 0 | 3,328
Total Bonds | 230,213 | 9,263 | 9,078 | 248,554
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds | 0 | 15,195 | 0 | 15,195
Total | 230,213 | 24,458 | 9,078 | 263,749

Bond investments, amounting to € 263,749 million, is composed for € 144,372 million of government bonds and for € 119,377
million of corporate bonds. The exposure of financial assets linked to technical reserves where the investment risk is borne by the
policyholders, to financial liabilities related to investment contracts and to reserves linked to pension funds amount to € 15,195
million.
With reference to government bond exposures, reported at book value, the breakdown by country of risk is provided below:
Government bonds direct exposure: breakdown by country of risk

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Book Value | Comp. (%) | Book Value | Comp. (%)
Italy | 35,462 | 24.6% | 35,592 | 25.0%
France | 19,491 | 13.5% | 21,260 | 14.9%
Spain | 19,947 | 13.8% | 21,095 | 14.8%
Central - Eastern Europe | 12,266 | 8.5% | 11,807 | 8.3%
Rest of Europe | 26,420 | 18.3% | 25,492 | 17.9%
Germany | 3,043 | 2.1% | 3,188 | 2.2%
Austria | 1,709 | 1.2% | 1,807 | 1.3%
Belgium | 9,312 | 6.4% | 8,634 | 6.1%
Other | 12,356 | 8.6% | 11,863 | 8.3%
Rest of World | 19,749 | 13.7% | 17,687 | 12.4%
Supranational | 7,380 | 5.1% | 6,120 | 4.3%
Total Government bonds General account | 140,715 | 97.5% | 139,053 | 97.6%
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds | 3,658 | 2.5% | 3,454 | 2.4%
Total Government bonds | 144,372 | 100.0% | 142,507 | 100.0%

The government bonds portfolio amounted to € 144,372 million (€ 142,507 million at 31 December 2024), of which € 3,658 million
(€ 3,454 million at 31 December 2024) of government exposures in financial assets linked to technical reserves where the investment
risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds.
In terms of exposures, 51.9% of the portfolio consists of Italian, French, and Spanish government bonds. The exposure to individual
sovereign bonds is mainly allocated to their respective countries of operation.
294
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
With reference to government bond exposures, reported at book value, the breakdown by rating is provided below:
Government bonds direct exposure: breakdown by rating

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Book Value | Comp. (%) | Book Value | Comp. (%)
AAA | 11,161 | 7.7% | 10,149 | 7.1%
AA | 17,982 | 12.5% | 38,242 | 26.8%
A | 56,845 | 39.4% | 37,831 | 26.5%
BBB | 44,814 | 31.0% | 44,850 | 31.5%
Non investment grade | 1,469 | 1.0% | 1,267 | 0.9%
Not rated | 8,445 | 5.8% | 6,714 | 4.7%
Total Government bonds General account | 140,715 | 97.5% | 139,053 | 97.6%
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds | 3,658 | 2.5% | 3,454 | 2.4%
Total Government bonds | 144,372 | 100.0% | 142,507 | 100.0%

In terms of exposures to different asset classes, the class AAA primarily includes government bonds issued by supranational and
Swiss sovereign issuers, while the change in the AA rating class is mainly due to the downgrade of French government bonds to the
A rating class; the BBB rating class primarily includes Italian government bonds.
With reference to corporate bond exposures, reported at book value, the breakdown by sector is provided below:
Corporate bonds direct exposure: breakdown by sector

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Book Value | Comp. (%) | Book Value | Comp. (%)
Financial | 34,041 | 28.5% | 35,466 | 31.0%
Financial - Covered Bonds | 6,441 | 5.4% | 6,800 | 6.0%
Utilities | 12,935 | 10.8% | 12,741 | 11.1%
Consumer | 11,694 | 9.8% | 11,158 | 9.8%
Industrial | 11,072 | 9.3% | 9,739 | 8.5%
Telecom | 8,609 | 7.2% | 8,165 | 7.1%
Health Care | 5,119 | 4.3% | 4,814 | 4.2%
Other | 17,928 | 15.0% | 16,322 | 14.3%
Total Corporate bonds General account | 107,8 39 | 90.3% | 105,205 | 92.1%
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds | 11,538 | 9.7% | 9,081 | 7.9%
Total Corporate bonds | 119,377 | 100.0% | 114,286 | 100.0%

The corporate bonds portfolio amounted to € 119,377 million (€ 114,286 million at 31 December 2024), of which € 11,538 million
(€ 9,081 million at 31 December 2024) of corporate exposures in financial assets linked to technical reserves where the investment
risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds.
In terms of exposures, the portfolio is composed for 56.4% (55.0% at 31 December 2024) by non-financial corporate bonds, for
33.9% (37.0% at 31 December 2024) by financial corporate bonds and for 9.7% (7.9% at 31 December 2024) by bonds in financial
assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment
contracts, and reserves linked to pension funds.
295
Consolidated Financial Statements
With reference to corporate bond exposures, reported at book value, the breakdown by rating is provided below:
Corporate bonds direct exposure: breakdown by rating

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Book Value | Comp. (%) | Book Value | Comp. (%)
AAA | 6,129 | 5.1% | 6,843 | 6.0%
AA | 6,557 | 5.5% | 7,927 | 6.9%
A | 32,093 | 26.9% | 29,012 | 25.4%
BBB | 54,660 | 45.8% | 53,956 | 47.2%
Non investment grade | 6,932 | 5.8% | 5,463 | 4.8%
Not rated | 1,468 | 1.2% | 2,004 | 1.8%
Total Corporate bonds General account | 107,8 39 | 90.3% | 105,205 | 92.1%
Financial assets linked to technical reserves where the investment risk is borne by the policyholders, to financial liabilities related to investment contracts, and reserves linked to pension funds | 11,538 | 9.7% | 9,081 | 7.9%
Total Corporate bonds | 119,377 | 100.0% | 114,286 | 100.0%

In terms of exposures to different asset classes, the class AAA includes mainly French, Danish and Swiss covered bonds, the AA
rating class mainly includes French and German corporate bonds, while the A and BBB rating classes include Italian, French and
German corporate bonds
17.2. Equities
With reference to equity investments, reported at book value, the breakdown by sector is provided below:
Equity investments exposure: breakdown by sector

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Book Value | Comp. (%) | Book Value | Comp. (%)
Equity investments | 27,712 | 100.0% | 27,229 | 100.0%
Financial | 2,266 | 8.2% | 1,837 | 6.7%
Consumer | 914 | 3.3% | 680 | 2.5%
Energy | 792 | 2.9% | 819 | 3.0%
Industrial | 645 | 2.3% | 441 | 1.6%
Other | 2,908 | 10.5% | 2,952 | 10.8%
Alternative investments | 15,558 | 56.1% | 15,301 | 56.2%
Indirect investments | 4,630 | 16.7% | 5,198 | 19.1%

The equity investment portfolio amounted to € 27,712 million (€ 27,229 million at 31 December 2024) and is composed for 19.0%
(17.9% at 31 December 2024) by non-financial sector equity instruments and by 8.2% (6.7% at 31 December 2024) by financial
sector equity instruments.
Alternative investments mainly include private equity exposures, amounted to € 10,552 million (€ 11,938 million at 31 December
2024), as well as other funds amounting to € 5,006 million (€ 3,363 million at 31 December 2024). Indirect investments included in
this representation refer to funds whose investments consist of investments in equity instruments.
296
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
With reference to equity investments, reported at book value, the breakdown by country of risk is provided below:
Direct equity investments: breakdown by country of risk

(€ million) | 31/12/2025 |  | 31/12/2024 |
| Book Value | Comp. (%) | Book Value | Comp. (%)
Direct equity investments | 7,525 | 100.0% | 6,729 | 100.0%
Italy | 666 | 8.8% | 662 | 9.8%
France | 1,235 | 16.4% | 1,236 | 18.4%
Germany | 832 | 11.1% | 720 | 10.7%
Central - Eastern Europe | 188 | 2.5% | 131 | 1.9%
Rest of Europe | 1,667 | 22.2% | 1,241 | 18.4%
Rest of World | 2,937 | 39.0% | 2,740 | 40.7%

The exposures to direct equity investments amounted to € 7,525 million (€ 6,729 million at 31 December 2024) and 36.3% (38.9%
at 31 December 2024) of portfolio represented by Italian, French and German equity investments.
17.3. Real estate investments
With reference to exposure in real estate investments, as presented in the financial statements
2
, the breakdown by country of
location, reported at fair value is provided below. Additionally, for completeness, the table also presents the fair value detail of self-
used real estate.
Direct real estate: breakdown by country of location

(€ million) | 31/12/2025 |  | 31/12/2025 |
| Investment properties |  | Self-used real estates |
| Fair value | Comp. (%) | Fair value | Comp. (%)
Direct real estate | 24,379 |  | 3,695 |
Italy | 7,941 | 32.6% | 1,910 | 51.7%
France | 7,059 | 29.0% | 510 | 13.8%
Germany | 3,189 | 13.1% | 384 | 10.4%
Central - Eastern Europe | 361 | 1.5% | 324 | 8.8%
Rest of Europe | 5,546 | 22.7% | 323 | 8.7%
Spain | 1,166 | 4.8% | 63 | 1.7%
Austria | 1,734 | 7.1% | 141 | 3.8%
Switzerland | 1,455 | 6.0% | 4 | 0.1%
Others | 1,191 | 4.9% | 115 | 3.1%
Rest of World | 284 | 1.2% | 245 | 6.6%

The fair value of direct real estate investments amounts to € 28,074 million, of which € 24,379 million of investments properties and €
3,695 million of self-used real estates.
17.4. Derivative financial instruments
The Group’s balance sheet exposure to derivative instruments is mainly associated with economic hedging transactions of financial
assets or liabilities, in line with strategies aiming at mitigating financial and currency risks. The total exposure amounts to € -1,640
million (€ -1,704 million at 31 December 2024) for a corresponding notional amount of € 53,783 million (€ 51,952 million at 31
December 2024). The notional exposure, presented in absolute amounts, including positions with both positive and negative balances,
arises for an amount of € 22,311 million (€ 23,186 million at 31 December 2024) from instruments for which a hedge accounting
relationship has been formally designated, in accordance with the international accounting standard IFRS 9. The remaining notional
amount is attributable to derivative instruments for which, notwithstanding their purpose as economic hedging instruments, a formal
hedge accounting relationship has not been activated.
2. Indirect exposures are excluded.
297
Consolidated Financial Statements
Below the detail of exposures in derivative instruments designated as hedge accounting and other derivative instruments. This
representation does not include derivatives included in financial assets covering technical reserves, the investment risk of which is
borne by policyholders, financial liabilities arising from investment contracts, and reserves arising from pension fund management.
Details on exposures in derivative instruments

(€ million) | Maturity distribution by nominal amount | Derivative assets fair value | Derivative liabilities fair value | Net fair value
Within 1 year | Between 1 and 5 years | More than 5 years | Total notional
Total equity / index contracts | 3,783 | 1,329 | 0 | 5,113 | 47 | -171 | -124
Total interest rate contracts | 8,642 | 14,961 | 9,412 | 33,015 | 561 | -1,397 | -837
Total foreign exchange contracts | 5,266 | 4,521 | 4,512 | 14,299 | 256 | -936 | -680
Credit derivatives | 1,346 | 10 | 0 | 1,356 | 2 | -1 | 1
Total | 19,038 | 20,821 | 13,924 | 53,783 | 866 | -2,506 | -1,640

Derivative instruments designated for hedge accounting
The exposures in terms of amounts recognized in the financial statements amounts to € -1,544 million (€ -1,869 million at 31
December 2024).
• Cash flow hedge
The cash flow hedging relationships mainly relate to micro-hedge and reinvestment risk reduction operations in the Life portfolios
and cross currency swaps hedging subordinated liabilities issued by the Group in British pound.
• Fair value hedge
Fair value hedging relationships mainly relate to hedging strategies of interest rate of Banca Generali, as well as operations
implemented in Life portfolio of subsidiaries operating in Central-Eastern Europe, with particular reference to risks arising from
fluctuations in interest rates and foreign exchange rates.
• Hedge of net investment in foreign operations
The Group continued the hedging strategy aimed at neutralizing risks arising from foreign exchange fluctuations of its subsidiaries
whose functional currency is the Swiss franc. The Group implements a strategy to hedge the net investment in Swiss Francs in
order to neutralize potential volatility in equity resulting from possible exchange rate movements between the Swiss Franc and the
Euro.
The details of the exposures in accounting hedging derivatives and their economic effect on the balance sheet are reported below in
tabular form, highlighting the effective and ineffective component.
Details on exposures in derivative instruments - Cash flow hedge and net investment hedge

(€ million) | Maturity distribution by nominal amount | Derivative assets fair value | Derivative liabilities fair value | Net fair value
Within 1 year | Between 1 and 5 years | More than 5 years | Total notional
Total interest rate contracts | 2,311 | 1,453 | 3,360 | 7,123 | 166 | -920 | -754
Total foreign exchange contracts | 789 | 422 | 4,241 | 5,452 | 70 | -842 | -772
Total | 3,100 | 1,875 | 7,600 | 12,575 | 236 | -1,762 | -1,527

298
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group

Cash flow hedge effect and Net investment in a foreign operation hedge effect |  |  |  |
Hedged items / amounts | Book value of hedged items* | Hedging reserve | Discontinuation of hedge: residual value of hedging reserves | Change in value of hedged items for the purposes of calculating ineffectiveness | Change in value of hedging derivatives | Effective component of hedge - equity recognition | Ineffective component of hedge - recognition in the income statement
1.1) Assets - Debt instruments |  |  |  |  |  |  |
i) interest rate risk hedging | 4,201 | 131 | -19 | -149 | 152 | 149 | -0
ii) foreign exchange rate risk hedging | 3,675 | 50 | 6 | -233 | 259 | 233 | 0
1.2) Assets - Equity instruments |  |  |  |  |  |  |
i) equity risk hedging | 0 | 0 | 0 | 0 | 0 | 0 | 0
1.3) Other transactions | 70 | -6 | 0 | -2 | 2 | 2 | 0
TOTAL ASSETS | 7,9 4 6 | 175 | -13 | -384 | 413 | 384 | 0
2.1) Financial liabilities |  |  |  |  |  |  |
i) interest rate risk hedging | 0 | 0 | 0 | 0 | 0 | 0 | 0
ii) foreign exchange rate risk hedging | 0 | 0 | 0 | 0 | 0 | 0 | 0
TOTAL LIABILITIES | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net investment hedge | 0 | 0 | 0 | 0 | 0 | 0 | 0
TOTAL | 7,946 | 175 | -13 | -384 | 413 | 384 | 0

* in the forecasted transactions the book value of hedged item refers to the underlying instrument considered in the calculation of the ineffectiveness.

Details on exposures in derivative instruments - Fair value hedge
(€ million) | Maturity distribution by nominal amount | Derivative assets fair value | Derivative liabilities fair value | Net fair value
Within 1 year | Between 1 and 5 years | More than 5 years | Total notional
Total interest rate contracts | 2,048 | 6,213 | 1,475 | 9,736 | 172 | -189 | -17
Total | 2,048 | 6,213 | 1,475 | 9,736 | 172 | -189 | -17

Fair value hedge effect |  |  |  |  |  |
Hedged items / amounts | Book value of hedged items* | Cumulative changes in fair value of hedged items | Discontinuation of hedge: cumulative residual fair value changes | Change in value of hedged items used to recognise hedge ineffectiveness | Change in value of hedging derivatives | Effective component of hedge - recognition in the income statement | Ineffective component of hedge - recognition in the income statement | Effective component of the hedge - recognised in equity (equity instruments at FVOCI)
1.1) Assets - Debt instruments |  |  |  |  |  |  |  |
i) interest rate risk hedging | 4,770 | -85 | -10 | -66 | 66 | 64 | 2 |
ii) foreign exchange rate risk hedging | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
1.2) Assets - Equity |  |  |  |  |  |  |  |
instruments |  |  |  |  |  |  |  |
i) equity risk hedging | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TOTAL ASSETS | 4,770 | -85 | -10 | -66 | 66 | 64 | 2 | 0
2.1) Financial liabilities |  |  |  |  |  |  |  |
i) interest rate risk hedging | -5,100 | 5 | 0 | 5 | -5 | -5 | 0 |
ii) foreign exchange rate risk hedging | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
TOTAL LIABILITIES | -5,100 | 5 | 0 | 5 | -5 | -5 | 0 |
TOTAL | -330 | -80 | -10 | -61 | 61 | 59 | 2 | 0

As part of fair value hedging operations and in the context of its banking activities, the subsidiary Banca Generali implemented macro
hedges of portfolios of financial assets and liabilities, as permitted by IAS 39 approved by the European Commission, of an amount
not material in terms of the book value at 31 December 2025, with the aim of reducing fair value fluctuations attributable to the
reference interest rate risk on demand deposits of banking customers.
299
Consolidated Financial Statements
Other derivative instruments
The recognized amounts in the financial statements for these exposures at 31 December 2025 amount to € -96 million for a
corresponding notional amount of € 31,472 million (respectively € -162 and € 31,010 million at 31 December 2024), which mainly
relates to over-the-counter positions. The exposure is mainly associated with operations relating to interest rates hedges and foreign
exchange rates hedges. Furthermore, the Group undertakes macro hedge strategies aimed at protecting the capital and the income
statement from the risk of a significant reduction in share prices.
In general, in order to mitigate the credit risk arising from over-the-counter transactions, the Group collateralized most of them.
Furthermore, a list of selected authorized counterparties is identified for the opening of new derivative transactions.
17.5. Assets transferred that do not qualify for derecognition
Generali Group in the context of its business activities enters into securities lending transactions (REPO and Reverse REPO).
Generally, collaterals can be in cash or in readily available assets other than cash.
In general, if the Group retains substantially all risks and rewards of the financial assets underlying these transactions, the Group
continues to recognise the underlying assets whereas cash instruments shall be transferred as a consequence of debit and credit
relationships.
For REPO contracts, the Group continues to recognise in its financial statements the underlying financial asset as the risks and
benefits are retained by the Group. The consideration received upon sale is recognised as a liability.
As far as Reverse REPO transactions are concerned, considering that all underlying risks and rewards are retained by the counterparty
for the entire life of the transaction, the related financial asset is not recognised as an asset in the Group’s financial statements. The
consideration paid is accounted for within the loans and receivable category.
Finally, the Group is committed in other transactions in which some assets are pledged as collateral but they are still recognised in
the financial statements because all risks and rewards are retained by the Group.
Consequently, some of the assets recorded are not fully available and usable by the Group as they are subject to securitization
agreements, REPOs and other forms of collateralisation. Furthermore, considering the insurance business of the Group and in
particular the life business product with profit sharing, it should be noted that in some countries where the Group operates, the
national legislation indicates that the related collateral assets are to be considered fully dedicated to those contracts and thus to the
business itself.
As of 31 December 2025, the Group has pledged € 19,832 million of assets as collateral. In particular, € 6,819 million have been
pledged to cover loans and bonds issued, mainly related to the Group’s real estate activities, € 624 million in its reinsurance activities,
€ 3,757 million in REPO, € 5,849 million in securities lending operations, as well as € 1,646 million in derivatives transactions.
The residual part is related to collateral pledged in other minor operations. (please refer to the paragraph Contingent liabilities,
commitments, guarantees, pledged assets and collaterals in section Additional Information).
With reference to collateral for derivative transactions, it should be noted that over-the-counter derivatives are subject to Master
Netting Agreements. In particular, the Group requires the so-called ISDA Master Agreement (or equivalent), including bilateral
clearing agreements, and the ISDA Credit Support Annex (or equivalent) to be adopted for each derivative transaction in order to
mitigate counterparty risk. To mitigate counterparty credit risk, these arrangements require the parties to enter into a collateralisation
agreement. Furthermore, the Group requires that such transactions shall be carried out only with counterparties admitted by internal
risk management policies.
As a result of these agreements, the net exposure in derivatives becomes close to zero as it is neutralized by the collateral given or
received, both as cash or assets other than cash.
Similar considerations apply to securities lending and REPO/Reverse REPO transactions which are covered by framework agreements
with characteristics similar to the ISDAs, named respectively Global Master Securities Lending Agreement (GMSLA) and Global
Master Repurchase Agreement (GMRA), making the counterparty risk substantially intangible. These considerations are evident in
the case of REPO/Reverse REPO transactions where the value of the collateral is, for each transaction, substantially equal to the
asset object of the repurchase agreement.
ISDAs and similar netting agreements signed by the Group do not meet the requirements for the purpose of offsetting between items
in the financial statements. These agreements in fact guarantee the parties the right to offset the flows only in the event of bankruptcy,
insolvency or failure of the counterparty. Furthermore, there is no intention by the Group and its counterparties to realize the assets
and to offset the liabilities simultaneously or to settle them on a net basis.
300
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
17.6. Sensitivity analysis to market and credit risks
The disclosure on the sensitivities of the main financial and economic figures of the Group to the scenarios considered relevant for
market and credit risk is reported in the paragraph Sensitivity analysis to market risk and insurance risk, within the chapter Insurance
and investment contracts of this Notes.
It shall also be noted that Generali Group performs its own analysis of sensitivity to market and credit risks following the logic of
Solvency II.
For further information on this please refer to the Risk Report in the Management Report.
17.7. Liquidity risk of financial assets and financial liabilities

Maturity analysis
(€ million) Items/Time bands | Up to 1 year | From over 1 year up to 2 years | From over 2 years up to 3 years | From over 3 years up to 4 years | From over 4 years up to 5 years | From over 5 years up to 10 years | More than 10 years | Indefinite
A. Asset | 34,798 | 24,012 | 23,815 | 21,079 | 24,684 | 92,960 | 172,873 | 200,505
A.1 Related to insurance contract issued with direct participation features | 17,861 | 13,147 | 14,690 | 13,431 | 15,820 | 69,668 | 146,157 | 180,746
A.1.1 Government bonds | 9,894 | 5,340 | 5,864 | 5,619 | 4,228 | 29,061 | 111,947 | -
A.1.2 Other bonds | 7,166 | 7,316 | 7,925 | 7,521 | 9,938 | 40,191 | 32,512 | 0
A.1.3 Other financial assets | 801 | 491 | 901 | 291 | 1,654 | 415 | 1,697 | 180,746
A.2 Other asset | 16,937 | 10,865 | 9,125 | 7,648 | 8,864 | 23,292 | 26,716 | 19,759
A.1.2 Government bonds | 6,398 | 5,102 | 3,793 | 3,035 | 3,708 | 10,088 | 17,330 | 0
A.2.2 Other bonds | 4,170 | 4,199 | 3,963 | 3,808 | 4,114 | 10,806 | 5,746 | -
A.2.3 Loans | 6,369 | 1,564 | 1,368 | 805 | 1,041 | 2,399 | 3,640 | 0
A.2.4 Other financial assets | - | - | - | - | - | - | - | 19,759
B. Liability | -25,687 | -2,219 | -1,348 | -1,274 | -3,892 | -6,288 | -532 | -
B.1 Equity instruments | - | - | - | - | - | - | - | -
B.2 Subordinated liabilities | -1,918 | -2,096 | -1,106 | -713 | -944 | -4,461 | -521 | -
B.3 Bonds | -43 | -43 | -43 | -543 | -27 | -856 | - | -
B.4 Other financial liabilities | -23,727 | -81 | -200 | -19 | -2,921 | -970 | -11 | -
C.1 Derivatives | -1,567 | -589 | -620 | -512 | 155 | 526 | 3,572 | -98
- Long positions | 2,308 | 71 | 141 | 169 | 238 | 1,105 | 4,144 | -
- Short positions | -3,875 | -660 | -761 | -680 | -83 | -579 | -572 | -98
Total | 7,5 4 4 | 21,204 | 21,847 | 19,293 | 20,948 | 87,19 9 | 175,913 | 200,407
- Long position | 37,106 | 24,083 | 23,956 | 21,247 | 24,922 | 94,066 | 177,017 | 200,505
- Short position | -29,562 | -2,879 | -2,110 | -1,955 | -3,975 | -6,866 | -1,104 | -98

It should be noted that the item ‘Other financial liabilities’ also includes interbank liabilities and liabilities to banking customers.
The value of equity instruments classified among Other financial assets amounts to about € 24 billion, 46% of which is attributable
to Level 1 of the fair value hierarchy. The value of investment fund units totals about € 171 billion, with 79% attributable to Level 1 of
the fair value hierarchy.
The following table provides the disclosures required by IFRS 7 on liquidity risk with reference to financial assets and liabilities
measured at amortised cost, at fair value through profit or loss, and at fair value through other comprehensive income.
The undiscounted contractual cash flows (principal and interest) of these assets and liabilities have been allocated to the relevant
contractual maturity bands, defined as the time interval between the reporting date and the contractual maturity date of each
financial asset and liability.
The table has been prepared in accordance with the following general principles:
• financial assets and liabilities that include an early-repayment option for the counterparty have been allocated to the earliest time
band in which repayment is expected to occur;
• cash flows of assets and liabilities subject to an amortisation schedule have been allocated based on the contractual amortisation
plan;
301
Consolidated Financial Statements
• perpetual financial instruments (such as shares) and investment fund units are allocated to the “undetermined maturity” time band
at their carrying amount;
• for derivatives with a notional reference amount (e.g., interest rate swaps), only the differentials (positive or negative) falling due
in the year following the reporting date are recognised. The cash flows of all other derivative financial instruments are recognised
based on the contractual position taken (long position, when future inflows are expected, and short position, when future outflows
are expected). Options are presented based on their delta equivalent value.
The overall exposure in currencies other than the euro, although significant in absolute terms, is mainly allocated to the respective
countries where the Group operates, thereby generating a substantial alignment between assets and liabilities.
Liquidity risk of investment contracts
The liquidity risk associated with investment contracts issued by the Group is considered not significant. The largest component
relates to pension funds, for which benefits are determined by subscribers’ retirement timelines. The volume of surrenders and
advances, which is proportionally immaterial, does not have a significant impact on the planning of cash outflows and related
maturities. Furthermore, the assets backing investment contracts consist predominantly of fixed-income securities, and their amount
ensures the timely fulfilment of the related liabilities, which are predictable and have a long-term horizon.
(€ million) 31/12/2025 3 1/12/2 0 2 4
Total Contracts with
direct participation
features
Contracts without direct participation
features
To t a l C on t r a c t s w i t h d i r ec t pa r t i c i pa t i on
f e at u r es
C on t r a c t s w i t h o u t d i r ec t pa r t i c i pa t i on f ea t u r e s
General Model PAA G ener a l M o de l PA A
Life segment
Liability for remaining coverage 401,466 386,179 14,503 783
3 8 8,8 3 2 3 7 4,2 1 3 1 4,1 6 9 4 5 0
Present Value Future Cash Flows 366,280 355,811 9,686 783 3 5 7,0 5 8 3 4 7,1 6 5 9,4 4 3 4 5 0
Risk Adjustment 1,582 1,195 387 1,4 9 0 1,0 5 4 4 36
Contractual Service Margin 33,603 29,173 4,430 3 0,2 8 3 2 5,9 9 4 4,2 89
Liability for incurred claims 11,019 3,021 7,428 570 11,4 2 0 3,20 1 7,2 7 7 9 42
Present Value Future Cash Flows 10,865 3,020 7,319 526 11,2 8 0 3,20 1 7,1 8 0 89 9
Risk Adjustment 153 0 109 43 14 0 1 96 43
Net closing balance related to insurance contracts issued 412,484 389,200 21,931 1,353 4 0 0,2 51 3 7 7,4 1 4 21,4 4 6 1,3 9 2
Insurance contracts that are liabilities 412,783 389,226 22,202 1,355 40 0,4 90 3 7 7,4 3 0 2 1,666 1,3 9 4
Insurance contracts that are assets -299 -26 -271 -2 -2 3 9 -1 6 -2 2 1 -3
Property & Casualty segment
Liability for remaining coverage 5,637 66 710 4,860
5,3 5 4 96 8 97 4,3 6 1
Present Value Future Cash Flows 4,570 66 -356 4,860 4,3 2 6 96 -1 3 1 4,3 6 1
Risk Adjustment 60 0 60 8 4 0 83
Contractual Service Margin 1,007 0 1,007 9 45 0 9 45
Liability for incurred claims 33,959 2 10 33,947 3 2,5 4 4 0 10 7 3 2,4 3 7
Present Value Future Cash Flows 32,804 2 10 32,792 3 1,3 6 0 0 95 3 1,2 6 5
Risk Adjustment 1,155 0 0 1,155 1,1 8 4 0 13 1,1 7 1
Net closing balance related to insurance contracts issued 39,595 68 721 38,807 3 7,8 9 9 97 1,0 0 4 3 6,7 9 8
Insurance contracts that are liabilities 39,613 68 721 38,825 3 7,922 97 1,0 0 4 3 6,8 21
Insurance contracts that are assets -18 0 -0 -18 -2 3 0 0 -2 3
Total
Liability for remaining coverage 407,102 386,245 15,214 5,643
3 9 4,1 8 6 3 74,3 0 9 1 5,06 6 4,8 11
Present Value Future Cash Flows 370,850 355,877 9,330 5,643 36 1,38 4 3 4 7,2 6 1 9,3 12 4,8 11
Risk Adjustment 1,642 1,195 447 1,5 74 1,0 5 5 5 19
Contractual Service Margin 34,610 29,173 5,437 3 1,2 2 8 2 5,9 9 4 5,2 3 4
Liability for incurred claims 44,977 3,022 7,438 34,517 4 3,964 3,20 1 7,3 8 4 3 3,3 7 8
Present Value Future Cash Flows 43,669 3,022 7,329 33,319 4 2,6 4 0 3,20 1 7,2 7 5 3 2,1 6 4
Risk Adjustment 1,308 0 109 1,198 1,3 2 4 1 10 9 1,2 1 4
Net closing balance related to insurance contracts issued 452,080 389,267 22,652 40,160 438,1 5 0 3 7 7,5 1 1 22,4 50 3 8,1 9 0
Insurance contracts that are liabilities 452,396 389,293 22,923 40,180 4 3 8,4 12 3 7 7,5 2 6 2 2,6 7 1 3 8,2 15
Insurance contracts that are assets -317 -26 -271 -20 -2 6 2 -1 6 -2 2 1 -2 6
INSURANCE AND INVESTMENT CONTRACTS
18. Insurance contracts
The purpose of this section is to provide a reconciliation of amounts recognized in the Balance Sheet and in the Income Statement
with reference to insurance contracts liabilities and investment contracts with discretionary participation features.
The following table provides details regarding the carrying amounts recognized in the consolidated Balance Sheet broken down by
segment and measurement model.
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2025 to the closing balance
at 31 December 2025 of the carrying amount of insurance contracts issued. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2024 to the closing balance at 31 December 2024.
The first table provides an analysis of movements of carrying amount of insurance contracts issued detailed by Liability for Remaining
302
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
(€ million) 31/12/2025 31/12/2024
Total Contracts with
direct participation
features
Contracts without direct participation
features
Total Contracts with direct participation
features
Contracts without direct participation features
General Model PAA General Model PAA
Life segment
Liability for remaining coverage 401,466 386,179 14,503 783
388,832 374,213 14,169 450
Present Value Future Cash Flows 366,280 355,811 9,686 783 357,058 347,165 9,443 450
Risk Adjustment 1,582 1,195 387 1,490 1,054 436
Contractual Service Margin 33,603 29,173 4,430 30,283 25,994 4,289
Liability for incurred claims 11,019 3,021 7,428 570 11,420 3,201 7,277 942
Present Value Future Cash Flows 10,865 3,020 7,319 526 11,280 3,201 7,180 899
Risk Adjustment 153 0 109 43 140 1 96 43
Net closing balance related to insurance contracts issued 412,484 389,200 21,931 1,353 400,251 377,414 21,446 1,392
Insurance contracts that are liabilities 412,783 389,226 22,202 1,355 400,490 377,430 21,666 1,394
Insurance contracts that are assets -299 -26 -271 -2 -239 -16 -221 -3
Property & Casualty segment
Liability for remaining coverage 5,637 66 710 4,860
5,354 96 897 4,361
Present Value Future Cash Flows 4,570 66 -356 4,860 4,326 96 -131 4,361
Risk Adjustment 60 0 60 84 0 83
Contractual Service Margin 1,007 0 1,007 945 0 945
Liability for incurred claims 33,959 2 10 33,947 32,544 0 107 32,437
Present Value Future Cash Flows 32,804 2 10 32,792 31,360 0 95 31,265
Risk Adjustment 1,155 0 0 1,155 1,184 0 13 1,171
Net closing balance related to insurance contracts issued 39,595 68 721 38,807 37,899 97 1,004 36,798
Insurance contracts that are liabilities 39,613 68 721 38,825 37,922 97 1,004 36,821
Insurance contracts that are assets -18 0 -0 -18 -23 0 0 -23
Total
Liability for remaining coverage 407,102 386,245 15,214 5,643
394,186 374,309 15,066 4,811
Present Value Future Cash Flows 370,850 355,877 9,330 5,643 361,384 347,261 9,312 4,811
Risk Adjustment 1,642 1,195 447 1,574 1,055 519
Contractual Service Margin 34,610 29,173 5,437 31,228 25,994 5,234
Liability for incurred claims 44,977 3,022 7,438 34,517 43,964 3,201 7,384 33,378
Present Value Future Cash Flows 43,669 3,022 7,329 33,319 42,640 3,201 7,275 32,164
Risk Adjustment 1,308 0 109 1,198 1,324 1 109 1,214
Net closing balance related to insurance contracts issued 452,080 389,267 22,652 40,160 438,150 377,511 22,450 38,190
Insurance contracts that are liabilities 452,396 389,293 22,923 40,180 438,412 377,526 22,671 38,215
Insurance contracts that are assets -317 -26 -271 -20 -262 -16 -221 -26
Coverage and Liability for Incurred Claims. The second table analyses movements of insurance contracts issued measured under
the Variable Fee Approach and General Measurement Model, broken down by measurement components: (i) Present Value of Future
Cash Flows, (ii) Risk Adjustment for non-financial risks and (iii) Contractual Service Margin. It shall therefore be noted that the second
table does not report the analysis of movements of the carrying amount of insurance contracts issued measured under the Premium
Allocation Approach.
303
Consolidated Financial Statements
Movements in Insurance Contracts Issued – Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 |  | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 |  | Liability for incurred claims 31/12/2024 | Total 31/12/2024
|  |  |  | Contracts under PAA |  |  |  | Contracts under PAA |
Items/Liabilities | Excluding Loss Component | Loss Component | Contracts not under PAA | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |  | Excluding Loss Component | Loss Component | Contracts not under PAA | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |
A. Opening balance |  |  |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 393,641 | 898 | 10,485 | 32,173 | 1,215 | 438,412 | 370,738 | 756 | 9,616 | 30,102 | 1,113 | 412,325
2. Insurance contracts that are assets | -384 | 32 | 100 | -9 | -0 | -262 | -436 | 38 | 90 | -7 | -0 | -315
3. Net opening balance at 1st January | 393,257 | 929 | 10,586 | 32,16 4 | 1,214 | 438,150 | 370,303 | 793 | 9,706 | 30,095 | 1,113 | 412,010
B. Insurance revenue | -56,412 | 0 | 0 | 0 | 0 | -56,412 | -54,132 | 0 | 0 | 0 | 0 | -54,132
C. Insurance service expenses |  |  |  |  |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | -77 | 13,906 | 25,297 | 0 | 39,126 | 0 | -101 | 13,149 | 25,813 | 0 | 38,861
2. Adjustment to liability for Incurred Claims | 0 | 0 | -277 | 1,207 | 4 | 933 | 0 | 0 | 343 | 586 | 45 | 973
3. Losses and reversal of losses on onerous contracts | 0 | 184 | 0 | 0 | 0 | 184 | 0 | 277 | 0 | 0 | 0 | 277
4. Amortisation of insurance acquisition cash flows | 8,148 | 0 | 0 | 0 | 0 | 8,148 | 7,444 | 0 | 0 | 0 | 0 | 7,444
5. Total | 8,148 | 107 | 13,629 | 26,503 | 4 | 48,391 | 7,444 | 176 | 13,492 | 26,399 | 45 | 47,556
D. Insurance service result (Total B+C+D+E) | -48,265 | 107 | 13,629 | 26,503 | 4 | -8,022 | -46,688 | 176 | 13,492 | 26,399 | 45 | -6,576
E. Finance expenses/income |  |  |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 13,191 | 5 | 92 | 276 | 32 | 13,597 | 23,352 | 7 | 234 | 1,038 | 39 | 24,671
1.1 Recognised in the income statement | 17,821 | 8 | 114 | 553 | 32 | 18,528 | 20,137 | 7 | 109 | 472 | 39 | 20,763
1.2 Recognised in the other comprehensive income statement | -4,630 | -4 | -22 | -277 | 0 | -4,932 | 3,216 | 0 | 125 | 567 | 0 | 3,908
2. Effects of movements in exchange rates | 36 | -1 | -18 | -158 | -11 | -152 | 60 | 0 | 13 | 61 | 5 | 138
3. Total | 13,227 | 4 | 74 | 118 | 21 | 13,445 | 23,412 | 7 | 247 | 1,099 | 44 | 24,809
F. Non-Distinct investment component | -36,471 | 0 | 36,471 | 0 | 0 | 0 | -40,088 | 0 | 40,088 | 0 | 0 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -71,509 | 111 | 50,174 | 26,622 | 25 | 5,423 | -63,364 | 184 | 53,827 | 27, 4 9 8 | 89 | 18,233
H. Other changes | -1,575 | -65 | 140 | 307 | -41 | -1,233 | 3,371 | -48 | 707 | -129 | 13 | 3,914
I. Cash flows |  |  |  |  |  |  |  |  |  |  |  |
1. Premiums received | 96,869 | 0 | 0 | 0 | 0 | 96,869 | 92,988 | 0 | 0 | 0 | 0 | 92,988
2. Payments related to insurance acquisition cash flows | -10,916 | 0 | 0 | 0 | 0 | -10,916 | -10,042 | 0 | 0 | 0 | 0 | -10,042
3. Claims paid and other cash outflows | 0 | 0 | -50,439 | -25,774 | 0 | -76,214 | 0 | 0 | -53,654 | -25,299 | 0 | -78,953
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 85,953 | 0 | -50,439 | -25,774 | 0 | 9,739 | 82,946 | 0 | -53,654 | -25,299 | 0 | 3,993
L. Net book value at 30 June/31 December (A.3+G+H+I.5) | 406,126 | 976 | 10,461 | 33,319 | 1,198 | 452,080 | 393,257 | 929 | 10,586 | 32,164 | 1,214 | 438,150
M. Closing balance |  |  |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 406,572 | 948 | 10,350 | 33,328 | 1,198 | 452,396 | 393,641 | 898 | 10,485 | 32,173 | 1,215 | 438,412
2. Insurance contracts that are assets | -445 | 28 | 110 | -9 | 0 | -317 | -384 | 32 | 100 | -9 | -0 | -262
3. Net closing balance at 30 June/31 December | 406,126 | 976 | 10,461 | 33,319 | 1,198 | 452,080 | 393,257 | 929 | 10,586 | 32,164 | 1,214 | 438,150

Note that the line item ‘Other changes’ reflects the impact of exchange rate fluctuations between the Group’s reporting currency and
the functional currency of subsidiaries operating outside the euro area, as well as other consolidation-related effects. It also reflects
the impact on the contractual service margin of a refinement introduced in the presentation of certain investment management costs
related to underlying assets of insurance contracts issued with direct participation features.
With reference to the analysis of movements as at 31 December 2024, the increase in insurance liabilities issued reported under
“Other changes” is mainly attributable to the acquisition of Liberty Seguros.
304
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Movements in Insurance Contracts Issued balances by measurement components

(€ million) |  |  |  | Measurement components of insurance contracts issued |  |  |
Items/Measurement components | Estimates of Present Value of Future Cash flows 31/12/2025 | Risk Adjustment for non- financial risks 31/12/2025 | Contractual service margin 31/12/2025 | Total 31/12/2025 | Estimates of Present Value of Future Cash flows 31/12/2024 | Risk Adjustment for non- financial risks 31/12/2024 | Contractual service margin 31/12/2024 | Total 31/12/2024
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 368,187 | 1,614 | 30,396 | 400,197 | 343,807 | 1,358 | 30,924 | 376,089
2. Insurance contracts that are assets | -1,139 | 70 | 833 | -236 | -1,281 | 86 | 882 | -312
3. Net opening balance at 1st January | 367,049 | 1,684 | 31,228 | 399,961 | 342,526 | 1,444 | 31,807 | 375,777
B. Changes that relate to current services |  |  |  |  |  |  |  |
1. Contractual Service Margin recognized in the income statement | 0 | 0 | -3,298 | -3,298 | 0 | 0 | -3,058 | -3,058
2. Change in Risk Adjustment for expired non-financial risks | 0 | -174 | 0 | -174 | 0 | -170 | 0 | -170
3. Changes related to experience adjustments | 1,655 | 0 | 0 | 1,655 | -84 | 0 | 0 | -84
4. Total | 1,655 | -174 | -3,298 | -1,818 | -84 | -170 | -3,058 | -3,312
C. Changes that relate to future services |  |  |  |  |  |  |  |
1. Changes in estimates that adjust the Contractual Service Margin | -3,617 | 37 | 3,579 | 0 | 491 | 65 | -557 | 0
2. Losses and reversal of losses on onerous contracts | 157 | -8 | 0 | 149 | 280 | -4 | 0 | 276
3. Effects of contracts initially recognized in the year | -3,302 | 240 | 3,070 | 8 | -3,101 | 224 | 2,889 | 13
4. Total | -6,762 | 270 | 6,649 | 156 | -2,330 | 286 | 2,333 | 289
D. Changes that relate to past services |  |  |  |  |  |  |  |
1. Adjustments to the liability for claims that have occurred | -2,318 | 11 | 0 | -2,308 | -768 | 7 | 0 | -761
E. Insurance services results (Total B+C+D+E) | -7,4 2 6 | 107 | 3,350 | -3,969 | -3,181 | 122 | -726 | -3,785
F. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 13,177 | 15 | 78 | 13,270 | 23,409 | 21 | 125 | 23,555
1.1 Recognised in the income statement | 17,838 | 15 | 78 | 17,931 | 20,074 | 21 | 125 | 20,220
1.2 Recognised in the other comprehensive income statement | -4,661 | 0 | 0 | -4,661 | 3,335 | 0 | 0 | 3,335
2. Effects of movements in exchange rates | -16 | -1 | -10 | -27 | 24 | 1 | 5 | 30
3. Total | 13,161 | 14 | 67 | 13,242 | 23,433 | 22 | 130 | 23,585
G. Total amount of changes recognized in the income statement and in the Other Comprehensive Income statement (E+ F) | 5,735 | 121 | 3,418 | 9,274 | 20,252 | 144 | -595 | 19,800
H. Other changes | -1,50 9 | -53 | -36 | -1,598 | 3,559 | 95 | 17 | 3,672
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 58,294 | 0 | 0 | 58,294 | 57,921 | 0 | 0 | 57,921
2. Payments related to insurance acquisition cash flows | -3,571 | 0 | 0 | -3,571 | -3,554 | 0 | 0 | -3,554
3. Claims paid and other cash outflows | -50,439 | 0 | 0 | -50,439 | -53,654 | 0 | 0 | -53,654
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 4,284 | 0 | 0 | 4,284 | 712 | 0 | 0 | 712
L. Net book value at 30 June/31 December (A.3+G+H+I.5) | 375,558 | 1,752 | 34,610 | 411,919 | 367,049 | 1,684 | 31,228 | 399,961
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 376,858 | 1,676 | 33,682 | 412,216 | 368,187 | 1,614 | 30,396 | 400,197
2. Insurance contracts that are assets | -1,300 | 75 | 927 | -297 | -1,139 | 70 | 833 | -236
3. Net closing balance at 30 June/31 December | 375,558 | 1,752 | 34,610 | 411,919 | 367,049 | 1,684 | 31,228 | 399,961

305
Consolidated Financial Statements
19. Reinsurance contracts
The purpose of this section is to provide a reconciliation of amounts recognized in the Balance Sheet and in the Income Statement
with reference to reinsurance contracts held.
The following table provides details regarding the carrying amounts recognized in the consolidated Balance Sheet broken down by
segment and measurement model.

(€ million) |  | 31/12/2025 |  |  | 31/12/2024 |
| Total | General Model | PAA | Total | General Model | PAA
Life segment |  |  |  |  |  |
Liability for remaining coverage | 198 | 67 | 131 | 170 | 26 | 144
Present Value Future Cash Flows | -20 | -151 | 131 | -87 | -231 | 144
Risk Adjustment | 19 | 19 |  | 28 | 28 |
Contractual Service Margin | 199 | 199 |  | 229 | 229 |
Liability for incurred claims | 193 | 332 | -138 | 120 | 217 | -97
Present Value Future Cash Flows | 169 | 311 | -141 | 98 | 197 | -99
Risk Adjustment | 24 | 21 | 3 | 22 | 20 | 2
Net closing balance related to reinsurance contracts held | 391 | 399 | -8 | 291 | 243 | 47
Reinsurance contracts that are assets | 418 | 425 | -7 | 340 | 292 | 47
Reinsurance contracts that are liabilities | -27 | -26 | -0 | -49 | -49 | -0
Property & Casualty segment |  |  |  |  |  |
Liability for remaining coverage | 784 | 0 | 784 | 781 | 29 | 752
Present Value Future Cash Flows | 784 | 0 | 784 | 768 | 16 | 752
Risk Adjustment | 0 | 0 |  | 4 | 4 |
Contractual Service Margin | 0 | 0 |  | 9 | 9 |
Liability for incurred claims | 3,201 | 0 | 3,201 | 3,495 | 104 | 3,391
Present Value Future Cash Flows | 3,029 | 0 | 3,029 | 3,309 | 90 | 3,219
Risk Adjustment | 172 | 0 | 172 | 186 | 15 | 171
Net closing balance related to reinsurance contracts held | 3,985 | 0 | 3,985 | 4,276 | 133 | 4,142
Reinsurance contracts that are assets | 3,994 | 0 | 3,994 | 4,301 | 133 | 4,167
Reinsurance contracts that are liabilities | -9 | 0 | -9 | -25 | 0 | -25
Total |  |  |  |  |  |
Liability for remaining coverage | 982 | 67 | 915 | 951 | 55 | 896
Present Value Future Cash Flows | 764 | -151 | 915 | 681 | -215 | 896
Risk Adjustment | 19 | 19 |  | 32 | 32 |
Contractual Service Margin | 199 | 199 |  | 238 | 238 |
Liability for incurred claims | 3,395 | 332 | 3,063 | 3,615 | 322 | 3,294
Present Value Future Cash Flows | 3,199 | 311 | 2,888 | 3,407 | 287 | 3,120
Risk Adjustment | 196 | 21 | 175 | 208 | 35 | 173
Net closing balance related to reinsurance contracts held | 4,377 | 399 | 3,978 | 4,566 | 377 | 4,190
Reinsurance contracts that are assets | 4,412 | 425 | 3,987 | 4,640 | 426 | 4,215
Reinsurance contracts that are liabilities | -35 | -26 | -9 | -74 | -49 | -25

The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2025 to the closing balance at
31 December 2025 of the carrying amount of reinsurance contracts held. Equally, the comparative period shows the reconciliation from
the opening balance at 1 January 2024 to the closing balance at 31 December 2024.
The first table provides an analysis of movements of carrying amount of reinsurance contracts held detailed by Asset for Remaining
Coverage and Asset for Incurred Claims. The second table analyzes movements of reinsurance contracts held measured under the
General Measurement Model broken down by measurement components: (i) Present Value of Future Cash Flows, (ii) Risk Adjustment
for non-financial risks and (iii) Contractual Service Margin. It shall therefore be noted that the second table does not report the analysis
of movements of carrying amount of reinsurance contracts held measured under the Premium Allocation Approach.
“Other changes” item includes impacts of exchange rate fluctuations between the Group’s reporting currency and the functional currency
of subsidiaries operating outside the euro area, as well as any additional consolidation-related effects.
306
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Movements in Reinsurance Contracts Held balances – Asset for Remaining Coverage and Asset for Incurred claims

(€ million) | Assets for remaining coverage 31/12/2025 |  | Asset for Incurred claims 31/12/2025 | Total 31/12/2025 | Assets for remaining coverage 31/12/2024 | Asset for Incurred claims 31/12/2024 | Total 31/12/2024
|  |  |  | Contracts under PAA |  |  |  |  | Contracts under PAA |
Items/breakdown of book value | Excluding loss recovery component | Loss recovery component | Contracts not under PAA | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |  | Excluding loss recovery component | Loss recovery component | Contracts not under PAA | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |
A. Opening balance |  |  |  |  |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 976 | 32 | 324 | 3,136 | 173 | 4,640 | 1,058 | 44 | 174 | 3,116 | 168 | 4,561
2. Reinsurance contracts that are liabilities | -60 | 4 | -3 | -15 | 0 | -74 | -76 | 4 | 3 | -15 | -0 | -84
3. Net opening balance at 1st January | 915 | 36 | 322 | 3,120 | 173 | 4,566 | 982 | 49 | 177 | 3,101 | 168 | 4,477
B. Net result from reinsurance contracts held |  |  |  |  |  |  |  |  |  |  |  |
1. Reinsurance service expenses | -3,988 | 0 | 0 | 0 | 0 | -3,988 | -4,057 | 0 | 0 | 0 | 0 | -4,057
2. Claims and other expenses recovered | 191 | 0 | 1,137 | 2,171 | 0 | 3,498 | 165 | 0 | 908 | 2,700 | 0 | 3,773
3. Adjustments to asset for incurred claims | 0 | 0 | -493 | -183 | 18 | -658 | 0 | 0 | 24 | -322 | -9 | -308
4. Loss recovery on onerous contracts | 0 | 25 | 0 | 0 | 0 | 25 | 0 | -19 | 0 | 0 | 0 | -19
4.1 Loss recovery from initial recognition of onerous contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4.2 Releases of the loss recovery component other than changes in estimates related to reinsurance contracts held | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4.3 Changes in estimates related to reinsurance contracts held resulting from onerous underlying insurance contracts | 0 | 25 | 0 | 0 | 0 | 25 | 0 | -19 | 0 | 0 | 0 | -19
5. Changes in the risk of non-performance of the reinsurer | 0 | 0 | -1 | 4 | 0 | 3 | 0 | 0 | 9 | 0 | 0 | 10
6. Total | -3,797 | 25 | 643 | 1,992 | 18 | -1,120 | -3,892 | -19 | 942 | 2,378 | -9 | -600
C. Insurance service result (Total B) | -3,797 | 25 | 643 | 1,992 | 18 | -1,120 | -3,892 | -19 | 942 | 2,378 | -9 | -600
D. Finance income/expenses |  |  |  |  |  |  |  |  |  |  |  |
1. Related to reinsurance contracts held | 18 | -0 | 22 | 41 | 5 | 87 | 3 | 1 | 40 | 126 | 7 | 177
1.1 Recognised in the income statement | 3 | -0 | -2 | 52 | 5 | 58 | 3 | 1 | -1 | 56 | 7 | 65
1.2. Recognised in the other comprehensive income statement | 15 | 0 | 24 | -11 | 0 | 29 | 1 | 0 | 41 | 70 | 0 | 111
2. Effects of movements in exchange rates | 11 | -0 | -0 | 4 | -1 | 14 | 7 | 2 | 0 | 28 | 1 | 38
3. Total | 30 | -0 | 22 | 45 | 4 | 101 | 11 | 3 | 40 | 153 | 7 | 215
E. Non-distinct investment components | 8 | 0 | -8 | 0 | 0 | 0 | 4 | 0 | -4 | 0 | 0 | 0
F. Total amount recorded in the income statement and in the comprehensive income statement (C+ D+E) | -3,760 | 24 | 657 | 2,037 | 21 | -1,020 | -3,877 | -16 | 978 | 2,531 | -2 | -385
G. Other changes | -11 | 1 | -67 | 213 | -20 | 118 | -94 | 3 | 33 | 579 | 7 | 529
H. Cash flows |  |  |  |  |  |  |  |  |  |  |  |
1. Premiums paid net of amounts not related to claims recovered from reinsurers | 3,775 | 0 | 0 | 0 | 0 | 3,775 | 3,904 | 0 | 0 | 0 | 0 | 3,904
2. Amounts recovered from reinsurers | 0 | 0 | -581 | -2,483 | 0 | -3,063 | 0 | 0 | -867 | -3,091 | 0 | -3,958
3. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Total | 3,775 | 0 | -581 | -2,483 | 0 | 712 | 3,904 | 0 | -867 | -3,091 | 0 | -54
I. Net balance at 31 December (A.3+F+G+H.4) | 920 | 62 | 332 | 2,888 | 175 | 4,377 | 915 | 36 | 322 | 3,120 | 173 | 4,566
L. Closing balance |  |  |  |  |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 953 | 61 | 335 | 2,888 | 175 | 4,412 | 976 | 32 | 324 | 3,136 | 173 | 4,640
2. Reinsurance contracts that are liabilities | -33 | 1 | -3 | -0 | 0 | -35 | -60 | 4 | -3 | -15 | 0 | -74
3. Net closing balance at 31 December | 920 | 62 | 332 | 2,888 | 175 | 4,377 | 915 | 36 | 322 | 3,120 | 173 | 4,566

307
Consolidated Financial Statements
Movements in Reinsurance Contracts Held balances by measurement components

(€ million) |  |  |  | Measurement components of reinsurance contracts held |  |  |
Items/Measurement components | Estimates of Present Value of Future Cash flows 31/12/2025 | Risk Adjustment for non- financial risks 31/12/2025 | Contractual service margin 31/12/2025 | Total 31/12/2025 | Estimates of Present Value of Future Cash flows 31/12/2024 | Risk Adjustment for non- financial risks 31/12/2024 | Contractual service margin 31/12/2024 | Total 31/12/2024
A. Opening balance |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 215 | 54 | 156 | 426 | 146 | 45 | 104 | 296
2. Reinsurance contracts that are liabilities | -144 | 13 | 82 | -49 | -201 | 10 | 128 | -63
3. Net opening balance at 1st January | 72 | 67 | 238 | 377 | -54 | 55 | 233 | 234
B. Changes that relate to current services |  |  |  |  |  |  |  |
1. Contractual Service Margin recognized in the income statement | 0 | 0 | -28 | -28 | 0 | 0 | -44 | -44
2. Change in Risk Adjustment for expired non-financial risks | 0 | -9 | 0 | -9 | 0 | -18 | 0 | -18
3. Changes related to experience adjustments | 819 | 0 | 0 | 819 | -137 | 0 | 0 | -137
4. Total | 819 | -9 | -28 | 781 | -137 | -18 | -44 | -19 8
C. Changes that relate to future services |  |  |  |  |  |  |  |
1. Changes in estimates that adjust the Contractual Service Margin | 23 | -10 | -13 | 0 | -13 | 3 | 9 | 0
2. Effects of contracts initially recognized in the year | -28 | 13 | 19 | 5 | -48 | 19 | 29 | 0
3. Changes on Contractual Service Margin related to recovery of losses from initial recognition of underlying onerous contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Releases of the loss recovery component other than changes in estimates related to reinsurance contracts held | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Changes in estimates related to reinsurance contracts held resulting from onerous underlying insurance contracts | 0 | 0 | 4 | 4 | 0 | 0 | -9 | -9
6. Total | -5 | 4 | 9 | 8 | -60 | 23 | 29 | -9
D. Changes that relate to past services | -840 | 0 | 0 | -840 | 103 | 2 | 0 | 105
1. Adjustments to the activity for claims that have occurred | -840 | 0 | 0 | -840 | 103 | 2 | 0 | 105
E. Changes in the risk of non-performance of the reinsurer | -1 | 0 | 0 | -1 | 9 | 0 | 0 | 9
F. Insurance service results (Total B+C+D+E) | -27 | -5 | -19 | -51 | -85 | 6 | -15 | -93
G. Finance income/expenses |  |  |  |  |  |  |  |
1. Related to reinsurance contracts held | 42 | -7 | 3 | 39 | 32 | 4 | 5 | 41
1.1 Recognised in the income statement | 2 | -7 | 3 | -1 | -11 | 4 | 5 | -1
1.2. Recognised in the other comprehensive income statement | 40 | 0 | 0 | 40 | 43 | 0 | 0 | 43
2. Effects of movements in exchange rates | 2 | -0 | -0 | 2 | -2 | 0 | 2 | 1
3. Total | 45 | -7 | 3 | 41 | 30 | 4 | 8 | 42
H. Total amount recorded in the income statement and in the comprehensive income statement (F+G.3) | 18 | -12 | -16 | -10 | -55 | 11 | -7 | -51
I. Other changes | -66 | -15 | -23 | -104 | 0 | 1 | 12 | 13
L. Cash flows |  |  |  |  |  |  |  |
1. Premiums paid net of amounts not related to claims recovered from reinsurers | 717 | 0 | 0 | 717 | 1,048 | 0 | 0 | 1,048
2. Amounts recovered from reinsurers | -581 | 0 | 0 | -581 | -867 | 0 | 0 | -867
3. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Total | 136 | 0 | 0 | 136 | 181 | 0 | 0 | 181
M. Net book value at 30 June/31 December (A.3+H+I+L.4) | 160 | 40 | 199 | 399 | 72 | 67 | 238 | 377
N. Closing balance |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 218 | 38 | 169 | 425 | 215 | 54 | 156 | 426
2. Reinsurance contracts that are liabilities | -58 | 2 | 30 | -26 | -144 | 13 | 82 | -49
3. Net closing balance at 30 June/31 December | 160 | 40 | 199 | 399 | 72 | 67 | 238 | 377

308
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
20. Income and expenses related to insurance
contracts issued and reinsurance contracts held
The purpose of the following table is to provide further details on insurance income and expenses from insurance contracts issued.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases are separately presented:
• Insurance contracts issued with direct participation features – Life segment (Basis A1);
• Insurance contracts issued without direct participation features – Life segment (Basis A2);
• Insurance contracts issued without direct participation features – P&C segment Motor (Basis A3);
• Insurance contracts issued without direct participation features – P&C segment – Non-Motor (Basis A4).
As allowed by ISVAP Regulation No. 7 of 13th of July 2007, the aggregation base “Insurance contract issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
Please note that in the aggregation base A4 are also included income and expenses arising from insurance contracts issued with
direct participation features related to P&C segment. Income/expenses included in the base A4 for insurance contracts issued with
direct participation features related to P&C segment is equal to € -0,4 million at 31 December 2025 (€ -1 million at 31 December 2024).

Insurance revenue and expenses from insurance contract issued |  |  |  |  |  |  |
(€ million) Items/Bases of aggregation | Basis A1 31/12/2025 | Basis A2 31/12/2025 | Basis A3 31/12/2025 | Basis A4 31/12/2025 | Total 31/12/2025 | Basis A1 31/12/2024 | Basis A2 31/12/2024 | Basis A3 31/12/2024 | Basis A4 31/12/2024 | Total 31/12/2024
A. Insurance revenue from insurance contracts issued measured under GMM and VFA |  |  |  |  |  |  |  |  |  |
A.1 Changes related to the Liability for Remaining coverage | 11,280 | 6,122 | 157 | 119 | 17,677 | 10,649 | 6,295 | 330 | 191 | 17,464
1. Claims incurred and other costs for expected insurance services | 8,718 | 5,362 | 152 | 59 | 14,291 | 8,382 | 5,403 | 312 | 124 | 14,220
2. Changes in risk adjustment for expired non-financial risks | 68 | 95 | 9 | 1 | 174 | 49 | 96 | 17 | 7 | 170
3. Contractual Service Margin recognized in the income statement | 2,455 | 768 | 7 | 69 | 3,298 | 2,253 | 734 | 1 | 71 | 3,058
4. Other amounts | 38 | -103 | -12 | -10 | -87 | -34 | 62 | 0 | -12 | 16
A.2 Recovery of Insurance acquisition Cash Flows | 945 | 468 | 0 | 28 | 1,440 | 977 | 490 | 0 | 37 | 1,504
A.3 Total insurance revenues from issued insurance contracts valued under the GMM or the VFA | 12,224 | 6,589 | 157 | 147 | 19,117 | 11,626 | 6,784 | 330 | 228 | 18,968
A.4 Total insurance revenues from insurance contracts issued valued under the PAA |  |  |  |  | 37, 2 9 5 |  |  |  |  | 35,164
- Life business | X | X | X | X | 2,115 | X | X | X | X | 2,099
- Property&Casualty - motor | X | X | X | X | 12,467 | X | X | X | X | 11,921
- Property&Casualty - non motor | X | X | X | X | 22,714 | X | X | X | X | 21,143
A.5 Total insurance revenues from insurance contracts issued (A.3 + A.4) | 12,224 | 6,589 | 157 | 147 | 56,412 | 11,626 | 6,784 | 330 | 228 | 5 4,132
B. Costs for insurance services arising from the issued insurance contracts – GMM or VFA |  |  |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | -8,492 | -5,508 | -123 | -44 | -14,168 | -8,083 | -4,999 | -232 | -105 | -13,418
2. Adjustment to Liability for Incurred Claims | -19 | 300 | 0 | -3 | 277 | -3 | -345 | 0 | 5 | -343
3. Losses and reversal of losses on onerous contracts | -47 | -112 | 22 | -19 | -156 | -138 | -95 | -41 | -15 | -289
4. Amortisation of insurance acquisition cash flows | -945 | -468 | 0 | -28 | -1,440 | -977 | -490 | 0 | -37 | -1,504
5. Other amounts | 284 | 37 | 12 | 6 | 339 | 312 | 48 | 0 | 10 | 370
B.6 Total costs for insurance services deriving from insurance contracts issued – GMM or VFA | -9,219 | -5,751 | -90 | -89 | -15,148 | -8,889 | -5,880 | -273 | -142 | -15,184
B.7 Total Insurance service expenses from insurance contracts measured under PAA |  |  |  |  | -33,242 |  |  |  |  | -32,372
- Life business | X | X | X | X | -1,856 | X | X | X | X | -1,983
- Property&Casualty - motor | X | X | X | X | -11,580 | X | X | X | X | -11,337
- Property&Casualty - non motor | X | X | X | X | -19,807 | X | X | X | X | -19,052
B.8 Total insurance service expenses from insurance contracts issued (B.6 + B.7) | -9,219 | -5,751 | -90 | -89 | -48,391 | -8,889 | -5,880 | -273 | -142 | -47,556
C. Insurance Service Result from insurance contracts issued (+/-) (A.5+B.8) | 3,006 | 838 | 67 | 59 | 8,022 | 2,738 | 904 | 57 | 86 | 6,576

309
Consolidated Financial Statements
The purpose of the following table is to provide further details on insurance expenses and revenue from reinsurance contracts held.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases are separately presented:
• Life Segment (Basis 1);
• P&C Segment (Basis 2).
Insurance expenses and revenue from reinsurance contracts held

(€ million) Items/Bases of aggregation | Life business 31/12/2025 | P&C business 31/12/2025 | Total 31/12/2025 | Life business 31/12/2024 | P&C business 31/12/2024 | Total 31/12/2024
A. Insurance service expenses from reinsurance contracts held measured under GMM |  |  |  |  |  |
A.1 Changes related to the Asset for Remaining coverage |  |  |  |  |  |
1. Expected Claims and other expected expenses to be recovered | -590 | 0 | -590 | -855 | -19 | -874
2. Changes in the risk adjustment for non-financial risks expired | -9 | 0 | -9 | -14 | -3 | -18
3. Contractual service margin recognized in the income statement | -28 | 0 | -28 | -28 | -16 | -44
4. Other amounts | -74 | 0 | -74 | -89 | 0 | -89
5. Total | -702 | 0 | -702 | -987 | -37 | -1,025
A.2 Other directly attributable expenses |  |  |  |  |  |
B. Insurance service expenses from reinsurance contracts held measured under PAA | -822 | -2,464 | -3,286 | -733 | -2,299 | -3,032
C. Total costs deriving from reinsurance cessions (A.1+A.2+B) | -1,524 | -2,464 | -3,988 | -1,720 | -2,337 | -4,057
D. Changes in the risk of non-performance of the reinsurer | 2 | 1 | 3 | 14 | -4 | 10
E. Insurance revenue from reinsurance contracts held | 1,802 | 1,720 | 3,523 | 1,502 | 2,252 | 3,755
F. Adjustment to Asset for Incurred Claims | -439 | -219 | -658 | 71 | -379 | -308
G. Other reinsurance recoveries | 0 | 0 | 0 | 0 | 0 | 0
H. Total net costs/revenues deriving from reinsurance cessions (C+D+E+F+G) | -159 | -961 | -1,120 | -133 | -467 | -600

The following table contains a breakdown of Insurance service expenses related to insurance contracts issued and other services
recognized in the income statement.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, in the table each of the following aggregation bases are separately
presented:
• Insurance contracts issued with direct participation features – Life segment (Basis A1);
• Insurance contracts issued without direct participation features – Life segment (Basis A2);
• Insurance contracts issued without direct participation features – P&C segment – Motor (Basis A3);
• Insurance contracts issued without direct participation features – P&C segment – Non Motor (Basis A4);
• Other.
Breakdown of insurance service expenses and other costs
(€ million)
Expenses / Bases of aggregation
Basis A1 –
with DPF
31/12/2025
Basis A2 –
without DPF
31/12/2025
Basis A1
+ Base A2
31/12/2025
Basis A3
31/12/2025
Basis A4
31/12/2025
Basis A3 +
Basis A4
31/12/2025
O t her 3 1/1 2/2 0 2 5 B a s i s A 1 – w i t h
DP F 3 1/1 2/20 2 4
B a s i s A 2 – w i t h o u t
DP F 3 1/1 2/20 2 4
B a s i s A 1 + B a s e
A2 3 1/1 2/2 0 2 4
B a s i s A 3
3 1/12/2 0 2 4
B a s i s A 4
3 1/12/2 0 2 4
B a s i s A 3 + B a s i s
A 4 3 1/12/2 0 2 4
O t her 3 1/1 2/2 0 2 4
Expenses attributable to the acquisition of insurance contracts 1,383 747 2,130 2,087 5,469 7,556 X 1,3 9 9 69 6 2,0 9 5 1,9 0 2 4,838 6,74 0 X
Other directly attributable expenses 3,328 971 4,299 1,054 1,419 2,473 X 3,0 41 89 8 3,9 3 9 1,0 6 4 1,333 2,3 9 7 X
Investment management expenses X X 0 X X 0 6 2 X X 0 X X 0 41
Other expenses X X 0 X X 0 4 63 X X 0 X X 0 1,2 3 9
Total X X 6,430 X X 10,029 52 5 X X 6,0 3 3 X X 9,1 3 8 1,2 8 0
310
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Breakdown of insurance service expenses and other costs
(€ million)
Expenses / Bases of aggregation
Basis A1 –
with DPF
31/12/2025
Basis A2 –
without DPF
31/12/2025
Basis A1
+ Base A2
31/12/2025
Basis A3
31/12/2025
Basis A4
31/12/2025
Basis A3 +
Basis A4
31/12/2025
Other 31/12/2025 Basis A1 – with
DPF 31/12/2024
Basis A2 – without
DPF 31/12/2024
Basis A1 + Base
A2 31/12/2024
Basis A3
31/12/2024
Basis A4
31/12/2024
Basis A3 + Basis
A4 31/12/2024
Other 31/12/2024
Expenses attributable to the acquisition of insurance contracts 1,383 747 2,130 2,087 5,469 7,556 X 1,399 696 2,095 1,902 4,838 6,740 X
Other directly attributable expenses 3,328 971 4,299 1,054 1,419 2,473 X 3,041 898 3,939 1,064 1,333 2,397 X
Investment management expenses X X 0 X X 0 62 X X 0 X X 0 41
Other expenses X X 0 X X 0 463 X X 0 X X 0 1,239
Total X X 6,430 X X 10,029 525 X X 6,033 X X 9,138 1,280
311
Consolidated Financial Statements
The purpose of the following table is to provide further details on finance expenses and income arising from insurance contracts
issued.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases are separately presented:
• Insurance contracts issued with direct participation features – Life segment (Basis A1);
• Insurance contracts issued without direct participation features – Life segment (Basis A2);
• Insurance contracts issued without direct participation features – P&C segment (Basis A3).
Net finance expenses and income arising from insurance contracts issued

(€ million) Items/Bases of aggregation | Basis A1 31/12/2025 | Basis A2 31/12/2025 | Basis A3 31/12/2025 | Total 31/12/2025 | Basis A1 31/12/2024 | Basis A2 31/12/2024 | Basis A3 31/12/2024 | Total 31/12/2024
1. Interest accreted | 24 | -578 | -620 | -1,174 | -3 | -502 | -583 | -1,088
2. Effects of changes in interest rate and other financial assumptions | -14 | -137 | 0 | -151 | 1 | -86 | 0 | -86
3. Changes in fair value of underlying items for contracts measured under VFA | -16,868 | 0 | 0 | -16,868 | -19,436 | 0 | 0 | -19,436
4. Effects of movements in exchange rates | 3 | 23 | 126 | 152 | -3 | -26 | -109 | -138
5. Other | -329 | -9 | 2 | -335 | -150 | 3 | -6 | -153
6. Total net finance expenses/income arising from insurance contract issued | -17,184 | -700 | -492 | -18,377 | -19,592 | -611 | -698 | -20,901

Total finance income/expenses arising from insurance contracts issued recognized in other comprehensive income is equal to
€ 4,932 million for the financial year 2025 (€ -3,908 million at 31 December 2024).
The item “5. Other” for the A1 basis includes the adjustment of contractual service margin deriving from risk mitigation option application
(IFRS17 – paragraph B115). The amount is equal to € 90 million at 31 December 2025 (€ 47 million at 31 December 2024).
The purpose of the following table is to provide further details on finance income and expenses arising from reinsurance contracts
held.
In accordance with ISVAP Regulation No. 7 of 13th of July 2007, each of the following aggregation bases is separately presented:
• Life segment (Basis A1);
• P&C segment (Basis A2);
Net finance income and expenses arising from reinsurance contracts held

(€ million) Items/Bases of aggregation | Life business 31/12/2025 | P&C business 31/12/2025 | Total 31/12/2025 | Life business 31/12/2024 | P&C business 31/12/2024 | Total 31/12/2024
1. Interest accreted | -7 | 66 | 59 | -14 | 79 | 65
2. Effects of changes in interest rate and other financial assumptions | -1 | 0 | -1 | 0 | -0 | 0
3. Effects of movements in exchange rates | 17 | -2 | 14 | 2 | 36 | 38
4. Other | -0 | 0 | -0 | 0 | 0 | 0
5. Total net finance income/expenses arising from reinsurance contracts held | 9 | 63 | 72 | -11 | 114 | 103

Total finance expenses/income arising from reinsurance contracts held recognized in other comprehensive income is equal to € 29
million for the financial year 2025 (€ 111 million at 31 December 2024).
312
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The following table summarizes economic results broken down by Life and P&C segments. Please note that the figures arising from
insurance contracts are related both to insurance contracts issued and reinsurance contracts held.
Insurance operations - Summary of the economic results broken down by Life and P&C segments

(€ million) |  | 31/12/2025 |  |  | 31/12/2024 |
Summary of results/Segments | Life business | Property&Casualty | Total | Life business | Property&Casualty | Total
A. Financial results | 1,141 | 1,481 | 2,622 | 55 | 1,499 | 1,554
A.1 Amounts recorded in the income statement |  |  |  |  |  |
1. Total net financial result of investments | 18,685 | 1,761 | 20,446 | 20,867 | 1,928 | 22,795
2. Net finance income/expenses arising from insurance contracts | -17,876 | -429 | -18,305 | -20,214 | -584 | -20,798
3. Total | 809 | 1,332 | 2,141 | 653 | 1,344 | 1,997
A2. Amounts recognised in the comprehensive income statement |  |  |  |  |  |
1. Total net financial result of investments | -4,375 | -105 | -4,480 | 2,727 | 627 | 3,353
2. Net finance income/expenses arising from insurance contracts | 4,707 | 253 | 4,960 | -3,325 | -472 | -3,796
3. Total | 332 | 149 | 481 | -598 | 155 | -443
B. Net insurance and financial result |  |  |  |  |  |
1. Insurance service result | 3,943 | 2,958 | 6,901 | 3,626 | 2,351 | 5,976
2. Total net financial result of investments | 14,310 | 1,656 | 15,966 | 23,593 | 2,555 | 26,148
3. Net finance result from insurance contracts | -13,169 | -175 | -13,344 | -23,538 | -1,056 | -24,594
4. Total | 5,083 | 4,439 | 9,523 | 3,681 | 3,850 | 7,531

21. Detailed information related to insurance contracts
issued
21.1. Detailed information related to insurance contracts issued –
Movements of carrying amount by bases of aggregations
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2025 to the closing balance
at 31 December 2025 of the carrying amount of insurance contracts issued. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2024 to the closing balance at 31 December 2024.
The first set of tables provides an analysis of movements of carrying amount of insurance contracts issued detailed by Liability for
Remaining Coverage and Liability for Incurred Claims. The second set of tables analyses movements of insurance contracts issued
measured under the Variable Fee Approach and General Measurement Model broken down by measurement components: (i)
Present Value of Future Cash Flows, (ii) Risk Adjustment and (iii) Contractual Service Margin.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
• Insurance contracts issued with direct participation features – Life segment (Basis 1);
• Insurance contracts issued without direct participation features – Life segment (Basis 2);
• Insurance contracts issued without direct participation features – P&C segment – Non-Motor (Basis 4).
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the aggregation base “Insurance contracts issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
Considering the low materiality of amounts, please note that the movements of carrying amount of insurance contracts issued
without direct participation features – P&C segment – Motor (Basis 3) and measured under the General Measurement Model are not
provided. Such contracts refer to the liability for incurred claims related to the acquisition of Liberty Seguros, whose value is equal to
€ 348 million at 31 December 2025 (€ 535 million at 31 December 2024).
Lastly, note that, considering the low materiality of amounts, the Aggregation Basis 4 “Insurance contracts issued without direct
participation features – P&C segment – Non-Motor” also includes the carrying amount of insurance contracts issued with direct
participation features related to P&C segment. The total carrying amount of these contracts is equal to € 68 million at 31 December
2025 (€ 97 million at 31 December 2024).
313
Consolidated Financial Statements
Basis of aggregation 1 – Insurance contracts issued with direct participation features – Life segment
Movements in Insurance Contracts Issued – GMM or VFA - Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 | Liability for incurred claims 31/12/2024 | Total 31/12/2024
Items/Liabilities | Excluding Loss Component | Loss Component |  | Excluding Loss Component | Loss Component |
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 374,052 | 179 | 3,199 | 377,430 | 355,485 | 118 | 3,268 | 358,871
2. Insurance contracts that are assets | -20 | 1 | 3 | -16 | -140 | 0 | 1 | -139
3. Net opening balance at 1st January | 374,033 | 180 | 3,201 | 3 7 7,414 | 355,345 | 118 | 3,269 | 358,731
B. Insurance revenue | -12,224 | 0 | 0 | -12,224 | -11,626 | 0 | 0 | -11,626
C. Insurance service expenses |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | -23 | 8,231 | 8,208 | 0 | -43 | 7,814 | 7,771
2. Adjustment to liability for Incurred Claims | 0 | 0 | 19 | 19 | 0 | 0 | 3 | 3
3. Losses and reversal of losses on onerous contracts | 0 | 47 | 0 | 47 | 0 | 138 | 0 | 138
4. Amortisation of insurance acquisition cash flows | 945 | 0 | 0 | 945 | 977 | 0 | 0 | 977
5. Total | 945 | 24 | 8,250 | 9,219 | 977 | 95 | 7,817 | 8,889
D. Insurance service result (Total B+C+D+E) | -11,280 | 24 | 8,250 | -3,006 | -10,6 49 | 95 | 7,817 | -2,738
E. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 13,017 | 0 | 28 | 13,044 | 21,228 | 2 | 37 | 21,267
1.1 Recognised in the income statement | 17,160 | 0 | 28 | 17,188 | 19,550 | 2 | 37 | 19,588
1.2 Recognised in the other comprehensive income statement | -4,143 | 0 | 0 | -4,143 | 1,679 | 0 | 0 | 1,679
2. Effects of movements in exchange rates | -3 | -0 | -0 | -3 | 4 | -0 | -1 | 3
3. Total | 13,014 | -0 | 27 | 13,041 | 21,233 | 2 | 36 | 21,270
F. Non-Distinct investment component | -35,363 | 0 | 35,363 | 0 | -38,975 | 0 | 38,975 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -33,629 | 24 | 43,641 | 10,036 | -28,392 | 96 | 46,828 | 18,533
H. Other changes | -597 | -54 | 260 | -392 | 1,062 | -34 | 305 | 1,333
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 48,623 | 0 | 0 | 48,623 | 48,442 | 0 | 0 | 48,442
2. Payments related to insurance acquisition cash flows | -2,400 | 0 | 0 | -2,400 | -2,426 | 0 | 0 | -2,426
3. Claims paid and other cash outflows | 0 | 0 | -44,081 | -44,081 | 0 | 0 | -47,200 | -47,200
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 46,223 | 0 | -44,081 | 2,142 | 46,017 | 0 | -47, 2 0 0 | -1,183
L. Net balance at 31 December (A.3+G+H+I.5) | 386,029 | 150 | 3,021 | 389,200 | 374,033 | 180 | 3,201 | 377,414
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 386,055 | 150 | 3,021 | 389,226 | 374,052 | 179 | 3,199 | 377,430
2. Insurance contracts that are assets | -26 | 0 | 0 | -26 | -20 | 1 | 3 | -16
3. Net closing balance at 31 December | 386,029 | 150 | 3,021 | 389,200 | 374,033 | 180 | 3,201 | 3 7 7,414

314
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis of aggregation 2 – Insurance contracts issued without direct participation features – Life segment
Movements in Insurance Contracts Issued – GMM or VFA - Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 | Liability for incurred claims 31/12/2024 | Total 31/12/2024
Items/Liabilities | Excluding Loss Component | Loss Component |  | Excluding Loss Component | Loss Component |
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 14,135 | 352 | 7,179 | 21,666 | 10,276 | 295 | 6,264 | 16,835
2. Insurance contracts that are assets | -352 | 34 | 98 | -221 | -304 | 41 | 89 | -173
3. Net opening balance at 1st January | 13,783 | 386 | 7,277 | 21,446 | 9,972 | 336 | 6,354 | 16,662
B. Insurance revenue | -6,589 | 0 | 0 | -6,589 | -6,784 | 0 | 0 | -6,784
C. Insurance service expenses |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | -37 | 5,508 | 5,472 | 0 | -48 | 4,999 | 4,950
2. Adjustment to liability for Incurred Claims | 0 | 0 | -300 | -300 | 0 | 0 | 345 | 345
3. Losses and reversal of losses on onerous contracts | 0 | 112 | 0 | 112 | 0 | 95 | 0 | 95
4. Amortisation of insurance acquisition cash flows | 468 | 0 | 0 | 468 | 490 | 0 | 0 | 490
5. Total | 468 | 75 | 5,208 | 5,751 | 490 | 47 | 5,343 | 5,880
D. Insurance service result (Total B+C+D+E) | - 6,122 | 75 | 5,208 | -838 | -6,295 | 47 | 5,343 | -904
E. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 129 | 9 | 64 | 201 | 2,064 | 5 | 195 | 2,264
1.1 Recognised in the income statement | 631 | 8 | 86 | 725 | 522 | 5 | 70 | 597
1.2 Recognised in the other comprehensive income statement | -502 | 0 | -22 | -524 | 1,542 | 0 | 125 | 1,667
2. Effects of movements in exchange rates | -6 | -0 | -18 | -24 | 13 | -0 | 13 | 26
3. Total | 123 | 8 | 46 | 177 | 2,077 | 5 | 209 | 2,291
F. Non-Distinct investment component | -1,079 | 0 | 1,079 | 0 | -1,074 | 0 | 1,074 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -7,078 | 84 | 6,334 | -660 | -5,292 | 52 | 6,625 | 1,386
H. Other changes | -1,073 | -16 | -18 | -1,107 | 865 | -2 | 372 | 1,234
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 9,557 | 0 | 0 | 9,557 | 9,332 | 0 | 0 | 9,332
2. Payments related to insurance acquisition cash flows | -1,139 | 0 | 0 | -1,139 | -1,095 | 0 | 0 | -1,095
3. Claims paid and other cash outflows | 0 | 0 | -6,165 | -6,165 | 0 | 0 | -6,074 | -6,074
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 8,418 | 0 | -6,165 | 2,253 | 8,237 | 0 | -6,074 | 2,163
L. Net balance at 31 December (A.3+G+H+I.5) | 14,049 | 454 | 7,4 28 | 21,931 | 13,783 | 386 | 7, 2 7 7 | 21,446
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 14,462 | 423 | 7,318 | 22,202 | 14,135 | 352 | 7,179 | 21,666
2. Insurance contracts that are assets | -412 | 31 | 110 | -271 | -352 | 34 | 98 | -221
3. Net closing balance at 31 December | 14,049 | 454 | 7, 428 | 21,931 | 13,783 | 386 | 7, 2 7 7 | 21,446

315
Consolidated Financial Statements
Basis of aggregation 4 – Insurance contracts issued without direct participation features – P&C segment Non-
Motor
Movements in Insurance Contracts Issued – GMM or VFA - Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 | Liability for incurred claims 31/12/2024 | Total 31/12/2024
Items/Liabilities | Excluding Loss Component | Loss Component | Excluding Loss Component | Loss Component
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 438 | 30 | 97 | 566 | 273 | 26 | 84 | 383
2. Insurance contracts that are assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
3. Net opening balance at 1st January | 438 | 30 | 97 | 566 | 273 | 26 | 84 | 383
B. Insurance revenue | -147 | 0 | 0 | -147 | -228 | 0 | 0 | -228
C. Insurance service expenses |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | -6 | 44 | 38 | 0 | -10 | 105 | 95
2. Adjustment to liability for Incurred Claims | 0 | 0 | 3 | 3 | 0 | 0 | -5 | -5
3. Losses and reversal of losses on onerous contracts | 0 | 19 | 0 | 19 | 0 | 15 | 0 | 15
4. Amortisation of insurance acquisition cash flows | 28 | 0 | 0 | 28 | 37 | 0 | 0 | 37
5. Total | 28 | 13 | 47 | 89 | 37 | 5 | 100 | 142
D. Insurance service result (Total B+C+D+E) | -119 | 13 | 47 | -59 | -191 | 5 | 100 | -86
E. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 18 | -4 | 0 | 14 | 4 | 0 | 2 | 7
1.1 Recognised in the income statement | 8 | 0 | 0 | 9 | 16 | 0 | 2 | 18
1.2 Recognised in the other comprehensive income statement | 9 | -4 | 0 | 6 | -12 | 0 | 0 | -12
2. Effects of movements in exchange rates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
3. Total | 18 | -4 | 0 | 14 | 4 | 0 | 2 | 7
F. Non-Distinct investment component | -29 | 0 | 29 | 0 | -39 | 0 | 39 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -130 | 9 | 76 | -45 | -226 | 5 | 142 | -79
H. Other changes | 12 | -10 | -92 | -90 | 278 | -1 | 20 | 298
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 114 | 0 | 0 | 114 | 146 | 0 | 0 | 146
2. Payments related to insurance acquisition cash flows | -32 | 0 | 0 | -32 | -34 | 0 | 0 | -34
3. Claims paid and other cash outflows | 0 | 0 | -74 | -74 | 0 | 0 | -148 | -148
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 82 | 0 | -74 | 8 | 112 | 0 | -148 | -36
L. Net balance at 31 December (A.3+G+H+I.5) | 403 | 30 | 7 | 440 | 438 | 30 | 97 | 566
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 403 | 30 | 7 | 440 | 438 | 30 | 97 | 566
2. Insurance contracts that are assets | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0
3. Net closing balance at 31 December | 403 | 30 | 7 | 440 | 438 | 30 | 97 | 566

316
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis of aggregation 2 – Life segment
Movements in Insurance Contracts Issued – PAA - Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 | Liability for incurred claims 31/12/2024 | Total 31/12/2024
Items/Liabilities | Excluding Loss Component | Loss Component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |  | Excluding Loss Component | Loss Component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |
A. Opening balance |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 449 | 3 | 899 | 43 | 1,394 | 404 | 4 | 824 | 41 | 1,272
2. Insurance contracts that are assets | -2 | 0 | -1 | 0 | -3 | -2 | 0 | -1 | 0 | -3
3. Net opening balance at 1st January | 447 | 3 | 899 | 43 | 1,392 | 402 | 4 | 823 | 41 | 1,269
B. Insurance revenue | -2,115 | 0 | 0 | 0 | -2,115 | -2,099 | 0 | 0 | 0 | -2,099
C. Insurance service expenses |  |  |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | 0 | 1,667 | 0 | 1,667 | 0 | 0 | 1,697 | 0 | 1,697
2. Adjustment to liability for Incurred Claims | 0 | 0 | 51 | 1 | 52 | 0 | 0 | 132 | 1 | 133
3. Losses and reversal of losses on onerous contracts | 0 | -2 | 0 | 0 | -2 | 0 | -1 | 0 | 0 | -1
4. Amortisation of insurance acquisition cash flows | 139 | 0 | 0 | 0 | 139 | 153 | 0 | 0 | 0 | 153
5. Total | 139 | -2 | 1,718 | 1 | 1,856 | 153 | -1 | 1,829 | 1 | 1,983
D. Insurance service result (Total B+C+D+E) | -1,976 | -2 | 1,718 | 1 | -259 | -1,946 | -1 | 1,829 | 1 | -116
E. Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | -19 | 0 | 8 | 1 | -10 | -26 | 0 | 45 | 1 | 20
1.1 Recognised in the income statement | -19 | 0 | 16 | 1 | -2 | -26 | 0 | 13 | 1 | -12
1.2 Recognised in the other comprehensive income statement | 0 | 0 | -8 | 0 | -8 | 0 | 0 | 32 | 0 | 32
2. Effects of movements in exchange rates | -3 | -0 | 6 | -1 | 1 | -1 | -0 | 1 | -0 | -0
3. Total | -22 | -0 | 14 | -0 | -9 | -28 | -0 | 47 | 1 | 20
F. Non-Distinct investment component | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -1,999 | -2 | 1,732 | 0 | -268 | -1,974 | -1 | 1,876 | 2 | -96
H. Other changes | 89 | -0 | -115 | 0 | -26 | 95 | -0 | -94 | -0 | 0
I. Cash flows |  |  |  |  |  |  |  |  |  |
1. Premiums received | 2,565 | 0 | 0 | 0 | 2,565 | 2,230 | 0 | 0 | 0 | 2,230
2. Payments related to insurance acquisition cash flows | -321 | 0 | 0 | 0 | -321 | -306 | 0 | 0 | 0 | -306
3. Claims paid and other cash outflows | 0 | 0 | -1,989 | 0 | -1,989 | 0 | 0 | -1,706 | 0 | -1,706
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 2,245 | 0 | -1,989 | 0 | 256 | 1,924 | 0 | -1,706 | 0 | 218
L. Net balance at 31 December (A.3+G+H+I.5) | 783 | 1 | 526 | 43 | 1,353 | 447 | 3 | 899 | 43 | 1,392
M. Closing balance |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 784 | 1 | 527 | 43 | 1,355 | 449 | 3 | 899 | 43 | 1,394
2. Insurance contracts that are assets | -1 | 0 | -1 | 0 | -2 | -2 | 0 | -1 | 0 | -3
3. Net closing balance at 31 December | 783 | 1 | 526 | 43 | 1,353 | 447 | 3 | 899 | 43 | 1,392

317
Consolidated Financial Statements
Basis of aggregation 3 – P&C segment Motor
Movements in Insurance Contracts Issued – PAA - Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 | Liability for incurred claims 31/12/2024 | Total 31/12/2024
Items/Liabilities | Excluding Loss Component | Loss Component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |  | Excluding Loss Component | Loss Component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |
A. Opening balance |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 2,451 | 51 | 11,455 | 433 | 14,391 | 2,430 | 42 | 10,927 | 384 | 13,783
2. Insurance contracts that are assets | -3 | 0 | -10 | -0 | -13 | -1 | 0 | -7 | -0 | -8
3. Net opening balance at 1st January | 2,448 | 51 | 11,445 | 433 | 14,377 | 2,430 | 42 | 10,920 | 384 | 13,775
B. Insurance revenue | -12,467 | 0 | 0 | 0 | -12,467 | -11,921 | 0 | 0 | 0 | -11,921
C. Insurance service expenses |  |  |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | 0 | 9,558 | 0 | 9,558 | 0 | 0 | 9,625 | 0 | 9,625
2. Adjustment to liability for Incurred Claims | 0 | 0 | 287 | 13 | 300 | 0 | 0 | 103 | 49 | 151
3. Losses and reversal of losses on onerous contracts | 0 | -13 | 0 | 0 | -13 | 0 | 9 | 0 | 0 | 9
4. Amortisation of insurance acquisition cash flows | 1,735 | 0 | 0 | 0 | 1,735 | 1,552 | 0 | 0 | 0 | 1,552
5. Total | 1,735 | -13 | 9,845 | 13 | 11,580 | 1,552 | 9 | 9,727 | 49 | 11,337
D. Insurance service result (Total B+C+D+E) | -10,731 | -13 | 9,845 | 13 | -887 | -10,369 | 9 | 9,727 | 49 | -584
E. Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 10 | 0 | 20 | 11 | 41 | 21 | 0 | 363 | 13 | 396
1.1 Recognised in the income statement | 9 | 0 | 185 | 11 | 206 | 21 | 0 | 159 | 13 | 192
1.2 Recognised in the other comprehensive income statement | 1 | 0 | -165 | 0 | -165 | 0 | 0 | 204 | 0 | 204
2. Effects of movements in exchange rates | -11 | -0 | -6 | -0 | -17 | 4 | 0 | 2 | 0 | 6
3. Total | -1 | -0 | 14 | 11 | 24 | 25 | 0 | 365 | 13 | 402
F. Non-Distinct investment component | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -10,733 | -13 | 9,859 | 24 | -862 | -10,345 | 9 | 10,093 | 61 | -182
H. Other changes | 11 | -7 | 45 | -51 | -1 | 89 | 1 | 21 | -12 | 99
I. Cash flows |  |  |  |  |  |  |  |  |  |
1. Premiums received | 12,693 | 0 | 0 | 0 | 12,693 | 11,865 | 0 | 0 | 0 | 11,865
2. Payments related to insurance acquisition cash flows | -1,818 | 0 | 0 | 0 | -1,818 | -1,591 | 0 | 0 | 0 | -1,591
3. Claims paid and other cash outflows | 0 | 0 | -9,573 | 0 | -9,573 | 0 | 0 | -9,589 | 0 | -9,589
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 10,874 | 0 | -9,573 | 0 | 1,302 | 10,274 | 0 | -9,589 | 0 | 685
L. Net balance at 31 December (A.3+G+H+I.5) | 2,601 | 32 | 11,777 | 406 | 14,816 | 2,448 | 51 | 11,445 | 433 | 14,377
M. Closing balance |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 2,601 | 32 | 11,784 | 406 | 14,823 | 2,451 | 51 | 11,455 | 433 | 14,391
2. Insurance contracts that are assets | 0 | 0 | -8 | 0 | -8 | -3 | 0 | -10 | -0 | -13
3. Net closing balance at 31 December | 2,601 | 32 | 11,777 | 406 | 14,816 | 2,448 | 51 | 11,445 | 433 | 14,377

318
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis of aggregation 4 – P&C segment Non-Motor
Movements in Insurance Contracts Issued – PAA - Liability for Remaining Coverage and Liability for Incurred claims

(€ million) | Liability for remaining coverage 31/12/2025 | Liability for incurred claims 31/12/2025 | Total 31/12/2025 | Liability for remaining coverage 31/12/2024 | Liability for incurred claims 31/12/2024 | Total 31/12/2024
Items/Liabilities | Excluding Loss Component | Loss Component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |  | Excluding Loss Component | Loss Component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |
A. Opening balance |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 1,632 | 241 | 19,819 | 738 | 22,431 | 1,870 | 272 | 18,351 | 688 | 21,181
2. Insurance contracts that are assets | -7 | -4 | 1 | 0 | -10 | 11 | -4 | 1 | -0 | 8
3. Net opening balance at 1st January | 1,624 | 238 | 19,820 | 738 | 22,421 | 1,880 | 268 | 18,352 | 688 | 21,189
B. Insurance revenue | -22,714 | 0 | 0 | 0 | -22,714 | -21,143 | 0 | 0 | 0 | -21,143
C. Insurance service expenses |  |  |  |  |  |  |  |  |  |
1. Incurred claims and other directly attributable expenses | 0 | 0 | 14,072 | 0 | 14,072 | 0 | 0 | 14,491 | 0 | 14,491
2. Adjustment to liability for Incurred Claims | 0 | 0 | 869 | -10 | 859 | 0 | 0 | 351 | -5 | 346
3. Losses and reversal of losses on onerous contracts | 0 | 43 | 0 | 0 | 43 | 0 | -20 | 0 | 0 | -20
4. Amortisation of insurance acquisition cash flows | 4,834 | 0 | 0 | 0 | 4,834 | 4,235 | 0 | 0 | 0 | 4,235
5. Total | 4,834 | 43 | 14,941 | -10 | 19,807 | 4,235 | -20 | 14,842 | -5 | 19,052
D. Insurance service result (Total B+C+D+E) | -17,8 8 0 | 43 | 14,941 | -10 | -2,907 | -16,908 | -20 | 14,842 | -5 | -2,091
E. Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 27 | 0 | 249 | 20 | 296 | 44 | 0 | 631 | 24 | 699
1.1 Recognised in the income statement | 22 | 0 | 352 | 20 | 393 | 38 | 0 | 299 | 24 | 362
1.2 Recognised in the other comprehensive income statement | 6 | 0 | -103 | 0 | -97 | 6 | 0 | 331 | 0 | 337
2. Effects of movements in exchange rates | 60 | -0 | -158 | -10 | -109 | 40 | 0 | 57 | 5 | 103
3. Total | 87 | -0 | 90 | 10 | 187 | 85 | 0 | 687 | 30 | 802
F. Non-Distinct investment component | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
G. Total amount of changes recognized in the income statement and in the Other Comprehensive income statement (D+E+F) | -17,79 3 | 42 | 15,031 | 0 | -2,720 | -16,824 | -19 | 15,529 | 25 | -1,289
H. Other changes | -16 | 22 | 376 | 10 | 392 | 186 | -11 | -56 | 25 | 143
I. Cash flows |  |  |  |  |  |  |  |  |  |
1. Premiums received | 23,316 | 0 | 0 | 0 | 23,316 | 20,972 | 0 | 0 | 0 | 20,972
2. Payments related to insurance acquisition cash flows | -5,205 | 0 | 0 | 0 | -5,205 | -4,590 | 0 | 0 | 0 | -4,590
3. Claims paid and other cash outflows | 0 | 0 | -14,212 | 0 | -14,212 | 0 | 0 | -14,004 | 0 | -14,004
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 18,111 | 0 | -14,212 | 0 | 3,898 | 16,382 | 0 | -14,004 | 0 | 2,377
L. Net balance at 31 December (A.3+G+H+I.5) | 1,926 | 302 | 21,016 | 748 | 23,991 | 1,624 | 238 | 19,820 | 738 | 22,421
M. Closing balance |  |  |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 1,932 | 305 | 21,016 | 748 | 24,001 | 1,632 | 241 | 19,819 | 738 | 22,431
2. Insurance contracts that are assets | -6 | -3 | -1 | 0 | -10 | -7 | -4 | 1 | 0 | -10
3. Net closing balance at 31 December | 1,926 | 302 | 21,016 | 748 | 23,991 | 1,624 | 238 | 19,820 | 738 | 22,421

319
Consolidated Financial Statements
Basis of aggregation 1 – Insurance contracts issued with direct participation features – Life segment
Movements in Insurance Contracts Issued balances by measurement components

(€ million) |  |  |  | Measurement components of insurance contracts issued |  |  |
Items/Measurement components | Estimates of Present Value of Future Cash flows 31/12/2025 | Risk Adjustment for non- financial risks 31/12/2025 | Contractual service margin 31/12/2025 | Total 31/12/2025 | Estimates of Present Value of Future Cash flows 31/12/2024 | Risk Adjustment for non- financial risks 31/12/2024 | Contractual service margin 31/12/2024 | Total 31/12/2024
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 350,475 | 1,045 | 25,909 | 377,43 0 | 331,047 | 928 | 26,896 | 358,871
2. Insurance contracts that are assets | -110 | 9 | 85 | -16 | -239 | 13 | 87 | -139
3. Net opening balance at 1st January | 350,365 | 1,055 | 25,994 | 377,414 | 330,808 | 941 | 26,982 | 358,731
B. Changes that relate to current services |  |  |  |  |  |  |  |
1. Contractual Service Margin recognized in the income statement | 0 | 0 | -2,455 | -2,455 | 0 | 0 | -2,253 | -2,253
2. Change in Risk Adjustment for expired non-financial risks | 0 | -68 | 0 | -68 | 0 | -49 | 0 | -49
3. Changes related to experience adjustments | 14 | 0 | 0 | 14 | -187 | 0 | 0 | -187
4. Total | 14 | -68 | -2,455 | -2,509 | -187 | -49 | -2,253 | -2,489
C. Changes that relate to future services |  |  |  |  |  |  |  |
1. Changes in estimates that adjust the Contractual Service Margin | -3,518 | 98 | 3,420 | 0 | 790 | 37 | -828 | 0
2. Losses and reversal of losses on onerous contracts | 50 | -8 | 0 | 42 | 138 | -9 | 0 | 128
3. Effects of contracts initially recognized in the year | -2,372 | 127 | 2,249 | 5 | -2,238 | 110 | 2,137 | 9
4. Total | -5,840 | 218 | 5,669 | 47 | -1,310 | 138 | 1,309 | 138
D. Changes that relate to past services |  |  |  |  |  |  |  |
1. Adjustments to the liability for claims that have occurred | -544 | -0 | 0 | -544 | -386 | -0 | 0 | -386
E. Insurance services results (Total B+C+D+E) | -6,369 | 150 | 3,214 | -3,006 | -1,884 | 89 | -943 | -2,738
F. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 13,134 | 0 | -90 | 13,044 | 21,314 | 0 | -47 | 21,267
1.1 Recognised in the income statement | 17,277 | 0 | -90 | 17,188 | 19,635 | 0 | -47 | 19,588
1.2 Recognised in the other comprehensive income statement | -4,143 | 0 | 0 | -4,143 | 1,679 | 0 | 0 | 1,679
2. Effects of movements in exchange rates | -3 | -0 | -0 | -3 | 3 | 0 | 1 | 3
3. Total | 13,131 | -0 | -90 | 13,041 | 21,316 | 0 | -46 | 21,270
G. Total amount of changes recognized in the income statement and in the Other Comprehensive Income statement (E+ F) | 6,762 | 150 | 3,124 | 10,036 | 19,433 | 89 | -990 | 18,533
H. Other changes | -438 | -9 | 55 | -392 | 1,307 | 24 | 1 | 1,333
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 48,623 | 0 | 0 | 48,623 | 48,442 | 0 | 0 | 48,442
2. Payments related to insurance acquisition cash flows | -2,400 | 0 | 0 | -2,400 | -2,426 | 0 | 0 | -2,426
3. Claims paid and other cash outflows | -44,081 | 0 | 0 | -44,081 | -47,200 | 0 | 0 | -47,200
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 2,142 | 0 | 0 | 2,142 | -1,183 | 0 | 0 | -1,183
L. Net book value at 30 June/31 December (A.3+G+H+I.5) | 358,831 | 1,196 | 29,173 | 389,200 | 350,365 | 1,055 | 25,994 | 377,414
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 358,943 | 1,189 | 29,094 | 389,226 | 350,475 | 1,045 | 25,909 | 377,430
2. Insurance contracts that are assets | -112 | 7 | 79 | -26 | -110 | 9 | 85 | -16
3. Net closing balance at 30 June/31 December | 358,831 | 1,196 | 29,173 | 389,200 | 350,365 | 1,055 | 25,994 | 377,414

320
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis of aggregation 2 – Insurance contracts issued without direct participation features – Life segment
Movements in Insurance Contracts Issued balances by measurement components

(€ million) | Measurement components of insurance contracts issued
Items/Measurement components | Estimates of Present Value of Future Cash flows 31/12/2025 | Risk Adjustment for non- financial risks 31/12/2025 | Contractual service margin 31/12/2025 | Total 31/12/2025 | Estimates of Present Value of Future Cash flows 31/12/2024 | Risk Adjustment for non- financial risks 31/12/2024 | Contractual service margin 31/12/2024 | Total 31/12/2024
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 17,653 | 472 | 3,541 | 21,666 | 13,331 | 372 | 3,133 | 16,835
2. Insurance contracts that are assets | -1,029 | 60 | 748 | -221 | -1,042 | 73 | 796 | -173
3. Net opening balance at 1st January | 16,624 | 533 | 4,289 | 21,446 | 12,289 | 445 | 3,928 | 16,662
B. Changes that relate to current services |  |  |  |  |  |  |  |
1. Contractual Service Margin recognized in the income statement | 0 | 0 | -768 | -768 | 0 | 0 | -734 | -734
2. Change in Risk Adjustment for expired non-financial risks | 0 | -95 | 0 | -95 | 0 | -96 | 0 | -96
3. Changes related to experience adjustments | 1,677 | 0 | 0 | 1,677 | 201 | 0 | 0 | 201
4. Total | 1,677 | -95 | -768 | 814 | 201 | -96 | -734 | -629
C. Changes that relate to future services |  |  |  |  |  |  |  |
1. Changes in estimates that adjust the Contractual Service Margin | -46 | -50 | 96 | 0 | -301 | 27 | 275 | 0
2. Losses and reversal of losses on onerous contracts | 109 | -0 | 0 | 109 | 87 | 5 | 0 | 93
3. Effects of contracts initially recognized in the year | -869 | 110 | 762 | 3 | -792 | 105 | 689 | 3
4. Total | -806 | 60 | 858 | 112 | -1,006 | 137 | 964 | 95
D. Changes that relate to past services |  |  |  |  |  |  |  |
1. Adjustments to the liability for claims that have occurred | -1,775 | 11 | 0 | -1,764 | -377 | 6 | 0 | -371
E. Insurance services results (Total B+C+D+E) | -904 | -24 | 90 | -838 | -1,182 | 47 | 230 | -904
F. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 43 | 14 | 145 | 201 | 2,096 | 19 | 150 | 2,264
1.1 Recognised in the income statement | 566 | 14 | 145 | 725 | 428 | 19 | 150 | 597
1.2 Recognised in the other comprehensive income statement | -524 | 0 | 0 | -524 | 1,667 | 0 | 0 | 1,667
2. Effects of movements in exchange rates | -13 | -1 | -10 | -24 | 21 | 1 | 4 | 26
3. Total | 29 | 13 | 135 | 177 | 2,117 | 19 | 154 | 2,291
G. Total amount of changes recognized in the income statement and in the Other Comprehensive Income statement (E+ F) | -874 | -11 | 225 | -660 | 935 | 66 | 385 | 1,386
H. Other changes | -997 | -25 | -85 | -1,107 | 1,237 | 21 | -24 | 1,234
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 9,557 | 0 | 0 | 9,557 | 9,332 | 0 | 0 | 9,332
2. Payments related to insurance acquisition cash flows | -1,139 | 0 | 0 | -1,139 | -1,095 | 0 | 0 | -1,095
3. Claims paid and other cash outflows | -6,165 | 0 | 0 | -6,165 | -6,074 | 0 | 0 | -6,074
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 2,253 | 0 | 0 | 2,253 | 2,163 | 0 | 0 | 2,163
L. Net book value at 30 June/31 December (A.3+G+H+I.5) | 17,005 | 497 | 4,430 | 21,931 | 16,624 | 533 | 4,289 | 21,446
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | 18,193 | 428 | 3,581 | 22,202 | 17,653 | 472 | 3,541 | 21,666
2. Insurance contracts that are assets | -1,188 | 68 | 848 | -271 | -1,029 | 60 | 748 | -221
3. Net closing balance at 30 June/31 December | 17,005 | 497 | 4,430 | 21,931 | 16,624 | 533 | 4,289 | 21,446

321
Consolidated Financial Statements
Basis of aggregation 4 - Insurance contracts issued without direct participation features – P&C Segment Non-
Motor
Movements in Insurance Contracts Issued balances by measurement components

(€ million) | Measurement components of insurance contracts issued
Items/Measurement components | Estimates of Present Value of Future Cash flows 31/12/2025 | Risk Adjustment for non- financial risks 31/12/2025 | Contractual service margin 31/12/2025 | Total 31/12/2025 | Estimates of Present Value of Future Cash flows 31/12/2024 | Risk Adjustment for non- financial risks 31/12/2024 | Contractual service margin 31/12/2024 | Total 31/12/2024
A. Opening balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | -445 | 67 | 945 | 566 | -571 | 58 | 896 | 383
2. Insurance contracts that are assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
3. Net opening balance at 1st January | -445 | 67 | 945 | 566 | -571 | 58 | 896 | 383
B. Changes that relate to current services |  |  |  |  |  |  |  |
1. Contractual Service Margin recognized in the income statement | 0 | 0 | -69 | -69 | 0 | 0 | -71 | -71
2. Change in Risk Adjustment for expired non-financial risks | 0 | -1 | 0 | -1 | 0 | -7 | 0 | -7
3. Changes related to experience adjustments | -8 | 0 | 0 | -8 | -18 | 0 | 0 | -18
4. Total | -8 | -1 | -69 | -78 | -18 | -7 | -71 | -96
C. Changes that relate to future services |  |  |  |  |  |  |  |
1. Changes in estimates that adjust the Contractual Service Margin | -37 | -11 | 48 | 0 | -18 | -4 | 22 | 0
2. Losses and reversal of losses on onerous contracts | 19 | -0 | 0 | 19 | 14 | -0 | 0 | 14
3. Effects of contracts initially recognized in the year | -62 | 3 | 59 | 0 | -71 | 8 | 63 | 1
4. Total | -80 | -8 | 107 | 19 | -74 | 4 | 85 | 15
D. Changes that relate to past services |  |  |  |  |  |  |  |
1. Adjustments to the liability for claims that have occurred | -0 | 0 | 0 | -0 | -4 | 1 | 0 | -4
E. Insurance services results (Total B+C+D+E) | -88 | -9 | 39 | -59 | -97 | -2 | 13 | -86
F. Finance expenses/income |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | -10 | 1 | 23 | 14 | -17 | 2 | 22 | 7
1.1 Recognised in the income statement | -15 | 1 | 23 | 9 | -6 | 2 | 22 | 18
1.2 Recognised in the other comprehensive income statement | 6 | 0 | 0 | 6 | -12 | 0 | 0 | -12
2. Effects of movements in exchange rates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
3. Total | -10 | 1 | 23 | 14 | -17 | 2 | 22 | 7
G. Total amount of changes recognized in the income statement and in the Other Comprehensive Income statement (E+ F) | -98 | -8 | 61 | -45 | -114 | -0 | 35 | -79
H. Other changes | -65 | -18 | -7 | -90 | 276 | 8 | 14 | 298
I. Cash flows |  |  |  |  |  |  |  |
1. Premiums received | 114 | 0 | 0 | 114 | 146 | 0 | 0 | 146
2. Payments related to insurance acquisition cash flows | -32 | 0 | 0 | -32 | -34 | 0 | 0 | -34
3. Claims paid and other cash outflows | -74 | 0 | 0 | -74 | -148 | 0 | 0 | -148
4. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Total | 8 | 0 | 0 | 8 | -36 | 0 | 0 | -36
L. Net book value at 30 June/31 December (A.3+G+H+I.5) | -600 | 40 | 999 | 440 | -445 | 67 | 945 | 566
M. Closing balance |  |  |  |  |  |  |  |
1. Insurance contracts that are liabilities | -600 | 40 | 999 | 440 | -445 | 67 | 945 | 566
2. Insurance contracts that are assets | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0
3. Net closing balance at 30 June/31 December | -600 | 40 | 999 | 440 | -445 | 67 | 945 | 566

322
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
21.2. Detailed information related to insurance contracts issued
– Insurance revenues and movements in CSM split by transition
method
The following tables detail insurance revenues and contractual service margin by transition method. The information refers to
insurance contracts issued measured under Variable Fee Approach and General Measurement Model. The reported values refer to
31 December 2025 and 31 December 2024.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
• Insurance contracts issued with direct participation features – Life segment (Basis 1);
• Insurance contracts issued without direct participation features – Life segment (Basis 2);
• Insurance contracts issued without direct participation features – P&C segment – Non-Motor (Basis 4).
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the aggregation base “Insurance contract issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
Considering the low materiality of amounts, please note that the movements of carrying amount of insurance contracts issued –
P&C segment – Motor (Basis 3) and measured under the General Measurement Model are not provided. Such contracts refer to the
liability for incurred claims related to the acquisition of Liberty Seguros. As at 31 December 2025, the contractual service margin for
this type of contracts is € 8 million.
Please note that, considering the low materiality of amounts, the Basis 4 “Insurance contracts issued without direct participation
features – P&C segment – Non-Motor” also includes the carrying amount of insurance contracts issued with direct participation
features related to P&C segment. As at 31 December 2025, there is no contractual service margin for this type of contracts.
Basis 1 - Insurance contracts issued with direct participation features – Life segment
Insurance revenue and movements in Contractual Service Margin balances of insurance contracts issued split by transition method

(€ million) | 31/12/2025 | 31/12/2024
| New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total | New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total
Insurance revenue | 293 | 165 | 30 | 11,736 | 12,224 | 322 | 312 | 79 | 10,913 | 11,626
Contractual service margin - Opening balance | 371 | 244 | 68 | 25,311 | 25,994 | 318 | 300 | 44 | 26,320 | 26,982
Changes that relate to current services | -47 | -44 | -9 | -2,355 | -2,455 | -42 | -33 | -8 | -2,171 | -2,253
- Contractual services margin recognised in income statement | -47 | -44 | -9 | -2,355 | -2,455 | -42 | -33 | -8 | -2,171 | -2,253
Changes that relate to future service | 481 | 49 | -1 | 5,139 | 5,669 | 104 | -31 | 29 | 1,207 | 1,309
- Changes in estimates that adjust the contractual services margin | 110 | 49 | -1 | 3,262 | 3,420 | -120 | -31 | 29 | -706 | -828
- Effects of contracts initially recognized in the year | 372 | 0 | 0 | 1,877 | 2,249 | 224 | 0 | 0 | 1,913 | 2,137
Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 0 | 0 | 0 | -90 | -90 | 0 | 0 | 0 | -47 | -47
2. Effects of movements in exchange rates | 0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 1
3. Total | 0 | -0 | -0 | -90 | -90 | 0 | 0 | 0 | -46 | -46
Other movements | -70 | 113 | 4 | 8 | 55 | -9 | 8 | 3 | 0 | 1
Total amount of changes recognised in the income statement and in the Other Comprehensive Income statement | 364 | 118 | -5 | 2,702 | 3,179 | 53 | -56 | 24 | -1,010 | -988
Contractual service margin - Closing balance | 735 | 362 | 63 | 28,013 | 29,173 | 371 | 244 | 68 | 25,311 | 25,994

323
Consolidated Financial Statements
Basis 2 - Insurance contracts issued without direct participation features – Life segment
Insurance revenue and movements in Contractual Service Margin balances of insurance contracts issued split by transition method

(€ million) | 31/12/2025 | 31/12/2024
| New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total | New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total
Insurance revenue | 3,846 | 2,321 | 422 | 0 | 6,589 | 3,967 | 2,437 | 381 | 0 | 6,784
Contractual service margin - Opening balance | 1,838 | 2,16 5 | 287 | 0 | 4,289 | 1,423 | 2,215 | 290 | 0 | 3,928
Changes that relate to current services | -450 | -264 | -54 | 0 | -768 | -386 | -303 | -45 | 0 | -734
- Contractual services margin recognised in income statement | -450 | -264 | -54 | 0 | -768 | -386 | -303 | -45 | 0 | -734
Changes that relate to future service | 870 | -21 | 10 | 0 | 858 | 822 | 124 | 18 | 0 | 964
- Changes in estimates that adjust the contractual services margin | 108 | -21 | 10 | 0 | 96 | 133 | 124 | 18 | 0 | 275
- Effects of contracts initially recognized in the year | 762 | 0 | 0 | 0 | 762 | 689 | 0 | 0 | 0 | 689
Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 66 | 68 | 11 | 0 | 145 | 59 | 83 | 9 | 0 | 150
2. Effects of movements in exchange rates | -8 | -1 | -1 | 0 | -10 | 3 | 1 | 1 | 0 | 4
3. Total | 58 | 67 | 10 | 0 | 135 | 62 | 83 | 9 | 0 | 154
Other movements | -114 | -55 | 84 | 0 | -85 | -83 | 45 | 14 | 0 | -24
Total amount of changes recognised in the income statement and in the Other Comprehensive Income statement | 364 | -274 | 50 | 0 | 140 | 414 | -50 | -3 | 0 | 361
Contractual service margin - Closing balance | 2,201 | 1,891 | 337 | 0 | 4,430 | 1,838 | 2,165 | 287 | 0 | 4,289

324
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis 4 - Insurance contracts issued without direct participation features – P&C segment – Non-Motor
Insurance revenue and movements in Contractual Service Margin balances of insurance contracts issued split by transition method

(€ million) | 31/12/2025 | 31/12/2024
| New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total | New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total
Insurance revenue | 40 | 0 | 107 | 0 | 147 | 135 | 0 | 92 | 0 | 228
Contractual service margin - Opening balance | 191 | 0 | 754 | 0 | 945 | 123 | 0 | 773 | 0 | 896
Changes that relate to current services | -19 | 0 | -50 | 0 | -69 | -20 | 0 | -51 | 0 | -71
- Contractual services margin recognised in income statement | -19 | 0 | -50 | 0 | -69 | -20 | 0 | -51 | 0 | -71
Changes that relate to future service | 95 | 0 | 12 | 0 | 107 | 69 | 0 | 15 | 0 | 85
- Changes in estimates that adjust the contractual services margin | 36 | 0 | 12 | 0 | 48 | 7 | 0 | 15 | 0 | 22
- Effects of contracts initially recognized in the year | 59 | 0 | 0 | 0 | 59 | 63 | 0 | 0 | 0 | 63
Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to insurance contracts issued | 6 | 0 | 17 | 0 | 23 | 5 | 0 | 16 | 0 | 22
2. Effects of movements in exchange rates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
3. Total | 6 | 0 | 17 | 0 | 23 | 5 | 0 | 16 | 0 | 22
Other movements | -7 | 0 | 0 | 0 | -7 | 14 | 0 | 0 | 0 | 14
Total amount of changes recognised in the income statement and in the Other Comprehensive Income statement | 75 | 0 | -21 | 0 | 54 | 68 | 0 | -19 | 0 | 49
Contractual service margin - Closing balance | 266 | 0 | 733 | 0 | 999 | 191 | 0 | 754 | 0 | 945

325
Consolidated Financial Statements
21.3. Detailed information related to insurance contracts issued –
Contracts initially recognized in the year
The following tables detail contracts initially recognized in the year by measurement components, such as Present Value of Future
Cash Flows, Risk Adjustment and Contractual Service Margin related to insurance contracts issued measured under Variable Fee
Approach and General Measurement Model. The reported values refer to 31 December 2025 and 31 December 2024.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
• Insurance contracts issued with direct participation features – Life segment (Basis 1);
• Insurance contracts issued without direct participation features – Life segment (Basis 2).
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the aggregation base “Insurance contract issued with direct participation
features – Life segment” also includes investment contracts with discretionary participation features.
The amounts disclosed at 31 December 2025 in column “Contracts acquired in business combinations” refer to the operation Cronos
Vita Assicurazioni S.p.A.. For details of the transaction, please refer to section Non-current assets or disposal group classified as
held for sale.
With regard to the comparative information, the amounts reported as at 31 December 2024 in the column ‘Contracts acquired in
business combinations’ relate to the acquisition of Liberty Seguros, Compañía de Seguros y Reaseguros, and represent the values
determined during the purchase price allocation process for the components underlying the measurement of the insurance contracts
acquired as part of the transaction.
Moreover, considering the low materiality of amounts, the Basis 4 “Insurance contracts issued without direct participation features –
P&C segment – Non-Motor” has not been reported. As at 31 December 2025, the contractual service margin originated during the
year by this type of contracts is equal to € 59 million (€ 63 million at 31 December 2024).
Basis 1 - Insurance contracts issued with direct participation features – Life segment

Measurement components of insurance contracts issued initially recognized in financial year
(€ million) | Contracts Issued 31/12/2025 | Contracts acquired in business combinations 31/12/2025 | Contracts Issued 31/12/2024 | Contracts acquired in business combinations 31/12/2024
Items/Groups of contracts | Onerous contracts | Profitable contracts | Total | Onerous contracts | Profitable contracts | Total | Onerous contracts | Profitable contracts | Total | Onerous contracts | Profitable contracts | Total
A. Estimate of the present value of future cash outflows |  |  |  |  |  |  |  |  |  |  |  |
1. Insurance acquisition cash flows | 8 | 2,347 | 2,355 | 0 | 0 | 0 | 17 | 2,209 | 2,226 | 0 | 51 | 51
2. Amount of claims and other directly attributable expenses | 1,327 | 68,132 | 69,460 | 0 | 597 | 597 | 2,842 | 45,983 | 48,825 | 0 | 1,187 | 1,187
3. Total | 1,335 | 70,479 | 71,815 | 0 | 597 | 597 | 2,858 | 48,193 | 51,051 | 0 | 1,238 | 1,238
B. Estimate of the present value of future cash inflows | -1,339 | -72,847 | -74,186 | 0 | 0 | 0 | -2,859 | -50,430 | -53,289 | 0 | -436 | -436
C. Estimate of the net present value of future cash flows (A-B) | -4 | -2,368 | -2,372 | 0 | 597 | 597 | -0 | -2,238 | -2,238 | 0 | 802 | 802
D. Risk adjustment for non-financial risks | 8 | 119 | 127 | 0 | 1 | 1 | 10 | 101 | 110 | 0 | 3 | 3
E. Amount derecognised from asset for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
F. Contractual service margin | 0 | 2,249 | 2,249 | 0 | 16 | 16 | 0 | 2,137 | 2,137 | 0 | 13 | 13
G. Increase of liability for insurance contracts issued during the year (C+D+E+F) | 5 | 0 | 5 | 0 | 614 | 614 | 9 | 0 | 9 | 0 | 818 | 818

326
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis 2 - Insurance contracts issued without direct participation features – Life segment

Measurement components of insurance contracts issued initially recognized in financial year
(€ million) | Contracts Issued 31/12/2025 | Contracts acquired in business combinations 31/12/2025 | Contracts Issued 31/12/2024 | Contracts acquired in business combinations 31/12/2024
Items/Groups of contracts | Onerous contracts | Profitable contracts | Total | Onerous contracts | Profitable contracts | Total | Onerous contracts | Profitable contracts | Total | Onerous contracts | Profitable contracts | Total
A. Estimate of the present value of future cash outflows |  |  |  |  |  |  |  |  |  |  |  |
1. Insurance acquisition cash flows | 11 | 794 | 805 | 0 | 0 | 0 | 5 | 689 | 693 | 0 | 3 | 3
2. Amount of claims and other directly attributable expenses | 90 | 6,594 | 6,684 | 0 | 0 | 0 | 36 | 6,479 | 6,515 | 0 | 687 | 687
3. Total | 101 | 7,3 8 8 | 7,489 | 0 | 0 | 0 | 41 | 7,16 8 | 7, 2 0 9 | 0 | 690 | 690
B. Estimate of the present value of future cash inflows | -102 | -8,256 | -8,358 | 0 | 0 | 0 | -40 | -7,961 | -8,001 | 0 | -121 | -121
C. Estimate of the net present value of future cash flows (A-B) | -1 | -868 | -869 | 0 | 0 | 0 | 1 | -793 | -792 | 0 | 569 | 569
D. Risk adjustment for non-financial risks | 4 | 107 | 110 | 0 | 0 | 0 | 2 | 103 | 105 | 0 | 6 | 6
E. Amount derecognised from asset for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
F. Contractual service margin | 0 | 762 | 762 | 0 | 0 | 0 | 0 | 689 | 689 | 0 | 25 | 25
G. Increase of liability for insurance contracts issued during the year (C+D+E+F) | 3 | 0 | 3 | 0 | 0 | 0 | 3 | 0 | 3 | 0 | 601 | 601

21.4. Detailed information related to insurance contracts issued –
Asset for Insurance Acquisition Cash Flows
The purpose of the following table is to provide a reconciliation from the opening balance at 1 January 2025 to the closing balance
at 31 December 2025 of the carrying amount of asset for insurance acquisition cash flows. Equally, the comparative period shows
the reconciliation from the opening balance at 1 January 2024 to the closing balance at 31 December 2024.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
• Life segment - Basis 1;
• P&C segment - Basis 2.

Insurance Contracts issued - Movements of Asset for Insurance Acquisition Cash Flows
(€ million) | Life business | P&C business | Total |
Items/Bases of aggregation |  |  | 31/12/2025 | 31/12/2024
A. Opening balance | 33 | 18 | 51 | 34
B. Increases |  |  |  |
1. Cash flows recognized as an asset in the period | 35 | 15 | 51 | 54
2. Reversals of impairment losses | 0 | 0 | 0 | 0
3. Other increases | 0 | 0 | 0 | 0
4. Total | 35 | 15 | 51 | 54
C. Decreases |  |  |  |
1. Amounts derecognized on initial recognition of groups of insurance contracts issued | -35 | -15 | -50 | -38
2. Impairment losses | 0 | -0 | -0 | 0
3. Other decreases | 0 | -0 | 0 | 0
4. Total | -35 | -15 | -50 | -38
D. Closing balance | 33 | 18 | 51 | 51

The table below provides information about expected derecognition of Asset for Insurance Acquisition Cash Flows due to their
recognition in the measurement of insurance contracts issued.
327
Consolidated Financial Statements
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
• Life segment - Basis 1;
• P&C segment - Basis 2.

Insurance Contracts issued - Time bands for expected release of asset for insurance acquisition cash flows |  |
(€ million) | Life business 31/12/2025 | P&C business 31/12/2025 | Total 31/12/2025 | Life business 31/12/2024 | P&C business 31/12/2024 | Total 31/12/2024
Expected timing/Bases of aggregation
1. Up to 1 year | 31 | 17 | 48 | 33 | 17 | 50
2. From over 1 year up to 2 years | 0 | 1 | 1 | 0 | 1 | 1
3. From over 2 years up to 3 years | 0 | 0 | 1 | 0 | 0 | 0
4. For over 3 years | 1 | 0 | 1 | 0 | 0 | 0

22. Detailed information on reinsurance contracts held
22.1. Detailed information related to reinsurance contracts held
– Movements in reinsurance contract held balances by bases of
aggregation
The purpose of the following tables is to provide a reconciliation from the opening balance at 1 January 2025 to the closing balance
at 31 December 2025 of the carrying amount of reinsurance contracts held. Equally, the comparative period shows the reconciliation
from the opening balance at 1 January 2024 to the closing balance at 31 December 2024.
The first set of tables provide an analysis of movements of carrying amount of reinsurance contracts held detailed by Asset for
Remaining Coverage and Asset for Incurred Claims. The second set of tables analyzes movements of reinsurance contracts held
measured under the General Measurement Model broken down by measurement components: (i) Present Value of Future Cash
Flows, (ii) Risk Adjustment and (iii) Contractual Service Margin.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the tables are presented separately for each of the following aggregation
bases:
• Life segment (Basis 1);
• P&C segment (Basis 2).
Please note that the disclosure relating to insurance assets arising from reinsurance held contracts in the P&C segment measured
under the General Measurement Model (GMM) is not reported, as these activities amount to zero as at 31 December 2025 (€133
million as at 31 December 2024). In addition, given the low materiality of the amounts involved, the disclosure relating to insurance
assets arising from reinsurance cessions in the Life segment measured under the Premium Allocation Approach (PAA) is not
presented below.
328
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis 1 – Life segment
Movements in Reinsurance Contracts held balances - GMM - Asset for Remaining Coverage and Asset for Incurred Claims

(€ million) | Assets for remaining coverage 31/12/2025 | Asset for Incurred claims 31/12/2025 | Total 31/12/2025 | Assets for remaining coverage 31/12/2024 | Asset for Incurred claims 31/12/2024 | Total 31/12/2024
Items/Breakdown of book value | Excluding loss recovery component | Loss recovery component |  | Excluding loss recovery component | Loss recovery component
A. Opening balance |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 64 | 8 | 220 | 292 | 98 | 3 | 102 | 203
2. Reinsurance contracts that are liabilities | -50 | 4 | -3 | -49 | -70 | 4 | 3 | -63
3. Net opening balance at 1st January | 14 | 12 | 217 | 243 | 28 | 8 | 105 | 140
B. Net result from reinsurance contracts held |  |  |  |  |  |  |  |
1. Reinsurance service expenses | -702 | 0 | 0 | -702 | -987 | 0 | 0 | -987
2. Claims and other expenses recovered | 0 | 0 | 1,137 | 1,137 | 0 | 0 | 869 | 869
3. Adjustments to asset for incurred claims | 0 | 0 | -493 | -493 | 0 | 0 | 28 | 28
4. Loss recovery on onerous contracts | 0 | 8 | 0 | 8 | 0 | -10 | 0 | -10
4.1 Loss recovery from initial recognition of onerous contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4.2 Releases of the loss recovery component other than changes in estimates related to reinsurance contracts held | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4.3 Changes in estimates related to reinsurance contracts held resulting from onerous underlying insurance contracts | 0 | 8 | 0 | 8 | 0 | -10 | 0 | -10
5. Changes in the risk of non-performance of the reinsurer | 0 | 0 | -1 | -1 | 0 | 0 | 9 | 9
6. Total | -702 | 8 | 643 | -51 | -987 | -10 | 906 | -91
C. Insurance service result (Total B) | -702 | 8 | 643 | -51 | -987 | -10 | 906 | -91
D. Finance income/expenses |  |  |  |  |  |  |  |
1. Related to reinsurance contracts held | 17 | -0 | 22 | 39 | -1 | 1 | 38 | 38
1.1 Recognised in the income statement | 0 | -0 | -2 | -1 | -3 | 1 | -3 | -5
1.2. Recognised in the other comprehensive income statement | 16 | 0 | 24 | 40 | 2 | 0 | 41 | 43
2. Effects of movements in exchange rates | 2 | -0 | -0 | 2 | -2 | 2 | 0 | 1
3. Total | 19 | -0 | 22 | 41 | -3 | 3 | 38 | 38
E. Non-distinct investment components | 8 | 0 | -8 | 0 | 4 | 0 | -4 | 0
F. Total amount recorded in the income statement and in the comprehensive income statement (C+ D+E) | -676 | 8 | 657 | -10 | -986 | -7 | 940 | -53
G. Other changes | -2 | -6 | 38 | 29 | -21 | 12 | 41 | 32
H. Cash flows |  |  |  |  |  |  |  |
1. Premiums paid net of amounts not related to claims recovered from reinsurers | 717 | 0 | 0 | 717 | 992 | 0 | 0 | 992
2. Amounts recovered from reinsurers | 0 | 0 | -581 | -581 | 0 | 0 | -868 | -868
3. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Total | 717 | 0 | -581 | 136 | 992 | 0 | -868 | 124
I. Net balance at 31 December (A.3+F+G+H.4) | 53 | 14 | 332 | 399 | 14 | 12 | 217 | 243
L. Closing balance |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 77 | 13 | 335 | 425 | 64 | 8 | 220 | 292
2. Reinsurance contracts that are liabilities | -24 | 1 | -3 | -26 | -50 | 4 | -3 | -49
3. Net closing balance at 31 December | 53 | 14 | 332 | 399 | 14 | 12 | 217 | 243

329
Consolidated Financial Statements
Basis 2 – P&C segment
Movements in Reinsurance Contracts Held balances measured under PAA – Asset for Remaining Coverage and Asset for Incurred claims

(€ million) | Assets for remaining coverage 31/12/2025 | Asset for Incurred claims 31/12/2025 | Total 31/12/2025 | Assets for remaining coverage 31/12/2024 Asset for Incurred claims 31/12/2024 | Total 31/12/2024
Items/Breakdown of book value | Excluding loss recovery component | Loss recovery component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |  | Excluding loss recovery component | Loss recovery component | Estimates of Present Value of Future Cash flows | Risk Adjustment for non-financial risks |
A. Opening balance |  |  |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 744 | 18 | 3,234 | 171 | 4,167 | 818 | 22 | 3,222 | 166 | 4,229
2. Reinsurance contracts that are liabilities | -10 | -0 | -15 | 0 | -25 | -6 | -0 | -15 | -0 | -21
3. Net opening balance at 1st January | 734 | 18 | 3,219 | 171 | 4,142 | 812 | 22 | 3,207 | 166 | 4,208
B. Net result from reinsurance contracts held |  |  |  |  |  |  |  |  |  |
1. Reinsurance service expenses | -2,464 | 0 | 0 | 0 | -2,464 | -2,299 | 0 | 0 | 0 | -2,299
2. Claims and other expenses recovered | 181 | 0 | 1,523 | 0 | 1,704 | 157 | 0 | 2,065 | 0 | 2,222
3. Adjustments to asset for incurred claims | 0 | 0 | -235 | 16 | -219 | 0 | 0 | -366 | -9 | -375
4. Loss recovery on onerous contracts | 0 | 16 | 0 | 0 | 16 | 0 | -8 | 0 | 0 | -8
4.1 Loss recovery from initial recognition of onerous contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4.2 Releases of the loss recovery component other than changes in estimates related to reinsurance contracts held | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4.3 Changes in estimates related to reinsurance contracts held resulting from onerous underlying insurance contracts | 0 | 16 | 0 | 0 | 16 | 0 | -8 | 0 | 0 | -8
5. Changes in the risk of non-performance of the reinsurer | 0 | 0 | 1 | 0 | 1 | 0 | 0 | -4 | 0 | -4
6. Total | -2,283 | 16 | 1,289 | 16 | -961 | -2,142 | -8 | 1,694 | -9 | -465
C. Insurance service result (Total B) | -2,283 | 16 | 1,289 | 16 | -961 | -2,142 | -8 | 1,694 | -9 | -465
D. Finance income/expenses |  |  |  |  |  |  |  |  |  |
1. Related to reinsurance contracts held | 1 | 0 | 56 | 5 | 63 | 4 | 0 | 124 | 7 | 134
1.1 Recorded in the income statement | 2 | 0 | 58 | 5 | 66 | 4 | 0 | 65 | 7 | 75
1.2. Recognised in the other comprehensive income statement | -1 | 0 | -2 | 0 | -3 | 0 | 0 | 59 | 0 | 59
2. Effects of movements in exchange rates | 16 | -0 | -17 | -1 | -2 | 7 | 0 | 27 | 1 | 36
3. Total | 17 | -0 | 39 | 4 | 60 | 11 | 0 | 151 | 7 | 170
E. Non-distinct investment components | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0
F. Total amount recorded in the income statement and in the comprehensive income statement (C+ D+E) | -2,266 | 16 | 1,328 | 20 | -901 | -2,131 | -8 | 1,846 | -2 | -295
G. Other changes | 17 | 13 | 222 | -20 | 232 | -60 | 5 | 551 | 7 | 503
H. Cash flows |  |  |  |  |  |  |  |  |  |
1. Premiums paid net of amounts not related to claims recovered from reinsurers | 2,252 | 0 | 0 | 0 | 2,252 | 2,112 | 0 | 0 | 0 | 2,112
2. Amounts recovered from reinsurers | 0 | 0 | -1,740 | 0 | -1,740 | 0 | 0 | -2,385 | 0 | -2,385
3. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Total | 2,252 | 0 | -1,740 | 0 | 512 | 2,112 | 0 | -2,385 | 0 | -273
I. Net balance at 31 December (A.3+F+G+H.4) | 736 | 48 | 3,029 | 172 | 3,985 | 734 | 18 | 3,219 | 171 | 4,142
L. Closing balance |  |  |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 746 | 47 | 3,029 | 172 | 3,994 | 744 | 18 | 3,234 | 171 | 4,167
2. Reinsurance contracts that are liabilities | -10 | 0 | -0 | 0 | -9 | -10 | -0 | -15 | 0 | -25
3. Net closing balance at 31 December | 736 | 48 | 3,029 | 172 | 3,985 | 734 | 18 | 3,219 | 171 | 4,142

330
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Basis 1 – Life segment
Movements in Reinsurance Contracts Held balances by measurement components

(€ million) | Measurement components of reinsurance contracts held
Items/Measurements components | Estimates of Present Value of Future Cash flows 31/12/2025 | Risk Adjustment for non- financial risks 31/12/2025 | Contractual service margin 31/12/2025 | Total 31/12/2025 | Estimates of Present Value of Future Cash flows 31/12/2024 | Risk Adjustment for non- financial risks 31/12/2024 | Contractual service margin 31/12/2024 | Total 31/12/2024
A. Opening balance |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 110 | 36 | 147 | 292 | 78 | 32 | 94 | 203
2. Reinsurance contracts that are liabilities | -144 | 13 | 82 | -49 | -201 | 10 | 128 | -63
3. Net opening balance at 1st January | -34 | 49 | 229 | 243 | -123 | 42 | 222 | 140
B. Changes that relate to current services |  |  |  |  |  |  |  |
1. Contractual Service Margin recognized in the income statement | 0 | 0 | -28 | -28 | 0 | 0 | -28 | -28
2. Change in Risk Adjustment for expired non-financial risks | 0 | -9 | 0 | -9 | 0 | -14 | 0 | -14
3. Changes related to experience adjustments | 819 | 0 | 0 | 819 | -158 | 0 | 0 | -158
4. Total | 819 | -9 | -28 | 781 | -158 | -14 | -28 | -201
C. Changes that relate to future services |  |  |  |  |  |  |  |
1. Changes in estimates that adjust the Contractual Service Margin | 23 | -10 | -13 | 0 | -11 | 3 | 7 | 0
2. Effects of contracts initially recognized in the year | -28 | 13 | 19 | 5 | -33 | 16 | 18 | 0
3. Changes on Contractual Service Margin related to recovery of losses from initial recognition of underlying onerous contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Releases of the loss recovery component other than changes in estimates related to reinsurance contracts held | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
5. Changes in estimates related to reinsurance contracts held resulting from onerous underlying insurance contracts | 0 | 0 | 4 | 4 | 0 | 0 | -9 | -9
6. Total | -5 | 4 | 9 | 8 | -44 | 19 | 16 | -9
D. Changes that relate to past services | -840 | 0 | 0 | -840 | 110 | -1 | 0 | 110
1. Adjustments to the activity for claims that have occurred | -840 | 0 | 0 | -840 | 110 | -1 | 0 | 110
E. Changes in the risk of non-performance of the reinsurer | -1 | 0 | 0 | -1 | 9 | 0 | 0 | 9
F. Insurance service results (Total B+C+D+E) | -27 | -5 | -19 | -51 | -83 | 4 | -12 | -91
G. Finance income/expenses |  |  |  |  |  |  |  |
1. Related to reinsurance contracts held | 42 | -7 | 3 | 39 | 32 | 2 | 5 | 38
1.1 Recognised in the income statement | 2 | -7 | 3 | -1 | -11 | 2 | 5 | -5
1.2. Recognised in the other comprehensive income statement | 40 | 0 | 0 | 40 | 43 | 0 | 0 | 43
2. Effects of movements in exchange rates | 2 | -0 | -0 | 2 | -2 | 0 | 2 | 1
3. Total | 45 | -7 | 3 | 41 | 30 | 2 | 7 | 38
H. Total amount recorded in the income statement and in the comprehensive income statement (F+G.3) | 18 | -12 | -16 | -10 | -53 | 6 | -5 | -53
I. Other changes | 40 | 4 | -14 | 29 | 19 | 1 | 12 | 32
L. Cash flows |  |  |  |  |  |  |  |
1. Premiums paid net of amounts not related to claims recovered from reinsurers | 717 | 0 | 0 | 717 | 992 | 0 | 0 | 992
2. Amounts recovered from reinsurers | -581 | 0 | 0 | -581 | -868 | 0 | 0 | -868
3. Other movements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
4. Total | 136 | 0 | 0 | 136 | 124 | 0 | 0 | 124
M. Net book value at 30 June/31 December (A.3+H+I+L.4) | 160 | 40 | 199 | 399 | -34 | 49 | 229 | 243
N. Closing balance |  |  |  |  |  |  |  |
1. Reinsurance contracts that are assets | 218 | 38 | 169 | 425 | 110 | 36 | 147 | 292
2. Reinsurance contracts that are liabilities | -58 | 2 | 30 | -26 | -144 | 13 | 82 | -49
3. Net closing balance at 30 June/31 December | 160 | 40 | 199 | 399 | -34 | 49 | 229 | 243

331
Consolidated Financial Statements
22.2. Detailed information related to reinsurance contracts held –
Movements in CSM by transition method
The following table details the contractual service margin movements by transition method. The information refers to reinsurance
contracts held measured under the General Measurement Model. The reported values refer to 31 December 2025 and 31 December
2024.
In accordance with ISVAP Regulation No. 7 of 13 July 2007, the table presents the following aggregation basis: Life segment (Basis
1) related to reinsurance contracts held.
Please note that, at 31 December 2025, the Group has no insurance assets arising from reinsurance contracts held in the P&C
segment measured under the General Measurement Model; therefore, the disclosure relating to Basis 2 is not presented below.
Basis 1 – Life segment
Movements in Contractual Service Margin of Reinsurance Contracts held split by transition method

(€ million) | 31/12/2025 | 31/12/2024
| New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total | New contracts and contracts measured at the transition date with the full retrospective approach | Contracts measured at the transition date with the modified retrospective approach | Contracts measured at the transition date using the fair value approach | Contracts under carve-out option | Total
Contractual service margin - Opening balance | 78 | 145 | 6 | 0 | 229 | 41 | 179 | 2 | 0 | 222
Changes referring to current services | -14 | -12 | -2 | 0 | -28 | -14 | -12 | -2 | 0 | -28
Contractual services margin recognised in income statement to reflect services received | -14 | -12 | -2 | 0 | -28 | -14 | -12 | -2 | 0 | -28
Changes that relate to future service | -2 | 15 | -4 | 0 | 9 | 41 | -26 | 1 | 0 | 17
- Changes in estimates affecting the contractual services margin | -21 | 15 | -4 | 0 | -10 | 24 | -26 | 1 | 0 | -1
- Effects of contracts initially recognized in the reference year | 19 | 0 | 0 | 0 | 19 | 18 | 0 | 0 | 0 | 18
Finance expenses/income |  |  |  |  |  |  |  |  |  |
1. Related to reinsurance contracts held | -6 | 3 | 7 | 0 | 3 | 2 | 3 | 0 | 0 | 5
2. Effects of movements in exchange rates | 0 | 0 | -0 | 0 | -0 | -0 | 0 | 3 | 0 | 2
3. Total | -6 | 3 | 7 | 0 | 3 | 2 | 3 | 3 | 0 | 7
Other movements | -10 | -1 | -4 | 0 | -14 | 7 | 1 | 3 | 0 | 12
Total amount of changes recognised in the income statement and in the Other Comprehensive Income statement | -32 | 5 | -3 | 0 | -30 | 37 | -34 | 4 | 0 | 7
Contractual service margin - Closing balance | 46 | 150 | 3 | 0 | 199 | 78 | 145 | 6 | 0 | 229

22.3. Detailed information related to reinsurance contracts held –
Contracts initially recognized in the period
With reference to Life segment reinsurance contracts held valued under General Measurement Model, the Contractual Service
Margin for contracts initially recognized in the period is equal to € 19 million at 31 December 2025.
As at 31 December 2025, there are no new business contracts relating to reinsurance cessions in the P&C segment measured under
the General Measurement Model.
332
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
23. Other detail on insurance contracts issued and
reinsurance contracts held
23.1. Detailed information related to insurance contracts issued
and reinsurance contracts held – Expected release of Contractual
Service Margin
The table provides disclosure about when the Group expects to recognise the contractual service margin reported on Balance Sheet
at 31 December 2025 in the Income Statement of the subsequent years.
As required by ISVAP Regulation No. 7 of 13 July 2007, the disclosure is provided with reference to the contractual service margin
of issued contracts, with separate details for the life and non-life segments.
With regard to reinsurance contracts held, the disclosure is limited to contracts in the life segment; reinsurance cessions in the P&C
segment do not give rise to a contractual service margin, as they are fully measured under the Premium Allocation Approach.
Insurance Contracts issued - Time bands for expected release of Contractual Service Margin

(€ million) Bases of aggregation/Expected timing | Up to 1 year | From over 1 year up to 2 years | From over 2 years up to 3 years | From over 3 years up to 4 years | From over 4 years up to 5 years | From over 5 years up to 10 years | From over 10 years up to 20 years | More than 20 years | Total
Life Segment | 2,413 | 2,194 | 2,026 | 1,871 | 1,724 | 6,850 | 8,244 | 8,282 | 33,603
P&C Segment | 67 | 61 | 56 | 52 | 48 | 200 | 257 | 266 | 1,007

Reinsurance Contracts held - Time bands for expected release of Contractual Service Margin

(€ million) Bases of aggregation/Expected timing | Up to 1 year | From over 1 year up to 2 years | From over 2 years up to 3 years | From over 3 years up to 4 years | From over 4 years up to 5 years | From over 5 years up to 10 years | From over 10 years up to 20 years | More than 20 years | Total
Life Segment | 62 | 4 | 6 | 7 | 7 | 23 | 46 | 44 | 199

It shall be noted that the amounts included in the different time bands exclusively reflect the application of the coverage units as
expected at the reporting date and do not consider:
• in the case of insurance contracts issued with direct participation features, measured with the Variable Fee Approach measurement
model, the unwinding of discount on the carrying amount of the CSM determined at current rates and the systematic economic
variance due to the expected realization of the real-world assumptions;
• in the case of groups of contracts measured with the General Model, the interest accreted determined on the basis of discount
rates identified at the initial recognition date (the so-called locked-in rates);
• the contribution deriving from the contractual service margin of the new business, i.e. the new contracts that will be recognised
in the following years.
Consequently, it is underlined that the table above does not represent the expected release of the contractual service margin that will
be recognised through the Group Income Statement in the following years.
333
Consolidated Financial Statements
23.2. Detailed information related to insurance contracts issued
and reinsurance contracts held – Claims development
The tables below provide information on development of cumulative claims paid and estimate of ultimate claims cost (not discounted)
by accident year. Ultimate claims cost includes actual claims paid, liability for incurred claims and settlement expenses.
As allowed by ISVAP Regulation No. 7 of 13 July 2007, the Group has adopted the option to provide claims and ultimate cost
development only for financial years for which an estimate based on IFRS17 is available (2021-2025), without reporting amounts
related to prior financial years.
Data provided refers to insurance contracts issued of P&C segment measured under PAA model. This model represents the
predominant model applied in this segment. The disclosure is presented gross and net of reinsurance contracts held.
Non-Life Claims development - Gross of Reinsurance Held
(€ million)
Claims/Time bands
Year 2016 Year 2017 Year 2018 Year 2019 Y e a r 20 20 Y e ar 2 0 2 1 Ye a r 2 0 2 2 Ye a r 2 0 2 3 Ye a r 2 0 2 4 Ye a r 2 0 2 5 To t a l
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 7,8 2 9 8,2 6 7 9,5 9 2 10,2 2 6 10,3 9 6 X
2. A year later 0 0 0 0 1 0,1 5 1 12,3 6 8 1 2,9 8 6 15,2 9 6 15,6 2 0 X X
3. Two years later 0 0 0 12,928 1 1,3 74 13,8 1 8 1 4,4 8 4 1 7,3 3 2 X X X
4. Three years later 0 0 13,403 13,471 1 1,999 14,5 0 2 15,2 4 1 X X X X
5. Four years later 0 13,492 13,674 13,899 12,5 0 9 1 4,860 X X X X X
6. Five years after 13,040 13,709 13,924 14,145 12,6 9 8 X X X X X X
7. Six years later 13,243 13,878 14,072 14,329 X X X X X X X
8. Seven years later 13,371 14,046 14,188 X X X X X X X X
9. Eight years later 13,470 14,138 X X X X X X X X X
10. Nine years later 13,557 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,557 14,138 14,188 14,329 12,6 9 8 14,8 6 0 1 5,2 4 1 1 7,3 3 2 1 5,6 2 0 10,3 9 6 1 42,3 5 8
B. Estimate of the ultimate cumulative claim cost (gross of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 1 6,6 11 1 7,7 2 3 2 0,5 15 2 1,0 4 7 2 1,540 X
2. A year later 0 0 0 0 14,2 5 8 16,7 6 7 1 7,658 2 0,5 6 7 2 1,13 6 X X
3. Two years later 0 0 0 15,404 14,2 5 2 16,6 8 7 1 7,6 0 4 2 0,6 11 X X X
4. Three years later 0 0 15,239 15,456 14,0 6 8 16,6 3 1 1 7,7 0 0 X X X X
5. Four years later 0 15,048 15,281 15,438 14,0 5 8 16,6 16 X X X X X
6. Five years after 14,376 15,066 15,230 15,425 14,0 8 8 X X X X X X
7. Six years later 14,377 15,018 15,219 15,439 X X X X X X X
8. Seven years later 14,345 15,011 15,215 X X X X X X X X
9. Eight years later 14,327 15,010 X X X X X X X X X
10. Nine years later 14,317 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
14,317 15,010 15,215 15,439 14,0 8 8 16,6 16 1 7,7 0 0 2 0,6 1 1 2 1,1 3 6 2 1,5 4 0 1 7 1,6 7 3
C. Gross undiscounted liability for incurred claims - accident year
from 2025 to 2016 (Total B – Total A)
760 873 1,028 1,109 1,3 9 0 1,7 5 6 2,4 6 0 3,2 7 9 5,5 16 1 1,1 4 4 2 9,3 1 5
D. Gross undiscounted claims liability - years prior to 2016 X X X X X X X X X X 5,9 8 3
E. Discount effect X X X X X X X X X X -4,7 9 7
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 1,1 1 0
G. Gross Liability for incurred claims from insurance contracts
issued
X X X X X X X X X X 3 1,6 1 1
334
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Non-Life Claims development - Gross of Reinsurance Held
(€ million)
Claims/Time bands
Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Total
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 7,829 8,267 9,592 10,226 10,396 X
2. A year later 0 0 0 0 10,151 12,368 12,986 15,296 15,620 X X
3. Two years later 0 0 0 12,928 11,374 13,818 14,484 17,332 X X X
4. Three years later 0 0 13,403 13,471 11,999 14,502 15,241 X X X X
5. Four years later 0 13,492 13,674 13,899 12,509 14,860 X X X X X
6. Five years after 13,040 13,709 13,924 14,145 12,698 X X X X X X
7. Six years later 13,243 13,878 14,072 14,329 X X X X X X X
8. Seven years later 13,371 14,046 14,188 X X X X X X X X
9. Eight years later 13,470 14,138 X X X X X X X X X
10. Nine years later 13,557 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,557 14,138 14,188 14,329 12,698 14,860 15,241 17,33 2 15,620 10,396 142,358
B. Estimate of the ultimate cumulative claim cost (gross of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 16,611 17,723 20,515 21,047 21,540 X
2. A year later 0 0 0 0 14,258 16,767 17,658 20,567 21,136 X X
3. Two years later 0 0 0 15,404 14,252 16,687 17,604 20,611 X X X
4. Three years later 0 0 15,239 15,456 14,068 16,631 17,700 X X X X
5. Four years later 0 15,048 15,281 15,438 14,058 16,616 X X X X X
6. Five years after 14,376 15,066 15,230 15,425 14,088 X X X X X X
7. Six years later 14,377 15,018 15,219 15,439 X X X X X X X
8. Seven years later 14,345 15,011 15,215 X X X X X X X X
9. Eight years later 14,327 15,010 X X X X X X X X X
10. Nine years later 14,317 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
14,317 15,010 15,215 15,439 14,088 16,616 17,70 0 20,611 21,136 21,540 171,673
C. Gross undiscounted liability for incurred claims - accident year
from 2025 to 2016 (Total B – Total A)
760 873 1,028 1,109 1,390 1,756 2,460 3,279 5,516 11,144 29,315
D. Gross undiscounted claims liability - years prior to 2016 X X X X X X X X X X 5,983
E. Discount effect X X X X X X X X X X -4,797
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 1,110
G. Gross Liability for incurred claims from insurance contracts
issued
X X X X X X X X X X 31,611
The difference between ultimate cost and cumulative claims paid in 2025 represents the undiscounted liability for incurred claims for
accident year between 2016 and 2025 (item C.). The liability for incurred claims reported in item G. in below tables is the sum of the
latter liability plus the residual liability for incurred claims for accident year not included in the triangle (item D.), the discounting effect
(item E.) and the Risk Adjustment (item F.).
Please note that liability for incurred claims as reported in the Balance Sheet for P&C contracts measured under PAA model is
equal to € 33,947 million and € 30,746 million respectively gross and net of reinsurance held. The difference from the total amount
presented in the following tables in the item G. is mainly related to residual components of liabilities that have not been included in
the actuarial claims development by accident year.
335
Consolidated Financial Statements
Non-Life Claims development - Net of Reinsurance Held
(€ million)
Claims/Time bands
Year 2016 Year 2017 Year 2018 Year 2019 Y e a r 20 20 Y e ar 2 0 2 1 Ye a r 2 0 2 2 Ye a r 2 0 2 3 Ye a r 2 0 2 4 Ye a r 2 0 2 5 To t a l
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 7,5 2 9 8,5 31 9,5 2 0 9,7 2 2 9,8 9 8 X
2. A year later 0 0 0 0 9,5 5 7 1 1,1 0 3 13,0 4 6 14,2 8 0 14,8 5 5 X X
3. Two years later 0 0 0 12,602 11,0 4 8 12,5 3 7 14,4 4 7 15,9 9 1 X X X
4. Three years later 0 0 12,832 13,103 11,6 1 8 1 3,1 2 1 1 4,863 X X X X
5. Four years later 0 13,297 13,113 13,382 11,9 5 5 13,3 9 0 X X X X X
6. Five years after 12,861 13,428 13,260 13,625 11,9 9 2 X X X X X X
7. Six years later 12,996 13,533 13,353 13,713 X X X X X X X
8. Seven years later 13,114 13,756 13,513 X X X X X X X X
9. Eight years later 13,278 13,756 X X X X X X X X X
10. Nine years later 13,335 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,335 13,756 13,513 13,713 1 1,9 9 2 1 3,3 9 0 14,8 6 3 1 5,9 9 1 14,8 5 5 9,8 9 8 13 5,3 0 7
B. Estimate of the ultimate cumulative claim cost (net of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 1 5,1 8 3 1 7,3 5 2 1 9,0 15 19,8 4 3 2 0,3 2 8 X
2. A year later 0 0 0 0 13,4 5 8 15,2 4 1 1 7,2 8 0 19,0 0 4 19,8 8 2 X X
3. Two years later 0 0 0 14,839 13,4 8 0 1 5,1 6 6 1 7,1 7 4 19,0 5 1 X X X
4. Three years later 0 0 14,449 14,837 1 3,333 15,0 7 5 1 7,1 7 8 X X X X
5. Four years later 0 14,665 14,492 14,806 13,2 8 3 15,0 8 4 X X X X X
6. Five years after 14,162 14,652 14,465 14,791 13,2 8 6 X X X X X X
7. Six years later 14,174 14,586 14,453 14,805 X X X X X X X
8. Seven years later 14,112 14,578 14,449 X X X X X X X X
9. Eight years later 14,113 14,579 X X X X X X X X X
10. Nine years later 14,116 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
14,116 14,579 14,449 14,805 13,2 8 6 1 5,0 8 4 17,17 8 19,0 5 1 19,8 8 2 2 0,3 2 8 16 2,7 5 8
C. Net Liability for Incurred Claims - accident year from 2025 to
2016
781 823 936 1,092 1,2 9 3 1,6 9 3 2,3 1 5 3,06 0 5,0 2 7 10,4 3 0 2 7,4 5 1
D. Net undiscounted loss liability incurred - years prior to 2016 X X X X X X X X X X 5,0 2 9
E. Discount effect X X X X X X X X X X -4,5 2 3
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 9 54
G. Net Liability for incurred claims X X X X X X X X X X 2 8,9 12
336
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Non-Life Claims development - Net of Reinsurance Held
(€ million)
Claims/Time bands
Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year 2025 Total
A. Cumulative claims paid and other directly attributable costs
1. At the end of the accident year 0 0 0 0
0 7,529 8,531 9,520 9,722 9,898 X
2. A year later 0 0 0 0 9,557 11,103 13,046 14,280 14,855 X X
3. Two years later 0 0 0 12,602 11,048 12,537 14,447 15,991 X X X
4. Three years later 0 0 12,832 13,103 11,618 13,121 14,863 X X X X
5. Four years later 0 13,297 13,113 13,382 11,955 13,390 X X X X X
6. Five years after 12,861 13,428 13,260 13,625 11,992 X X X X X X
7. Six years later 12,996 13,533 13,353 13,713 X X X X X X X
8. Seven years later 13,114 13,756 13,513 X X X X X X X X
9. Eight years later 13,278 13,756 X X X X X X X X X
10. Nine years later 13,335 X X X X X X X X X X
Total cumulative claims paid and other directly attributable costs
(Total A)
13,335 13,756 13,513 13,713 11,992 13,390 14,863 15,991 14,855 9,898 135,307
B. Estimate of the ultimate cumulative claim cost (net of
reinsurance and undiscounted amount)
1. At the end of the accident year 0 0 0 0
0 15,183 17,352 19,015 19,843 20,328 X
2. A year later 0 0 0 0 13,458 15,241 17,280 19,004 19,882 X X
3. Two years later 0 0 0 14,839 13,480 15,166 17,174 19,051 X X X
4. Three years later 0 0 14,449 14,837 13,333 15,075 17,178 X X X X
5. Four years later 0 14,665 14,492 14,806 13,283 15,084 X X X X X
6. Five years after 14,162 14,652 14,465 14,791 13,286 X X X X X X
7. Six years later 14,174 14,586 14,453 14,805 X X X X X X X
8. Seven years later 14,112 14,578 14,449 X X X X X X X X
9. Eight years later 14,113 14,579 X X X X X X X X X
10. Nine years later 14,116 X X X X X X X X X X
Estimate of the gross undiscounted ultimate cumulative claim cost
(Total B)
14,116 14,579 14,449 14,805 13,286 15,084 17,178 19,051 19,882 20,328 162,758
C. Net Liability for Incurred Claims - accident year from 2025 to
2016
781 823 936 1,092 1,293 1,693 2,315 3,060 5,027 10,430 27,4 51
D. Net undiscounted loss liability incurred - years prior to 2016 X X X X X X X X X X 5,029
E. Discount effect X X X X X X X X X X -4,523
F. Effect of risk adjustment for non-financial risks X X X X X X X X X X 954
G. Net Liability for incurred claims X X X X X X X X X X 28,912
337
Consolidated Financial Statements
23.3. Other details related to insurance contracts
The following table details the net carrying amount of reinsurance contracts held as presented in the Balance Sheet broken down
by counterparties rating.
With reference to the reinsurance policy followed by the Group, the table below confirms that the careful criteria adopted for the
selection of reinsurers over the past allowed Generali to have a significant presence of counterparties in rating classes of high quality.
Reinsurance contracts held: breakdown by rating

(€ million) | 31/12/2025 | 31/12/2024
AAA | 0 | 0
AA | 1,892 | 1,967
A | 1,896 | 1,951
BBB | 73 | 37
Non-investment grade | 142 | 129
No Rating | 373 | 482
Total | 4,377 | 4,566

In some circumstances, local regulations, market practices, or specific operations allow the Group to benefit from deposits and/or
letters of credit as a guarantee on ceded reserve, thereby mitigating the credit risk associated arising from these balance sheet items.
No Rating Counterparties, as in the past, include a significant component of captive insurance companies of large industrial enterprises
that do not have a credit rating despite demonstrating good financial strength, companies no longer active in the reinsurance market
and not evaluated by rating agencies but not necessarily less financially sound, companies belonging to major insurance groups that
benefit from a high rating but have abandoned their reinsurance activities, or finally, mutuals and reinsurance pools.
The underlying risk of counterparty exposures No rating or non-investment grade is partially mitigated by the presence of forms of
guarantee such as parental guarantee or other collateral.
23.4. Liquidity risk arising from insurance contracts
The Group has established a framework for liquidity risk management over a 12-month time horizon and monitoring based on
metrics calculated at both Group and legal entity levels from a forward-looking perspective. Specifically, it is based on projections of
cash flows stemming from both assets and liabilities, and on the assessment of the level of liquidity and the ability to sell the asset
portfolio at the beginning of the period. Liquidity risk limits have been defined under both a base and a stress scenario, with the aim
to ensure that each Group Legal Entity holds an adequate buffer of liquidity to withstand the adverse circumstances described in
the stress scenario.
Considering all the above, the following table details the maturity analysis of net expected cash flows arising from insurance
contracts issued and reinsurance contracts held that are liabilities. The Group opted to disclose the analysis in the form of remaining
undiscounted net cash flows. Moreover, residual amounts mostly related to insurance receivables and payables and reinsurance
deposits are not considered in the analysis.
As required by IFRS 17, the liability for remaining coverage of contracts measured under the Premium Allocation Approach is
excluded from this disclosure. Moreover, considering the low materiality of amounts, the detail of net expected cash flows arising
from reinsurance contracts held that are liability is not provided.
338
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Remaining contractual undiscounted net cash flows arising from insurance contracts issued and reinsurance contracts held in liability
position: maturity analysis

(€ million) Items/Time bands | Up to 1 year | From over 1 year up to 2 years | From over 2 years up to 3 years | From over 3 years up to 4 years | From over 4 years up to 5 years | More than 5 years | Total
Life Segment |  |  |  |  |  |  |
1. Insurance contracts issued with direct participation features | 22,503 | 20,464 | 20,096 | 22,384 | 21,153 | 577,926 | 684,527
3. Insurance contracts issued without direct participation features | 2,916 | 1,216 | 965 | 893 | 1,148 | 35,331 | 42,468
Non-Life business |  |  |  |  |  |  |
1. Insurance contracts issued | 12,641 | 5,219 | 3,314 | 2,396 | 1,805 | 10,450 | 35,826

To complete what has been presented above, the following table discloses the amounts that are payable on demand and the
carrying amount of the related portfolios of contracts. Amounts refer to insurance contracts issued and reinsurance contracts held
that are liabilities including the policyholders’ right to fully or partially surrender the contract. Given the peculiarity of this type of
options, amounts disclosed above only refer to Life segment contracts.
Insurance contracts issued and reinsurance contracts held in liability position: amounts payable on demand and related carrying amount

(€ million) Items/Values | Amounts payable on demands | Carrying Amounts
1. Insurance contracts issued with direct participation features | 333,328 | 349,442
3. Insurance contracts issued without direct participation features | 11,209 | 17,303
4. Reinsurance contracts | 0 | 0

23.5. Sensitivity analysis to market and insurance risk
The following section reports the sensitivity analysis of the Shareholders’ equity attributable to the Group, the consolidated result
of the period attributable to the Group, and the Life CSM under scenarios considered relevant for market and insurance risk. The
analysis, which required complex and judgmental valuations, considers the theoretical impact of an instantaneous shock at the end
of the reporting period (i.e., 31/12/2025) on the value of investments and insurance liabilities. Furthermore, it does not take into
account any direct or indirect mitigation actions that the Group could have implemented, or cross-effects among stressed variables.
Therefore, the different impacts shown should not be interpreted as representative of the cumulative effects of the different scenarios
considered.
339
Consolidated Financial Statements
The following table shows the percentage change of the base amount for each respective stress applied. Moreover, with reference
to “CSM life”, the percentages are derived as ratio between the impact of the stressed scenario on the CSM after release, based on
coverage units related to the reporting period, and the value of Life CSM gross of reinsurance as at 31
st
December 2025.

Sensitivity analysis |  |  |
(€ million) |  | 31/12/2025 |
| Shareholders' equity attributable to the Group | Consolidated result of the period attributable to the Group | CSM Life
Base amount | 32,064 | 4,172 | 33,603
Equity market -25% (*) | -4% | -22% | -7%
Equity market +25% | 4% | 22% | 6%
Interest rate -50bps | 1% | 3% | 0.1%
Interest rate +50bps | -2% | -4% | -0.3%
Corporate spread +50bps | -1% | -3% | -1%
All govies EUR +50bps | -1% | -2% | -2%
Life business |  |  |
Lapse rates *110% | -0.2% | -2% | -4%

(*) The Group also estimated a one-off shock of -25% in the Equity market Listed, with an impact on the Shareholders’ equity attributable to the Group, Consolidated result of the period attributable to the
Group and CSM Life of -2%, -7%, and -5%, respectively.
23.6. Fair value of underlying items of insurance contracts with
direct participation features
Underlying items of contracts with direct participation features are assets that determine amounts payable to policyholders and may
include a specific portfolio of assets or a subset of the assets of a company. On the basis of this definition, underlying items of contracts
with direct participation features have been measured with reference to each company within the Group considered as independent
entity and without taking into consideration any specific adjustment related to consolidation process.
Considering this assumption, at 31 December 2025 the fair value of underlying items for contracts with direct participation features is
equal to approximately € 400 billion and their composition is as follows: 54% fixed-income investments, 6% real estate investments,
5% equity instruments, and 2% other instruments. The remaining 32% is primarily related to portfolios where the risk is borne by the
policyholder and is mainly represented by shares in investment funds.
340
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
SHAREHOLDERS’ EQUITY AND SHARE
24. Shareholders’ equity
Equity

(€ million) | 31/12/2025 | 31/12/2024
Shareholders' equity attributable to the Group | 32,064 | 30,389
Share capital | 1,603 | 1,603
Subordinated debt classified as equity instrument | 506 | 0
Capital reserves | 6,087 | 6,607
Revenue reserves and other reserves | 23,038 | 21,489
(Own shares) | -1,231 | -1,037
Reserve for currency translation differences | -605 | -304
Reserve for unrealised gains and losses on equity instruments designated at fair value through other comprehensive income | 137 | 58
Reserve for unrealised gains and losses on financial assets (different from equity instruments) designated at fair value through other comprehensive income | -18,858 | -15,628
Net financial expenses/revenues related to insurance contracts issued and to reinsurance disposals | 17,955 | 14,312
Reserve for other unrealized gains and losses through equity | -740 | -435
Result of the period | 4,172 | 3,724
Share capital and reserves | 2,724 | 2,707
Total | 34,788 | 33,095

The share capital amounts to € 1,603 million.
The item “Subordinated debt classified as equity instruments” includes the perpetual Restricted Tier 1 bond issued by Assicurazioni
Generali in October 2025 for an amount of € 500 million.
The capital reserve amounts to € 6,087 million (€ 6,607 million as at 31 December 2024). The variation was attributable to the
cancellation of own shares for € 520 million following their repurchase.
Own shares held by Parent company and by the other Group’s companies are € -1,231 million, amounting to 46,480,144 shares
(€ -1,037 million amounting to 47,871,502 shares as at 31 December 2024).
The variation is mainly attributable to the buy-backs carried out during the period, amounting to € 500 million, in accordance with the
shareholders’ resolution of 24 April 2025 aimed at the cancellation of ordinary shares, as well as to the purchases of € 333 million
intended for the execution of the 2024–2026 long-term incentive plan and the other Group incentive plans. These movements were
partially offset by the cancellation of € 520 million of own shares relating to the buy-back programme approved by the shareholders’
meeting of 24 April 2024, and by the decrease resulting from the allocation of shares under the Group’s incentive and remuneration
plans for a total of € 119 million. The amounts are conventionally presented in the line ‘new issuance shares’ of the Statement of
changes in equity.
During 2025 the Parent company resolved a dividend distribution amounting to € 2,172 million. The entire amount of the dividend
declared was deducted from Revenue reserves.
The reserve for currency translation differences arising from the translation of subsidiaries’ financial statement denominated in foreign
currencies amounted to € -605 million (€ -304 million as at 31 December 2024) due to the appreciation of the euro against the most
major currencies.
The reserve for unrealised gains and losses on equity instruments designated at fair value through other comprehensive income
amounted to € 137 million (€ 58 million as at 31 December 2024).
The reserve for unrealised gains and losses on financial assets (different from equity instruments) designated at fair value through
other comprehensive income amounted to € -18,858 million (€ -15,628 million as at 31 December 2024). The negative change is
driven by the increase in interest rates on fixed-income securities, partially offset by the performance of equity markets. This effect is
offset by net financial expenses/revenues related to insurance contracts issued and to reinsurance disposals amounting to € 17,955
million (€ 14,312 million as at 31 December 2024).
The reserve for other unrealised gains and losses through equity amounted to € -740 million (€ -435 as at 31 December 2024)
comprised, among other component gains and losses on remeasurement of the net defined benefit liability in accordance with IAS
19 revised, and gains and losses on derivative instruments hedging variation on interest rates and exchange rates accounted for as
hedging derivatives (cash flow hedge).
341
Consolidated Financial Statements
Share capital - Number of shares of the parent company: annual changes

Items/Types | Ordinary | Other
A. Shares existing at the beginning of the financial year | 1,569,420,004 | 0
- fully paid-in | 1,569,420,004 | 0
- not fully paid-in | 0 | 0
A.1 Own shares (-) | -47,542,337 | 0
A.2 Shares outstanding: initial number | 1,521,877,667 | 0
B. Increases | 7,419,3 93 | 0
B.1 New issues | 0 | 0
- for consideration | 0 | 0
- Business combination | 0 | 0
- conversion of bonds | 0 | 0
- exercise of warrants | 0 | 0
- other | 0 | 0
- for free | 0 | 0
- in favour of employees | 0 | 0
- in favour of directors | 0 | 0
- other | 0 | 0
B.2 Sale of own shares | 0 | 0
B.3 Other changes | 7,419,393 | 0
C. Decreases | 25,666,444 | 0
C.1 Annulment | 0 | 0
C.2 Purchase of treasury shares | 25,666,444 | 0
C.3 Disposal of companies | 0 | 0
C.4 Other changes | 0 | 0
D. Shares outstanding: final number | 1,503,630,616 | 0
D.1 Own shares (+) | 46,154,307 | 0
D.2 Shares existing at the end of the financial year | 1,549,784,923 | 0
- fully paid-in | 1,549,784,923 | 0
- not fully paid-in | 0 | 0

Please note that the increase in the number of shares reported under item B.3 ‘Other changes’ relates to the allocation of own shares
made during the year with reference to the incentive plans LTI Plan 2020–2022 and LTI Plan 2022–2024.
Furthermore, it is noted that during the year the resolution of the Board of Directors of 12 March 2025 was executed within the
framework of the share buy-back programme for cancellation approved by the Shareholders’ Meeting on 24 April 2024, resulting in
the cancellation of 19,635,081 own shares — without a corresponding reduction in share capital — which were already held in the
own share stock at the beginning of the 2025 financial year.
342
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
25. Details of the other components of the
comprehensive income statement

(€ million) Items | 31/12/2025 | 31/12/2024
1. Profit (Loss) for the period | 4,663 | 4,167
2. Other income components without reclassification to the income statement |  |
2.1 Share of valuation reserves of associates | -1 | -0
2.2 Reserve for revaluation model of intangible asset | 0 | 0
2.3 Reserve for revaluation model of tangible asset | 0 | 0
2.4 Net financial expenses/revenues related to insurance contracts issued | 0 | 0
2.5 Result of discontinued operations | 0 | -0
2.6 Actuarial gains or losses arising from defined benefit plans | 129 | 58
2.7 Net gains and losses on equities designated at fair value through other comprehensive income | 124 | 281
a) change in fair value | 189 | 292
b) transfers to other equity's components | -65 | -11
2.8 Changes in own credit standing on financial liabilities designated at fair value through profit or loss | 0 | 0
a) change in fair value | 0 | 0
b) transfers to other equity's components | 0 | 0
2.9 Other changes: | 0 | 0
a) change in fair value (hedged instrument) | 0 | 0
b) change in fair value (hedging instrument) | 0 | 0
c) other change in fair value | 0 | 0
2.10 Income taxes related to other changes that may be not reclassified to profit or loss | -75 | -89
3 Other items (net of tax) that may be reclassified to the income statement |  |
3.1 Foreign currency translation differences: | -378 | 69
a) change in value | -88 | 132
b) reclassification to profit or loss | -291 | -62
c) other changes | 0 | 0
3.2 Net gains and losses on financial assets (other than equities) at fair value through other comprehensive income | -4,409 | 2,929
a) change in fair value | -5,873 | 2,017
b) reclassification to profit or loss | 1,465 | 913
- adjustments for credit risk | 9 | 54
- gains / losses from realization | 1,455 | 859
c) other changes | 0 | 0
3.3 Net gains and losses on cash flows hedging derivatives | -505 | 530
a) change in fair value | -362 | 443
b) reclassification to profit or loss | -143 | 87
c) other changes | 0 | 0
3.4 Net gains and losses on hedge of a net investment in foreign operations | 2 | -5
a) change in fair value | 2 | -5
b) reclassification to profit or loss | 0 | 0
c) other changes | 0 | 0

343
Consolidated Financial Statements

3.5 | Share of valuation reserves of associates: | -3 | 46
| a) change in fair value | -4 | 48
| b) reclassification to profit or loss | 1 | -2
| - impairment losses | 0 | -2
| - gains / losses from realization | 1 | 0
| c) other changes | 0 | 0
3.6 | Net financial expenses/revenues related to insurance contracts issued | 4,880 | -3,768
| a) change in fair value | 5,912 | -3,755
| b) reclassification to profit or loss | -1,031 | -13
| c) other changes | 0 | 0
3.7 | Net financial income/expenses related to reinsurance contracts held | 32 | 95
| a) change in fair value | 25 | 91
| b) reclassification to profit or loss | 7 | 4
| c) other changes | 0 | 0
3.8 | Result of discontinued operations: | 0 | 6
| a) change in fair value | 0 | 6
| b) reclassification to profit or loss | 0 | 0
| c) other changes | 0 | 0
3.9 | Other changes: | 0 | 0
| a) change in value | 0 | 0
| b) reclassification to profit or loss | 0 | 0
| c) other changes | 0 | 0
3.10 | Income taxes related to other changes that may be reclassified to profit or loss | 105 | -428
4 | OTHER COMPREHENSIVE INCOME (EXPENSES) (Sum of items 2.1 to 3.10) | -98 | -276
5. | CONSOLIDATED COMPREHENSIVE INCOME (Items 1+4) | 4,565 | 3,891
5.1 | of which: attributable to the Group | 4,058 | 3,591
5.2 | of which: attributable to minority interests | 507 | 300

Items from 2.1 to 2.9 and from 3.1 to 3.9 above are expressed gross of taxes as the latter are included into items respectively into 2.10 and 3.10.
Please find below the detail on the income taxes related to other components.
344
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group

Income taxes related to other comprehensive income |  |
(€ million) | 31/12/2025 | 31/12/2024
Taxes of the period on other income components not reclassified to profit or loss arising from: | -75 | -89
Valuation of associated companies valued at equity method | 0 | 0
Revaluation model of intangible assets | 0 | 0
Revaluation model of tangible assets | 0 | 0
Net finance expenses/income from insurance contracts issued | 0 | 0
Result of discontinued operations | 0 | 0
Actuarial gains or losses arising from defined benefit plans | -57 | -24
Net gains and losses on equity instruments measured at fair value through other comprehensive income | -18 | -66
Changes in own credit risk on financial liabilities measured at fair value through profit or loss | 0 | 0
Other comprehensive income | 0 | 0
Taxes of the period on other income components reclassified to profit or loss arising from: | 105 | -428
Foreign currency translation differences | 0 | 0
Net gains and losses on financial assets (other than equity instruments) measured at fair value through other comprehensive income | 913 | -726
Net gains and losses on cash flows hedging derivatives | 136 | -146
Net gains and losses on hedge of a net investment in foreign operations | 0 | 0
Share of valuation reserves of associated companies measured at equity method | -9 | -7
Net finance expenses/income from insurance contracts issued | -927 | 469
Net finance expenses/income from reinsurance contracts held | -7 | -18
Result of discontinued operations | 0 | 0
Cash flows from underlying item: long position | 0 | 0

26. Earnings per share
Basic earnings per share are calculated by dividing the result of the period attributable to the Group, adjusted to include the interest
expenses on subordinated debt classified as equity instruments, by the weighted average number of ordinary shares outstanding
during the period.
Diluted earnings per share reflect the dilution effect of the maximum number of ordinary treasury shares potentially attributable as
part of the execution of share-based payment agreements.

Earnings per share |  |
| 31/12/2025 | 31/12/2024
Result of the period (€ million) | 4,172 | 3,724
- from continuing operations | 4,155 | 3,755
- from discontinued operations | 17 | -31
Interest expenses on subordinated debt classified as equity instrument | 5 | 0
Result net of interest expenses on subordinated debt classified as equity instrument | 4,166 | 3,724
Weighted average number of ordinary shares outstanding | 1,513,810,624 | 1,538,690,704
Adjustments for potential dilutive effect | 31,768,235 | 28,643,737
Total weighted average number of ordinary shares outstanding | 1,545,578,859 | 1,567,334,4 41
Earnings per share (in €) | 2.75 | 2.42
- from continuing operations | 2.74 | 2.44
- from discontinued operations | 0.01 | -0.02
Diluted earnings per share (in €) | 2.70 | 2.38
- from continuing operations | 2.68 | 2.40
- from discontinued operations | 0.01 | -0.02

Please refer to Management Report for information regarding the dividend per share.
345
Consolidated Financial Statements
27. Reconciliation statement of the result of the period
and shareholders’ equity of the Group and the Parent
Company
In accordance with the Consob Communication No. 6064293 of 28 July 2006, the table below summarizes the reconciliation of the
result of the period and shareholders’ equity of the Group and the Parent Company.
Reconciliation report

(€ million) | 31/12/2025 | 31/12/2024
| Shareholders' equity before the result of the period | Result of the period | Shareholders' equity before the result of the period | Result of the period
Parent Company amounts in conformity with the Italian accounting principles | 16,108 | 3,515 | 15,384 | 3,690
Adjustments to Parent Company for IAS/IFRS application | 2,552 | 551 | 2,055 | 54
Parent Company amounts in conformity with IAS/IFRS principles | 18,660 | 4,065 | 17,439 | 3,743
Result of the period of entities included in the consolidation area | 0 | 10,325 | 0 | 9,848
Dividends | 9,570 | -9,570 | 9,118 | -9,118
Elimination of participations, equity valuation impacts and other consolidation adjustments | 1,943 | -648 | 2,329 | -749
Reserve for currency translation differences | -605 | 0 | -304 | 0
Reserve for unrealised gains and losses on financial assets designated at fair value through other comprehensive income | -18,810 | 0 | -15,791 | 0
Net financial expenses/revenues related to insurance contracts issued and to reinsurance disposals | 17,659 | 0 | 14,081 | 0
Reserve for other unrealized gains and losses through equity | -525 | 0 | -208 | 0
Shareholders equity attributable to the group | 27,89 2 | 4,172 | 26,664 | 3,724

346
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
OTHER BALANCE SHEET ITEMS
28. Tangible assets
Tangible asset: composition

(€ million) Activities/Values | Tangible asset self-used Inventories
At cost | At fair value |  |
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
1. Tangible asset owned | 2,611 | 2,536 | 362 | 226 | 689 | 550
a) land | 383 | 346 | 151 | 14 | 0 | 0
b) buildings | 1,855 | 1,846 | 210 | 212 | 0 | 0
c) furniture | 0 | 0 | 0 | 0 | 0 | 0
d) facilities | 372 | 344 | 0 | 0 | 0 | 0
e) other assets | 1 | 1 | 0 | 0 | 689 | 550
2. Right of use assets under lease contracts | 438 | 434 | 0 | 0 | 0 | 0
a) land | 1 | 1 | 0 | 0 | 0 | 0
b) buildings | 354 | 353 | 0 | 0 | 0 | 0
c) furniture | 0 | 0 | 0 | 0 | 0 | 0
d) facilities | 41 | 45 | 0 | 0 | 0 | 0
e) other assets | 42 | 35 | 0 | 0 | 0 | 0
Total | 3,048 | 2,970 | 362 | 226 | 689 | 550

Inventories, which amounted to € 689 million (€ 550 million at 31 December 2024), mainly include property inventories allocated to
real estate development companies (mainly related to Citylife project).
347
Consolidated Financial Statements
Tangible asset self-used: variations

(€ million) | Land | Buildings | Furniture | Facilities | Other items of property, plant and equipment | Total
A. Opening balances | 442 | 3,198 | 0 | 2,018 | 619 | 6,276
A.1 Accumulated depreciation and impairment | -81 | -787 | 0 | -1,628 | -34 | -2,530
A.2 Net opening balance | 361 | 2,411 | 0 | 389 | 585 | 3,746
A.2.a Adjustment opening balances | 0 | 0 | 0 | 0 | 0 | 0
B. Increases | 176 | 220 | 0 | 137 | 183 | 716
B.1 Acquisitions | 138 | 149 | 0 | 132 | 167 | 586
B.2 Capitalized expenses | 0 | 25 | 0 | 6 | 0 | 30
B.3 Reversals of impairment losses | 0 | 0 | 0 | 0 | 0 | 0
B.4 Positive changes in the recalculated value recognized a | 0 | 2 | 0 | 0 | 0 | 2
a) comprehensive income statement | 0 | 0 | 0 | 0 | 0 | 0
b) income statement | 0 | 2 | 0 | 0 | 0 | 2
B.5 Positive exchange differences | 0 | 0 | 0 | 0 | 0 | 0
B.6 Transfers from investment property | 12 | 43 | X | X | X | 55
B.7 Other changes | 26 | 0 | 0 | 0 | 16 | 42
C. Decreases | -0 | -212 | 0 | -114 | -36 | -362
C.1 Sales | -0 | -31 | 0 | -26 | -19 | -76
C.2 Depreciations | -0 | -108 | 0 | -52 | 0 | -160
C.3 Impairment losses recognised in: | -0 | -28 | 0 | -0 | -18 | -46
a) comprehensive income statement | 0 | 0 | 0 | 0 | 0 | 0
b) income statement | -0 | -28 | 0 | -0 | -18 | -46
C.4 Negative changes in the restated value | 0 | -10 | 0 | 0 | 0 | -10
a) comprehensive income statement | 0 | 0 | 0 | 0 | 0 | 0
b) income statement | 0 | -10 | 0 | 0 | 0 | -10
C.5 Negative exchange differences | 0 | -25 | 0 | -12 | 0 | -37
C.6 Transfers to: | 0 | 0 | 0 | 0 | 0 | 0
a) investments property | 0 | 0 | X | X | X | 0
b) non-current assets and disposal groups held for sale | 0 | 0 | 0 | 0 | 0 | 0
C.7 Other changes | 0 | -9 | 0 | -25 | 0 | -34
D. Net final carrying amount | 536 | 2,419 | 0 | 412 | 732 | 4,099
D.1 Accumulated depreciation and impairment | -81 | -854 | 0 | -1,693 | -37 | -2,665
D.2 Gross book value | 617 | 3,273 | 0 | 2,105 | 769 | 6,764
E. Measured at cost | 536 | 2,376 | 0 | 412 | 732 | 4,056

348
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
29. Other financial assets

Other financial assets |  |
(€ million) | 31/12/2025 | 31/12/2024
Receivables arising out of insurance operations out of IFRS17 scope | 1,220 | 1,283
Receivables arising from operation with collateral | 760 | 1,048
Commercial receivables | 2,451 | 1,679
Other receivables | 2,965 | 2,198
Other financial assets | 7,395 | 6,209

30. Other assets

Other assets |  |
(€ million) | 31/12/2025 | 31/12/2024
Non-current asset or disposal groups classified as held for sale | 0 | 60
Tax receivables | 4,080 | 4,125
Deferred tax assets | 1,382 | 1,719
Other assets | 3,008 | 3,371
Total | 8,470 | 9,275

The decrease compared to 31 December 2024 of Non-current assets is due to the derecognition of interests in Cronos Vita.
For more details, please refer to paragraph Non-current asset or disposal groups classified as held for sale.
31. Other provisions

Other provisions |  |
(€ million) | 31/12/2025 | 31/12/2024
Provisions for taxation other than income taxes | 141 | 88
Provisions for corporate restructuring | 180 | 65
Other provisions for potential liabilities | 1,908 | 2,245
Total | 2,229 | 2,399

Provisions for commitments and other provisions included provisions for corporate restructuring, litigation or similar events as well as
other commitments for which, at balance sheet date, an outflow of resources to setting the related obligation is considered probable
and estimated in a reliable way.
The amounts recognized in the financial statements represents the best estimate of their value. In particular, in the assessment all the
peculiarities of the specific provisions are taken into account, including the effective period of incurrence of the contingent liabilities
and consequently the expected cash flows on the different estimates and assumptions.
As at 31 December 2025, the item ‘Other provisions for potential liabilities’ includes provisions for legal disputes of approximately
€ 190 million and personnel-related charges of approximately € 180 million. It is also noted that the increase in the item ‘Provisions
for corporate restructuring’ is mainly attributable to programs approved during the year in Germany and to the integration of Liberty
Seguros.
349
Consolidated Financial Statements
The table below summarizes the main changes of this item occurred during the period:

Other provisions - main changes occurred during the period |  |
(€ million) | 31/12/2025 | 31/12/2024
Carrying amount as at 31.12 previous period | 2,399 | 2,318
Provisions recognised during the period | 474 | 341
Changes due to the passage of time | 2 | 3
Amounts used | -199 | -198
Amounts unused and reserved | -378 | -237
Other variations | -69 | 172
Carrying amount as at the end of the period | 2,229 | 2,399

It should be noted that the increase of ‘Amounts unused and reversed’ is essentially attributable to items that generated a
corresponding increase in insurance liabilities, linked to policyholders’ profit-sharing mechanisms in certain Group geographies.
Finally, note that in the normal course of business, the Group may enter into arrangements that do not lead to the recognition of
those commitments as assets and liabilities in the consolidated financial statements under IFRS (contingent assets and liabilities).
For further information regarding contingent liabilities please refer to the paragraph Contingent liabilities, commitments, guarantees,
pledged assets and collaterals in section Additional information.
32. Payables

Payables |  |
(€ million) | 31/12/2025 | 31/12/2024
Payables arising out of insurance operations out of IFRS17 scope | 1,640 | 1,417
Other payables | 8,572 | 7,610
Payables to employees | 1,563 | 1,313
Provision for defined benefit plans | 46 | 62
Payables to suppliers | 2,313 | 2,136
Social security | 285 | 268
Other payables | 4,365 | 3,832
Total | 10,212 | 9,027

33. Other liabilities

Other liabilities |  |
(€ million) | 31/12/2025 | 31/12/2024
Liabilities directly associated to non-current assets and disposal groups classified as held for sale | 0 | 0
Deferred tax liabilities | 2,306 | 2,166
Tax payables | 2,585 | 2,607
Other liabilities | 5,136 | 5,157
Total | 10,027 | 9,931

Other liabilities include long-term liabilities in favor of employees amounting to € 3,213 million (€ 3,327 million as of 31 December
2024). In particular, this item also includes the amounts relating to the solidarity funds of Italian companies.
350
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
OTHER NOTES TO THE
INCOME STATEMENT
34. Other incomes and expenses

Other incomes/expenses |  |
(€ million) | 31/12/2025 | 31/12/2024
Net income from tangible assets | 49 | 43
Incomes from tangible assets | 335 | 212
Expenses from tangible assets | -286 | -168
Incomes from recovery of charges | 325 | 327
Net income from service and assistance activities | 186 | 140
Incomes from service and assistance activities | 1,197 | 1,130
Expenses relating to service and assistance activities | -1,011 | -990
Net commission | 1,805 | 1,566
Interest incomes and other | 59 | 84
Total other incomes/expenses | 2,424 | 2,160

Below, in particular, the detail on fees and commissions incomes and expenses:

Fees and commissions incomes from financial service activities |  |
(€ million) | 31/12/2025 | 31/12/2024
Fee and commission income from banking activity | 390 | 357
Fee and commission income from asset management activity | 1,931 | 1,738
Fee and commission income related to investment contracts | 20 | 41
Fee and commission income related to pension funds management | 303 | 274
Other fees and commission income | 19 | 3
Total | 2,662 | 2,413

Fees and commissions expenses from financial service activities |  |
(€ million) | 31/12/2025 | 31/12/2024
Fee and commission expenses from banking activity | 608 | 599
Fee and commission expenses from asset management activity | 225 | 226
Fee and commission expenses related to investment contracts | 2 | 1
Fee and commission expenses related to pension funds management | 22 | 20
Total | 857 | 847

351
Consolidated Financial Statements
35. Other revenues and charges

Other revenues/charges |  |
(€ million) | 31/12/2025 | 31/12/2024
Net gains on foreign currencies | -387 | 242
Holding costs | -817 | -772
Net Income deriving from IAS 29 application | -83 | -268
Indirect taxes | -288 | -247
Other incomes | 271 | 247
Other expenses | -1,192 | -1,051
Total other revenues/charges | -2,497 | -1,848

36. Income taxes
This item shows the income taxes due by the Italian and the foreign consolidated companies by applying the income tax rates and
rules in force in each country.
The components of the income tax expense for 2025 and 2024 are the following:

Income taxes |  |
(€ million) | 31/12/2025 | 31/12/2024
Income taxes | 1,387 | 1,192
Deferred taxes | 330 | 651
Total taxes of period | 1,717 | 1,843
Income taxes on discontinued operations | 0 | 0
Total income taxes | 1,717 | 1,843

In Italy, with respect to the 2025 fiscal year, income taxes are calculated by using the ordinary corporate income tax rate of 24%
(IRES). Furthermore, income taxes of Italian companies include the regional tax on productive activities (IRAP).
In Germany, income is subject to the corporate income tax - which is calculated on a rate of 15% plus a solidarity surcharge of
5.5% on 15%. In addition, income earned by German companies is subject to a local tax (Gewerbesteuer), the rate of which varies
depending on the municipality in which the company is situated.
In France, income taxes are calculated by using an overall corporate income tax rate of 25.825%. In particular, this overall rate
includes the basic rate expected in the tax on corporate income, equal to 25%, increased by an additional (contribution sociale) of
3.3% on 25%.
All other foreign subsidiaries apply their national tax rates, including: China (25%), Czech Republic (21%), the Netherlands (25.8%),
Poland (19%), Spain (25%) and United States (21%).
The Generali Group falls within the scope of application of the Pillar Two Model Rules tax regime, provided by the Directive (EU)
2022/2523 of 14 December 2022, adopted in Italy by Legislative Decree 209 of 27 December 2023, which has the objective of
guaranteeing a global minimum tax for the multinational groups and national groups operating on a large scale in the European
Union.
With reference to the Pillar Two Model Rules for the 2025 financial year, some jurisdictions in which the Group operates have not
started any effective implementation or they have not communicated the implementation timing.
The exposure to the income taxes concerned follows, with regard to all the companies of the Group and all the jointly controlled
entities located in each individual jurisdiction, from the level of effective taxation which, at the level of the individual jurisdiction,
depends on various factors including interconnected with each other such as mainly the generated income, the level of the nominal
rate, tax rules for determining the taxable base, provisions, type and impact of incentives or other tax benefits.
Furthermore, the legislation of the Pillar Two Model Rules provides, for the first periods of effectiveness (so-called transitional regime
valid for the periods ending no later than 30 June 2029) the possibility of applying a simplified regime (so-called transitional safe
harbours) based mainly on accounting information available for each relevant jurisdiction which, in the event of passing at least one
of three tests, involves the reduction of the costs of regulatory requirement and the possibility of assuming the taxes deriving from
the application of Pillar Two Model Rules as nil.
During the year, proceeding with a computation approach based on the updated information and reasonably estimable at the closing
date of the period, the Generali Group has booked in the financial statement the impact of Pillar Two Model Rules application. The
charge for the period is € 52 million at 31 December 2025.
352
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The exposure of the Generali Group to income taxes resulting from the application of the Pillar Two Model Rules at the current closing
date is assessed as not significant based on the following considerations:
• in connection with the majority of Group entities and jointly controlled entities, which are located in jurisdictions that satisfy at
least one of the three tests required by the transitional safe harbours, the conditions for considering the taxes deriving from the
application of the Pillar Two Model Rules as nil are met, and
• for the other Group entities and jointly controlled entities, located in jurisdictions that do not satisfy any of the three tests required
- mainly Bulgaria, China, Serbia and Thailand - the exposure is not significant as the level of effective taxation is closer to the
minimum amount of 15% or profits in such jurisdictions are not material compared to the Group’s total profits.
Lastly, the Group on the basis of the paragraph 4.A of the Amendment to IAS 12 proposes not to recognize and communicate
information on deferred taxes assets and liabilities relating to income taxes arising from the application of the Pillar Two Model Rules.
The following table shows a reconciliation from the theoretical income tax expense, by using the Italian corporate income tax rate of
24%, to the effective tax rate.

Reconciliation from theoretical income tax expenses to the effective tax rate |  |
(€ million) | 31/12/2025 | 31/12/2024
Expected income tax rate | 24.0% | 24.0%
Earning before taxes | 6,363 | 6,041
Expected income tax expense | 1,527 | 1,450
Effect of foreign tax rate differential | 27 | 6
Effect of permanent differencies | 37 | 303
IRAP, trade tax and other local income taxes | 144 | 155
Substitute taxes | 17 | -3
Foreign withholding taxes not recoverable | 28 | 29
Income taxes for prior years | -68 | -103
Other | 7 | 6
Tax expenses | 1,717 | 1,843
Effective tax rate | 27.0% | 30.5%

The impact of taxation (-3.5 p.p.) is mainly due to the positive effect of extraordinary tax settlements in Italy and in Germany, to
the effect on DTL stock following the expected reduction of Corporate Income Tax in Germany (starting from 2028) and to the
lower impact of net non-deductible charges. The tax benefit deriving from the tax losses that can be carried forward is recognized
in the financial statements only to the extent that it is probable that a future taxable income will be available against which the
aforementioned tax losses can be used by the respective due date.
Fiscal losses carried forward are scheduled according to their expiry periods as follows:

Fiscal losses |  |
(€ million) | 31/12/2025 | 31/12/2024
2025 | 0 | 0
2026 | 0 | 0
2027 | 0 | 0
2028 | 0 | 0
2029 | 2 | 19
2030 | 12 | 0
2031 | 304 | 156
2032 | 0 | 0
2033 and over | 0 | 0
Unlimited | 54 | 584
Fiscal losses carried forward | 373 | 759

With regards to fiscal losses, it is worth noting that Italian Law by Decree 98/2011, converted pursuant to Law No. 111 of 15 July
2011, introduced that fiscal losses can be carried forward with no time limits (as opposed to the previous five-year limitation). Losses
from a given year may, however, only be used to offset up to 80% of the taxable income of any following fiscal year.
353
Consolidated Financial Statements
Deferred income taxes are calculated on the temporary differences between the carrying amounts of assets and liabilities reported
in the financial statements and their tax base, by using the tax rates applicable at the expected time of realisation according to each
country’s current legislation.
The ultimate realisation of deferred tax assets is dependent on the generation of future taxable income during the periods in which
those temporary differences become deductible.
Furthermore, in making this assessment, management considers the scheduled reversal of deferred tax liabilities and tax planning
strategies.
Assessments show that deferred tax assets will be recovered in the future through either (i) expected taxable income of each
consolidated company or (ii) expected taxable income of other companies included in the same tax group (e.g. Consolidato fiscale
in Italy, Ertragsteuerlicher Organkreis in Germany and Régime d’intégration fiscale in France).
The following tables show the details of the deferred tax assets and liabilities recorded in the financial statements, based on the
nature of the temporary differences that generated them.

Net deferred tax assets |  |
(€ million) | 31/12/2025 | 31/12/2024
Intangible assets | 310 | 318
Property, Plant and Equipment | 104 | 112
Land and buildings (investment properties) | 226 | 205
Financial assets measured at fair value through other comprehensive income | 14,929 | 14,634
Other investments | 2,512 | 2,098
Other assets | 3,062 | 3,534
Fiscal losses carried forward | 359 | 192
Allocation to other provisions and payables | 1,152 | 1,477
Insurance provisions | 12,284 | 11,870
Financial liabilities and other liabilities | 646 | 1,847
Other | 1,744 | 1,688
Total deferred tax assets | 37,32 9 | 37,9 74
Netting | -35,946 | -36,255
Total net deferred tax assets | 1,382 | 1,719

Net deferred tax liabilities |  |
(€ million) | 31/12/2025 | 31/12/2024
Intangible assets | 144 | 142
Property, Plant and Equipment | 110 | 129
Land and buildings (investment properties) | 704 | 704
Financial assets measured at fair value through other comprehensive income | 7,666 | 8,325
Other investments | 3,653 | 3,254
Other assets | 2,607 | 2,960
Allocation to other provisions and payables | 175 | 406
Insurance provisions | 21,708 | 20,930
Financial liabilities and other liabilities | 1,293 | 1,449
Other | 192 | 121
Total deferred tax liabilities | 38,252 | 38,421
Netting | -35,946 | -36,255
Total net deferred tax liabilities | 2,306 | 2,166

354
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
FAIR VALUE MEASUREMENT
IFRS 13 - Fair Value Measurement provides guidance on fair value measurement and requires disclosures about fair value measurements,
including the classification of financial assets and liabilities in the three levels of fair value hierarchy provided for by the Standard.
With reference to the investments, Generali Group measures financial assets and liabilities at fair value in the financial statements
or discloses it in the Notes. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date (exit price). In particular, an orderly transaction takes place in the
principal or most advantageous market at the measurement date under current market conditions. A fair value measurement assumes
that the transaction to sell an asset or transfer a liability takes place either: (a) in the principal market for the asset or liability; or (b) in
the absence of a principal market, in the most advantageous market for the asset or liability. Fair value equals the market price if this
information is available in an active market (e.g., a market with adequate trading levels for identical or similar instruments). An active
market is defined as a market, even if not regulated, where the items traded within the market are homogeneous, willing buyers and
sellers can normally be found at any time and prices are available to the public. If there isn’t an active market, it should be used a
valuation technique which however shall maximize the observable inputs. As for measurement and disclosure, the fair value depends
on its unit of account, depending on whether the asset or liability is a stand-alone asset or liability, a group of assets, a group of
liabilities or a group of assets and liabilities, determined in accordance with the related IFRS.
The table below presents the carrying amount and fair value of financial assets and liabilities recorded in the balance sheet at 31
December 2025.
Carrying amount and fair value

(€ million) | 31/12/2025 |
| Carrying amount | Fair value
Financial assets measured at amortised cost | 21,490 | 21,522
Financial assets measured at fair value through other comprehensive income | 241,751 | 241,751
Financial assets measured at fair value through profit or loss | 225,767 | 225,767
a) Financial assets held for trading | 637 | 637
b) Financial assets designated at fair value | 136,526 | 136,526
c) Other financial assets mandatory measured at fair value | 88,604 | 88,604
Investments in subsidiaries, associated companies and joint ventures | 3,026 | 3,026
Investment properties | 22,293 | 24,376
Tangible assets | 4,099 | 4,840
Total Assets | 518,427 | 521,282
Financial liabilities measured at fair value through profit or loss | 9,272 | 9,272
Financial liabilities measured at amortised cost | 39,570 | 39,499
Total Liabilities | 48,843 | 48,771

355
Consolidated Financial Statements
The table below presents the carrying amount and fair value of financial assets and liabilities recorded in the balance sheet at 31
December 2024.

Carrying amount and fair value |  |
(€ million) | 31/12/2024 |
| Carrying amount | Fair value
Financial assets measured at amortised cost | 21,561 | 21,521
Financial assets measured at fair value through other comprehensive income | 237,979 | 237,979
Financial assets measured at fair value through profit or loss | 209,457 | 209,457
a) Financial assets held for trading | 753 | 753
b) Financial assets designated at fair value | 124,270 | 124,270
c) Other financial assets mandatory measured at fair value | 84,434 | 84,434
Investments in subsidiaries, associated companies and joint ventures | 2,840 | 2,840
Investment properties | 22,503 | 24,554
Tangible assets | 3,746 | 4,509
Total Assets | 498,085 | 500,860
Financial liabilities measured at fair value through profit or loss | 8,166 | 8,166
Financial liabilities measured at amortised cost | 37,544 | 37,64 4
Total Liabilities | 45,710 | 45,810

37. Fair value hierarchy
Assets and liabilities measured at fair value in the consolidated financial statements are measured and classified in accordance with
the fair value hierarchy in IFRS 13, which consists of three levels based on the observability of the inputs within the corresponding
valuation techniques used.
The type of inputs used to determine the classification of financial assets and liabilities among the three levels of fair value are:
• Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly (e.g., quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities
in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; market-corroborated
inputs);
• Level 3: inputs that are unobservable for the asset or liability, which reflect the assumptions that market participants would use
when pricing the asset or liability, including assumptions about risk (of the model used and of inputs used).
The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that
is significant to the entire measurement. Assessing the significance of a particular input to the entire measurement requires taking
into account factors specific to the asset or liability. A fair value measurement developed using a present value technique might
be categorized within the second or third level of the fair value hierarchy, depending on the inputs that are significant to the entire
measurement and the level of the fair value hierarchy within which these inputs are categorized. If an observable input requires an
adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the
resulting measurement would be categorized within the level attributable to the input with the lowest level utilized. Adequate controls
have been set up to monitor all measurements including those provided by third parties. If these checks show that the measurement
is not considered as market corroborated, the instrument must be classified in the third level of the hierarchy.
356
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The table shows the classification of the financial assets and liabilities measured at fair value among the levels of the fair value
hierarchy as defined by IFRS 13:

Assets and liabilities measured at fair value on a recurring basis: breakdown by fair value hierarchy levels |  |  |
(€ million) | Level 1 | Level 2 | Level 3 | Total
Assets/Liabilities at fair value | 31/12/2025 | 31/12/2024 | 31/12/2025 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Financial assets measured at fair value through other comprehensive income | 201,686 | 196,848 | 35,015 35,215 | 5,050 | 5,917 | 241,751 | 237,979
Financial assets measured at fair value through profit or loss | 161,481 | 149,053 | 20,661 20,034 | 43,625 | 40,370 | 225,767 | 209,457
a) financial assets held for trading | 194 | 68 | 420 636 | 23 | 48 | 637 | 753
b) financial assets designated at fair value | 122,228 | 110,307 | 8,950 9,131 | 5,349 | 4,833 | 136,526 | 124,270
c) financial assets mandatorily measured at fair value | 39,059 | 38,678 | 11,291 10,267 | 38,254 | 35,489 | 88,604 | 84,434
Investments in subsidiaries, associated companies and joint venture | 0 | 0 | 0 0 | 1,106 | 942 | 1,106 | 942
Investment property | 0 | 0 | 0 45 | 19,879 | 19,768 | 19,879 | 19,814
Tangible assets | 0 | 0 | 0 0 | 362 | 226 | 362 | 226
Intangible assets | 0 | 0 | 0 0 | 0 | 0 | 0 | 0
Total Assets | 363,167 | 345,901 | 55,676 55,294 | 70,022 | 67,223 | 488,865 | 468,417
Financial liabilities measured at fair value through profit or loss |  |  |  |  |  |  |
a) Financial liabilities held for trading | 12 | 3 | 532 511 | 8 | 8 | 552 | 522
b) Financial liabilities designated at fair value | 5,322 | 4,239 | 2,549 2,854 | 849 | 551 | 8,721 | 7,644
Total Liabilities | 5,334 | 4,242 | 3,081 3,364 | 858 | 560 | 9,272 | 8,166

38. Transfers of financial instruments at fair value
between Level 1 and Level 2
Generally, transfers between levels are attributable to the changes in the market activities and to the observability of the inputs used
in the valuation techniques to determine the fair value of certain instruments.
Financial assets and financial liabilities are mainly transferred from Level 1 to Level 2, following shifts in liquidity or variation in the
frequency of market observed transaction, which result in the absence of an active market (and vice versa for transfers from Level
2 to Level 1).
During the year, the main transfers from Level 1 to Level 2 relate to bonds, mostly classified as financial assets at fair value through
other comprehensive income, which are subject to transfers from Level 1 to Level 2 for € 309 million and from Level 2 to Level 1 for
€ 748 million.
39. Additional information on Level 3
The amount of assets measured at fair value classified in Level 3 represents about 14.3% of total financial assets at fair value,
substantially in line compared to 31 December 2024 (14.4%). Generally, the main inputs used in valuation techniques are volatility,
interest rates, yield curves, credit spreads, dividend estimates and exchange rates. The evaluation methods used haven’t significantly
changed compared to 31 December 2024.
The more significant assets classified within Level 3 are the following:
• Unquoted equities
This asset class includes unquoted equity securities, mainly classified among financial assets at fair value to profit or loss. Their
fair value is determined using the valuation methods described above or based on the net asset value of the company. These
instruments are evaluated using an evaluation technique that may involve making assumptions about the profitability of the issuing
company and the distribution of dividends.
• Unquoted IFU funds
This asset class includes quotas in unquoted funds (mainly private equity funds and real estate), classified among financial assets
at fair value through profit or loss. Their fair value is generally defined considering the net asset value at the reporting date, which
is determined by using the periodical net asset value and the certified financial statements provided by the manager of the funds,
possibly adjusted to be compliant with IFRS 13. Such adjustments to the NAV are applied when there is a significant gap between
357
Consolidated Financial Statements
Details of the variations of assets and liabilities measured at fair value on a recurring basis classified in Level 3
Financial assets
measured at fair
value through other
comprehensive income
Financial assets measured at fair value through profit or loss I n v e s t m en t pr o p er t y Ta n g i b l e a s s e t s E q u i t y i n ve s t m e n t s I nt a n g i b l e A s s et s F i n a n c i a l l i a b i l i t i e s m e a s u r e d a t f a i r v a l u e t h r o u g h
p r o fi t o r l o s s
(€ million) Financial assets held for
trading
Financial assets
designed at fair value
Financial assets
mandatorily measured at
fair value
F i n a n c i a l l i a b i l i t i e s h e l d f o r
t r a d in g
F i n a n c i a l l i a b i l i t i e s
de si g n a t e d a t f a i r v a l ue
1. Opening balances 5,917 48 4,833 35,489 19,7 6 8 2 26 9 42 0 8 5 51
2. Increases 1,093 2 1,457 9,322 8 82 1 5 1 2 82 0 0 4 02
2.1. Acquisitions 553 0 367 7,585 4 01 14 9 2 6 2 0 0 348
2.2 Gains recognised in: 24 2 534 553 4 4 8 2 20 0 0 45
2.2.1 Profit or loss 0 2 534 553 4 4 8 2 20 0 0 45
of which gains 0 2 534 553 4 4 8 2 20 0 0 X
of which losses X X X X X X X X X 45
2.2.2 Other comprehensive income 24 X X X 0 0 0 0 0 X
2.3. Transfer from/to other levels 477 0 311 387 0 0 0 0 0 0
2.4 Other variations (+) 40 0 246 797 33 0 0 0 0 9
3. Decreases -1,969 -27 -942 -6,557 -7 7 1 -1 5 -1 1 6 0 -0 -1 0 4
3.1 Sales -396 -2 -471 -4,621 -42 6 -6 -9 6 0 0 -49
3.2 Paybacks -709 0 -177 -71 -31 0 0 0 0 -31
3.3 Losses recognized in: -251 -20 -125 -1,861 -3 14 -1 0 0 0 -0 -2 3
3.3.1 Profit or loss 0 -20 -125 -1,861 -3 14 -1 0 0 0 -0 -2 3
of which losses 0 -20 -125 -1,861 -3 14 -1 0 0 0 0 X
of which gains X X X X X X X X X -2 3
3.3.2 Other comprehensive income -251 X X X 0 0 0 0 0 X
3.4 Transferts to other levels -612 0 -170 -3 0 0 0 0 0 0
3.5 Other variations (-) 0 -5 0 0 0 0 -2 2 0 0 0
4. Final amount 5,050 23 5,349 38,254 19,8 7 9 3 62 1,1 0 6 0 8 8 49
the reference date of the NAV available to the valuer and the reference date of the valuation or when the investments underlying
the fund are valued at cost, i.e. do not capture the risk factors that must be included in the fair value measurement.
Since the assets described above are, by their nature, linearly sensitive to changes in the value of the underlying assets, the Group
considers that, for a given change in the fair value of the underlying, the overall fair value undergoes a similar change.
• Private equity funds
Are quotas in private equity funds classified among financial assets at fair value through profit or loss. Their fair value is generally
defined considering the net asset value at the reporting date, which is determined by using the periodical net asset value and
the certified financial statements provided by the manager of the funds, possibly adjusted considering the liquidity of the funds.
Furthermore, the fair value of these investments is closely monitored by a professional team within the Group.
Being the private equity funds linearly affected by the variation of the underlying assets, the Group assumes that a variation in the
value of the underlying assets causes the same variation in the fair value of these funds as well.
• Bonds
This asset class includes corporate bonds, mainly classified among financial assets at fair value through other comprehensive
income and, to a less extent, among financial assets at fair value through profit or loss. Their fair value is mainly determined using
third-parties inputs, based on the market or income approach. In terms of sensitivity analysis any changes in the inputs used in the
valuation do not cause a significant impact on the fair value at the Group level considering the lack of materiality of these securities
classified in Level 3. Moreover, given the analyses described above, the Group has decided to classify all the asset-backed
securities items in Level 3 considering that their evaluation is generally not corroborated by market inputs. For what regards prices
provided by providers or counterparties, bonds for which it is not possible to replicate the price using market inputs have been
classified in Level 3.
• Investment properties
This asset class includes land and buildings held for investment purposes measured at fair value on a recurring basis. The Group
has adopted a standardized property valuation process for the evaluation of investment properties. Generally, evaluation appraisals
are commissioned mostly to third parties. Their fair value is mainly determined based on the income approach. The Group
considers these assets to be linearly sensitive to changes in the inputs used in their valuation.
The following table shows a reconciliation between the opening balance and the final value of financial instruments measured at fair
value and classified as Level 3.
358
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Details of the variations of assets and liabilities measured at fair value on a recurring basis classified in Level 3
Financial assets
measured at fair
value through other
comprehensive income
Financial assets measured at fair value through profit or loss Investment property Tangible assets Equity investments Intangible Assets Financial liabilities measured at fair value through
profit or loss
(€ million) Financial assets held for
trading
Financial assets
designed at fair value
Financial assets
mandatorily measured at
fair value
Financial liabilities held for
trading
Financial liabilities
designated at fair value
1. Opening balances 5,917 48 4,833 35,489 19,768 226 942 0 8 551
2. Increases 1,093 2 1,457 9,322 882 151 282 0 0 402
2.1. Acquisitions 553 0 367 7,585 401 149 262 0 0 348
2.2 Gains recognised in: 24 2 534 553 448 2 20 0 0 45
2.2.1 Profit or loss 0 2 534 553 448 2 20 0 0 45
of which gains 0 2 534 553 448 2 20 0 0 X
of which losses X X X X X X X X X 45
2.2.2 Other comprehensive income 24 X X X 0 0 0 0 0 X
2.3. Transfer from/to other levels 477 0 311 387 0 0 0 0 0 0
2.4 Other variations (+) 40 0 246 797 33 0 0 0 0 9
3. Decreases -1,969 -27 -942 -6,557 -771 -15 -116 0 -0 -104
3.1 Sales -396 -2 -471 -4,621 -426 -6 -96 0 0 -49
3.2 Paybacks -709 0 -177 -71 -31 0 0 0 0 -31
3.3 Losses recognized in: -251 -20 -125 -1,861 -314 -10 0 0 -0 -23
3.3.1 Profit or loss 0 -20 -125 -1,861 -314 -10 0 0 -0 -23
of which losses 0 -20 -125 -1,861 -314 -10 0 0 0 X
of which gains X X X X X X X X X -23
3.3.2 Other comprehensive income -251 X X X 0 0 0 0 0 X
3.4 Transferts to other levels -612 0 -170 -3 0 0 0 0 0 0
3.5 Other variations (-) 0 -5 0 0 0 0 -22 0 0 0
4. Final amount 5,050 23 5,349 38,254 19,879 362 1,106 0 8 849
359
Consolidated Financial Statements
40. Information on fair value hierarchy of assets and
liabilities not measured at fair value
The table below presents the classification of assets and liabilities not measured at fair value or designated at fair value on a non-
recurring basis among the levels of the fair value hierarchy:
Assets and liabilities not measured at fair value or designated at fair value on a non-recurring basis: breakdown by fair value hierarchy
levels

(€ million) | Carrying Amounts |  |  |  | Fair value |  |  |
Assets/Liabilities not measured at fair value or measured at fair value on a non-recurring basis |  |  | Level 1 | Level 2 | Level 3 | Total
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Assets |  |  |  |  |  |  |  |  |  |
Financial assets measured at amortised cost | 21,490 | 21,561 | 9,321 | 9,813 | 9,415 | 8,514 | 2,786 | 3,194 | 21,522 | 21,521
Investments in associates and joint ventures | 1,920 | 1,898 | 0 | 0 | 0 | 0 | 1,920 | 1,898 | 1,920 | 1,898
Investment property | 2,414 | 2,689 | 0 | 0 | 0 | 0 | 4,497 | 4,740 | 4,497 | 4,740
Non-current assets and disposal groups held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tangible assets | 3,738 | 3,520 | 0 | 0 | 0 | 0 | 4,479 | 4,283 | 4,479 | 4,283
Total Assets | 29,562 | 29,668 | 9,321 | 9,813 | 9,415 | 8,514 | 13,681 | 14,115 | 32,417 | 32,442
Liabilities |  |  |  |  |  |  |  |  |  |
Financial liabilities measured at amortized cost | 39,570 | 37,544 | 11,352 | 11,276 | 17,538 | 17,3 09 | 10,609 | 9,059 | 39,499 | 37,644
Liability of a disposal group held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Liabilities | 39,570 | 37,5 4 4 | 11,352 | 11,276 | 17,5 3 8 | 17,309 | 10,609 | 9,059 | 39,499 | 37,644

• Financial assets measured at amortised cost
This category includes bonds, which valuation is described above, mortgages and other loans. For more details on the product
composition, please refer to the section Investments in the Notes.
In particular, mortgages and other loans are valued on the basis of future payments of principal and interest discounted at the
interest rates for similar investments by incorporating the expected future losses or alternatively discounting (with risk-free rate) to
the probable future cash flows considering market or entity- specific data ( i.e. probability of default). These assets are classified
within the second or third level of the hierarchy, depending on whether or not the inputs are corroborated by market data.
If the fair value cannot be reliably determined, the amortised cost is used as the best estimate for the determination of fair value
itself.
• Receivables from banks or customers
Considering their nature, the amortised cost is generally considered a good approximation of fair value and therefore classified
within the third level of the hierarchy. If deemed appropriate, they are valued at market value, considering observable inputs, and
therefore classified within the second level of the hierarchy.
• Land and buildings (investment and self-used properties)
These assets are mainly valuated on the basis of inputs of similar assets in active markets or of discounted cash flows of future
income and expenses of the rental considered as part of the higher and best use by a market participant.
Based on the analysis of inputs used for the valuation process, considering the limited cases where the inputs are observable in
active markets, the entire category has been classified within the third level of the hierarchy.
In particular, the valuation process considers both discounted future net income and the specific characteristic of the asset,
including for example, the type of use, location, and vacancy rate. The fair value of land and buildings (investment properties) at
the end of the period is determined based on appraisal commissioned mainly to third-party entities.
• Investments in subsidiaries, associated companies and joint ventures
The carrying amount, based on the share of equity for associates and interests in joint ventures or on cost adjusted for eventual
impairment losses for non-consolidated subsidiaries, is used as a reasonable estimate of the related fair value. Therefore, these
investments are classified within the third level of the hierarchy.
• Subordinated debts, loans and bonds issued, liabilities to banks and customers
Generally, if available and if the market is active, fair value is equal to the market price. The fair value is determined primarily on the
basis of the income approach using discounting techniques. In particular, the fair value of debt instruments issued by the Group
are valued using discounted cash flow models, based on the current marginal rates of the Group financing for similar types of
instruments, with maturities consistent with the residual maturity of the debt instruments subject to valuation.
360
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
ADDITIONAL INFORMATION
41. Information on risks and hedging
Generali Group risk management system is based on a system of governance and a set of processes, defined in line with the
Solvency II prudential supervisory framework and formalized within risk policies in the broader Generali Internal Regulation System.
In particular, the risk management process is regulated within the Risk Management Group Policy and in a set of other policies that
cover the main risk categories and processes, ensuring an integrated approach aimed at preserving capital position and the ability
to fulfill commitments towards policyholders. Specifically, risks are:
• identified through the so-called Main Risks Self-Assessment (MRSA) process, aimed at identifying all material risks to which the
Group is exposed, both quantifiable in terms of capital such as life and non-life underwriting risks, financial and credit risks, and
operational risk, as well as non-quantifiable risks, such as liquidity, strategic, reputational and contagion risks. Emerging risks
related to future risks, characterized by uncertain evolution and often of systemic nature, as well as sustainability risks are also
identified. Within the scope of non-quantifiable risks, at Group level, risks related to intra-group transactions, concentrations and
interdependencies between risks are also considered;
• measured, through their contribution to the Solvency Capital Requirement (SCR), by means of the Internal Model (so-called Partial
Internal Model - PIM
3
). For SCR calculation purposes, in line with Solvency II regulation, 1 in 200 years events are considered.
Insurance and re-insurance entities not included in the Internal Model scope calculate the capital requirement based on Standard
Formula, while regulated entities of other financial sectors (e.g., banks, pension funds and asset managers) calculate the capital
requirement based on their own specific sectoral regimes. Moreover, sensitivity and scenario analyses are also used for risk
assessment, in addition to other quantitative/qualitative techniques, aimed to better reflect the Group’s risk profile;
• managed and monitored on the basis of the Group Risk Appetite Framework (Group RAF) which defines the level of risk the
Group is willing to accept in conducting business, and thus provides the overall framework for embedding risk management into
business processes. In particular, the Group RAF includes the risk appetite statement, the risk preferences, the risk metrics, the
risk tolerances and target range levels;
• reported within the broader ORSA (Own Risk Solvency Assessment) process which includes the assessment of all the
aforementioned risks on both a current and forward-looking basis.
41.1. Life underwriting risk
Risk definition
The Group is exposed to life underwriting risk arising from losses or adverse changes in the value of insurance liabilities related to life
and health insurance policies. This risk stems from the uncertainty underlying mortality, longevity, health, morbidity and disability rates
taken into account in the insurance liability valuations (biometric assumptions), or risks related to the expenses and the exercise of
contractual options by policyholders (operating assumptions).
Risk exposure
The Group’s main exposures derive from traditional life products, including savings and protection products, as well as unit-linked
products, arising from direct business. Indirect business, or business accepted through outward reinsurance from companies outside
the Group, represents a minor component of the portfolio.
Risk measurement
Life underwriting risk is measured by means of the Partial Internal Model. This measurement is based on the calculation of the loss resulting
from unexpected changes in biometric and operating assumptions, through the application of stress scenarios. Capital requirements
are calculated on the basis of the difference between the value of the insurance liabilities before and after the application of the stress.
Furthermore, as part of the broader ORSA process, the Group’s vulnerability to underwriting risks is assessed through sensitivity and
scenario analyses, also considering longer time horizons, such as those of the Strategic Plan.
Risk management
Life underwriting risk within Generali Group is managed in accordance with the risk strategy defined in the Group Risk Appetite
Framework and internal regulations. It is mainly based on the following:
• product development and related pricing process;
• new product approval process;
• setting and monitoring of operative underwriting limits;
• portfolio management and monitoring.
361
Consolidated Financial Statements
3. The Internal Model at Group level is defined as Partial because a number of entities still use the Standard Formula to determine the capital requirement.
Group Risk Management Function defines the guidelines to be implemented by the local Risk Management Functions to contribute
to these processes and to ensure an adequate risk perspective. In particular, the Risk Management Function assesses the risk
implications of new lines of business/products and monitors the Group’s risk profile on a regular basis. It also supports compliance
assessment with respect to operative limits as well as the reporting and escalation processes to define the most appropriate
mitigation actions.
The Group has defined a framework aimed at developing new products and services in line with sustainability targets. Furthermore,
the potential impacts of sustainability risks are taken into account in the underwriting processes.
Risk mitigation
Reinsurance of underwriting risk related to the life portfolio is adopted by the Group to optimize the use of capital, by ceding part of
the underwriting risk to selected counterparties.
The Group’s life reinsurance strategy is developed in line with the risk appetite and the risk preferences defined in the Group Risk
Appetite Framework.
Further details are available in Insurance and investment contracts section of the Notes.
41.2. Non-life underwriting risk
Risk definition
The Group is exposed to non-life underwriting risk arising from losses or adverse changes in estimates related to the frequency and/
or severity of the claims. This risk stems from:
• changes in the assumptions underlying the pricing and reserving processes (pricing and reserving risk);
• losses arising from extreme or exceptional events (catastrophe risk);
• any policyholder lapses from P&C insurance contracts (lapse risk).
Risk exposure
The Group operates in the retail, middle market and corporate & commercial segments, with a broadly diversified presence across
all geographies, and greater exposure to the non-motor business. Regarding natural catastrophes, the Group is mainly exposed to
earthquakes in Italy as well as floods and storms in Europe.
Risk measurement
Non-life underwriting risk is measured by means of the Partial Internal Model. This measurement is based on both internally developed
models and external ones, particularly for catastrophic events for which market-wide experience is considered beneficial.
Furthermore, as part of the broader ORSA process, the Group’s vulnerability to underwriting risks is assessed through sensitivity and
scenario analyses, also considering longer time horizons, such as those of the Strategic Plan.
Risk management
Non-life underwriting risks are managed in accordance with the risk strategy defined in the Group Risk Appetite Framework and
internal regulations. Risk selection is mainly based on the following:
• product development and related pricing process carried out in accordance with dedicated methodologies for retail business, case
underwriting and catastrophe risk;
• new product approval process;
• setting of underwriting limits and monitoring of any breaches;
• definition of restrictions for specific types of business not allowed under relevant Group policies;
• continuous portfolio monitoring through indicators of technical performance and the profitability of lines of business;
• activation of specific measures in case of extraordinary exposures or phenomena for which no comparable precedents have been
observed, either at Group level or within the broader insurance market.
Group Risk Management Function defines the guidelines to be implemented by the local Risk Management Functions to contribute
to these processes and to ensure an adequate risk perspective.
Furthermore, the Risk Management Function assesses the risk implications of new lines of business/products and monitors the
Group’s risk profile on a regular basis. It also supports compliance assessment with respect to operative limits as well as the reporting
and escalation processes to define the most appropriate mitigation actions.
For the purpose of the customers’ assessment on sustainability matters in the non-life underwriting process, the Group adopts
responsible practices in managing exposures to counterparties operating in sectors with potentially sensitive ESG profiles.
362
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Risk mitigation
Reinsurance represents the key mitigation technique used by the Group for non-life underwriting risks. By ceding part of the
underwriting risk to selected counterparties, it allows to optimize the use of capital and limit the volatility of the technical result. As for
life underwriting risk, the Group’s non-life reinsurance strategy is developed in line with the risk appetite and risk preferences defined
in the Group Risk Appetite Framework and taking into account the reinsurance market cycle.
At Group level, the Parent Company acts as core reinsurer for the Group legal entities and cedes or retrocedes part of the underwritten
risks to external reinsurers. In particular, for the mitigation of non-life catastrophe risk, the Group adopts a centralized approach where
the Group Reinsurance Function manages the placement of reinsurance towards the market, thereby optimizing diversification and
limiting the concentration towards individual counterparties. While maintaining its preference for traditional reinsurance, the Group
also considers the development of most innovative risk-transfer techniques, such as cat bonds, where reinsurance capacity is
provided by third-party investors rather than traditional reinsurers.
Further details are available in Insurance and investment contracts section of the Notes.
41.3. Financial and credit risks
The Group is exposed to financial and credit risks arising from:
• investments in financial assets, aimed at meeting future obligations towards policyholders and generating value for its shareholders;
• exposures to different types of counterparties, such as reinsurers or custodian banks.
Financial risk
Risk definition
Financial risk refers to the possibility that the value of the financial assets held by the Group may decrease as a result of adverse
price movements. Such variations are driven by market volatility and are mainly attributable to interest rate fluctuations, equity and
real estate price movements, or currency exchange rate fluctuations.
Risk exposure
The Group is exposed to financial risk because, in order to generate value for policyholders and shareholders, it invests collected
premiums in a wide variety of financial instruments. The Group’s investments cover a broad range of asset classes and include, for
example, both equity and debt instruments, as well as the real estate sector. Investments can be made either directly or through the
purchase of investment fund units, and may also involve so-called private instruments not listed on regulated markets.
Within the traditional life business, financial risk is particularly relevant for types of contracts that provide policyholders with a
minimum guaranteed return on the accumulated capital. The presence of these guarantees implies that, if the yields generated by
the financial instruments are lower than the guaranteed return, then the Group shall compensate the deficit with its own funds for
those contractual guarantees.
Unit-linked business typically does not represent a source of financial risk for the Group, except in cases where contractual guarantees
are granted to policyholders.
Regarding P&C business, the Group has to ensure the availability of resources necessary to pay out the benefits on a timely basis
when claims occur.
Risk measurement
Financial risk is measured by means of the Partial Internal Model. Furthermore, the Group’s vulnerability to financial risk is also
assessed through sensitivity analyses on the main risk factors, including interest rates and equity values, along with scenario analyses
and stress tests.
Risk management
Financial risk management within the Generali Group is carried out in line with the risk strategy defined in the Group Risk Appetite
Framework and with the Investment Governance Group Policy (IGGP), and is mainly based on:
• Strategic Asset Allocation (SAA) process: based on a liability-driven approach, carried out in compliance with the Prudent Person
Principle defined under Solvency II. SAA and Asset Liability Management (ALM) are interdependent processes and represent main
components in defining both Group and local investment strategies. In particular, SAA and ALM aim to define the combination
of asset classes which maximise the investment contribution to value creation, considering the constraints set by the solvency,
actuarial and accounting indicators. Therefore, the aim is not just to mitigate risks, but also to define an optimal risk-return profile
that satisfies both the return targets and the risk appetite defined within the strategic planning process. SAA and ALM processes
involve the business functions of investment, finance, actuarial, and risk management, ensuring consistency with the Group Risk
Appetite Framework, the Strategic Plan, and capital allocation;
363
Consolidated Financial Statements
• provisions contained in the Investments Risk Group Guideline (IRGG): establish general principles and quantitative risk limits, with
particular focus on concentration and currency risk. For specific asset classes, such as Private Equity, Alternative Funds and Real
Estate, the IRGG defines minimum requirements for fund selection, portfolio management, authorisation processes and exclusions
that Group companies have to comply with.
Furthermore, concentration risk is managed at Group level through the Risk Concentrations Management Group Policy - Investment
Exposures in order to limit the risk exposure by issuer, sectors, currencies and geographies.
At the risk management level, the Group proactively integrates sustainability matters into the investment process, by defining a
framework and guidelines to manage:
• actual or potential impacts generated by the investment strategy;
• impact of sustainability risk on the value of its investments.
The Group integrates sustainability matters into investment processes also through the definition of specific targets and constraints.
Risk mitigation
The main risk mitigation techniques adopted by the Group consist of asset management according to a liability-driven approach
and a regular portfolio rebalancing. The liability-driven approach aligns investment strategies with the liability structure, while periodic
portfolio rebalancing allows maintaining the weights of different asset classes and their relative durations within the tolerance
thresholds established as limits to investment targets.
The Group also uses derivatives with the aim of mitigating risks embedded in the asset and/or liability portfolios, thereby improving
the quality, liquidity and profitability of investments in line with the Strategic Plan targets. Derivative transactions are subject to
dedicated monitoring and reporting processes.
Further details are available in Investments section of the Notes.
Credit risk
Risk definition
Credit risk refers to the possibility that the value of the Group’s assets may be adversely affected by a reduced ability of counterparties
to which the Group is exposed to meet their financial obligations. Changes in the market value of assets due to credit risk may arise
from the market spread volatility, a deterioration in counterparties’ creditworthiness, or their default.
Risk exposure
The Group’s exposures to credit risk arise both from investments in debt instruments, such as bonds and loans, and from other types
of credit exposures, such as cash deposits, reinsurance and the use of derivative instruments.
Risk measurement
Regarding credit risk measurement, the same considerations made for financial risk apply, particularly concerning the use of the
Partial Internal Model.
As for financial risk, the Group’s vulnerability to credit risk is also assessed through sensitivity analyses on the main risk factors,
including spreads on both government and corporate bonds, along with scenario analyses and stress tests.
Furthermore, for credit risk assessment, the Internal Model complements the ratings provided by external credit rating agencies
(ECAI) with estimates of the creditworthiness of counterparties and financial instruments provided by a specific Parent Company unit,
defined according to the provisions and processes set in the Credit Rating Assignment Group Guideline.
Risk management
In line with the approach described for financial risk, credit risk management within Generali Group is mainly based on:
• Strategic Asset Allocation (SAA) process: carried out following a liability-driven approach, contributing to limit the impact of market
spread volatility;
• provisions set in the Investments Risk Group Guideline (IRGG): establishing general principles and quantitative risk limits, with
particular focus on credit risk related to investments. For specific asset classes - such as Private Debt or ABS (Asset-Backed
Security) - or transactions - such as collateralised positions, exposures to counterparties -, the IRGG defines minimum requirements
for the investment funds selection, portfolio management, authorisation processes, and exclusions that Group companies have
to comply with.
364
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
As reported in the section on financial risk, the Group manages risk concentration following the principles defined in the Risk
Concentrations Management Group Policy - Investment Exposures.
Finally, as for financial risk, sustainability matters are an integral part of the investment process.
Risk mitigation
In addition to the measures already described for the mitigation of financial risk, the Group mitigates counterparty default risk - for
example in derivative or reinsurance contracts - by adopting collateralisation strategies, which limit potential losses in case of default.
With regard to credit risk, the Group also uses derivative instruments with the aim of mitigating the riskiness of its portfolio, while
enhancing the quality, liquidity and profitability of investments. All derivative transactions are subject to dedicated monitoring and
reporting processes.
Further details are available in Investments section of the Notes.
41.4. Operational risk
Risk definition
The Group is exposed to operational risk which represents the possibility of loss arising from inadequate or failed internal processes,
personnel or systems, or from external events
4
.
Risk exposure
The main operational risks to which the Group is exposed are related to cyber-attacks, the protection of sensitive customer data,
and the unavailability or dysfunction of applications and IT infrastructures. Additional significant risks arise from non-compliance with
regulations concerning anti-money laundering, terrorist financing, and international sanctions. Finally, risks associated with Product
Oversight and Governance processes are also highlighted, considering the increasing scrutiny by the Supervisory Authorities, with
specific reference to Value for Money and Greenwashing.
Risk measurement
Operational risk is measured by means of the Partial Internal Model. This measurement is based on scenario analyses performed by
the Heads of the individual operational areas (Risk Owner) who provide estimates of frequency and impact for each of the scenarios
associated to the identified risks. The loss data collection integrates these forward-looking assessments with a retrospective view,
enabling a comprehensive assessment of operational risk.
Risk management
The responsibility for managing operational risk, in line with the Operational Risk Management Group Policy, is assigned to the first
line of defense, the so-called Risk Owners, whereas the Risk Management Function defines methodologies and processes aimed
at identifying, measuring, managing, and monitoring the main risks which the Group is exposed to. In this way, the management of
operational risk is ensured at all levels with a holistic view, which is essential for prioritizing actions and allocating resources in the
most critical risk-related areas.
In relation to ICT risks, the Group has developed or enhanced dedicated tools and models which include:
• qualitative risk assessments, including analyses related to Artificial Intelligence (AI) and Cloud, which evaluate the level of potential
exposure and the adequacy of controls, considering the design and effectiveness of measures in place, historical ICT events and
the estimate of possible economic losses;
• quantitative risk assessments, which allow assessing in economic terms the exposure to cyber threats and the unavailability of
ICT systems;
• ICT Risk Appetite Framework, aimed at supporting the Group’s digital resilience strategy by defining levels of ICT and Cyber risk
considered acceptable for achieving business objectives;
• Risk Event Register Monitoring, aimed at ensuring constant oversight of risk events through monitoring the implementation status
of response plans, conducting in-depth analyses with Risk Owners in case of action postponement and validating requests for
risk closure.
365
Consolidated Financial Statements
4. The definition includes the compliance risk, the financial reporting risk and the sustainability reporting risk, while strategic and reputational risks are not included. However, since they are often an indirect consequence of
operational risks, during the Overall Risk Assessment process, considerations are also made regarding potential reputational and strategic impacts, with a deep-dive on the indirect impacts related to sustainability matters.
366
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Risk mitigation
The Group has implemented specific measures to reduce exposure to operational risks, including the strengthening of cybersecurity
controls through a dedicated unit at Group level, the introduction of internal policies for managing risks associated with the use of
Artificial Intelligence, and the establishment of specialised structures to address risks such as fraud and those related to financial
reporting management. Furthermore, Risk Owners, supported by key functions, are responsible for implementing planned actions,
which may include different strategies:
• mitigation, aimed at transferring risk to third parties through traditional instruments, such as underwriting insurance policies;
• reduction, aimed at limiting risk by implementing additional controls to reduce the impact and/or frequency of individual events, for
example by improving internal control systems;
• acceptance, aimed at consciously retaining risk exposure, in line with the defined business strategy;
• exclusion, aimed at eliminating the cause of risk, avoiding the performance of activities that generate exposure.
41.5. Liquidity risk
Risk definition
The Group is exposed to liquidity risk arising from uncertainty over the ability to fully and timely meet cash payment obligations
deriving from insurance, investment or financing activities, even in market scenarios characterised by stressed conditions.
Risk exposure
The main sources of the Group’s exposure stem from:
• insurance and reinsurance activities, due to potential mismatches between cash inflows and cash outflows;
• investment management activity, which may generate potential liquidity gaps related to the management of the asset portfolio, or
result in a potentially insufficient level of liquidity in the event of disposals;
• financing activity, which may involve difficulties in accessing external funding or high financing costs.
Finally, additional exposures may arise from issued guarantees, contractual commitments, margin calls on derivative instruments and
regulatory constraints.
Risk measurement
For risk measurement purposes, the Group has defined a specific framework based on a forward-looking approach. It relies on
projecting cash obligations and available liquid resources over a 12-month time horizon, with the aim of ensuring that available liquid
resources are at all times sufficient to cover cash obligations that will become due in the reference period. To this end, the Group has
defined a metric, called liquidity indicator, calculated both at individual company and at Group level, in two scenarios:
• base scenario, consistently with the Strategic Plan assumptions;
• stress scenario, which reflects adverse but plausible conditions.
Risk limits are defined based on this indicator, to ensure an adequate liquidity buffer even under adverse conditions. Furthermore, the
Group monitors the degree of investment illiquidity through the calculation of the Investment Illiquidity Ratio (IIR) in the base scenario,
aimed at measuring the share of illiquid instruments held in investment portfolios.
Risk management
Liquidity risk management within the Group, in line with the risk strategy defined in the Group Risk Appetite Framework and with the
provisions set out in the Liquidity Risk Management Group Policy, is based on a system of governance which defines risk limits and
provides for an escalation process to be activated in the event of limit breaches or other liquidity-related issues. The management
principles are fully integrated into strategic and business processes, including investment management and product development.
As liquidity risk is considered one of the main risks associated with investments, indicators such as cash flow duration mismatch are
an integral part of the Strategic Asset Allocation (SAA) process. Moreover, investment limits are defined to ensure the share of illiquid
assets, including complex instruments, remains within thresholds that do not compromise overall liquidity. These limits are regularly
monitored both at Group and local level.
Finally, within the Liquidity Risk Management Plan and the Recovery Plan, specific stress tests are carried out to assess the impact
of adverse and extreme scenarios on the Group’s liquidity profile.
Risk mitigation
The Group also integrates principles aimed at containing liquidity risk in life and non-life underwriting processes, in relation to the
management of life lapses and non-life claims respectively.
Further details are available in Investments and Insurance and investment contracts sections of the Notes.
367
Consolidated Financial Statements
41.6. Other risks
Among the risks not included in the SCR calculation, the following are also taken into account:
• reputational risk referring to potential losses arising from the deterioration or a negative perception of the Group among its customers
and other stakeholders. Within the Sustainability Risks Group Guideline and Operational Risk Group Guidelines, reputational risks
are mostly considered second order risks, consequent to sustainability matters or operational risks;
• emerging risks arising from new or future risks, more complex to identify and quantify, and typically systemic. These risks
generally refer to environmental topics and climate change, technological changes and digitalisation, geopolitical developments,
and demographic and social changes. For the identification and the assessment of these risks and to raise awareness on the
implications of the main emerging risks, the Risk Management Function engages with a dedicated network, involving all main
business functions, and relies on structured surveys that are also extended to the employee population. The Group also participates
in the Emerging Risk Initiative (ERI), a dedicated working group of the CRO Forum, which involves the CROs (Chief Risk Officers) of
the main European groups. Within the ERI, risks common to the insurance industry are discussed and published in the ERI Radar
as well as specific studies (Position Papers) on selected emerging risks;
• sustainability risks referring to an environmental, social or governance event or condition that, in case of occurrence, it could
cause an actual or a potential negative impact on the value of the investment or on the value of the liability. The management of
sustainability risks, as well as the management of the potential negative impacts resulting from business decisions on sustainability
matters, in addition to being defined in the Risk Management Group Policy, are mainly ruled in the Sustainability Group Policy,
Investment Governance Group Policy, Life Underwriting and Reserving Group Policy, P&C Underwriting and Reserving Group
Policy and further detailed in the related guidelines.
During 2025, the assessment of climate change related risk on investment and underwriting portfolios has been updated based
on revised climate scenarios developed by the NGFS (Network for Greening the Financial System) as well as by the IPCC
(Intergovernmental Panel on Climate Change), and further risk analyses were conducted on other factors, such as biodiversity and
human rights. Further details are available within the Sustainability Statement.
Based on the analyses performed, climate change risk materiality was confirmed, particularly with regard to physical risk arising
from the increasing severity of long-term climate related natural events.
Finally, the Group has developed frameworks for the identification, measurement, management and mitigation of concentration risk
arising from investments and from exposures to reinsurance and non-life underwriting counterparties, set out respectively in the Risk
Concentrations Management Group Policy - Investment Exposures and in the Risk Concentrations Management Group Policy -
Reinsurance and Underwriting Exposures.
42. Information about employees

Information about employees |  |
| 31/12/2025 | 31/12/2024
Managers | 2,435 | 2,506
Middle managers | 13,715 | 13,164
Employees | 53,472 | 52,855
Sales attendant | 18,435 | 18,190
Others | 192 | 136
Total | 88,249 | 86,851

43. Provisions for defined benefit plans
The pension benefits of Generali Group’s employees are mainly in the form of defined contribution plans and defined benefit plans.
In the case of defined contribution plans, the Group’s legal obligation is limited to the amount of contributions to be paid to the related
fund under the agreement and for this reason the amounts are included in payables to employees. See therefore Payables in Other
balance sheet items.
368
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
As for defined benefit plans, participants are granted a defined pension benefits either by the employers or via external entities.
The Group’s main defined benefit plans are concentrated in Germany, Austria and Switzerland, while in Italy they mainly include
liabilities for trattamento di fine rapporto - TFR accrued up to 31 December 2006, amounting to € 46 million (the portions of TFR
accruing from 1 January 2007, the date of entry into force of the supplementary pension reform introduced by Legislative Decree
No. 252 of December 5, 2005, fall under “defined contribution plans”, both in the case of the employee’s option for supplementary
pension schemes and in the case of allocation to the Treasury Fund managed by INPS).
The table below shows the movements in the net liability (or asset) for defined benefit plans which occurred during the year recognized
in the financial statements in accordance with IAS 19, broken down by individual components:

Net defined benefit plans liabilities: analysis of movements by components |  |  |  |  |
(€ million) | Present value of defined benefit obligation ( I ) | Current value of plan assets ( II ) | Effect of asset ceiling ( III ) | Net defined benefit plans liabilities ( I - II + III )
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Net liability as at 31 December previous year | 4,149 | 4,193 | 1,270 | 1,229 | 36 | 75 | 2,915 | 3,039
Net expense recognised in the income statement | 157 | 174 | 20 | 28 | 0 | 0 | 137 | 146
Net interest | 113 | 120 | 20 | 26 | 0 | 0 | 93 | 94
Current service cost | 50 | 54 | - | - | - | - | 50 | 54
Past service cost | -6 | -1 | - | - | - | - | -6 | -1
Losses (gains) on settlements | 1 | 1 | -0 | 2 | - | - | 1 | -1
Re-measurements recognised in Other Comprehensive Income | -163 | 4 | 23 | 30 | 56 | -38 | -130 | -64
Actuarial gains (losses) from change in financial assumptions | -183 | 21 | - | - | - | - | -183 | 21
Actuarial gains (losses) from change in demographical assumptions | -13 | -15 | - | - | - | - | -13 | -15
Actuarial gains (losses) from experience | 33 | -2 | - | - | - | - | 33 | -2
Change in the effect of the asset ceiling | - | - | - | - | 56 | -38 | 56 | -38
Return on plan assets (other than interest) | - | - | 23 | 30 | - | - | -23 | -30
Contributions and benefits paid | -270 | -228 | -29 | -16 | 0 | 0 | -241 | -212
Contribution by plan participants | 16 | 18 | 16 | 18 | 0 | 0 | 0 | 0
Employer contribution | - | - | 28 | 33 | 0 | 0 | -28 | -33
Benefits paid | -287 | -246 | -74 | -67 | 0 | 0 | -213 | -179
Foreign currency translation effects | 2 | 3 | 4 | 2 | 1 | -1 | -1 | -0
Changes in consolidation scope and other changes | -3 | 3 | -2 | -3 | 0 | 0 | -1 | 6
Net liability as at 31 December current year | 3,872 | 4,149 | 1,285 | 1,270 | 93 | 36 | 2,679 | 2,915

The components of the net liability for defined benefit plans presented in the table are the defined benefit obligations, the fair value of
plan assets and the effect of the asset ceiling. In particular, the fair value of plan assets represents the present value of assets that are
legally separated and held solely to pay or fund employee benefits. Regarding the effect of the asset ceiling recognized in accordance
with provisions of paragraph 64 of IAS 19, this represents the present value of any economic benefits available in the form of refunds
from the plan or reductions in future contributions to the plan.
The amounts reported are gross of deferred taxes.
During the year, movements in the net liability and its components were driven by the net expense recognized in the income
statement, amounting to € 137 million as at 31 December 2025 (€ 146 million as at 31 December 2024), and by re-measurements
recognized in other comprehensive income amounting to € -130 million as at 31 December 2025 (€ -64 million as at 31 December
2024). These latter also include changes resulting from the periodic redetermination of the applicable discount rate, which led to
actuarial gains and the consequent decrease of liability compared to the previous year. Other movements in the net liability and its
components were due to movements in exchange rates and other minor changes, such as, for example, changes in consolidation
scope.
It should be noted that a surplus in a defined benefit plan in Switzerland has resulted in the application of the asset ceiling to the
adjustment of the net assets recorded in the balance sheet. The asset ceiling amounted to € 93 million at 31 December 2025 (€ 36
million at 31 December 2024).
369
Consolidated Financial Statements
The defined benefit plans’ asset allocation by asset category is as follows:

Defined benefit plans: assets allocation |  |
(%) | 31/12/2025 | 31/12/2024
Bonds | 42.0% | 43.3%
Equities | 23.6% | 21.1%
Real estate | 16.2% | 16.5%
Investment fund units | 1.3% | 0.5%
Insurance policies issued by non Group insurers | 7.6% | 8.2%
Other investments | 9.4% | 10.4%
Total | 100.0% | 100.0%

The assumptions used in the actuarial calculation of the defined benefit obligations and the related periodic pension cost are based
on the best estimates of each companies granting defined benefit plans. The main weighted-average assumptions considered for
the value definition of defined benefits plans obligations are summarized in the following table, for the main operating areas:

Assumptions for actuarial calculation of defined benefit plans |  |  |
% | Eurozone |  | Switzerland |
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Discount rate for evaluation at reporting date | 3.9% | 3.4% | 0.9% | 0.9%
Rate of salary increase | 2.9% | 2.9% | 1.7% | 1.7%
Rate of pension increase | 2.0% | 2.0% | 0.0% | 0.0%

The average duration of the obligation for defined benefit plans is 11 years as at 31 December 2025 (11 years at 31 December 2024).
A sensitivity analysis was carried out showing how the defined benefit obligation would have been affected by changes in the
discount rate and the most relevant actuarial assumptions on these liabilities:
Defined benefit plans: sensitivity

(€ million) Assumptions | Discount rate for evaluation at reporting date | Rate of salary increase | Rate of pension increase
0.5% increase | 0.5% decrease | 0.5% increase | 0.5% decrease | 0.5% increase
Impact on defined benefit obligation | -174 | 191 | 11 | -11 | 150

To provide an indication of the effect of the defined benefit plans on the future cash flows of the Group, the future expected payments,
divided by bands of maturity, are presented below:
Defined benefit plans: expected payments

(€ million) | 31/12/2025 | 31/12/2024
Within the next 12 months | 311 | 276
Between 2 and 5 years | 1,022 | 989
Between 5 and 10 years | 1,270 | 1,289
Beyond 10 years | 3,377 | 3,636
Total | 5,980 | 6,190

It should be noted that part of the Group’s defined benefit plans have assets that are designated, but not legally segregated, to meet
the pension defined benefit obligations. These are related to policies issued by Generali Group companies, or other investments
owned by the Group entities. In accordance with IAS 19, these investments are not recognised as plan assets and so cannot be
deducted from the defined benefit obligations. However, to assess the net liability for defined benefit plans, these assets should
have been netted against the present value of the related pension obligations. In addition, in Germany and Austria, where is
allocated approximately 94% of the present net value of defined benefit obligations, the pension guarantee associations, for yearly
contributions to be paid by the companies, are liable for the fulfilment of the pension commitments granted in case of company
insolvency.
370
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
44. Share-based compensation plans
At 31 December 2025, different incentive plans based on equity instruments granted by the Parent Company and other Group
companies are outstanding.
44.1. Share-based compensation plans granted by the Parent
Company
Long-Term Incentives (LTI) represent the long-term variable remuneration of Generali, which takes the form of multi-year plans,
approved from time to time by the competent bodies and may be addressed to directors, managers with strategic responsibilities
and other Generali employees; they may be based on cash disbursements or financial instruments.
The plan LTI 2022-2024 has completed the performance cycle at the end of 2024. The corresponding share allocation has been
carried out starting from April 2025, depending on the target population.
The LTI plans 2023-2025 and 2024-2026, currently in progress, may result in shares’ granting in the financial years envisaged under
the plan rules depending on the different categories of beneficiaries, subject to the achievement of certain Group performance levels.
Further details are given in the information reports approved at the time by the Shareholders’ Meeting and published on the Generali
Group website, as well as in the Remuneration Report annually published.
A new long-term incentive plan based on Assicurazioni Generali S.p.A. shares – LTI 2025-2027 - has been submitted for the approval
of the Shareholders’ Meeting of 24 April 2025.
In line with market practices and investor expectations, shares are assigned and made available to beneficiaries over a deferred long-
term time span, subject to the achievement of Group’s performance conditions (Net Holding Cash Flow, relative Total Shareholder
Return – relevant TSR and Sustainability & People targets) and the achievement of a minimum level of Group Regulatory Solvency
Ratio and of a minimum level of Group Liquidity Ratio as access thresholds, as detailed below.
The Plan is based on the following essential aspects:
• the incentive connected with the achievement of the targets is paid through the grant of Assicurazioni Generali S.p.A. ordinary shares;
• the right to receive the shares is subject to certain entry thresholds, defined annually by the Board of Directors and which represent
a condition precedent;
• the targets to which payment of the incentive is subject are Group financial and non-financial/Sustainability & People ones and are
defined at the beginning of the performance period and kept consistent with the strategic plans of the Group.
The maximum number of shares that can be assigned is determined at the start of the plan. The maximum potential bonus to be
disbursed in shares equals 200% of the gross fixed annual remuneration for the Group Management Committee (GMC) members
and 175% of the gross fixed annual remuneration for the Global Leadership Group (GLG) members (or a different percentage for
other beneficiaries); therefore, the maximum number of shares that can be assigned is the result of the ratio of the maximum amount
and the standard reference share price value, with the latter calculated as the average price of the three months prior to the approval
by the Board of Directors of the financial statements and consolidated financial statements’ draft of the year before the beginning
of the Plan’s three-year reference period (standard reference price). Moreover, as additional specific provision to further align the
interests of the management with those of the shareholders, the actual share price for the 2025-2027 plan will be set as the average
price of the month preceding the Annual Generali Meeting 2025, upon resolution of the Board of Directors, in case it is higher than
the standard reference share price. Given that this condition actually occurred, the final standard reference share price for the LTI
2025-2027 plan was set in line with this latter provision.
With reference to methods and time frame for granting the shares, they are differentiated by:
• the members of the Group Management Committee (GMC):
- at the end of the three-year performance period, 50% of the shares accrued on the basis of the targets met will be granted; 25%
are immediately available (to allow the beneficiaries to bear the tax charges connected with the grant), while the remaining 25%
are subject to a one-year lock-up period;
- the remaining 50% of the accrued shares is subject to another two years of deferral, during which the accrued amount may
become zero if the Group Regulatory Solvency Ratio and the group Liquidity Ratio threshold levels established by the plan
are not met, or if a malus provided for by the plan regulation should occur. After having checked that the aforesaid threshold
levels have been reached and that there is no malus, and provided that on that date the beneficiary has a relationship with
the Company (or with other Group companies), the remaining 50% of the shares accrued are granted; 25% are immediately
available (to allow the beneficiaries to bear the tax charges connected with the grant), while the remaining 25% are subject to a
one year lock-up period;
• the remaining key employees, GLG, Directors and talents: at the end of the three-year performance period, 100% of the shares
accrued will be granted, of which 50% are immediately available (to allow the beneficiaries to bear the tax charges connected with
the grant), while the remaining 50% are subject to a two-year lock-up period.
The performance level is expressed as a percentage of the level of individual indicators achievement, which final results are calculated
using a linear interpolation approach.
During each year of the plan and at the end of the three-year performance period and, in any case, at the end of the additional two-
year deferral period, an evaluation is carried out on the degree to which access thresholds has been achieved, defined in terms of
Group Regulatory Solvency Ratio (RSR) equal to 130% - the limit set considering the so called hard limit defined in the Group Risk
371
Consolidated Financial Statements
Appetite Framework – and in a specific minimum level of Group Liquidity Ratio equal to -100%. Moreover, the Board of Directors,
having taken into account the opinion of the Risk and Control Committee based on the analyses by the Risk Management function
of specific parameters, will reduce the incentives (that is a Group Regulatory Solvency Ratio between 150% and 140% requires at
least a 25% reduction, while a Group Regulatory Solvency Ratio between 140% and 130% requires a reduction of at least 50%).
In any case, no incentive will be paid in the event of a significant worsening of the capital and financial situation of the Group. Any
amount disbursed will be subject to claw-back if the performance considered should later be found to be non-lasting or ineffective
as a result of willful misconduct or gross negligence.
In line with what has already been established for the existing plans, the 2025-2027 Plan has a dividend equivalent mechanism on
the basis of the dividends distributed during the performance period (dividend equivalent). In particular, should the shareholders’
meeting resolve upon the distribution of dividends in favour of the shareholders during the reference period, at the expiry of such
period, an additional number of shares determined in relation to the overall dividends distributed during the reference period will be
assigned in favour of the beneficiaries. The additional number of shares thus determined shall be assigned simultaneously and in
relation with the other shares assigned in favour of each beneficiary, subject to the same restrictions (holding period) and determined
considering the shares’ value at the assignment of the plan, to be calculated using the standard reference price as previously defined.
The maximum number of shares that can be granted is 7,200,000, accounting for 0.46% of the share capital at the date of approval
of the plan.
In line with the previous plans, the 2025-2027 LTI plan can be treated as an equity-settled share-based payment falling under IFRS
2 – Share-based Payment, which provides a grant date measurement model seeking to capture the value of the contingent right to
shares promised at grant date, to the extent that promises become an entitlement of the counterparty, rather than the value of any
shares finally delivered.
The condition related to relative TSR configures as a market condition, other conditions mentioned above are considered whether
as performance or as service condition.
The value of the right to receive free shares related to the market condition is estimated at grant date using a statistical model which
estimates the statistically probable positioning of relative TSR of the Generali share compared to a peer group panel of selected
companies.
The fair value of the bonus right linked to market condition is made by multiplying the forward price of assignable shares (taking into
account the lock-up period set by the plan for the different beneficiary types) to the grant date with the pay-out ratio of the relative
TSR. Such pay-out is determined as the average of the pay-outs resulting from the processing of a series of scenarios using a
statistical model. The pay-out of the single simulation is zero in the case of the TSR of Generali’s shares positioning below the median
of the panel peer group, while it is positive in the case it is equal or above the median of the panel peer group. The maximum pay-out
is recognized in the case of the relative TSR value of Generali shares positioning is equal or above the 90th percentile.
The estimated fair value of LTI 2025-2027 plan at the grant date of the bonus right related to the performance level in terms of relative
TSR is € 20.44 with reference to the members of the GLG category.
The related cost on the overall plan is obtained by multiplying the fair value mentioned above by the number of rights related to
the market condition, to be assigned based on the satisfaction of the vesting condition. A similar calculation was applied to the
bonus portion linked to Net Holding Cash Flow (NHCF), identifying the pay-out through the linear interpolation applied to the level
of performance considered most probable. The range applied to the linear interpolation of NHCF is included between the maximum
pay-out, granted in case of level equal to or greater than € 12.1 billion and a pay-out equal to 0 in case of a level equal or lower
than € 10.5 billion. Payment related to the achievement of Sustainability & People target is determined based on 1) CO
2
Emissions
Reduction Target from Group Activities
5
and 2) People Engagement Rate
6
.
Finally, the cost related to the recognition of dividends paid during the period (so called dividend equivalent) was estimated by applying an
estimated dividend to the expected number of shares to be assigned under the plan, based on the degree of achievement assessed as
above described. For additional information related to incentive plans refer to the Report on Remuneration Policy and Payments 2024.
The Annual General Meeting of 29th April 2022 approved the proposal to launch a new three-year share ownership plan for Group
employees, We SHARE, in line with the 2022-2024 Strategy, focused on a culture of ownership and empowerment, and promoting
participation in the creation of Group sustainable value.
The Plan offers Group employees the opportunity to purchase Generali shares at favorable conditions based on the appreciation of
the value of the stock with the introduction of an ESG objective connected to the reduction of CO2 emissions relating to the Group’s
operating activities in line with the Group’s climate strategy.
The Share Plan is addressed to employees of Assicurazioni Generali and the companies belonging to the Group, excluding members
of the Group Management Committee and the Global Leadership Group who cannot subscribe to the Plan as well as employees
operating in countries and companies in which it is not possible to implement the Share Plan on the terms set and approved by
Generali, for reasons of a legal, fiscal, operating or organizational nature.
The Plan will be launched in June 2023 and will end at the end of May 2026, thus having a duration of indicatively 3 years.
The essential features of the Plan are set out below:
• at the beginning of the Plan, employees who decide to participate (‘participants’) will be able to define the amount of their individual
contribution;
5. The pay-out is identified through linear interpolation with a calculation range between the maximum payout, recognized in the case of certification of the same on levels greater than or equal to 53% and a zero pay-out in the
case of certification of the same on levels lower than 48%.
6. The pay-out is identified through linear interpolation with a calculation range between the maximum payout recognized if it meets or exceeds an external market benchmark rate for three out of three periods, and a zero pay-out
if it falls below an external market benchmark rate for at least two out of three periods.
372
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
• the amount of the individual contribution shall be between a minimum of € 660 and a maximum of € 9,900 and will be committed
for the entire duration of the Plan;
• based on the amount of the individual contribution, participants will receive free of charge the right (‘options’) to purchase, at the end
of the Plan, underlying Generali share at a price determined at the beginning of the Plan (‘initial price’). The number of options assigned
to each participant will be equal to the ratio between the individual contribution and the initial price. The initial price shall be calculated
as the average of the official closing prices of Generali shares on Euronext Milan of the month following the date on which this Plan is
launched by the Board of Directors with the possibility of applying an adjustment factor up to the +/- 10% on the defined average price;
• at the end of the Plan, the final price of Generali shares shall be determined and:
- in case of share price appreciation (final price equal to or higher than the initial price, i.e. options ‘in-the-Money’), participants
will automatically purchase the Underlying Shares by paying to the Company the individual contribution accrued throughout the
Plan and will receive free of charge:
1. dividend Equivalent Shares, amounting to the ratio between the value of the dividends per share (paid by Assicurazioni
Generali on a cash basis during the years 2023, 2024 and 2025) and the initial price, multiplied by the number of Underlying
Shares purchased;
2. two Matching Shares for every ten Underlying Shares purchased;
3. two ESG Shares for every ten Underlying Shares purchased, if the ESG Goal is also achieved.
- In case of share price depreciation (final price lower than the initial price, i.e. options ‘out-of-the-Money’), participants will receive:
1. the refund of the individual contribution accrued (protection mechanism);
2. the Dividend Equivalent Shares in case the Net Holding Cash Flow (NHCF) goal is achieved.
The maximum number of shares for the Plan is 9,000,000 (about 0.6% of the share capital at the date of approval of the plan), to be
executed through the purchase of treasury shares in the market. In the event that the aggregate number of subscriptions to the Plan
exceeds the maximum threshold of distributable options, or the maximum threshold of Generali purchasable or attributable shares,
the number of options to be assigned free of charge shall be reduced on a pro rata basis for all the participants (reallotment). The
reallotment shall be carried out for a percentage value such as to guarantee the allocation of options (or, subsequently of Generali
shares) within the stated maximum limits.
The Plan also provides for malus, clawback and prohibitions on hedging clauses in the line with Group Policies.
The overall cost of the LTI plans 2021-2023, 2022-2024, 2023-2025, 2024-2026, 2025-2027, as well as We SHARE plan is allocated
over the period of maturity (vesting period) starting from the first financial year on which the performance levels are assessed, with a
corresponding increase in equity.
The cost associated with all above-mentioned outstanding plans recognized during the period amounted to € 125.90 million. The
maximum number of shares that can be granted in relation to mentioned plans is approximately 28.63 million.
44.2. Share-based compensation plans granted by the other
Group companies
The main share-based payments granted by the other Group companies are detailed here below.
Share-based compensation plans granted by Banca Generali
At 31 December 2025, the following payment agreements based on own equity instruments were in place:
• the plans launched with respect to Banca Generali Group’s Remuneration and Incentive Policy, in effect from time to time, which
calls for a part of the variable remuneration of Key Personnel to be paid by assigning Banca Generali’s own financial instruments;
• share-based incentive plans granted to employees of the subsidiary Intermonte SIM, implemented in connection with the acquisition
of that company and with its Remuneration Policy;
• the plans launched in service of the Framework Loyalty Programme 2017-2026, approved by the General Shareholders’ Meeting
on 20 April 2017 and now in its fifth annual cycle (2021-2026), which calls for a maximum of 50% of the indemnity accrued to be
paid using own financial instruments;
• the LTI (Long term Incentive) plans for the Banking Group’s top managers, based on Banca Generali shares.
The value of treasury shares assigned during the year was € 10.2 million, against IFRS 2 reserves totalling € 11.7 million, with a not
material negative net effect on the share premium reserve.
New provisions were also allocated to the reserve for € 17.9 million.
At 31 December 2025, total IFRS 2 reserves allocated therefore amounted to € 40.5 million, of which:
• € 16.5 million in relation to the Remuneration Policy;
• € 16.1 million in relation to the Loyalty Programme;
• € 6.5 million in relation to the Long Term Incentive Plans of Banca Generali;
• € 1.2 million related to Intermonte SIM;
• € 0.2 million in relation to foreign subsidiaries.
373
Consolidated Financial Statements
Share-based compensation plans granted by Generali France
At 31 December 2025, share-based compensation plans, in IFRS2 scope, granted by Generali France to the employees of Generali
France group are composed of nineteenth stock grant plans approved by the board on 21 December 2006, 20 December 2007, 4
December 2008, 10 December 2009, 9 December 2010, 14 March 2012, 25 June 2013, 7 March 2014, 6 March 2015, 9 March
2016, 9 March 2017, 1 March 2018, 7 March 2019, 11 March 2020, 8 March 2021, 9 March 2022, 8 March 2023, 6 March 2024
and 10 March 2025.
At 31 December 2025, the number of shares granted amounted to 6,945,455 preferred shares, of which 98,547 related to the plan
granted for the 175th anniversary of the foundation of the Parent Company.
The plans are considered as cash-settled, for which a liability is recorded in the balance sheet equaling € 78 million. The charge
recognized in the profit or loss amounted to € 2.9 million.
Share-based compensation plans granted by Generali Investments Holding
At 31 December 2025, share-based compensation plans, in IFRS2 scope, granted by Generali Investments Holding to its own
employees are composed of:
• Generali Investments Holding Long Term Incentive Plan 2024-2026 and Plan 2024-2027 approved by the Board of Directors on
4 October 2024;
• Generali Investments Holding Long Term Incentive Plan 2025-2027 approved by the Board of Directors on 30 June 2025;
• Generali Investments Holding LTIP plans dedicated to Conning Employees and Directors, including Conversion of awards
outstanding under the CHL 2015 Long-Term Incentive Plan, Retention Awards granted to Conning employees and Long-Term
Incentive Plan Awards granted to Conning employees.
In continuity with past year, the parent company Generali Investments Holding has defined a deferred incentive plan for the most
relevant staff for dedicated legal entities into the group perimeter. The plans are based on the free allocation of Generali Investments
Holding S.p.A. stock grant to the beneficiaries which results in the allocation to the beneficiaries of a cash amount equal to the fair
value of one share multiplied by the number of stock grant accrued.
With reference to these plans, the number of stock granted amounted to 1,042,878 units at 31 December 2025.
The plans are considered as cash-settled, for which a liability is recorded in the balance sheet equaling € 39.8 million. The charge
recognized in the profit or loss amounted to € 28.1 million.
45. Contingent liabilities, commitments, guarantees,
pledged assets and collateral
45.1. Contingent liabilities
A contingent liability is:
• a possible obligation that arises from past events and whose existence will be confirmed only by occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the entity; or
• a present obligation that arises from past events but is not recognized because:
- it is not probable than an outflow of resources embodying economic benefits will be required to settle the obligation; or
- the amount of the obligation cannot be measured with sufficient reliability.
As at 31 December 2025 the estimate of the contingent liabilities’ financial effects at Group level results as of approximately € 2 million,
related to some disputes for which the probability of occurrence is not considered as remote, however not sufficiently material to
recognise them as liabilities on the balance sheet.
45.2. Commitment
Generali Group at 31 December 2025 held outstanding commitments for a total amount of approximately € 15.6 billion, related to
potential commitments on investments, loans and other commitments.
Because part of these commitments may expire without being called, the amounts disclosed are not indicative of the actual liquidity
needs arising from these commitments.
In particular, approximately € 7.3 billion represent commitments associated with alternative investments (private equity), mainly
subscribed by private equity funds of the Group. Commitments related to private debt investments amount to approximately € 7.2
billion.
374
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Moreover, approximately € 0.5 billion refer to several investment opportunities and, in particular, to investment funds that mainly
invest in real estate, equity investments and, to a lesser extent, in financing (the latter mainly associated to liquidity or funding needs
of the customers of the Group’s banking operations).
Other commitments amounted totally to approximately € 0.6 billion and the main part refers to potential commitments of the German
life companies towards a specific German entity founded in order to protect the local policyholders if the funds already available
within the policyholders protection scheme are not sufficient to face the insolvency of one or more insurers.
45.3. Guarantees
The Group’s nominal exposure in guarantees provided towards third parties amounts to € 129 million, of which € 124 million refer to
sureties normally granted as part of the Group’s banking business and other services provided by some Group companies. Moreover,
it is reported that the Group, in the context of its business operations in some countries, receives guarantees provided by third parties.
It is further reported that during the year, following the completion of the non-proportional total demerger, the guarantee issued by
Generali Italia in favor of the banks financing Cronos Vita, amounting to €1,094 million, was extinguished.
45.4. Pledged assets and collaterals
As at 31 December 2025, as already mentioned in the chapter Assets transferred that do not qualify for derecognition of the section
Investments, the Group has pledged € 19,832 million of its assets as collateral. In particular, € 6,819 million have been pledged to
cover loans and bonds issued, mainly related to the Group’s real estate activities, € 624 million in its reinsurance activities, € 3,757
million in REPO, € 5,849 million in securities lending operations, as well as € 1,646 million in derivatives transactions. Residual part
is related to collateral pledged other minor operations.
Furthermore, the Group has received assets as collateral for € 13,198 million, in particular for transactions in bonds and loans for
€ 11,147 million, in Reverse REPO for € 656 million and € 535 million in reinsurance activities. Residual part is related to transactions
in derivatives and other minor operations.
46. Significant non-recurring events and transactions
There are no significant non-recurring events and transactions to be reported in 2025 other than the acquisition transactions reported
in the paragraph New Entities Acquisition.
47. Significant events after 31 December 2025
On 9
th
March 2026, Generali Group announces that it has reached an agreement for the sale of its Irish and Northern Irish P&C
operations, carried out through the Irish and UK (Northern Ireland) branches of Generali Spain under the RedClick brand, to Zurich
Insurance Europe AG and Zurich Insurance Company Ltd, UK Branch, both part of the Zurich Insurance Group.
The transaction is in line with Generali’s focus on core insurance markets where the Group already holds scale and a leading
presence. It is also fully aligned with Generali’s “Lifetime Partner 27: Driving Excellence” strategic plan.
The transaction is subject to the customary regulatory approvals and necessary authorisations from the competent authorities.
This event does not result in any changes to the Consolidated Financial Statements as of 31 December 2025, as the classification of the
aforementioned business under IFRS 5, following the agreement signed, qualifies as a non-adjusting event in accordance with IAS 10.
For further information, please refer to the relevant section of the Management Report.
48. Leasing
IFRS 16 provides presentation and disclosure requirements on leasing operations for both lessees and lessors.
Here below details on lessees and lessors activities and related disclosures relevant for Generali Group.
48.1. Lessees
Group companies acting as lessees are mainly involved in real estate leases (mainly for offices, agencies and similar items), land,
company cars and other assets.
375
Consolidated Financial Statements
Right of use assets
Right of use assets are allocated based on their nature to specific Balance sheet items “Tangible assets” and, to a residual extent,
“Intangible assets”.
Fair value of right of use assets is estimated to be aligned with their carrying amount.
Focus on impairment of right of use assets
Under IFRS 16, right of use assets are subject to impairment requirements of IAS 36.
Similar to other assets, a right of use asset is tested for impairment when impairment indicators exist.
In general, if impairment indicators exist, an entity must determine whether the right of use asset can be tested on a stand-alone
basis or whether it will have to be tested at CGU level.
This will depend on whether the asset generates largely independent cash inflows from other assets or groups of assets.
Given the nature of the right of use assets held by the Group, they are deemed not to be capable of generating largely independent
cash flows and, therefore, these assets are tested at CGU level, in line with the Group’s methodology applied for the impairment test
of goodwill.
In this context, the carrying amount of a CGU is therefore calculated considering, if any, right of use assets and lease liabilities
belonging to that unit.
If the recoverable amount of the CGU is less than its carrying amount, carrying amount of goodwill represents the first asset to be
reduced. Then, impairment loss is allocated to other assets of the CGU pro rata based on the carrying amount of each asset in the
unit to which the specific right of use asset belongs.
For additional information on impairment test of goodwill please refer to the chapter Goodwill.
Lease liabilities
Lease liabilities as at 31 December 2025 amounted to € 464 million, while total cash outflows of the period amounted to € 133
million.
Lease liabilities are included in item Financial liabilities at amortised cost on the Balance sheet.
Below a maturity analysis of undiscounted lease payments can be found.

Maturity analysis of undiscounted lease liabilities
(€ million) | 31/12/2025 | 31/12/2024
Maturity less than one year | 133 | 109
Maturity between 1 and 2 years | 90 | 103
Maturity between 2 and 3 years | 71 | 64
Maturity between 3 and 4 years | 61 | 51
Maturity between 4 and 5 years | 62 | 52
Maturity more than 5 years | 121 | 140
Total undiscounted lease liabilities | 538 | 519

48.2. Lessors
Operating leases
Group companies act also as lessors, mainly related to real estate rentals through operating leases. The majority of investment
properties are consequently leased out for different uses. Group presents underlying assets subject to operating leases according to
the nature of the underlying asset. Please refer therefore to section Investments for additional information on investment properties.
Income from operating leases has been allocated according to the nature of the underlying item rented. Please refer to chapter
Details on economic components of investments for additional information.
Income from variable lease payments that do not depend on an index or a rate amounted are not material.
Financial leases
There are no cases of financial leases within the Group, as it is not Group practice to carry out this type of activity.
376
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
49. Other information
With reference to the transparency of public funds legislation introduced by art. 1 of Law 124/2017, paragraphs 125, 125-bis and
following, as modified by art. 35 of Legislative Decree 34/2019, converted into Law 58/2019 (so-called Decreto Crescita), during the
2025 financial year, Generali Group received public funds which are reported in the Registro Nazionale degli Aiuti di Stato pursuant
to art. 52 of Law 234/2012 and subsequent amendments and additions, to which reference is made in the specific Transparency
section, pursuant to art. 1, paragraph 125-quinquies of the aforementioned Law 124/2017.
50. Audit and other service fees for the fiscal year
In the table below, drawn up pursuant to the article 149-duodecies of Consob Regulation, are reported the 2025 fees for auditing
and other services to Parent company’s audit and companies within audit company’s network.

Audit and other service fees |  |
(€ thousands) | KPMG Italy | KPMG Network
| 31/12/2025 | 31/12/2025
Parent Company | 5,083 | 739
Audit fee | 2,709 | 454
Attestation service fees | 2,374 | 285
Other services | 0 | 0
Subsidiaries | 15,167 | 31,775
Audit fee | 7,623 | 27,533
Attestation service fees | 7,247 | 3,600
Other services | 296 | 642
Total | 20,250 | 32,513

51. Information about climate change
Pursuant to the ESMA Public Statement of 28 October 2022, also recalled to in the Public Statement of 24 October 2024 and in the
Public Statement of 14 October 2025, as well in the CONSOB attention call no. 2/24 titled “L’informativa sul clima fornita nei bilanci”
in this chapter describes how the assessment of climatic risks is considered in the valuation of the most significant balance sheet
items for the Group such as: financial instruments, real estates and insurance contracts.
For further information about climate change please refer to the Management Report, paragraph Sustainability Statement.
Financial Instruments
Climate-related matters may be relevant as they could affect the range of potential future economic scenarios, the lender’s assessment
of significant increases in credit risk, whether a financial asset is credit impaired and/ or the measurement of expected credit losses.
Regarding pricing topic, the level of the prices of actively traded securities (e.g. listed equities and bonds) should reflect the appetite
of the market for the issuer of the security itself. Prices include any forecast of possible losses due to possible adverse economic
scenarios - climate-related matters included. For this reason, no particular adjustment is made to the prices retrieved from the
market.
Concerning not actively traded securities, for which a market price is not available, the valuation is performed which taking into
account the structure of the investment, estimating the relevant factors, such as:
• the risk-free rates curve;
• the issuer specific credit curve;
• the liquidity premium.
In particular, the estimation of the credit spread curves and the liquidity premiums is performed starting from liquid prices, of the same
issuer or peers, observed in the market.
As liquid prices should include futures economic scenarios – among them climate-related matters – also prices of not actively traded
securities are indirectly affected by any positive/negative opinion of the market regarding the potential impact that climate-related
matters could have on the issuer.
With reference to the parameters estimated in the calculation of ECL, as described more in detail in paragraph Basis of presentation,
it is highlighted that they are mainly based on external ratings which therefore already incorporate the market’s appreciation of
possible future losses also due to potential climate risks.
377
Consolidated Financial Statements
Real Estates
Internal Group Real Estate Valuation Policy follows the general principles and definitions from the RICS - Red Book published by the
Royal Institution of Chartered Surveyors (RICS) – in particular with reference to the article 2.6 - and the European Valuation Standards
- Blue Book issued by the European Group of Valuers’ Associations.
The valuation of each asset is carried out by an external independent valuer who, following the abovementioned global standards,
considers the Sustainability, ESG and Climate change aspects that could affect the property value, such as:
• the presence of hazardous materials (asbestos, fiberglass, etc.), that could have harmful impacts to the building or physical
persons;
• the zone map, assessing the key physical risks (including flooding, wildfires, storms and others) for each asset location;
• the Insurance premiums paid for each building that also integrate the climate risk.
The climate risk is therefore an integral part of our valuation process, that will be further strengthened as the global regulation and
the local best practices on the topic will evolve.
Consistently with internal policies, each valuation report contains specific ESG comments describing how the key sustainability
considerations have been incorporated into the valuation model. These data contribute to the evaluation of the overall quality of the
asset, which in turn leads to the determination of its market value.
Insurance contracts
Climate change may affect the insurance business as a result of the global rise in temperatures, which leads to changes in the
frequency and severity of related natural events (so-called physical risk), through the transition towards a green economy (so-called
transition risk), and through losses arising from legal actions related to climate issues (so-called litigation risk). The potential impact
of these risks on the Group’s portfolios is assessed through the use of climate scenarios, the methodology of which is described in
the section Climate Scenario Methodology of the Group Sustainability Statement.
In particular, with reference to the physical risk arising from the intensification of climate-related phenomena, the analysis is carried
out using climate scenarios with extended time horizons, also including medium and long term, thereby incorporating the existing
assessments of catastrophe risks performed for the purposes of the Group’s Partial Internal Model approved for Solvency II capital
calculations.
In the Property & Casualty segment, climate change may affect the frequency and severity of insured natural events across different
geographical areas. These variations are characterised by a degree of uncertainty and volatility and, consequently, within its
risk-governance framework, the Generali Group has adopted a range of practices aimed at the regular monitoring of underwriting
risk, and specifically catastrophic risk. Materiality assessments are carried out periodically to determine which territories and which
perils may be subject to an increase in the frequency or severity of known risks, or the emergence of new risks. The Group’s main
exposures are located in continental Europe, where the Group is predominantly concentrated.
The Group uses external catastrophe models and actuarial techniques within its Partial Internal Model. This enables the assessment
of loss probabilities and the monitoring of risk concentrations in order to implement the necessary mitigation actions.
With regard to premiums, rates are constantly monitored and updated, including for catastrophic events, taking into account that
most policies sold are annual and that multi-year policies often include contractual clauses providing flexibility. Actuarial models
and techniques are being used in an increasing number of cases to ensure the best possible pricing of risk. Insurance liabilities are
regularly measured using standard claims management procedures and are continuously adjusted to reflect claims arising from
events that may be influenced by climate change.
In the Life segment, climate change may have impacts due to possible changes in future living conditions of policyholders, with
potential consequences for health status (morbidity and disability) and human lifespan (mortality and longevity).
Given the ongoing evolution of underlying data and models, and the long-term horizon of the analysis, the degree of uncertainty
regarding the potential effects of climate change on the biometric, operational and financial variables affecting life portfolios is high. To
actively and promptly manage the potential long-term impacts on life portfolios arising from climate-related risks, the Group monitors,
across all geographies in which it operates, its exposures and the possible effects related to climate change through sensitivity
analyses that include future climate scenarios.
Appendices
to the Notes
Newly consolidated:
1.
Aide & A, Villeurbanne
2.
Ariston Services Single Member S.A., Athens
3.
Athens Euroclinic, Société Anonyme, Athens
4.
Bezpieczny.Pl Spółk
ą
Z Ograniczon
ą
Odpowiedzialno
ś
ci
ą
, Gdansk
5.
Citylife Sviluppo 5 S.R.L., Milan
6.
Eurokliniki - Simeio D.Y.O. - Idiotiko Polyiatreio Iatriki Monoprosopi I.K.E., Athens
7.
Euronia Monoprosopi
Ι
.
Κ
.
Ε
., Athens
8.
Generali China Insurance Co. Ltd, Beijing
9.
Generali Lion River Capital Partners Società Di Gestione Del Risparmio S.P.A., Milan
10.
Generali Wealth Solutions S.A.S., Paris
11.
Gre Hotel Spain Holdco 1, S.L., Madrid
12.
Gre Madrid Hotel Propco 2, S.L., Madrid
13.
Gre Madrid Propco 1, S.L.U., Madrid
14.
Gulf Assist (Difc) Ltd, Dubai
15.
Ingeniors, Villeurbanne
16.
Intermonte Partners Sim S.P.A., Milan
17.
Intermonte Sim S.P.A., Milan
18.
MGG Investment Group Lp, Wilmington - Delaware
19.
MGG Offshore Carry Llc, Dover - Delaware
20.
MGG Onshore Carry Llc, Dover - Delaware
21.
Sce Château Croque Michotte, Saint Emilion
22.
Sci 63 Boetie, Paris
23.
Servicios Asistenciales Y Aseguradores, S.L., Madrid
Change in the consolidation area*
* Consolidation area consists of companies consolidated “line by line”.
380
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Company disposed of/wound up/merged in:
1.
Bawag P.S.K. Versicherung Ag, Vienna - Merged in Generali Versicherung AG
2.
Bawag Psk Spezial 6, Vienna
3.
Elics Services 44100 Sarl, Bouchemaine - Merged in Elics Services Holding SAS
4.
Elics Services 83000, Toulon - Merged in Elics Services Holding SAS
5.
Europ Assistance Austria Holding Gmbh, Vienna - Merged in Europ Assistance S.A.
6.
Europ Servicios S.P.A., Santiago
7.
Generali Alapkezel
ő
Zártkör
ű
en M
ű
köd
ő
Részvénytársaság, Budapest - Merged in Generali Investments CEE, Investi
č
ní Spole
č
nost, a.s.
8.
Generali Real Estate Umbrella Fund, Luxembourg
9.
Generali Seguros Y Reaseguros, S.A., Madrid
10.
Genertellife S.P.A., Mogliano Veneto - Merged in Alleanza Assicurazioni S.p.A.
11.
Gid Fonds Ceaot, Cologne
12.
Gid Fonds Dlaet, Cologne
13.
Gid-Fonds Alaet, Cologne
14.
Green Point Offices S.R.O., Bratislava
15.
Idee S.R.O., Prague
16.
Sas Retail One, Paris
17.
Sci Galilée, Paris
18.
Synergies@Venir S.A.S., Villenave D'Ornon - Merged in Elics Services Holding SAS
Consolidated Financial Statements
381
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
3 Banken Generali GLBond Spezialfonds 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali - GEN4A Spezialfonds 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali - GNLStock 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali-GHStock 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali-GLStock 008 G 11 1 100.00 99.95 100.00
3 Banken-Generali-GSBond 008 G 11 1 100.00 99.95 100.00
4Life Direct Spółka z ograniczon
ą
odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 100.00 100.00
Acredité s.r.o. 275 G 11 1 100.00 100.00 100.00
Advancecare – Gestão de Serviços de Saúde, S.A. 055 G 11 1 100.00 100.00 100.00
ADVOCARD Rechtsschutzversicherung AG 094 G 2 1 100.00 100.00 100.00
AFP Planvital S.A. 015 G 11 1 86.11 40.94 100.00
Agricola San Giorgio S.p.A. 086 G 11 1 100.00 100.00 100.00
Aide & A 029 G 11 1 100.00 80.00 100.00
Aide@Venir Sud-Gironde SCIS SAS à capital variable 029 G 11 1 97.70 78.16 100.00
Akcionarsko društvo za osiguranje Generali Osiguranje Montenegro
290 G 3 1 100.00 100.00 100.00
Akcionarsko društvo za osiguranje Generali Osiguranje Srbija, Beograd 289 G 3 1 100.00 100.00 100.00
Akcionarsko društvo za reosiguranje Generali Reosiguranje Srbija,
Beograd
289 G 6 1 100.00 100.00 100.00
Akcionarsko Društvo Za Upravljanje Dobrovoljnim Penzijskim Fondom
Generali Beograd
289 G 11 1 100.00 100.00 100.00
Alfuturo Servizi Assicurativi S.r.l. 086 G 11 1 100.00 100.00 100.00
Alleanza Assicurazioni S.p.A. 086 G 1 1 100.00 100.00 100.00
Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 008 G 10 1 100.00 99.95 100.00
Altaprofits 029 G 11 1 100.00 98.55 100.00
ALTO 1 S.à r.l. 092 G 11 1 100.00 96.97 100.00
AM Erste Immobilien AG & Co. KG 094 G 10 1 100.00 100.00 100.00
AM Vers Erste Immobilien AG & Co. KG 094 G 10 1 100.00 100.00 100.00
Andron RE 086 G 11 1 100.00 100.00 100.00
Aperture Investors France SAS 029 G 8 1 100.00 58.09 100.00
Aperture Investors UK, Ltd 031 G 8 1 100.00 58.09 100.00
Aperture Investors, LLC 069 G 8 1 70.00 58.09 100.00
Arab Assist for Logistic Services Company 122 G 11 1 100.00 74.62 100.00
Ariston Services Single Member S.A. 032 G 11 1 100.00 100.00 100.00
Asesoria e Inversiones Los Olmos SA 015 G 11 1 47.62 47.54 100.00 100.00
Assicurazioni Generali S.p.A. 086 G 1 1 2.98 100.00 100.00
Athens Euroclinic, Société Anonyme 032 G 11 1 99.99 99.99 100.00
ATLAS Dienstleistungen für Vermögensberatung GmbH 094 G 11 1 74.00 74.00 100.00
ATLAS Vertriebsservice GmbH 094 G 11 1 100.00 74.00 100.00
Banca Generali S.p.A. 086 G 7 1 51.47 51.33 100.00
Barcelona 1 S.L. 067 G 10 1 100.00 96.30 100.00
Berlin Franzosische 53-55 S.à r.l. 092 G 10 1 100.00 98.55 100.00
Bezpieczny.pl spółk
ą
z ograniczon
ą
odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 100.00 100.00
BG (Suisse) Private Bank SA 071 G 7 1 100.00 51.33 100.00
382
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
BG Fund Management Luxembourg S.A. 092 G 11 1 100.00 51.33 100.00
BG Valeur S.A. 071 G 11 1 100.00 51.33 100.00
Caja de Ahorro y Seguro S.A. 006 G 4 1 90.00 89.96 100.00
Caja de Seguros S.A. 006 G 3 1 100.00 90.05 100.00
Cajamar Seguros Generales, S.A. de Seguros y Reaseguros 067 G 2 1 50.00 50.00 100.00
Cajamar Vida S.A. de Seguros y Reaseguros 067 G 2 1 50.00 50.00 100.00
Car Care Consult Versicherungsvermittlung GmbH 008 G 11 1 100.00 99.95 100.00
Cattolica Agricola Società Agricola a Responsabilità Limitata 086 G 11 1 100.00 100.00 100.00
Cattolica Beni Immobili S.r.l. 086 G 11 1 100.00 100.00 100.00
CENTRAL Zweite Immobilien AG & Co. KG 094 G 10 1 100.00 100.00 100.00
CityLife S.p.A. 086 G 10 1 100.00 100.00 100.00
CityLife Sviluppo 2 S.r.l. 086 G 10 1 100.00 99.57 100.00
CityLife Sviluppo 5 S.r.l. 086 G 10 1 100.00 96.44 100.00
Cleha Invest sp. z o.o. 054 G 10 1 100.00 100.00 100.00
Cofifo S.A.S. 029 G 9 1 100.00 98.55 100.00
Cofilserv' 029 G 11 1 100.00 80.00 100.00
Cologne 1 S.à r.l. 092 G 11 1 100.00 97.24 100.00
Cologne Zeppelinhaus S.à r.l. 092 G 11 1 100.00 99.39 100.00
Conning & Company 069 G 9 1 100.00 82.98 100.00
Conning (Germany) GmbH 094 G 11 1 100.00 82.98 100.00
Conning Asia Pacific Limited 103 G 8 1 100.00 82.98 100.00
Conning Asset Management Limited 031 G 8 1 100.00 82.98 100.00
Conning Holdings Corp. 069 G 9 1 100.00 82.98 100.00
Conning Holdings Limited 031 G 9 1 100.00 82.98 100.00
Conning Investment Products, Inc. 069 G 8 1 100.00 82.98 100.00
Conning Japan Limited 088 G 8 1 100.00 82.98 100.00
Conning U.S. Holdings, Inc. 069 G 9 1 100.00 82.98 100.00
Conning, Inc. 069 G 8 1 100.00 82.98 100.00
Corbas SCI 029 G 11 1 100.00 96.30 100.00
Core+ Fund GP 092 G 11 1 100.00 82.98 100.00
Corelli S.à.r.l. 092 G 9 1 100.00 99.38 100.00
Cosmos Finanzservice GmbH 094 G 11 1 100.00 100.00 100.00
Cosmos Lebensversicherungs-Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Cosmos Versicherung Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Customized Services Administrators Inc. 069 G 11 1 100.00 100.00 100.00
D.A.S. Difesa Automobilistica Sinistri - S.p.A. di Assicurazione 086 G 1 1 50.01 50.01 100.00
D.A.S. Legal Services S.r.l. 086 G 11 1 100.00 50.01 100.00
DBB Vermögensverwaltung GmbH & Co. KG 094 G 10 1 100.00 100.00 100.00
Deutsche Bausparkasse Badenia Aktiengesellschaft 094 G 7 1 100.00 100.00 100.00
Dialog Lebensversicherungs-Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Dialog Versicherung Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
EA1 S.A.S. 029 G 11 1 100.00 100.00 100.00
Consolidated Financial Statements
383
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Elics Services 06700 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 13100 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 75015 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 78 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services 92330 Sarl 029 G 11 1 100.00 80.00 100.00
Elics Services Holding SAS 029 G 11 1 80.00 80.00 100.00
ENVIVAS Krankenversicherung Aktiengesellschaft 094 G 2 1 100.00 100.00 100.00
Esumédica - Prestação de Cuidados Médicos, S.A. 055 G 11 1 100.00 100.00 100.00
Eurokliniki - Simeio D.Y.O. - Idiotiko Polyiatreio Iatriki Monoprosopi I.K.E. 032 G 11 1 100.00 99.99 100.00
Euronia Monoprosopi
Ι
.
Κ
.
Ε
.
032 G 11 1 100.00 99.99 100.00
Europ Assistance - Serviços de Assistencia Personalizados S.A. 055 G 11 1 99.98 99.98 100.00
Europ Assistance (Suisse) Assurances S.A. 071 G 3 1 100.00 70.00 100.00
Europ Assistance (Suisse) Holding S.A. 071 G 4 1 70.00 70.00 100.00
Europ Assistance (Suisse) S.A. 071 G 11 1 100.00 70.00 100.00
Europ Assistance (Thailand) Company Limited 072 G 11 1 100.00 100.00 100.00
Europ Assistance Argentina S.A. 006 G 11 1 100.00 95.63 100.00
Europ Assistance Australia Pty Ltd 007 G 11 1 100.00 100.00 100.00
Europ Assistance Brokerage Solutions 029 G 11 1 100.00 100.00 100.00
Europ Assistance Canada Services Inc. 013 G 11 1 100.00 100.00 100.00
Europ Assistance Clearing Center GIE 029 G 11 1 100.00 100.00 100.00
Europ Assistance Gesellschaft mbH 008 G 11 1 100.00 100.00 100.00
Europ Assistance Holding S.A.S. 029 G 4 1 100.00 100.00 100.00
Europ Assistance Hong Kong Limited 103 G 11 1 100.00 100.00 100.00
Europ Assistance India Private Ltd 114 G 11 1 100.00 100.00 100.00
Europ Assistance Italia S.p.A. 086 G 1 1 100.00 100.00 100.00
Europ Assistance Japan K.K. 088 G 11 1 100.00 100.00 100.00
Europ Assistance Magyarorszag Kft 077 G 11 1 100.00 100.00 100.00
Europ Assistance North America, Inc. 069 G 4 1 100.00 100.00 100.00
Europ Assistance Nouvelle Caledonie 253 G 11 1 100.00 100.00 100.00
Europ Assistance Polska Sp. z o.o. 054 G 11 1 100.00 100.00 100.00
Europ Assistance Polynésie Française 225 G 11 1 100.00 100.00 100.00
Europ Assistance S.A. 015 G 11 1 100.00 100.00 100.00
Europ Assistance S.A. 029 G 2 1 100.00 100.00 100.00
Europ Assistance s.r.o. 275 G 11 1 100.00 100.00 100.00
Europ Assistance Services (Malaysia) Sdn. Bhd. 106 G 11 1 100.00 100.00 100.00
Europ Assistance Services GmbH 094 G 11 1 100.00 100.00 100.00
Europ Assistance Services S.A. 009 G 11 1 100.00 100.00 100.00
Europ Assistance Servicios Integrales de Gestion, S.A. 067 G 11 1 100.00 100.00 100.00
Europ Assistance Servisno Podjetje d.o.o. 260 G 11 1 100.00 100.00 100.00
Europ Assistance Singapore Pte. Ltd. 147 G 11 1 100.00 100.00 100.00
Europ Assistance Taiwan Limited 022 G 11 1 100.00 100.00 100.00
Europ Assistance Trade S.p.A. 086 G 11 1 100.00 100.00 100.00
384
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Europ Assistance Travel Assistance Services (Beijing) Co Ltd 016 G 11 1 100.00 100.00 100.00
Europ Assistance VAI S.p.A. 086 G 11 1 100.00 100.00 100.00
Európai Utazási Biztosító Zrt. 077 G 2 1 74.00 74.00 100.00
Europäische Reiseversicherung Aktiengesellschaft 008 G 2 1 100.00 100.00 100.00
Fondo Andromaca 086 G 10 1 100.00 100.00 100.00
Fondo Canaletto 086 G 10 1 100.00 96.97 100.00
Fondo Canaletto II 086 G 10 1 100.00 98.48 100.00
Fondo Donizetti 086 G 10 1 100.00 100.00 100.00
Fondo Euripide 086 G 10 1 82.25 82.25 100.00
Fondo Girolamo 086 G 10 1 74.51 74.51 100.00
Fondo Immobiliare Mantegna 086 G 10 1 100.00 99.55 100.00
Fondo Immobiliare Mascagni 086 G 10 1 100.00 100.00 100.00
Fondo Immobiliare Schubert - comparto 1 086 G 10 1 100.00 96.44 100.00
Fondo Immobiliare Tiepolo 086 G 10 1 100.00 99.43 100.00
Fondo Immobiliare Toscanini 086 G 10 1 100.00 99.98 100.00
Fondo Innovazione Salute 086 G 10 1 88.45 88.45 100.00
Fondo Living Fund Italia 086 G 11 1 100.00 100.00 100.00
Fondo Perseide 086 G 10 1 84.51 84.51 100.00
Fondo San Zeno 086 G 10 1 67.89 67.89 100.00
Fondo Scarlatti - Fondo Immobiliare chiuso 086 G 10 1 96.35 96.32 100.00
Fortuna Lebens-Versicherungs AG 090 G 3 1 100.00 99.97 100.00
Fortuna Rechtsschutz-Versicherung-Gesellschaft AG 071 G 3 1 100.00 99.97 100.00
Gconcierges S.A.S. 029 G 11 1 100.00 100.00 100.00
Gdansk Logistics 1 s.p. z.o.o. 054 G 11 1 100.00 96.30 100.00
GDE Construcciones, S.L. 067 G 11 1 100.00 100.00 100.00
GEDL-FI1 GmbH & Co. offene Investment KG 094 G 11 1 100.00 100.00 100.00
GEIH France OPCI 029 G 11 1 100.00 96.97 100.00
GEII Rivoli Holding SAS 029 G 10 1 100.00 96.97 100.00
General Securities Corporation of North America 069 G 9 1 100.00 99.46 100.00
Generali (Schweiz) Holding AG 071 G 4 1 100.00 99.97 100.00
Generali Alpha Corp. 069 G 9 1 100.00 82.98 100.00
Generali Asia N.V. 050 G 4 1 100.00 99.84 100.00
Generali Asset Management S.p.A. Società di gestione del risparmio 086 G 8 1 100.00 87.33 100.00
Generali Assurances Générales SA 071 G 3 1 99.98 99.95 100.00
Generali Bank AG 008 G 7 1 100.00 99.95 100.00
Generali Beteiligungs- und Vermögensverwaltung GmbH 008 G 4 1 100.00 99.95 100.00
Generali Beteiligungs-GmbH 094 G 4 1 100.00 100.00 100.00
Generali Beteiligungsverwaltung GmbH 008 G 4 1 100.00 99.95 100.00
Generali Biztosító Zrt. 077 G 2 1 100.00 100.00 100.00
Generali Brasil Seguros S.A. 011 G 3 1 100.00 100.00 100.00
Generali CEE Fund 040 G 11 1 100.00 99.70 100.00
Generali CEE Holding B.V. 050 275 G 4 1 100.00 100.00 100.00
Consolidated Financial Statements
385
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Generali Central Insurance Company Limited 114 G 3 1 74.00 73.88 100.00
Generali Central Life Insurance Company Limited 114 G 3 1 74.00 73.88 100.00
Generali
Č
eská Distribuce a.s.
275 G 11 1 100.00 100.00 100.00
Generali
Č
eská Pojiš
ť
ovna a.s.
275 G 2 1 100.00 100.00 100.00
Generali China Assets Management Company Co. Ltd 016 G 8 1 90.00 50.00 100.00
Generali China Insurance Co. Ltd 016 G 3 1 100.00 100.00 100.00
Generali China Life Insurance Co. Ltd 016 G 3 1 50.00 50.00 100.00
Generali Core High Street Retail Fund 092 G 10 1 100.00 99.55 100.00
Generali Core+ Fund GP 092 G 11 1 96.87 96.44 100.00
Generali Core+ Soparfi S.à r.l. 092 G 11 1 100.00 96.44 100.00
Generali Deutschland AG 094 G 5 1 100.00 100.00 100.00
Generali Deutschland Finanzierungs-GmbH 094 G 10 1 100.00 100.00 100.00
Generali Deutschland Gesellschaft für bAV mbH 094 G 11 1 100.00 100.00 100.00
Generali Deutschland Krankenversicherung AG 094 G 2 1 100.00 100.00 100.00
Generali Deutschland Lebensversicherung AG 094 G 2 1 100.00 100.00 100.00
Generali Deutschland Services GmbH 094 G 11 1 100.00 100.00 100.00
Generali Deutschland Versicherung AG 094 G 2 1 100.00 100.00 100.00
Generali Ecuador Compañía de Seguros S.A. 024 G 3 1 55.94 55.94 100.00
Generali EM Fund 040 G 11 1 100.00 99.83 100.00
Generali Engagement Solutions GmbH 094 G 11 1 100.00 100.00 100.00
Generali España de Seguros y Reaseguros S.A. 067 G 2 1 99.94 99.94 100.00
Generali España Holding de Entidades de Seguros S.A. 067 G 4 1 100.00 100.00 100.00
Generali Europe Income Holding S.A. 092 G 9 1 97.39 96.97 100.00
Generali European Real Estate Income Investments GmbH & Co. KG 094 G 10 1 100.00 100.00 100.00
Generali European Real Estate Investments S.A. 092 G 9 1 100.00 99.38 100.00
Generali European Retail Investments Holdings S.A. 092 G 9 1 100.00 99.38 100.00
Generali Finance spólka z ograniczon
ą
odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 100.00 100.00
Generali Financial Asia Limited 103 G 9 1 100.00 100.00 100.00
Generali Financial Holding FCP-FIS - Sub-Fund 2 092 G 11 1 100.00 99.80 100.00
Generali Finanz Service GmbH 094 G 11 1 100.00 100.00 100.00
Generali France S.A. 029 G 4 1 98.60 98.55 100.00
Generali Global Assistance Inc. 069 G 11 1 100.00 100.00 100.00
Generali Health Solutions GmbH 094 G 11 1 100.00 100.00 100.00
Generali Hellas Insurance Company S.A. 032 G 2 1 100.00 100.00 100.00
Generali High Street Retail S.à r.l. 092 G 11 1 100.00 99.55 100.00
Generali Horizon B.V. 050 G 9 1 100.00 99.84 100.00
Generali IARD S.A. 029 G 2 1 100.00 98.55 100.00
Generali Immobilien GmbH 008 G 10 1 100.00 99.95 100.00
Generali Insurance (Thailand) Public Company Limited 072 G 3 1 90.86 88.84 100.00
Generali Insurance AD 012 G 2 1 99.96 99.96 100.00
Generali Insurance Agency Company Limited 016 G 11 1 100.00 100.00 100.00
Generali Insurance Malaysia Berhad 106 G 3 1 100.00 69.89 100.00
386
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Generali Investments CEE, Investi
č
ní Spole
č
nost, a.s.
275 G 8 1 100.00 82.98 100.00
Generali Investments Holding S.p.A. 086 G 9 1 83.25 82.98 100.00
Generali Investments Luxembourg S.A. 092 G 8 1 100.00 82.98 100.00
Generali Investments Schweiz AG 071 G 8 1 100.00 82.98 100.00
Generali Investments Towarzystwo Funduszy Inwestycyjnych S.A. 054 G 8 1 100.00 82.98 100.00
Generali Investments, družba za upravljanje, d.o.o. 260 G 8 1 100.00 82.98 100.00
Generali Italia S.p.A. 086 G 1 1 100.00 100.00 100.00
Generali Jeniot S.p.A. 086 G 11 1 100.00 100.00 100.00
Generali Life (Hong Kong) Limited 103 G 3 1 100.00 99.84 100.00
Generali Life Assurance (Thailand) Public Company Limited 072 G 3 1 94.25 92.08 100.00
Generali Life Insurance Malaysia Berhad 106 G 3 1 100.00 69.89 100.00
Generali Lion River Capital Partners Società di Gestione del Risparmio
S.p.A.
086 G 8 1 100.00 99.51 100.00
Generali Luxembourg S.A. 092 G 2 1 100.00 98.55 100.00
Generali Malaysia Holding Berhad 106 G 9 1 70.00 69.89 100.00
Generali North American Holding 1 S.A. 092 G 11 1 100.00 98.55 100.00
Generali North American Holding 2 S.A. 092 G 11 1 100.00 99.89 100.00
Generali North American Holding S.A. 092 G 9 1 100.00 100.00 100.00
Generali Northern America Real Estate Investments GmbH & Co. KG 094 G 10 1 99.89 99.89 100.00
Generali Operations Service Platform S.r.l. 086 G 11 1 95.00 95.00 100.00
Generali Osiguranje d.d. 261 G 3 1 100.00 100.00 100.00
Generali Participations Netherlands N.V. 050 G 4 1 100.00 99.84 100.00
Generali Pensions- und SicherungsManagement GmbH 094 G 11 1 100.00 100.00 100.00
Generali Pensionsfonds AG 094 G 2 1 100.00 100.00 100.00
Generali penzijní spole
č
nost, a.s.
275 G 11 1 100.00 100.00 100.00
Generali Personenversicherungen AG 071 G 3 1 100.00 99.97 100.00
Generali Powszechne Towarzystwo Emerytalne S.A. 054 G 11 1 100.00 100.00 100.00
Generali Real Asset Multi-Manager 092 G 10 1 100.00 82.98 100.00
Generali Real Estate Asset Repositioning S.A. 092 G 11 1 100.00 99.43 100.00
Generali Real Estate Debt Investment Fund II Scsp Raif 092 G 11 1 98.38 98.21 100.00
Generali Real Estate Debt Investment Fund Italy (GREDIF ITA) 086 G 10 1 100.00 85.16 100.00
Generali Real Estate Debt Investment Fund Italy II 086 G 10 1 100.00 98.21 100.00
Generali Real Estate Debt Investment Fund S.C.Sp RAIF 092 G 11 1 85.55 85.16 100.00
Generali Real Estate Fund CEE a.s., investi
č
ní fond
275 G 9 1 100.00 100.00 100.00
Generali Real Estate Living Fund SICAV RAIF 092 G 11 1 100.00 100.00 100.00
Generali Real Estate Logistics Fund S.C.S. SICAV-RAIF 092 G 10 1 97.03 96.30 100.00
Generali Real Estate S.p.A. 086 G 10 1 100.00 82.98 100.00
Generali Real Estate S.p.A. SGR 086 G 8 1 100.00 82.98 100.00
Generali Real Estate Umbrella Fund - Hospitality Europe Fund 092 G 10 1 100.00 91.49 100.00
Generali Reaumur S.C. 029 G 10 1 100.00 98.55 100.00
Generali Retraite SA 029 G 2 1 100.00 98.55 100.00
Generali Romania Asigurare Reasigurare S.A. 061 G 2 1 99.97 99.97 100.00
Consolidated Financial Statements
387
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
Generali Saxon Land Development Company Ltd 031 G 11 1 100.00 99.57 100.00
Generali SCF S.à.r.l. 092 G 11 1 100.00 99.59 100.00
Generali Seguros, S.A. 055 G 2 1 100.00 100.00 100.00
Generali Services Pte. Ltd. 147 G 11 1 100.00 99.84 100.00
Generali Shopping Centre Fund GP S.à r.l. 092 G 11 1 100.00 82.98 100.00
Generali Shopping Centre Fund S.C.S. SICAV-SIF 092 G 11 1 100.00 99.59 100.00
Generali Slovenská distribúcia, a. s. 276 G 11 1 100.00 100.00 100.00
Generali Societate de Administrare a Fondurilor de Pensii Private S.A. 061 G 11 1 100.00 100.00 100.00
Generali Towarzystwo Ubezpiecze
ń
Spółka Akcyjna
054 G 2 1 100.00 100.00 100.00
Generali Türkiye Holding B.V. 050 G 4 1 100.00 99.84 100.00
Generali US Fund 040 G 11 1 100.00 99.85 100.00
Generali Versicherung AG 008 G 2 1 100.00 99.95 100.00
Generali Vie S.A. 029 G 2 1 100.00 98.55 100.00
Generali Vietnam Life Insurance Limited Liability Company 062 G 3 1 100.00 100.00 100.00
Generali WE Fund 040 G 11 1 100.00 99.83 100.00
Generali Wealth Solutions S.A.S. 029 G 11 1 100.00 98.55 100.00
Generali Welion S.c.a.r.l. 086 G 11 1 100.00 100.00 100.00
Generali Zakrila Medical and Dental Centre EOOD 012 G 11 1 100.00 99.96 100.00
Generali zavarovalnica d.d. 260 G 2 1 100.00 100.00 100.00
Generali
Ż
ycie Towarzystwo Ubezpiecze
ń
Spółka Akcyjna
054 G 2 1 100.00 100.00 100.00
Generali-Ingatlan Vagyonkezel
ő
és Szolgáltató Kft.
077 G 10 1 100.00 100.00 100.00
GenerFid S.p.A. 086 G 11 1 100.00 51.33 100.00
Genertel Biztosító Zrt. 077 G 2 1 100.00 100.00 100.00
Genertel S.p.A. 086 G 1 1 100.00 100.00 100.00
Genirland Limited 040 G 4 1 100.00 99.84 100.00
Gentum Nr. 1 094 G 11 1 100.00 100.00 100.00
GFA Caraïbes 029 G 2 1 100.00 98.55 100.00
GID Fonds AAREC 094 G 11 1 100.00 100.00 100.00
GID Fonds ALAOT 094 G 11 1 100.00 100.00 100.00
GID Fonds ALRET 094 G 11 1 100.00 100.00 100.00
GID Fonds AMLRET 094 G 11 1 100.00 100.00 100.00
GID Fonds AVAOT 094 G 11 1 100.00 100.00 100.00
GID Fonds AVAOT II 094 G 11 1 100.00 100.00 100.00
GID Fonds AVRET 094 G 11 1 100.00 100.00 100.00
GID Fonds CERET 094 G 11 1 100.00 100.00 100.00
GID Fonds DLRET 094 G 11 1 100.00 100.00 100.00
GID Fonds GDRET 094 G 11 1 100.00 100.00 100.00
GID Fonds GVMET 094 G 11 1 100.00 100.00 100.00
GID Fonds GVRET 094 G 11 1 100.00 100.00 100.00
GID-Fonds AAINF 094 G 11 1 100.00 100.00 100.00
GID-Fonds CLRET 094 G 11 1 100.00 100.00 100.00
GID-Fonds CLRET 2 094 G 11 1 100.00 100.00 100.00
388
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
GID-Fonds GPRET 094 G 11 1 95.35 95.35 100.00
GIE-Fonds AADMSE 094 G 11 1 90.18 90.18 100.00
GIE-Fonds AASBWA 094 G 11 1 100.00 100.00 100.00
Global Evolution Asset Management A/S 021 G 8 1 100.00 73.93 100.00
Global Evolution Financial ApS 021 G 8 1 98.07 73.93 100.00
Global Evolution Fund Management Singapore Pte. Ltd. 147 G 8 1 100.00 75.38 100.00
Global Evolution Holding ApS 021 G 8 1 90.84 75.38 100.00
Global Evolution USA, LLC 069 G 8 1 100.00 73.93 100.00
GMMI, Inc. 069 G 11 1 100.00 100.00 100.00
GNAREH 1 Farragut LLC 069 G 10 1 100.00 99.46 100.00
GNAREI 1 Farragut LLC 069 G 10 1 100.00 99.46 100.00
Goodwin Capital Advisers, Inc. 069 G 8 1 100.00 82.98 100.00
GP Reinsurance EAD 012 G 5 1 100.00 100.00 100.00
GRE Barcelona Retail 1, SL 067 G 10 1 100.00 99.55 100.00
GRE Hospitality Italy - fondo comune di investimento immobiliare di
tipo chiuso
086 G 11 1 100.00 91.49 100.00
GRE Hotel Spain HoldCo 1, S.L. 067 G 11 1 100.00 91.49 100.00
GRE Madrid Hotel Propco 2, S.L. 067 G 10 1 100.00 91.49 100.00
GRE Madrid Propco 1, S.L.U. 067 G 10 1 100.00 91.49 100.00
GRE PAN EU London 1 S.à r.l. 092 G 10 1 100.00 96.97 100.00
GRE PAN-EU Barcelona, S.L.U. 067 G 11 1 100.00 96.97 100.00
GRE PAN-EU Berlin 2 S.à r.l. 092 G 10 1 100.00 96.97 100.00
GRE PAN-EU Brussels 1 s.p.r.l. 009 G 11 1 100.00 96.97 100.00
GRE PANEU Cœur Marais SCI 029 G 10 1 100.00 96.97 100.00
GRE PANEU Fhive SCI 029 G 10 1 100.00 96.97 100.00
GRE PAN-EU Frankfurt 1 S.à r.l. 092 G 10 1 100.00 96.97 100.00
GRE PAN-EU Frankfurt 3 S.à r.l. 092 G 10 1 100.00 96.97 100.00
GRE PAN-EU Hamburg 1 S.à r.l. 092 G 9 1 100.00 96.97 100.00
GRE PAN-EU Hamburg 2 S.à r.l. 092 G 9 1 100.00 96.97 100.00
GRE PAN-EU Jeruzalemská s.r.o. 275 G 11 1 100.00 99.43 100.00
GRE PAN-EU Lisbon 1, S.A. 055 G 11 1 100.00 96.97 100.00
GRE PAN-EU Lisbon Office Oriente, S.A. 055 G 11 1 100.00 96.97 100.00
GRE PAN-EU Luxembourg 1 S.à r.l. 092 G 10 1 100.00 99.55 100.00
GRE PAN-EU Madrid 2 SL 067 G 11 1 100.00 96.97 100.00
GRE PAN-EU Munich 1 S.à r.l. 092 G 9 1 100.00 96.97 100.00
GRE SC Italy 086 G 11 1 100.00 99.57 100.00
GRE SICAF Comparto 1 086 G 10 1 100.00 96.30 100.00
GREF M
ů
stek s.r.o.
275 G 10 1 100.00 100.00 100.00
GREF Nám
ě
stí Republiky 3a s.r.o.
275 G 10 1 100.00 100.00 100.00
GREF Palác Špork a.s. 275 G 10 1 100.00 100.00 100.00
GREF Pankrác East a.s. 275 G 10 1 100.00 100.00 100.00
GREF Pankrác West a.s. 275 G 10 1 100.00 100.00 100.00
Consolidated Financial Statements
389
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
GRELIF Dutch S.à r.l. 092 G 11 1 100.00 96.30 100.00
GRELIF SPV1 S.à r.l. 092 G 11 1 100.00 96.30 100.00
Grundstücksgesellschaft Einkaufszentrum Louisen-Center Bad
Homburg mbH & Co. KG
094 G 10 1 100.00 100.00 100.00
Grupo Generali España, A.I.E. 067 G 11 1 100.00 99.94 100.00
Gulf Assist (DIFC) Ltd 244 G 11 1 100.00 74.62 100.00
Gulf Assist W.L.L 169 G 11 1 74.62 74.62 100.00
GW Beta B.V. 050 G 4 1 100.00 99.90 100.00
Helmett SAS 029 G 11 1 100.00 98.55 100.00
Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 067 G 10 1 100.00 99.94 100.00
Hospitality Europe Fund Holdco 1 092 G 10 1 100.00 91.49 100.00
HSR Verpachtung GmbH 008 G 10 1 100.00 99.95 100.00
HumaDom SARL 029 G 11 1 100.00 80.00 100.00
Immobiliere Commerciale des Indes Orientales IMMOCIO 029 G 10 1 100.00 98.55 100.00
Infranity N.A., LLC 069 G 8 1 100.00 42.32 100.00
Infranity S.A.S. 029 G 8 1 51.00 42.32 100.00
Ingeniors 029 G 11 1 100.00 80.00 100.00
InsureandGo Insurance Brokers India Private Limited 114 G 11 1 100.00 100.00 100.00
Intermonte Partners SIM S.p.A. 086 G 8 1 100.00 51.33 100.00
Intermonte SIM S.p.A. 086 G 8 1 98.66 56.29 100.00
IRC Investments LLC 262 G 4 1 100.00 99.90 100.00
IWF Holding Company Ltd 072 G 4 1 100.00 94.51 100.00
J.E.A.M. S.A.S. 029 G 11 1 100.00 80.00 100.00
KAG Holding Company Ltd 072 G 4 1 100.00 95.36 100.00
Købmagergade 39 ApS 021 G 11 1 100.00 96.97 100.00
Krakow Logistics 1 s.p. z.o.o. 054 G 10 1 100.00 96.30 100.00
Krakow Logistics 2 s.p. z.o.o. 054 G 11 1 100.00 96.30 100.00
Leone Alato S.p.A. 086 G 11 1 100.00 100.00 100.00
L'Equité S.A. Cie d'Assurances et Réass.contre les risques de toute nature 029 G 2 1 99.99 98.54 100.00
Lion River I N.V. 050 G 9 1 100.00 99.51 100.00
Lion River II N.V. 050 G 9 1 100.00 99.82 100.00
Living Fund Master HoldCo S.à r.l. 092 G 11 1 100.00 100.00 100.00
Loranze sp. z o.o. 054 G 11 1 100.00 96.97 100.00
Lumyna Investments 1 GP s.a.r.l 092 G 11 1 100.00 82.98 100.00
Lumyna Investments Limited 031 G 8 1 100.00 82.98 100.00
Main Square S.a.r.l. 092 G 11 1 100.00 100.00 100.00
Manova AMB Generali Bankcenter S.à.r.l. 092 G 11 1 100.00 100.00 100.00
Manova AMB Generali Cross-Border Property Fund 092 G 9 1 100.00 100.00 100.00
MGD Company Limited 072 G 4 1 90.57 90.43 100.00
MGG Investment Group LP 069 G 8 1 77.00 63.89 100.00
MGG Offshore Carry LLC 069 G 8 1 77.00 63.89 100.00
MGG Onshore Carry LLC 069 G 8 1 77.00 63.89 100.00
390
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
MPI Generali Berhad 106 G 3 1 100.00 99.84 100.00
NEC Initiative SAS 029 G 11 1 61.86 51.31 100.00
NKFE Company Limited 103 G 11 1 100.00 100.00 100.00
Novena Services 029 G 11 1 100.00 80.00 100.00
Octagon Credit Investors, LLC 069 G 8 1 90.22 74.86 100.00
OFI GB1 029 G 10 1 100.00 98.55 100.00
OFI GR1 029 G 10 1 100.00 98.55 100.00
OPCI Generali Bureaux 029 G 10 1 100.00 98.55 100.00
OPCI Generali Residentiel 029 G 10 1 100.00 98.55 100.00
OPPCI K Archives 029 G 10 1 100.00 96.97 100.00
OPPCI K Charlot 029 G 10 1 100.00 96.97 100.00
OPPCI Residential Living Fund 029 G 11 1 100.00 100.00 100.00
PAN EU EuroAstra s.r.o. 275 G 11 1 100.00 96.97 100.00
PAN EU IBC Prague s.r.o. 275 G 11 1 100.00 96.44 100.00
PAN EU K26 S.à r.l. 092 G 11 1 100.00 96.97 100.00
PAN EU Kotva Prague a.s. 275 G 11 1 100.00 99.43 100.00
PARCOLOG France 029 G 10 1 100.00 96.30 100.00
Parcolog Spain S.L. 067 G 10 1 100.00 96.30 100.00
Pa
ř
ížská 26, s.r.o.
275 G 10 1 100.00 100.00 100.00
Pearlmark Real Estate, L.L.C. 069 G 10 1 55.50 46.05 100.00
Plac M Spółka Z Ograniczon
ą
Odpowiedzialno
ś
ci
ą
054 G 11 1 100.00 96.97 100.00
Plenisfer Investments SGR S.p.A. 086 G 8 1 70.00 58.09 100.00
Ponte Alta, SGPS, Unipessoal, Lda. 055 G 11 1 100.00 100.00 100.00
Preciados 9 Desarrollos Urbanos, S.L.U. 067 G 10 1 100.00 96.97 100.00
Project Montoyer S.A. 009 G 11 1 100.00 96.97 100.00
Prudence Creole 029 G 2 1 96.01 94.62 100.00
PT Asuransi Jiwa Generali Indonesia 129 G 3 1 98.00 97.84 100.00
PT Generali Services Indonesia 129 G 10 1 100.00 98.55 100.00
Redoze Holding N.V. 050 G 9 1 100.00 99.92 100.00
Residenze CYL S.p.A. 086 G 10 1 66.67 66.67 100.00
Retail One Fund OPPCI 029 G 11 1 100.00 97.78 100.00
Retail One Fund SCSp RAIF 092 G 11 1 100.00 96.97 100.00
Ritenere S.A. 006 G 11 1 100.00 89.96 100.00
S.C. Genagricola Romania S.r.l. 061 G 11 1 100.00 100.00 100.00
SANEO S.A. 054 G 11 1 55.61 55.61 100.00
Sarl Breton 029 G 10 1 100.00 98.55 100.00
Sarl Parcolog Lyon Isle d'Abeau Gestion 029 G 10 1 100.00 96.30 100.00
SAS IMMOCIO CBI 029 G 10 1 100.00 98.55 100.00
SAS Lonthènes 029 G 10 1 100.00 98.55 100.00
SC Commerce Paris 029 G 10 1 100.00 98.55 100.00
SC Generali Logistique 029 G 10 1 100.00 96.30 100.00
SC GF Pierre 029 G 10 1 100.00 98.55 100.00
Consolidated Financial Statements
391
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
SC Novatis 029 G 10 1 100.00 98.55 100.00
SCE Château Croque Michotte 029 G 11 1 100.00 98.55 100.00
SCI 128 Haussmann 029 G 10 1 100.00 98.55 100.00
SCI 18-20 Paix 029 G 10 1 100.00 98.55 100.00
SCI 204 Pereire 029 G 10 1 100.00 98.55 100.00
SCI 28 Cours Albert 1er 029 G 10 1 100.00 98.55 100.00
SCI 40 Notre Dame Des Victoires 029 G 10 1 100.00 98.55 100.00
SCI 43 Ecoles 029 G 10 1 100.00 91.49 100.00
SCI 5/7 Moncey 029 G 10 1 100.00 98.55 100.00
SCI 6 Messine 029 G 10 1 100.00 98.55 100.00
SCI 63 Boetie 029 G 10 1 100.00 98.55 100.00
SCI Bellecour 029 G 10 1 100.00 91.49 100.00
SCI Cogipar 029 G 10 1 100.00 98.55 100.00
SCI du 33 avenue Montaigne 029 G 10 1 100.00 98.55 100.00
SCI du 54 Avenue Hoche 029 G 10 1 100.00 98.55 100.00
SCI du 68 rue Pierre Charron 029 G 10 1 100.00 96.97 100.00
SCI du Coq 029 G 10 1 100.00 98.55 100.00
SCI Espace Seine-Generali 029 G 10 1 100.00 98.55 100.00
SCI Generali Commerce 1 029 G 10 1 100.00 98.55 100.00
SCI Generali Commerce 2 029 G 10 1 100.00 98.55 100.00
SCI Generali le Moncey 029 G 10 1 100.00 98.55 100.00
SCI GRE PAN-EU 146 Haussmann 029 G 10 1 100.00 96.97 100.00
SCI GRE PAN-EU 74 Rivoli 029 G 10 1 100.00 96.97 100.00
SCI Issy Bords de Seine 2 029 G 10 1 100.00 96.97 100.00
SCI Issy Les Moulineaux 029 G 11 1 100.00 100.00 100.00
SCI Landy-Novatis 029 G 10 1 100.00 98.55 100.00
SCI Landy-Wilo 029 G 10 1 100.00 98.55 100.00
SCI Living Clichy 029 G 10 1 100.00 100.00 100.00
SCI Luxuary Real Estate 029 G 10 1 100.00 98.55 100.00
SCI Parc Logistique Maisonneuve 1 029 G 10 1 100.00 96.30 100.00
SCI Parc Logistique Maisonneuve 2 029 G 10 1 100.00 96.30 100.00
SCI Parc Logistique Maisonneuve 3 029 G 10 1 100.00 96.30 100.00
SCI Parc Logistique Maisonneuve 4 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Bordeaux Cestas 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Isle D'Abeau 1 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Isle D'Abeau 2 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Isle D'Abeau 3 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Isle D'Abeau 4 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Lille Hénin Beaumont 2 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Marly 029 G 10 1 100.00 96.30 100.00
SCI Parcolog Messageries 029 G 10 1 100.00 96.30 100.00
SCI Retail One 029 G 10 1 100.00 97.78 100.00
392
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in controlled entities
Company Registered
office
Country
Operational
headquarter
Country
(1)
Method
(2)
Activity
(3)
Relationship
type
(4)
% Direct
and indirect
shareholding
Group ratio
(5)
% Voting rights at
the shareholders’
meeting
(6)
% of
consolidation
SCI Saint Germain 029 G 10 1 100.00 100.00 100.00
SCI Saint Michel 029 G 10 1 100.00 98.55 100.00
SCI SDM 029 G 11 1 100.00 80.00 100.00
SCI Taitbout 029 G 10 1 100.00 98.55 100.00
SCI Thiers Lyon 029 G 10 1 100.00 98.55 100.00
SEGMAN Servicios y Gestión del Mantenimiento, S.L. 067 G 11 1 100.00 100.00 100.00
Servicios Asistenciales y Aseguradores, S.L. 067 G 11 1 100.00 100.00 100.00
SIBSEN Invest sp. z o.o. 054 G 11 1 100.00 100.00 100.00
SISAL, s.r.o. 275 G 11 1 100.00 100.00 100.00
Small GREF a.s. 275 G 10 1 100.00 100.00 100.00
SO SPV 57 Sp. Z o.o. 054 G 11 1 100.00 96.97 100.00
Società Agricola Genagricola 1851 – Generali Agricoltura 1851 - S.p.A. 086 G 11 1 100.00 100.00 100.00
Società Agricola Le Tenute del Leone Alato S.p.A. 086 G 11 1 100.00 100.00 100.00
Société Civile d'Exploitation Château La Pointe 029 G 11 1 100.00 98.55 100.00
Sosteneo Società di Gestione del Risparmio S.p.A. 086 G 8 1 70.00 58.09 100.00
Suresnes Immobilier S.A.S. 029 G 10 1 100.00 98.55 100.00
Sycomore Asset Management S.A. 029 G 8 1 100.00 82.95 100.00
Sycomore Factory SAS 029 G 9 1 99.96 82.95 100.00
Sycomore Global Markets S.A. 029 G 8 1 100.00 82.95 100.00
Torelli S.à.r.l. 092 G 9 1 100.00 99.38 100.00
TS PropCo Ltd 092 G 10 1 100.00 96.97 100.00
TTC - Training Center Unternehmensberatung GmbH 008 G 11 1 100.00 100.00 100.00
UMS - Immobiliare Genova S.p.A. in liquidazione 086 G 10 1 99.90 99.90 100.00
Urbe Retail Real Estate S.r.l. 086 G 10 1 100.00 76.01 100.00
UrbeRetail 086 G 10 1 76.02 76.01 100.00
Vàci utca Center
Ű
zletközpont Kft
077 G 10 1 100.00 99.95 100.00
Vitadom SAS 029 G 11 1 100.00 80.00 100.00
Vitalicio Torre Cerdà S.l. 067 G 10 1 100.00 99.94 100.00
Vivre & Domicile 029 G 11 1 100.00 80.00 100.00
(1) Such information is required only if the operational headquarter Country differs from the registered office Country.
(2) Consolidation method: Line-by-line consolidation method =G; Line-by-line consolidation method arising from joint management = U.
(3) 1=Italian Insurance companies; 2=EU Insurance companies; 3=Non EU Insurance companies; 4=Insurance holding companies; 4.1 - Mixed financial holding companies; 5=EU Reinsurance companies; 6=non EU
Reinsurance companies; 7=Banks; 8=Asset Management companies; 9=other Holding companies; 10=Real Estate companies; 11=Other.
(4) Type of relationship: 1=Majority of voting rights at the shareholders’ meeting; 2=Significant influence at the shareholders’ meeting; 3=Arrangements with other shareholders; 4=Other types of control; 5=Joint management
as per Legislative Decree 209/2005, art. 96, paragraph 1; 5=Joint management as per Legislative Decree 209/2005, art. 96, paragraph 2.
(5) Net Group participation percentage.
(6) Voting rights at the shareholders’ meeting, if different from direct shareholding, split by effective and potential voting rights.
Consolidated Financial Statements
393
Participations in joint-ventures and associated entities
Company Operational
headquarter
Country
(1)
Registered office
Country
Activity
(2)
Relationship
type
(3)
% Direct
and indirect
shareholding
Group ratio
(4)
% Voting rights at
the shareholders’
meeting
(5)
Joint-ventures:
92 France 029 10 c 50.00 48.48
Bois Colombes Europe Avenue SCI 029 10 c 50.00 49.28
Bonus Pensionskassen Aktiengesellschaft 008 11 c 50.00 49.97
BONUS Vorsorgekasse AG 008 11 c 100.00 49.97
Core + France OPPCI 029 10 c 50.00 48.22
Europ Assistance Brasil Serviços de Assistência S.A. 011 11 c 50.00 50.00
Europ Assistance France S.A.S. 029 11 c 50.00 50.00
Europ Téléassistance S.A.S. 029 11 c 100.00 50.00
Fondo Formenti - fondo comune di investimento immobiliare di tipo chiuso 086 11 c 50.00 50.00
Fondo Mercury Centro-Nord 086 10 c 52.55 52.55
Fondo Mercury Nuovo Tirreno 086 10 c 76.17 76.17
Fondo Mercury Tirreno 086 10 c 51.01 51.01
Fondo Rubens 086 11 c 50.00 48.48
Fondo Sericon 086 10 c 50.00 48.48
GRE ORIO S.R.L. 086 11 c 100.00 49.79
GRE PAN-EU Berlin 1 S.à r.l. 092 10 c 50.00 48.48
GRE PAN-EU Frankfurt 2 S.à r.l. 092 10 c 50.00 48.48
GRE SC Italy II 086 11 c 50.00 49.79
Holding Klege S.à.r.l. 092 9 c 50.00 49.69
N2G Worldwide Insurance Services, LLC 069 11 c 50.00 50.00
Ocealis S.A.S. 029 11 c 100.00 50.00
OPCI Parcolog Invest 029 10 c 50.00 48.45
Puerto Venecia Investments, S.A.U. 067 10 c 100.00 49.79
SAS 100 CE 029 10 c 50.00 48.48
SAS Parcolog Lille Henin Beaumont 1 029 10 c 100.00 48.45
Saxon Land B.V. 050 10 c 50.00 49.78
SCI 11/15 Pasquier 029 10 c 50.00 49.28
SCI 15 Scribe 029 10 c 50.00 49.28
SCI 9 Messine 029 10 c 50.00 49.28
SCI Daumesnil 029 10 c 50.00 49.28
SCI Iris La Défense 029 10 c 50.00 49.28
SCI Malesherbes 029 10 c 50.00 49.28
SCI New Station 029 10 c 100.00 48.22
Shendra Advisory Services Private Limited 114 11 c 47.9 6 47.88
Sigma Real Estate B.V. 050 9 c 22.34 22.20
T-C PEP Property S.à r.l. 092 11 c 50.00 49.79
Top Torony Zrt 077 11 c 50.00 50.00
Viavita SAS 029 11 c 100.00 50.00
VÚB Generali Dôchodková Správcovská Spolo
č
nos
ť
, A.S.
276 11 c 44.74 44.74
Zaragoza Properties S.A. 067 10 c 50.00 49.79
394
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Participations in joint-ventures and associated entities
Company Operational
headquarter
Country
(1)
Registered office
Country
Activity
(2)
Relationship
type
(3)
% Direct
and indirect
shareholding
Group ratio
(4)
% Voting rights at
the shareholders’
meeting
(5)
Associated entities:
3 Banken-Generali Investment-Gesellschaft m.b.H. 008 8 b 48.57 48.55
AKG Participations S.A.S. 029 4 b 44.00 43.36
Deutsche Vermögensberatung Aktiengesellschaft DVAG 094 11 b 40.00 40.00
Fondo Ca' Tron Hcampus 086 10 b 59.76 59.76
Fondo Fleurs RE 086 10 b 35.90 35.89
Fondo Mercury Adriatico 086 10 b 33.97 33.97
Fondo Yielding 086 10 b 45.00 43.64
G3B Holding AG 008 9 b 49.90 49.87
Guotai Asset Management Co., Ltd. 016 8 b 30.00 30.00
Initium S.r.l. in liquidazione 086 10 b 49.00 49.00
Klesia SA 029 2 b 100.00 43.36
Point Partners GP Holdco S.à r.l. 092 11 b 25.00 24.85
Point Partners Special Limited Partnership 092 11 b 25.00 24.85
Smart Clinic S.p.A. 086 11 b 40.00 40.00
(1) Such information is required only if the operational headquarter Country differs from the registered office Country.
(2) 1=Italian Insurance companies; 2=EU Insurance companies; 3=Non EU Insurance companies; 4=Insurance holding companies; 4.1 - Mixed financial holding companies; 5=EU Reinsurance companies; 6=non EU
Reinsurance companies; 7=Banks; 8=Asset Management companies; 9=other Holding companies; 10=Real Estate companies; 11=Other.
(3) a=controlled entities (to be reported only in the Parent Company financial statements); b=associated entities; c=joint-ventures; entities under IFRS 5 to be marked with (*) and legenda to be reported below the table.
(4) Net Group participation percentage.
(5) Voting rights at the shareholders’ meeting, if different from direct shareholding, split by effective and potential voting rights.
Consolidated Financial Statements
395
List of Countries
Country Country code
ARGENTINA 006
AUSTRALIA 007
AUSTRIA 008
BAHRAIN 169
BELGIUM 009
BRAZIL 011
BULGARIA 012
CANADA 013
CHILE 015
CHINA 016
CROATIA 261
CZECH REPUBLIC 275
DENMARK 021
ECUADOR 024
FRANCE 029
FRENCH POLYNESIA 225
GERMANY 094
GREECE 032
HONG KONG 103
HUNGARY 077
INDIA 114
INDONESIA 129
IRELAND 040
ITALY 086
Country Country code
JAPAN 088
JORDAN 122
LIECHTENSTEIN 090
LUXEMBOURG 092
MALAYSIA 106
MONTENEGRO, REPUBLIC 290
NETHERLANDS 050
NEW CALEDONIA 253
POLAND 054
PORTUGAL 055
ROMANIA 061
RUSSIAN FEDERATION 262
SERBIA 289
SINGAPORE 147
SLOVAKIA 276
SLOVENIA 260
SPAIN 067
SWITZERLAND 071
TAIWAN 022
THAILAND 072
UNITED ARAB EMIRATES 244
UNITED KINGDOM 031
UNITED STATES 069
VIETNAM 062
396
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Consolidated Financial Statements
397
ATTESTATIONS
AND REPORTS
Attestation of the Sustainability Statement ...................................................................... 401
Attestation of the Consolidated Financial Statements ......................................................405
Board of Statutory Auditors’ Report .................................................................................. 409
Independent Auditor’s Report on the Sustainability Statement ........................................429
Independent Auditor’s Report on the Consolidated Financial Statements ........................437
Attestation of the
Sustainability Statement
402
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Attestations and Reports
403
Attestation of the Sustainability Statement pursuant to art. 81-ter,
paragraph 1, of Consob regulation of 14 May 1999, no. 11971 as
amended
The undersigned Philippe Donnet, as Group CEO, and Cristiano Borean, as the Manager in charge of preparing the Company’s
Financial Reports and Sustainability Statement of Assicurazioni Generali S.p.A. and Group CFO, attest, pursuant to art. 154-bis,
paragraph 5-ter, of the Italian Legislative Decree no. 58 of 24 February 1998, that the Sustainability Statement included in the
Management Report were drawn up:
- in accordance with the reporting standards applied pursuant to Directive 2013/34/EU of the European Parliament and of the
Council of 26 June 2013, and of Legislative Decree 6 September 2024, no.125;
- with the specifications adopted pursuant to art. 8.4 of Regulation (EU) 2020/852 of the European Parliament and of the Council
of 18 June 2020.
Milan, 11 March 2026
Philippe Donnet Cristiano Borean
Group CEO Manager in charge of preparing
the Company’s Financial Reports
and Sustainability Statement
and Group CFO
ASSICURAZIONI GENERALI S.p.A. ASSICURAZIONI GENERALI S.p.A.
Attestation of the Consolidated
Financial Statements
406
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Attestations and Reports
407
Attestation of the Consolidated Financial Statements pursuant to
art. 154-bis, paragraph 5, of legislative decree of 24 February 1998,
no. 58 and art. 81-ter of Consob regulation of 14 May 1999,
no. 11971 as amended
1. The undersigned, Philippe Donnet, in his capacity as Group CEO, and Cristiano Borean, in his capacity as Manager in charge
of preparing the Company’s Financial Reports and Sustainability Statement of Assicurazioni Generali S.p.A. and Group CFO,
having also taken into account the provisions of art 154-bis, paragraphs 3 and 4, of the Italian Legislative Decree no. 58 dated
24 February 1998, hereby certify:
- the adequacy in relation to the characteristics of the Company and
- the effective implementation
of the administrative and accounting procedures for the preparation of the Consolidated Financial Statements over the course
of the period from 1 January to 31 December 2025.
2. The adequacy of the administrative and accounting procedures in place for preparing the Consolidated Financial Statements as
at 31 December 2025 has been assessed through a process established by Assicurazioni Generali S.p.A. on the basis of the
guidelines set out in the Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission, an internationally-accepted reference framework.
3. The undersigned further confirm that:
3.1 the Consolidated Financial Statements as at 31 December 2025:
a) are prepared in compliance with the applicable international accounting standards recognized by the European
Community pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002,
and with the applicable provisions and regulations;
b) correspond to the related books and accounting records;
c) provide a true and fair representation of the financial position of the issuer and the group of companies included in the
scope of consolidation;
3.2 the management report contains a reliable analysis of the business outlook and management result, the financial position
of the issuer and group companies included in the scope of consolidation and a description of the main risks and uncertain
situations to which they are exposed.
Milan, 11 March 2026
Philippe Donnet Cristiano Borean
Group CEO Manager in charge of preparing
the Company’s Financial Reports
and Sustainability Statement
and Group CFO
ASSICURAZIONI GENERALI S.p.A. ASSICURAZIONI GENERALI S.p.A.
Board of Statutory
Auditors’ Report
410
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Dear Shareholders,
Pursuant to article 153 of Legislative decree no. 58 of 24 February 1998 (“CLFI”, [Consolidated Law on Financial Intermediation])
and Consob (the Italian Commission for listed companies and the stock exchange) Communication no. 1025564 of 6 April 2001 and
subsequent amendments and additions, and taking account of the recommendations of the Italian National Board of Accountants
and Auditors (“CNDCEC”), the Board of Statutory Auditors of Assicurazioni Generali S.p.A. (alternatively, “Generali”, the “Company”
or the “Parent”) illustrates in this Report the oversight activities carried out during financial year 2025 and until the date of this Report.
1. Activities of the Board of Statutory Auditors during the
financial year ended 31 December 2025 (point 10 of Consob
Communication no. 1025564/01)
The Board of Statutory Auditors performed the activities falling within its remit during the 2025 financial year by holding 31 meetings,
with an average duration of approximately two hours and 24 minutes.
The Board of Statutory Auditors also:
• attended 19 meetings of the Board of Directors (“BoD” or the “Board”);
• attended 17 meetings of the Risk and Control Committee (“RCC”);
• attended 9 meetings of the Related-Party Transactions Committee (“RPTC”);
• attended 12 meetings of the Nominations and Corporate Governance Committee (“NGC”);
• attended 7 meetings of the Innovation, Social and Environmental Sustainability Committee (“ISC”);
• attended 12 meetings of the Remuneration and Human Resources Committee (“RHRC”);
• attended 11 meetings of the Investment Committee (“InvC”).
In addition, between 1 January 2026 and the date of this Report, the Board of Statutory Auditors held 12 meetings and:
• attended the 4 meetings of the BoD;
• attended the 5 meetings of the RCC;
• attended the 2 meetings of the ISC;
• attended the 3 meetings of the NGC;
• attended the 5 meetings of the RHRC;
• attended the 3 meetings of the InvC;
• attended the 2 meeting of the RPTC.
In addition to the above, as part of its program of activities, the Board of Statutory Auditors:
• held meetings with and/or obtained information from the Group CEO, also in his capacity as Director in charge of the internal
control and risk management system; the Group CFO, also in his capacity as manager in charge of preparation of the Company’s
financial reports; the General Manager; the head of the Group Integrated Data Quality & Reporting Risk Function; the head of the
Group Integrated Reporting Function; the Group General Counsel; the Group HR & Organisation Chief Officer; the head of the
Group Reward & Inst. HR Governance Function; the Head of the Corporate Affairs Function; the Group Chief Security Officer; the
Head of the Group Tax Affairs Function;
• met the heads of the other corporate functions involved in its inspection activities from time to time;
• pursuant to art. 74.2 of IVASS Regulation no. 38 of 3 July 2018 (“IVASS Regulation no. 38/2018”), held meetings with and obtained
information from the heads of the key functions envisaged by the aforementioned Regulation - Group Chief Audit Officer, Group
Chief Compliance Officer, Group Chief Risk Officer, Group Chief Actuarial Officer (the “Key Functions”) - and from the head of the
Group Chief Anti Financial Crime Officer Function and the heads of all the units that perform control activities within the group
headed by Assicurazioni Generali S.p.A. (the “Group”), ensuring appropriate functional and information links;
• met the members of the Surveillance Body set up pursuant to Lgs.Decree 231/2001 for useful exchanges of information;
• pursuant to paragraphs 1 and 2 of art. 151 of the CLFI, and to art. 74.3.g) of IVASS Regulation no. 38/2018, held meetings
and/or exchanged information with the boards of statutory auditors of the main subsidiaries (Alleanza Assicurazioni S.p.A.,
Report of the Board of Statutory Auditors to
Assicurazioni Generali S.p.A. General Meeting called to
approve the Separate Financial Statements as at and
for the year ended 31 December 2025 pursuant to art.
153 of Lgs.Decree 58/1998
Attestations and Reports
411
Banca Generali S.p.A., Caja De Ahorro Y Seguro S.A., Europ Assistance Holding S.A.S., Europ Assistance Italia S.p.A., Generali
Allgemeine Versicherungen AG, Generali Asset Management S.p.A. Società di gestione del risparmio, Generali Brasil Seguros
S.A, Generali China Life Insurance Co. Ltd., Generali Č eská pojiš ť ovna a.s., Generali Deutschland AG, Generali España S.A.
de Seguros y Reaseguros, Generali Hellas Insurance Company S.A., Generali IARD S.A., Generali Investments Holding S.p.A.,
Generali Italia S.p.A., GOSP - Generali Operations Service Platform S.r.l., Generali Participations Netherlands N.V., Generali
Personenversicherungen AG, Generali Real Estate S.p.A., Generali Real Estate S.p.A. SGR, Generali Seguros, S.A., Generali
Versicherung AG, Generali Vie S.A., Genertel S.p.A);
• as part of the relations between audit body and external auditor envisaged under art.150.3 of the CLFI and art. 74.3.e of IVASS
Regulation no. 38/2018, and in light of the powers of the Board of Statutory Auditors in its capacity as internal control and audit
committee pursuant to art. 19 of Lgs.Decree no. 39/2010, held regular meetings with the external auditors KPMG S.p.A. (“KPMG”),
during which data and information of significance for the planning of activities and fulfilment of the relevant responsibilities were
exchanged;
• took part, in order to constantly update its knowledge and skills, in specific induction sessions through active learning approaches
with opportunities for comparison and discussion. In particular, during 2025, refresher and in-depth sessions were held on anti-
financial crime-related issues, both at RCC and Board level. The Board also took part in training sessions organised by the
Company on topics covering, respectively, risk appetite framework, Group Strategic Asset Allocation and investment strategy, the
new Strategic Plan for the three-year period 2025-2027, customer experience and advisory excellence, Artificial Intelligence and
sustainability regulations. Finally, in 2025, during a Board meeting, the Statutory Auditors met institutional investors’ representatives
and obtained market feedback on Generali;
• in 2025, as part of its ordinary relations with the Supervisory Authority, the Board of Statutory Auditors held a meeting with
representatives of IVASS.
2. Transactions with the greatest impact on results of operations,
financial position and equity. Other noteworthy events (point 1 of
Consob Communication no. 1025564/01)
2.1 Activities performed by the Board of Statutory Auditors
The Board of Statutory Auditors monitored the Company’s compliance with legislation and the Articles of Association and observance
of the principles of correct governance, with special reference to transactions having a significant impact on the financial position
and results of operations, by regularly attending meetings of the Board of Directors and examining the documentation provided.
Where necessary, the Board of Statutory Auditors received information from the Managing Director/Group CEO and the Board of
Directors about activities performed and transactions with the greatest impact on results of operations, the financial position and
equity conducted by the Company, including transactions conducted through directly or indirectly controlled companies.
On the basis of the information provided, the Board of Statutory Auditors reasonably concluded that said transactions complied
with legislation, the Articles of Association and the principles of sound governance and did not appear to be manifestly imprudent,
rash or in conflict with the resolutions passed by the General Meeting, or such as to undermine the integrity of the Company’s
assets.
The Board of Statutory Auditors was also informed about transactions in which Directors declared an interest, on their own account
or on behalf of third parties, and has no comments to make about the compliance of the relevant Board resolutions with laws and
regulations.
2.2 Most significant events
The most significant events involving the Company and the Group in 2025 and the early months of 2026 are described in the 2025
Annual Integrated Report and Consolidated Financial Statements. They include the following events:
January
Generali placed a new Tier 2 instrument denominated in Euro and due in 2035, which was issued in green format under its
Sustainability Bond Framework. This is Generali’s eighth green bond, issued for an amount of € 500 million. The transaction is
in line with Generali’s commitment to sustainability. During the book building process, the notes attracted an order book of € 2.1
billion, more than 4 times the amount offered, from a highly diversified base of over 180 institutional investors, including a significant
representation of funds with Green/SRI mandates.
The new bond was issued at the same time as the cash repurchase offer on three series of subordinated bonds for an aggregate
nominal amount not exceeding € 500 million. The transaction is in line with Generali’s proactive management of maturing debt and
aims to optimise its regulatory capital structure.
412
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
In connection with the preparation of its advice for shareholders, Assicurazioni Generali Board of Directors decided not to present
a list for the renewal of the Company governance body, given that the relevant regulatory framework was incomplete at the date
of the decision and the timeframe would not have been compatible with the authorisation and approval process for the necessary
amendments to the Articles of Association. The Board also identified the characteristics and competences for the best composition
of the incoming governance body, which will serve as a reference for the formation and evaluation of the shareholders’ lists, and
indicated that the majority of the Directors in office (including the Chair and the Group CEO) had expressed their willingness to
consider a possible candidacy.
Assicurazioni Generali Board of Directors approved the Group’s new three-year strategy, “Lifetime Partner 27: Driving Excellence,
which was unveiled to the financial community. Founded on the solid platform built since 2016 and on the attainment of all the key
financial targets in the 2022-2024 plan, the new strategy is focused on driving excellence in customer relationships, in the core
competences of the insurance and asset management businesses, and in the operating model, and is based on the potential of the
Group’s people, on AI and data, and on sustainability.
February
On 17 February 2025, Giuseppe Melis, an alternate auditor appointed from the list submitted by the shareholder VM2006 S.r.l.,
resigned from its post due to unforeseen circumstances. Consequently, the appointment of a new alternate auditor to replace the
outgoing auditor has been included on the agenda of the General Meeting called for April 2025.
March
The Assicurazioni Generali Board of Directors approved the following reports: the Annual Integrated Report and Consolidated
Financial Statements, the Parent’s Draft Separate Financial Statements and the Corporate Governance and Share Ownership Report
at 31 December 2024 and the Report on Remuneration Policy and Payments.
Generali completed the share acquisition of Generali China Insurance Company Limited (GCI), with which it had reached an
agreement in January 2024. Having received all regulatory approvals, Generali now has full ownership of its Property and Casualty
(P&C) insurance business in China. The impact on the Group’s Solvency Ratio is around -1 p.p.. As a wholly-foreign-owned entity,
GCI operates under the Generali brand in China, fully in line with the Group’s strategy and allowing the local business to capitalise
on the fast-growing market in China.
April
In accordance with the regulations and guidelines set out in the notice calling the General Meeting regarding independent candidates
and gender quotas, three lists of candidates for the Board of Directors have been submitted. They are as follows: Mediobanca; VM
2006; various UCITS under the umbrella of Assogestioni.
The share buyback to service the Group’s 2024-2026 long-term incentive plan as well as the Group’s incentive and remuneration
plans under execution (buyback LTIP) which had begun on 31 January 2025, was completed with the full implementation of the
shareholders’ resolution of 24 April 2024, which authorised the buyback of up to 10.5 million shares. The weighted average purchase
price of the shares was € 31.68. As a result of the purchases, the Company and its subsidiaries hold 58,494,953 treasury shares,
or 3.73% of the share capital.
The General Meeting held on 24 April 2025:
• approved: the Parent’s Separate Financial Statements at 31 December 2024, resolving to pay shareholders a unit dividend of €1.43
per share; the Report on Remuneration Policy and the non-binding resolution on the Report on Payments; the Group’s Long-Term
Incentive Plan (LTIP) 2025-2027, authorising the purchase and disposal of up to 7.2 million treasury shares to service the plan;
the share buyback programme under the capital management policy for cancellation purposes as part of the implementation of
the 2025-2027 strategic plan, for a total maximum outlay of €500 million and, in any event, for a maximum number of shares not
exceeding 2% of the Company’s share capital;
• appointed a new Board of Directors comprising 13 members who will remain in office for three years, until the approval of the
financial statements at 31 December 2027, setting their remuneration; furthermore, it integrated the Board of Statutory Auditors
by appointing Annalisa Firmani as an alternate auditor for the year ending 31 December 2025;
• approved the amendments to the Articles of Association relating to the cancellation of treasury shares acquired as part of the
previous capital management buyback approved by the Shareholders in their Meeting on 24 April 2024, as part of the 2022-2024
strategic plan, and those concerning the net asset items of the Life and P&G segments.
Following the cancellation of the treasury shares purchased to implement the capital management buyback plan approved by the
aforementioned resolution of 24 April 2024, and IVASS’s approval of the resulting amendment to the Articles of Association, the
number of shares comprising the share capital of Assicurazioni Generali (amounting to € 1,602,736,602.13, fully subscribed and
paid up) has been amended. At 28 April 2025, the share capital was divided into 1,549,784,923 shares with no expressed par
value.
Attestations and Reports
413
In its meeting of 28 April 2025, Assicurazioni Generali S.p.A. Board of Directors:
• resolved on the appointment of corporate officers for the three-year period 2025-2027, electing Andrea Sironi and Philippe Donnet
as Chair and Managing Director and Group CEO, respectively, confirming their previous executive powers, the Director responsible
for the Internal Control and Risk Management System and the Director responsible for Anti-money Laundering;
• set up the Nominations and Corporate Governance Committee, which subsequently proposed creating other board committees
at the board meeting held on 7 May 2025;
• confirmed Giuseppe Catalano as Secretary to the Board of Directors, pending successful verification by the Nominations and
Corporate Governance Committee that he meets the relevant requirements;
• acknowledged Mediobanca’s announcement regarding the public exchange offer for all shares of Banca Generali.
May
The Board of Directors of Assicurazioni Generali resolved to establish five board committees and appointed their members, following
recommendations from the Nominations and Corporate Governance Committee.
A 2024 per-share dividend of € 1.43 was paid out by Assicurazioni Generali.
The Assicurazioni Generali Board of Directors approved the Financial Information at 31 March 2025.
Generali completed the sale of 100% of its stake in Generali Life Assurance Philippines, Inc. to The Insular Life Assurance Company,
Ltd. with which it had reached an agreement in December 2024.
Moody’s upgraded the outlook for Generali to positive from stable and affirmed its A3 Insurer Financial Strength Rating (IFSR).
Similarly, the ratings of the main subsidiaries in Italy, France and Germany were also upgraded and the outlooks were changed to
positive from stable. Moody’s ratings revised Generali’s outlook to positive from stable following the upgrade of Italy’s sovereign
outlook (Baa3).
Lion Re DAC a catastrophe bond comprising two classes of notes for a total of € 200 million covering windstorms in Europe and
earthquakes in Italy. This transaction is the second Generali-sponsored Insurance-Linked Securities (ILS) instrument embedding
unique ESG criteria in line with the recently updated Generali Green, Social and Sustainability ILS Framework. The transaction
underlines once more the commitment of the Group to promoting capital markets solutions that embed ESG.
The Board of Directors, following the unanimous opinion of the Nominations and Corporate Governance Committee, and the Board
of Statutory Auditors of Generali, assessed, in accordance with the law and within the scope of their respective responsibilities, that
the members of the corporate bodies elected by the 2025 General Meeting - i.e. the Directors and the alternate Statutory Auditor
Annalisa Firmani. meet the independence requirements set forth therein.
June
Generali placed a new Tier 2 bond denominated in Euro and due in June 2036, for subscription by institutional investors, for a total
amount of € 500 million. During the book building process, the notes attracted an order book worth more than € 1.4 billion, more
than 2.7 times the amount offered, from a highly diversified base of approximately 100 institutional investors.
With respect to the public exchange offer for all shares of Banca Generali by Mediobanca, Generali started the process aimed at duly
evaluating the proposal made by Mediobanca, in accordance with Generali’s related party transaction procedure.
The Central Bank of India (CBI) has become its new joint venture partner in the country. The shareholder structure is unchanged
with Generali holding a 74% stake and the CBI holding 26%. The partnership with CBI will enhance Generali’s market presence,
strengthening its brand positioning and distribution capabilities in both Life and P&C segments.
August
The Assicurazioni Generali Board of Directors approved the consolidated half-year financial report 2025.
Generali replied to Mediobanca following receipt of a letter containing additional information regarding the public exchange offer for
all shares of Banca Generali, in particular the proposed framework for the future business relationship between the Generali Group
and the Mediobanca Group. At the same time, Generali reserved the right to evaluate the offer and the potential business partnership
in compliance with the Group’s processes, procedures and timetable.
On 21 August 2025, Mediobanca’s Shareholders’ Meeting rejected the proposal submitted by the Board of Directors to authorise
the public exchange offer for all ordinary shares of Banca Generali. Given the outcome of the Shareholders’ Meeting, Mediobanca
declared the offer for Banca Generali to have lapsed.
414
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
September
Fitch Ratings upgraded Generali’s Insurer Financial Strength (IFS) Rating to AA- from A+ and the Long-Term Issuer Default Rating
(IDR) to A+ from A, with a stable outlook. The upgrade follows Fitch’s upgrade of Italy’s sovereign rating to BBB+ with a stable
outlook.
October
Following the announcement on 17 January 2025 regarding the signing of the definitive agreement between Generali Investments
Holding (GIH), a global asset management firm and part of the Generali Group, and MGG Investment Group, a private direct lending
investment firm, Conning & Company - wholly-owned by GIH - completed its acquisition of a 77% stake in MGG and its affiliates.
The estimated impact on the Group Solvency Ratio is approximately -2 p.p..
Generali placed its first perpetual Restricted Tier 1 bond for subscription by institutional investors, for a total amount of € 500 million.
The Notes will be issued under Generali’s € 15 billion Euro Medium Term Note (EMTN) programme. During the book building process,
the Notes attracted an order book in excess of €4.6 billion from around 300 highly diversified institutional investors.
Assicurazioni Generali elected to exercise the option to redeem, on the interest payment date falling on 21 November 2025, all
outstanding subordinated notes issued on 21 November 2014. The outstanding Notes were redeemed in full on 21 November 2025
at their principal amount together with interest accrued up to (but excluding) said date, subject to the terms and conditions of the
Notes. The early redemption of the Notes was approved by Istituto per la Vigilanza sulle Assicurazioni (IVASS).
November
Fitch Ratings affirmed Generali’s and its core subsidiaries’ Insurer Financial Strength (IFRS) Rating at AA-. The agency also affirmed
Generali’s Long-Term Issuer Default Rating (IDR) at A+. The outlook is stable.
The Assicurazioni Generali Board of Directors approved the Financial Information at 30 September 2025.
After the successful completion of all required steps and the receipt of the necessary regulatory approvals, Generali finalised the legal
integration of Generali Seguros y Reaseguros S.A.U. (formerly Liberty Seguros) and Generali España S.A. de Seguros y Reaseguros,
which will operate under the name of Generali España de Seguros y Reaseguros S.A.. This follows the successful conclusion of all
required legal processes for the formal transfer of the business of Liberty’s Portuguese branch to Generali Tranquilidade which took
place in August 2025.
Moody’s Ratings upgraded Generali’s Insurer Financial Strength Rating (IFSR) to A2 from A3 and changed the outlook to stable
from positive. The change follows the upgrade by one notch of the ratings of the Government of Italy (Baa2, stable). The ratings of
Generali’s main insurance subsidiaries in Italy, France and Germany were also upgraded and the outlooks were changed to stable
from positive.
December
Following the announcement on 21 January 2025 of the signature of a non-binding Memorandum of Understanding to create a joint
venture between their respective asset management operations (Generali Investments Holding and Natixis Investment Managers),
Generali and Groupe des Banques Populaires et des Caisses d’Epargne (BPCE), based on extensive discussions with relevant
stakeholders, jointly decided to terminate negotiations, in line with the terms communicated by the Group on 15 September 2025,
concluding that the conditions to reach a final agreement were not present.
AM Best upgraded Generali’s Financial Strength Rating (FSR) to A+ and the Long-Term Issuer Credit Rating (ICR) to AA-. The outlook
is stable.
The share buyback programme for the purpose of cancellation of the shares, without decreasing share capital, was completed, since
the shareholders’ resolution of 24 April 2025, which authorised the buyback of shares for a maximum total outlay of € 500 million,
had been fully implemented. The buyback programme started on 7 August 2025, in line with the capital management policy set out
in the Lifetime Partner 27: Driving Excellence strategic plan with the aim to provide shareholders with remuneration in addition to the
distribution of dividends by making use of part of the liquid funds of the Company. The Company purchased 15,166,444 treasury
shares for a total consideration of € 499,993,707.47. As a result of the buybacks, on 11 December 2025, the Company and its
subsidiaries held 46,606,923 treasury shares, representing 3.01% of share capital.
Notable events in early 2026 included:
Jan- 2026
Assicurazioni Generali elected to exercise the option to redeem, on 5 February 2026, all outstanding notes issued on 16 June 2006.
The outstanding notes were redeemed in full on 5 February 2026 at the make whole amount (104.719%), subject to the terms and
Attestations and Reports
415
conditions of the notes. The Issuer has informed Istituto per la Vigilanza sulle Assicurazioni (IVASS) of its intention to redeem the
notes early.
Generali placed a new Tier 2 bond denominated in Euro and due in January 2036, for subscription by institutional investors, for a total
amount of € 650 million. During the book building process, the notes attracted an order book worth more than € 2.6 billion, more
than 4 times the amount offered, from a highly diversified base of approximately 135 international institutional investors.
Following the positive completion of the customary regulatory process, the new Group organisational structure became effective with
the appointment of Giulio Terzariol as General Manager - Group Deputy CEO, as approved by the Board of Directors and announced
on 12 November 2025. Giulio Terzariol was assigned the management of the Group’s insurance business and oversight of Banca
Generali, in alignment with the directives of the Group CEO.
February 2026
Generali Group and Swiss Life Global Solutions entered into a long-term commercial partnership and a binding commitment for the
acquisition of Swiss Life Network (SLN) by Generali Employee Benefits (GEB). At the end of a transitional period, the network will
adopt a new brand, which will be unveiled once the transaction has been completed, expected in the first half of 2026 and subject
to the usual regulatory approvals.
Generali launched Generali Core Tech, the Group’s new software factory, which will accelerate its technological transformation in
line with the Lifetime Partner 27 strategic plan: Driving Excellence through the creation of scalable, shared and innovative platforms
that support business growth and the ability to create greater value for customers and partners. Generali Core Tech will focus on
the management and further development of “Insurance in a Box” (IIAB), a shared core insurance platform for both, Life and P&C,
advancing the platform’s roll-out programme, which is already live in Spain and Switzerland and is currently being extended to
Portugal, Hungary, Slovenia and Croatia. The initial perimeter of the project will cover about 15 million policies Group-wide. Generali
Core Tech will consist of a team of around 150 experts, will adopt advanced development methodologies, supported by Gen-AI-
based tools, and will work in close collaboration with the local teams across the various business units.
March 2026
The share buyback program, started on 28 January 2026, for the purpose of the Long Term Incentive Plan (LTIP) 2025-2027 as well
as the Group’s incentive and remuneration plans under execution, was completed, implementing the resolution of the Shareholders’
Meeting of 24 April 2025. The transaction, as authorized by that Shareholders Meeting, had as its object the purchase of a maximum
number of 7 million and 200 thousand shares and the carrying out of any subsequent disposition of the same within the framework
of the aforementioned plans. The Company purchased 1,536,577 treasury shares at a weighted average price per share equal
to € 34.26, for an aggregate amount of € 52,644,685.58. Following these purchases, at 4 March 2026 the Company and its
subsidiaries owned 53,806,923 treasury shares, equal to 3.47% of its share capital.
Generali reached an agreement for the sale of its Irish and Northern Irish P&C operations to Zurich Insurance group. The transaction
is in line with Generali’s focus on core insurance markets where the Group already holds scale and a leading presence. It is also fully
aligned with Generali’s Lifetime Partner 27: Driving Excellence strategic plan. The transaction is subject to the customary regulatory
approvals and necessary authorisations from the competent authorities.
The Board of Directors approved the Annual Integrated Report and Consolidated Financial Statement, the Parent’s Draft Separate
Financial Statements and the Corporate Governance and Share Ownership Report as at 31 December 2025 and the Report on
Remuneration Policy and Payments.
3. Related-party and intragroup transactions. Atypical and/or
unusual transactions (points 2 and 3 of Consob Communication
no. 1025564/01)
The Company implements “Related-Party Transaction Procedures” (“RPT Procedures”), adopted in compliance with art. 2391-bis
of the Italian Civil Code and Consob Regulation 17221/2010, as subsequently amended, which are also applicable to transactions
performed through the subsidiaries.
The RPT Procedures were last updated in March 2026; the amendments focused in particular on updating the categories of
transactions which, by their nature and in light of the Group’s activities, are classified as Ordinary Transactions for the purposes of
the RPT regulations. The Board of Statutory Auditors believes that these procedures comply with the pro tempore version of Consob
Regulation 17221/2010. During the year, it monitored the Company’s compliance with said procedures.
416
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The 2025 Separate Financial Statements of Assicurazioni Generali S.p.A. and the 2025 Annual Integrated Report and Consolidated
Financial Statements illustrate the effects of related-party transactions on results of operations and equity, and describe the most
significant relationships.
In 2025, five transactions classified as being of “minor materiality” were brought to the attention of the RPTC, while no transactions
of “greater materiality” pursuant to the RPT Procedures were brought to the committee’s attention, except for Mediobanca’s public
exchange offer for all ordinary shares of Banca Generali, which was interrupted.
In this respect, in accordance with art. 4.6 of Consob Regulation 17221/2010, the Board of Statutory Auditors oversaw compliance
with the RPT Procedure, monitoring the process that led to the issue of the RPT Committee’s opinion on transactions of “minor
materiality” pursuant to art. 7 of Consob Regulation 17221/2010, and attended the relevant meetings.
No urgent transactions with related parties took place.
The Board of Statutory Auditors’ surveillance activities ascertained that intragroup transactions performed during the year (i) were
compliant with IVASS Regulation no. 30/2016 on intragroup transactions and concentration of risk and with the Group Policy on
Intragroup Transactions adopted by the Board of Directors on 15 March 2017 and most recently updated on 12 November 2025,
and (ii) qualify as exempt transactions for the purposes of Consob regulations applicable to related party transactions. The main
intragroup transactions, regulated at market prices, were through reinsurance and coinsurance agreements, administration and
management of securities and real estate, claims management and settlement, IT and administrative services, loans and guarantees,
and personnel loans. They allowed the rationalisation of the operational functions and a better level of services.
The Board of Statutory Auditors deems the information on intragroup and related-party transactions provided by the Board of
Directors in the 2025 Separate Financial Statements to be adequate.
As far as the Board of Statutory Auditors is aware, no atypical and/or unusual transactions took place during 2025.
4. Monitoring the fitness for purpose of the organisational
structure. Organisational structure of the Company and the Group,
relations with subsidiaries (point 12 of Consob Communication no.
1025564/01)
The organisational structure of the Company and the Group and its evolution are described in detail in the Corporate Governance
and Share Ownership Report 2025, to which reference should be made for additional information.
Without prejudice to the above, the Board of Statutory Auditors notes that, at 31 December 2025, the Group’s organisational
structure remained unchanged from 2024. This comprises the Group Head Office (GHO) and the Group’s main business areas.
Insurance, Asset Management and Banca Generali.
Specifically, the Board of Statutory Auditors draws attention to the Group organisational structure:
• GHO performs management and coordination function, consistent with Assicurazioni Generali S.p.A.’s role as ultimate Italian
parent, with a diversified approach for the various businesses, guaranteeing support and strategic alignment of the Group entities;
within GHO, the Key Functions ensure the proper operation of the Group’s internal control system, risk management, actuarial
activities and regulatory compliance. In addition, GHO oversees the provision of the Group’s shared services mainly for the
technological infrastructure and procurement services at Group level (through Generali Operations Service Platform) - which
play an increasingly strategic role in achieving cost synergies, improving service levels and accelerating the digitalisation of the
business;
• the Insurance Division directs the performance of the insurance business in all geographical areas where the Group operates,
ensuring coordination and strategic alignment through a streamlined and simplified organisational model. The Division consists
of 7 Business Units and 3 Regions, which develop and implement the Group’s strategy in line with the characteristics of the local
markets; the Business Units/Regions promote entrepreneurship and local independence, supporting monitoring at GHO level,
developing and implementing the Group strategy compatibly with the specific characteristics of the local markets and establishing
an approach focused on targeting customer segments in the creation of products, activation of distribution channels and provision
of services;
• Generali Investments Holding, which oversees and coordinates all the operating entities in the asset management sector. Generali
Investments Holding’s mission is to enhance the Group’s diversified investment capabilities and foster the global expansion of
the third-party business. It coordinates the business area which comprises Generali Asset Management (a centre of excellence
for liability-driven investments), Generali Real Estate and a platform of several asset management affiliates, including companies
specialising in the management of different asset classes, and Conning Holding;
• Banca Generali carries out banking activities and provides financial advisory services and asset management solutions.
Attestations and Reports
417
As mentioned in paragraph 2, in November 2025, the Board approved a reorganisation of the organisational structure in order to
support the achievement of the objectives of the Lifetime Partner 27: Driving Excellence strategic plan. The new structure is designed
to further consolidate the strategic focus on the two main business areas of Insurance and Asset Management, strengthening Banca
Generali’s integration within the Group while enhancing its collaboration with Italian insurance companies. In this respect, the Board
of Statutory Auditors notes that the new structure includes the role of General Manager - Group Deputy CEO, held by Giulio Terzariol,
who has been entrusted by the Board of Directors with management of the Group’s entire insurance business and supervision of
Banca Generali, in line with the Group CEO’s directives.
This appointment and the resulting organisational changes will take effect on 13 January 2026, pending the successful completion
of the regulatory process.
With respect to the new Group organisational structure, which was approved in November 2025 and which came into effect
in early 2026, the Board of Statutory Auditors monitored the process implemented by the Company to secure its approval and
implementation and the adequacy of the overall organisational structure of the Company and the Group. Furthermore, it monitored
discussions between the Company and IVASS.
In accordance with art. 74.3.b of IVASS Regulation no. 38/2018, the Board of Statutory Auditors also monitored the process of
defining and assigning delegated powers, focusing, in particular, on the segregation of responsibilities in duties and functions.
The Board of Statutory Auditors checked the fitness for purpose of the Company’s instructions to the subsidiaries pursuant to
art. 114.2 of the CLFI, in order to obtain on a timely basis the information necessary to comply with the disclosure requirements
envisaged by the law and Regulation (EU) no. 596/2014.
Furthermore, pursuant to paragraphs 1 and 2 of art. 151 of the CLFI and art. 74.3.g) of IVASS Regulation no. 38/2018, the Board
of Statutory Auditors obtained the reports of the boards of statutory auditors of the main subsidiaries and/or the information sent by
said boards in response to specific requests.
5. Oversight of the internal control and risk management system,
the administrative/accounting system and the financial reporting
process (points 13 and 14 of Consob Communication no.
1025564/01)
5.1. Internal control and risk management system
The main characteristics of the internal control and risk management system are described in the Corporate Governance and Share
Ownership Report 2025 and the Group Risk Report (included in the 2025 Annual Integrated Report and Consolidated Financial
Statements).
The internal control and risk management system (“ICRMS”) consists of the rules, procedures and corporate units that - also with
regard to the Company’s role as the ultimate Italian parent (“UIP”), pursuant to art. 210.2 of the Private Insurance Code - enable
the Company and Group to operate effectively and to identify, manage and monitor the main risks to which they are exposed. The
ICRMS is an integrated system involving the whole organisational structure: the governing bodies and the corporate units, including
the Key Functions, are required to contribute in a coordinated and interdependent manner to its operation.
The Board of Statutory Auditors also notes that, since 2018, in compliance with industry regulations, the Company has adopted a
“reinforced” corporate governance model that takes account of the quali-quantitative parameters indicated in the IVASS letter to the
market of 5 July 2018. Features envisaged by the model include: the non-executive role of the Chair, the existence of the RCC and a
remuneration committee, the effective and efficient performance of the Key Functions by specific organisational units (separate from
the operating functions and not outsourced), headed by individuals with appropriate skills and qualifications.
The Group Chief Audit Officer, Group Chief Compliance Officer, Group Chief Risk Officer and Group Chief Actuarial Officer Functions
are the Key Functions under IVASS Regulation no. 38/2018, in addition to the Group Chief Anti Financial Crime Officer Function. To
guarantee a consistent Group approach, the Company formulates Group directives on the governance system integrated with Group
internal control and risk management policies, which apply to all the companies.
The ICRMS was drawn up in accordance with Solvency II - including EIOPA guidelines and delegated acts - and with the Italian laws
and regulations that enact Solvency II. For further details, see the Group Risk Report.
418
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
As required by industry regulations, the Board of Statutory Auditors verified the fitness for purpose of the Company and Group
ICRMS and checked its actual operation. Specifically, and in line with arts. 8 and 74 of IVASS Regulation no. 38/2018, the Board of
Statutory Auditors:
i) took note of the assessment of the adequacy and effectiveness of the ICRMS carried out by the Board of Directors every six
months after consultation with the RCC;
ii) took note of the RCC report issued every six months to support the Board of Directors;
iii) took note of the summary document covering the assessment of the adequacy and the effectiveness of the internal control
and risk management system prepared by the Group Chief Audit Officer, Group Chief Compliance Officer, Group Chief Risk
Officer, Group Actuarial Function and Group Chief Anti-Financial Crime Officer and the statement of the Group CEO acting as
the Director responsible for the internal control and risk management system;
iv) attended all meetings of the RCC, obtaining information about the initiatives that the Committee decided to promote or request
on specific subjects;
v) obtained information about the development of the organisational units and the activities performed by the Key Functions,
including through meetings with the managers concerned;
vi) examined the activity reports of the Group Chief Audit Officer, Group Chief Compliance Officer, Group Chief Risk Officer, Group
Actuarial Function and Group Chief Anti Financial Crime Officer Functions, submitted to the RCC and the Board of Directors;
vii) examined the half-yearly complaints reports drawn up by the head of the Group Chief Audit Officer Function;
viii) verified the autonomy, independence and efficiency of the Group Chief Audit Officer Function, and established and maintained
appropriate and constant ties with it;
ix) examined the Audit Plan drawn up by the Group Chief Audit Officer Function and approved by the Board of Directors, monitored
compliance with it, and received information about audit results and the effective implementation of mitigating and corrective
actions;
x) took note of the activities of the Surveillance Body formed by the Company in compliance with Lgs.Decree 231/2001 through
specific disclosures and meetings for updates on the body’s activities;
xi) obtained information from the heads of the functions involved in the ICRMS;
xii) exchanged information with the boards of statutory auditors of the subsidiaries, as required by arts. 151.1 and 151.2 of the CLFI
and by art. 74.3.g) of IVASS Regulation no. 38/2018;
xiii) met and exchanged information with the Group CEO, who is tasked with setting up and maintaining the ICRMS;
xiv) obtained information about the development of the Group’s regulatory system, in particular the system of policies, regulations,
guidelines and procedures designed to ensure compliance with the specific regulations of the insurance industry and listed
companies applicable to or adopted by the Company.
As part of its oversight of the ICRMS, during 2025 and early 2026, the Board of Statutory Auditors paid particular attention to certain
issues, in part through constant contact with the Board of Directors, the Risk and Control Committee and the Key Functions, as well
as with the control functions of the Group companies.
In particular, the Board of Statutory Auditors supervised and monitored the asset management governance framework which was
essentially implemented in line with the plan submitted to the Board of Directors in December 2025. The Board of Statutory Auditors
held meetings to discuss this issue and continuously and actively monitored the adaptation process.
With respect to the adoption and implementation of the Group’s IT strategy, particularly the initiatives to transform the operating
model - such as creating Shared Services and increasing the use of standardised Group IT tools - the Company concentrated its
efforts on upgrading and streamlining core and non-core systems (e.g. Insurance in a Box and One Finance), optimising the IT
infrastructure and consolidating data centres. The Board monitored progress in these areas.
The Board of Statutory Auditors also focused, in particular, on IT resilience and cybersecurity, given the potentially significant impact
of cyber attacks. The key areas the Company is currently implementing and which are constantly monitored by the Board of
Statutory Auditors include identifying critical ICT applications, adopting Group standards for asset inventory, implementing multi-
factor authentication across all legal entities and refining the ICT third-party management process. Furthermore, compliance with the
Digital Operational Resilience Act (“DORA”) remains a key issue. The aim is to complete the implementation of secure backup and
restore processes by the end of the first quarter of 2026, and the implementation of disaster recovery processes by the end of the
second quarter of 2026.
The Board of Statutory Auditors also focused on the provisions of the EU Artificial Intelligence Act which the Company will phase
in by August 2027. A legislative proposal is currently being discussed that would postpone the entry-into-force date for high-risk AI
systems to December 2027. In this respect, the Group has established an AI internal regulatory framework. Ongoing monitoring,
effective implementation and timely updating of this framework are essential to ensuring full and consistent compliance with evolving
regulatory requirements.
The implementation of customer protection regulations (such as IDD, POG, the Packaged Retail and Insurance-based Investment
Products and the planned definition of the EU Retail Investments Strategy framework), remains a key issue for the entire European
Attestations and Reports
419
insurance market. For this reason, the Company’s ICRMS has been strengthened by introducing advanced monitoring frameworks
for insurance products with the aim of continuously improving the protection of customer data by taking into account the correlation
with cyber risk and the increased use of AI solutions, which may entail further privacy risks.
In 2025, the Company undertook significant efforts to fine-tune the AFC risk control framework across most entities. This involved a
series of multi-year initiatives, including strengthening governance, making major IT and technological investments, increasing AFC
personnel, running targeted training programmes which involve senior management, and conducting a two-year project focused, in
particular, on the roles and responsibilities of the first and second lines of defence. In this context, several issues have been identified
that require specific attention in the next few months to ensure the framework for AFC control is fully effective. The Board of Statutory
Auditors will monitor: (i) certain areas within first line of defence processes (e.g. customer due diligence (CDD)/Enhanced Due
Diligence (EDD), data quality and transaction monitoring); (ii) the AFC Evolution Programme within the Business Asset Management
area; (iii) the regulatory framework relating to international sanctions and anti-money laundering (AML)/counter-terrorist financing
(CTF); and (iv) enhanced supervision following the recent establishment of the EU AML Authority.
The impacts of macroeconomic and geopolitical developments were and will continue to be closely monitored for their potential
materiality, both direct and indirect, to the Group’s business. This refers, inter alia, to the impact of inflation and a potential recession
on product design, asset allocation and investment strategy, as well as the effects of ongoing conflicts and resulting geopolitical and
economic tensions and developments.
The implementation of the Group’s sustainability ambitions and relevant regulatory requirements remains a key focus area to be
monitored. This includes the risk of ESG-washing and the evolution of regulatory frameworks and ESG policies, which are not yet fully
aligned across different jurisdictions. These reflect different national approaches and ongoing developments towards harmonising
reporting, including EU-level initiatives.
With respect to climate risk, the Company continues to focus on the increasing volatility in the frequency and severity of climate-
related natural events and their impact on business profitability. To reduce risk exposure and mitigate the impact of losses, the
Group is strengthening its modelling capabilities and innovating in product development. This includes the creation of the Climate
Hub within the Group’s P&C and Reinsurance function and the collaboration with various public and private entities to reduce the
protection gap relating to climate events.
With respect to investment risk, the Board of Statutory Auditors has been actively monitoring the Company’s working group on
investment governance.
The above-mentioned areas are the subject of programs for the continuous improvement of the efficiency and effectiveness of the
Group system and are specifically monitored by the Board of Statutory Auditors.
In light of all of the above and taking into account the dynamic nature of the ICRMS and the corrective action taken and planned
by the Key Functions, no factors emerged from the analyses conducted or the information obtained that could lead the Board of
Statutory Auditors to consider the Company’s internal control and risk management system as a whole not fit for purpose.
5.2. Administrative accounting system and financial reporting process
The Board of Statutory Auditors monitored, inter alia, the activities conducted by the Company to assess the fitness for purpose and
operation of the administrative accounting system and the financial reporting process, on an on-going basis.
This objective was pursued by the Company through the adoption of a financial reporting model consisting of a set of principles, rules
and procedures designed to guarantee an adequate administrative and accounting system.
Consistently with the Company ICRMS, the financial reporting model involves the corporate bodies and the operating and control
units in an integrated management approach, consistently with their different levels of responsibility.
The main characteristics of the model are described in the Corporate Governance and Share Ownership Report 2025.
There is nothing to report in connection with the data and information exchanges with the external auditors for the performance of
the respective tasks pursuant to art. 150.3 CLFI and art. 74.3.e) of IVASS Regulation no. 38/2018.
At a meeting on 27 March 2026, the Board of Statutory Auditors examined the additional report drawn up by the KPMG external
auditors, ex art. 11 of EU Regulation 537/2014 and noted that it identified no significant shortcomings in the internal control system
with regard to financial reporting. The key topics were discussed and analysed during the regular information exchanges between
the Board of Statutory Auditors and the external auditors.
In overseeing the fitness for purpose of the administrative and accounting system, the Board of Statutory Auditors also verified,
pursuant to art. 15 of Consob Regulation no. 20249 of 28 December 2017 (“Markets Regulation”), that the corporate organisation
420
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
and procedures adopted enable the Company to ascertain that its subsidiaries incorporated in and governed by the legislation
of non-EU countries, which are required to comply with Consob regulations, have an administrative/accounting system fit for the
purpose of regularly supplying the Company’s management and auditors with the business and financial data required to draw up
the consolidated financial statements. At 31 December 2025, the significant non-EU companies for the purposes of the Markets
Regulation were: Generali Personenversicherungen AG and Generali China Life Insurance Co. Ltd.
5.3. The Sustainability Statement
The Board of Directors approved the Annual Integrated Report and Consolidated Financial Statements, which also includes the
Generali Group Sustainability Statement on 11 March 2026.
The Group’s Sustainability Statement, in accordance with the provisions of Legislative Decree 2024/125, which transposed Directive
2022/2464/EU (the Corporate Sustainability Reporting Directive - CSRD) into Italian law, has been prepared in accordance with the
European Sustainability Reporting Standards (ESRS) set out in Delegated Regulation (EU) 2023/2772 and is subject to a limited
assurance engagement entrusted to the auditors engaged to audit Generali Group’s financial statements in accordance with the
“Principle of Sustainability Assurance Engagement - Standard on Sustainability Assurance Engagement - SSAE (Italy)”.
The Sustainability Statement does not include the voluntary disclosures set out in the ESRS, nor any disclosure requirements or
elements thereof that are deemed inapplicable which are being phased in accordance with Delegated Regulation (EU) 2025/1416.
The Sustainability Statement was drawn up on a consolidated basis, using the same reporting boundary as that of the consolidated
financial statements, unless otherwise stated. The subsidiaries, which meet the requirements under European or local law for the
application of the exemption from the publication of individual sustainability statements, have taken up this option. The Group has
not availed itself of the option to omit specific proprietary information, nor of the option to not disclose information concerning any
extraordinary transactions outstanding at 31 December 2025.
As described in the 2025 Annual Integrated Report and Consolidated Financial Statements to which reference should be made, the
Sustainability Statement adopts metrics also partially determined by the use of estimates taken directly from internal sources, from
customers or from external data providers; the methodologies are described for each one, in accordance with the minimum reporting
requirements. The metrics most affected by uncertainty relate to the calculation of Scope 3, Category 15 gross greenhouse gas
emissions. This is because they are derived from data collected by providers from public sources (such as financial statements and/
or issuers’ websites or government bond databases). This data largely relates to previous years and/or estimates are used where
public data is unavailable.
These metrics include comparative information presented consistently with figures published at 31 December 2024. Where deemed
most appropriate, to improve comparability, the comparative information has been aligned with the presentation format defined
at the end of 2025. The Group has recalculated the base value of the New Business Premium (NBP) target for its pension, life
and health insurance solutions aimed at underserved customers with the aim of ensuring greater comparability, accuracy and
consistency in the reported information. This restatement provides a clearer picture of the Group’s performance and progress
against its commitments.
Finally, the Board of Statutory Auditors notes that the Group uses a cross-reference to the notes to the financial statements,
specifically with respect to the “Climate Change Disclosure” section, concerning information on how the climate scenarios considered
are compatible with the fundamental climate-related assumptions in the financial statements.
Consistently with the functions and duties assigned to it by law, the Board of Statutory Auditors monitored compliance with the
legislation governing the preparation and publication of the Sustainability Statement. Specifically, it monitored the fitness for purpose
of the Group’s organisational structure with respect to the areas of relevance to the Sustainability Statement, and ascertained the
presence of appropriate procedures for the collection, organisation and presentation of sustainability results and information; on this
last point, it also monitored compliance with the EU Taxonomy Regulation.
For this purpose, in 2025 and early 2026, the Board of Statutory Auditors examined the documentation made available by the
Company, and held meetings with the management team responsible for the disclosure on the Sustainability Statement and with
the representatives of the external auditors, who, as noted above, are also responsible for issuing a report on the limited assurance
engagement required by art. 8 of Legislative Decree 125/2024.
The Board of Statutory Auditors also noted that the KPMG auditing firm issued a report on 27 March 2026 certifying that the
Sustainability Statement had been drawn up, in all significant aspects, in compliance with the ESRS and art. 8 of EU Regulation
2020/852.
The Board of Statutory Auditors observes that, on completion of its inspections, no evidence of non-conformity of the Group 2025
Sustainability Statement with the regulations governing its preparation and publication came to its attention.
Attestations and Reports
421
6. Other activities performed by the Board of Statutory Auditors
6.1. Additional periodic checks
In addition to the matters described above, the Board of Statutory Auditors conducted further specific periodic checks in accordance
with the laws and regulations governing the insurance industry.
In particular, in part by participating in the work of the RCC and through its own checks, the Board of Statutory Auditors oversaw:
• compliance with the investment policy guidelines approved by the Board of Directors, pursuant to art. 8 of IVASS Regulation no.
24 of 6 June 2016;
• the compliance of derivative transactions with the guidelines and limitations imposed by the Board of Directors, and the regularity
of the Company’s periodic communications to IVASS;
• the administrative procedures adopted for the handling, safekeeping and accounting of financial instruments, checking
the instructions issued to depositaries regarding periodic despatch of statements of account with suitable indications of any
encumbrances;
• the fact that the assets covering the technical reserves were free of encumbrances and fully available;
• compliance with the register of assets covering the technical reserves.
In the Notes to the Financial Statements, the Company has provided a disclosure on share-based payment agreements, in particular
the incentive plans based on equity instruments assigned by the Parent and by other Group companies.
In line with the recommendations set out in the joint Banca d’Italia/Consob/ISVAP document no. 4 of 3 March 2010 and Consob
communication no. 0003907 of 19 January 2015, the Group’s goodwill impairment test procedure, adopted in accordance with IAS
36 and the recommendations provided in the OIC document “Impairment and Goodwill” of May 2011, is submitted annually for the
advisory opinion of the RCC and, subsequently, for the prior approval of the Company’s BoD.
The notes to the half-year report at 30 June 2025 and to the financial statements at 31 December 2025 provide information on and
the results of the measurement process carried out by the Company: the Board of Statutory Auditors, through discussions with the
Manager in charge of preparation of the Company’s financial reports and with the external auditors at meetings periodically held
as part of the scheduled exchanges of information for the performance of their respective duties, monitored the process and has
nothing to report in this respect.
6.2 Activities performed in the context of evolving legislation
To the extent of its remit, during 2025 the Board of Statutory Auditors monitored the issuance of: (i) recommendations by the relevant
European and national authorities that could impact the operations of the Company and the Group, specifically, the financial and
sustainability reporting process; (ii) guidelines by industry associations on the interpretation and consequent application of some
international accounting standards, and (iii) guidelines issued by the Italian National Board of Accountants and Auditors on the
adoption of artificial intelligence and sustainability issues.
The Board also monitored compliance with the provisions set out in Chapter I-bis of Legislative Decree 139/15 as amended by
Legislative Decree 128/2024.
This Decree transposed Directive (EU) 2021/2101 (the “CBCR Directive”), which, in turn, amended Directive 2013/34/EU (the
“Accounting Directive”) by introducing the requirement to disclose certain information about the income tax of certain companies and
branches (“CBCR reporting” or “Country-by-Country Reporting”). The Company is classified as a reporting entity because it is the
parent of a multinational group based in a Member State, and its consolidated revenue, as per the consolidated financial statements,
has exceeded € 750 million in each of the past two years. For the Company, this requirement will apply from 1 January 2025 (i.e. the
first reporting year, FY 2025). Within twelve months of the reporting date, the notice must be (i) filed with the Company Register, (ii)
published on the Company’s website and (iii) stored for at least five consecutive years from the publication date. Consequently, the
Company’s first deadline will be 31 December 2026.
With respect to the relevant areas of responsibility and the above-mentioned regulatory developments, the Board of the Statutory
Auditors notes that:
• it received adequate information from the Board of Directors, the Manager in charge of preparation of the Company’s financial
reports (who is also responsible for sustainability reporting), the Group CEO, and the relevant Company functions on the preparation
and disclosure process underlying the 2025 draft separate and consolidated financial statements, the process underlying the
preparation and disclosure contained in the Group 2025 Sustainability Statement and on the requirements relating to Country-by-
Country Reporting;
• it had constant exchanges with the external auditors on the drafting and disclosure contained in the 2025 draft separate financial
statements and 2025 Group consolidated financial statements and on matters that emerged during the respective audit and control
422
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
activities and on the process underlying the preparation and disclosure contained in the Group 2025 Sustainability Statement and
on matters that emerged during the respective assurance and control activities: no elements to be disclosed in this report emerged
during the meetings;
• that it had exchanges of information, also pursuant to art. 151.2 of the CLFI, with the boards of statutory auditors of the main
subsidiaries: no elements to be disclosed in this report emerged during the meetings.
6.3 Additional activities of the Board of Statutory Auditors
During 2025, the Board of Statutory Auditors monitored the public exchange offer launched by Mediobanca for all shares of Banca
Generali, a subsidiary of Assicurazioni Generali, within the scope of its remit.
As mentioned earlier, the public offer was suspended and ultimately lapsed following Mediobanca shareholders’ decision to reject
the transaction at their meeting on 21 August 2025.
Given its nature, since its launch on 28 April 2025, the public exchange offer has also fallen within the scope of the rules governing
related party transactions. Indeed, Mediobanca’s proposal (a related party of Assicurazioni Generali) (i) was directed at Assicurazioni
Generali, which could have contributed its shares in Banca Generali to the offer and (ii) originally stipulated that Mediobanca,
Assicurazioni Generali and Banca Generali would negotiate a long-term strategic and business partnership agreement in the
bancassurance and asset management sectors.
In this context, the Board of Statutory Auditors monitored compliance with the RPT Procedure, focusing, in particular, on the
process of appointing independent experts to the Board of Directors and the RPT Committee and making relevant observations and
recommendations.
Furthermore, in 2025, again as part of the tasks assigned by applicable regulations, the Board of Statutory Auditors monitored the
proposed transaction, which was announced on 21 January with the signing of a Memorandum of Understanding (“MoU”) for the
creation of a jointly-controlled joint venture between the Company and BPCE (through Natixis), the second-largest banking group in
France and the fourth-largest in the Eurozone.
In this respect, the Company’s Board of Statutory Auditors monitored the process, paying particular attention to the correct allocation
of decision-making powers among the corporate bodies, the governance of the proposed joint venture and its potential impact on
Generali’s organisational structure, internal control system and administrative and accounting system.
As reported in section 2, on 11 December 2025, Generali and BPCE announced that the conditions required to reach a final
agreement had not been met. Consequently, they abandoned the project, also without paying the penalties originally set out in the
MoU.
During the year, the Board of Statutory Auditors monitored communications between the Company and the market and regulatory
supervisory authorities.
7. Organisation and management model pursuant to Lgs.Decree
no. 231/2001
During 2025, the Board of Statutory Auditors continued to monitor certain regulatory changes relating to Legislative decree no.
231/2001 (the “Decree 231”) that had occurred since the most recent update to the Company’s organisational and management
model in December 2024, as well as the guidelines regarding the proposed reform of Legislative Decree 231/01, where relevant.
The Board of Statutory Auditors viewed and obtained information about the organisational and procedural activities conducted
pursuant to Decree 231. The main aspects connected with the organisational and procedural activities conducted by the Company
pursuant to Decree 231 are illustrated in the Corporate Governance and Share Ownership Report 2025.
No noteworthy facts and/or circumstances emerged from the report submitted by the Surveillance Body on its activities.
Attestations and Reports
423
8. Ratification of the Corporate Governance Code, Composition
of the Board of Directors, and remuneration (point 17 of Consob
Communication 1025564/01)
Since 1 January 2021, the Company has followed the Corporate Governance Code (hereinafter, the “CG Code”) issued by the
Corporate Governance Committee promoted by Borsa Italiana S.p.A. and applicable to the Company as from that date. The check-
list for compliance with the principles and criteria of the Corporate Governance Code is set out in the Information Compendium to the
2025 Corporate Governance and Share Ownership Report published on the Company website, to which reference should be made.
The Board of Statutory Auditors continued to evaluate the procedures for concrete implementation of the principles and application
criteria of the Code, and has no comments to make on them.
The Board of Statutory Auditors notes that the Board of Directors evaluated its own and the Board Committees’ operation, size and
composition, taking the principles and recommendations of the Code into account.
In line with the Corporate Governance Code’s Recommendations, the NGC took on the tasks concerning the board review process
and the periodic check on the fulfilment of the requirements for the members of the Board of Directors and the Board of Statutory
Auditors.
The 2025 Board Review took place between December 2025 and February 2026 and included, as in the past, a detailed questionnaire
for the members of the BoD, as well as individual confidential interviews carried out by the independent consultant Russell Reynolds
who also analysed the replies.
The Board of Statutory Auditors notes that the results of the 2025 Board Review were presented to and discussed by the Board of
Directors, after examination by the NGC, at its meeting on 25 February 2026, attended by the Board of Statutory Auditors. The main
strengths and areas for attention identified by the 2025 Board Review are detailed in the 2025 Corporate Governance and Share
Ownership Report.
In early 2026, in line with the recommendations of Rule Q.1.5 of the Rules of Conduct for the Board of Statutory Auditors of Listed
Companies drawn up by the National Board of Accountants and Auditors (CNDCEC), the Board of Statutory Auditors conducted a
self-assessment of its composition and operation, and discussed the findings at a meeting on 24 February 2026.
Furthermore, in early 2026, in view of the expiry of its term of office, the Board of Statutory Auditors drew up a report containing
guidelines on the composition of the board, in line with the provisions of the AG’s Fit & Proper Policy (in accordance with Article 11 of
Ministerial Decree 88/2022) and the recommendations of Rule Q.1.5 of the Code of Conduct for the Boards of Statutory Auditors of
Listed Companies, as set out by the CNDCEC. The report was presented to the Chair of the Board of Directors and included in the
documentation made available for shareholders at the next General Meeting. At the meeting, the shareholders will be asked, among
other things, to appoint a new Board of Statutory Auditors and establish its remuneration for the three years 2026-28. The purpose
of the report is to provide the General Meeting, the shareholders interested in submitting lists for the appointment of the new Board of
Statutory Auditors and the candidates for the position of auditor with an overview of the activities that the Board of Statutory Auditors
will be called upon to perform, so that the necessary professional skills, availability of time and the adequacy of the remuneration
proposed for performance of the engagement may be properly assessed.
In the same meeting on 24 February 2026, the Board of Statutory Auditors also checked the correct application of the criteria and
the process commenced by the Board of Directors to assess the independence of the independent directors and statutory auditors.
In light of the Company policies and operating guidelines, the Board of Directors conducted its own assessment as to whether
the independence requirement was met, on the basis of all the information available to the Company and specific supplementary
declarations designed to obtain from self-declared independent directors and statutory auditors accurate information about the
existence of any commercial, financial or professional relationships, self-employment or employment relations or relationships of a
financial or professional nature, that are of significance under the Corporate Governance Code and the CLFI.
At its meeting on 24 February 2026, pursuant to art. 76 of the PIC and the provisions of Ministerial Decree 88 of 2 May 2022,
(“Regulation concerning requirements and suitability criteria for the performance of the duties of corporate officers and persons
responsible for key functions pursuant to art. 76 of the insurance code, as per legislative decree no. 209 of 7 September 2005”),
the Board of Statutory Auditors ascertained that each member met the fairness criteria and the respectability, competence,
professionalism, independence and time-availability requirements set down by law. The Board of Statutory Auditors also checked
the members’ compliance with the requirement on the limitations on the number of offices pursuant to art. 16 of the above Ministerial
Decree 88/22. At the same meeting of 24 February 2026, as part of the assessment of its collective fitness for purpose, also required
by art. 10 and 11 of Ministerial Decree 88/22, the Board of Auditors ascertained that its collective composition was fit for purpose
and appropriately diversified.
424
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
The Board of Statutory Auditors also verified the existence of interlocking situations as envisaged by art. 36 of Decree Law no. 201
of 6 December 2011 in respect of the permanent statutory auditors, at its meeting on 19 June 2025. The checks did not reveal any
positions held by the Company’s statutory auditors that violate the interlocking regulations.
Finally, the Board of Statutory Auditors notes that the Board of Directors adopted a specific policy and a top management succession
plan.
The Board of Statutory Auditors has no comments to make about the consistency of the remuneration policy with the recommendations
of the CG Code and its compliance with IVASS Regulation no. 38/2018.
9. Statutory audit (points 4, 7, 8 and 16 of Consob Communication
no. 1025564/01)
9.1. Activities of the Board of Statutory Auditors in financial year 2025
During the year, the external auditors KPMG engaged to perform the statutory audit of the Company’s separate and the Group’s
consolidated financial statements for the nine-year period 2021-2029 checked that the accounting records were regularly kept and
that operations were duly recognised in the accounting records, without findings.
On 27 March 2026, the external auditors issued their reports pursuant to arts. 14 and 16 of Legislative Decree 39/2010 for,
respectively, the Company’s separate financial statements and the Group consolidated financial statements as at and for the year
ended 31 December 2025. The reports indicate that the financial statements were drawn up clearly and give a true and fair view of
the financial position, results of operations and cash flows as at and for the year ended 31 December 2024, in compliance with the
applicable standards and regulations.
In connection with the above reports, KPMG also expressed an opinion on the conformity of the separate and consolidated financial
statements with Regulation (EU) 2019/815 (“ESEF Regulation”).
The Manager in charge of preparation of the Company’s financial reports and the Managing Director/Group CEO issued the
declarations and certifications required by art. 154-bis of the CLFI as regards the Company’s separate and consolidated financial
statements as at and for the year ended 31 December 2025.
Within the terms of its remit, the Board of Statutory Auditors monitored the general layout of the separate financial statements and
the consolidated financial statements in accordance with legislation and specific regulations governing the preparation of insurance
companies’ financial statements, with reference to the provisions of art. 16 of Legislative Decree no. 173/1997 and art. 2426 Italian
Civil Code.
The Board of Statutory Auditors declares that the Group consolidated financial statements were drawn up in accordance with the
IAS/IFRS issued by the IASB and endorsed by the EU, in compliance with EU Regulation 1606 of 19 July 2002 and the CLFI, and
with the Private Insurance Code. The consolidated financial statements were also based on the mandatory templates pursuant to
ISVAP Regulation no. 7 of 13 July 2007 as subsequently amended, and the provisions of Consob Communication no. 6064293 of
28 July 2006. The Notes to the Financial Statements illustrate the measurement criteria used, and provide the information required
by current legislation.
The Directors’ Report on Operations annexed to the separate financial statements of the Parent illustrates business performance,
indicating current and prospective trends, and the Group’s development and reorganisation process.
During the meeting of the RCC on 9 March 2026, the Board of Statutory Auditors, having acknowledged the information provided
by the Manager in charge of preparation of the Company’s financial reports and also taking into account the supervisory activities
carried out on the procedures performed by the external auditors and the exchange of information with the representatives of the
latter, noted that there were no elements to report to the Committee for the purpose of its assessment of the correct use of the
IFRS Accounting Standards and their consistent application to the Group companies in order to prepare the consolidated and the
separate financial statements of the Parent Assicurazioni Generali.
On 27 March 2026, KPMG provided the Board of Statutory Auditors, in its capacity as Internal control and audit committee, with its
own additional report pursuant to art. 11 of EU Reg. 537/2014. In compliance with art. 19.1.a of Legislative Decree 39/2010, the
Board of Statutory Auditors promptly forwarded the report to the Board of Directors, without observations.
During the year, the Board of Statutory Auditors held meetings with the managers of the external auditors KPMG, also pursuant to
art. 150.3 of the CLFI and art. 74.3.e of IVASS Regulation no. 38/2018. As part of its oversight activities as per art. 19 of Lgs.Decree
39/2010, in its role as Internal Control and Account Audit Committee the Board of Statutory Auditors acquired information from
Attestations and Reports
425
KPMG concerning the planning and execution of the audit. During the meetings, significant information and data were exchanged
to assist the Board of Statutory Auditors and the external auditors in their respective activities, and no noteworthy facts or situations
emerged.
Pursuant to art. 19.1.e) of Legislative Decree 39/2010, the Board of Statutory Auditors, again in its capacity as Internal Control and
Audit Committee, checked and monitored the independence of the external auditors. The checks found no situations that prejudiced
the independence of the external auditors or constituted grounds for incompatibility under the applicable legislation. The above is
confirmed by the statement issued by KPMG pursuant to art. 6.2.a of EU Reg. 537/2014.
With respect to KPMG’s request to change the hours and fees for the audit of the 2025 financial statements, the Board of Statutory
Auditors, also based on the confirmations made by the competent corporate functions, deemed that such request was consistent
with the statutory audit process covered by the engagement in force, adequate given the increased workload caused by the
additional activities indicated, and fair in relation to the professional hours requested to perform the engagement.
9.2. Activities of the Board of Statutory Auditors with regard to non-audit
services
With regard to non-audit services, it is noted that the Company adopted a specific procedure to govern the assignment of non-
audit services to the external auditors and their network entities (“Assignment of non-audit services to auditors Group Guideline”).
The Board of Statutory Auditors acknowledges that, during 2025, the Company reviewed and updated the above Guideline, partly
following discussions with the Board. The Board of Statutory Auditors monitored compliance with the above-mentioned Guideline,
also in order to exclude potential risks to the auditors’ independence. The updated guidelines came into force in August 2025.
During 2025, as envisaged by art.19.1.e of Legislative.Decree 39/2010 and art. 5. of EU Reg. 537/2014, in its capacity as Internal
control and audit committee, the Board of Statutory Auditors conducted a preliminary examination of the proposals for the assignment
of non-audit services to KPMG or to its network entities. As part of its assessments - and where required by the Guideline with the
support of the Group Chief Audit Officer Function - the Board of Statutory Auditors checked the compatibility of said services with
the prohibitions set out in art. 5 of EU Reg. 537/2014 and with the provisions of Legislative decree 39/2010 (art. 10 et seq.), in the
Issuers’ Regulation (art.149-bis et seq.) and in the “Code of professional ethics, confidentiality and professional secrecy, as well
as independence and objectivity of the parties authorised to perform statutory audits” published on 30 March 2023 and adopted
by a determination of the State General Accounting Office of the Italian Ministry of Economy and Finance on 23 March 2023. This
Code is inspired by the IESBA Code of Ethics, an international professional standard that is a useful reference in relation to auditor
independence issues. Since the assessment found that the statutory pre-requisites were fulfilled, the Board of Statutory Auditors
approved the assignment of the services to KPMG or other entities belonging to its network.
The fees for non-audit services provided to the Company and its subsidiaries by the external auditors or other entities belonging to
its network in the 2025 financial year are disclosed in detail in the Notes to the Financial Statements.
During the year, in its capacity as Internal Control and Account Audit Committee, the Board of Statutory Auditors supervised the
trend of said fees pursuant to art. 4.2 of EU Reg. 537/2014.
10. Opinions issued by the Board of Statutory Auditors during the
financial year (point 9 of Consob Communication no. 1025564/01)
During 2025 and early 2026, the Board of Statutory Auditors also issued the opinions, observations and attestations required by the
applicable legislation.
Specifically, at the meeting of the Board of Directors on 28 January 2026, the Board of Statutory Auditors expressed a favourable
opinion on the 2026 objectives of the Group Chief Audit Officer Function and with respect to the 2026 Audit Plan, and also of the
remuneration of the Group Chief Audit Officer Function (assessment of the achievement of 2025 objectives).
At the meeting of the Board of Directors held on 11 March 2026, the Board of Statutory Auditors expressed a favourable opinion on
the 2025 incentive plan process for the Managing Director/Group CEO.
In 2025, the Board of Statutory Auditors also regularly made observations on the half-yearly complaints reports drawn up by the
Group Chief Audit Officer Function in compliance with ISVAP Regulation no. 24 of 19 May 2008 as subsequently amended. The
reports did not highlight any particular problems or organisational shortcomings. The Board of Statutory Auditors also checked that
the Company sent the reports and the Board of Statutory Auditors’ comments promptly to IVASS.
426
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
11. Complaints pursuant to art. 2408 of the Italian Civil Code.
Omissions, censurable facts or irregularities found (points 5, 6 and
18 of Consob Communication no. 1025564/01
In 2025, one complaint pursuant to art. 2408 of the Italian Civil Code was brought to the attention of the Board of Statutory Auditors.
On 5 May 2025, a shareholder sent a letter via certified email to the Chair of the Company’s Board of Statutory Auditors and, for
information, to CONSOB, alleging that the Board of Directors of Generali’s acceptance of the public exchange offer launched
by Mediobanca for the shares of Banca Generali would constitute a reprehensible act. As reported in section 2, the offer was
subsequently declared void due to Mediobanca shareholders’ decision to reject it. Having examined the complaint at its meeting on
21 May 2025, the Board of Statutory Auditors therefore took no further action on the matter.
No censurable facts, omissions or irregularities to be reported to the Supervisory Authorities emerged from the oversight activities
performed.
***
In light of all the considerations set out in this Report, the Board of Statutory Auditors finds no impediment to the approval of the
Separate Financial Statements of Assicurazioni Generali S.p.A. as at and for the year ended 31 December 2025, as submitted to
you by the Board of Directors.
Trieste, 27 March 2026
The Board of Statutory Auditors
Carlo Schiavone, Chair
Sara Landini
Paolo Ratti
Independent Auditor’s
Report on the Sustainability
Statement
430
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Attestations and Reports
431
KPMG S.p.A.
Revisione e organizzazione contabile
Via Pierluigi da Palestrina, 12
34133 TRIESTE TS
Telefono +39 040 3480285
Email it-fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale:
Via Giovanni Battista Pirelli, 38
20124 Milano MI ITALIA
KPMG S.p.A.
è una società per azioni
di diritto italiano
e fa parte del network KPMG
di entità indipendenti affiliate a
KPMG International Limited,
società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.)
Independent auditors’ limited assurance report on the sustainability
statement pursuant to article 14-bis of Legislative decree no. 39 of 27
January 2010
To the shareholders of
Assicurazioni Generali S.p.A.
Conclusion
Pursuant to articles 8 and 18.1 of Legislative decree no. 125 of 6 September 2024 (the “decree”), we
have been engaged to perform a limited assurance engagement on the 202 5 sustainability statement of
the Generali Group (the “G roup”) prepared in accordance with article 4 of the decree, presented in the
specific section of the report on operations (the “sustainability statement”).
Based on the procedures performed, nothing has come to our attention that causes us to believe that:
• the G roup’s 202 5 sustainability statement has not been prepared, in all material respects, in
accordance with the reporting standards endorsed by the European Commission pursuant to
Directive 2013/34/EU (the European Sustainability Reporting Standards, “ESRS”);
• the information presented in section Disclosure pursuant to art. 8 of Regulation 2020/852/EU
(Taxonomy Regulation) of the sustainability statement has not been prepared, in all material
respects, in accordance with article 8 of Regulation (EU) 2020/852 of 18 June 2020 (the “T axonomy
R egulation”).
Basis for conclusion
We have performed the limited assurance engagement in accordance with the Standard on Sustainability
Assurance Engagements - SSAE (Italia). The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasonable assurance engagement been
performed. Our responsibilities under the Standard on Sustainability Assurance Engagements - SSAE
(Italia) are further described in the “Auditors’ responsibilities for the sustainability assurance engagement”
paragraph of our report.
We are independent in accordance with the ethics and independence rules and standards applicable in
Italy to sustainability assurance engagements.
432
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
2
G enerali Group
Independent auditors’ report
31 December 202 5
Our company applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly,
is required to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our
conclusion.
Responsibilities of the D irectors and B oard of S tatutory A uditors (“Collegio
Sindacale”) of Assicurazioni Generali S.p.A. (the “parent company”) for the
sustainability statement
The D irectors are responsible for designing and implementing the procedures to identify the information
included in the sustainability statement in accordance with the ESRS (the “materiality assessment
process”) and for the description of these procedures in section “Process to identify and assess material
impacts, risks and opportunities” of the sustainability statement.
The D irectors are also responsible for the preparation of a sustainability statement in accordance with
article 4 of the decree, which contains the information identified through the materiality assessment
process, including:
• compliance with the ESRS;
• compliance of the information presented in section Disclosure pursuant to art. 8 of Regulation
2020/852/EU (Taxonomy Regulation) with article 8 of the T axonomy R egulation.
Moreover, the D irectors are responsible, within the terms established by the Italian law, for designing,
implementing and maintaining such internal controls as they determine is necessary to enable the
preparation of a sustainability statement in accordance with article 4 of the decree that is free from
material misstatement, whether due to fraud or error. They are also responsible for selecting and
applying appropriate methods to produce disclosures and formulating assumptions and estimates about
specific information on sustainability matters that are reasonable in the circumstances.
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law,
compliance with the decree’s provisions.
Inherent limitations in preparing the sustainability statement
F or the purpose of disclosing forward-looking information in accordance with the ESRS, the D irectors are
required to prepare such information based on assumptions, described in the sustainability statement,
regarding future events and the G roup’s actions that are not necessarily expected to occur. Actual results
are likely to be different from the forecast sustainability information since anticipated events frequently do
not occur as expected and the variation could be material.
The d isclosures provided by the Group about Scope 3 emissions are subject to more inherent limitations
than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of
information used for determining both qualitative and quantitative Scope 3 emissions information from
value chain.
Auditors’ responsibilities for the sustainability assurance engagement
Our objectives are to plan and perform procedures in order to obtain limited assurance about whether the
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue an
assurance report that includes our conclusion. Misstatements can arise from fraud or error and are
Attestations and Reports
433
2
G en er al i G r o u p
I ndependent audi t or s’ r epor t
31 D ec em ber 202 5
Our company applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly,
is required to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our
conclusion.
Responsibilities of the D irectors and B oard of S tatutory A uditors (“Collegio
Sindacale”) of Assicurazioni Generali S.p.A. (the “parent company”) for the
sustainability statement
The D irectors are responsible for designing and implementing the procedures to identify the information
included in the sustainability statement in accordance with the ESRS (the “materiality assessment
process”) and for the description of these procedures in section “Process to identify and assess material
impacts, risks and opportunities” of the sustainability statement.
The D irectors are also responsible for the preparation of a sustainability statement in accordance with
article 4 of the decree, which contains the information identified through the materiality assessment
process, including:
• compliance with the ESRS;
• compliance of the information presented in section Disclosure pursuant to art. 8 of Regulation
2020/852/EU (Taxonomy Regulation) with article 8 of the T axonomy R egulation.
Moreover, the D irectors are responsible, within the terms established by the Italian law, for designing,
implementing and maintaining such internal controls as they determine is necessary to enable the
preparation of a sustainability statement in accordance with article 4 of the decree that is free from
material misstatement, whether due to fraud or error. They are also responsible for selecting and
applying appropriate methods to produce disclosures and formulating assumptions and estimates about
specific information on sustainability matters that are reasonable in the circumstances.
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law,
compliance with the decree’s provisions.
Inherent limitations in preparing the sustainability statement
F or the purpose of disclosing forward-looking information in accordance with the ESRS, the D irectors are
required to prepare such information based on assumptions, described in the sustainability statement,
regarding future events and the G roup’s actions that are not necessarily expected to occur. Actual results
are likely to be different from the forecast sustainability information since anticipated events frequently do
not occur as expected and the variation could be material.
The d isclosures provided by the Group about Scope 3 emissions are subject to more inherent limitations
than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of
information used for determining both qualitative and quantitative Scope 3 emissions information from
value chain.
Auditors’ responsibilities for the sustainability assurance engagement
Our objectives are to plan and perform procedures in order to obtain limited assurance about whether the
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue an
assurance report that includes our conclusion. Misstatements can arise from fraud or error and are
3
G enerali Group
Independent auditors’ report
31 December 202 5
considered material if, individually or in the aggregate, they could reasonably be expected to influence
decisions of intended users taken on the basis of the sustainability statement.
As part of a limited assurance engagement in accordance with the Standard on Sustainability Assurance
Engagements - SSAE (Italia), we exercise professional judgement and maintain professional scepticism
throughout the engagement.
Our responsibilities include:
• considering risks to identify disclosures where a material misstatement is likely to occur, whether due
to fraud or error;
• designing and performing procedures to check disclosures where a material misstatement is likely to
occur. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentat ions, or the override of internal control;
• directing, supervising and performing the sustainability limited assurance engagement and assuming
full responsibility for the conclusion on the sustainability statement.
Summary of the work performed
A limited assurance engagement involves carrying out procedures to obtain evidence as a basis for our
conclusion.
The procedures performed are based on our professional judgement and include inquiries, primarily of
the parent company’s personnel responsible for the preparation of the information presented in the
sustainability statement, documental analyses, recalculations and other evidence gathering procedures,
as appropriate.
We have performed the following main procedures:
• we gained an understanding of the G roup’s business model, strategies and operating environment
with regard to sustainability matters;
• we gained an understanding of the process adopted by the G roup to identify and assess material
sustainability-related impacts, risks and opportunities (IROs), based on the double materiality
principle. Moreover, on the basis of the information acquired, we evaluated any emerging
inconsistencies that may indicate the presence of sustainability matters not addressed by the G roup
in its materiality assessment process. Specifically, mostly through inquiries, observations and
inspections, we gained an understanding of how the G roup:
- considered the interests and opinions of the sta ke holders involved;
- i dentified its sustainability-related IROs, assessing the ir consistency with our knowledge of the
G roup and its sector;
- defined and assessed material IROs by analysing the qualitative and quantitative materiality
thresholds it determined;
• we gained an understanding of the processes underlying the generation, recording and management
of the qualitative and quantitative information disclosed in the sustainability statement, including of
the reporting boundary analysis,
through interviews and discussions with the G roup’s personnel and
selected procedures on documentation;
434
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
4
G enerali Group
Independent auditors’ report
31 December 202 5
• we identified the disclosures associated with a risk of material misstatement, whether due to fraud or
error;
• we designed and performed procedures, based on our professional judgement, to respond to
identified risks of material misstatement, including:
- for information gathered at G roup level:
• with reference to qualitative information and, in particular, the sustainability-related policies,
actions and objectives, we held inquiries and performed limited procedures on documentation;
• with reference to quantitative information, we carried out analytical procedures, inspections,
observations and recalculations on a sample basis;
- for information gathered at subsidiaries level, among which mainly Generali Italia S.p.A., Generali
Deutschland AG, Generali Vie S.A., Generali Versicherung AG, Alleanza Assicurazioni S.p.A.,
which we selected on the basis of their business and contribution to the metrics of the
sustainability statement of the Generali Group, we conducted interviews with the G roup
personnel and obtained documentary evidence supporting the methods used to calculate the
metrics;
• we gained an understanding of the process adopted by the G roup to determine taxonomy-eligible
economic activities and whether they were aligned under the T axonomy R egulation and checked the
related disclosures presented in the sustainability statement;
• we checked the consistency of the disclosures contained in the sustainability statement with those
included in the G roup’s consolidated financial statements pursuant to the applicable financial
reporting framework, the underlying accounting records used to prepare the consolidated financial
statements or management accounts;
• we checked the compliance of the structure and presentation of disclosures included in the
sustainability statement with the ESRS;
• we obtained the representation letter.
Trieste, 27 March 202 6
KPMG S.p.A.
(signed on the original)
Andrea Rosignoli
Director of A udit
Attestations and Reports
435
4
G en er al i G r o u p
I ndependent audi t or s’ r epor t
31 D ec em ber 202 5
• we identified the disclosures associated with a risk of material misstatement, whether due to fraud or
error;
• we designed and performed procedures, based on our professional judgement, to respond to
identified risks of material misstatement, including:
- for information gathered at G roup level:
• with reference to qualitative information and, in particular, the sustainability-related policies,
actions and objectives, we held inquiries and performed limited procedures on documentation;
• with reference to quantitative information, we carried out analytical procedures, inspections,
observations and recalculations on a sample basis;
- for information gathered at subsidiaries level, among which mainly Generali Italia S.p.A., Generali
Deutschland AG, Generali Vie S.A., Generali Versicherung AG, Alleanza Assicurazioni S.p.A.,
which we selected on the basis of their business and contribution to the metrics of the
sustainability statement of the Generali Group, we conducted interviews with the G roup
personnel and obtained documentary evidence supporting the methods used to calculate the
metrics;
• we gained an understanding of the process adopted by the G roup to determine taxonomy-eligible
economic activities and whether they were aligned under the T axonomy R egulation and checked the
related disclosures presented in the sustainability statement;
• we checked the consistency of the disclosures contained in the sustainability statement with those
included in the G roup’s consolidated financial statements pursuant to the applicable financial
reporting framework, the underlying accounting records used to prepare the consolidated financial
statements or management accounts;
• we checked the compliance of the structure and presentation of disclosures included in the
sustainability statement with the ESRS;
• we obtained the representation letter.
Trieste, 27 March 202 6
KPMG S.p.A.
(signed on the original)
Andrea Rosignoli
Director of A udit
Independent Auditor’s Report
on the Consolidated Financial
Statements
438
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
Attestations and Reports
439
KPMG S.p.A.
Revisione e organizzazione contabile
Via Pierluigi da Palestrina, 12
34133 TRIESTE TS
Telefono +39 040 3480285
Email it-fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale:
Via Giovanni Battista Pirelli, 38
20124 Milano MI ITALIA
KPMG S.p.A.
è una società per azioni
di diritto italiano
e fa parte del network KPMG
di entità indipendenti affiliate a
KPMG International Limited,
società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.)
Independent auditors’ report pursuant to article 14 of Legislative
decree no. 39 of 27 January 2010, article 10 of Regulation (EU) no. 537
of 16 April 2014 and article 102 of Legislative decree no. 209 of 7
September 2005
To the shareholders of
Assicurazioni Generali S.p.A.
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of the Generali Group (the “G roup”), which
comprise the statement of financial position as at 31 December 2025, the income statement and the
statements of comprehensive income, changes in equity and cash flows for the year then ended and
notes thereto, which include a summary of the significant accounting policies.
In our opinion, the consolidated financial statements give a true and fair view of the Generali G roup’s
financial position as at 31 December 2025 and of its financial performance and cash flows for the year
then ended in accordance with the accounting standards IFRS issued by the International Accounting
Standards Board and endorsed by the European Union and the Italian regulations implementing article
90 of Legislative decree no. 209 of 7 September 2005.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our
responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit
of the consolidated financial statements” section of our report. We are independent of Assicurazioni
Generali S.p.A. (the “parent company”) in accordance with the ethics and independence rules and
standards applicable in Italy to audits of financial statements. We believe that the audit evidence we have
o btained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in the
audit of the consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
440
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
2
Generali Group
Independent auditors’ report
31 December 202 5
Mea surement of goodwill
Notes to the financial statements section “Basis of presentation and a ccounting principles”, paragraph
“Goodwill”
Notes to the financial statements note “4. Goodwill and other intangible assets”
Key audit matter Audit procedures addressing the key audit matter
The consolidated financial statements at 31 December
2025 include goodwill of €9,348 million, relating to
acquisitions.
As in previous years, the Directors tested for
impairment the carrying amount of goodwill at the
reporting date, by comparing the carrying amount of
cash-generating units or groups of cash generating
units (“CGUs”) to which goodwill is allocated, to their
recoverable amount. The recoverable amount was
estimated based on the value in use approach, mainly
determined using the Dividend Discount Model.
Impairment testing requires complex valuations and a
high level of judgement, especially in relation to:
• the CGUs’ expected cash flows, calculated by
taking into account historical cash flows, the
general economic performance and that of the
Group’s sector and the Directors’ forecasts about
the Group’s future performance;
• the financial parameters to be used to discount the
cash flows.
For the above reasons, we believe that the
measurement of goodwill is a key audit matter.
Our audit procedures, which we carried out with the
assistance of experts of the KPMG network, included:
• understanding the process adopted to prepare the
impairment test approved by the Directors of the
parent company;
• gaining an understanding of the process used to
draft the multi-year plans approved by the
Directors, which were used to determine the CGUs’
recoverable amount to which goodwill is allocated;
• checking any discrepancies between the previous
year historical and business plan figures, in order
to check the accuracy of the forecasting process
adopted by the Directors;
• analysing the criteria used to identify the CGUs
and tracing the carrying amounts of the assets and
liabilities allocated thereto to the consolidated
financial statements;
• assessing the main assumptions used by the
Directors to determine the CGUs’ value in use. Our
assessment included checking the consistency of
the method adopted with that used in previous
years and comparing the key assumptions used to
external information, where available;
• checking the results of the sensitivity analyses
conducted by the Directors in relation to the key
assumptions used for impairment testing;
• assessing the appropriateness of the disclosures
about goodwill.
Attestations and Reports
441
2
G en er al i G r o u p
I ndependent audi t or s’ r epor t
31 D ec em ber 202 5
Mea surement of goodwill
Notes to the financial statements section “Basis of presentation and a ccounting principles”, paragraph
“Goodwill”
Notes to the financial statements note “4. Goodwill and other intangible assets”
Key audit matter Audit procedures addressing the key audit matter
The consolidated financial statements at 31 December
2025 include goodwill of €9,348 million, relating to
acquisitions.
As in previous years, the Directors tested for
impairment the carrying amount of goodwill at the
reporting date, by comparing the carrying amount of
cash-generating units or groups of cash generating
units (“CGUs”) to which goodwill is allocated, to their
recoverable amount. The recoverable amount was
estimated based on the value in use approach, mainly
determined using the Dividend Discount Model.
Impairment testing requires complex valuations and a
high level of judgement, especially in relation to:
• the CGUs’ expected cash flows, calculated by
taking into account historical cash flows, the
general economic performance and that of the
Group’s sector and the Directors’ forecasts about
the Group’s future performance;
• the financial parameters to be used to discount the
cash flows.
For the above reasons, we believe that the
measurement of goodwill is a key audit matter.
Our audit procedures, which we carried out with the
assistance of experts of the KPMG network, included:
• understanding the process adopted to prepare the
impairment test approved by the Directors of the
parent company;
• gaining an understanding of the process used to
draft the multi-year plans approved by the
Directors, which were used to determine the CGUs’
recoverable amount to which goodwill is allocated;
• checking any discrepancies between the previous
year historical and business plan figures, in order
to check the accuracy of the forecasting process
adopted by the Directors;
• analysing the criteria used to identify the CGUs
and tracing the carrying amounts of the assets and
liabilities allocated thereto to the consolidated
financial statements;
• assessing the main assumptions used by the
Directors to determine the CGUs’ value in use. Our
assessment included checking the consistency of
the method adopted with that used in previous
years and comparing the key assumptions used to
external information, where available;
• checking the results of the sensitivity analyses
conducted by the Directors in relation to the key
assumptions used for impairment testing;
• assessing the appropriateness of the disclosures
about goodwill.
3
Generali Group
Independent auditors’ report
31 December 202 5
Measurement of unquoted or illiquid financial investments
Notes to the financial statements section “Basis of presentation and a ccounting principles”, paragraph
“Other information”
Notes to the financial statements note “3 7. Fair value hierarchy”, note “3 8. Transfers of financial
instruments at fair value between Level 1 and Level 2”, note “3 9. Additional information on Level 3”, note
“40. Information on fair value hierarchy of assets and liabilities not measured at fair value”
Key audit matter Audit procedures addressing the key audit matter
The consolidated financial statements at 31 December
2025 include financial assets valued at fair value
included in the levels 2 and 3 of the hierarchy provided
for by IFRS 13 Fair value measurement of €55,676
million and €4 8,675 million respectively, accounting for
approximately 19% of total assets.
Measuring financial instruments requires estimates,
including by using specific valuation methods, which, in
certain instances, entail a high level of judgement and
are, by their very nature, uncertain and subjective.
For the above reasons, we believe that the
measurement of unquoted or illiquid financial
investments is a key audit matter.
Our audit procedures, which we carried out with the
assistance of experts of the KPMG network, included:
• understanding the process for the measurement of
financial instruments and the related IT
environment, assessing the design and
implementation of controls and performing
procedures to assess the operating effectiveness
of material controls;
• analysing the significant changes in financial
instruments and in the related income statement
items compared to the previous years’ figures and
discussing the results with the relevant internal
departments;
• checking, on a sample basis, the measurement of
unquoted or illiquid financial instruments (fair value
levels 2 and 3), by analysing the valuation methods
and the reasonableness of the data and
parameters used;
• assessing the appropriateness of the disclosures
about unquoted or illiquid financial instruments.
442
Annual Integrated Report and Consolidated Financial Statements 2025
Generali Group
4
Generali Group
Independent auditors’ report
31 December 202 5
Measurement of insurance contracts that are liabilities – liabilities for remaining coverage and
liabilities for incurred claims measured under the General Measurement Model (“GMM”) or under
the Variable Fee Approach (“VFA”)
Notes to the financial statements section “Basis of presentation and a ccounting principles”, paragraph
“Insurance assets and liabilities” and paragraph “Insurance service result”
Notes to the financial statements note “18. Insurance contracts”, note “20. Income and expenses related
to insurance contract s issued and reinsurance contracts held”, note “23. Other detail on insurance
contracts issued and reinsurance contracts held”
Key audit matter Audit procedures addressing the key audit matter
The consolidated financial statements at 31 December
2025 include “Insurance contracts that are liabilities” of
€4 52,396 million, accounting for about 81% of total
shareholders’ equity and liabilities of the consolidated
balance sheet.
The caption includes, among other items, the liabilities
for remaining coverage for €401,459 million and the
liabilities for incurred claims for €10,460 million,
measured under GMM or VFA.
The measurement of the liabilities for remaining
coverage and of the liabilities for incurred claims under
GMM or VFA is carried out mainly through the
application of actuarial valuation techniques which, in
certain instances, entail a high level of complex and
subjective judgement relating to past and future internal
and external variables. Any changes in the underlying
assumptions may have a significant impact on the
measurement of the aforementioned components of
“Insurance contracts that are liabilities”.
For the above reasons, we believe that the
measurement of the components included in the
caption “I nsurance contracts that are liabilities” is a key
audit matter.
Our audit procedures, carried out with the assistance of
actuarial experts of the KPMG network, included:
• understanding the process for the measurement
of “I nsurance contracts that are liabilities” and
the related IT environment, assessing the design
and implementation of controls and performing
procedures to assess the operating effectiveness
of material controls;
• analysing the significant changes in “I nsurance
contracts that are liabilities” compared to the
previous year’s figures and discussing the results
with the relevant internal departments;
• checking, on a sample basis, the valuation
models adopted for the measurement of
“I nsurance contracts that are liabilities”, and the
reasonableness of the input data and parameters
used;
• assessing the appropriateness of the
methodology applied to determine financial and
operating assumptions used in the measurement
of “I nsurance contracts that are liabilities”, as
well as the reasonableness of said assumptions;
• assessing the overall calculation of liabilities for
incurred claims, through the application of
correct actuarial techniques, by identifying,
where possible, a range of reasonable insurance
liabilities for incurred claims values;
• assessing the reasonableness of the criteria
used in determining coverage units and the
reasonableness of the movements of the
Consumer Service Margin for the period;
• assessing the appropriateness of the disclosure s
about “I nsurance contracts that are liabilities”.
Attestations and Reports
443
4
G en er al i G r o u p
I ndependent audi t or s’ r epor t
31 D ec em ber 202 5
Measurement of insurance contracts that are liabilities – liabilities for remaining coverage and
liabilities for incurred claims measured under the General Measurement Model (“GMM”) or under
the Variable Fee Approach (“VFA”)
Notes to the financial statements section “Basis of presentation and a ccounting principles”, paragraph
“Insurance assets and liabilities” and paragraph “Insurance service result”
Notes to the financial statements note “18. Insurance contracts”, note “20. Income and expenses related
to insurance contract s issued and reinsurance contracts held”, note “23. Other detail on insurance
contracts issued and reinsurance contracts held”
Key audit matter Audit procedures addressing the key audit matter
The consolidated financial statements at 31 December
2025 include “Insurance contracts that are liabilities” of
€4 52,396 million, accounting for about 81% of total
shareholders’ equity and liabilities of the consolidated
balance sheet.
The caption includes, among other items, the liabilities
for remaining coverage for €401,459 million and the
liabilities for incurred claims for €10,460 million,
measured under GMM or VFA.
The measurement of the liabilities for remaining
coverage and of the liabilities for incurred claims under
GMM or VFA is carried out mainly through the
application of actuarial valuation techniques which, in
certain instances, entail a high level of complex and
subjective judgement relating to past and future internal
and external variables. Any changes in the underlying
assumptions may have a significant impact on the
measurement of the aforementioned components of
“Insurance contracts that are liabilities”.
For the above reasons, we believe that the
measurement of the components included in the
caption “I nsurance contracts that are liabilities” is a key
audit matter.
Our audit procedures, carried out with the assistance of
actuarial experts of the KPMG network, included:
• understanding the process for the measurement
of “I nsurance contracts that are liabilities” and
the related IT environment, assessing the design
and implementation of controls and performing
procedures to assess the operating effectiveness
of material controls;
• analysing the significant changes in “I nsurance
contracts that are liabilities” compared to the
previous year’s figures and discussing the results
with the relevant internal departments;
• checking, on a sample basis, the valuation
models adopted for the measurement of
“I nsurance contracts that are liabilities”, and the
reasonableness of the input data and parameters
used;
• assessing the appropriateness of the
methodology applied to determine financial and
operating assumptions used in the measurement
of “I nsurance contracts that are liabilities”, as
well as the reasonableness of said assumptions;
• assessing the overall calculation of liabilities for
incurred claims, through the application of
correct actuarial techniques, by identifying,
where possible, a range of reasonable insurance
liabilities for incurred claims values;
• assessing the reasonableness of the criteria
used in determining coverage units and the
reasonableness of the movements of the
Consumer Service Margin for the period;
• assessing the appropriateness of the disclosure s
about “I nsurance contracts that are liabilities”.
5
Generali Group
Independent auditors’ report
31 December 202 5
Measurement of insurance contracts that are liabilities – L iabilities for incurred claims under the
Premium Allocation Approach (“PAA”)
Notes to the financial statements section “Basis of presentation and a ccounting principles”, paragraph
“Insurance a ssets and l iabilities” and paragraph “Insurance service result”
Notes to the financial statements note “18. Insurance contracts”, note “20. Income and expenses related
to insurance contract s issued and reinsurance contracts held”, note “23. Other detail on insurance
contracts issued and reinsurance contracts held”
Key audit matter Audit procedures addressing the key audit matter
The consolidated financial statements at 31 December
2025 include “I nsurance contracts that are liabilities” of
€4 52,396 million, accounting for about 8 1% of total
shareholders’ equity and liabilities of the consolidated
balance sheet.
The caption includes, among other s, liabilities for
remaining coverage for €3 4,517 million measured
under PAA.
The measurement of liabilities for incurred claims is
carried out mainly through the application of complex
actuarial valuation techniques which, in certain
instances, entail a high level of judg e ment relating to
past and future internal and external variables. Any
changes in the underlying assumptions may have a
significant impact on the measurement of the
aforementioned components of “Insurance contracts
that are liabilities”.
For the above reasons, we believe that the
measurement of liabilities for incurred claims included
in the caption “I nsurance contracts that are liabilities” is
a key audit matter.
Our audit procedures, which we carried out with the
assistance of actuarial experts of the KPMG network,
included:
• understanding the process for the measurement
of liabilities for incurred claims and the related IT
environment, assessing the design and
implementation of controls and performing
procedures to assess the operating effectiveness
of material controls;
• analysing the significant changes in liabilities for
incurred claims compared to the previous year’s
figures and discussing the results with the
relevant internal departments;
• checking, on a sample basis, the valuation
models adopted and the reasonableness of the
input data and parameters used to determine
liabilities for incurred claims;
• assessing the overall calculation of liabilities for
incurred claims, through the application of
correct actuarial techniques, by identifying,
where possible, a range of reasonable insurance
liabilities for incurred claims values;