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"value": "operates in all Non-Life and Life insurance and reinsurance and capitalisation business; it may issue investment contracts and may set up and manage Open Pension Funds, in compliance with the provisions of Art. 9 of Italian Legislative Decree 124 of 21 April 1993 and subsequent amendments. To support the insurance business and the relative ecosystems, it has developed instrumental commercial activities relating in particular to vehicle repair and vehicle glass replacement, the management of black boxes and other telematic devices, the management of payments in mobility, long-term vehicle rental and the marketing of anti-theft systems for vehicles. It also carries out real estate, and to a lesser extent, financial, hotel, agricultural, healthcare and flexible benefits activities.",
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"value": "They conform to the IAS/IFRS standards issued by the IASB and endorsed by the European Union, along with the interpretations issued by IFRIC, in accordance with the provisions of Regulation (EC) no. 1606/2002 in force at the closing date of the financial statements.",
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"fact1": {
"value": "The Consolidated Financial Statements consist of:
\u2022
Statement of Financial Position;\u2022
Income Statement and Comprehensive Income Statement;\u2022
Statement of Changes in Shareholders\u2019 Equity;\u2022
Statement of Cash Flows;\u2022
Notes to the Financial Statements.The layout conforms to the provisions of ISVAP Regulation no. 7 of 13 July 2007, Part III as amended, relating to the layout of the Consolidated Financial Statements of insurance and reinsurance companies that must adopt international accounting standards.
The information requested by Consob Communications DEM/6064293, 28 July 2006, and DEM/11070007 of 5 August 2011 is also provided.
The layout of the financial statements offers a comparison with the figures of the previous year. Where necessary, in the event of a change to the accounting standards, measurement or classification criteria, the comparative data are restated and reclassified in order to provide homogeneous and consistent information.
The Consolidated financial statements of Unipol are subject to audit by the independent auditors EY SpA, the company tasked with performing the legally-required audit of the consolidated financial statements for the years 2021-2029.EU ESEF Regulation - Financial statements in the single electronic reporting format
The \u201cTransparency Directive\u201d (2004/109/EC) requires listed companies to publish their annual financial report in the \u201csingle electronic reporting format\u201d. To this end, Regulation (EU) 2019/815 of 2018 (the \u201cESEF Regulation\u201d), as supplemented by national regulations, imposed the obligation of drafting such reporting in XHTML format starting from 2021, also marking up certain information in the consolidated financial statements using XBRL specifications. In particular, the consolidated financial statements contain the mark-up of numerical data contained in the statement of financial position, income statement and comprehensive income statement, statement of changes in shareholders\u2019 equity and statement of cash flows, as well as the information elements identified in Annex II of the regulation if these are reported in the explanatory notes. It should be noted that, due to certain technical limitations recognised by ESMA in its ESEF Reporting Manual, when some information contained in the explanatory notes is extracted from the XHTML format in an iXBRL instance, it may not be reproduced in a manner identical to the corresponding information that can be viewed in the consolidated financial statements in XHTML format, which could therefore cause difficulties in the readability of such extracted information.
Reporting date
The reporting date of the Consolidated Financial Statements is 31 December 2023, the date the Separate Financial Statements of the Parent Unipol closed. All the consolidated companies close their financial statements at 31 December with the exception of the following:
\u2022
the subsidiaries Unipol Finance Srl, Unipol Investment SpA, UnipolPart I SpA and the associate Pegaso Finanziaria SpA close their financial year on 30 June and prepare interim financial statements in reference to the date of the Consolidated Financial Statements;\u2022
the associate Fin.Priv Srl closes its financial year on 30 November.The Consolidated Financial Statements were drawn up using restatements of the separate financial statements of the consolidated companies, adjusted to comply with IAS/IFRS standards as applied by the Parent Unipol, and approved by the Boards of Directors of the companies concerned.
",
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"fact2": {
"value": "The Consolidated Financial Statements are drawn up on the assumption that the company will continue as a going concern, in application of the principles of accrual accounting, materiality and truthfulness of accounting information, in order to provide a true and fair view of the equity-financial position and economic result, in compliance with the principle of the prevalence of the economic substance of transactions over their legal form.
The going concern assumption is considered to be confirmed with reasonable certainty given that companies belonging to the Unipol Group have sufficient resources to ensure that they will continue to operate for the foreseeable future. In addition, the liquidity risk is deemed to be very remote.
Changes in the consolidation scope compared with 31 December 2022 and other transactions
On 3 April 2023, UnipolSai Assicurazioni SpA acquired 100% of the share capital of Societ\u00e0 e Salute SpA. The company, which operates in the private healthcare segment under the brand Centro Medico Santagostino, holds a 100% interest in Santagostino Servizi e Prodotti Srl, specialised in the sale of sanitary items such as eyewear and hearing aids.
On 30 May 2023, the company Tenute del Cerro Wines Srl was established, wholly owned by UnipolSai Assicurazioni SpA, which will be responsible for marketing the wines of Tenute del Cerro and those of other producers.
On 1 June 2023, the partial, non-proportional asymmetric demerger of Promorest in favour of UnipolSai Finance SpA took effect.
On 22 June 2023, Linear SpA established the limited liability company LinearNext Srl, wholly owned by Linear itself, to be entrusted with the mandate for the distribution of \u201cLinearNext\u201d insurance policies.
In execution of the Framework Agreement signed on 28 March 2023 between UnipolSai Assicurazioni SpA and UnipolRental SpA, on the one hand, and BPER Banca SpA and SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA on the other, the merger deed was signed on 22 June for the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpA, with legal, tax and accounting effect from 1 July 2023.
On 27 June 2023, with legal effect from 3 July, the deed of merger of Anton Maria Valsalva Srl into Centri Medici Dyadea Srl was signed.
On 3 August 2023, UnipolSai Assicurazioni SpA participated in the establishment of Cronos Vita SpA, the corporate vehicle for the bail-out of the policyholders of the insurance company Eurovita SpA. In order to provide the investee with the resources necessary to purchase the Eurovita insurance business unit, completed at the end of October 2023, UnipolSai made payments in the form of share capital to Cronos Vita for a total of \u20ac49.5m, compared to an equity investment of 22.5% at 31 December 2023.
On 30 November, the purchase and sale contract for the equity investments was executed, signed on 7 July 2023 by Unicredit SpA and UnipolSai Assicurazioni SpA, relating to the transfer of the entire equity investment held in Incontra Assicurazioni SpA by UnipolSai Assicurazioni SpA to Unicredit SpA.
On 14 December 2023, UnipolSai Assicurazioni SpA and UnipolRe Dac, in execution of the respective resolutions dated 28 September and 20 March 2023, signed the deed for the cross-border merger by incorporation of UnipolRe Dac into UnipolSai Assicurazioni SpA, with statutory, accounting and tax effects from 31 December 2023. Prior to the effective date of the merger, UnipolSai had directly acquired 100% of UnipolRe Dac share capital, having received it in assignment as a result of the voluntary liquidation procedure of UnipolSai Nederland Bv, which was cancelled from the Dutch Chamber of Commerce register with effect from 19 December 2023.
On 14 December 2023, the deed for the merger by incorporation of Centri Medici Dyadea Srl into Societ\u00e0 e Salute SpA was signed with legal and accounting effects from 1 January 2024.
On 29 December 2023, on conclusion of the voluntary liquidation process launched on 23 October 2023, the companies Garibaldi SCA and Isola SCA were cancelled from the Luxembourg Register of Commerce and Companies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f143696": {
"value": "The Consolidated Financial Statements are drawn up on the assumption that the company will continue as a going concern, in application of the principles of accrual accounting, materiality and truthfulness of accounting information, in order to provide a true and fair view of the equity-financial position and economic result, in compliance with the principle of the prevalence of the economic substance of transactions over their legal form.
The going concern assumption is considered to be confirmed with reasonable certainty given that companies belonging to the Unipol Group have sufficient resources to ensure that they will continue to operate for the foreseeable future. In addition, the liquidity risk is deemed to be very remote.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f143985": {
"value": "The presentation currency is the euro and all the amounts, unless otherwise indicated, are disclosed in \u20acm. Note that, in line with the provisions of ISVAP Regulation no. 7 of 13 July 2007, with reference to the Statement of Financial Position, Income Statement, Comprehensive Income Statement, Statement of Cash Flows and Statement of Changes in Shareholders\u2019 Equity (the \u201cFinancial Statements\u201d), the amounts of the sub-items have been rounded, disregarding fractions of amounts equal to or less than \u20ac500k and rounding fractions greater than \u20ac500k up to the nearest million. The rounded total of items is the sum of rounded sub-item amounts. The algebraic sum of the differences deriving from the rounding carried out on the items refers to the items in each financial statement specifically indicated in the Regulation. The amounts in the Explanatory Notes are rounded according to the same criterion and are expressed in \u20acm, ensuring that the amounts therein are aligned with those of the Financial Statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3": {
"value": "Basis of consolidation
Companies consolidated on a line-by-line basis
This method provides for the consolidation on a line-by-line basis of the assets, liabilities, gains and losses of the consolidated companies as from the date they were acquired, with the carrying amount of the investment being offset against the corresponding amount of the shareholders\u2019 equity of each individual subsidiary and, in the case of investments not wholly owned, the separate recognition of the amount of the equity and the profit or loss for the year attributable to non-controlling interests.
The amount of equity attributable to non-controlling interests is recognised under shareholders\u2019 equity as \u201cShare capital and reserves attributable to non-controlling interests\u201d, whilst the corresponding share of consolidated profit or loss is shown under \u201cProfit (loss) for the year attributable to non-controlling interests\u201d.
The financial statements of the subsidiaries are consolidated on a line-by-line basis.
Goodwill
If the cost of acquiring investments in subsidiaries exceeds the fair value of the identifiable assets, liabilities and contingent liabilities, the excess amount is recognised as goodwill under intangible assets.
This goodwill represents a payment made in the expectation of future economic benefits arising from assets that cannot be identified individually and recognised separately.
In the years after the year of acquisition, goodwill is measured at cost, net of any impairment losses accumulated.
Ancillary acquisition costs are recognised in the income statement during the year in which the costs are incurred or the services provided.
Under IFRS 10.23 changes in investments in subsidiaries that do not lead to a loss of control are recognised as equity transactions. Any positive difference between the proportion of net fair value of identifiable assets, liabilities and contingent liabilities of the subsidiary and the fair value of the price paid or received is recognised directly in profit for the period and allocated to the members of the holding company.
Companies measured using the equity methodWhen this method is used the carrying amount of the investment is adjusted to the corresponding portion of shareholders\u2019 equity, including the profit/loss for the year and all the adjustments made when consolidation is on a line-by-line basis. Any difference between the portion of shareholders\u2019 equity acquired and the fair value of the price paid (goodwill) is recognised in the carrying amount of the investment. Changes in interests in an associate which do not entail the acquisition of control or the loss of significant influence are treated as purchases or sales of shares, even if due to reasons other than purchases or sales, and therefore result in income or expenses recognised in the income statement and calculated on the basis of the difference between any consideration due or received and the change in the share of the investee\u2019s shareholders\u2019 equity held by the investor.
Elimination of intragroup transactions
The amounts receivable and payable between companies included in the consolidation scope, the gains and losses relating to transactions carried out between these companies and the profits and losses resulting from transactions carried out between these companies and not yet realised with parties external to the Group are eliminated during the preparation of Consolidated Financial Statements.
Put options on non-controlling interests
In the presence of put options granted by the Group on the shareholders' equity of subsidiaries held by non-controlling shareholders, and in the absence of mechanisms for determining the exercise price that in substance already expose the Group to the risks and benefits deriving from holding such shareholders' equity, the following accounting treatment is adopted:
\u2022
at economic level, the result for the period of the subsidiary is divided between the share attributable to the owners of the Parent and the share attributable to non-controlling interests on the basis of the share actually held by the two categories of shareholders during the year;\u2022
at asset level, a financial liability is recognised in an amount equal to the present value of the put option exercise price and, as a balancing entry, the shareholders' equity attributable to non-controlling interests subject to the put option is cancelled. Any differences between the two values are recognised as a reduction or increase in the shareholders' equity attributable to the owners of the Parent.If, on the other hand, the above-mentioned put options granted by the Group on the shareholders' equity of subsidiaries held by non-controlling shareholders substantially already expose the Group to the risks and benefits deriving from holding such shareholders' equity, the transaction would be treated like a purchase of non-controlling interests with deferred payment.
Consolidation scope
The Unipol Group\u2019s Consolidated Financial Statements at 31 December 2023 have been drawn up by combining the figures of the Parent Unipol and those of the 67 direct and indirect subsidiaries (IFRS 10).
There are no jointly-controlled interests.
Associates, in which the investment percentage ranges between 20% and 50% (15 companies), are measured using the equity method (IAS 28) or maintained at the carrying amount. At 31 December 2022, a total of 21 associates and subsidiaries were considered immaterial.
The changes to the consolidation scope and the lists of equity investments in subsidiaries and associates are shown below.
Changes in the consolidation scope compared with 31 December 2022 and other transactions
On 3 April 2023, UnipolSai Assicurazioni SpA acquired 100% of the share capital of Societ\u00e0 e Salute SpA. The company, which operates in the private healthcare segment under the brand Centro Medico Santagostino, holds a 100% interest in Santagostino Servizi e Prodotti Srl, specialised in the sale of sanitary items such as eyewear and hearing aids.
On 30 May 2023, the company Tenute del Cerro Wines Srl was established, wholly owned by UnipolSai Assicurazioni SpA, which will be responsible for marketing the wines of Tenute del Cerro and those of other producers.
On 1 June 2023, the partial, non-proportional asymmetric demerger of Promorest in favour of UnipolSai Finance SpA took effect.
On 22 June 2023, Linear SpA established the limited liability company LinearNext Srl, wholly owned by Linear itself, to be entrusted with the mandate for the distribution of \u201cLinearNext\u201d insurance policies.
In execution of the Framework Agreement signed on 28 March 2023 between UnipolSai Assicurazioni SpA and UnipolRental SpA, on the one hand, and BPER Banca SpA and SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA on the other, the merger deed was signed on 22 June for the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpA, with legal, tax and accounting effect from 1 July 2023.
On 27 June 2023, with legal effect from 3 July, the deed of merger of Anton Maria Valsalva Srl into Centri Medici Dyadea Srl was signed.
On 3 August 2023, UnipolSai Assicurazioni SpA participated in the establishment of Cronos Vita SpA, the corporate vehicle for the bail-out of the policyholders of the insurance company Eurovita SpA. In order to provide the investee with the resources necessary to purchase the Eurovita insurance business unit, completed at the end of October 2023, UnipolSai made payments in the form of share capital to Cronos Vita for a total of \u20ac49.5m, compared to an equity investment of 22.5% at 31 December 2023.
On 30 November, the purchase and sale contract for the equity investments was executed, signed on 7 July 2023 by Unicredit SpA and UnipolSai Assicurazioni SpA, relating to the transfer of the entire equity investment held in Incontra Assicurazioni SpA by UnipolSai Assicurazioni SpA to Unicredit SpA.
On 14 December 2023, UnipolSai Assicurazioni SpA and UnipolRe Dac, in execution of the respective resolutions dated 28 September and 20 March 2023, signed the deed for the cross-border merger by incorporation of UnipolRe Dac into UnipolSai Assicurazioni SpA, with statutory, accounting and tax effects from 31 December 2023. Prior to the effective date of the merger, UnipolSai had directly acquired 100% of UnipolRe Dac share capital, having received it in assignment as a result of the voluntary liquidation procedure of UnipolSai Nederland Bv, which was cancelled from the Dutch Chamber of Commerce register with effect from 19 December 2023.
On 14 December 2023, the deed for the merger by incorporation of Centri Medici Dyadea Srl into Societ\u00e0 e Salute SpA was signed with legal and accounting effects from 1 January 2024.
On 29 December 2023, on conclusion of the voluntary liquidation process launched on 23 October 2023, the companies Garibaldi SCA and Isola SCA were cancelled from the Luxembourg Register of Commerce and Companies.Equity investments in wholly-owned subsidiariesCountry of registered
office
% Total participating
interest (5)
% Votes
available at
ordinary General
Meetings (6)
Arca Direct Assicurazioni Srl
Arca Vita International Dac
Casa di Cura Villa Donatello - SpA
Centro Oncologico Fiorentino Casa di Cura Villanova Srl in Liquidazione
Compagnia Assicuratrice Linear SpA
Consorzio tra Proprietari Centro Commerciale Porta Marcolfa
Ddor Auto - Limited Liability Company
Florence Centro di Chirurgia Ambulatoriale Srl
Nuove Iniziative Toscane - Societa' a Responsabilita' Limitata
Santagostino Servizi e Prodotti Srl
Siat-Societa' Italiana Assicurazioni e Riassicurazioni - per Azioni
Societ\u00e0 e Salute SpA
Country of registered
office
% Total participating
interest (5)
% Votes
available at
ordinary General
Meetings (6)
Tenute del Cerro SpA - Societa' Agricola
Tenute del Cerro Wines Srl
UnipolSai Assicurazioni SpA
UnipolSai Investimenti Sgr SpA
UnipolSai Motor Partner Srl
UnipolSai Servizi Previdenziali Srl
(1)This disclosure is required only if the country of operations is different from the country of the registered office
(2)Consolidation method: G=on a line-by-line basis; U=on a line-by-line basis as per unitary management
(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 companies;
(4)Type of relationship:
1 = majority of voting rights at ordinary shareholders' meetings
2 = dominant influence at ordinary shareholders' meetings
3 = agreements with other shareholders
4 = other forms of control
5 = unitary management pursuant to Art. 96, paragraph 1 of \u201cLegislative Decree 209/2005\u201d
6 = unitary management pursuant to Art. 96, paragraph 2 of \u201cLegislative Decree 209/2005\u201d
(5)The product of investment relations concerning all companies positioned in the investment chain.
(6)Availability of votes at ordinary shareholders' meetings, distinguishing between actual votes and potential votes. The availability of votes is indicated only if different from the direct shareholding.
Equity investments in wholly-owned subsidiaries with material non-controlling interests: non-controlling interests, availability of non-controlling votes, dividends distributed to non-controlling interests, profit (loss) for the year and shareholders\u2019 equity of non-controlling interestsAmounts in \u20acm
%
Non-controlling interests
% Votes available to non-controlling interests at ordinary General Meetings
Dividends distributed to non-controlling interests
Consolidated profit (loss) attributable to non-controlling interests
Shareholders\u2019 Equity attributable to non-controlling interests
Equity investments with significant third-party interests: accounting information
Amounts in \u20acm
Cash and cash equivalents
Shareholders\u2019 equity
Pre-tax profit (loss) from continuing operations
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
1. UnipolSai Assicurazioni
Equity investments in wholly-owned subsidiaries - other information
Information about business combinations
Acquisition of Societ\u00e0 e Salute SpA
On 3 April 2023, UnipolSai Assicurazioni SpA acquired 100% of the share capital of Societ\u00e0 e Salute SpA, which operates in the healthcare sector under the brand name \u201cCentro Medico Santagostino\u201d which, in turn, holds 100% of the share capital of Santagostino Servizi e Prodotti Srl. Below are the values of the assets and liabilities acquired determined on the basis of the financial statements of Societ\u00e0 e Salute and its subsidiary Santagostino Servizi e Prodotti Srl at 31 March 2023.
Amounts in \u20ack
Property, plant and equipment
Cash anda cash equivalents
Provisions for risks and charges
Total Net identifiable assets
On the basis of these values, the difference between the acquisition cost (equal to \u20ac105.4m corresponding to the total amount due to the seller including the best estimate of future price adjustment) and the net identifiable assets led to the recognition of goodwill for \u20ac104.7m.
Merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpAOn 1 July 2023, the legal effects entered into force for the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA, a member of the BPER Group operating in the long-term rental business, into UnipolRental SpA, the merger deed for which was signed on 22 June 2023.
As a result of the merger, the share capital of the merging entity UnipolRental SpA increased from \u20ac25,000,000.00 to \u20ac31,244,899.00 through the issue of 6,244,899 new ordinary shares with a nominal value of \u20ac1 each, assigned to the sole shareholder of the Merged Entity and, therefore, the share capital of UnipolRental SpA, divided into 31,244,899 ordinary shares with a nominal value of \u20ac1 each, is broken down between the two shareholders as follows:
\u2022UnipolSai Assicurazioni SpA, holder of 25,000,000 ordinary shares, representing 80.013% of the share capital;
\u2022BPER Banca SpA, holder of 6,244,899 ordinary shares, representing 19.987% of the share capital.
The values of the assets and liabilities acquired of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA at 1 July 2023, are reported below.
UnipolSai and BPER have mutually agreed a call and put option on the UnipolRental shares held by BPER.
Amounts in \u20ack
Property, plant and equipment
Cash anda cash equivalents
Provisions for risks and charges
Total Net identifiable assets
On the basis of these values, the difference between the acquisition cost on the basis of the UnipolRental shares issued in connection with the merger by incorporation (equal to \u20ac50m) and the net identifiable assets led to the recognition of goodwill for \u20ac58.4m.
Disclosure on structured entities
The Unipol Group is not exposed to changes deriving from the performance of unconsolidated structured entities. The Unipol Group has promoted transactions with the following structured entities:
-Azzurro RE II DAC is an Irish special purpose vehicle (SPV) that issued a CAT BOND on the ILS (Insurance Linked Securities) markets of \u20ac100,000,000 to cover UnipolSai earthquake risks in Italy and neighbouring countries with a 3.5-year maturity (07/2020-01/2024). During 2023, the Group paid the special purpose vehicle a total of \u20ac5m as payment of the annual premium relating to the aforementioned reinsurance cover;
-Mercurio Fleet 2022 Srl is an Italian SPV established in accordance with the provisions of Italian regulations on securitisations. The SPV was set up to guarantee the necessary funding to UnipolRental to cover its operating needs. This company is financed through a senior bond with an origination value of \u20ac520m, increased by a further \u20ac330m in September 2023. As collateral, the bond has an asset allocation established ad hoc, consisting of contracts and vehicles of the UnipolRental fleet. The segregated assets constitute assets allocated exclusively to repay the SPV loan and the receivables and vehicles remain under the legal ownership and in the financial statements of UnipolRental. During the year, the Group incurred a net expense to the entity of \u20ac27m, mainly due to interest expense of \u20ac29m, partially offset by financial income of \u20ac2m as remuneration of the liquidity reserve left available to the SPV. During the year, UnipolRental transferred to Mercurio Fleet 2022 Srl, against the contractual agreements relating to the aforementioned loan, cash for \u20ac479m. It should be noted that this amount, corresponding to the collections made on the assets subject to segregation, is returned to UnipolRental on a monthly basis by Mercurio Fleet 2022 Srl, net of the financial and administrative charges contractually envisaged as part of the securitization operation.
The aforementioned SPVs are not consolidated as the Unipol Group does not have control of the entity nor is it exposed to their significant variable returns.
Carrying amount of assets and liabilities of structured entities and maximum exposure to the risk of loss
Amounts in \u20acm
Name of the structured entity/
Financial statement items
Revenue received by the structured entity in the reference year
Carrying amount (at the date of transfer) of assets transferred to the structured entity in the reference year
Carrying amount of assets recognised in the financial statements and relating to the structured entity
Corresponding asset item in the statement of financial position
Carrying amount of liabilities recognised in the financial statements and relating to the structured entity
Corresponding liability item in the statement of financial position
Maximum exposure to the risk of loss
Azzurro RE II DAC series 2020-01
Companies consolidated on a line-by-line basis
This method provides for the consolidation on a line-by-line basis of the assets, liabilities, gains and losses of the consolidated companies as from the date they were acquired, with the carrying amount of the investment being offset against the corresponding amount of the shareholders\u2019 equity of each individual subsidiary and, in the case of investments not wholly owned, the separate recognition of the amount of the equity and the profit or loss for the year attributable to non-controlling interests.
The amount of equity attributable to non-controlling interests is recognised under shareholders\u2019 equity as \u201cShare capital and reserves attributable to non-controlling interests\u201d, whilst the corresponding share of consolidated profit or loss is shown under \u201cProfit (loss) for the year attributable to non-controlling interests\u201d.
The financial statements of the subsidiaries are consolidated on a line-by-line basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4": {
"value": "Goodwill
If the cost of acquiring investments in subsidiaries exceeds the fair value of the identifiable assets, liabilities and contingent liabilities, the excess amount is recognised as goodwill under intangible assets.
This goodwill represents a payment made in the expectation of future economic benefits arising from assets that cannot be identified individually and recognised separately.
In the years after the year of acquisition, goodwill is measured at cost, net of any impairment losses accumulated.
Ancillary acquisition costs are recognised in the income statement during the year in which the costs are incurred or the services provided.
Under IFRS 10.23 changes in investments in subsidiaries that do not lead to a loss of control are recognised as equity transactions. Any positive difference between the proportion of net fair value of identifiable assets, liabilities and contingent liabilities of the subsidiary and the fair value of the price paid or received is recognised directly in profit for the period and allocated to the members of the holding company.
\u2022
goodwill paid for the acquisition of Non-Life and Life portfolios: the value of the policies acquired is calculated by estimating the present value of the future cash flows of the existing policies. The Group amortises this value throughout the expected average residual life. This valuation is reviewed annually;When this method is used the carrying amount of the investment is adjusted to the corresponding portion of shareholders\u2019 equity, including the profit/loss for the year and all the adjustments made when consolidation is on a line-by-line basis. Any difference between the portion of shareholders\u2019 equity acquired and the fair value of the price paid (goodwill) is recognised in the carrying amount of the investment. Changes in interests in an associate which do not entail the acquisition of control or the loss of significant influence are treated as purchases or sales of shares, even if due to reasons other than purchases or sales, and therefore result in income or expenses recognised in the income statement and calculated on the basis of the difference between any consideration due or received and the change in the share of the investee\u2019s shareholders\u2019 equity held by the investor.
4.2 Investments in associates and interests in joint venturesAt 31 December 2023, Investments in subsidiaries, associates and interests in joint ventures amounted to \u20ac2,656m (\u20ac1,608m in 2022). The item includes the interest in the associate BPER Banca for \u20ac1,805m (\u20ac1,516m at 31/12/2022) and in Banca Popolare di Sondrio for \u20ac754m.
Equity investments: information on shareholding relationships
Country of registered
office
% Total participating
interest (4)
% Votes available at
ordinary General
Meetings
(5)
Assicoop Bologna Metropolitana SpA
Assicoop Modena & Ferrara SpA
Assicoop Romagna Futura SpA
Banca Popolare di Sondrio SpA
Funivie del Piccolo San Bernardo SpA
Uci - Ufficio Centrale Italiano
(1)This disclosure is required only if the country of operations is different from the country of the registered office.
(2)1=Italian insurers; 2=EU insurers; 3=non-EU insurers; 4=insurance holding companies; 4.1=mixed financial holding companies; 5=EU reinsurers; 6=non-EU reinsurers; 7=banks; 8=asset management companies; 9=other holding companies; 10=real estate companies; 11=other.
(3)b = associates; c = joint ventures.
(4)The product of investment relations concerning all companies positioned in an investment chain.
(5)Availability of votes at ordinary shareholders' meetings, distinguishing between actual votes and potential votes. The availability of votes is indicated only if different from the direct shareholding.
Significant investments: carrying amount, fair value and dividends received
Amounts in \u20acm
Banca Popolare di Sondrio SpA
(1) b= associates; c= joint venture
The Banca Popolare di Sondrio dividends received by UnipolSai in 2023 are not recognised as they predated the acquisition of significant influence over the investee.
Significant equity investments: accounting informationAmounts in \u20acm
Cash and cash equivalents
Impairment losses/reversals on property, plant and equipment and intangible assets
Pre-tax profit (loss) from continuing operations
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
2. Banca Popolare di Sondrio SpA
Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
2. Banca Popolare di Sondrio SpA
Non-significant equity investments: accounting information
Amounts in \u20acm
Carrying amount of equity investments
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
The activity of the associate Cronos Vita, as specifically envisaged in the agreements between the parties involved in the bail-out of Eurovita policyholders, is limited to managing the run-off of the former Eurovita portfolio for the time strictly necessary (i) for the precise identification of the distinct business units making up the company complex to be assigned to the shareholder companies and (ii) the subsequent transfer of these units to them. In this context, it was considered that the investment held in Cronos Vita qualifies, from the acquisition date, as held for sale on the basis of the provisions of IFRS 5. In fact, from the outset, the intention was to sell the equity investment in order to acquire a business unit of the investee, to be identified according to criteria to be defined between the parties and characterised by a potentially different risk/reward profile, in the individual components, from that implicit in the investment.
As a result of the above classification, the equity investment held in Cronos Vita was measured at cost, as it was lower than the estimated realisable value net of costs to sell.
Also note in this regard that, as part of the transaction of UnipolSai and the other participating insurance companies, a pro rata guarantee was issued for the benefit of the banks that granted loans to the associate Cronos Vita to cover part of the early redemptions relating to policies associated with the segregated funds distributed by the banks and included in the business complex acquired by Cronos Vita in October 2023. This surety, which can be activated in the event of default by Cronos Vita, subordinate to a separate pledge by Cronos Vita
on assets included in the segregated funds portfolio, was issued by each of the shareholders of Cronos Vita in proportion to their percentage interest in the share capital. The maximum amount guaranteed by UnipolSai is \u20ac1,094m, calculated on the basis of the maximum amount of commitments to grant loans from the financial institutions. At the end of 2023, the loans already disbursed by financial institutions to Cronos Vita for these commitments amounted to \u20ac204m, insofar as the portion guaranteed by Unipol is concerned. The surety will become void when the business unit of the investee company assigned to each of the shareholder companies of Cronos Vita is transferred to them.Note that the listed companies BPER Banca and Banca Popolare di Sondrio, in which the Unipol Group holds 19.85% and 19.72% of the share capital, respectively, were classified as associates as they are subject to influence by the Parent and, consequently, were consolidated using the equity method. It was considered that, despite holding a share of just under 20% of the voting rights that can be exercised at shareholders\u2019 meetings, the Unipol Group exercises significant influence given the distribution of the ownership structure of the two companies and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investees, as well as, with reference to the BPER Group, the appointment of certain members of the administrative body.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact6": {
"value": "Segment reporting
Segment reporting is provided according to the provisions of IFRS 8 and structured on the basis of the major business segments in which the Group operated in the year reported in these consolidated financial statements and in the previous year:
\u2022
Non-Life insurance business;\u2022
Life insurance business; \u2022
Holding and Other Businesses.It should be noted that, in order to provide a better representation of the actual contribution to the consolidated results and also taking into account the significance of this activity on the overall Group, the economic and financial results previously attributed to the Real Estate business have been allocated to the Life business, if referring to assets whose returns affect the services to be provided to subscribers of revaluable products, and to Holding and Other Businesses for the residual portion. The different representation of the information by segment was applied retroactively to previous years presented for comparative purposes.
Segment reporting is carried out by separately consolidating the accounting items for the individual subsidiaries and associates that belong to each identified segment, eliminating intragroup balances between companies in the same segment and cancelling, where applicable, the carrying amount of the investments against the corresponding portion of shareholders\u2019 equity.
In the column \u201cIntersegment eliminations\u201d, the intragroup balances between companies in different sectors are eliminated.
This rule does not apply in the following cases:
\u2022
investment relations between companies in different sectors, since the elimination of the investment takes place directly in the sector of the company that holds the investment;\u2022
collected dividends, eliminated in the sector of the company that collects the dividend;\u2022
realised profits and expenses, since the elimination takes place directly in the sector of the company that realises the capital gain or loss.No segment reporting based on geographical area has been provided since the Group operates mainly at the national level and there appears to be no significant diversification of risks and benefits, for a given type of business activity, based on the economic situation of the individual regions.
The segment reporting layout conforms to the provisions of ISVAP Regulation no. 7/2007 as amended.
3.12 Information by operating segmentStatement of financial position by business segment
PROPERTY, PLANT AND EQUIPMENT
Insurance contracts issued that are assets
Reinsurance transfers classifiable as assets
Investments in associates and interests in joint ventures
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
CASH AND CASH EQUIVALENTS
PROVISIONS FOR RISKS AND CHARGES
Insurance contracts issued that are liabilities
Reinsurance transfers classifiable as liabilities
Financial liabilities at fair value through profit or loss
Financial liabilities at amortised cost
TOTAL SHAREHOLDERS\u2019 EQUITY AND LIABILITIES
Amounts in \u20acm
HOLDING AND OTHER BUSINESSES
INTERSEGMENT ELIMINATIONS
Income statement by business segmentInsurance revenues from insurance contracts issued
Insurance service expenses from insurance contracts issued
Insurance revenue from reinsurance contracts held
Insurance service expenses from reinsurance contracts held
Result of insurance services
Gains/losses on financial assets and liabilities at fair value through profit or loss
Gains/losses on investments in associates and interests in joint ventures
Gain/losses on other financial assets and liabilities and investment property
Net financial costs/revenues relating to insurance contracts issued
Net financial revenues/costs relating to reinsurance transfers
Pre-tax Profit/(Loss)for the period
Amounts in \u20acm
HOLDING AND OTHER BUSINESSES
INTERSEGMENT ELIMINATIONS
Segment reporting
Segment reporting is provided according to the provisions of IFRS 8 and structured on the basis of the major business segments in which the Group operated in the year reported in these consolidated financial statements and in the previous year:
\u2022
Non-Life insurance business;\u2022
Life insurance business; \u2022
Holding and Other Businesses.It should be noted that, in order to provide a better representation of the actual contribution to the consolidated results and also taking into account the significance of this activity on the overall Group, the economic and financial results previously attributed to the Real Estate business have been allocated to the Life business, if referring to assets whose returns affect the services to be provided to subscribers of revaluable products, and to Holding and Other Businesses for the residual portion. The different representation of the information by segment was applied retroactively to previous years presented for comparative purposes.
Segment reporting is carried out by separately consolidating the accounting items for the individual subsidiaries and associates that belong to each identified segment, eliminating intragroup balances between companies in the same segment and cancelling, where applicable, the carrying amount of the investments against the corresponding portion of shareholders\u2019 equity.
In the column \u201cIntersegment eliminations\u201d, the intragroup balances between companies in different sectors are eliminated.
This rule does not apply in the following cases:
\u2022
investment relations between companies in different sectors, since the elimination of the investment takes place directly in the sector of the company that holds the investment;\u2022
collected dividends, eliminated in the sector of the company that collects the dividend;\u2022
realised profits and expenses, since the elimination takes place directly in the sector of the company that realises the capital gain or loss.No segment reporting based on geographical area has been provided since the Group operates mainly at the national level and there appears to be no significant diversification of risks and benefits, for a given type of business activity, based on the economic situation of the individual regions.
The segment reporting layout conforms to the provisions of ISVAP Regulation no. 7/2007 as amended.
Main accounting standards New accounting standards
A summary is provided below of the amendments to the accounting standards previously in force, applied as of 1 January 2023; among the changes of greatest interest to the Unipol Group are the entry into force of \u201cIFRS 17 - Insurance Contracts\u201d and the extension of the application of \u201cIFRS 9 - Financial Instruments\u201d to the entire Group scope, the effects of which are presented in specific paragraphs.
As regards the other regulatory developments, no impact is worth reporting.
Amendments to IAS 1 Presentation of financial statements, IFRS Practice Statement 2 \u201cMaking Materiality Judgements\u201d and IAS 8 Accounting policies, changes in accounting estimates and errors
On 3 March 2022, Regulation (EU) 2022/357 was published, which incorporated the amendments to IAS 1 \u201cPresentation of financial statements\u201d and IAS 8 \u201cAccounting policies, changes in accounting estimates and errors\u201d, published by the IASB on 12 February 2021 with a view to improving the communication of the accounting policies of companies, which should privilege information that is more relevant and effective for investors and users of financial statements. Specifically, the amendments to IAS 1 and IFRS Practice Statement 2 provide guidelines on how to apply the concept of materiality to the disclosure on the accounting policy adopted, while those to IAS 8 have the dual objective of introducing a new definition of \u201caccounting estimate\u201d and clarifying how entities should distinguish between changes in the accounting standards applied and changes in accounting estimates. This differentiation is of fundamental importance as the latter are applied on a prospective basis only to future transactions, while amendments to accounting standards are generally applied retroactively to past events as well.
Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction
Regulation (EU) 2022/1392 published on 12 August 2022 adopted several amendments to IAS 12 \u201cIncome taxes\u201d to specify how to account for deferred taxes on certain transactions that may generate assets and liabilities of an equal amount, such as leases and decommissioning obligations.
Amendments to IAS 12 International Tax Reforms - Pillar Two Model Rules
On 23 May 2023, the IASB issued amendments, effective as of 1 January 2023, to IAS 12 \u201cInternational Tax Reform - Pillar Two Model Rules\u201d in which it introduces, following numerous market requests, a mandatory temporary exception to the requirements of IAS 12 to recognise and disclose information on deferred tax assets and liabilities deriving from the rules of the \u201cGlobal minimum tax under Pillar 2\u201d regulations, which will enter into force on 1 January 2024, which resulted in Directive (EU) 2022/2523, on the global minimum level of taxation of 15% (\u201ctop-up tax\u201d), applicable to large multinational groups (and large national groups beginning from 2029). On 2 June 2023, EFRAG submitted the Endorsement Advice Letter to the EU Commission, in which it expressed a positive opinion on the amendments and on 13 July the ARC (EC Accounting Regulatory Committee) also voted in favour.
On 29 September 2023, the IASB also issued the document \u201cInternational Tax Reform - Pillar Two Model Rules - Amendments to the IFRS for SMEs Standard\u201d, making the temporary exception applicable to SMEs as well.
On 9 November 2023, Regulation (EU) 2023/2468 was published, which incorporates the entire set of amendments to IAS 12.
IFRS 17 \u201cInsurance contracts\u201d and IFRS 9 \u201cFinancial instruments\u201d
The standards IFRS 17 and IFRS 9, both applicable to the entire scope of the Group from 1 January 2023, significantly change the accounting representation of insurance contracts and financial instruments. As mentioned in previous years, due to the strict correlation between the two standards, as from the 2018 financial year, the undertakings or groups that conduct insurance business had the option to defer the application of IFRS 9 up to the date of first-time adoption of IFRS 17. This option was also exercised by the Unipol Group which, in its capacity as Parent of a financial conglomerate for which the conditions envisaged by Regulation (EU) 2017/1998 were met at
the date of entry into force of IFRS 9, deferred the application of the IFRS 9 limited to UnipolSai and its subsidiaries. It is also noted that, specifically due to the close interrelation of the two standards, the Group has adopted the option set forth in Regulation (EU) 2022/1491 (so-called \u201cclassification overlay\u201d) to ensure full representation of the joint impact of the new context of the accounting standards, therefore adopting both IFRS 9 and IFRS 17 in determining the comparative data for 2022 presented in the accounting reports for the 2023 financial year. The most significant changes introduced by the aforementioned standards and a disclosure on the main accounting policies that the Group has adopted are described below.IFRS 17 \u2013 Insurance contracts
IFRS 17 \u201cInsurance Contracts\u201d, applicable from 1 January 2023, establishes new criteria for measuring and accounting rules for insurance products, replacing IFRS 4, an \u201cinterim\u201d standard issued in 2004, which provided for the application of local accounting practices, potentially different from each other, complicating the comparison of the financial results of insurance companies. The process of formation and approval of the standard was particularly complex: specifically, in the version approved by the IASB on 18 May 2017, the date of entry into force was set for 1 January 2021. With the two following interventions by the IASB, the date of entry into force was postponed to 1 January 2023, also considering the numerous requests to amend the standard proposed by the various stakeholders in the months immediately following the publication of the first version of the standard.
The amendments to the standard have been adopted by the IASB on 25 June 2020 and, downstream, the process of endorsement of the new standard in the European Union was activated, which was completed on 23 November 2021 with the publication of Regulation (EU) 2021/2036. It is noted that, in the endorsement phase, in line with that desired by the Italian and European industry, as a partial amendment to the version of the standard approved by the IASB, the possibility was also introduced via EU Regulation UE 2023/1803 of not applying the grouping into annual cohorts of Life insurance contracts characterised by intergenerational mutualisation and cash flow matching.
Very briefly, the IFRS 17 accounting standard has introduced the following changes:
a)change in aggregation criteria of insurance contracts: the new accounting model requires greater granularity in the grouping of insurance contracts with similar characteristics that form the basis for quantifying the economic and financial components (so-called Units of Account - UOAs).
b)market-consistent values: insurance liabilities must be measured at current values (based on up-to-date information), estimated on the basis of expected cash flows, weighted by the probability of realisation and discounted to take into consideration the time value of money, the characteristics of cash flows and the characteristics of liquidity of the insurance contracts.
c)explicit measurement of the Risk Adjustment (RA): it must be estimated separately from the liabilities in order to bear the uncertainty about the amount and timing of cash flows arising from the non-financial risk when the entity will fulfil its contractual obligations for the expected cash flows.
d)recognition of the estimated profit that is implicit in the insurance contracts in portfolio: according to the General Accounting Model, as explained in more detail under f) below, the so-called \u201cContractual Service Margin\u201d (CSM), as the difference between the cash flows due to the company (i.e., premiums) and the aggregate contract charges undertaken, including Risk Adjustment, must be identified. This amount, if positive, i.e., in case of non-onerous contracts at the subscription date, will be deferred as a liability for the purpose of recognising it in the Income Statement, spreading it over the entire period during which the insurance cover is provided. If the CSM is negative, on initial recognition or even subsequently in the event of adverse changes in the expected profitability, the implicit loss deriving from the insurance contract cannot be deferred and it is fully recognised in the Income Statement.
e)Income Statement by margins: a representation by margins has been introduced, with the explicit representation of actual flows and estimated flows, which shows:
i.The insurance margin deriving from underwriting activities as a difference between:
A.Insurance revenue, mainly comprised of:
-the amount of insurance service expenses that the insurer expects to incur during the year;
-the evolution of liability due to the explicit adjustment for risk for the component relating to future services;
-the attribution to the year of a portion of the CSM based on the portion of services provided, gross of the component of acquisition charges.
B.Insurance costs, mainly comprised of:
-the amount of insurance service expenses actually incurred during the year under way (claims occurring and change in liabilities for claims occurring and administration expenses);
-the portion of contract acquisition charges allocated on an accrual basis to the financial year;
-the losses on onerous contracts and the related reversal.
ii.Net financial margin as the difference between the result of the investment in financial instruments and net finance expenses/income relating to insurance contracts issued.
f)different accounting models depending on the characteristics of the insurance contracts, such as:
i. The Building Block Approach (BBA): standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement as described in more details in point g) below;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
ii.The Premium Allocation Approach (\u201cPAA\u201d): simplified and optional approach - applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration - which provides for the recognition of a single liability (so-called Liability for Remaining Coverage or LRC) without explicitly distinguishing, unlike the BBA model, the relevant components identified above. The LRC is recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In the event that the pro-rata temporis method is applicable, the method of insurance revenue recognition is similar to the method of accounting for the \u201cProvision for unearned premiums\u201d on the basis of the former IFRS 4.
iii.The Variable Fee Approach (\u201cVFA\u201d): mandatory accounting model that constitutes a variation of the BBA applicable to cases of insurance contracts with direct participation (i.e. whose cash flows are dependent on the underlying assets), which require that the policyholder obtain from the insurance company remuneration based on a substantial share of the returns of a portfolio of clearly identifiable financial assets. Under this approach, the CSM substantially represents the fee for the financial management service provided by the insurer which must be recognised in the Income Statement over the term of the service. Different from that set out for the BBA, any changes in the estimate of the CSM that derive from the performance of the underlying financial assets and, therefore, are due to market variables, result in a change in the CSM without any direct impacts on the Income Statement or Comprehensive Income Statement.
g)accounting options for changes in insurance liabilities attributable to financial variables: regardless of the accounting model adopted, in order to reduce the accounting mismatch that can be generated by the different accounting criteria of financial assets (IFRS 9) and insurance liabilities (IFRS 17), the option (so-called \u201cFVOCI Option\u201d) to recognise the effects of changes in market rates on the value of the liabilities or assets associated with the fulfilment of the insurance contract (so-called \u201cFulfilment Cash Flow\u201d or FCF, comprised of the sum of the present value of expected cash flows and the risk margin) as an offsetting entry to items of Other comprehensive income, thus reducing the volatility of the Income Statement results.
h)qualitative and quantitative disclosure: to accompany the information reported in the Income Statement and in the Statement of Financial Position, the impact of insurance contracts on the company's cash flows and financial performance must also be reported by means of various statements showing the changes occurred during the year related to the single components making up the insurance liabilities. With regard to disclosure, the Supervisory Authority also intervened significantly and, with its Measure of 7 June 2022, updated IVASS Regulation 7/2007, defining, inter alia, in line with the requirements of the IFRS international standards, the minimum content of the annual disclosure and of the more limited half-yearly disclosure, and also introducing a mandatory format, with the quantitative disclosure broken down into mostly tabular forms.
The main choices of the Unipol Group
A brief analysis is provided below of the main choices made by the Unipol Group with reference to the adoption of the new accounting standard IFRS 17 as well as the transition approach referring to the date of initial application (1/1/2022).
For a more detailed illustration of the methodological and valuation approach adopted by the Group, please refer to what is reported below in this section of the Notes to the Financial Statements, commenting on the accounting standards adopted in the recognition and measurement of Insurance Liabilities and other Statement of Financial Position and Income Statement items relating to insurance operations.
IFRS 17 is applied to all products featuring significant insurance risk and to insurance contracts with direct participation features. Based on this criterion, the scope of application has included all Non-Life insurance contracts and, with regard to the Life business, all class I, IV and V products and a limited portion of class III products, if they contain, at the date of first-time adoption of IFRS 17, significant insurance risk other than investment risk. On the basis of this approach, all class VI products were considered not insurance contracts but investment contracts.
In addition, for the determination of the scope of cash flows included in the contract boundary for the purpose of accounting for insurance contracts compared to the scope considered based on the previous accounting criteria, the following changes were made:
-inclusion in the estimate of the initial net liability also of a portion of indirect acquisition costs, which were instead charged directly to the Income Statement when incurred on the basis of IFRS 4;
-possible onerousness on the issue of a UOA is calculated considering a larger scope of cash flows, including all those for which the insurance company cannot modify the rate or benefits to align them with the risk assumed.
Method of aggregating groups of contracts For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group has included in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept). Accounting for charges for claims based on the \u201ccohorts\u201d of issue of insurance contracts, and not by the year of occurrence constitutes a significant change, especially with regard to the Non-Life business, compared to the representation criteria based on the provisions of the previous IFRS 4. Please refer to the section Method of aggregating groups of contracts for additional information on the application criteria adopted by the Group.
With regard to the aggregation criteria used under IFRS 4, the different level of granularity introduced by IFRS 17 results in a greater possibility of identifying onerous UOAs, in the initial accounting phase, resulting in the recording of the expected loss directly in the year of issue.
Calculating discount ratesTo determine the discount rate to apply to future cash flows, in the absence of regulatory provisions on the matter, the Group has applied a bottom-up approach. This approach provides for the identification of a \u201crisk free\u201d curve adjusted on the basis of a factor (\u201cIlliquidity Premium\u201d) that expresses the illiquidity characteristics of insurance contracts. To identify the risk free curve, the Group has adopted a methodology similar to the one used in the area of prudential supervision. The Illiquidity Premium is determined using an approach analogous to that designed in the context of the revision of the Solvency II standard formula, but using the characteristics of the real asset portfolio underlying insurance liabilities. In other words, the Illiquidity Premium is differentiated based on the liquidity characteristics of the cash flows being discounted, distinguishing, for example, between flows that are dependent on the returns of a portfolio of underlying financial assets and those that are not.
Calculation of the adjustment for non-financial risks The Group has adopted a method of determining the Risk Adjustment calculated using metrics derived from the Solvency II framework based on the probability distributions of the set of risks to which the cash flows are subject, and also taking into account the diversification benefits existing between the different UOAs. In particular, the diversification effect is applied between the insurance portfolios of the same entity, but not between different sectors or between legal entities. With reference to the confidence level on the basis of which the amount of the Risk Adjustment is determined, the Group has generally adopted a level equal to the 75th percentile which may be supplemented with a prudential buffer up to the 98th percentile in the event of situations of particular uncertainty in the reference context.
Accounting approaches applied For insurance contracts taken out since the transition date, the Group has generally applied the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for the contracts with direct participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
These accounting models were applied consistently also to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Adoption of options to reduce accounting mismatches The Group has adopted the options to reduce accounting mismatches deriving from the methods of valuation of liabilities and assets subject to IFRS 17 and/or IFRS 9. Specifically, the options set out in paragraphs 88, 89 and 90 of IFRS 17 allow for recognising as an offsetting entry in the Comprehensive Income Statement, rather than in the Income Statement, a portion of the finance income or expenses relating to insurance contracts. That option makes it possible:
-with regard to contracts accounted for using the BBA or PAA, to recognise changes in insurance assets and liabilities deriving from changes in the discount rates as an offsetting entry in the Comprehensive Income Statement, recording in the Separate Income Statement only the effects of capitalising cash flows at the same discount rate applied at initial recognition (the so-called \u201clocked-in\u201d rate);
-with regard to contracts accounted for using the VFA, to eliminate the net financial profitability recognised in the Income Statement deriving from the assets underlying the insurance contracts and from the revaluation of insurance liabilities (\u201cmirroring\u201d). This approach makes it possible to go beyond the practice of shadow accounting, as provided for in IFRS 4, with the aim of reducing the existing accounting mismatch between the valuation criteria of financial assets and those of the correlated insurance liabilities.
Transition to IFRS 17On first-time adoption, the standard IFRS 17 requires the recalculation of the Statement of Financial Position and Income Statement balances at the transition date (which, for the Unipol Group, is 1 January 2022, as the 2023 Financial Statements present the previous year\u2019s Statement of Financial Position and Income Statement for comparison purposes) based on the full retrospective approach, i.e., assuming that the standard had been applied from the date of initial recognition of the insurance contracts. Based on the complexity of the provisions of the standard and the changes introduced to the existing accounting methods, the standard also provides the option, where it is not possible to retrospectively and fully apply the standard, to use two simplified approaches, as alternatives to each other, to calculate the amount of accounting items linked to insurance contracts: the modified retrospective approach or the Fair Value approach.
In order to verify the possibility of reconstructing the data necessary for the application of the full retrospective approach, the Group has carried out a detailed analysis in relation to the transactional flows of the years prior to the transition date (so-called \u201cactual\u201d flows), the cash flows (so-called \u201cexpected\u201d data) and the values, subject to the allocation processes, not directly attributable to the contracts. On the basis of these analyses, the information relating to past years was not fully available in the portfolio or could not be found except by incurring excessive efforts, unreasonable costs with respect to the (limited) information advantage and/or adopting excessively arbitrary assumptions and simplifications, sometimes the result of derivation rules made more uncertain by changes in operations. In this context, the Group believed that there were well-founded reasons that made the full retrospective approach not applicable for the transition to IFRS 17 and, in line with the provisions of the same standard, therefore decided to apply both the fair value approach and the modified retrospective approach to net insurance liabilities outstanding at the transition date.
In particular:
-with reference to the Non-Life business, given the reference context existing at the transition date characterised by significant uncertainties, such as those inherent in inflation dynamics and the possible repercussions on productivity, the fair value approach was mainly adopted (applied in particular to contracts issued by UnipolSai) and, on a residual basis, the modified retrospective approach;
-for the Life business, the fair value approach was mainly applied to the portion of contracts subject to revaluation relating to UOAs linked (i) to segregated funds of little significance or characterised by financial guarantees and retained return levels not in line with those of similar contracts marketed at the transition date, and (ii) to portfolios of non-revaluable contracts linked to collective policies. The modified retrospective approach was applied to the residual portion of insurance contracts, consisting mainly of the UOAs linked to the remaining segregated funds, as well as to the individual non-revaluable contracts.
As a result of the above, the fair value transition approach concerned approximately 89% of the Non-Life business in place at the transition date and 47% of the Life business; while the modified retrospective approach was applied to 53% of the Life business and 11% of the Non-Life business. As already mentioned above, the transition approach, limited to the Non-Life business, also affected the choice of the accounting model to be applied to the business in place at the transition date, reserving the PAA model for the Non-Life business with transition under the modified retrospective approach and instead applying the BBA to the Non-Life business with transition under the Fair Value approach.
It should also be noted that, for the same reasons that do not permit the application of the full retrospective approach, the Group has decided to adopt the following simplifications in the application of the transition approaches with respect to the application of the full retrospective approach:
-aggregation of all cohorts prior to the transition date in a single UOA;
-for contracts where the BBA or PAA is applied, setting at zero the cumulative amount recognised in the Comprehensive Income Statement as a breakdown of the effects on insurance liabilities and assets of the change in the discount rate from the rate of initial recognition;
-for contracts to which the VFA is applied, setting the cumulative amount recognised in the Comprehensive Income Statement related to insurance liabilities equal to the corresponding value recognised in the Comprehensive Income Statement related to the financial instruments underlying the insurance liabilities themselves.
With reference to the methods for calculating the FV, it should be noted that this was determined on the basis of information available at the time of transition, as an aggregation between:-the value of the Best Estimates calculated with metrics in line with those adopted for the preparation of the MCBS and appropriately supplemented, where necessary, to take into account a better estimate of the inflationary context in place at the transition date;
-an amount equal to the estimate of the additional profitability required by the market for assuming the risks underlying the portfolios (the so-called Cost Of Capital method), also defined starting from SII metrics and taking into consideration a capital endowment equal to that held on average in the Italian market with respect to the minimum regulatory capital.
The CSM at the transition date was determined as the difference between the FV and the present value of the risk-adjusted expected future cash flows for each UOA.
IFRS 9 - Financial instruments
The standard IFRS 9 - Financial Instruments was effective at the beginning of 2018. This standard was issued by the IASB at end July 2014 and was endorsed by Regulation (EU) 2016/2067, which reformed provisions envisaged by IAS 39 on the following main issues:
-Classification and Measurement: classification categories were envisaged for financial assets, based on a business model and the characteristics of the contractual cash flows;
-Impairment: an incurred loss model is replaced by an expected loss model, with the introduction of a new concept of staging allocation;
-Hedge Accounting: thanks to this new model, hedge accounting is further aligned to risk management processes.
In particular, as regards Classification and Measurement, unlike in the IAS 39, which requires mainly the analysis of the type of financial asset or liability, as well as the related holding period, the IFRS 9 standard introduced classification criteria of financial instruments based on the measurement of the related business model, as well as the analysis of the characteristics of the contractual cash flows resulting from the instruments themselves, with the application of the so-called SPPI test, aimed at verifying the position of Solely Payments of Principal and Interest. Moreover, in view of measuring what business model should be assigned to the financial instrument, the IFRS 9 envisages more objective parameters, based on various requirements such as: performance, risk, remuneration and turnover.
The new regulations also revised some guidelines on the possible reassignment of the business model that must however be very uncommon and shall meet special conditions involving significant changes, both \u201cinternal\u201d with respect to the company and \u201cdemonstrable\u201d with respect to external parties.
The main choices of the Unipol Group
A brief examination of the activities carried out in relation to the main areas of impact is provided below. It is noted that, to the extent applicable, the approach followed for the first-time adoption of IFRS 9 on the scope of financial instruments held by UnipolSai and its subsidiaries is consistent with that adopted at the time for the first-time adoption of the standard for the other entities in the Unipol Group.
Classification and measurement of financial instruments Classification and measurement of financial assets (credits and debt securities) was defined by the Unipol Group based on the following elements:
-detailed exam of cash flow characteristics;
-definition of the business model.
As regards the first classification element of financial assets, initiatives and procedures have been performed aimed at evaluating whether the contractual cash flows of debt securities in portfolio, at the date of transition to the standard, exclusively reflect the payment of principal and interest accrued on the amount of capital to be returned (so-called SPPI Test \u2013 Solely Payment of Principle and
Interest, supplemented by the so-called Benchmark Test in the absence of a perfect correspondence between the periodical redefinition of the interest rate and the related tenor).As regards the Group\u2019s securities portfolio subject to first-time adoption of IFRS 9, the following is noted:
-a slim portion of debt securities, classified under categories Available-for-sale financial assets and Loans and receivables, which did not pass the SPPI test, was classified in the category Financial assets at fair value through profit or loss. Securities under this classification feature characteristics other than the measurement of credit risk and of time value of money;
-it has been deemed that the management model of the overall bond portfolio, performed by Group entities for which IFRS 9 is applied, can be mainly included within the HTCS \u201cHeld to Collect & Sell\u201d business model. This model, in fact, has the target to collect both cash flows that are contractually envisaged by financial assets and those resulting from the sale of financial assets themselves. In light of both the changes in the regulatory context and of contractual terms related to financial assets under evaluation, which generate cash flows, at predetermined dates, representing only the repayment of the principal and the payment of interest accrued, most of the securities already in the IAS 39 portfolio at the date of transition (previously classified as IAS 39 Available-for-sale financial assets, Loans and receivables and Held-to-maturity investments), with the only exception of securities that did not pass the SPPI test, were classified as Financial assets at fair value through other comprehensive income (FVOCI);
-the residual portion of debt securities, managed using the HTC \u201cHold To Collect\u201d business model, was classified in the category of Financial assets at amortised cost;
-equity securities, which by their nature do not pass the SPPI test, have generally been recognised in the FVOCI Equity category (or without reversal to the income statement of the difference between the purchase and sale value), as permitted by the standard\u2019s option for such instruments, except for any investments held for trading, which have been recognised in the FVPL category;
-the UCITS units, the closed and open funds, whose cash flows did not pass the SPPI test and could not be classified as equity instruments, were therefore recognised under the FVPL category. This category also includes the portfolios of financial instruments of UnipolRe intended, as held by an entity subject to corporate reorganisation, to be subject to a thorough review with a view to a different investment strategy resulting from the reorganisation itself;
-all financial assets included in the portfolios linked to investment products (e.g., Unit-linked and pension funds without significant insurance risk) were classified in the category FVPL, which also includes the related liabilities to underwriters.
With reference to debt securities, IFRS 9 introduced a structured impairment model based on the concept of \u201cexpected loss\u201d which requires the classification of financial assets into three different categories based on the evolution of credit risk, superseding the concept of \u201cincurred loss\u201d established by the previous IAS 39.
With reference to equities, based on the categories in which these instruments can be classified on the basis of IFRS 9 (FVOCI Equity and FVPL), the concept of impairment established by the previous IAS 39 for securities classified in the category of Available-for-sale financial assets has therefore been superseded.
As regards Hedge Accounting, the Group has exercised the faculty, afforded by IFRS 9, to maintain the accounting model as envisaged by the previous IAS 39.
The implementation process
The Unipol Group has been strongly committed to planning for the future application of IFRS 17 since 2017, with extensive involvement of the main corporate functions. After a thorough assessment to determine the impact of this standard and measuring the gaps in terms of processes, IT systems, accounting, actuarial calculations, business and risk, at the beginning of 2018 the IFRS 17 transition project was launched which, under the guidance of UnipolSai, has gradually also involved the other insurance companies in the Group, with a view to implementing a single data processing and management model within the Group, leveraging common policies, processes and IT applications.
With reference to IFRS 9, the Group, following a process of analysis and implementation in the management, IT and accounting systems, has activated in previous years for entities holding financial instruments (other than those not belonging to the insurance sector that have applied IFRS 9 already from the 2019 financial year) a parallel management and accounting system adapted to the requirements of IFRS 9. It should be noted that, in order to enable a more timely application of the rules provided for the VFA, it was necessary to proceed to independently identify and manage a higher number of financial asset portfolios, compared to the context of the previous IAS 39. Specifically, a portfolio of financial instruments was activated for each portfolio to which the VFA is applied.The effects of the application of IFRS 17 and 9
As already mentioned above, the financial statements layouts of ISVAP Regulation 7/2007 applicable to Insurance Groups were revised in 2022 by the Supervisory Authority, albeit with effect only from the year 2023. The amendments introduced, attributable mainly, but not only, to the introduction of IFRS 17 have had significant impacts on the presentation of the Income Statement and Statement of Financial Position items and were also applied to the figures for the previous period presented for comparative purposes in these Consolidated Financial Statements.
In order to allow a clearer reconciliation between the data presented in the last approved consolidated financial statements for the year 2022 and those restated according to the new regulatory system, the effects deriving from the restatement, i.e. from the reclassification, are shown below, without any impacts from the remeasurement of assets, liabilities, costs and revenue due to the application of the new accounting standards:
-to the Statement of Financial Position at 1 January 2022, which is the date of first-time adoption (or FTA) of IFRS 17 and 9 to the entire scope of the Unipol Group;
-to the Income Statement for 2022;
-to the Statement of Financial Position at 31 December 2022
accompanied by a comment on the main changes.
Effects of restatementStatement of Financial Position at the transition date (before restatement of values)
Statement of Financial Position and Income Statement at 31 December 2022 (before restatement of values)
With reference to the statement of financial position balances, it should be noted that, for the purposes of restatement, the amount of item \u201c3. Technical provisions - Reinsurers\u2019 share\u201d of assets and \u201c3. Technical provisions\u201d of liabilities, has been fully allocated respectively to item \u201c3.2 Reinsurance contracts held that are assets\u201d and \u201c3.1 Insurance contracts issued that are liabilities\u201d of the current statement
of financial position format: the detailed effects arising from the recalculation of insurance assets and liabilities on the basis of IFRS 17 have been shown in the subsequent section on restatement of balances.The most significant impact deriving from the restatement of asset items is attributable to the reclassification of financial instruments in the categories under IFRS 9. As mentioned above, the application of IFRS 9 resulted in a significant increase in financial assets at fair value through profit or loss, mainly attributable to the failure to pass the SPPI Test of a portion of the securities portfolio previously classified under Available-for-sale financial assets and, to a lesser extent, Loans and receivables.
Conversely, the amount of financial instruments reclassified under Financial assets at amortised cost is significantly lower than the corresponding accounting categories under the previous IAS 39 (Loans and receivables and Held-to-maturity investments). Similarly, the amount of FVOCI assets is lower than the corresponding IAS 39 category of Available-for-sale financial assets.
Income Statement at 31 December 2022 (before restatement of values) As emerges from the reconciliation scheme, the Income Statement introduced by the current Regulation 7/2007 shows a scalar structure that provides separate evidence of the income components that constitute the insurance service result and those that make up the financial result deriving from investments and of the financial component deriving from insurance assets and liabilities. Some economic components previously grouped under Other revenue and Other costs have also been detailed and shown separately.
For the purposes of the restatement, as the discounting of technical provisions was not included in the previous IFRS 4, it should be noted that in item \u201c10. Net finance expenses/income relating to insurance contracts issued\u201d, the only component of the change in Life technical provisions attributable to the application of the so-called shadow accounting was recognised.
Effects deriving from the restatement of the balances
Statement of Financial Position at the transition date (after restatement of balances) Statement of Financial Position at 31 December 2022 (after restatement of balances) Income Statement at 31 December 2022 (after restatement of balances)
Statement of reconciliation of changes in the consolidated shareholders\u2019 equity In order to provide an overall representation of the effects on equity and on the economic result deriving from the transition to the new accounting standards, please note the following:
-a statement of reconciliation of changes in the consolidated shareholders' equity at the transition date and during the year 2022, accompanied by
-comments on the most significant adjustments due to the application of IFRS 17 and 9.
Main impacts on the Statement of Financial Position at the transition date (1/1/2022)
Shareholders' Equity restated at the transition date in application of the new standards, equal to \u20ac8,838m, was \u20ac883m lower than the \u20ac9,722m recognised in application of the previous standards. The reduction is due to the combined effect of positive changes from the application of IFRS 9, amounting to \u20ac469m, negative changes deriving from the application of IFRS 17 equal to \u20ac1,731m, in addition to the related tax effects of \u20ac378m.
With reference to the application of IFRS 9, the positive balance is mainly due to the portion of financial instruments reclassified from HTM and L&R according to IAS 39 to FVOCI and FVPL according to IFRS 9 and, consequently, recognised at fair value rather than at amortised cost, with the emergence of implicit capital gains in a market environment at the transition date characterised by low interest rates.
The negative impact from the application of IFRS 17 is instead due to the increase in net insurance liabilities as a result of:
-the recognition of the CSM (\u20ac3,203m of which \u20ac1,071m relating to the Non-Life business and \u20ac2,132m to the Life business);
-the recognition of the Risk Adjustment (\u20ac1,162m, of which \u20ac1,025m related to the Non-Life business and \u20ac137m to the Life business);
-the reversal of Intangible assets and deferred acquisition costs (\u20ac138m);
these increases were partly offset by the decrease of \u20ac2,773m deriving from the best estimate of the discounted cash flows to replace the technical provisions at ultimate cost.
It should be noted that, as mentioned above, during the transition phase, the fair value approach was applied with reference to a portion of the Life portfolio as well as to the insurance liabilities of the Non-Life business of UnipolSai, with the consequent application of the BBA to all Non-Life contracts in effect at that date and with a separate recognition, for the net liability component for residual coverage, of the CSM and the Risk Adjustment.
The changes in the Statement of Financial Position illustrated above were also reflected in the related deferred taxation, which resulted in a net positive effect on equity of \u20ac378m.
Effects on the economic result and on other comprehensive income for the year 2022
The result for the period restated according to the new accounting standards went from \u20ac866m to \u20ac675m, against a negative impact of \u20ac701m resulting from the application of IFRS 9, a positive impact of \u20ac465m resulting from the application of IFRS 17, and the related positive deferred tax effects of \u20ac42m. With reference to the impact of IFRS 9, this is mainly due, in a context of significant depreciation of almost all asset classes, to the increased share of financial instruments at fair value through profit or loss. This asset category, intended to increase the volatility of the Income Statement, was progressively reduced during the year 2022, also in view of the entry into force of the new standard.
The negative impact on the 2022 restated income statement arising from IFRS 9 is partially offset by the application of IFRS 17, due in particular to the adoption of the OCI option, which allows for a better control of accounting mismatches with reference to the valuation of assets and liabilities relating to revaluable Life insurance contracts, recognised using the VFA method, and to a positive contribution from the Non-Life business, which benefits from the approach adopted on transition and the net insurance liability discounting effect. In this regard, it should be noted, more generally, that the exercise of the options to mitigate accounting mismatches, relating to the Life and Non-Life insurance portfolio, also led to a marked reduction (from \u20ac2,513m to \u20ac523m net of tax effects) of the negative change in other comprehensive income.
Main impacts on the Statement of Financial Position at 31 December 2022As a result of the differences commented above, there was a positive impact of \u20ac917m on shareholders' equity at 31 December 2022 deriving from application of the new accounting standards, deriving from a positive impact of \u20ac1,752m for the application of IFRS 17, partially offset by the negative effect of the application of IFRS 9 (\u20ac431m) and the effect on deferred taxation, also negative in the amount of \u20ac404m.
With reference to the impact of IFRS 9, this is mainly attributable to the decrease in the portion of the bond portfolio recognised at amortised cost (L&R and HTM categories according to IAS 39 and Amortised cost according to IFRS 9) and the consequent more extensive use of fair values for the measurement of financial assets in the portfolio, in a context of significantly rising interest rates during 2022 such as to negatively affect the market prices of fixed-rate bonds.
In the application of IFRS 17, the main impact resulting from the cash flow component, which increased from \u20ac2,773m to \u20ac5,816m, as discussed above, is attributable to the remeasurement of net insurance liabilities at current values, thus taking into account the discounting effect in a context of significantly higher rates than those at initial recognition of the same net insurance liabilities. It should be noted that this mechanism for adjusting net insurance liabilities was not contemplated in the application of IFRS 4 except through the application of shadow accounting with respect to insurance contracts with direct participation features. With reference to the adjustment for the recognition of the CSM down from \u20ac3,203m to \u20ac2,996m, please note:
(i)a decrease in the component relating to the Non-Life business (from \u20ac1,071m to \u20ac731m) due to the decrease in the portfolio component of policies accounted for under the BBA method, which are gradually being replaced by newly issued policies accounted for under the PAA method, and thus without autonomous representation of the CSM;
(ii)an increase in the component linked to the Life business (from \u20ac2,132m to \u20ac2,265m) due to the positive impacts on the prospective margins of the insurance contracts accounted for using the VFA method due to the increase in market rates.
Lastly, with reference to the Risk Adjustment component, the decrease from \u20ac1,162m to \u20ac942m is mainly due to the same trends already commented on with reference to the CSM in the Non-Life business.
New accounting standards not yet in force The documents published by the International Accounting Standards Board listed below could be significant for the Group, but are still not applicable since they have not yet been endorsed by the European Union or have not yet entered into force at the reporting date.
Amendments to IAS 1 - Classification of liabilities as current or non-current
On 20 December 2023, Regulation (EU) 2023/2822 was published, which adopts the amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, subject to the document issued by the IASB on 23 January 2020, whereby the Board defined a more general approach for the classification of payables - and other liabilities - providing some criteria for the distinction between \u201ccurrent\u201d and \u201cnon-current\u201d. Specifically, the classification should be based on the substantial right, existing at the reporting date, to defer the payment (or not) by at least twelve months. On 31 October 2022, the IASB also published the document \u201cNon-current Liabilities with Covenants\u201d proposing several amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, with a view to improving the information that companies provide on long-term debt with covenants. The entire set of amendments mentioned above applies as of 1 January 2024.
Amendments to IFRS 16 - Sale and leaseback transactions
EU Regulation 2023/2579, published on 21 November 2023, adopted the amendments to IFRS 16 \u201cLeases\u201d issued by the IASB on 21 September 2022, in which the Board clarified the methods for accounting for a sale and leaseback transaction that calls for variable payments based on the performance or use of the asset involved in the transaction. The amendments entered into force on 1 January 2024.
Update on the main activities of the IASB/Authority on accounting matters
EU regulations on ESAP
On 20 December 2023, Regulation EU 2023/2859 was published in the Official Journal, establishing the European Single Access Point (ESAP), introducing centralised access to publicly available information on financial services, capital markets and sustainability reporting. Together with the above-mentioned Regulation, Regulation (EU) 2023/2869 and Directive (EU) 2023/2864 of 13 December 2023 were published, amending past regulations on the establishment and functioning of the European single access point. The ESAP is expected to be made available to the public starting in 2027.
Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements
On 25 May 2023, the IASB issued the document \u201cSupplier Finance Arrangements (Proposed amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d) in which it requires entities to provide additional information - both qualitative and quantitative - on supplier finance arrangements, in order to allow users of the financial statements to assess how these arrangements affect the company's liabilities and cash flows, as well as their exposure to liquidity risk. The EFRAG issued its positive \u201cEndorsement Advice\u201d on 4 October 2023.
Amendments to IFRS 9, IFRS 7 and IAS 32 - Financial Instruments
On 21 March 2023, the IASB published the ED \u201cAmendments to the Classification and Measurement of Financial Instruments - Proposed amendments to IFRS 9 and IFRS 7\u201d following the Post Implementation Review (PIR) project, concluded in December 2022, on classification and measurement requirements for financial instruments, not finding any fundamental critical issues with regard to the clarity or adequacy of the objectives of the standard's requirements, without prejudice to certain issues such as financial assets with ESG-linked features and cash received via electronic transfer as settlement for a financial asset or liability. With regard to financial assets with ESG features, on
21 March 2023 the IASB issued ED 2023/2 in which it proposed some clarifications on the general principles of the applicable SPPI test and also provided some application examples. On 5 May, the EFRAG expressed its favourable Endorsement Advice, and the final version of the amendments is expected in the first half of 2024. During 2023, the IASB also issued the \u201cRequest for Information Post-implementation Review of IFRS 9 Financial Instruments-Impairment\u201d on 30 May, in consultation until 27 September, to gather market feedback on the provisions on expected credit loss and ED 2023/5 \u201cFinancial instruments with characteristics of equity (Amendments to IAS 32, IFRS 7 and IAS 1)\u201d on 29 November, in consultation until March 2024, on the requirements for the classification of financial instruments. Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates
On 21 August 2023, the IASB published the amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d. Since IAS 21 establishes the exchange rate that a company should use to convert the foreign currency transactions of an investee, without providing additional provisions on the exchange rate to be used in the absence of an exchange rate observable in the market, the amendments proposed by the IASB provide indications in this sense, and also establish the cases in which one currency cannot be converted into another, while at the same time requiring a specific additional disclosure to be provided in the notes to the financial statements. On 9 January 2024, EFRAG expressed a favourable opinion in its \u201cEndorsement Advice\u201d. The amendments are expected to enter into force as of 1 January 2025, with the option of early application.
_______________________________________________________________________________________________________________________________________________________________________________________________________
The accounting standards and the most significant criteria used in drawing up the Consolidated Financial Statements are set out below.
The paragraph numbers are the same as those of the corresponding items in the Statement of Financial Position and Income Statement, which are laid out in accordance with ISVAP Regulation no. 7/2007, as amended.
Statement of Financial Position
Assets
1 Intangible assets - IAS 38
In accordance with the provisions of IAS 38, the only intangible assets that may be capitalised are those that can be identified and controlled by the company and from which the company will derive future financial benefits.
The following assets are recognised as intangible assets with a finite life:
\u2022
goodwill paid for the acquisition of Non-Life and Life portfolios: the value of the policies acquired is calculated by estimating the present value of the future cash flows of the existing policies. The Group amortises this value throughout the expected average residual life. This valuation is reviewed annually;\u2022
costs incurred for the acquisition of software licences, amortised over three years;\u2022
trademarks acquired within a business combination;\u2022
costs incurred for consultancy on major projects for the development and implementation of IT systems, including customisation of the corresponding software, amortised over five or ten years according to its estimated useful life.Projects under development are not amortised until the year in which they are first used.
Goodwill paid when companies are acquired or merged is also included among intangible assets, as already mentioned in the previous paragraph Basis of consolidation (also provisionally, determined on the basis of IFRS 3). As this goodwill has an indefinite useful life, it is not amortised, but it is tested for impairment at least once a year, or each time there is any indication of impairment; durable impairments are recognised in the income statement and cannot be reversed in subsequent years.
2 Property, plant and equipment - IAS 16 and IFRS 16The item includes properties used for business purposes, plant, other machines and equipment owned by the Group and rights of use acquired through lease contracts for the use of a tangible asset, except for contracts with a duration equal to or less than 12 months or referring to assets of a modest unit value.
For recognising and measuring this category of assets the Group has adopted the cost model, which systematically depreciates the asset\u2019s depreciable amount over its useful life. With reference to property, plant and equipment deriving from right of use recognition, as envisaged in IFRS 16, the initial recognition value corresponds with the present value of future payments to the lessor over the contractual duration of the lease, also including amounts due to the lessor for the exercise of any purchase option on the asset if such exercise is considered reasonably certain.
Depreciation, which is carried out each year on a straight-line basis, begins when the asset is available and ready for use and ends when the asset has come to the end of its useful life (which in the case of property is estimated at 33.4 years). In the case of wholly-owned properties (land and buildings) depreciation is carried out only on the building.
Consolidated real estate companies include in the carrying amount the borrowing costs incurred for loans specifically for acquiring and renovating property, if this can be justified.
The costs of improvements and conversions are capitalised if they result in an increase in the useful life or the carrying amount of the assets.
Assets that suffer impairment losses are written down.
The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition.
3 Insurance assets \u2013 IFRS 17
3.1 Insurance contracts issued that are assets
This item includes insurance contracts issued as defined and governed by IFRS 17 - insurance and reinsurance contracts, and investment contracts issued with discretionary participation features - belonging to groups of contracts (UoA) whose net positions at year end constitute assets. Please refer to the comments to item 3 Insurance liabilities - IFRS 17 for additional information on the recognition and measurement criteria adopted with regard to insurance contracts.
3.2 Reinsurance contracts held that are assets
This item includes reinsurance contracts held defined and governed by IFRS 17, belonging to groups of contracts (UoA) whose net positions at year end constitute assets.
Classification of reinsurance contracts held
The Group generally applies the same recognition and measurement criteria used for insurance contracts issued without direct participation features to reinsurance contracts held that transfer a significant risk, as defined and governed by IFRS 17, illustrated below in the note on item 3 Insurance liabilities - IFRS 17, to which reference is made. In particular, reinsurance contracts held can be recognised in accordance with the BBA and PAA accounting models. Similarly to the underlying insurance contracts, the PAA is generally used for short-term reinsurance coverage, while contracts with long-term coverage are measured with the BBA. It should be noted that since the specific features of the treaties may influence their respective classification, each reinsurance contract is subject to a detailed analysis by the Group in order to identify the corresponding appropriate accounting treatment.
In addition, the valuation of reinsurance contracts held adopts assumptions consistent with those used to estimate the present value of future cash flows of the underlying insurance contracts, integrating an adjustment for the risk of default of the reinsurer measured at each reporting date, the effect of which is recognised in the income statement. The trend of the valuation models is the same as the underlying insurance contracts except for the concept of CSM, which is replaced by that of \u201cnet cost/net gain\u201d which, in any case, is deferred and released to the Income Statement during the coverage period, in line with the provision of reinsurance services.
4 Investments4.1 Investment property - IAS 40 and IFRS 16
This item includes property or rights of use (IFRS 16) held either to earn rental income or for capital appreciation or for both.
Investment property is recognised by applying the cost method, as allowed by IAS 40 (an alternative to the fair value method).
If the final recoverable amount of property is estimated to be less than the carrying amount (or zero) it is depreciated annually on a straight-line basis, based on the recoverable amount and the estimated useful life (33.4 years).
If the recoverable amount of the property is estimated to exceed the carrying amount, no depreciation is applied. In the case of wholly-owned properties (land and buildings) depreciation is carried out only on the building.
The costs of improvements and conversions are capitalised if they result in an increase in the carrying amount, the useful life or the profitability of the assets.
Assets that suffer impairment losses are written down. The market value is determined at least once a year by means of expert appraisals conducted by outside companies.
The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition.
4.2 Investments in associates and interests in joint ventures - IAS 28 and IFRS 11
This item includes investments in associates as defined in IAS 28, which are measured using the equity method or at cost.
Financial instruments - IAS 32 - IFRS 7, 9 and 13
Recognition date
The Group generally records financial transactions on the basis of the settlement date (value date), with reference to the financial instruments included in items 4. Investments and 4. Financial liabilities and on the basis of the transaction (trading) date for the financial instruments recognised in other items of the statement of financial position.
Reclassifications of financial assets \u2013 IFRS 9
With reference to debt securities, reclassifications among other categories of financial assets are limited to cases in which there is a change to the business model for financial asset management and forward-looking recognition is applied, i.e. without adjusting any economic component recognised previously. The reclassification of equity instruments is not permitted.
Derivatives
Derivatives are initially recognised at the purchase cost representing the fair value and subsequently measured at fair value. Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
Derivatives may be acquired for \u201ctrading\u201d or \u201chedging\u201d purposes. For hedging transactions, the accounting standards envisage cumbersome and complex rules, with the preparation of specific documentation, to assess the effectiveness of the hedge from the time it is activated and throughout its entire term (hedge accounting). Please note that the Group has exercised the right, afforded by IFRS 9, to continue to recognise hedging transactions according to the accounting model envisaged by the previous IAS 39.
All derivative financial instruments are classified under \u201cFinancial assets at fair value through profit or loss - Held-for-trading financial assets\u201d and \u201cFinancial liabilities at fair value through profit or loss - Held-for-trading financial liabilities\u201d.
Accounting of structured bonds issued by special purpose vehicles (SPVs)The Group invests in notes issued by SPVs with rather similar purposes and management methods as those that characterise investments in structured and unstructured bonds, made as part of the ordinary financial management of resources derived from normal business. This financial management is characterised, in relation to the Group\u2019s business sector, by a special degree of complexity, which requires, under certain circumstances, the subscription of financial assets with specific characteristics (e.g. in terms of maturity, creditworthiness and payoff) that are not always easy to find on the financial markets. The investment opportunities offered via SPVs also make it possible, owing to their specific nature, to expand the range of financial investments available.
The Unipol Group classifies and records the bonds issued by SPVs based on the instructions provided in IFRS 9, deeming the circumstance that they have been issued by SPVs irrelevant, in consideration of the fact that the SPV is, in fact, considered merely a technical instrument through which to structure complex financial instruments whose risk/return profile is essentially evaluated by jointly taking into consideration the contracts that govern the notes issued by the SPV, the associated derivative contracts (generally swap agreements) and any other contractual clauses such as financial guarantee or similar clauses, or yet other \u201cancillary\u201d clauses which may, in theory, make provision, when given conditions are satisfied, for the liquidation of the securities. The SPVs whose bonds are held by the Unipol Group in fact, consistently replicate, with the arranger, the positions they assume with noteholders, as the risks or returns of the transaction cannot be retained within it.
Therefore, investments in notes issued by SPVs are accounted for on the basis of IFRS 9, with the same criteria applied for investments in structured and unstructured bonds, with particular regard to the SPPI test. In fact, an entity must only consolidate an SPV in the event the entity exercises control over it pursuant to IFRS 10, paragraphs 6 and 7.
The Unipol Group, with regard to bonds issued by SPVs in the portfolio at 31 December 2023, does not exercise any form of control over the SPVs, in the sense that it is not able to govern the management process of the SPVs (which, in fact, is defined by the arrangers of the investment transaction in which the Group participates by subscribing the notes and other relevant contracts) and does not obtain any benefits from the SPVs other than those strictly dependent on the formally subscribed financial instrument. The Group holds the notes issued by the SPV and can only dispose of these autonomously, as it does not have the power to dispose of the financial instruments held by the vehicle. It is reasonable to infer, from this, that the Group holds no form of control of the SPVs pursuant to IFRS 10.
In cases where, through the SPV internal segments, which segregate the risks and benefits of issues, the majority of said risks and benefits are transferred to the Unipol Group, the consolidation of the segments would lead to the need to replace the debt securities issued by the SPV and subscribed by the Group with a financial asset which, in terms of the associated risks and returns, exactly replicates the financial profile of the notes cancelled as a result of the consolidation.
In fact, the segments consistently replicate, with the arranger, the positions the latter assume with noteholders, as the risks or benefits of the transaction cannot be retained within it. The result is that the financial asset to be recognised due to the consolidation of the segments would have, substantively speaking and therefore for the purposes of classification and measurement pursuant to IFRS 9, characteristics identical to those of the notes cancelled as a result of the consolidation of said segment; the result being that, in the case of consolidation of segments in which the risks/benefits of the asset pertain fully to the Unipol Group, there would be no substantive effects on the accounting representation of the transaction, essentially confirming the fact that, in effect, the SPVs are technical instruments for realising an investment in financial assets with characteristics which are, for all intents and purposes, equivalent to those of the notes issued by the SPV itself and segregated in the segment.
Impairment
In order to quantify impairment, financial assets (other than those purchased or originated which, as of the initial recognition date, show objective evidence of impairment \u201cPurchased or Originated Credit Impaired assets\u201d or \u201cPOCI\u201d) recognised in the categories Financial assets at amortised cost and Financial assets at fair value through other comprehensive income are classified in three stages (credit rating):
Stage 1: financial assets qualified as \u201cperforming\u201d, for which a significant increase in credit risk has not been recognised with respect to the initial recognition date;
Stage 2: financial assets qualified as \u201cperforming\u201d, for which a significant increase in credit rating has been recognised with respect to the initial recognition date;
Stage 3: impaired financial assets.
With reference to POCI, the amortised cost and the relative impairment adjustments are calculated in a specific manner on the basis of an effective interest rate adjusted for the credit risk determined by taking initial expected losses into account in estimated future flows.The IFRS 9 impairment model is based both on objective (quantitative) and qualitative criteria to determine the significant increase of credit risk used to classify the individual financial assets in Stage 1 or Stage 2. Specifically, the Unipol Group recognises in Stage 2 any situations of non-payment for at least 30 days from the reporting date and any exposures whose rating assigned to the security has been specifically downgraded (in terms of the number of notches). As regards downgrading, it is noted that, in defining a significant increase in credit risk, the option is exercised to exclude a portion of the securities portfolio, which is characterised by a low credit risk (i.e., \u201cLow credit risk exemption\u201d). Specifically, that option is applied to debt securities with \u201cinvestment grade\u201d ratings. All exposures for which there is objective evidence of loss are classified in Stage 3.
Different modalities to measure value adjustments were defined for each Stage, based on the concept of \u201cExpected Loss\u201d or \u201cExpected Credit Losses\u201d (ECL), and, specifically:
-whenever it is deemed that the credit risk of the instrument has significantly increased after initial recognition (Stage 2) and for loans in Stage 3, an estimate of the \u201clifetime\u201d ECL is applied (determination of possible losses over the entire residual life of the instrument);
-for instruments classified in Stage 1 or, in any event, on instruments maturing within the year, an estimate of the ECL deriving from possible default events within 12 months is applied.
In the risk parameters used to calculate the ECL, measurement models of expected losses include the Point-in-Time risk measures and the Forward looking risk measures on the future dynamics of macro-economic factors on which the lifetime expected loss depends.
4.3 Financial assets at amortised cost - IFRS 9
This financial statements item includes financial assets that meet both the following conditions:
-
the financial asset is held within the context of a new business model that has the objective to collect contractual cash flows (HTC - Held to Collect);-
contractual terms of financial assets generate, at predetermined maturity, cash flows representing only principal and interest on the residual capital that meet the Solely Payments of Principal and Interest (SPPI) condition. The initial recognition of these financial assets is carried out when the Group becomes a party in the contractual terms of the financial instrument, which usually coincides with the date of settlement. The value of the initial recognition is equal to the fair value of the financial instrument, which generally corresponds to the related purchase cost, including directly chargeable transaction costs or income.
After the initial recognition, these assets are measured at amortised cost by using the effective interest method, as well as net of impairment loss.
4.4 Financial assets at fair value through other comprehensive income (FVOCI) - IFRS 9
Debt securities or loans, fulfilling both conditions, are recognised in this category:
-
the financial assets are held within the context of a new business model that has the objective to both collect contractual cash flows and sell financial assets (HTCS - Held to Collect & Sell), and;-
contractual terms of financial assets generate, at predetermined maturity, cash flows representing only principal and interest on the residual capital that meet the SPPI condition.The initial recognition of these financial assets is carried out at the date in which the Group becomes a party in the contractual terms of the financial instrument, which usually coincides with the date of settlement. The value of the initial recognition is equal to the fair value of the instrument, which generally corresponds to the related purchase cost, including transaction costs or income that are directly chargeable to the same.
After the initial recognition, these assets continue to be measured at fair value. The interest component resulting from the application of the amortised cost method, as well as impairment losses resulting from the measurement of credit risk, are included in the income statement, while gains and losses resulting from changes in fair value are recognised directly in Shareholders\u2019 equity under \u201cGains or losses on financial assets (other than equity instruments) at fair value through other comprehensive income\u201d.In the event the asset is cancelled, accrued gains and losses due to changes in fair value are recognised through profit or loss.
As regards details on determining of impairment losses, reference is made to the previous section on \u201cImpairment\u201d.
Equity instruments that meet the following conditions are also classified under the category Financial assets at fair value through other comprehensive income:
-
they are not equity investments in subsidiaries, associates or jointly controlled entities;-
they are not held for trading nor represent a potential consideration for a business combination, pursuant to IFRS 3;-
an irrevocable option was exercised for their designation at fair value through other comprehensive income.Any gains or losses consequent to the change in fair value are disclosed directly in Shareholders\u2019 equity under the item \u201cGains or losses on equity instruments at fair value through other comprehensive income\u201d.
Specifically, the accounting of equity instruments, classified under category FVOCI, is different from the one applicable to debt securities classified under the same category, for the following reasons:
-
the impairment requirements of IFRS 9 are not applicable to equity instruments;-
all exchange rate differences are recognised in the OCI reserve; -
the values recorded in OCI (Other Comprehensive Income) are never reclassified to income statement (not even for cancellation/netting);-
only dividends are recognised through profit or loss.4.5 Financial assets at fair value through profit or loss - IFRS 9
Investments in this category are recognised at fair value and the differences (positive or negative) between fair value and carrying amount are recognised through profit or loss.
Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
There are three further sub-items:
-
held-for-trading financial assets, which includes debt securities and equity instruments, mainly listed, credit positions in derivative contracts and structured financial instruments where the embedded derivative would have to be separated if they were classified in a different category;-
financial assets to be recognised at fair value through profit or loss, mainly consisting of assets linked to financial liabilities measured at fair value such as investments related to policies issued by insurance companies where the investment risk is borne by the policyholders and those arising from pension fund management;-
financial assets mandatorily measured at fair value through profit or loss (FVTPL): this category includes all financial assets that do not meet the classification criteria at amortised cost or fair value, with changes recognised in comprehensive income statement (FVOCI), that are not financial assets designated at fair value or held-for-trading financial assets57.The initial recognition of such financial assets is carried out at the date in which the entity becomes a party of the contractual terms related to the financial instruments, usually coinciding with the settlement date for the debt securities and equity instruments, and at the subscription date for derivatives, for a value equal to the fair value of the financial instrument, without considering transaction costs or income that are directly recognised in the income statement.
After the initial recognition, these assets are measured at fair value and changes in value are recognised in the income statement.
5 Other financial assetsThe item includes financial assets not included in the item \u201cInvestments\u201d, such as trade receivables and tax receivables. These assets are recognised at their nominal value and subsequently measured at their estimated realisable value.
Other financial assets include, inter alia, receivables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities and tax receivables.
6 Other assets
6.1 Non-current assets or assets of a disposal group held for sale - IFRS 5
This item includes Non-current assets held for sale and any discontinued operations as defined by IFRS 5.
Assets held for sale are recognised at the carrying amount or fair value, whichever is the lower, less costs to sell.
If an investment in a subsidiary consolidated using the line-by-line method is to be sold within the time limit set by IFRS 5, all the assets of the company to be sold are reclassified as \u201cNon-current assets or assets of a disposal group held for sale\u201d in the consolidated statement of financial position (item 6.1 of the Assets) and the liabilities are similarly reclassified under the single item \u201cLiabilities associated with disposal groups held for sale\u201d (item 6.1 of the Liabilities). Both items appear in the consolidated financial statements net of intragroup transactions with the company to be sold.
If a group continues to operate in the business of the company to be sold, income statement items relating to the assets held for sale or disposal groups are recognised in accordance with the normal rules of consolidation on a line-by-line basis.
6.2 Current tax assets and deferred tax assets - IAS 12
The item includes current and deferred tax assets, defined and governed by IAS 12.
In particular, deferred tax assets are calculated on the deductible temporary differences between the carrying amounts and the amounts for tax purposes of the assets and liabilities of the individual consolidated companies and on the consolidation adjustments. If there are any tax losses, deferred tax assets are also recognised provided there is a probability that taxable income for which they can be used will be available in future.
Deferred taxes are based on the tax rates applied at the end of the year or on the rates that are expected to be applied in the future according to the information available at the end of the financial year.
If assets are revalued solely for tax purposes and relate neither to a revaluation of the carrying amount for a previous year nor to one that is to be carried out in a subsequent year, the tax effects of the adjustment for tax purposes must be recognised in the income statement.
Deferred tax assets and liabilities, distinguished by type of tax, are offset at the level of single Group company or at the consolidated level, within the limits of the scope of the tax consolidation agreement set up by Unipol.
6.3 Other assets
The item includes assets not attributable to other statement of financial position asset items.
This item includes, inter alia, prepayments and accrued income and deferred commission expense connected to investment contracts not falling within the scope of application of IFRS 17, as these are additional costs incurred to acquire the contract and amortised on a straight-line basis over the whole life of the contract. As recommended by Bank of Italy/Consob/IVASS document no. 9 of the Coordination Group on the application of IAS/IFRS, this item also includes tax credits relating to tax subsidies (such as the ecobonus and the sismabonus) acquired from third parties (direct beneficiaries or previous purchasers) and recoverable by offsetting future payments according to methods and timing established in the reference regulation.
7 Cash and cash equivalents - IAS 7Cash and cash equivalents include cash on hand, cash in current accounts available on demand, and term deposits for periods not exceeding 15 days.
Liabilities
1 Shareholders\u2019 equity - IAS 32
1.1 Share capital
The item includes the share capital of the consolidating company.
1.2 Other equity instruments
This item includes perpetual regulatory capital instruments issued by the Parent that qualify as Restricted Tier 1, which do not envisage in any case any obligation on the part of the issuer to reimburse the principal or interest to subscribers (without prejudice to cases of liquidation or the exercise of the right to early redemption by the issuer). These instruments are recognised at the issue value, net of issue expenses and the relative tax benefits. In line with this classification, coupon payments to subscribers are recognised, similar to what takes place for the payment of dividends, as a direct reduction from the equity reserves. Note that similar perpetual capital instruments issued by subsidiaries (if not held by the Parent and therefore eliminated in the consolidation process) are recognised in item 1.2.1 Share capital and reserves attributable to non-controlling interests.
1.3 Capital reserves
This item includes in particular the share premium reserve of the company that carries out the consolidation. It includes the direct costs of issuing equity instruments, net of tax, and any commission income, net of tax, received for the sale of option rights not exercised by shareholders.
1.4 Income-related and other equity reserves
In addition to the income-related and other reserves of the consolidating company, this item includes in particular gains or losses arising from the first-time application of IAS/IFRS (IFRS 1), gains or losses resulting from changes in accounting standards or accounting estimates (IAS 8), provisions arising from equity-settled share-based payment transactions (IFRS 2) and consolidation reserves.
1.5 Treasury shares
This item includes the equity instruments of the undertaking that draws up the consolidated financial statements owned by the undertaking itself and the consolidated companies. The item was negative. The gains or losses resulting from their subsequent sale are recognised as changes in shareholders\u2019 equity.
1.6 Valuation reserves
The Valuation reserves include the exchange rate differences from translation to be charged to shareholders\u2019 equity pursuant to IAS 21, whether they arise from transactions in foreign currency or from conversion into the currency of presentation of the financial statements stated in foreign currency.
This item includes, inter alia, gains or losses on cash flow hedges, revaluation reserves of property, plant and equipment and intangible assets and gains or losses on financial assets at fair value through other comprehensive income.
This item also includes the valuation reserves relating to insurance contracts issued and reinsurance contracts held with regard to the impacts deriving from financial variables, as well as the share of valuation reserves of equity investments valued using the equity method.
2 Provisions for risks and charges - IAS 37 and IFRS 9Provisions are made for risks and charges only when they are deemed necessary to meet an obligation arising from a past event and when it is likely that the amount of resources required can be reliably estimated.
The item mainly consisted of provisions for litigation, various disputes, charges relating to the sales network, provisions for salary policies and personnel leaving-incentive schemes.
3 Insurance liabilities \u2013 IFRS 17
Classification of insurance contracts
Insurance contracts according to IFRS 17 are those contracts whereby the issuer assumes significant insurance risk and agrees to compensate a beneficiary in the event of an uncertain adverse event concerning the policyholder.
An insurance risk is significant if and only if the insured event could cause the issuer to pay additional amounts that are significant in any scenario with economic substance.
The uncertainty, on the other hand, concerns the occurrence of the insured event, the timing of the insured event, as well as the amount that must be paid to the policyholder.
Specifically, the Group applies IFRS 17 to all products featuring significant insurance risk and to investments contracts with discretionary participation features. Based on that criterion, the scope of application included Non-Life contracts and, with reference to the Life business, all products in class I, IV and V and a limited portion of products in class III, where they contain a significant insurance risk higher than the investment risk.
In detail, as for the Non-Life segment, all the policies in the portfolio were classified as insurance contracts.
As regards the Life segment, the principal criteria used for classifying Life products as insurance policies were:
\u2022the presence of a significant insurance risk, i.e. the reasonable possibility that the occurrence of the insured event would give rise to the payment of significant \u201cadditional benefits\u201d compared with those that would have been payable if the insured event had not taken place. The criteria for identifying the presence of significant insurance risk are structured as follows:
-above 10% the contract is an insurance contract;
-under 5% the contract is a financial contract;
-between 5% and 10% specific product analyses are carried out;
\u2022the presence of options or guarantees, such as the coefficient of conversion into a guaranteed rate annuity.
Direct participation contracts are those insurance contracts whose cash flows are dependent on the underlying assets and which therefore establish:
\u2022that the policyholder obtains a return linked to a group of clearly identified underlying assets;
\u2022that the issuer expects to recognise a significant share of the returns generated by the fair value of the underlying assets;
\u2022that a significant share of the cash flows that the issuer expects to pay to the policyholder will change based on changes in the fair value of the underlying assets.
Contracts with discretionary participation features (DPF), on the other hand, establish the right to receive, in addition to the basic benefits provided by the guarantee, additional services:
\u2022that they may represent a significant share of the total contractual benefits;
\u2022the amount and timing of which are at the discretion of the Company;
\u2022that they are contractually defined on the basis of:
othe performance of a group of contracts;
orealised and/or unrealised returns on a specific group of assets managed by the issuer;
othe profit or loss of the Company issuing the contract.
In particular, contracts subject to revaluation and linked to segregated funds were classified as investment products with DPF and were therefore measured and recognised as insurance contracts.
Investment contracts are those contracts characterised by the presence of an investment component (deposit), defined as the amount that the company pays to the policyholder even if the insured event does not take place. If they do not include significant insurance risk, they fall within the scope of application of IFRS 9 \u201cFinancial instruments\u201d.The following types of contract were classified as investment contracts with no DPFs according to the rules of IFRS 9:
\u2022index-linked, where the sum insured in the event of death corresponds to the value of the asset plus a small percentage;
\u2022unit-linked, where the sum insured in the event of death corresponds to the NAV plus a small percentage;
\u2022pension funds with guaranteed benefits at contractual maturity or when predefined events occur for which the guarantee is considered insignificant with respect to a pure investment product.
In the case of unit-linked products the loading and the acquisition commissions for the asset management service are recognised and amortised separately over the life of the contract. In the case of index-linked policies, which are not managed over time but only administered, these deferments were not necessary.
Without prejudice to any contractual amendments taking place subsequent to the issue, a contract classified as an insurance contract continues to be an insurance contract until terminated, whereas under certain circumstances an investment contract may be subsequently classified as an insurance contract.
Separation of components
Although, based on a general legal-economic principle, a contract should not be separated in order to correctly reflect its \u201ceconomic substance\u201d, an insurance policy may contain various non-insurance components, such as:
- embedded derivatives, to the extent that they meet certain criteria;
- investment components;
- distinct service components, such as the obligation to provide a non-insurance service or good
These different components must be measured separately from the host contract, as well as accounted for distinctly pursuant to IFRS 9 (for embedded derivatives and investment components) or IFRS 15 (for non-insurance goods/services).
With regard to investment components, which IFRS 17 defines as the amounts that an insurance contract requires the entity to reimburse to the policyholder in all circumstances, regardless of whether or not an insured event occurs, the Group has identified this component by determining the amount that it would be required to reimburse to the policyholder in all scenarios with an impact on commercial substance.
After separating any non-insurance components, the Group applies IFRS 17 to all of the remaining components of the \u201chost\u201d insurance contract.
Method of aggregating groups of contracts
For the purpose of aggregating insurance contracts, the concept of portfolio (\u201ccontracts subject to similar risks and managed together\u201d) set out in the standard, was interpreted by the Group as follows:
-with regard to contracts in the Non-Life business, the Ministerial Class and the Solvency II Line of Business were considered;
-with regard to the products in the Life business relating to revaluable products, the single segregated fund to which the revaluation of the benefits for the contracting party is linked and, on an aggregate level, class III products containing significant insurance risk, were considered;
-for the insurance rates in the Life business not linked to segregated funds, the portfolios were identified based on the type of risk (e.g., Term Life Insurance policies, with specific funding of assets) and underwriting method (individual and collective).
For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group includes in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept).
The Group applies the option set out in Regulation (EU) 2021/2036, which permits, for contracts with direct participation features that are specifically intergenerationally mutualised (identified within the scope of the Unipol Group as revaluable Life products linked to segregated funds), not applying the breakdown of UOAs into annual cohorts of issue.
Valuation models for groups of contractsBy virtue of the provisions of IFRS 17, the entity is required to apply one of the following valuation models to each group of insurance contracts:
A.the Building Block Approach (BBA), also known as the \u201cgeneral model\u201d;
B.the Premium Allocation Approach (PAA), which constitutes an optional and simplified valuation model adopted when contacts offer insurance coverage of less than or equal to 12 months or when it represents a good approximation of the BBA for contracts with a longer duration;
C.the Variable Fee Approach (VFA), which is the mandatory model to be used for the measurement of direct participation contracts.
Please recall that the classification of contracts based on the valuation model adopted, described in greater detail below, is carried out by the Group exclusively at the time of initial recognition on the basis of the contractual terms and economic context existing at that date and cannot be subsequently revised except in the event of contractual amendments.
Building Block Approach \u201cBBA\u201d (also General Measurement Model \u201cGMM\u201d)
The BBA is a standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement, as described in more detail in the section Adoption of options to reduce accounting mismatches \u2013 OCI option;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
Premium Allocation Approach \u201cPAA\u201d
The PAA is an optional and simplified model applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration. This model provides for the recognition of a single liability (\u201cLiability for Remaining Coverage\u201d or LRC) without explicitly distinguishing between the relative components identified in the previous sections, different to the BBA. Generally, at the reporting date, the LRC in the PAA corresponds to the amount of the premiums initially received from the policyholder net of acquisition costs. The LRC is also recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In any case, the BBA valuation model remains applicable for the measurement of liabilities for incurred claims (LIC).
It should be noted that the Group, also taking into consideration the scope of insurance contracts to which this valuation model has been applied, relies on the option, established in par. 56 of IFRS 17, not to adjust the LRC to reflect the time value of money. On the other hand, the Group does not rely on the option established by IFRS 17 par. 59 b), if specific conditions are met, not to adjust FCFs for the time value of money in order to determine the LIC. Lastly, it should be noted that the Group does not make use of the option established by Art. 59 a) of IFRS 17 to recognise the cash flows associated with the acquisition of insurance contracts as costs when they are incurred. The economic burden of these acquisition costs is therefore reversed to the income statement in line with the period during which the insurance services are provided.
Variable Fee Approach \u201cVFA\u201d
The Variable Fee Approach (\u201cVFA\u201d) is a mandatory accounting model that constitutes a variation of the BBA applicable to cases of insurance contracts with direct participation and investment contracts with discretionary participation features which require that the policyholder obtain from the insurance company remuneration based on a substantial share of the returns of a portfolio of clearly identifiable financial assets. This valuation model does not include contracts without direct participation as well as reinsurance policies
issued and held. Under this approach, the CSM substantially represents the fee for the financial management service provided by the insurer which must be recognised in the Income Statement over the term of the service. On initial recognition, there is valuation consistency between the general BBA model and the VFA (with the exception of groups of insurance contracts that do not apply the annual cohort requirement). On the other hand, in the subsequent valuation phase, different from that set out for the BBA, any changes in the estimate of the CSM that derive from the performance of the underlying financial assets and therefore are due primarily to changes in fair value that have an impact on fees for the management service, result in a change in the CSM without generating direct impacts on the Income Statement or Comprehensive Income Statement. Finally, in the VFA, financial charges on the CSM are calculated at the market rate (and not at the locked-in rate). In summary, the CSM does not explicitly accrue any interest but is adjusted in each period by an amount equal to the difference between the change in the fair value of the assets and the change in fulfilment cash flows due to the effect of the time value of money, financial risks and the changes that have affected it.
For insurance and reinsurance contracts taken out since the transition date, the Group generally applies the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for insurance contracts with direct participation features and investment contracts with discretionary participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
By virtue of the principle of consistency, these accounting models were also applied to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Estimates of future cash flows
Consistent with the accounting standards applied, for the estimation of future cash flows, which IFRS 17 defines as cash flows that are expected to arise with the fulfilment of the insurance contract, the Group adopts all reasonable and available information at the reporting date.
Specifically, the cash flows attributable to the group of insurance contracts include, for example, the premiums of policyholders, the payment of claims (including those reported and all future claims for which there is a substantive obligation to provide services net of recoveries), expenses and commissions and costs relating to investment activities carried out for the benefit of policyholders (including investment return services). In addition, the cash flows deriving from the acquisition or underwriting of a group of insurance contracts must be directly attributable to the portfolio of insurance contracts to which the group in question belongs.
Depending on the type of services provided, the other costs incurred for the fulfilment of the contracts could also include:
-management, maintenance and claims administration expenses;
-the costs that the Group will need to incur to provide investment services;
-income taxes and any other charges specifically borne by policyholders.
Calculating discount rates
To determine the discount rate to apply to future cash flows, in the absence of regulatory provisions on the matter, the Group applies a bottom-up approach. This approach provides for the identification of a \u201crisk free\u201d curve adjusted on the basis of a factor (\u201cIlliquidity Premium\u201d) that expresses the illiquidity characteristics of insurance contracts. To identify the risk free curve, the Group has adopted a methodology similar to the one used in the area of prudential supervision. The Illiquidity Premium is determined using an approach analogous to that designed in the context of the revision of the Solvency II standard formula, but using the characteristics of the real asset portfolio underlying insurance liabilities. In other words, the Illiquidity Premium is differentiated based on the liquidity characteristics of the cash flows being discounted, distinguishing, for example, between flows that are dependent on the returns of a portfolio of underlying financial assets and those that are not.
The weighted average discount rates adopted at the end of December 2023 and 2022 are summarised below.Discount rates (zero coupon rate) for cash flows not dependent on underlying assets
Discount rates (zero coupon rate) for cash flows dependent on underlying assets
Calculation of the adjustment for non-financial risks \u2013 RA
The Group has adopted a method of determining the Risk Adjustment based on metrics derived from the Solvency II framework based on the probability distributions of the set of risks to which the cash flows are subject, also taking into account the diversification benefits existing between the different UOAs. In particular, the diversification effect is applied between the insurance portfolios of the same entity, but not between different sectors or between legal entities. With reference to the confidence level on the basis of which the amount of the Risk Adjustment is determined, the Group has generally adopted a level equal to the 75th percentile which may be supplemented with a prudential buffer up to the 98th percentile in the event of situations of particular uncertainty in the reference context.
Contractual Service Margin \u2013 CSM
Please recall that, based on the BBA general accounting model, the \u201cContractual Service Margin\u201d (CSM) is the difference between the cash flows due to the company (i.e., premiums) and the aggregate contract charges undertaken, including risk adjustment. If the CSM is positive, it will be suspended under liabilities with the aim of recognising it in the Income Statement throughout the entire insurance coverage period.
If the CSM is negative, on initial recognition or even subsequently in the event of adverse changes in expected profitability, the implicit loss deriving from the insurance contract cannot be deferred and will need to be recognised in the Income Statement. Specifically, at each subsequent reporting period, the CSM must be adjusted due to changes in expected future cash flows caused, for example, by changes in technical assumptions (death, morbidity, longevity, redemptions, expenses, future premiums, etc.) or the financial interest deriving from the locked-in discount rate used on initial recognition to determine the present value of estimated cash flows.
Specifically, the CSM will be gradually recognised in the Income Statement under the item \u201cInsurance revenue\u201d during the insurance coverage period due to a particular calculation mechanism, introduced by IFRS 17, which aims to reflect the insurance services provided by the company on the basis of \u201ccoverage units\u201d.
In this regard, to determine the coverage units of the entire Non-Life business, the Unipol Group has chosen to use a method based on \u201cincurred undiscounted\u201d claims in order to best represent the risk exposure of the UOAs.
On the other hand, as regards the Life Business, the CSM is released through the Coverage Units determined on the basis of insured capital and any correction to take into account the actual margins achieved during the period.
Adoption of options to reduce accounting mismatches \u2013 OCI optionThe Group has adopted the options to reduce accounting mismatches deriving from the methods of valuation of liabilities and assets subject to IFRS 17 and/or IFRS 9. Specifically, the options set out in paragraphs 88, 89 and 90 of IFRS 17 allow for recognising as an offsetting entry in the Comprehensive Income Statement, rather than in the Income Statement, a portion of the finance income or expenses relating to insurance contracts. That option makes it possible:
-with regard to contracts accounted for using the BBA or PAA, to recognise changes in insurance assets and liabilities deriving from changes in the discount rates as an offsetting entry in the Comprehensive Income Statement, recording in the Separate Income Statement only the effects of capitalising cash flows at the same discount rate applied at initial recognition (the so-called \u201clocked-in\u201d rate);
-with regard to contracts accounted for using the VFA, to eliminate the net financial profitability recognised in the Income Statement deriving from the assets underlying the insurance contracts and from the revaluation of insurance liabilities (\u201cmirroring\u201d).
Derecognition of insurance contracts
Pursuant to IFRS 17, an insurance contract is removed from the group of contracts to which it belongs in the event of its expiry, transfer or amendment of conditions so that a new contract can be recognised in a new group.
In terms of accounting impacts, the derecognition of insurance contracts entails the adjustment of the respective FCF and CSM of the group of contracts, in line with the reasons underlying the derecognition, without generating a direct and immediate effect on the Income Statement (unless the group of contracts becomes onerous or is extinguished).
Classification of insurance liabilities
IFRS 17 calls for the identification of two separate insurance liabilities based on when the insured event takes place:
\u2022
the Liability for remaining coverage (LRC), i.e. the liability that quantifies the issuer\u2019s obligation to provide coverage for insured events that have not yet taken place , which includes discounted expected flows, adjusted for the economic value of time and risk, the cash flows relating to future services and the expected profit (CSM Contractual Service Margin) of the group of contracts at that date, then suspended in the balance sheet and released according to the coverage units;\u2022
the Liability for incurred claims (LIC), i.e. the liability that quantifies the issuer\u2019s obligation to compensate for events that have already occurred and which includes the discounted expected cash flows, adjusted for the economic value of time and risk as well as the cash flows relating to past services. 3.1 Insurance contracts issued that are liabilities
This item includes insurance contracts issued as defined and governed by IFRS 17 - insurance and reinsurance contracts, and investment contracts issued with discretionary participation features - belonging to groups of contracts (UoA) whose net positions at year end constitute liabilities.
3.2 Reinsurance contracts held that are liabilities
This item includes reinsurance contracts held defined and governed by IFRS 17, belonging to groups of contracts (UoA) whose net positions at year end constitute liabilities.
4 Financial liabilities - IFRS 9
This item includes the financial liabilities at fair value through profit or loss and the financial liabilities at amortised cost pursuant to IFRS 9.
4.1 Financial liabilities at fair value through profit or loss
The financial liabilities in this category are subdivided into two further sub-items:\u2022
held-for-trading financial liabilities, which include negative items on derivatives;\u2022
financial liabilities to be measured at fair value through profit or loss, which include the financial liabilities related to contracts issued by insurance companies where the investment risk is borne by the policyholders, when the insurance risk is not significant, and where there is no discretionary participation feature.4.2 Financial liabilities at amortised cost
This item includes debt securities issued, financial liabilities for future payments to lessors following the recognition of right of use on property, plant and equipment in application of IFRS 16 and other loans obtained.
5 Payables
The item Payables includes:
-payables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities;
-Other payables, such as trade payables, payables for policyholders\u2019 tax due, payables for post-employment benefits, sundry tax payables and social security charges payable.
Payables are recognised at their nominal value.
Employee benefits - IAS 19
Post-employment benefits accrued by 31 December 2006 that were not transferred to external bodies in accordance with the provisions of Italian Legislative Decree 252/05 on supplementary pension schemes come under the category of employee benefits classified as a defined benefits plan. The amount due to employees is therefore calculated using actuarial techniques and discounted at the reporting date, using the \u201cProjected unit credit method\u201d (a method based on benefits accrued in proportion to length of employment).
The same method is used to establish the effects of other defined benefits for employees for the post-employment period.
Actuarial gains and losses relating to obligations deriving from defined benefit plans are recorded under Other comprehensive income (expense).
Future cash flows are discounted on the basis of the market yield curve, recorded at the end of the year, for corporate bonds issued by issuers with high credit standing.
The service cost and net interest are recognised in the Income statement.
Net interest is calculated by applying to the net value of liabilities for defined benefits existing at the start of the year the one-year interest rate taken from the yield curve used to discount the liability at the end of the previous year.
6 Other liabilities
6.1 Liabilities associated with disposal groups held for sale - IFRS 5
Please see above for the corresponding asset item.
6.2 Tax liabilities - IAS 12
The item includes tax payables for current taxes as well as deferred tax liabilities, which are recognised whenever there is a taxable temporary difference, except in the cases provided for in paragraph 15 of IAS 12.
Deferred tax liabilities must be measured using the tax rates that are expected to apply during the year in which the tax liability will be paid off, based on the ruling tax rates (and tax legislation) or those in force at the reporting date. If tax rates change, despite being prior year items, the deferred taxes recalculated in accordance with the new rates are recognised under Income tax in the income statement or under equity reserves to which the temporary variations in question apply.
With regard to the offsetting of deferred tax assets and liabilities, reference should be made to the previous paragraph \u201c6.2 Current tax assets and deferred tax assets - IAS 12\u201d in the section on Assets.6.3 Other liabilities
The item includes non-financial liabilities which by their nature cannot be classified under other liability items.
The item includes, inter alia, accrued expense and deferred income, liabilities relating to defined benefits and other long-term benefits for employees and deferred commission income relating to investment contracts without discretionary participation in profits, therefore not falling within the scope of scope of application of IFRS 17.
Income Statement
1. Insurance revenue from insurance contracts issued - IFRS 17
Revenues from insurance contracts issued consist of the fees due to the Company for the insurance services it provides, which pursuant to IFRS 17 are recognised in the income statement in proportion to the share of services provided in the reference period.
The methods whereby fees are reflected in the item \u201cInsurance revenue\u201d vary depending on the accounting model applied. With regard to the general BBA model (and the relative VFA variant), a value is recognised under insurance revenue, corresponding to the benefits that the Group had estimated to provide in the same period and incorporated into the estimate of the LRC at the beginning of the period (or initial recognition in the case of new contracts), plus the related risk adjustment and the share of the margin on contractual services rendered during the period. In detail, the portion of the fee allocated to revenue in the income statement incorporates:
-the estimated expenses for insurance services in the period, i.e. for claims and related expenses expected in the period and measured on the basis of estimates at the beginning of the period;
-the adjustment for non-financial risk;
-the release of the contractual service margin in relation to the insurance coverage provided in the period (coverage unit); and
-any additional amounts received and not incorporated in the initial estimates in relation to the services for the current period or previous years, such as experience adjustments for premiums received relating to current or past services.
On the other hand, with regard to contracts valued according to the Premium Allocation Approach (\u201cPAA\u201d), the recognition of insurance revenue, therefore the release of the LRC, must be carried out in relation to the distribution of insurance risk over the life of the contracts; in particular, the distribution can be carried out:
-pro-rata temporis if a linear risk trend is assumed during the coverage; or
-in the opposite case, on the basis of the different identified and expected distribution of insurance risk during the coverage period.
2. Insurance service expenses from insurance contracts issued \u2013 IFRS 17
The item includes expenses actually incurred in the period deriving from insurance contracts issued and relating to claims occurring during the year (net of investment components) and other expenses directly attributable to the contracts, estimated losses and the respective changes in relation to groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued.
It also includes the management expenses of investments underlying the insurance contracts to which the VFA is applied.
With regard to groups of insurance contracts with direct participation features and investment contracts with DPF, this item includes changes in the amount of the share of the fair value pertaining to the company that do not change the CSM.
Any positive or negative balance is also included among other technical charges and other technical income connected with insurance contracts issued, for the part of these charges and income not included in FCFs.
3. Insurance revenue from reinsurance contracts held \u2013 IFRS 17
This item includes the amount recovered from reinsurers such as, for example, the amount of expenses and losses recovered on the underlying insurance contracts, as well as the positive balance between write-backs and value adjustments connected with the expected losses deriving from the reinsurer\u2019s risk of default.
4. Insurance service expenses from reinsurance contracts held \u2013 IFRS 17The item includes the share of premiums ceded for the year, net of the amounts expected to be received from reinsurers not associated with claims relating to the underlying insurance contracts.
Lastly, it includes the negative balance between write-backs and value adjustments connected with expected losses deriving from the reinsurer\u2019s risk of default and the positive or negative balance between other technical charges and other technical income connected with reinsurance, for the part of these charges and income not included in Fulfilment Cash Flows (FCFs).
6. Gains/losses on financial assets and liabilities at fair value through profit or loss
This item includes realised gains and losses, interest, dividends, charges and positive and negative changes in value of financial assets and liabilities at fair value through profit or loss.
In particular, the item includes profits and losses relating to non-hedging derivative contracts, other than those included under interest. Income deriving from units of UCITS - Undertakings for Collective Investment - is also incorporated.
7. Gains/losses on investments in associates and interests in joint ventures
This item includes gains and losses on investments in associates and interests in joint ventures recognised in the corresponding asset item.
8. Gains/losses on other financial assets and liabilities and investment property
This item includes gains and losses on investment property, equity investments and financial instruments not measured at fair value through profit or loss.
Specifically, gains mainly include other investment income, including dividends and rental income from investment property, and realised gains on the sale of financial assets or liabilities and investment property.
As regards losses, on the other hand, these include other investment expense, costs relating to investment property such as condominium expenses and maintenance expenses that do not increase the value of the investment property, losses realised as a result of the derecognition of financial assets or liabilities and investment property, amortisation/depreciation and impairment losses.
8.1 and 8.2 Interest income/expense calculated with the effective interest method
These items include interest income and expense, as well as income and similar charges relating, respectively, to financial assets at amortised cost, financial assets at fair value through other comprehensive income (Asset items 4.3 and 4.4) and financial liabilities at amortised cost (Liability item 4.2).
8.3 Other gains/losses
The item includes dividends on equity instruments in the portfolio, including those designated at fair value through other comprehensive income, other than equity investments measured at equity, as well as those relating to \u201cDiscontinued operations\u201d.
The item also includes income and charges deriving from the third party use of investment property, and, in particular, condominium expenses and maintenance and repair costs not added to their value.
8.4 Realised gains/losses
The item includes realised gains and losses from the sale of a financial asset at amortised cost or at fair value through other comprehensive income, as well as investment property.
8.5 Unrealised gains/losses
This item includes positive changes deriving from the reversal of impairment and the subsequent valuation of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments designated at fair value through other comprehensive income, and negative changes deriving from depreciation, impairment and the
measurement subsequent to the initial recognition of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments at fair value through other comprehensive income.The item also includes value adjustments and write-backs connected to changes in credit risk of financial assets at amortised cost and FVOCI, as well as value adjustments/write-backs on other financial assets (item 5) and on financial assets included in \u201ccash and cash equivalents\u201d (item 7) in the Statement of Financial Position.
10. Net finance expenses/income relating to insurance contracts issued - IFRS 17
The item includes changes in the estimated value of insurance contracts issued due to changes in the time value of money and financial risks, net of those recognised in the statement of comprehensive income.
11. Net finance income/expenses relating to reinsurance contracts held \u2013 IFRS 17
Net financial income or charges deriving from insurance and reinsurance contracts are presented in the Group Income Statement with a distinction between insurance contracts issued and reinsurance contracts held.
Specifically, the items include changes in the estimated value of groups of contracts deriving from financial risks, such as:
(i)the effect of the time value of money and the relative changes;
(ii)the effect of financial risk and the relative changes (i.e. changes in the discount rate, exchange rate, time value of options and guarantees).
The Unipol Group has relied on the option established by IFRS 17 (\u201cFVOCI Option\u201d) to recognise the effects of the change in market rates on the value of insurance liabilities and assets as a balancing entry to items of other comprehensive income, thus reducing Income Statement volatility.
Taking into account the above accounting option, financial income/charges relating to insurance and reinsurance contracts are systematically recognised in the income statement according to different methods based on the accounting model applied; in particular:
-for groups of contracts accounted for according to the general BBA model, financial income/charges are released to the income statement on the basis of the same interest rate used to discount future cash flows at initial recognition, the so-called \u201clocked-in\u201d interest rate;
-for groups of contracts accounted for according to the PAA model, financial income/charges are released to the income statement on the basis of a locked-in interest rate that corresponds to the interest rate originally used to discount LIC future cash flows, or the market rate of the year in which the claims occur;
-lastly, for groups of insurance contracts with direct participation features accounted for according to the VFA, since the Group generally holds the underlying items, the financial income/charges included in the Income Statement correspond exactly to the accounting return for the period of the underlying items.
13. Other revenue/costs
This item includes the net balance of revenue and costs from the sale of goods, the provision of services other than those of an insurance and financial nature and the use by third parties of the company\u2019s property, plant and equipment other than investment property and other assets. Also included are exchange rate differences to be recognised in the income statement pursuant to IAS 21, as well as realised gains relating to property, plant, equipment and intangible assets, other than investment property and \u201cDiscontinued operations\u201d.
14. Operating expenses
14.1 Investment management expenses
The item includes personnel expenses and overheads directly or indirectly relating to the management of financial instruments, investment property and equity investments. This item does not include expenses calculated by the company in order to estimate insurance assets and liabilities such as, for example, the management costs of investments relating to insurance contracts accounted for on the basis of the VFA.
14.2 Other administrative expensesThe item includes personnel expenses and overheads not included in the calculation of insurance liabilities and assets and not allocated to insurance contract acquisition costs and investment management expenses.
The item includes, in particular, overheads and personnel expenses incurred for the acquisition and administration of investment contracts issued by the company without discretionary participation features and not falling within the scope of application of IFRS 17.
15. Net provisions for risks and charges
The item includes the provisions and any releases to the income statement of item 2 \u201cProvisions for risks and charges\u201d under statement of financial position liabilities. Provisions deriving from commitments and financial guarantees issued are also included.
16. Net impairment losses/reversals on property, plant and equipment
The item includes impairment losses, depreciation and write-backs relating to property, plant and equipment, other than in relation to investment property, including those relating to assets granted under operating leases and rights of use acquired through leases and for the use of property, plant and equipment.
The item also includes the results of the valuations of property, plant and equipment classified as \u201cNon-current assets or assets of a disposal group held for sale\u201d pursuant to IFRS 5.
17. Net impairment losses/reversals on intangible assets
The item includes impairment losses, amortisation and write-backs relating to intangible assets, including those relating to assets granted under operating leases and rights of use acquired through leases and for the use of intangible assets.
The item also includes the results of the valuations of property, plant and equipment classified as \u201cNon-current assets or assets of a disposal group held for sale\u201d pursuant to IFRS 5.
18. Other operating expenses/income
The item includes costs and revenues not attributable to other items indicated previously.
20. Income tax
Pursuant to Art. 117 et seq. of Italian Presidential Decree 917/1986, for the three years 2021-2022-2023, the Parent Unipol has adopted the IRES tax consolidation regime, as consolidating company, with UnipolSai and other subsidiaries meeting the legal requirements participating as consolidated companies. Unipol has signed an agreement with these companies regulating the economic and financial aspects governing the regime in question, recognising in its financial position the effects of the transfer of the IRES taxable income of the consolidated companies, calculated pursuant to the law, keeping into account the applicable consolidation adjustments and the tax credits accrued.
Tax for the year is calculated according to current tax regulations and recognised among costs for the year on an accrual basis and represents:
-the charges/income for current taxes;
-the amounts of deferred tax assets and liabilities arising during the year and usable in future years;
-for the portion due for the year, the deduction of deferred tax assets and liabilities generated in previous years.
Deferred tax assets and liabilities are calculated on the basis of the temporary differences (arisen or deducted during the year) between the profit (loss) for the year and the taxable income and on the consolidation adjustments. In respect of tax losses prior to the applicable period of tax consolidation, deferred tax assets are recognised to the extent in which said losses can be reasonably used against future IRES-taxable income. IRAP for the year is also recognised under Income tax.
22. Profit (loss) from discontinued operationsThe item includes:
-profit and loss from discontinued operations, as defined by IFRS 5, net of tax effects; and
-the capital gain or capital loss, net of tax effects, recognised following the fair value measurement net of costs to sell, or disposal of assets in the group of assets held for sale that constitute the discontinued operations.
Foreign currency transactions - IAS 21
Items expressed in foreign currencies are treated in accordance with the principles of multicurrency accounting.
Monetary elements in foreign currency (units of currency owned and assets or liabilities that must be received or paid in a fixed or ascertainable number of units of currency) are translated using the exchange rate applicable at the end of the year.
Non-monetary elements measured at historical cost in foreign currency are translated using the exchange rate applicable on the date of the transaction.
Non-monetary elements measured at fair value in a foreign currency are translated using the exchange rates applicable on the date on which the fair value is determined.
Exchange rate differences arising from the settlement of monetary elements are recognised in the income statement. Exchange rate differences arising when non-monetary elements are measured are allocated to the profit (or loss) for the year or to other comprehensive income (expense) depending on whether the profit (or loss) to which they relate is recognised in the profit (loss) for the year or in other comprehensive income (expense), respectively.
Share-based payments - IFRS 2
The Group pays additional benefits to senior executives under a closed share-based compensation plan under which Unipol Ordinary shares and UnipolSai Ordinary shares are granted if specific targets are achieved (Performance shares). As laid down by IFRS 2 \u2013 Share-based payments, these plans form part of the beneficiaries\u2019 remuneration. The charge must be recognised through profit or loss, with a balancing item recognised directly in shareholders' equity (Reserve arising from equity-settled share-based payment), on the basis of the fair value of the instruments allocated on the grant date, the charge being spread over the period provided for in the scheme.
Earnings per share - IAS 33
Basic earnings per share are calculated by dividing the profit allocated to holders of ordinary shares in the Parent Unipol by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit allocated to holders of ordinary shares in the Parent Unipol by the weighted average number of any additional ordinary shares that would be outstanding if all the potential ordinary shares with dilutive effect were converted. If the result is negative, the loss (basic and diluted) per share is calculated.
Use of estimates
The application of certain accounting standards implies significant elements of judgment based on estimates and assumptions which are uncertain at the time they are formulated.
It is believed that the assumptions made are appropriate and, therefore, that the financial statements have been drafted clearly and give a true and fair view of the statement of financial position, income statement and statement of cash flows.
In order to formulate reliable estimates and assumptions, reference has been made to past experience, and to other factors considered reasonable for the case in question, based on all available information. However, we cannot exclude that changes in these estimates and assumptions may have a significant effect on the statement of financial position and income statement as well as on the potential assets and liabilities reported in the financial statements for disclosure purposes, if different elements emerge with respect to those considered originally.
As required by IFRS 17, the Group formulates and uses judgments and estimates that have a very significant impact on the amounts recognised for the classification and measurement of insurance contracts as well as their corresponding level of aggregation. In detail, the most significant judgments concern the data used, the assumptions and the estimation techniques taken into consideration to
project future cash flows and reflect underlying uncertainties at the reporting date. In more technical terms, the main assumptions adopted that could lead to substantial changes in the estimate of future cash flows concern estimates of payments for claims and the associated settlement expenses, mortality and longevity rates, the conduct of policyholders (due to terminations and redemptions), the percentages of participation in the returns and general costs directly attributable to the contract. The use of estimates is also relevant in relation to mainly:
-
the measurement of assets and liabilities at fair value (particularly for level 2 and 3 financial instruments); -
the quantification of the adjustment for the impairment of financial assets classified in the FVOCI and amortised cost categories; -
the analyses targeted at identifying any impairment of intangible assets (e.g. goodwill) booked to the financial statements (impairment test); -
the quantification of provisions for risks and charges and provisions for employee benefits. For information on the methods used to determine the items in question and the main risk factors, please refer to the sections containing a description of the measurement criteria.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f146666": {
"value": "New accounting standards
A summary is provided below of the amendments to the accounting standards previously in force, applied as of 1 January 2023; among the changes of greatest interest to the Unipol Group are the entry into force of \u201cIFRS 17 - Insurance Contracts\u201d and the extension of the application of \u201cIFRS 9 - Financial Instruments\u201d to the entire Group scope, the effects of which are presented in specific paragraphs.
As regards the other regulatory developments, no impact is worth reporting.
Amendments to IAS 1 Presentation of financial statements, IFRS Practice Statement 2 \u201cMaking Materiality Judgements\u201d and IAS 8 Accounting policies, changes in accounting estimates and errors
On 3 March 2022, Regulation (EU) 2022/357 was published, which incorporated the amendments to IAS 1 \u201cPresentation of financial statements\u201d and IAS 8 \u201cAccounting policies, changes in accounting estimates and errors\u201d, published by the IASB on 12 February 2021 with a view to improving the communication of the accounting policies of companies, which should privilege information that is more relevant and effective for investors and users of financial statements. Specifically, the amendments to IAS 1 and IFRS Practice Statement 2 provide guidelines on how to apply the concept of materiality to the disclosure on the accounting policy adopted, while those to IAS 8 have the dual objective of introducing a new definition of \u201caccounting estimate\u201d and clarifying how entities should distinguish between changes in the accounting standards applied and changes in accounting estimates. This differentiation is of fundamental importance as the latter are applied on a prospective basis only to future transactions, while amendments to accounting standards are generally applied retroactively to past events as well.
Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction
Regulation (EU) 2022/1392 published on 12 August 2022 adopted several amendments to IAS 12 \u201cIncome taxes\u201d to specify how to account for deferred taxes on certain transactions that may generate assets and liabilities of an equal amount, such as leases and decommissioning obligations.
Amendments to IAS 12 International Tax Reforms - Pillar Two Model Rules
On 23 May 2023, the IASB issued amendments, effective as of 1 January 2023, to IAS 12 \u201cInternational Tax Reform - Pillar Two Model Rules\u201d in which it introduces, following numerous market requests, a mandatory temporary exception to the requirements of IAS 12 to recognise and disclose information on deferred tax assets and liabilities deriving from the rules of the \u201cGlobal minimum tax under Pillar 2\u201d regulations, which will enter into force on 1 January 2024, which resulted in Directive (EU) 2022/2523, on the global minimum level of taxation of 15% (\u201ctop-up tax\u201d), applicable to large multinational groups (and large national groups beginning from 2029). On 2 June 2023, EFRAG submitted the Endorsement Advice Letter to the EU Commission, in which it expressed a positive opinion on the amendments and on 13 July the ARC (EC Accounting Regulatory Committee) also voted in favour.
On 29 September 2023, the IASB also issued the document \u201cInternational Tax Reform - Pillar Two Model Rules - Amendments to the IFRS for SMEs Standard\u201d, making the temporary exception applicable to SMEs as well.
On 9 November 2023, Regulation (EU) 2023/2468 was published, which incorporates the entire set of amendments to IAS 12.
IFRS 17 \u201cInsurance contracts\u201d and IFRS 9 \u201cFinancial instruments\u201d
The standards IFRS 17 and IFRS 9, both applicable to the entire scope of the Group from 1 January 2023, significantly change the accounting representation of insurance contracts and financial instruments. As mentioned in previous years, due to the strict correlation between the two standards, as from the 2018 financial year, the undertakings or groups that conduct insurance business had the option to defer the application of IFRS 9 up to the date of first-time adoption of IFRS 17. This option was also exercised by the Unipol Group which, in its capacity as Parent of a financial conglomerate for which the conditions envisaged by Regulation (EU) 2017/1998 were met at
the date of entry into force of IFRS 9, deferred the application of the IFRS 9 limited to UnipolSai and its subsidiaries. It is also noted that, specifically due to the close interrelation of the two standards, the Group has adopted the option set forth in Regulation (EU) 2022/1491 (so-called \u201cclassification overlay\u201d) to ensure full representation of the joint impact of the new context of the accounting standards, therefore adopting both IFRS 9 and IFRS 17 in determining the comparative data for 2022 presented in the accounting reports for the 2023 financial year. The most significant changes introduced by the aforementioned standards and a disclosure on the main accounting policies that the Group has adopted are described below.IFRS 17 \u2013 Insurance contracts
IFRS 17 \u201cInsurance Contracts\u201d, applicable from 1 January 2023, establishes new criteria for measuring and accounting rules for insurance products, replacing IFRS 4, an \u201cinterim\u201d standard issued in 2004, which provided for the application of local accounting practices, potentially different from each other, complicating the comparison of the financial results of insurance companies. The process of formation and approval of the standard was particularly complex: specifically, in the version approved by the IASB on 18 May 2017, the date of entry into force was set for 1 January 2021. With the two following interventions by the IASB, the date of entry into force was postponed to 1 January 2023, also considering the numerous requests to amend the standard proposed by the various stakeholders in the months immediately following the publication of the first version of the standard.
The amendments to the standard have been adopted by the IASB on 25 June 2020 and, downstream, the process of endorsement of the new standard in the European Union was activated, which was completed on 23 November 2021 with the publication of Regulation (EU) 2021/2036. It is noted that, in the endorsement phase, in line with that desired by the Italian and European industry, as a partial amendment to the version of the standard approved by the IASB, the possibility was also introduced via EU Regulation UE 2023/1803 of not applying the grouping into annual cohorts of Life insurance contracts characterised by intergenerational mutualisation and cash flow matching.
Very briefly, the IFRS 17 accounting standard has introduced the following changes:
a)change in aggregation criteria of insurance contracts: the new accounting model requires greater granularity in the grouping of insurance contracts with similar characteristics that form the basis for quantifying the economic and financial components (so-called Units of Account - UOAs).
b)market-consistent values: insurance liabilities must be measured at current values (based on up-to-date information), estimated on the basis of expected cash flows, weighted by the probability of realisation and discounted to take into consideration the time value of money, the characteristics of cash flows and the characteristics of liquidity of the insurance contracts.
c)explicit measurement of the Risk Adjustment (RA): it must be estimated separately from the liabilities in order to bear the uncertainty about the amount and timing of cash flows arising from the non-financial risk when the entity will fulfil its contractual obligations for the expected cash flows.
d)recognition of the estimated profit that is implicit in the insurance contracts in portfolio: according to the General Accounting Model, as explained in more detail under f) below, the so-called \u201cContractual Service Margin\u201d (CSM), as the difference between the cash flows due to the company (i.e., premiums) and the aggregate contract charges undertaken, including Risk Adjustment, must be identified. This amount, if positive, i.e., in case of non-onerous contracts at the subscription date, will be deferred as a liability for the purpose of recognising it in the Income Statement, spreading it over the entire period during which the insurance cover is provided. If the CSM is negative, on initial recognition or even subsequently in the event of adverse changes in the expected profitability, the implicit loss deriving from the insurance contract cannot be deferred and it is fully recognised in the Income Statement.
e)Income Statement by margins: a representation by margins has been introduced, with the explicit representation of actual flows and estimated flows, which shows:
i.The insurance margin deriving from underwriting activities as a difference between:
A.Insurance revenue, mainly comprised of:
-the amount of insurance service expenses that the insurer expects to incur during the year;
-the evolution of liability due to the explicit adjustment for risk for the component relating to future services;
-the attribution to the year of a portion of the CSM based on the portion of services provided, gross of the component of acquisition charges.
B.Insurance costs, mainly comprised of:
-the amount of insurance service expenses actually incurred during the year under way (claims occurring and change in liabilities for claims occurring and administration expenses);
-the portion of contract acquisition charges allocated on an accrual basis to the financial year;
-the losses on onerous contracts and the related reversal.
ii.Net financial margin as the difference between the result of the investment in financial instruments and net finance expenses/income relating to insurance contracts issued.
f)different accounting models depending on the characteristics of the insurance contracts, such as:
i. The Building Block Approach (BBA): standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement as described in more details in point g) below;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
ii.The Premium Allocation Approach (\u201cPAA\u201d): simplified and optional approach - applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration - which provides for the recognition of a single liability (so-called Liability for Remaining Coverage or LRC) without explicitly distinguishing, unlike the BBA model, the relevant components identified above. The LRC is recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In the event that the pro-rata temporis method is applicable, the method of insurance revenue recognition is similar to the method of accounting for the \u201cProvision for unearned premiums\u201d on the basis of the former IFRS 4.
iii.The Variable Fee Approach (\u201cVFA\u201d): mandatory accounting model that constitutes a variation of the BBA applicable to cases of insurance contracts with direct participation (i.e. whose cash flows are dependent on the underlying assets), which require that the policyholder obtain from the insurance company remuneration based on a substantial share of the returns of a portfolio of clearly identifiable financial assets. Under this approach, the CSM substantially represents the fee for the financial management service provided by the insurer which must be recognised in the Income Statement over the term of the service. Different from that set out for the BBA, any changes in the estimate of the CSM that derive from the performance of the underlying financial assets and, therefore, are due to market variables, result in a change in the CSM without any direct impacts on the Income Statement or Comprehensive Income Statement.
g)accounting options for changes in insurance liabilities attributable to financial variables: regardless of the accounting model adopted, in order to reduce the accounting mismatch that can be generated by the different accounting criteria of financial assets (IFRS 9) and insurance liabilities (IFRS 17), the option (so-called \u201cFVOCI Option\u201d) to recognise the effects of changes in market rates on the value of the liabilities or assets associated with the fulfilment of the insurance contract (so-called \u201cFulfilment Cash Flow\u201d or FCF, comprised of the sum of the present value of expected cash flows and the risk margin) as an offsetting entry to items of Other comprehensive income, thus reducing the volatility of the Income Statement results.
h)qualitative and quantitative disclosure: to accompany the information reported in the Income Statement and in the Statement of Financial Position, the impact of insurance contracts on the company's cash flows and financial performance must also be reported by means of various statements showing the changes occurred during the year related to the single components making up the insurance liabilities. With regard to disclosure, the Supervisory Authority also intervened significantly and, with its Measure of 7 June 2022, updated IVASS Regulation 7/2007, defining, inter alia, in line with the requirements of the IFRS international standards, the minimum content of the annual disclosure and of the more limited half-yearly disclosure, and also introducing a mandatory format, with the quantitative disclosure broken down into mostly tabular forms.
The main choices of the Unipol Group
A brief analysis is provided below of the main choices made by the Unipol Group with reference to the adoption of the new accounting standard IFRS 17 as well as the transition approach referring to the date of initial application (1/1/2022).
For a more detailed illustration of the methodological and valuation approach adopted by the Group, please refer to what is reported below in this section of the Notes to the Financial Statements, commenting on the accounting standards adopted in the recognition and measurement of Insurance Liabilities and other Statement of Financial Position and Income Statement items relating to insurance operations.
IFRS 17 is applied to all products featuring significant insurance risk and to insurance contracts with direct participation features. Based on this criterion, the scope of application has included all Non-Life insurance contracts and, with regard to the Life business, all class I, IV and V products and a limited portion of class III products, if they contain, at the date of first-time adoption of IFRS 17, significant insurance risk other than investment risk. On the basis of this approach, all class VI products were considered not insurance contracts but investment contracts.
In addition, for the determination of the scope of cash flows included in the contract boundary for the purpose of accounting for insurance contracts compared to the scope considered based on the previous accounting criteria, the following changes were made:
-inclusion in the estimate of the initial net liability also of a portion of indirect acquisition costs, which were instead charged directly to the Income Statement when incurred on the basis of IFRS 4;
-possible onerousness on the issue of a UOA is calculated considering a larger scope of cash flows, including all those for which the insurance company cannot modify the rate or benefits to align them with the risk assumed.
Method of aggregating groups of contracts For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group has included in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept). Accounting for charges for claims based on the \u201ccohorts\u201d of issue of insurance contracts, and not by the year of occurrence constitutes a significant change, especially with regard to the Non-Life business, compared to the representation criteria based on the provisions of the previous IFRS 4. Please refer to the section Method of aggregating groups of contracts for additional information on the application criteria adopted by the Group.
With regard to the aggregation criteria used under IFRS 4, the different level of granularity introduced by IFRS 17 results in a greater possibility of identifying onerous UOAs, in the initial accounting phase, resulting in the recording of the expected loss directly in the year of issue.
Calculating discount ratesTo determine the discount rate to apply to future cash flows, in the absence of regulatory provisions on the matter, the Group has applied a bottom-up approach. This approach provides for the identification of a \u201crisk free\u201d curve adjusted on the basis of a factor (\u201cIlliquidity Premium\u201d) that expresses the illiquidity characteristics of insurance contracts. To identify the risk free curve, the Group has adopted a methodology similar to the one used in the area of prudential supervision. The Illiquidity Premium is determined using an approach analogous to that designed in the context of the revision of the Solvency II standard formula, but using the characteristics of the real asset portfolio underlying insurance liabilities. In other words, the Illiquidity Premium is differentiated based on the liquidity characteristics of the cash flows being discounted, distinguishing, for example, between flows that are dependent on the returns of a portfolio of underlying financial assets and those that are not.
Calculation of the adjustment for non-financial risks The Group has adopted a method of determining the Risk Adjustment calculated using metrics derived from the Solvency II framework based on the probability distributions of the set of risks to which the cash flows are subject, and also taking into account the diversification benefits existing between the different UOAs. In particular, the diversification effect is applied between the insurance portfolios of the same entity, but not between different sectors or between legal entities. With reference to the confidence level on the basis of which the amount of the Risk Adjustment is determined, the Group has generally adopted a level equal to the 75th percentile which may be supplemented with a prudential buffer up to the 98th percentile in the event of situations of particular uncertainty in the reference context.
Accounting approaches applied For insurance contracts taken out since the transition date, the Group has generally applied the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for the contracts with direct participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
These accounting models were applied consistently also to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Adoption of options to reduce accounting mismatches The Group has adopted the options to reduce accounting mismatches deriving from the methods of valuation of liabilities and assets subject to IFRS 17 and/or IFRS 9. Specifically, the options set out in paragraphs 88, 89 and 90 of IFRS 17 allow for recognising as an offsetting entry in the Comprehensive Income Statement, rather than in the Income Statement, a portion of the finance income or expenses relating to insurance contracts. That option makes it possible:
-with regard to contracts accounted for using the BBA or PAA, to recognise changes in insurance assets and liabilities deriving from changes in the discount rates as an offsetting entry in the Comprehensive Income Statement, recording in the Separate Income Statement only the effects of capitalising cash flows at the same discount rate applied at initial recognition (the so-called \u201clocked-in\u201d rate);
-with regard to contracts accounted for using the VFA, to eliminate the net financial profitability recognised in the Income Statement deriving from the assets underlying the insurance contracts and from the revaluation of insurance liabilities (\u201cmirroring\u201d). This approach makes it possible to go beyond the practice of shadow accounting, as provided for in IFRS 4, with the aim of reducing the existing accounting mismatch between the valuation criteria of financial assets and those of the correlated insurance liabilities.
Transition to IFRS 17On first-time adoption, the standard IFRS 17 requires the recalculation of the Statement of Financial Position and Income Statement balances at the transition date (which, for the Unipol Group, is 1 January 2022, as the 2023 Financial Statements present the previous year\u2019s Statement of Financial Position and Income Statement for comparison purposes) based on the full retrospective approach, i.e., assuming that the standard had been applied from the date of initial recognition of the insurance contracts. Based on the complexity of the provisions of the standard and the changes introduced to the existing accounting methods, the standard also provides the option, where it is not possible to retrospectively and fully apply the standard, to use two simplified approaches, as alternatives to each other, to calculate the amount of accounting items linked to insurance contracts: the modified retrospective approach or the Fair Value approach.
In order to verify the possibility of reconstructing the data necessary for the application of the full retrospective approach, the Group has carried out a detailed analysis in relation to the transactional flows of the years prior to the transition date (so-called \u201cactual\u201d flows), the cash flows (so-called \u201cexpected\u201d data) and the values, subject to the allocation processes, not directly attributable to the contracts. On the basis of these analyses, the information relating to past years was not fully available in the portfolio or could not be found except by incurring excessive efforts, unreasonable costs with respect to the (limited) information advantage and/or adopting excessively arbitrary assumptions and simplifications, sometimes the result of derivation rules made more uncertain by changes in operations. In this context, the Group believed that there were well-founded reasons that made the full retrospective approach not applicable for the transition to IFRS 17 and, in line with the provisions of the same standard, therefore decided to apply both the fair value approach and the modified retrospective approach to net insurance liabilities outstanding at the transition date.
In particular:
-with reference to the Non-Life business, given the reference context existing at the transition date characterised by significant uncertainties, such as those inherent in inflation dynamics and the possible repercussions on productivity, the fair value approach was mainly adopted (applied in particular to contracts issued by UnipolSai) and, on a residual basis, the modified retrospective approach;
-for the Life business, the fair value approach was mainly applied to the portion of contracts subject to revaluation relating to UOAs linked (i) to segregated funds of little significance or characterised by financial guarantees and retained return levels not in line with those of similar contracts marketed at the transition date, and (ii) to portfolios of non-revaluable contracts linked to collective policies. The modified retrospective approach was applied to the residual portion of insurance contracts, consisting mainly of the UOAs linked to the remaining segregated funds, as well as to the individual non-revaluable contracts.
As a result of the above, the fair value transition approach concerned approximately 89% of the Non-Life business in place at the transition date and 47% of the Life business; while the modified retrospective approach was applied to 53% of the Life business and 11% of the Non-Life business. As already mentioned above, the transition approach, limited to the Non-Life business, also affected the choice of the accounting model to be applied to the business in place at the transition date, reserving the PAA model for the Non-Life business with transition under the modified retrospective approach and instead applying the BBA to the Non-Life business with transition under the Fair Value approach.
It should also be noted that, for the same reasons that do not permit the application of the full retrospective approach, the Group has decided to adopt the following simplifications in the application of the transition approaches with respect to the application of the full retrospective approach:
-aggregation of all cohorts prior to the transition date in a single UOA;
-for contracts where the BBA or PAA is applied, setting at zero the cumulative amount recognised in the Comprehensive Income Statement as a breakdown of the effects on insurance liabilities and assets of the change in the discount rate from the rate of initial recognition;
-for contracts to which the VFA is applied, setting the cumulative amount recognised in the Comprehensive Income Statement related to insurance liabilities equal to the corresponding value recognised in the Comprehensive Income Statement related to the financial instruments underlying the insurance liabilities themselves.
With reference to the methods for calculating the FV, it should be noted that this was determined on the basis of information available at the time of transition, as an aggregation between:-the value of the Best Estimates calculated with metrics in line with those adopted for the preparation of the MCBS and appropriately supplemented, where necessary, to take into account a better estimate of the inflationary context in place at the transition date;
-an amount equal to the estimate of the additional profitability required by the market for assuming the risks underlying the portfolios (the so-called Cost Of Capital method), also defined starting from SII metrics and taking into consideration a capital endowment equal to that held on average in the Italian market with respect to the minimum regulatory capital.
The CSM at the transition date was determined as the difference between the FV and the present value of the risk-adjusted expected future cash flows for each UOA.
IFRS 9 - Financial instruments
The standard IFRS 9 - Financial Instruments was effective at the beginning of 2018. This standard was issued by the IASB at end July 2014 and was endorsed by Regulation (EU) 2016/2067, which reformed provisions envisaged by IAS 39 on the following main issues:
-Classification and Measurement: classification categories were envisaged for financial assets, based on a business model and the characteristics of the contractual cash flows;
-Impairment: an incurred loss model is replaced by an expected loss model, with the introduction of a new concept of staging allocation;
-Hedge Accounting: thanks to this new model, hedge accounting is further aligned to risk management processes.
In particular, as regards Classification and Measurement, unlike in the IAS 39, which requires mainly the analysis of the type of financial asset or liability, as well as the related holding period, the IFRS 9 standard introduced classification criteria of financial instruments based on the measurement of the related business model, as well as the analysis of the characteristics of the contractual cash flows resulting from the instruments themselves, with the application of the so-called SPPI test, aimed at verifying the position of Solely Payments of Principal and Interest. Moreover, in view of measuring what business model should be assigned to the financial instrument, the IFRS 9 envisages more objective parameters, based on various requirements such as: performance, risk, remuneration and turnover.
The new regulations also revised some guidelines on the possible reassignment of the business model that must however be very uncommon and shall meet special conditions involving significant changes, both \u201cinternal\u201d with respect to the company and \u201cdemonstrable\u201d with respect to external parties.
The main choices of the Unipol Group
A brief examination of the activities carried out in relation to the main areas of impact is provided below. It is noted that, to the extent applicable, the approach followed for the first-time adoption of IFRS 9 on the scope of financial instruments held by UnipolSai and its subsidiaries is consistent with that adopted at the time for the first-time adoption of the standard for the other entities in the Unipol Group.
Classification and measurement of financial instruments Classification and measurement of financial assets (credits and debt securities) was defined by the Unipol Group based on the following elements:
-detailed exam of cash flow characteristics;
-definition of the business model.
As regards the first classification element of financial assets, initiatives and procedures have been performed aimed at evaluating whether the contractual cash flows of debt securities in portfolio, at the date of transition to the standard, exclusively reflect the payment of principal and interest accrued on the amount of capital to be returned (so-called SPPI Test \u2013 Solely Payment of Principle and
Interest, supplemented by the so-called Benchmark Test in the absence of a perfect correspondence between the periodical redefinition of the interest rate and the related tenor).As regards the Group\u2019s securities portfolio subject to first-time adoption of IFRS 9, the following is noted:
-a slim portion of debt securities, classified under categories Available-for-sale financial assets and Loans and receivables, which did not pass the SPPI test, was classified in the category Financial assets at fair value through profit or loss. Securities under this classification feature characteristics other than the measurement of credit risk and of time value of money;
-it has been deemed that the management model of the overall bond portfolio, performed by Group entities for which IFRS 9 is applied, can be mainly included within the HTCS \u201cHeld to Collect & Sell\u201d business model. This model, in fact, has the target to collect both cash flows that are contractually envisaged by financial assets and those resulting from the sale of financial assets themselves. In light of both the changes in the regulatory context and of contractual terms related to financial assets under evaluation, which generate cash flows, at predetermined dates, representing only the repayment of the principal and the payment of interest accrued, most of the securities already in the IAS 39 portfolio at the date of transition (previously classified as IAS 39 Available-for-sale financial assets, Loans and receivables and Held-to-maturity investments), with the only exception of securities that did not pass the SPPI test, were classified as Financial assets at fair value through other comprehensive income (FVOCI);
-the residual portion of debt securities, managed using the HTC \u201cHold To Collect\u201d business model, was classified in the category of Financial assets at amortised cost;
-equity securities, which by their nature do not pass the SPPI test, have generally been recognised in the FVOCI Equity category (or without reversal to the income statement of the difference between the purchase and sale value), as permitted by the standard\u2019s option for such instruments, except for any investments held for trading, which have been recognised in the FVPL category;
-the UCITS units, the closed and open funds, whose cash flows did not pass the SPPI test and could not be classified as equity instruments, were therefore recognised under the FVPL category. This category also includes the portfolios of financial instruments of UnipolRe intended, as held by an entity subject to corporate reorganisation, to be subject to a thorough review with a view to a different investment strategy resulting from the reorganisation itself;
-all financial assets included in the portfolios linked to investment products (e.g., Unit-linked and pension funds without significant insurance risk) were classified in the category FVPL, which also includes the related liabilities to underwriters.
With reference to debt securities, IFRS 9 introduced a structured impairment model based on the concept of \u201cexpected loss\u201d which requires the classification of financial assets into three different categories based on the evolution of credit risk, superseding the concept of \u201cincurred loss\u201d established by the previous IAS 39.
With reference to equities, based on the categories in which these instruments can be classified on the basis of IFRS 9 (FVOCI Equity and FVPL), the concept of impairment established by the previous IAS 39 for securities classified in the category of Available-for-sale financial assets has therefore been superseded.
As regards Hedge Accounting, the Group has exercised the faculty, afforded by IFRS 9, to maintain the accounting model as envisaged by the previous IAS 39.
The implementation process
The Unipol Group has been strongly committed to planning for the future application of IFRS 17 since 2017, with extensive involvement of the main corporate functions. After a thorough assessment to determine the impact of this standard and measuring the gaps in terms of processes, IT systems, accounting, actuarial calculations, business and risk, at the beginning of 2018 the IFRS 17 transition project was launched which, under the guidance of UnipolSai, has gradually also involved the other insurance companies in the Group, with a view to implementing a single data processing and management model within the Group, leveraging common policies, processes and IT applications.
With reference to IFRS 9, the Group, following a process of analysis and implementation in the management, IT and accounting systems, has activated in previous years for entities holding financial instruments (other than those not belonging to the insurance sector that have applied IFRS 9 already from the 2019 financial year) a parallel management and accounting system adapted to the requirements of IFRS 9. It should be noted that, in order to enable a more timely application of the rules provided for the VFA, it was necessary to proceed to independently identify and manage a higher number of financial asset portfolios, compared to the context of the previous IAS 39. Specifically, a portfolio of financial instruments was activated for each portfolio to which the VFA is applied.The effects of the application of IFRS 17 and 9
As already mentioned above, the financial statements layouts of ISVAP Regulation 7/2007 applicable to Insurance Groups were revised in 2022 by the Supervisory Authority, albeit with effect only from the year 2023. The amendments introduced, attributable mainly, but not only, to the introduction of IFRS 17 have had significant impacts on the presentation of the Income Statement and Statement of Financial Position items and were also applied to the figures for the previous period presented for comparative purposes in these Consolidated Financial Statements.
In order to allow a clearer reconciliation between the data presented in the last approved consolidated financial statements for the year 2022 and those restated according to the new regulatory system, the effects deriving from the restatement, i.e. from the reclassification, are shown below, without any impacts from the remeasurement of assets, liabilities, costs and revenue due to the application of the new accounting standards:
-to the Statement of Financial Position at 1 January 2022, which is the date of first-time adoption (or FTA) of IFRS 17 and 9 to the entire scope of the Unipol Group;
-to the Income Statement for 2022;
-to the Statement of Financial Position at 31 December 2022
accompanied by a comment on the main changes.
Effects of restatementStatement of Financial Position at the transition date (before restatement of values)
Statement of Financial Position and Income Statement at 31 December 2022 (before restatement of values)
With reference to the statement of financial position balances, it should be noted that, for the purposes of restatement, the amount of item \u201c3. Technical provisions - Reinsurers\u2019 share\u201d of assets and \u201c3. Technical provisions\u201d of liabilities, has been fully allocated respectively to item \u201c3.2 Reinsurance contracts held that are assets\u201d and \u201c3.1 Insurance contracts issued that are liabilities\u201d of the current statement
of financial position format: the detailed effects arising from the recalculation of insurance assets and liabilities on the basis of IFRS 17 have been shown in the subsequent section on restatement of balances.The most significant impact deriving from the restatement of asset items is attributable to the reclassification of financial instruments in the categories under IFRS 9. As mentioned above, the application of IFRS 9 resulted in a significant increase in financial assets at fair value through profit or loss, mainly attributable to the failure to pass the SPPI Test of a portion of the securities portfolio previously classified under Available-for-sale financial assets and, to a lesser extent, Loans and receivables.
Conversely, the amount of financial instruments reclassified under Financial assets at amortised cost is significantly lower than the corresponding accounting categories under the previous IAS 39 (Loans and receivables and Held-to-maturity investments). Similarly, the amount of FVOCI assets is lower than the corresponding IAS 39 category of Available-for-sale financial assets.
Income Statement at 31 December 2022 (before restatement of values) As emerges from the reconciliation scheme, the Income Statement introduced by the current Regulation 7/2007 shows a scalar structure that provides separate evidence of the income components that constitute the insurance service result and those that make up the financial result deriving from investments and of the financial component deriving from insurance assets and liabilities. Some economic components previously grouped under Other revenue and Other costs have also been detailed and shown separately.
For the purposes of the restatement, as the discounting of technical provisions was not included in the previous IFRS 4, it should be noted that in item \u201c10. Net finance expenses/income relating to insurance contracts issued\u201d, the only component of the change in Life technical provisions attributable to the application of the so-called shadow accounting was recognised.
Effects deriving from the restatement of the balances
Statement of Financial Position at the transition date (after restatement of balances) Statement of Financial Position at 31 December 2022 (after restatement of balances) Income Statement at 31 December 2022 (after restatement of balances)
Statement of reconciliation of changes in the consolidated shareholders\u2019 equity In order to provide an overall representation of the effects on equity and on the economic result deriving from the transition to the new accounting standards, please note the following:
-a statement of reconciliation of changes in the consolidated shareholders' equity at the transition date and during the year 2022, accompanied by
-comments on the most significant adjustments due to the application of IFRS 17 and 9.
Main impacts on the Statement of Financial Position at the transition date (1/1/2022)
Shareholders' Equity restated at the transition date in application of the new standards, equal to \u20ac8,838m, was \u20ac883m lower than the \u20ac9,722m recognised in application of the previous standards. The reduction is due to the combined effect of positive changes from the application of IFRS 9, amounting to \u20ac469m, negative changes deriving from the application of IFRS 17 equal to \u20ac1,731m, in addition to the related tax effects of \u20ac378m.
With reference to the application of IFRS 9, the positive balance is mainly due to the portion of financial instruments reclassified from HTM and L&R according to IAS 39 to FVOCI and FVPL according to IFRS 9 and, consequently, recognised at fair value rather than at amortised cost, with the emergence of implicit capital gains in a market environment at the transition date characterised by low interest rates.
The negative impact from the application of IFRS 17 is instead due to the increase in net insurance liabilities as a result of:
-the recognition of the CSM (\u20ac3,203m of which \u20ac1,071m relating to the Non-Life business and \u20ac2,132m to the Life business);
-the recognition of the Risk Adjustment (\u20ac1,162m, of which \u20ac1,025m related to the Non-Life business and \u20ac137m to the Life business);
-the reversal of Intangible assets and deferred acquisition costs (\u20ac138m);
these increases were partly offset by the decrease of \u20ac2,773m deriving from the best estimate of the discounted cash flows to replace the technical provisions at ultimate cost.
It should be noted that, as mentioned above, during the transition phase, the fair value approach was applied with reference to a portion of the Life portfolio as well as to the insurance liabilities of the Non-Life business of UnipolSai, with the consequent application of the BBA to all Non-Life contracts in effect at that date and with a separate recognition, for the net liability component for residual coverage, of the CSM and the Risk Adjustment.
The changes in the Statement of Financial Position illustrated above were also reflected in the related deferred taxation, which resulted in a net positive effect on equity of \u20ac378m.
Effects on the economic result and on other comprehensive income for the year 2022
The result for the period restated according to the new accounting standards went from \u20ac866m to \u20ac675m, against a negative impact of \u20ac701m resulting from the application of IFRS 9, a positive impact of \u20ac465m resulting from the application of IFRS 17, and the related positive deferred tax effects of \u20ac42m. With reference to the impact of IFRS 9, this is mainly due, in a context of significant depreciation of almost all asset classes, to the increased share of financial instruments at fair value through profit or loss. This asset category, intended to increase the volatility of the Income Statement, was progressively reduced during the year 2022, also in view of the entry into force of the new standard.
The negative impact on the 2022 restated income statement arising from IFRS 9 is partially offset by the application of IFRS 17, due in particular to the adoption of the OCI option, which allows for a better control of accounting mismatches with reference to the valuation of assets and liabilities relating to revaluable Life insurance contracts, recognised using the VFA method, and to a positive contribution from the Non-Life business, which benefits from the approach adopted on transition and the net insurance liability discounting effect. In this regard, it should be noted, more generally, that the exercise of the options to mitigate accounting mismatches, relating to the Life and Non-Life insurance portfolio, also led to a marked reduction (from \u20ac2,513m to \u20ac523m net of tax effects) of the negative change in other comprehensive income.
Main impacts on the Statement of Financial Position at 31 December 2022As a result of the differences commented above, there was a positive impact of \u20ac917m on shareholders' equity at 31 December 2022 deriving from application of the new accounting standards, deriving from a positive impact of \u20ac1,752m for the application of IFRS 17, partially offset by the negative effect of the application of IFRS 9 (\u20ac431m) and the effect on deferred taxation, also negative in the amount of \u20ac404m.
With reference to the impact of IFRS 9, this is mainly attributable to the decrease in the portion of the bond portfolio recognised at amortised cost (L&R and HTM categories according to IAS 39 and Amortised cost according to IFRS 9) and the consequent more extensive use of fair values for the measurement of financial assets in the portfolio, in a context of significantly rising interest rates during 2022 such as to negatively affect the market prices of fixed-rate bonds.
In the application of IFRS 17, the main impact resulting from the cash flow component, which increased from \u20ac2,773m to \u20ac5,816m, as discussed above, is attributable to the remeasurement of net insurance liabilities at current values, thus taking into account the discounting effect in a context of significantly higher rates than those at initial recognition of the same net insurance liabilities. It should be noted that this mechanism for adjusting net insurance liabilities was not contemplated in the application of IFRS 4 except through the application of shadow accounting with respect to insurance contracts with direct participation features. With reference to the adjustment for the recognition of the CSM down from \u20ac3,203m to \u20ac2,996m, please note:
(i)a decrease in the component relating to the Non-Life business (from \u20ac1,071m to \u20ac731m) due to the decrease in the portfolio component of policies accounted for under the BBA method, which are gradually being replaced by newly issued policies accounted for under the PAA method, and thus without autonomous representation of the CSM;
(ii)an increase in the component linked to the Life business (from \u20ac2,132m to \u20ac2,265m) due to the positive impacts on the prospective margins of the insurance contracts accounted for using the VFA method due to the increase in market rates.
Lastly, with reference to the Risk Adjustment component, the decrease from \u20ac1,162m to \u20ac942m is mainly due to the same trends already commented on with reference to the CSM in the Non-Life business.
New accounting standards not yet in force The documents published by the International Accounting Standards Board listed below could be significant for the Group, but are still not applicable since they have not yet been endorsed by the European Union or have not yet entered into force at the reporting date.
Amendments to IAS 1 - Classification of liabilities as current or non-current
On 20 December 2023, Regulation (EU) 2023/2822 was published, which adopts the amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, subject to the document issued by the IASB on 23 January 2020, whereby the Board defined a more general approach for the classification of payables - and other liabilities - providing some criteria for the distinction between \u201ccurrent\u201d and \u201cnon-current\u201d. Specifically, the classification should be based on the substantial right, existing at the reporting date, to defer the payment (or not) by at least twelve months. On 31 October 2022, the IASB also published the document \u201cNon-current Liabilities with Covenants\u201d proposing several amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, with a view to improving the information that companies provide on long-term debt with covenants. The entire set of amendments mentioned above applies as of 1 January 2024.
Amendments to IFRS 16 - Sale and leaseback transactions
EU Regulation 2023/2579, published on 21 November 2023, adopted the amendments to IFRS 16 \u201cLeases\u201d issued by the IASB on 21 September 2022, in which the Board clarified the methods for accounting for a sale and leaseback transaction that calls for variable payments based on the performance or use of the asset involved in the transaction. The amendments entered into force on 1 January 2024.
Update on the main activities of the IASB/Authority on accounting matters
EU regulations on ESAP
On 20 December 2023, Regulation EU 2023/2859 was published in the Official Journal, establishing the European Single Access Point (ESAP), introducing centralised access to publicly available information on financial services, capital markets and sustainability reporting. Together with the above-mentioned Regulation, Regulation (EU) 2023/2869 and Directive (EU) 2023/2864 of 13 December 2023 were published, amending past regulations on the establishment and functioning of the European single access point. The ESAP is expected to be made available to the public starting in 2027.
Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements
On 25 May 2023, the IASB issued the document \u201cSupplier Finance Arrangements (Proposed amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d) in which it requires entities to provide additional information - both qualitative and quantitative - on supplier finance arrangements, in order to allow users of the financial statements to assess how these arrangements affect the company's liabilities and cash flows, as well as their exposure to liquidity risk. The EFRAG issued its positive \u201cEndorsement Advice\u201d on 4 October 2023.
Amendments to IFRS 9, IFRS 7 and IAS 32 - Financial Instruments
On 21 March 2023, the IASB published the ED \u201cAmendments to the Classification and Measurement of Financial Instruments - Proposed amendments to IFRS 9 and IFRS 7\u201d following the Post Implementation Review (PIR) project, concluded in December 2022, on classification and measurement requirements for financial instruments, not finding any fundamental critical issues with regard to the clarity or adequacy of the objectives of the standard's requirements, without prejudice to certain issues such as financial assets with ESG-linked features and cash received via electronic transfer as settlement for a financial asset or liability. With regard to financial assets with ESG features, on
21 March 2023 the IASB issued ED 2023/2 in which it proposed some clarifications on the general principles of the applicable SPPI test and also provided some application examples. On 5 May, the EFRAG expressed its favourable Endorsement Advice, and the final version of the amendments is expected in the first half of 2024. During 2023, the IASB also issued the \u201cRequest for Information Post-implementation Review of IFRS 9 Financial Instruments-Impairment\u201d on 30 May, in consultation until 27 September, to gather market feedback on the provisions on expected credit loss and ED 2023/5 \u201cFinancial instruments with characteristics of equity (Amendments to IAS 32, IFRS 7 and IAS 1)\u201d on 29 November, in consultation until March 2024, on the requirements for the classification of financial instruments. Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates
On 21 August 2023, the IASB published the amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d. Since IAS 21 establishes the exchange rate that a company should use to convert the foreign currency transactions of an investee, without providing additional provisions on the exchange rate to be used in the absence of an exchange rate observable in the market, the amendments proposed by the IASB provide indications in this sense, and also establish the cases in which one currency cannot be converted into another, while at the same time requiring a specific additional disclosure to be provided in the notes to the financial statements. On 9 January 2024, EFRAG expressed a favourable opinion in its \u201cEndorsement Advice\u201d. The amendments are expected to enter into force as of 1 January 2025, with the option of early application.
_______________________________________________________________________________________________________________________________________________________________________________________________________
The accounting standards and the most significant criteria used in drawing up the Consolidated Financial Statements are set out below.
The paragraph numbers are the same as those of the corresponding items in the Statement of Financial Position and Income Statement, which are laid out in accordance with ISVAP Regulation no. 7/2007, as amended.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"fact8": {
"value": "IFRS 17 \u201cInsurance contracts\u201d and IFRS 9 \u201cFinancial instruments\u201d
The standards IFRS 17 and IFRS 9, both applicable to the entire scope of the Group from 1 January 2023, significantly change the accounting representation of insurance contracts and financial instruments. As mentioned in previous years, due to the strict correlation between the two standards, as from the 2018 financial year, the undertakings or groups that conduct insurance business had the option to defer the application of IFRS 9 up to the date of first-time adoption of IFRS 17. This option was also exercised by the Unipol Group which, in its capacity as Parent of a financial conglomerate for which the conditions envisaged by Regulation (EU) 2017/1998 were met at
the date of entry into force of IFRS 9, deferred the application of the IFRS 9 limited to UnipolSai and its subsidiaries. It is also noted that, specifically due to the close interrelation of the two standards, the Group has adopted the option set forth in Regulation (EU) 2022/1491 (so-called \u201cclassification overlay\u201d) to ensure full representation of the joint impact of the new context of the accounting standards, therefore adopting both IFRS 9 and IFRS 17 in determining the comparative data for 2022 presented in the accounting reports for the 2023 financial year. The most significant changes introduced by the aforementioned standards and a disclosure on the main accounting policies that the Group has adopted are described below.IFRS 17 \u2013 Insurance contracts
IFRS 17 \u201cInsurance Contracts\u201d, applicable from 1 January 2023, establishes new criteria for measuring and accounting rules for insurance products, replacing IFRS 4, an \u201cinterim\u201d standard issued in 2004, which provided for the application of local accounting practices, potentially different from each other, complicating the comparison of the financial results of insurance companies. The process of formation and approval of the standard was particularly complex: specifically, in the version approved by the IASB on 18 May 2017, the date of entry into force was set for 1 January 2021. With the two following interventions by the IASB, the date of entry into force was postponed to 1 January 2023, also considering the numerous requests to amend the standard proposed by the various stakeholders in the months immediately following the publication of the first version of the standard.
The amendments to the standard have been adopted by the IASB on 25 June 2020 and, downstream, the process of endorsement of the new standard in the European Union was activated, which was completed on 23 November 2021 with the publication of Regulation (EU) 2021/2036. It is noted that, in the endorsement phase, in line with that desired by the Italian and European industry, as a partial amendment to the version of the standard approved by the IASB, the possibility was also introduced via EU Regulation UE 2023/1803 of not applying the grouping into annual cohorts of Life insurance contracts characterised by intergenerational mutualisation and cash flow matching.
Very briefly, the IFRS 17 accounting standard has introduced the following changes:
a)change in aggregation criteria of insurance contracts: the new accounting model requires greater granularity in the grouping of insurance contracts with similar characteristics that form the basis for quantifying the economic and financial components (so-called Units of Account - UOAs).
b)market-consistent values: insurance liabilities must be measured at current values (based on up-to-date information), estimated on the basis of expected cash flows, weighted by the probability of realisation and discounted to take into consideration the time value of money, the characteristics of cash flows and the characteristics of liquidity of the insurance contracts.
c)explicit measurement of the Risk Adjustment (RA): it must be estimated separately from the liabilities in order to bear the uncertainty about the amount and timing of cash flows arising from the non-financial risk when the entity will fulfil its contractual obligations for the expected cash flows.
d)recognition of the estimated profit that is implicit in the insurance contracts in portfolio: according to the General Accounting Model, as explained in more detail under f) below, the so-called \u201cContractual Service Margin\u201d (CSM), as the difference between the cash flows due to the company (i.e., premiums) and the aggregate contract charges undertaken, including Risk Adjustment, must be identified. This amount, if positive, i.e., in case of non-onerous contracts at the subscription date, will be deferred as a liability for the purpose of recognising it in the Income Statement, spreading it over the entire period during which the insurance cover is provided. If the CSM is negative, on initial recognition or even subsequently in the event of adverse changes in the expected profitability, the implicit loss deriving from the insurance contract cannot be deferred and it is fully recognised in the Income Statement.
e)Income Statement by margins: a representation by margins has been introduced, with the explicit representation of actual flows and estimated flows, which shows:
i.The insurance margin deriving from underwriting activities as a difference between:
A.Insurance revenue, mainly comprised of:
-the amount of insurance service expenses that the insurer expects to incur during the year;
-the evolution of liability due to the explicit adjustment for risk for the component relating to future services;
-the attribution to the year of a portion of the CSM based on the portion of services provided, gross of the component of acquisition charges.
B.Insurance costs, mainly comprised of:
-the amount of insurance service expenses actually incurred during the year under way (claims occurring and change in liabilities for claims occurring and administration expenses);
-the portion of contract acquisition charges allocated on an accrual basis to the financial year;
-the losses on onerous contracts and the related reversal.
ii.Net financial margin as the difference between the result of the investment in financial instruments and net finance expenses/income relating to insurance contracts issued.
f)different accounting models depending on the characteristics of the insurance contracts, such as:
i. The Building Block Approach (BBA): standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement as described in more details in point g) below;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
ii.The Premium Allocation Approach (\u201cPAA\u201d): simplified and optional approach - applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration - which provides for the recognition of a single liability (so-called Liability for Remaining Coverage or LRC) without explicitly distinguishing, unlike the BBA model, the relevant components identified above. The LRC is recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In the event that the pro-rata temporis method is applicable, the method of insurance revenue recognition is similar to the method of accounting for the \u201cProvision for unearned premiums\u201d on the basis of the former IFRS 4.
iii.The Variable Fee Approach (\u201cVFA\u201d): mandatory accounting model that constitutes a variation of the BBA applicable to cases of insurance contracts with direct participation (i.e. whose cash flows are dependent on the underlying assets), which require that the policyholder obtain from the insurance company remuneration based on a substantial share of the returns of a portfolio of clearly identifiable financial assets. Under this approach, the CSM substantially represents the fee for the financial management service provided by the insurer which must be recognised in the Income Statement over the term of the service. Different from that set out for the BBA, any changes in the estimate of the CSM that derive from the performance of the underlying financial assets and, therefore, are due to market variables, result in a change in the CSM without any direct impacts on the Income Statement or Comprehensive Income Statement.
g)accounting options for changes in insurance liabilities attributable to financial variables: regardless of the accounting model adopted, in order to reduce the accounting mismatch that can be generated by the different accounting criteria of financial assets (IFRS 9) and insurance liabilities (IFRS 17), the option (so-called \u201cFVOCI Option\u201d) to recognise the effects of changes in market rates on the value of the liabilities or assets associated with the fulfilment of the insurance contract (so-called \u201cFulfilment Cash Flow\u201d or FCF, comprised of the sum of the present value of expected cash flows and the risk margin) as an offsetting entry to items of Other comprehensive income, thus reducing the volatility of the Income Statement results.
h)qualitative and quantitative disclosure: to accompany the information reported in the Income Statement and in the Statement of Financial Position, the impact of insurance contracts on the company's cash flows and financial performance must also be reported by means of various statements showing the changes occurred during the year related to the single components making up the insurance liabilities. With regard to disclosure, the Supervisory Authority also intervened significantly and, with its Measure of 7 June 2022, updated IVASS Regulation 7/2007, defining, inter alia, in line with the requirements of the IFRS international standards, the minimum content of the annual disclosure and of the more limited half-yearly disclosure, and also introducing a mandatory format, with the quantitative disclosure broken down into mostly tabular forms.
The main choices of the Unipol Group
A brief analysis is provided below of the main choices made by the Unipol Group with reference to the adoption of the new accounting standard IFRS 17 as well as the transition approach referring to the date of initial application (1/1/2022).
For a more detailed illustration of the methodological and valuation approach adopted by the Group, please refer to what is reported below in this section of the Notes to the Financial Statements, commenting on the accounting standards adopted in the recognition and measurement of Insurance Liabilities and other Statement of Financial Position and Income Statement items relating to insurance operations.
IFRS 17 is applied to all products featuring significant insurance risk and to insurance contracts with direct participation features. Based on this criterion, the scope of application has included all Non-Life insurance contracts and, with regard to the Life business, all class I, IV and V products and a limited portion of class III products, if they contain, at the date of first-time adoption of IFRS 17, significant insurance risk other than investment risk. On the basis of this approach, all class VI products were considered not insurance contracts but investment contracts.
In addition, for the determination of the scope of cash flows included in the contract boundary for the purpose of accounting for insurance contracts compared to the scope considered based on the previous accounting criteria, the following changes were made:
-inclusion in the estimate of the initial net liability also of a portion of indirect acquisition costs, which were instead charged directly to the Income Statement when incurred on the basis of IFRS 4;
-possible onerousness on the issue of a UOA is calculated considering a larger scope of cash flows, including all those for which the insurance company cannot modify the rate or benefits to align them with the risk assumed.
Method of aggregating groups of contracts For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group has included in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept). Accounting for charges for claims based on the \u201ccohorts\u201d of issue of insurance contracts, and not by the year of occurrence constitutes a significant change, especially with regard to the Non-Life business, compared to the representation criteria based on the provisions of the previous IFRS 4. Please refer to the section Method of aggregating groups of contracts for additional information on the application criteria adopted by the Group.
With regard to the aggregation criteria used under IFRS 4, the different level of granularity introduced by IFRS 17 results in a greater possibility of identifying onerous UOAs, in the initial accounting phase, resulting in the recording of the expected loss directly in the year of issue.
Calculating discount ratesTo determine the discount rate to apply to future cash flows, in the absence of regulatory provisions on the matter, the Group has applied a bottom-up approach. This approach provides for the identification of a \u201crisk free\u201d curve adjusted on the basis of a factor (\u201cIlliquidity Premium\u201d) that expresses the illiquidity characteristics of insurance contracts. To identify the risk free curve, the Group has adopted a methodology similar to the one used in the area of prudential supervision. The Illiquidity Premium is determined using an approach analogous to that designed in the context of the revision of the Solvency II standard formula, but using the characteristics of the real asset portfolio underlying insurance liabilities. In other words, the Illiquidity Premium is differentiated based on the liquidity characteristics of the cash flows being discounted, distinguishing, for example, between flows that are dependent on the returns of a portfolio of underlying financial assets and those that are not.
Calculation of the adjustment for non-financial risks The Group has adopted a method of determining the Risk Adjustment calculated using metrics derived from the Solvency II framework based on the probability distributions of the set of risks to which the cash flows are subject, and also taking into account the diversification benefits existing between the different UOAs. In particular, the diversification effect is applied between the insurance portfolios of the same entity, but not between different sectors or between legal entities. With reference to the confidence level on the basis of which the amount of the Risk Adjustment is determined, the Group has generally adopted a level equal to the 75th percentile which may be supplemented with a prudential buffer up to the 98th percentile in the event of situations of particular uncertainty in the reference context.
Accounting approaches applied For insurance contracts taken out since the transition date, the Group has generally applied the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for the contracts with direct participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
These accounting models were applied consistently also to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Adoption of options to reduce accounting mismatches The Group has adopted the options to reduce accounting mismatches deriving from the methods of valuation of liabilities and assets subject to IFRS 17 and/or IFRS 9. Specifically, the options set out in paragraphs 88, 89 and 90 of IFRS 17 allow for recognising as an offsetting entry in the Comprehensive Income Statement, rather than in the Income Statement, a portion of the finance income or expenses relating to insurance contracts. That option makes it possible:
-with regard to contracts accounted for using the BBA or PAA, to recognise changes in insurance assets and liabilities deriving from changes in the discount rates as an offsetting entry in the Comprehensive Income Statement, recording in the Separate Income Statement only the effects of capitalising cash flows at the same discount rate applied at initial recognition (the so-called \u201clocked-in\u201d rate);
-with regard to contracts accounted for using the VFA, to eliminate the net financial profitability recognised in the Income Statement deriving from the assets underlying the insurance contracts and from the revaluation of insurance liabilities (\u201cmirroring\u201d). This approach makes it possible to go beyond the practice of shadow accounting, as provided for in IFRS 4, with the aim of reducing the existing accounting mismatch between the valuation criteria of financial assets and those of the correlated insurance liabilities.
Transition to IFRS 17On first-time adoption, the standard IFRS 17 requires the recalculation of the Statement of Financial Position and Income Statement balances at the transition date (which, for the Unipol Group, is 1 January 2022, as the 2023 Financial Statements present the previous year\u2019s Statement of Financial Position and Income Statement for comparison purposes) based on the full retrospective approach, i.e., assuming that the standard had been applied from the date of initial recognition of the insurance contracts. Based on the complexity of the provisions of the standard and the changes introduced to the existing accounting methods, the standard also provides the option, where it is not possible to retrospectively and fully apply the standard, to use two simplified approaches, as alternatives to each other, to calculate the amount of accounting items linked to insurance contracts: the modified retrospective approach or the Fair Value approach.
In order to verify the possibility of reconstructing the data necessary for the application of the full retrospective approach, the Group has carried out a detailed analysis in relation to the transactional flows of the years prior to the transition date (so-called \u201cactual\u201d flows), the cash flows (so-called \u201cexpected\u201d data) and the values, subject to the allocation processes, not directly attributable to the contracts. On the basis of these analyses, the information relating to past years was not fully available in the portfolio or could not be found except by incurring excessive efforts, unreasonable costs with respect to the (limited) information advantage and/or adopting excessively arbitrary assumptions and simplifications, sometimes the result of derivation rules made more uncertain by changes in operations. In this context, the Group believed that there were well-founded reasons that made the full retrospective approach not applicable for the transition to IFRS 17 and, in line with the provisions of the same standard, therefore decided to apply both the fair value approach and the modified retrospective approach to net insurance liabilities outstanding at the transition date.
In particular:
-with reference to the Non-Life business, given the reference context existing at the transition date characterised by significant uncertainties, such as those inherent in inflation dynamics and the possible repercussions on productivity, the fair value approach was mainly adopted (applied in particular to contracts issued by UnipolSai) and, on a residual basis, the modified retrospective approach;
-for the Life business, the fair value approach was mainly applied to the portion of contracts subject to revaluation relating to UOAs linked (i) to segregated funds of little significance or characterised by financial guarantees and retained return levels not in line with those of similar contracts marketed at the transition date, and (ii) to portfolios of non-revaluable contracts linked to collective policies. The modified retrospective approach was applied to the residual portion of insurance contracts, consisting mainly of the UOAs linked to the remaining segregated funds, as well as to the individual non-revaluable contracts.
As a result of the above, the fair value transition approach concerned approximately 89% of the Non-Life business in place at the transition date and 47% of the Life business; while the modified retrospective approach was applied to 53% of the Life business and 11% of the Non-Life business. As already mentioned above, the transition approach, limited to the Non-Life business, also affected the choice of the accounting model to be applied to the business in place at the transition date, reserving the PAA model for the Non-Life business with transition under the modified retrospective approach and instead applying the BBA to the Non-Life business with transition under the Fair Value approach.
It should also be noted that, for the same reasons that do not permit the application of the full retrospective approach, the Group has decided to adopt the following simplifications in the application of the transition approaches with respect to the application of the full retrospective approach:
-aggregation of all cohorts prior to the transition date in a single UOA;
-for contracts where the BBA or PAA is applied, setting at zero the cumulative amount recognised in the Comprehensive Income Statement as a breakdown of the effects on insurance liabilities and assets of the change in the discount rate from the rate of initial recognition;
-for contracts to which the VFA is applied, setting the cumulative amount recognised in the Comprehensive Income Statement related to insurance liabilities equal to the corresponding value recognised in the Comprehensive Income Statement related to the financial instruments underlying the insurance liabilities themselves.
With reference to the methods for calculating the FV, it should be noted that this was determined on the basis of information available at the time of transition, as an aggregation between:-the value of the Best Estimates calculated with metrics in line with those adopted for the preparation of the MCBS and appropriately supplemented, where necessary, to take into account a better estimate of the inflationary context in place at the transition date;
-an amount equal to the estimate of the additional profitability required by the market for assuming the risks underlying the portfolios (the so-called Cost Of Capital method), also defined starting from SII metrics and taking into consideration a capital endowment equal to that held on average in the Italian market with respect to the minimum regulatory capital.
The CSM at the transition date was determined as the difference between the FV and the present value of the risk-adjusted expected future cash flows for each UOA.
IFRS 9 - Financial instruments
The standard IFRS 9 - Financial Instruments was effective at the beginning of 2018. This standard was issued by the IASB at end July 2014 and was endorsed by Regulation (EU) 2016/2067, which reformed provisions envisaged by IAS 39 on the following main issues:
-Classification and Measurement: classification categories were envisaged for financial assets, based on a business model and the characteristics of the contractual cash flows;
-Impairment: an incurred loss model is replaced by an expected loss model, with the introduction of a new concept of staging allocation;
-Hedge Accounting: thanks to this new model, hedge accounting is further aligned to risk management processes.
In particular, as regards Classification and Measurement, unlike in the IAS 39, which requires mainly the analysis of the type of financial asset or liability, as well as the related holding period, the IFRS 9 standard introduced classification criteria of financial instruments based on the measurement of the related business model, as well as the analysis of the characteristics of the contractual cash flows resulting from the instruments themselves, with the application of the so-called SPPI test, aimed at verifying the position of Solely Payments of Principal and Interest. Moreover, in view of measuring what business model should be assigned to the financial instrument, the IFRS 9 envisages more objective parameters, based on various requirements such as: performance, risk, remuneration and turnover.
The new regulations also revised some guidelines on the possible reassignment of the business model that must however be very uncommon and shall meet special conditions involving significant changes, both \u201cinternal\u201d with respect to the company and \u201cdemonstrable\u201d with respect to external parties.
The main choices of the Unipol Group
A brief examination of the activities carried out in relation to the main areas of impact is provided below. It is noted that, to the extent applicable, the approach followed for the first-time adoption of IFRS 9 on the scope of financial instruments held by UnipolSai and its subsidiaries is consistent with that adopted at the time for the first-time adoption of the standard for the other entities in the Unipol Group.
Classification and measurement of financial instruments Classification and measurement of financial assets (credits and debt securities) was defined by the Unipol Group based on the following elements:
-detailed exam of cash flow characteristics;
-definition of the business model.
As regards the first classification element of financial assets, initiatives and procedures have been performed aimed at evaluating whether the contractual cash flows of debt securities in portfolio, at the date of transition to the standard, exclusively reflect the payment of principal and interest accrued on the amount of capital to be returned (so-called SPPI Test \u2013 Solely Payment of Principle and
Interest, supplemented by the so-called Benchmark Test in the absence of a perfect correspondence between the periodical redefinition of the interest rate and the related tenor).As regards the Group\u2019s securities portfolio subject to first-time adoption of IFRS 9, the following is noted:
-a slim portion of debt securities, classified under categories Available-for-sale financial assets and Loans and receivables, which did not pass the SPPI test, was classified in the category Financial assets at fair value through profit or loss. Securities under this classification feature characteristics other than the measurement of credit risk and of time value of money;
-it has been deemed that the management model of the overall bond portfolio, performed by Group entities for which IFRS 9 is applied, can be mainly included within the HTCS \u201cHeld to Collect & Sell\u201d business model. This model, in fact, has the target to collect both cash flows that are contractually envisaged by financial assets and those resulting from the sale of financial assets themselves. In light of both the changes in the regulatory context and of contractual terms related to financial assets under evaluation, which generate cash flows, at predetermined dates, representing only the repayment of the principal and the payment of interest accrued, most of the securities already in the IAS 39 portfolio at the date of transition (previously classified as IAS 39 Available-for-sale financial assets, Loans and receivables and Held-to-maturity investments), with the only exception of securities that did not pass the SPPI test, were classified as Financial assets at fair value through other comprehensive income (FVOCI);
-the residual portion of debt securities, managed using the HTC \u201cHold To Collect\u201d business model, was classified in the category of Financial assets at amortised cost;
-equity securities, which by their nature do not pass the SPPI test, have generally been recognised in the FVOCI Equity category (or without reversal to the income statement of the difference between the purchase and sale value), as permitted by the standard\u2019s option for such instruments, except for any investments held for trading, which have been recognised in the FVPL category;
-the UCITS units, the closed and open funds, whose cash flows did not pass the SPPI test and could not be classified as equity instruments, were therefore recognised under the FVPL category. This category also includes the portfolios of financial instruments of UnipolRe intended, as held by an entity subject to corporate reorganisation, to be subject to a thorough review with a view to a different investment strategy resulting from the reorganisation itself;
-all financial assets included in the portfolios linked to investment products (e.g., Unit-linked and pension funds without significant insurance risk) were classified in the category FVPL, which also includes the related liabilities to underwriters.
With reference to debt securities, IFRS 9 introduced a structured impairment model based on the concept of \u201cexpected loss\u201d which requires the classification of financial assets into three different categories based on the evolution of credit risk, superseding the concept of \u201cincurred loss\u201d established by the previous IAS 39.
With reference to equities, based on the categories in which these instruments can be classified on the basis of IFRS 9 (FVOCI Equity and FVPL), the concept of impairment established by the previous IAS 39 for securities classified in the category of Available-for-sale financial assets has therefore been superseded.
As regards Hedge Accounting, the Group has exercised the faculty, afforded by IFRS 9, to maintain the accounting model as envisaged by the previous IAS 39.
The implementation process
The Unipol Group has been strongly committed to planning for the future application of IFRS 17 since 2017, with extensive involvement of the main corporate functions. After a thorough assessment to determine the impact of this standard and measuring the gaps in terms of processes, IT systems, accounting, actuarial calculations, business and risk, at the beginning of 2018 the IFRS 17 transition project was launched which, under the guidance of UnipolSai, has gradually also involved the other insurance companies in the Group, with a view to implementing a single data processing and management model within the Group, leveraging common policies, processes and IT applications.
With reference to IFRS 9, the Group, following a process of analysis and implementation in the management, IT and accounting systems, has activated in previous years for entities holding financial instruments (other than those not belonging to the insurance sector that have applied IFRS 9 already from the 2019 financial year) a parallel management and accounting system adapted to the requirements of IFRS 9. It should be noted that, in order to enable a more timely application of the rules provided for the VFA, it was necessary to proceed to independently identify and manage a higher number of financial asset portfolios, compared to the context of the previous IAS 39. Specifically, a portfolio of financial instruments was activated for each portfolio to which the VFA is applied.The effects of the application of IFRS 17 and 9
As already mentioned above, the financial statements layouts of ISVAP Regulation 7/2007 applicable to Insurance Groups were revised in 2022 by the Supervisory Authority, albeit with effect only from the year 2023. The amendments introduced, attributable mainly, but not only, to the introduction of IFRS 17 have had significant impacts on the presentation of the Income Statement and Statement of Financial Position items and were also applied to the figures for the previous period presented for comparative purposes in these Consolidated Financial Statements.
In order to allow a clearer reconciliation between the data presented in the last approved consolidated financial statements for the year 2022 and those restated according to the new regulatory system, the effects deriving from the restatement, i.e. from the reclassification, are shown below, without any impacts from the remeasurement of assets, liabilities, costs and revenue due to the application of the new accounting standards:
-to the Statement of Financial Position at 1 January 2022, which is the date of first-time adoption (or FTA) of IFRS 17 and 9 to the entire scope of the Unipol Group;
-to the Income Statement for 2022;
-to the Statement of Financial Position at 31 December 2022
accompanied by a comment on the main changes.
Effects of restatementStatement of Financial Position at the transition date (before restatement of values)
Statement of Financial Position and Income Statement at 31 December 2022 (before restatement of values)
With reference to the statement of financial position balances, it should be noted that, for the purposes of restatement, the amount of item \u201c3. Technical provisions - Reinsurers\u2019 share\u201d of assets and \u201c3. Technical provisions\u201d of liabilities, has been fully allocated respectively to item \u201c3.2 Reinsurance contracts held that are assets\u201d and \u201c3.1 Insurance contracts issued that are liabilities\u201d of the current statement
of financial position format: the detailed effects arising from the recalculation of insurance assets and liabilities on the basis of IFRS 17 have been shown in the subsequent section on restatement of balances.The most significant impact deriving from the restatement of asset items is attributable to the reclassification of financial instruments in the categories under IFRS 9. As mentioned above, the application of IFRS 9 resulted in a significant increase in financial assets at fair value through profit or loss, mainly attributable to the failure to pass the SPPI Test of a portion of the securities portfolio previously classified under Available-for-sale financial assets and, to a lesser extent, Loans and receivables.
Conversely, the amount of financial instruments reclassified under Financial assets at amortised cost is significantly lower than the corresponding accounting categories under the previous IAS 39 (Loans and receivables and Held-to-maturity investments). Similarly, the amount of FVOCI assets is lower than the corresponding IAS 39 category of Available-for-sale financial assets.
Income Statement at 31 December 2022 (before restatement of values) As emerges from the reconciliation scheme, the Income Statement introduced by the current Regulation 7/2007 shows a scalar structure that provides separate evidence of the income components that constitute the insurance service result and those that make up the financial result deriving from investments and of the financial component deriving from insurance assets and liabilities. Some economic components previously grouped under Other revenue and Other costs have also been detailed and shown separately.
For the purposes of the restatement, as the discounting of technical provisions was not included in the previous IFRS 4, it should be noted that in item \u201c10. Net finance expenses/income relating to insurance contracts issued\u201d, the only component of the change in Life technical provisions attributable to the application of the so-called shadow accounting was recognised.
Effects deriving from the restatement of the balances
Statement of Financial Position at the transition date (after restatement of balances) Statement of Financial Position at 31 December 2022 (after restatement of balances) Income Statement at 31 December 2022 (after restatement of balances)
Statement of reconciliation of changes in the consolidated shareholders\u2019 equity In order to provide an overall representation of the effects on equity and on the economic result deriving from the transition to the new accounting standards, please note the following:
-a statement of reconciliation of changes in the consolidated shareholders' equity at the transition date and during the year 2022, accompanied by
-comments on the most significant adjustments due to the application of IFRS 17 and 9.
Main impacts on the Statement of Financial Position at the transition date (1/1/2022)
Shareholders' Equity restated at the transition date in application of the new standards, equal to \u20ac8,838m, was \u20ac883m lower than the \u20ac9,722m recognised in application of the previous standards. The reduction is due to the combined effect of positive changes from the application of IFRS 9, amounting to \u20ac469m, negative changes deriving from the application of IFRS 17 equal to \u20ac1,731m, in addition to the related tax effects of \u20ac378m.
With reference to the application of IFRS 9, the positive balance is mainly due to the portion of financial instruments reclassified from HTM and L&R according to IAS 39 to FVOCI and FVPL according to IFRS 9 and, consequently, recognised at fair value rather than at amortised cost, with the emergence of implicit capital gains in a market environment at the transition date characterised by low interest rates.
The negative impact from the application of IFRS 17 is instead due to the increase in net insurance liabilities as a result of:
-the recognition of the CSM (\u20ac3,203m of which \u20ac1,071m relating to the Non-Life business and \u20ac2,132m to the Life business);
-the recognition of the Risk Adjustment (\u20ac1,162m, of which \u20ac1,025m related to the Non-Life business and \u20ac137m to the Life business);
-the reversal of Intangible assets and deferred acquisition costs (\u20ac138m);
these increases were partly offset by the decrease of \u20ac2,773m deriving from the best estimate of the discounted cash flows to replace the technical provisions at ultimate cost.
It should be noted that, as mentioned above, during the transition phase, the fair value approach was applied with reference to a portion of the Life portfolio as well as to the insurance liabilities of the Non-Life business of UnipolSai, with the consequent application of the BBA to all Non-Life contracts in effect at that date and with a separate recognition, for the net liability component for residual coverage, of the CSM and the Risk Adjustment.
The changes in the Statement of Financial Position illustrated above were also reflected in the related deferred taxation, which resulted in a net positive effect on equity of \u20ac378m.
Effects on the economic result and on other comprehensive income for the year 2022
The result for the period restated according to the new accounting standards went from \u20ac866m to \u20ac675m, against a negative impact of \u20ac701m resulting from the application of IFRS 9, a positive impact of \u20ac465m resulting from the application of IFRS 17, and the related positive deferred tax effects of \u20ac42m. With reference to the impact of IFRS 9, this is mainly due, in a context of significant depreciation of almost all asset classes, to the increased share of financial instruments at fair value through profit or loss. This asset category, intended to increase the volatility of the Income Statement, was progressively reduced during the year 2022, also in view of the entry into force of the new standard.
The negative impact on the 2022 restated income statement arising from IFRS 9 is partially offset by the application of IFRS 17, due in particular to the adoption of the OCI option, which allows for a better control of accounting mismatches with reference to the valuation of assets and liabilities relating to revaluable Life insurance contracts, recognised using the VFA method, and to a positive contribution from the Non-Life business, which benefits from the approach adopted on transition and the net insurance liability discounting effect. In this regard, it should be noted, more generally, that the exercise of the options to mitigate accounting mismatches, relating to the Life and Non-Life insurance portfolio, also led to a marked reduction (from \u20ac2,513m to \u20ac523m net of tax effects) of the negative change in other comprehensive income.
As a result of the differences commented above, there was a positive impact of \u20ac917m on shareholders' equity at 31 December 2022 deriving from application of the new accounting standards, deriving from a positive impact of \u20ac1,752m for the application of IFRS 17, partially offset by the negative effect of the application of IFRS 9 (\u20ac431m) and the effect on deferred taxation, also negative in the amount of \u20ac404m.
With reference to the impact of IFRS 9, this is mainly attributable to the decrease in the portion of the bond portfolio recognised at amortised cost (L&R and HTM categories according to IAS 39 and Amortised cost according to IFRS 9) and the consequent more extensive use of fair values for the measurement of financial assets in the portfolio, in a context of significantly rising interest rates during 2022 such as to negatively affect the market prices of fixed-rate bonds.
In the application of IFRS 17, the main impact resulting from the cash flow component, which increased from \u20ac2,773m to \u20ac5,816m, as discussed above, is attributable to the remeasurement of net insurance liabilities at current values, thus taking into account the discounting effect in a context of significantly higher rates than those at initial recognition of the same net insurance liabilities. It should be noted that this mechanism for adjusting net insurance liabilities was not contemplated in the application of IFRS 4 except through the application of shadow accounting with respect to insurance contracts with direct participation features. With reference to the adjustment for the recognition of the CSM down from \u20ac3,203m to \u20ac2,996m, please note:
(i)a decrease in the component relating to the Non-Life business (from \u20ac1,071m to \u20ac731m) due to the decrease in the portfolio component of policies accounted for under the BBA method, which are gradually being replaced by newly issued policies accounted for under the PAA method, and thus without autonomous representation of the CSM;
(ii)an increase in the component linked to the Life business (from \u20ac2,132m to \u20ac2,265m) due to the positive impacts on the prospective margins of the insurance contracts accounted for using the VFA method due to the increase in market rates.
Lastly, with reference to the Risk Adjustment component, the decrease from \u20ac1,162m to \u20ac942m is mainly due to the same trends already commented on with reference to the CSM in the Non-Life business.
Financial instruments - IAS 32 - IFRS 7, 9 and 13
Recognition date
The Group generally records financial transactions on the basis of the settlement date (value date), with reference to the financial instruments included in items 4. Investments and 4. Financial liabilities and on the basis of the transaction (trading) date for the financial instruments recognised in other items of the statement of financial position.
Reclassifications of financial assets \u2013 IFRS 9
With reference to debt securities, reclassifications among other categories of financial assets are limited to cases in which there is a change to the business model for financial asset management and forward-looking recognition is applied, i.e. without adjusting any economic component recognised previously. The reclassification of equity instruments is not permitted.
Derivatives
Derivatives are initially recognised at the purchase cost representing the fair value and subsequently measured at fair value. Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
Derivatives may be acquired for \u201ctrading\u201d or \u201chedging\u201d purposes. For hedging transactions, the accounting standards envisage cumbersome and complex rules, with the preparation of specific documentation, to assess the effectiveness of the hedge from the time it is activated and throughout its entire term (hedge accounting). Please note that the Group has exercised the right, afforded by IFRS 9, to continue to recognise hedging transactions according to the accounting model envisaged by the previous IAS 39.
All derivative financial instruments are classified under \u201cFinancial assets at fair value through profit or loss - Held-for-trading financial assets\u201d and \u201cFinancial liabilities at fair value through profit or loss - Held-for-trading financial liabilities\u201d.
Accounting of structured bonds issued by special purpose vehicles (SPVs)The Group invests in notes issued by SPVs with rather similar purposes and management methods as those that characterise investments in structured and unstructured bonds, made as part of the ordinary financial management of resources derived from normal business. This financial management is characterised, in relation to the Group\u2019s business sector, by a special degree of complexity, which requires, under certain circumstances, the subscription of financial assets with specific characteristics (e.g. in terms of maturity, creditworthiness and payoff) that are not always easy to find on the financial markets. The investment opportunities offered via SPVs also make it possible, owing to their specific nature, to expand the range of financial investments available.
The Unipol Group classifies and records the bonds issued by SPVs based on the instructions provided in IFRS 9, deeming the circumstance that they have been issued by SPVs irrelevant, in consideration of the fact that the SPV is, in fact, considered merely a technical instrument through which to structure complex financial instruments whose risk/return profile is essentially evaluated by jointly taking into consideration the contracts that govern the notes issued by the SPV, the associated derivative contracts (generally swap agreements) and any other contractual clauses such as financial guarantee or similar clauses, or yet other \u201cancillary\u201d clauses which may, in theory, make provision, when given conditions are satisfied, for the liquidation of the securities. The SPVs whose bonds are held by the Unipol Group in fact, consistently replicate, with the arranger, the positions they assume with noteholders, as the risks or returns of the transaction cannot be retained within it.
Therefore, investments in notes issued by SPVs are accounted for on the basis of IFRS 9, with the same criteria applied for investments in structured and unstructured bonds, with particular regard to the SPPI test. In fact, an entity must only consolidate an SPV in the event the entity exercises control over it pursuant to IFRS 10, paragraphs 6 and 7.
The Unipol Group, with regard to bonds issued by SPVs in the portfolio at 31 December 2023, does not exercise any form of control over the SPVs, in the sense that it is not able to govern the management process of the SPVs (which, in fact, is defined by the arrangers of the investment transaction in which the Group participates by subscribing the notes and other relevant contracts) and does not obtain any benefits from the SPVs other than those strictly dependent on the formally subscribed financial instrument. The Group holds the notes issued by the SPV and can only dispose of these autonomously, as it does not have the power to dispose of the financial instruments held by the vehicle. It is reasonable to infer, from this, that the Group holds no form of control of the SPVs pursuant to IFRS 10.
In cases where, through the SPV internal segments, which segregate the risks and benefits of issues, the majority of said risks and benefits are transferred to the Unipol Group, the consolidation of the segments would lead to the need to replace the debt securities issued by the SPV and subscribed by the Group with a financial asset which, in terms of the associated risks and returns, exactly replicates the financial profile of the notes cancelled as a result of the consolidation.
In fact, the segments consistently replicate, with the arranger, the positions the latter assume with noteholders, as the risks or benefits of the transaction cannot be retained within it. The result is that the financial asset to be recognised due to the consolidation of the segments would have, substantively speaking and therefore for the purposes of classification and measurement pursuant to IFRS 9, characteristics identical to those of the notes cancelled as a result of the consolidation of said segment; the result being that, in the case of consolidation of segments in which the risks/benefits of the asset pertain fully to the Unipol Group, there would be no substantive effects on the accounting representation of the transaction, essentially confirming the fact that, in effect, the SPVs are technical instruments for realising an investment in financial assets with characteristics which are, for all intents and purposes, equivalent to those of the notes issued by the SPV itself and segregated in the segment.
Impairment
In order to quantify impairment, financial assets (other than those purchased or originated which, as of the initial recognition date, show objective evidence of impairment \u201cPurchased or Originated Credit Impaired assets\u201d or \u201cPOCI\u201d) recognised in the categories Financial assets at amortised cost and Financial assets at fair value through other comprehensive income are classified in three stages (credit rating):
Stage 1: financial assets qualified as \u201cperforming\u201d, for which a significant increase in credit risk has not been recognised with respect to the initial recognition date;
Stage 2: financial assets qualified as \u201cperforming\u201d, for which a significant increase in credit rating has been recognised with respect to the initial recognition date;
Stage 3: impaired financial assets.
With reference to POCI, the amortised cost and the relative impairment adjustments are calculated in a specific manner on the basis of an effective interest rate adjusted for the credit risk determined by taking initial expected losses into account in estimated future flows.The IFRS 9 impairment model is based both on objective (quantitative) and qualitative criteria to determine the significant increase of credit risk used to classify the individual financial assets in Stage 1 or Stage 2. Specifically, the Unipol Group recognises in Stage 2 any situations of non-payment for at least 30 days from the reporting date and any exposures whose rating assigned to the security has been specifically downgraded (in terms of the number of notches). As regards downgrading, it is noted that, in defining a significant increase in credit risk, the option is exercised to exclude a portion of the securities portfolio, which is characterised by a low credit risk (i.e., \u201cLow credit risk exemption\u201d). Specifically, that option is applied to debt securities with \u201cinvestment grade\u201d ratings. All exposures for which there is objective evidence of loss are classified in Stage 3.
Different modalities to measure value adjustments were defined for each Stage, based on the concept of \u201cExpected Loss\u201d or \u201cExpected Credit Losses\u201d (ECL), and, specifically:
-whenever it is deemed that the credit risk of the instrument has significantly increased after initial recognition (Stage 2) and for loans in Stage 3, an estimate of the \u201clifetime\u201d ECL is applied (determination of possible losses over the entire residual life of the instrument);
-for instruments classified in Stage 1 or, in any event, on instruments maturing within the year, an estimate of the ECL deriving from possible default events within 12 months is applied.
In the risk parameters used to calculate the ECL, measurement models of expected losses include the Point-in-Time risk measures and the Forward looking risk measures on the future dynamics of macro-economic factors on which the lifetime expected loss depends.
4.3 Financial assets at amortised cost - IFRS 9
This financial statements item includes financial assets that meet both the following conditions:
-
the financial asset is held within the context of a new business model that has the objective to collect contractual cash flows (HTC - Held to Collect);-
contractual terms of financial assets generate, at predetermined maturity, cash flows representing only principal and interest on the residual capital that meet the Solely Payments of Principal and Interest (SPPI) condition. The initial recognition of these financial assets is carried out when the Group becomes a party in the contractual terms of the financial instrument, which usually coincides with the date of settlement. The value of the initial recognition is equal to the fair value of the financial instrument, which generally corresponds to the related purchase cost, including directly chargeable transaction costs or income.
After the initial recognition, these assets are measured at amortised cost by using the effective interest method, as well as net of impairment loss.
4.4 Financial assets at fair value through other comprehensive income (FVOCI) - IFRS 9
Debt securities or loans, fulfilling both conditions, are recognised in this category:
-
the financial assets are held within the context of a new business model that has the objective to both collect contractual cash flows and sell financial assets (HTCS - Held to Collect & Sell), and;-
contractual terms of financial assets generate, at predetermined maturity, cash flows representing only principal and interest on the residual capital that meet the SPPI condition.The initial recognition of these financial assets is carried out at the date in which the Group becomes a party in the contractual terms of the financial instrument, which usually coincides with the date of settlement. The value of the initial recognition is equal to the fair value of the instrument, which generally corresponds to the related purchase cost, including transaction costs or income that are directly chargeable to the same.
After the initial recognition, these assets continue to be measured at fair value. The interest component resulting from the application of the amortised cost method, as well as impairment losses resulting from the measurement of credit risk, are included in the income statement, while gains and losses resulting from changes in fair value are recognised directly in Shareholders\u2019 equity under \u201cGains or losses on financial assets (other than equity instruments) at fair value through other comprehensive income\u201d.In the event the asset is cancelled, accrued gains and losses due to changes in fair value are recognised through profit or loss.
As regards details on determining of impairment losses, reference is made to the previous section on \u201cImpairment\u201d.
Equity instruments that meet the following conditions are also classified under the category Financial assets at fair value through other comprehensive income:
-
they are not equity investments in subsidiaries, associates or jointly controlled entities;-
they are not held for trading nor represent a potential consideration for a business combination, pursuant to IFRS 3;-
an irrevocable option was exercised for their designation at fair value through other comprehensive income.Any gains or losses consequent to the change in fair value are disclosed directly in Shareholders\u2019 equity under the item \u201cGains or losses on equity instruments at fair value through other comprehensive income\u201d.
Specifically, the accounting of equity instruments, classified under category FVOCI, is different from the one applicable to debt securities classified under the same category, for the following reasons:
-
the impairment requirements of IFRS 9 are not applicable to equity instruments;-
all exchange rate differences are recognised in the OCI reserve; -
the values recorded in OCI (Other Comprehensive Income) are never reclassified to income statement (not even for cancellation/netting);-
only dividends are recognised through profit or loss.4.5 Financial assets at fair value through profit or loss - IFRS 9
Investments in this category are recognised at fair value and the differences (positive or negative) between fair value and carrying amount are recognised through profit or loss.
Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
There are three further sub-items:
-
held-for-trading financial assets, which includes debt securities and equity instruments, mainly listed, credit positions in derivative contracts and structured financial instruments where the embedded derivative would have to be separated if they were classified in a different category;-
financial assets to be recognised at fair value through profit or loss, mainly consisting of assets linked to financial liabilities measured at fair value such as investments related to policies issued by insurance companies where the investment risk is borne by the policyholders and those arising from pension fund management;-
financial assets mandatorily measured at fair value through profit or loss (FVTPL): this category includes all financial assets that do not meet the classification criteria at amortised cost or fair value, with changes recognised in comprehensive income statement (FVOCI), that are not financial assets designated at fair value or held-for-trading financial assets57.The initial recognition of such financial assets is carried out at the date in which the entity becomes a party of the contractual terms related to the financial instruments, usually coinciding with the settlement date for the debt securities and equity instruments, and at the subscription date for derivatives, for a value equal to the fair value of the financial instrument, without considering transaction costs or income that are directly recognised in the income statement.
After the initial recognition, these assets are measured at fair value and changes in value are recognised in the income statement.
5 Other financial assetsThe item includes financial assets not included in the item \u201cInvestments\u201d, such as trade receivables and tax receivables. These assets are recognised at their nominal value and subsequently measured at their estimated realisable value.
Other financial assets include, inter alia, receivables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities and tax receivables.
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "IFRS 17 \u201cInsurance contracts\u201d and IFRS 9 \u201cFinancial instruments\u201d
The standards IFRS 17 and IFRS 9, both applicable to the entire scope of the Group from 1 January 2023, significantly change the accounting representation of insurance contracts and financial instruments. As mentioned in previous years, due to the strict correlation between the two standards, as from the 2018 financial year, the undertakings or groups that conduct insurance business had the option to defer the application of IFRS 9 up to the date of first-time adoption of IFRS 17. This option was also exercised by the Unipol Group which, in its capacity as Parent of a financial conglomerate for which the conditions envisaged by Regulation (EU) 2017/1998 were met at
the date of entry into force of IFRS 9, deferred the application of the IFRS 9 limited to UnipolSai and its subsidiaries. It is also noted that, specifically due to the close interrelation of the two standards, the Group has adopted the option set forth in Regulation (EU) 2022/1491 (so-called \u201cclassification overlay\u201d) to ensure full representation of the joint impact of the new context of the accounting standards, therefore adopting both IFRS 9 and IFRS 17 in determining the comparative data for 2022 presented in the accounting reports for the 2023 financial year. The most significant changes introduced by the aforementioned standards and a disclosure on the main accounting policies that the Group has adopted are described below.IFRS 17 \u2013 Insurance contracts
IFRS 17 \u201cInsurance Contracts\u201d, applicable from 1 January 2023, establishes new criteria for measuring and accounting rules for insurance products, replacing IFRS 4, an \u201cinterim\u201d standard issued in 2004, which provided for the application of local accounting practices, potentially different from each other, complicating the comparison of the financial results of insurance companies. The process of formation and approval of the standard was particularly complex: specifically, in the version approved by the IASB on 18 May 2017, the date of entry into force was set for 1 January 2021. With the two following interventions by the IASB, the date of entry into force was postponed to 1 January 2023, also considering the numerous requests to amend the standard proposed by the various stakeholders in the months immediately following the publication of the first version of the standard.
The amendments to the standard have been adopted by the IASB on 25 June 2020 and, downstream, the process of endorsement of the new standard in the European Union was activated, which was completed on 23 November 2021 with the publication of Regulation (EU) 2021/2036. It is noted that, in the endorsement phase, in line with that desired by the Italian and European industry, as a partial amendment to the version of the standard approved by the IASB, the possibility was also introduced via EU Regulation UE 2023/1803 of not applying the grouping into annual cohorts of Life insurance contracts characterised by intergenerational mutualisation and cash flow matching.
Very briefly, the IFRS 17 accounting standard has introduced the following changes:
a)change in aggregation criteria of insurance contracts: the new accounting model requires greater granularity in the grouping of insurance contracts with similar characteristics that form the basis for quantifying the economic and financial components (so-called Units of Account - UOAs).
b)market-consistent values: insurance liabilities must be measured at current values (based on up-to-date information), estimated on the basis of expected cash flows, weighted by the probability of realisation and discounted to take into consideration the time value of money, the characteristics of cash flows and the characteristics of liquidity of the insurance contracts.
c)explicit measurement of the Risk Adjustment (RA): it must be estimated separately from the liabilities in order to bear the uncertainty about the amount and timing of cash flows arising from the non-financial risk when the entity will fulfil its contractual obligations for the expected cash flows.
d)recognition of the estimated profit that is implicit in the insurance contracts in portfolio: according to the General Accounting Model, as explained in more detail under f) below, the so-called \u201cContractual Service Margin\u201d (CSM), as the difference between the cash flows due to the company (i.e., premiums) and the aggregate contract charges undertaken, including Risk Adjustment, must be identified. This amount, if positive, i.e., in case of non-onerous contracts at the subscription date, will be deferred as a liability for the purpose of recognising it in the Income Statement, spreading it over the entire period during which the insurance cover is provided. If the CSM is negative, on initial recognition or even subsequently in the event of adverse changes in the expected profitability, the implicit loss deriving from the insurance contract cannot be deferred and it is fully recognised in the Income Statement.
e)Income Statement by margins: a representation by margins has been introduced, with the explicit representation of actual flows and estimated flows, which shows:
i.The insurance margin deriving from underwriting activities as a difference between:
A.Insurance revenue, mainly comprised of:
-the amount of insurance service expenses that the insurer expects to incur during the year;
-the evolution of liability due to the explicit adjustment for risk for the component relating to future services;
-the attribution to the year of a portion of the CSM based on the portion of services provided, gross of the component of acquisition charges.
B.Insurance costs, mainly comprised of:
-the amount of insurance service expenses actually incurred during the year under way (claims occurring and change in liabilities for claims occurring and administration expenses);
-the portion of contract acquisition charges allocated on an accrual basis to the financial year;
-the losses on onerous contracts and the related reversal.
ii.Net financial margin as the difference between the result of the investment in financial instruments and net finance expenses/income relating to insurance contracts issued.
f)different accounting models depending on the characteristics of the insurance contracts, such as:
i. The Building Block Approach (BBA): standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement as described in more details in point g) below;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
ii.The Premium Allocation Approach (\u201cPAA\u201d): simplified and optional approach - applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration - which provides for the recognition of a single liability (so-called Liability for Remaining Coverage or LRC) without explicitly distinguishing, unlike the BBA model, the relevant components identified above. The LRC is recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In the event that the pro-rata temporis method is applicable, the method of insurance revenue recognition is similar to the method of accounting for the \u201cProvision for unearned premiums\u201d on the basis of the former IFRS 4.
iii.The Variable Fee Approach (\u201cVFA\u201d): mandatory accounting model that constitutes a variation of the BBA applicable to cases of insurance contracts with direct participation (i.e. whose cash flows are dependent on the underlying assets), which require that the policyholder obtain from the insurance company remuneration based on a substantial share of the returns of a portfolio of clearly identifiable financial assets. Under this approach, the CSM substantially represents the fee for the financial management service provided by the insurer which must be recognised in the Income Statement over the term of the service. Different from that set out for the BBA, any changes in the estimate of the CSM that derive from the performance of the underlying financial assets and, therefore, are due to market variables, result in a change in the CSM without any direct impacts on the Income Statement or Comprehensive Income Statement.
g)accounting options for changes in insurance liabilities attributable to financial variables: regardless of the accounting model adopted, in order to reduce the accounting mismatch that can be generated by the different accounting criteria of financial assets (IFRS 9) and insurance liabilities (IFRS 17), the option (so-called \u201cFVOCI Option\u201d) to recognise the effects of changes in market rates on the value of the liabilities or assets associated with the fulfilment of the insurance contract (so-called \u201cFulfilment Cash Flow\u201d or FCF, comprised of the sum of the present value of expected cash flows and the risk margin) as an offsetting entry to items of Other comprehensive income, thus reducing the volatility of the Income Statement results.
h)qualitative and quantitative disclosure: to accompany the information reported in the Income Statement and in the Statement of Financial Position, the impact of insurance contracts on the company's cash flows and financial performance must also be reported by means of various statements showing the changes occurred during the year related to the single components making up the insurance liabilities. With regard to disclosure, the Supervisory Authority also intervened significantly and, with its Measure of 7 June 2022, updated IVASS Regulation 7/2007, defining, inter alia, in line with the requirements of the IFRS international standards, the minimum content of the annual disclosure and of the more limited half-yearly disclosure, and also introducing a mandatory format, with the quantitative disclosure broken down into mostly tabular forms.
The main choices of the Unipol Group
A brief analysis is provided below of the main choices made by the Unipol Group with reference to the adoption of the new accounting standard IFRS 17 as well as the transition approach referring to the date of initial application (1/1/2022).
For a more detailed illustration of the methodological and valuation approach adopted by the Group, please refer to what is reported below in this section of the Notes to the Financial Statements, commenting on the accounting standards adopted in the recognition and measurement of Insurance Liabilities and other Statement of Financial Position and Income Statement items relating to insurance operations.
IFRS 17 is applied to all products featuring significant insurance risk and to insurance contracts with direct participation features. Based on this criterion, the scope of application has included all Non-Life insurance contracts and, with regard to the Life business, all class I, IV and V products and a limited portion of class III products, if they contain, at the date of first-time adoption of IFRS 17, significant insurance risk other than investment risk. On the basis of this approach, all class VI products were considered not insurance contracts but investment contracts.
In addition, for the determination of the scope of cash flows included in the contract boundary for the purpose of accounting for insurance contracts compared to the scope considered based on the previous accounting criteria, the following changes were made:
-inclusion in the estimate of the initial net liability also of a portion of indirect acquisition costs, which were instead charged directly to the Income Statement when incurred on the basis of IFRS 4;
-possible onerousness on the issue of a UOA is calculated considering a larger scope of cash flows, including all those for which the insurance company cannot modify the rate or benefits to align them with the risk assumed.
Method of aggregating groups of contracts For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group has included in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept). Accounting for charges for claims based on the \u201ccohorts\u201d of issue of insurance contracts, and not by the year of occurrence constitutes a significant change, especially with regard to the Non-Life business, compared to the representation criteria based on the provisions of the previous IFRS 4. Please refer to the section Method of aggregating groups of contracts for additional information on the application criteria adopted by the Group.
With regard to the aggregation criteria used under IFRS 4, the different level of granularity introduced by IFRS 17 results in a greater possibility of identifying onerous UOAs, in the initial accounting phase, resulting in the recording of the expected loss directly in the year of issue.
Calculating discount ratesTo determine the discount rate to apply to future cash flows, in the absence of regulatory provisions on the matter, the Group has applied a bottom-up approach. This approach provides for the identification of a \u201crisk free\u201d curve adjusted on the basis of a factor (\u201cIlliquidity Premium\u201d) that expresses the illiquidity characteristics of insurance contracts. To identify the risk free curve, the Group has adopted a methodology similar to the one used in the area of prudential supervision. The Illiquidity Premium is determined using an approach analogous to that designed in the context of the revision of the Solvency II standard formula, but using the characteristics of the real asset portfolio underlying insurance liabilities. In other words, the Illiquidity Premium is differentiated based on the liquidity characteristics of the cash flows being discounted, distinguishing, for example, between flows that are dependent on the returns of a portfolio of underlying financial assets and those that are not.
Calculation of the adjustment for non-financial risks The Group has adopted a method of determining the Risk Adjustment calculated using metrics derived from the Solvency II framework based on the probability distributions of the set of risks to which the cash flows are subject, and also taking into account the diversification benefits existing between the different UOAs. In particular, the diversification effect is applied between the insurance portfolios of the same entity, but not between different sectors or between legal entities. With reference to the confidence level on the basis of which the amount of the Risk Adjustment is determined, the Group has generally adopted a level equal to the 75th percentile which may be supplemented with a prudential buffer up to the 98th percentile in the event of situations of particular uncertainty in the reference context.
Accounting approaches applied For insurance contracts taken out since the transition date, the Group has generally applied the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for the contracts with direct participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
These accounting models were applied consistently also to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Adoption of options to reduce accounting mismatches The Group has adopted the options to reduce accounting mismatches deriving from the methods of valuation of liabilities and assets subject to IFRS 17 and/or IFRS 9. Specifically, the options set out in paragraphs 88, 89 and 90 of IFRS 17 allow for recognising as an offsetting entry in the Comprehensive Income Statement, rather than in the Income Statement, a portion of the finance income or expenses relating to insurance contracts. That option makes it possible:
-with regard to contracts accounted for using the BBA or PAA, to recognise changes in insurance assets and liabilities deriving from changes in the discount rates as an offsetting entry in the Comprehensive Income Statement, recording in the Separate Income Statement only the effects of capitalising cash flows at the same discount rate applied at initial recognition (the so-called \u201clocked-in\u201d rate);
-with regard to contracts accounted for using the VFA, to eliminate the net financial profitability recognised in the Income Statement deriving from the assets underlying the insurance contracts and from the revaluation of insurance liabilities (\u201cmirroring\u201d). This approach makes it possible to go beyond the practice of shadow accounting, as provided for in IFRS 4, with the aim of reducing the existing accounting mismatch between the valuation criteria of financial assets and those of the correlated insurance liabilities.
Transition to IFRS 17On first-time adoption, the standard IFRS 17 requires the recalculation of the Statement of Financial Position and Income Statement balances at the transition date (which, for the Unipol Group, is 1 January 2022, as the 2023 Financial Statements present the previous year\u2019s Statement of Financial Position and Income Statement for comparison purposes) based on the full retrospective approach, i.e., assuming that the standard had been applied from the date of initial recognition of the insurance contracts. Based on the complexity of the provisions of the standard and the changes introduced to the existing accounting methods, the standard also provides the option, where it is not possible to retrospectively and fully apply the standard, to use two simplified approaches, as alternatives to each other, to calculate the amount of accounting items linked to insurance contracts: the modified retrospective approach or the Fair Value approach.
In order to verify the possibility of reconstructing the data necessary for the application of the full retrospective approach, the Group has carried out a detailed analysis in relation to the transactional flows of the years prior to the transition date (so-called \u201cactual\u201d flows), the cash flows (so-called \u201cexpected\u201d data) and the values, subject to the allocation processes, not directly attributable to the contracts. On the basis of these analyses, the information relating to past years was not fully available in the portfolio or could not be found except by incurring excessive efforts, unreasonable costs with respect to the (limited) information advantage and/or adopting excessively arbitrary assumptions and simplifications, sometimes the result of derivation rules made more uncertain by changes in operations. In this context, the Group believed that there were well-founded reasons that made the full retrospective approach not applicable for the transition to IFRS 17 and, in line with the provisions of the same standard, therefore decided to apply both the fair value approach and the modified retrospective approach to net insurance liabilities outstanding at the transition date.
In particular:
-with reference to the Non-Life business, given the reference context existing at the transition date characterised by significant uncertainties, such as those inherent in inflation dynamics and the possible repercussions on productivity, the fair value approach was mainly adopted (applied in particular to contracts issued by UnipolSai) and, on a residual basis, the modified retrospective approach;
-for the Life business, the fair value approach was mainly applied to the portion of contracts subject to revaluation relating to UOAs linked (i) to segregated funds of little significance or characterised by financial guarantees and retained return levels not in line with those of similar contracts marketed at the transition date, and (ii) to portfolios of non-revaluable contracts linked to collective policies. The modified retrospective approach was applied to the residual portion of insurance contracts, consisting mainly of the UOAs linked to the remaining segregated funds, as well as to the individual non-revaluable contracts.
As a result of the above, the fair value transition approach concerned approximately 89% of the Non-Life business in place at the transition date and 47% of the Life business; while the modified retrospective approach was applied to 53% of the Life business and 11% of the Non-Life business. As already mentioned above, the transition approach, limited to the Non-Life business, also affected the choice of the accounting model to be applied to the business in place at the transition date, reserving the PAA model for the Non-Life business with transition under the modified retrospective approach and instead applying the BBA to the Non-Life business with transition under the Fair Value approach.
It should also be noted that, for the same reasons that do not permit the application of the full retrospective approach, the Group has decided to adopt the following simplifications in the application of the transition approaches with respect to the application of the full retrospective approach:
-aggregation of all cohorts prior to the transition date in a single UOA;
-for contracts where the BBA or PAA is applied, setting at zero the cumulative amount recognised in the Comprehensive Income Statement as a breakdown of the effects on insurance liabilities and assets of the change in the discount rate from the rate of initial recognition;
-for contracts to which the VFA is applied, setting the cumulative amount recognised in the Comprehensive Income Statement related to insurance liabilities equal to the corresponding value recognised in the Comprehensive Income Statement related to the financial instruments underlying the insurance liabilities themselves.
With reference to the methods for calculating the FV, it should be noted that this was determined on the basis of information available at the time of transition, as an aggregation between:-the value of the Best Estimates calculated with metrics in line with those adopted for the preparation of the MCBS and appropriately supplemented, where necessary, to take into account a better estimate of the inflationary context in place at the transition date;
-an amount equal to the estimate of the additional profitability required by the market for assuming the risks underlying the portfolios (the so-called Cost Of Capital method), also defined starting from SII metrics and taking into consideration a capital endowment equal to that held on average in the Italian market with respect to the minimum regulatory capital.
The CSM at the transition date was determined as the difference between the FV and the present value of the risk-adjusted expected future cash flows for each UOA.
IFRS 9 - Financial instruments
The standard IFRS 9 - Financial Instruments was effective at the beginning of 2018. This standard was issued by the IASB at end July 2014 and was endorsed by Regulation (EU) 2016/2067, which reformed provisions envisaged by IAS 39 on the following main issues:
-Classification and Measurement: classification categories were envisaged for financial assets, based on a business model and the characteristics of the contractual cash flows;
-Impairment: an incurred loss model is replaced by an expected loss model, with the introduction of a new concept of staging allocation;
-Hedge Accounting: thanks to this new model, hedge accounting is further aligned to risk management processes.
In particular, as regards Classification and Measurement, unlike in the IAS 39, which requires mainly the analysis of the type of financial asset or liability, as well as the related holding period, the IFRS 9 standard introduced classification criteria of financial instruments based on the measurement of the related business model, as well as the analysis of the characteristics of the contractual cash flows resulting from the instruments themselves, with the application of the so-called SPPI test, aimed at verifying the position of Solely Payments of Principal and Interest. Moreover, in view of measuring what business model should be assigned to the financial instrument, the IFRS 9 envisages more objective parameters, based on various requirements such as: performance, risk, remuneration and turnover.
The new regulations also revised some guidelines on the possible reassignment of the business model that must however be very uncommon and shall meet special conditions involving significant changes, both \u201cinternal\u201d with respect to the company and \u201cdemonstrable\u201d with respect to external parties.
The main choices of the Unipol Group
A brief examination of the activities carried out in relation to the main areas of impact is provided below. It is noted that, to the extent applicable, the approach followed for the first-time adoption of IFRS 9 on the scope of financial instruments held by UnipolSai and its subsidiaries is consistent with that adopted at the time for the first-time adoption of the standard for the other entities in the Unipol Group.
Classification and measurement of financial instruments Classification and measurement of financial assets (credits and debt securities) was defined by the Unipol Group based on the following elements:
-detailed exam of cash flow characteristics;
-definition of the business model.
As regards the first classification element of financial assets, initiatives and procedures have been performed aimed at evaluating whether the contractual cash flows of debt securities in portfolio, at the date of transition to the standard, exclusively reflect the payment of principal and interest accrued on the amount of capital to be returned (so-called SPPI Test \u2013 Solely Payment of Principle and
Interest, supplemented by the so-called Benchmark Test in the absence of a perfect correspondence between the periodical redefinition of the interest rate and the related tenor).As regards the Group\u2019s securities portfolio subject to first-time adoption of IFRS 9, the following is noted:
-a slim portion of debt securities, classified under categories Available-for-sale financial assets and Loans and receivables, which did not pass the SPPI test, was classified in the category Financial assets at fair value through profit or loss. Securities under this classification feature characteristics other than the measurement of credit risk and of time value of money;
-it has been deemed that the management model of the overall bond portfolio, performed by Group entities for which IFRS 9 is applied, can be mainly included within the HTCS \u201cHeld to Collect & Sell\u201d business model. This model, in fact, has the target to collect both cash flows that are contractually envisaged by financial assets and those resulting from the sale of financial assets themselves. In light of both the changes in the regulatory context and of contractual terms related to financial assets under evaluation, which generate cash flows, at predetermined dates, representing only the repayment of the principal and the payment of interest accrued, most of the securities already in the IAS 39 portfolio at the date of transition (previously classified as IAS 39 Available-for-sale financial assets, Loans and receivables and Held-to-maturity investments), with the only exception of securities that did not pass the SPPI test, were classified as Financial assets at fair value through other comprehensive income (FVOCI);
-the residual portion of debt securities, managed using the HTC \u201cHold To Collect\u201d business model, was classified in the category of Financial assets at amortised cost;
-equity securities, which by their nature do not pass the SPPI test, have generally been recognised in the FVOCI Equity category (or without reversal to the income statement of the difference between the purchase and sale value), as permitted by the standard\u2019s option for such instruments, except for any investments held for trading, which have been recognised in the FVPL category;
-the UCITS units, the closed and open funds, whose cash flows did not pass the SPPI test and could not be classified as equity instruments, were therefore recognised under the FVPL category. This category also includes the portfolios of financial instruments of UnipolRe intended, as held by an entity subject to corporate reorganisation, to be subject to a thorough review with a view to a different investment strategy resulting from the reorganisation itself;
-all financial assets included in the portfolios linked to investment products (e.g., Unit-linked and pension funds without significant insurance risk) were classified in the category FVPL, which also includes the related liabilities to underwriters.
With reference to debt securities, IFRS 9 introduced a structured impairment model based on the concept of \u201cexpected loss\u201d which requires the classification of financial assets into three different categories based on the evolution of credit risk, superseding the concept of \u201cincurred loss\u201d established by the previous IAS 39.
With reference to equities, based on the categories in which these instruments can be classified on the basis of IFRS 9 (FVOCI Equity and FVPL), the concept of impairment established by the previous IAS 39 for securities classified in the category of Available-for-sale financial assets has therefore been superseded.
As regards Hedge Accounting, the Group has exercised the faculty, afforded by IFRS 9, to maintain the accounting model as envisaged by the previous IAS 39.
The implementation process
The Unipol Group has been strongly committed to planning for the future application of IFRS 17 since 2017, with extensive involvement of the main corporate functions. After a thorough assessment to determine the impact of this standard and measuring the gaps in terms of processes, IT systems, accounting, actuarial calculations, business and risk, at the beginning of 2018 the IFRS 17 transition project was launched which, under the guidance of UnipolSai, has gradually also involved the other insurance companies in the Group, with a view to implementing a single data processing and management model within the Group, leveraging common policies, processes and IT applications.
With reference to IFRS 9, the Group, following a process of analysis and implementation in the management, IT and accounting systems, has activated in previous years for entities holding financial instruments (other than those not belonging to the insurance sector that have applied IFRS 9 already from the 2019 financial year) a parallel management and accounting system adapted to the requirements of IFRS 9. It should be noted that, in order to enable a more timely application of the rules provided for the VFA, it was necessary to proceed to independently identify and manage a higher number of financial asset portfolios, compared to the context of the previous IAS 39. Specifically, a portfolio of financial instruments was activated for each portfolio to which the VFA is applied.The effects of the application of IFRS 17 and 9
As already mentioned above, the financial statements layouts of ISVAP Regulation 7/2007 applicable to Insurance Groups were revised in 2022 by the Supervisory Authority, albeit with effect only from the year 2023. The amendments introduced, attributable mainly, but not only, to the introduction of IFRS 17 have had significant impacts on the presentation of the Income Statement and Statement of Financial Position items and were also applied to the figures for the previous period presented for comparative purposes in these Consolidated Financial Statements.
In order to allow a clearer reconciliation between the data presented in the last approved consolidated financial statements for the year 2022 and those restated according to the new regulatory system, the effects deriving from the restatement, i.e. from the reclassification, are shown below, without any impacts from the remeasurement of assets, liabilities, costs and revenue due to the application of the new accounting standards:
-to the Statement of Financial Position at 1 January 2022, which is the date of first-time adoption (or FTA) of IFRS 17 and 9 to the entire scope of the Unipol Group;
-to the Income Statement for 2022;
-to the Statement of Financial Position at 31 December 2022
accompanied by a comment on the main changes.
Effects of restatementStatement of Financial Position at the transition date (before restatement of values)
Statement of Financial Position and Income Statement at 31 December 2022 (before restatement of values)
With reference to the statement of financial position balances, it should be noted that, for the purposes of restatement, the amount of item \u201c3. Technical provisions - Reinsurers\u2019 share\u201d of assets and \u201c3. Technical provisions\u201d of liabilities, has been fully allocated respectively to item \u201c3.2 Reinsurance contracts held that are assets\u201d and \u201c3.1 Insurance contracts issued that are liabilities\u201d of the current statement
of financial position format: the detailed effects arising from the recalculation of insurance assets and liabilities on the basis of IFRS 17 have been shown in the subsequent section on restatement of balances.The most significant impact deriving from the restatement of asset items is attributable to the reclassification of financial instruments in the categories under IFRS 9. As mentioned above, the application of IFRS 9 resulted in a significant increase in financial assets at fair value through profit or loss, mainly attributable to the failure to pass the SPPI Test of a portion of the securities portfolio previously classified under Available-for-sale financial assets and, to a lesser extent, Loans and receivables.
Conversely, the amount of financial instruments reclassified under Financial assets at amortised cost is significantly lower than the corresponding accounting categories under the previous IAS 39 (Loans and receivables and Held-to-maturity investments). Similarly, the amount of FVOCI assets is lower than the corresponding IAS 39 category of Available-for-sale financial assets.
Income Statement at 31 December 2022 (before restatement of values) As emerges from the reconciliation scheme, the Income Statement introduced by the current Regulation 7/2007 shows a scalar structure that provides separate evidence of the income components that constitute the insurance service result and those that make up the financial result deriving from investments and of the financial component deriving from insurance assets and liabilities. Some economic components previously grouped under Other revenue and Other costs have also been detailed and shown separately.
For the purposes of the restatement, as the discounting of technical provisions was not included in the previous IFRS 4, it should be noted that in item \u201c10. Net finance expenses/income relating to insurance contracts issued\u201d, the only component of the change in Life technical provisions attributable to the application of the so-called shadow accounting was recognised.
Effects deriving from the restatement of the balances
Statement of Financial Position at the transition date (after restatement of balances) Statement of Financial Position at 31 December 2022 (after restatement of balances) Income Statement at 31 December 2022 (after restatement of balances)
Statement of reconciliation of changes in the consolidated shareholders\u2019 equity In order to provide an overall representation of the effects on equity and on the economic result deriving from the transition to the new accounting standards, please note the following:
-a statement of reconciliation of changes in the consolidated shareholders' equity at the transition date and during the year 2022, accompanied by
-comments on the most significant adjustments due to the application of IFRS 17 and 9.
Main impacts on the Statement of Financial Position at the transition date (1/1/2022)
Shareholders' Equity restated at the transition date in application of the new standards, equal to \u20ac8,838m, was \u20ac883m lower than the \u20ac9,722m recognised in application of the previous standards. The reduction is due to the combined effect of positive changes from the application of IFRS 9, amounting to \u20ac469m, negative changes deriving from the application of IFRS 17 equal to \u20ac1,731m, in addition to the related tax effects of \u20ac378m.
With reference to the application of IFRS 9, the positive balance is mainly due to the portion of financial instruments reclassified from HTM and L&R according to IAS 39 to FVOCI and FVPL according to IFRS 9 and, consequently, recognised at fair value rather than at amortised cost, with the emergence of implicit capital gains in a market environment at the transition date characterised by low interest rates.
The negative impact from the application of IFRS 17 is instead due to the increase in net insurance liabilities as a result of:
-the recognition of the CSM (\u20ac3,203m of which \u20ac1,071m relating to the Non-Life business and \u20ac2,132m to the Life business);
-the recognition of the Risk Adjustment (\u20ac1,162m, of which \u20ac1,025m related to the Non-Life business and \u20ac137m to the Life business);
-the reversal of Intangible assets and deferred acquisition costs (\u20ac138m);
these increases were partly offset by the decrease of \u20ac2,773m deriving from the best estimate of the discounted cash flows to replace the technical provisions at ultimate cost.
It should be noted that, as mentioned above, during the transition phase, the fair value approach was applied with reference to a portion of the Life portfolio as well as to the insurance liabilities of the Non-Life business of UnipolSai, with the consequent application of the BBA to all Non-Life contracts in effect at that date and with a separate recognition, for the net liability component for residual coverage, of the CSM and the Risk Adjustment.
The changes in the Statement of Financial Position illustrated above were also reflected in the related deferred taxation, which resulted in a net positive effect on equity of \u20ac378m.
Effects on the economic result and on other comprehensive income for the year 2022
The result for the period restated according to the new accounting standards went from \u20ac866m to \u20ac675m, against a negative impact of \u20ac701m resulting from the application of IFRS 9, a positive impact of \u20ac465m resulting from the application of IFRS 17, and the related positive deferred tax effects of \u20ac42m. With reference to the impact of IFRS 9, this is mainly due, in a context of significant depreciation of almost all asset classes, to the increased share of financial instruments at fair value through profit or loss. This asset category, intended to increase the volatility of the Income Statement, was progressively reduced during the year 2022, also in view of the entry into force of the new standard.
The negative impact on the 2022 restated income statement arising from IFRS 9 is partially offset by the application of IFRS 17, due in particular to the adoption of the OCI option, which allows for a better control of accounting mismatches with reference to the valuation of assets and liabilities relating to revaluable Life insurance contracts, recognised using the VFA method, and to a positive contribution from the Non-Life business, which benefits from the approach adopted on transition and the net insurance liability discounting effect. In this regard, it should be noted, more generally, that the exercise of the options to mitigate accounting mismatches, relating to the Life and Non-Life insurance portfolio, also led to a marked reduction (from \u20ac2,513m to \u20ac523m net of tax effects) of the negative change in other comprehensive income.
Main impacts on the Statement of Financial Position at 31 December 2022As a result of the differences commented above, there was a positive impact of \u20ac917m on shareholders' equity at 31 December 2022 deriving from application of the new accounting standards, deriving from a positive impact of \u20ac1,752m for the application of IFRS 17, partially offset by the negative effect of the application of IFRS 9 (\u20ac431m) and the effect on deferred taxation, also negative in the amount of \u20ac404m.
With reference to the impact of IFRS 9, this is mainly attributable to the decrease in the portion of the bond portfolio recognised at amortised cost (L&R and HTM categories according to IAS 39 and Amortised cost according to IFRS 9) and the consequent more extensive use of fair values for the measurement of financial assets in the portfolio, in a context of significantly rising interest rates during 2022 such as to negatively affect the market prices of fixed-rate bonds.
In the application of IFRS 17, the main impact resulting from the cash flow component, which increased from \u20ac2,773m to \u20ac5,816m, as discussed above, is attributable to the remeasurement of net insurance liabilities at current values, thus taking into account the discounting effect in a context of significantly higher rates than those at initial recognition of the same net insurance liabilities. It should be noted that this mechanism for adjusting net insurance liabilities was not contemplated in the application of IFRS 4 except through the application of shadow accounting with respect to insurance contracts with direct participation features. With reference to the adjustment for the recognition of the CSM down from \u20ac3,203m to \u20ac2,996m, please note:
(i)a decrease in the component relating to the Non-Life business (from \u20ac1,071m to \u20ac731m) due to the decrease in the portfolio component of policies accounted for under the BBA method, which are gradually being replaced by newly issued policies accounted for under the PAA method, and thus without autonomous representation of the CSM;
(ii)an increase in the component linked to the Life business (from \u20ac2,132m to \u20ac2,265m) due to the positive impacts on the prospective margins of the insurance contracts accounted for using the VFA method due to the increase in market rates.
Lastly, with reference to the Risk Adjustment component, the decrease from \u20ac1,162m to \u20ac942m is mainly due to the same trends already commented on with reference to the CSM in the Non-Life business.
3.1 Insurance contracts issued that are assets
This item includes insurance contracts issued as defined and governed by IFRS 17 - insurance and reinsurance contracts, and investment contracts issued with discretionary participation features - belonging to groups of contracts (UoA) whose net positions at year end constitute assets. Please refer to the comments to item 3 Insurance liabilities - IFRS 17 for additional information on the recognition and measurement criteria adopted with regard to insurance contracts.
5 Other financial assetsThe item includes financial assets not included in the item \u201cInvestments\u201d, such as trade receivables and tax receivables. These assets are recognised at their nominal value and subsequently measured at their estimated realisable value.
Other financial assets include, inter alia, receivables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities and tax receivables.
This item also includes the valuation reserves relating to insurance contracts issued and reinsurance contracts held with regard to the impacts deriving from financial variables, as well as the share of valuation reserves of equity investments valued using the equity method.
Classification of insurance contracts
Insurance contracts according to IFRS 17 are those contracts whereby the issuer assumes significant insurance risk and agrees to compensate a beneficiary in the event of an uncertain adverse event concerning the policyholder.
An insurance risk is significant if and only if the insured event could cause the issuer to pay additional amounts that are significant in any scenario with economic substance.
The uncertainty, on the other hand, concerns the occurrence of the insured event, the timing of the insured event, as well as the amount that must be paid to the policyholder.
Specifically, the Group applies IFRS 17 to all products featuring significant insurance risk and to investments contracts with discretionary participation features. Based on that criterion, the scope of application included Non-Life contracts and, with reference to the Life business, all products in class I, IV and V and a limited portion of products in class III, where they contain a significant insurance risk higher than the investment risk.
In detail, as for the Non-Life segment, all the policies in the portfolio were classified as insurance contracts.
As regards the Life segment, the principal criteria used for classifying Life products as insurance policies were:
\u2022the presence of a significant insurance risk, i.e. the reasonable possibility that the occurrence of the insured event would give rise to the payment of significant \u201cadditional benefits\u201d compared with those that would have been payable if the insured event had not taken place. The criteria for identifying the presence of significant insurance risk are structured as follows:
-above 10% the contract is an insurance contract;
-under 5% the contract is a financial contract;
-between 5% and 10% specific product analyses are carried out;
\u2022the presence of options or guarantees, such as the coefficient of conversion into a guaranteed rate annuity.
Direct participation contracts are those insurance contracts whose cash flows are dependent on the underlying assets and which therefore establish:
\u2022that the policyholder obtains a return linked to a group of clearly identified underlying assets;
\u2022that the issuer expects to recognise a significant share of the returns generated by the fair value of the underlying assets;
\u2022that a significant share of the cash flows that the issuer expects to pay to the policyholder will change based on changes in the fair value of the underlying assets.
Contracts with discretionary participation features (DPF), on the other hand, establish the right to receive, in addition to the basic benefits provided by the guarantee, additional services:
\u2022that they may represent a significant share of the total contractual benefits;
\u2022the amount and timing of which are at the discretion of the Company;
\u2022that they are contractually defined on the basis of:
othe performance of a group of contracts;
orealised and/or unrealised returns on a specific group of assets managed by the issuer;
othe profit or loss of the Company issuing the contract.
In particular, contracts subject to revaluation and linked to segregated funds were classified as investment products with DPF and were therefore measured and recognised as insurance contracts.
Investment contracts are those contracts characterised by the presence of an investment component (deposit), defined as the amount that the company pays to the policyholder even if the insured event does not take place. If they do not include significant insurance risk, they fall within the scope of application of IFRS 9 \u201cFinancial instruments\u201d.The following types of contract were classified as investment contracts with no DPFs according to the rules of IFRS 9:
\u2022index-linked, where the sum insured in the event of death corresponds to the value of the asset plus a small percentage;
\u2022unit-linked, where the sum insured in the event of death corresponds to the NAV plus a small percentage;
\u2022pension funds with guaranteed benefits at contractual maturity or when predefined events occur for which the guarantee is considered insignificant with respect to a pure investment product.
In the case of unit-linked products the loading and the acquisition commissions for the asset management service are recognised and amortised separately over the life of the contract. In the case of index-linked policies, which are not managed over time but only administered, these deferments were not necessary.
Without prejudice to any contractual amendments taking place subsequent to the issue, a contract classified as an insurance contract continues to be an insurance contract until terminated, whereas under certain circumstances an investment contract may be subsequently classified as an insurance contract.
Separation of components
Although, based on a general legal-economic principle, a contract should not be separated in order to correctly reflect its \u201ceconomic substance\u201d, an insurance policy may contain various non-insurance components, such as:
- embedded derivatives, to the extent that they meet certain criteria;
- investment components;
- distinct service components, such as the obligation to provide a non-insurance service or good
These different components must be measured separately from the host contract, as well as accounted for distinctly pursuant to IFRS 9 (for embedded derivatives and investment components) or IFRS 15 (for non-insurance goods/services).
With regard to investment components, which IFRS 17 defines as the amounts that an insurance contract requires the entity to reimburse to the policyholder in all circumstances, regardless of whether or not an insured event occurs, the Group has identified this component by determining the amount that it would be required to reimburse to the policyholder in all scenarios with an impact on commercial substance.
After separating any non-insurance components, the Group applies IFRS 17 to all of the remaining components of the \u201chost\u201d insurance contract.
Method of aggregating groups of contracts
For the purpose of aggregating insurance contracts, the concept of portfolio (\u201ccontracts subject to similar risks and managed together\u201d) set out in the standard, was interpreted by the Group as follows:
-with regard to contracts in the Non-Life business, the Ministerial Class and the Solvency II Line of Business were considered;
-with regard to the products in the Life business relating to revaluable products, the single segregated fund to which the revaluation of the benefits for the contracting party is linked and, on an aggregate level, class III products containing significant insurance risk, were considered;
-for the insurance rates in the Life business not linked to segregated funds, the portfolios were identified based on the type of risk (e.g., Term Life Insurance policies, with specific funding of assets) and underwriting method (individual and collective).
For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group includes in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept).
The Group applies the option set out in Regulation (EU) 2021/2036, which permits, for contracts with direct participation features that are specifically intergenerationally mutualised (identified within the scope of the Unipol Group as revaluable Life products linked to segregated funds), not applying the breakdown of UOAs into annual cohorts of issue.
Valuation models for groups of contractsBy virtue of the provisions of IFRS 17, the entity is required to apply one of the following valuation models to each group of insurance contracts:
A.the Building Block Approach (BBA), also known as the \u201cgeneral model\u201d;
B.the Premium Allocation Approach (PAA), which constitutes an optional and simplified valuation model adopted when contacts offer insurance coverage of less than or equal to 12 months or when it represents a good approximation of the BBA for contracts with a longer duration;
C.the Variable Fee Approach (VFA), which is the mandatory model to be used for the measurement of direct participation contracts.
Please recall that the classification of contracts based on the valuation model adopted, described in greater detail below, is carried out by the Group exclusively at the time of initial recognition on the basis of the contractual terms and economic context existing at that date and cannot be subsequently revised except in the event of contractual amendments.
Building Block Approach \u201cBBA\u201d (also General Measurement Model \u201cGMM\u201d)
The BBA is a standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement, as described in more detail in the section Adoption of options to reduce accounting mismatches \u2013 OCI option;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
Premium Allocation Approach \u201cPAA\u201d
The PAA is an optional and simplified model applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration. This model provides for the recognition of a single liability (\u201cLiability for Remaining Coverage\u201d or LRC) without explicitly distinguishing between the relative components identified in the previous sections, different to the BBA. Generally, at the reporting date, the LRC in the PAA corresponds to the amount of the premiums initially received from the policyholder net of acquisition costs. The LRC is also recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In any case, the BBA valuation model remains applicable for the measurement of liabilities for incurred claims (LIC).
It should be noted that the Group, also taking into consideration the scope of insurance contracts to which this valuation model has been applied, relies on the option, established in par. 56 of IFRS 17, not to adjust the LRC to reflect the time value of money. On the other hand, the Group does not rely on the option established by IFRS 17 par. 59 b), if specific conditions are met, not to adjust FCFs for the time value of money in order to determine the LIC. Lastly, it should be noted that the Group does not make use of the option established by Art. 59 a) of IFRS 17 to recognise the cash flows associated with the acquisition of insurance contracts as costs when they are incurred. The economic burden of these acquisition costs is therefore reversed to the income statement in line with the period during which the insurance services are provided.
Variable Fee Approach \u201cVFA\u201d
The Variable Fee Approach (\u201cVFA\u201d) is a mandatory accounting model that constitutes a variation of the BBA applicable to cases of insurance contracts with direct participation and investment contracts with discretionary participation features which require that the policyholder obtain from the insurance company remuneration based on a substantial share of the returns of a portfolio of clearly identifiable financial assets. This valuation model does not include contracts without direct participation as well as reinsurance policies
issued and held. Under this approach, the CSM substantially represents the fee for the financial management service provided by the insurer which must be recognised in the Income Statement over the term of the service. On initial recognition, there is valuation consistency between the general BBA model and the VFA (with the exception of groups of insurance contracts that do not apply the annual cohort requirement). On the other hand, in the subsequent valuation phase, different from that set out for the BBA, any changes in the estimate of the CSM that derive from the performance of the underlying financial assets and therefore are due primarily to changes in fair value that have an impact on fees for the management service, result in a change in the CSM without generating direct impacts on the Income Statement or Comprehensive Income Statement. Finally, in the VFA, financial charges on the CSM are calculated at the market rate (and not at the locked-in rate). In summary, the CSM does not explicitly accrue any interest but is adjusted in each period by an amount equal to the difference between the change in the fair value of the assets and the change in fulfilment cash flows due to the effect of the time value of money, financial risks and the changes that have affected it.
For insurance and reinsurance contracts taken out since the transition date, the Group generally applies the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for insurance contracts with direct participation features and investment contracts with discretionary participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
By virtue of the principle of consistency, these accounting models were also applied to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Estimates of future cash flows
Consistent with the accounting standards applied, for the estimation of future cash flows, which IFRS 17 defines as cash flows that are expected to arise with the fulfilment of the insurance contract, the Group adopts all reasonable and available information at the reporting date.
Specifically, the cash flows attributable to the group of insurance contracts include, for example, the premiums of policyholders, the payment of claims (including those reported and all future claims for which there is a substantive obligation to provide services net of recoveries), expenses and commissions and costs relating to investment activities carried out for the benefit of policyholders (including investment return services). In addition, the cash flows deriving from the acquisition or underwriting of a group of insurance contracts must be directly attributable to the portfolio of insurance contracts to which the group in question belongs.
Depending on the type of services provided, the other costs incurred for the fulfilment of the contracts could also include:
-management, maintenance and claims administration expenses;
-the costs that the Group will need to incur to provide investment services;
-income taxes and any other charges specifically borne by policyholders.
Calculating discount rates
To determine the discount rate to apply to future cash flows, in the absence of regulatory provisions on the matter, the Group applies a bottom-up approach. This approach provides for the identification of a \u201crisk free\u201d curve adjusted on the basis of a factor (\u201cIlliquidity Premium\u201d) that expresses the illiquidity characteristics of insurance contracts. To identify the risk free curve, the Group has adopted a methodology similar to the one used in the area of prudential supervision. The Illiquidity Premium is determined using an approach analogous to that designed in the context of the revision of the Solvency II standard formula, but using the characteristics of the real asset portfolio underlying insurance liabilities. In other words, the Illiquidity Premium is differentiated based on the liquidity characteristics of the cash flows being discounted, distinguishing, for example, between flows that are dependent on the returns of a portfolio of underlying financial assets and those that are not.
The weighted average discount rates adopted at the end of December 2023 and 2022 are summarised below.Discount rates (zero coupon rate) for cash flows not dependent on underlying assets
Discount rates (zero coupon rate) for cash flows dependent on underlying assets
Calculation of the adjustment for non-financial risks \u2013 RA
The Group has adopted a method of determining the Risk Adjustment based on metrics derived from the Solvency II framework based on the probability distributions of the set of risks to which the cash flows are subject, also taking into account the diversification benefits existing between the different UOAs. In particular, the diversification effect is applied between the insurance portfolios of the same entity, but not between different sectors or between legal entities. With reference to the confidence level on the basis of which the amount of the Risk Adjustment is determined, the Group has generally adopted a level equal to the 75th percentile which may be supplemented with a prudential buffer up to the 98th percentile in the event of situations of particular uncertainty in the reference context.
Contractual Service Margin \u2013 CSM
Please recall that, based on the BBA general accounting model, the \u201cContractual Service Margin\u201d (CSM) is the difference between the cash flows due to the company (i.e., premiums) and the aggregate contract charges undertaken, including risk adjustment. If the CSM is positive, it will be suspended under liabilities with the aim of recognising it in the Income Statement throughout the entire insurance coverage period.
If the CSM is negative, on initial recognition or even subsequently in the event of adverse changes in expected profitability, the implicit loss deriving from the insurance contract cannot be deferred and will need to be recognised in the Income Statement. Specifically, at each subsequent reporting period, the CSM must be adjusted due to changes in expected future cash flows caused, for example, by changes in technical assumptions (death, morbidity, longevity, redemptions, expenses, future premiums, etc.) or the financial interest deriving from the locked-in discount rate used on initial recognition to determine the present value of estimated cash flows.
Specifically, the CSM will be gradually recognised in the Income Statement under the item \u201cInsurance revenue\u201d during the insurance coverage period due to a particular calculation mechanism, introduced by IFRS 17, which aims to reflect the insurance services provided by the company on the basis of \u201ccoverage units\u201d.
In this regard, to determine the coverage units of the entire Non-Life business, the Unipol Group has chosen to use a method based on \u201cincurred undiscounted\u201d claims in order to best represent the risk exposure of the UOAs.
On the other hand, as regards the Life Business, the CSM is released through the Coverage Units determined on the basis of insured capital and any correction to take into account the actual margins achieved during the period.
Adoption of options to reduce accounting mismatches \u2013 OCI optionThe Group has adopted the options to reduce accounting mismatches deriving from the methods of valuation of liabilities and assets subject to IFRS 17 and/or IFRS 9. Specifically, the options set out in paragraphs 88, 89 and 90 of IFRS 17 allow for recognising as an offsetting entry in the Comprehensive Income Statement, rather than in the Income Statement, a portion of the finance income or expenses relating to insurance contracts. That option makes it possible:
-with regard to contracts accounted for using the BBA or PAA, to recognise changes in insurance assets and liabilities deriving from changes in the discount rates as an offsetting entry in the Comprehensive Income Statement, recording in the Separate Income Statement only the effects of capitalising cash flows at the same discount rate applied at initial recognition (the so-called \u201clocked-in\u201d rate);
-with regard to contracts accounted for using the VFA, to eliminate the net financial profitability recognised in the Income Statement deriving from the assets underlying the insurance contracts and from the revaluation of insurance liabilities (\u201cmirroring\u201d).
Derecognition of insurance contracts
Pursuant to IFRS 17, an insurance contract is removed from the group of contracts to which it belongs in the event of its expiry, transfer or amendment of conditions so that a new contract can be recognised in a new group.
In terms of accounting impacts, the derecognition of insurance contracts entails the adjustment of the respective FCF and CSM of the group of contracts, in line with the reasons underlying the derecognition, without generating a direct and immediate effect on the Income Statement (unless the group of contracts becomes onerous or is extinguished).
Classification of insurance liabilities
IFRS 17 calls for the identification of two separate insurance liabilities based on when the insured event takes place:
\u2022
the Liability for remaining coverage (LRC), i.e. the liability that quantifies the issuer\u2019s obligation to provide coverage for insured events that have not yet taken place , which includes discounted expected flows, adjusted for the economic value of time and risk, the cash flows relating to future services and the expected profit (CSM Contractual Service Margin) of the group of contracts at that date, then suspended in the balance sheet and released according to the coverage units;\u2022
the Liability for incurred claims (LIC), i.e. the liability that quantifies the issuer\u2019s obligation to compensate for events that have already occurred and which includes the discounted expected cash flows, adjusted for the economic value of time and risk as well as the cash flows relating to past services. 3.1 Insurance contracts issued that are liabilities
This item includes insurance contracts issued as defined and governed by IFRS 17 - insurance and reinsurance contracts, and investment contracts issued with discretionary participation features - belonging to groups of contracts (UoA) whose net positions at year end constitute liabilities.
3.2 Reinsurance contracts held that are liabilities
This item includes reinsurance contracts held defined and governed by IFRS 17, belonging to groups of contracts (UoA) whose net positions at year end constitute liabilities.
5 Payables
The item Payables includes:
-payables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities;
-Other payables, such as trade payables, payables for policyholders\u2019 tax due, payables for post-employment benefits, sundry tax payables and social security charges payable.
Payables are recognised at their nominal value.
1. Insurance revenue from insurance contracts issued - IFRS 17
Revenues from insurance contracts issued consist of the fees due to the Company for the insurance services it provides, which pursuant to IFRS 17 are recognised in the income statement in proportion to the share of services provided in the reference period.
The methods whereby fees are reflected in the item \u201cInsurance revenue\u201d vary depending on the accounting model applied. With regard to the general BBA model (and the relative VFA variant), a value is recognised under insurance revenue, corresponding to the benefits that the Group had estimated to provide in the same period and incorporated into the estimate of the LRC at the beginning of the period (or initial recognition in the case of new contracts), plus the related risk adjustment and the share of the margin on contractual services rendered during the period. In detail, the portion of the fee allocated to revenue in the income statement incorporates:
-the estimated expenses for insurance services in the period, i.e. for claims and related expenses expected in the period and measured on the basis of estimates at the beginning of the period;
-the adjustment for non-financial risk;
-the release of the contractual service margin in relation to the insurance coverage provided in the period (coverage unit); and
-any additional amounts received and not incorporated in the initial estimates in relation to the services for the current period or previous years, such as experience adjustments for premiums received relating to current or past services.
On the other hand, with regard to contracts valued according to the Premium Allocation Approach (\u201cPAA\u201d), the recognition of insurance revenue, therefore the release of the LRC, must be carried out in relation to the distribution of insurance risk over the life of the contracts; in particular, the distribution can be carried out:
-pro-rata temporis if a linear risk trend is assumed during the coverage; or
-in the opposite case, on the basis of the different identified and expected distribution of insurance risk during the coverage period.
2. Insurance service expenses from insurance contracts issued \u2013 IFRS 17
The item includes expenses actually incurred in the period deriving from insurance contracts issued and relating to claims occurring during the year (net of investment components) and other expenses directly attributable to the contracts, estimated losses and the respective changes in relation to groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued.
It also includes the management expenses of investments underlying the insurance contracts to which the VFA is applied.
With regard to groups of insurance contracts with direct participation features and investment contracts with DPF, this item includes changes in the amount of the share of the fair value pertaining to the company that do not change the CSM.
Any positive or negative balance is also included among other technical charges and other technical income connected with insurance contracts issued, for the part of these charges and income not included in FCFs.
10. Net finance expenses/income relating to insurance contracts issued - IFRS 17
The item includes changes in the estimated value of insurance contracts issued due to changes in the time value of money and financial risks, net of those recognised in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f159557": {
"value": "1 Intangible assets - IAS 38
In accordance with the provisions of IAS 38, the only intangible assets that may be capitalised are those that can be identified and controlled by the company and from which the company will derive future financial benefits.
The following assets are recognised as intangible assets with a finite life:
\u2022
goodwill paid for the acquisition of Non-Life and Life portfolios: the value of the policies acquired is calculated by estimating the present value of the future cash flows of the existing policies. The Group amortises this value throughout the expected average residual life. This valuation is reviewed annually;\u2022
costs incurred for the acquisition of software licences, amortised over three years;\u2022
trademarks acquired within a business combination;\u2022
costs incurred for consultancy on major projects for the development and implementation of IT systems, including customisation of the corresponding software, amortised over five or ten years according to its estimated useful life.Projects under development are not amortised until the year in which they are first used.
Goodwill paid when companies are acquired or merged is also included among intangible assets, as already mentioned in the previous paragraph Basis of consolidation (also provisionally, determined on the basis of IFRS 3). As this goodwill has an indefinite useful life, it is not amortised, but it is tested for impairment at least once a year, or each time there is any indication of impairment; durable impairments are recognised in the income statement and cannot be reversed in subsequent years.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f159695": {
"value": "\u2022
costs incurred for the acquisition of software licences, amortised over three years;\u2022
trademarks acquired within a business combination;\u2022
costs incurred for consultancy on major projects for the development and implementation of IT systems, including customisation of the corresponding software, amortised over five or ten years according to its estimated useful life.Projects under development are not amortised until the year in which they are first used.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f159791": {
"value": "(also provisionally, determined on the basis of IFRS 3). As this goodwill has an indefinite useful life, it is not amortised, but it is tested for impairment at least once a year, or each time there is any indication of impairment; durable impairments are recognised in the income statement and cannot be reversed in subsequent years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f159893": {
"value": "2 Property, plant and equipment - IAS 16 and IFRS 16The item includes properties used for business purposes, plant, other machines and equipment owned by the Group and rights of use acquired through lease contracts for the use of a tangible asset, except for contracts with a duration equal to or less than 12 months or referring to assets of a modest unit value.
For recognising and measuring this category of assets the Group has adopted the cost model, which systematically depreciates the asset\u2019s depreciable amount over its useful life. With reference to property, plant and equipment deriving from right of use recognition, as envisaged in IFRS 16, the initial recognition value corresponds with the present value of future payments to the lessor over the contractual duration of the lease, also including amounts due to the lessor for the exercise of any purchase option on the asset if such exercise is considered reasonably certain.
Depreciation, which is carried out each year on a straight-line basis, begins when the asset is available and ready for use and ends when the asset has come to the end of its useful life (which in the case of property is estimated at 33.4 years). In the case of wholly-owned properties (land and buildings) depreciation is carried out only on the building.
Consolidated real estate companies include in the carrying amount the borrowing costs incurred for loans specifically for acquiring and renovating property, if this can be justified.
The costs of improvements and conversions are capitalised if they result in an increase in the useful life or the carrying amount of the assets.
Assets that suffer impairment losses are written down.
The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact9": {
"value": "With reference to property, plant and equipment deriving from right of use recognition, as envisaged in IFRS 16, the initial recognition value corresponds with the present value of future payments to the lessor over the contractual duration of the lease, also including amounts due to the lessor for the exercise of any purchase option on the asset if such exercise is considered reasonably certain.This item includes property or rights of use (IFRS 16) held either to earn rental income or for capital appreciation or for both.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact10": {
"value": "Depreciation, which is carried out each year on a straight-line basis, begins when the asset is available and ready for use and ends when the asset has come to the end of its useful life (which in the case of property is estimated at 33.4 years). In the case of wholly-owned properties (land and buildings) depreciation is carried out only on the building.
amortisation/depreciationnegative changes deriving from depreciation16. Net impairment losses/reversals on property, plant and equipment
The item includes impairment losses, depreciation and write-backs relating to property, plant and equipment, other than in relation to investment property, including those relating to assets granted under operating leases and rights of use acquired through leases and for the use of property, plant and equipment.
The item also includes the results of the valuations of property, plant and equipment classified as \u201cNon-current assets or assets of a disposal group held for sale\u201d pursuant to IFRS 5.
17. Net impairment losses/reversals on intangible assets
The item includes impairment losses, amortisation and write-backs relating to intangible assets, including those relating to assets granted under operating leases and rights of use acquired through leases and for the use of intangible assets.
The item also includes the results of the valuations of property, plant and equipment classified as \u201cNon-current assets or assets of a disposal group held for sale\u201d pursuant to IFRS 5.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f160174": {
"value": "Consolidated real estate companies include in the carrying amount the borrowing costs incurred for loans specifically for acquiring and renovating property, if this can be justified.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact11": {
"value": "The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition.
The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact12": {
"value": "3.1 Insurance contracts issued that are assets
This item includes insurance contracts issued as defined and governed by IFRS 17 - insurance and reinsurance contracts, and investment contracts issued with discretionary participation features - belonging to groups of contracts (UoA) whose net positions at year end constitute assets. Please refer to the comments to item 3 Insurance liabilities - IFRS 17 for additional information on the recognition and measurement criteria adopted with regard to insurance contracts.
3.2 Reinsurance contracts held that are assets
This item includes reinsurance contracts held defined and governed by IFRS 17, belonging to groups of contracts (UoA) whose net positions at year end constitute assets.
Classification of reinsurance contracts held
The Group generally applies the same recognition and measurement criteria used for insurance contracts issued without direct participation features to reinsurance contracts held that transfer a significant risk, as defined and governed by IFRS 17, illustrated below in the note on item 3 Insurance liabilities - IFRS 17, to which reference is made. In particular, reinsurance contracts held can be recognised in accordance with the BBA and PAA accounting models. Similarly to the underlying insurance contracts, the PAA is generally used for short-term reinsurance coverage, while contracts with long-term coverage are measured with the BBA. It should be noted that since the specific features of the treaties may influence their respective classification, each reinsurance contract is subject to a detailed analysis by the Group in order to identify the corresponding appropriate accounting treatment.
In addition, the valuation of reinsurance contracts held adopts assumptions consistent with those used to estimate the present value of future cash flows of the underlying insurance contracts, integrating an adjustment for the risk of default of the reinsurer measured at each reporting date, the effect of which is recognised in the income statement. The trend of the valuation models is the same as the underlying insurance contracts except for the concept of CSM, which is replaced by that of \u201cnet cost/net gain\u201d which, in any case, is deferred and released to the Income Statement during the coverage period, in line with the provision of reinsurance services.
5 Other financial assetsThe item includes financial assets not included in the item \u201cInvestments\u201d, such as trade receivables and tax receivables. These assets are recognised at their nominal value and subsequently measured at their estimated realisable value.
Other financial assets include, inter alia, receivables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities and tax receivables.
This item also includes the valuation reserves relating to insurance contracts issued and reinsurance contracts held with regard to the impacts deriving from financial variables, as well as the share of valuation reserves of equity investments valued using the equity method.
Classification of insurance contracts
Insurance contracts according to IFRS 17 are those contracts whereby the issuer assumes significant insurance risk and agrees to compensate a beneficiary in the event of an uncertain adverse event concerning the policyholder.
An insurance risk is significant if and only if the insured event could cause the issuer to pay additional amounts that are significant in any scenario with economic substance.
The uncertainty, on the other hand, concerns the occurrence of the insured event, the timing of the insured event, as well as the amount that must be paid to the policyholder.
Specifically, the Group applies IFRS 17 to all products featuring significant insurance risk and to investments contracts with discretionary participation features. Based on that criterion, the scope of application included Non-Life contracts and, with reference to the Life business, all products in class I, IV and V and a limited portion of products in class III, where they contain a significant insurance risk higher than the investment risk.
In detail, as for the Non-Life segment, all the policies in the portfolio were classified as insurance contracts.
As regards the Life segment, the principal criteria used for classifying Life products as insurance policies were:
\u2022the presence of a significant insurance risk, i.e. the reasonable possibility that the occurrence of the insured event would give rise to the payment of significant \u201cadditional benefits\u201d compared with those that would have been payable if the insured event had not taken place. The criteria for identifying the presence of significant insurance risk are structured as follows:
-above 10% the contract is an insurance contract;
-under 5% the contract is a financial contract;
-between 5% and 10% specific product analyses are carried out;
\u2022the presence of options or guarantees, such as the coefficient of conversion into a guaranteed rate annuity.
Direct participation contracts are those insurance contracts whose cash flows are dependent on the underlying assets and which therefore establish:
\u2022that the policyholder obtains a return linked to a group of clearly identified underlying assets;
\u2022that the issuer expects to recognise a significant share of the returns generated by the fair value of the underlying assets;
\u2022that a significant share of the cash flows that the issuer expects to pay to the policyholder will change based on changes in the fair value of the underlying assets.
Contracts with discretionary participation features (DPF), on the other hand, establish the right to receive, in addition to the basic benefits provided by the guarantee, additional services:
\u2022that they may represent a significant share of the total contractual benefits;
\u2022the amount and timing of which are at the discretion of the Company;
\u2022that they are contractually defined on the basis of:
othe performance of a group of contracts;
orealised and/or unrealised returns on a specific group of assets managed by the issuer;
othe profit or loss of the Company issuing the contract.
In particular, contracts subject to revaluation and linked to segregated funds were classified as investment products with DPF and were therefore measured and recognised as insurance contracts.
Investment contracts are those contracts characterised by the presence of an investment component (deposit), defined as the amount that the company pays to the policyholder even if the insured event does not take place. If they do not include significant insurance risk, they fall within the scope of application of IFRS 9 \u201cFinancial instruments\u201d.The following types of contract were classified as investment contracts with no DPFs according to the rules of IFRS 9:
\u2022index-linked, where the sum insured in the event of death corresponds to the value of the asset plus a small percentage;
\u2022unit-linked, where the sum insured in the event of death corresponds to the NAV plus a small percentage;
\u2022pension funds with guaranteed benefits at contractual maturity or when predefined events occur for which the guarantee is considered insignificant with respect to a pure investment product.
In the case of unit-linked products the loading and the acquisition commissions for the asset management service are recognised and amortised separately over the life of the contract. In the case of index-linked policies, which are not managed over time but only administered, these deferments were not necessary.
Without prejudice to any contractual amendments taking place subsequent to the issue, a contract classified as an insurance contract continues to be an insurance contract until terminated, whereas under certain circumstances an investment contract may be subsequently classified as an insurance contract.
Separation of components
Although, based on a general legal-economic principle, a contract should not be separated in order to correctly reflect its \u201ceconomic substance\u201d, an insurance policy may contain various non-insurance components, such as:
- embedded derivatives, to the extent that they meet certain criteria;
- investment components;
- distinct service components, such as the obligation to provide a non-insurance service or good
These different components must be measured separately from the host contract, as well as accounted for distinctly pursuant to IFRS 9 (for embedded derivatives and investment components) or IFRS 15 (for non-insurance goods/services).
With regard to investment components, which IFRS 17 defines as the amounts that an insurance contract requires the entity to reimburse to the policyholder in all circumstances, regardless of whether or not an insured event occurs, the Group has identified this component by determining the amount that it would be required to reimburse to the policyholder in all scenarios with an impact on commercial substance.
After separating any non-insurance components, the Group applies IFRS 17 to all of the remaining components of the \u201chost\u201d insurance contract.
Method of aggregating groups of contracts
For the purpose of aggregating insurance contracts, the concept of portfolio (\u201ccontracts subject to similar risks and managed together\u201d) set out in the standard, was interpreted by the Group as follows:
-with regard to contracts in the Non-Life business, the Ministerial Class and the Solvency II Line of Business were considered;
-with regard to the products in the Life business relating to revaluable products, the single segregated fund to which the revaluation of the benefits for the contracting party is linked and, on an aggregate level, class III products containing significant insurance risk, were considered;
-for the insurance rates in the Life business not linked to segregated funds, the portfolios were identified based on the type of risk (e.g., Term Life Insurance policies, with specific funding of assets) and underwriting method (individual and collective).
For the purpose of identifying the unit of account, i.e., the level of aggregation, also defined based on the level of expected profitability of the contracts, to which the accounting criteria set out in the standard are applied, the Group includes in the same UOA all contracts issued during each financial year (period 1/1 \u2013 31/12, corresponding to the \u201cannual cohort\u201d concept).
The Group applies the option set out in Regulation (EU) 2021/2036, which permits, for contracts with direct participation features that are specifically intergenerationally mutualised (identified within the scope of the Unipol Group as revaluable Life products linked to segregated funds), not applying the breakdown of UOAs into annual cohorts of issue.
Valuation models for groups of contractsBy virtue of the provisions of IFRS 17, the entity is required to apply one of the following valuation models to each group of insurance contracts:
A.the Building Block Approach (BBA), also known as the \u201cgeneral model\u201d;
B.the Premium Allocation Approach (PAA), which constitutes an optional and simplified valuation model adopted when contacts offer insurance coverage of less than or equal to 12 months or when it represents a good approximation of the BBA for contracts with a longer duration;
C.the Variable Fee Approach (VFA), which is the mandatory model to be used for the measurement of direct participation contracts.
Please recall that the classification of contracts based on the valuation model adopted, described in greater detail below, is carried out by the Group exclusively at the time of initial recognition on the basis of the contractual terms and economic context existing at that date and cannot be subsequently revised except in the event of contractual amendments.
Building Block Approach \u201cBBA\u201d (also General Measurement Model \u201cGMM\u201d)
The BBA is a standard model that provides for the separate accounting for the components of insurance liabilities/assets, comprised of the present value of expected future cash flows, the explicit adjustment for risk and the CSM, constantly adjusted based on the market conditions, specifically:
-the changes in the present value of cash flows deriving from changes in the discount rate used result in an equivalent adjustment of the present value of cash flows with an offsetting entry in the Income Statement or, as an option, in the Comprehensive Income Statement, as described in more detail in the section Adoption of options to reduce accounting mismatches \u2013 OCI option;
-the changes in the estimated liabilities relating to future services result in an adjustment to the CSM;
-the changes observed in the expected cash flows for the period (recognised under revenue from insurance services) and those actually incurred in the period (recognised under insurance service expenses), instead, impact the Income Statement for the year.
Premium Allocation Approach \u201cPAA\u201d
The PAA is an optional and simplified model applicable to contracts with coverage equal to or less than 12 months and, only under specific conditions, also to contracts with a longer duration. This model provides for the recognition of a single liability (\u201cLiability for Remaining Coverage\u201d or LRC) without explicitly distinguishing between the relative components identified in the previous sections, different to the BBA. Generally, at the reporting date, the LRC in the PAA corresponds to the amount of the premiums initially received from the policyholder net of acquisition costs. The LRC is also recognised in the Income Statement according to systematic logic on a time basis or, if significantly different, based on the expected risk distribution pattern in the contractual coverage period. In any case, the BBA valuation model remains applicable for the measurement of liabilities for incurred claims (LIC).
It should be noted that the Group, also taking into consideration the scope of insurance contracts to which this valuation model has been applied, relies on the option, established in par. 56 of IFRS 17, not to adjust the LRC to reflect the time value of money. On the other hand, the Group does not rely on the option established by IFRS 17 par. 59 b), if specific conditions are met, not to adjust FCFs for the time value of money in order to determine the LIC. Lastly, it should be noted that the Group does not make use of the option established by Art. 59 a) of IFRS 17 to recognise the cash flows associated with the acquisition of insurance contracts as costs when they are incurred. The economic burden of these acquisition costs is therefore reversed to the income statement in line with the period during which the insurance services are provided.
For insurance and reinsurance contracts taken out since the transition date, the Group generally applies the following accounting models:
-the PAA for all Non-Life contracts with coverage of up to 12 months;
-the VFA for insurance contracts with direct participation features and investment contracts with discretionary participation features (mainly comprised of revaluable policies linked to segregated funds);
-the BBA for all insurance contracts not included in the above categories, i.e., mainly for multi-annual Non-Life and Life policies other than those to which the VFA is applied.
By virtue of the principle of consistency, these accounting models were also applied to contracts signed prior to the transition date, with the exception of Non-Life business, accounted for on the basis of:
-the BBA if the fair value approach has been applied to them as a transition method;
-the PAA if the transition took place with the modified retrospective approach.
Classification of insurance liabilities
IFRS 17 calls for the identification of two separate insurance liabilities based on when the insured event takes place:
\u2022
the Liability for remaining coverage (LRC), i.e. the liability that quantifies the issuer\u2019s obligation to provide coverage for insured events that have not yet taken place , which includes discounted expected flows, adjusted for the economic value of time and risk, the cash flows relating to future services and the expected profit (CSM Contractual Service Margin) of the group of contracts at that date, then suspended in the balance sheet and released according to the coverage units;\u2022
the Liability for incurred claims (LIC), i.e. the liability that quantifies the issuer\u2019s obligation to compensate for events that have already occurred and which includes the discounted expected cash flows, adjusted for the economic value of time and risk as well as the cash flows relating to past services. 3.1 Insurance contracts issued that are liabilities
This item includes insurance contracts issued as defined and governed by IFRS 17 - insurance and reinsurance contracts, and investment contracts issued with discretionary participation features - belonging to groups of contracts (UoA) whose net positions at year end constitute liabilities.
3.2 Reinsurance contracts held that are liabilities
This item includes reinsurance contracts held defined and governed by IFRS 17, belonging to groups of contracts (UoA) whose net positions at year end constitute liabilities.
5 Payables
The item Payables includes:
-payables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities;
-Other payables, such as trade payables, payables for policyholders\u2019 tax due, payables for post-employment benefits, sundry tax payables and social security charges payable.
Payables are recognised at their nominal value.
3. Insurance revenue from reinsurance contracts held \u2013 IFRS 17
This item includes the amount recovered from reinsurers such as, for example, the amount of expenses and losses recovered on the underlying insurance contracts, as well as the positive balance between write-backs and value adjustments connected with the expected losses deriving from the reinsurer\u2019s risk of default.
4. Insurance service expenses from reinsurance contracts held \u2013 IFRS 17The item includes the share of premiums ceded for the year, net of the amounts expected to be received from reinsurers not associated with claims relating to the underlying insurance contracts.
Lastly, it includes the negative balance between write-backs and value adjustments connected with expected losses deriving from the reinsurer\u2019s risk of default and the positive or negative balance between other technical charges and other technical income connected with reinsurance, for the part of these charges and income not included in Fulfilment Cash Flows (FCFs).
11. Net finance income/expenses relating to reinsurance contracts held \u2013 IFRS 17
Net financial income or charges deriving from insurance and reinsurance contracts are presented in the Group Income Statement with a distinction between insurance contracts issued and reinsurance contracts held.
Specifically, the items include changes in the estimated value of groups of contracts deriving from financial risks, such as:
(i)the effect of the time value of money and the relative changes;
(ii)the effect of financial risk and the relative changes (i.e. changes in the discount rate, exchange rate, time value of options and guarantees).
The Unipol Group has relied on the option established by IFRS 17 (\u201cFVOCI Option\u201d) to recognise the effects of the change in market rates on the value of insurance liabilities and assets as a balancing entry to items of other comprehensive income, thus reducing Income Statement volatility.
Taking into account the above accounting option, financial income/charges relating to insurance and reinsurance contracts are systematically recognised in the income statement according to different methods based on the accounting model applied; in particular:
-for groups of contracts accounted for according to the general BBA model, financial income/charges are released to the income statement on the basis of the same interest rate used to discount future cash flows at initial recognition, the so-called \u201clocked-in\u201d interest rate;
-for groups of contracts accounted for according to the PAA model, financial income/charges are released to the income statement on the basis of a locked-in interest rate that corresponds to the interest rate originally used to discount LIC future cash flows, or the market rate of the year in which the claims occur;
-lastly, for groups of insurance contracts with direct participation features accounted for according to the VFA, since the Group generally holds the underlying items, the financial income/charges included in the Income Statement correspond exactly to the accounting return for the period of the underlying items.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f160917": {
"value": "4.1 Investment property - IAS 40 and IFRS 16
This item includes property or rights of use (IFRS 16) held either to earn rental income or for capital appreciation or for both.
Investment property is recognised by applying the cost method, as allowed by IAS 40 (an alternative to the fair value method).
If the final recoverable amount of property is estimated to be less than the carrying amount (or zero) it is depreciated annually on a straight-line basis, based on the recoverable amount and the estimated useful life (33.4 years).
If the recoverable amount of the property is estimated to exceed the carrying amount, no depreciation is applied. In the case of wholly-owned properties (land and buildings) depreciation is carried out only on the building.
The costs of improvements and conversions are capitalised if they result in an increase in the carrying amount, the useful life or the profitability of the assets.
Assets that suffer impairment losses are written down. The market value is determined at least once a year by means of expert appraisals conducted by outside companies.
The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact13": {
"value": "4.2 Investments in associates and interests in joint ventures - IAS 28 and IFRS 11
This item includes investments in associates as defined in IAS 28, which are measured using the equity method or at cost.
7. Gains/losses on investments in associates and interests in joint ventures
This item includes gains and losses on investments in associates and interests in joint ventures recognised in the corresponding asset item.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f161168": {
"value": "Financial instruments - IAS 32 - IFRS 7, 9 and 13
Recognition date
The Group generally records financial transactions on the basis of the settlement date (value date), with reference to the financial instruments included in items 4. Investments and 4. Financial liabilities and on the basis of the transaction (trading) date for the financial instruments recognised in other items of the statement of financial position.
Reclassifications of financial assets \u2013 IFRS 9
With reference to debt securities, reclassifications among other categories of financial assets are limited to cases in which there is a change to the business model for financial asset management and forward-looking recognition is applied, i.e. without adjusting any economic component recognised previously. The reclassification of equity instruments is not permitted.
Derivatives
Derivatives are initially recognised at the purchase cost representing the fair value and subsequently measured at fair value. Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
Derivatives may be acquired for \u201ctrading\u201d or \u201chedging\u201d purposes. For hedging transactions, the accounting standards envisage cumbersome and complex rules, with the preparation of specific documentation, to assess the effectiveness of the hedge from the time it is activated and throughout its entire term (hedge accounting). Please note that the Group has exercised the right, afforded by IFRS 9, to continue to recognise hedging transactions according to the accounting model envisaged by the previous IAS 39.
All derivative financial instruments are classified under \u201cFinancial assets at fair value through profit or loss - Held-for-trading financial assets\u201d and \u201cFinancial liabilities at fair value through profit or loss - Held-for-trading financial liabilities\u201d.
Accounting of structured bonds issued by special purpose vehicles (SPVs)The Group invests in notes issued by SPVs with rather similar purposes and management methods as those that characterise investments in structured and unstructured bonds, made as part of the ordinary financial management of resources derived from normal business. This financial management is characterised, in relation to the Group\u2019s business sector, by a special degree of complexity, which requires, under certain circumstances, the subscription of financial assets with specific characteristics (e.g. in terms of maturity, creditworthiness and payoff) that are not always easy to find on the financial markets. The investment opportunities offered via SPVs also make it possible, owing to their specific nature, to expand the range of financial investments available.
The Unipol Group classifies and records the bonds issued by SPVs based on the instructions provided in IFRS 9, deeming the circumstance that they have been issued by SPVs irrelevant, in consideration of the fact that the SPV is, in fact, considered merely a technical instrument through which to structure complex financial instruments whose risk/return profile is essentially evaluated by jointly taking into consideration the contracts that govern the notes issued by the SPV, the associated derivative contracts (generally swap agreements) and any other contractual clauses such as financial guarantee or similar clauses, or yet other \u201cancillary\u201d clauses which may, in theory, make provision, when given conditions are satisfied, for the liquidation of the securities. The SPVs whose bonds are held by the Unipol Group in fact, consistently replicate, with the arranger, the positions they assume with noteholders, as the risks or returns of the transaction cannot be retained within it.
Therefore, investments in notes issued by SPVs are accounted for on the basis of IFRS 9, with the same criteria applied for investments in structured and unstructured bonds, with particular regard to the SPPI test. In fact, an entity must only consolidate an SPV in the event the entity exercises control over it pursuant to IFRS 10, paragraphs 6 and 7.
The Unipol Group, with regard to bonds issued by SPVs in the portfolio at 31 December 2023, does not exercise any form of control over the SPVs, in the sense that it is not able to govern the management process of the SPVs (which, in fact, is defined by the arrangers of the investment transaction in which the Group participates by subscribing the notes and other relevant contracts) and does not obtain any benefits from the SPVs other than those strictly dependent on the formally subscribed financial instrument. The Group holds the notes issued by the SPV and can only dispose of these autonomously, as it does not have the power to dispose of the financial instruments held by the vehicle. It is reasonable to infer, from this, that the Group holds no form of control of the SPVs pursuant to IFRS 10.
In cases where, through the SPV internal segments, which segregate the risks and benefits of issues, the majority of said risks and benefits are transferred to the Unipol Group, the consolidation of the segments would lead to the need to replace the debt securities issued by the SPV and subscribed by the Group with a financial asset which, in terms of the associated risks and returns, exactly replicates the financial profile of the notes cancelled as a result of the consolidation.
In fact, the segments consistently replicate, with the arranger, the positions the latter assume with noteholders, as the risks or benefits of the transaction cannot be retained within it. The result is that the financial asset to be recognised due to the consolidation of the segments would have, substantively speaking and therefore for the purposes of classification and measurement pursuant to IFRS 9, characteristics identical to those of the notes cancelled as a result of the consolidation of said segment; the result being that, in the case of consolidation of segments in which the risks/benefits of the asset pertain fully to the Unipol Group, there would be no substantive effects on the accounting representation of the transaction, essentially confirming the fact that, in effect, the SPVs are technical instruments for realising an investment in financial assets with characteristics which are, for all intents and purposes, equivalent to those of the notes issued by the SPV itself and segregated in the segment.
Impairment
In order to quantify impairment, financial assets (other than those purchased or originated which, as of the initial recognition date, show objective evidence of impairment \u201cPurchased or Originated Credit Impaired assets\u201d or \u201cPOCI\u201d) recognised in the categories Financial assets at amortised cost and Financial assets at fair value through other comprehensive income are classified in three stages (credit rating):
Stage 1: financial assets qualified as \u201cperforming\u201d, for which a significant increase in credit risk has not been recognised with respect to the initial recognition date;
Stage 2: financial assets qualified as \u201cperforming\u201d, for which a significant increase in credit rating has been recognised with respect to the initial recognition date;
Stage 3: impaired financial assets.
With reference to POCI, the amortised cost and the relative impairment adjustments are calculated in a specific manner on the basis of an effective interest rate adjusted for the credit risk determined by taking initial expected losses into account in estimated future flows.The IFRS 9 impairment model is based both on objective (quantitative) and qualitative criteria to determine the significant increase of credit risk used to classify the individual financial assets in Stage 1 or Stage 2. Specifically, the Unipol Group recognises in Stage 2 any situations of non-payment for at least 30 days from the reporting date and any exposures whose rating assigned to the security has been specifically downgraded (in terms of the number of notches). As regards downgrading, it is noted that, in defining a significant increase in credit risk, the option is exercised to exclude a portion of the securities portfolio, which is characterised by a low credit risk (i.e., \u201cLow credit risk exemption\u201d). Specifically, that option is applied to debt securities with \u201cinvestment grade\u201d ratings. All exposures for which there is objective evidence of loss are classified in Stage 3.
Different modalities to measure value adjustments were defined for each Stage, based on the concept of \u201cExpected Loss\u201d or \u201cExpected Credit Losses\u201d (ECL), and, specifically:
-whenever it is deemed that the credit risk of the instrument has significantly increased after initial recognition (Stage 2) and for loans in Stage 3, an estimate of the \u201clifetime\u201d ECL is applied (determination of possible losses over the entire residual life of the instrument);
-for instruments classified in Stage 1 or, in any event, on instruments maturing within the year, an estimate of the ECL deriving from possible default events within 12 months is applied.
In the risk parameters used to calculate the ECL, measurement models of expected losses include the Point-in-Time risk measures and the Forward looking risk measures on the future dynamics of macro-economic factors on which the lifetime expected loss depends.
4.3 Financial assets at amortised cost - IFRS 9
This financial statements item includes financial assets that meet both the following conditions:
-
the financial asset is held within the context of a new business model that has the objective to collect contractual cash flows (HTC - Held to Collect);-
contractual terms of financial assets generate, at predetermined maturity, cash flows representing only principal and interest on the residual capital that meet the Solely Payments of Principal and Interest (SPPI) condition. The initial recognition of these financial assets is carried out when the Group becomes a party in the contractual terms of the financial instrument, which usually coincides with the date of settlement. The value of the initial recognition is equal to the fair value of the financial instrument, which generally corresponds to the related purchase cost, including directly chargeable transaction costs or income.
After the initial recognition, these assets are measured at amortised cost by using the effective interest method, as well as net of impairment loss.
4.4 Financial assets at fair value through other comprehensive income (FVOCI) - IFRS 9
Debt securities or loans, fulfilling both conditions, are recognised in this category:
-
the financial assets are held within the context of a new business model that has the objective to both collect contractual cash flows and sell financial assets (HTCS - Held to Collect & Sell), and;-
contractual terms of financial assets generate, at predetermined maturity, cash flows representing only principal and interest on the residual capital that meet the SPPI condition.The initial recognition of these financial assets is carried out at the date in which the Group becomes a party in the contractual terms of the financial instrument, which usually coincides with the date of settlement. The value of the initial recognition is equal to the fair value of the instrument, which generally corresponds to the related purchase cost, including transaction costs or income that are directly chargeable to the same.
After the initial recognition, these assets continue to be measured at fair value. The interest component resulting from the application of the amortised cost method, as well as impairment losses resulting from the measurement of credit risk, are included in the income statement, while gains and losses resulting from changes in fair value are recognised directly in Shareholders\u2019 equity under \u201cGains or losses on financial assets (other than equity instruments) at fair value through other comprehensive income\u201d.In the event the asset is cancelled, accrued gains and losses due to changes in fair value are recognised through profit or loss.
As regards details on determining of impairment losses, reference is made to the previous section on \u201cImpairment\u201d.
Equity instruments that meet the following conditions are also classified under the category Financial assets at fair value through other comprehensive income:
-
they are not equity investments in subsidiaries, associates or jointly controlled entities;-
they are not held for trading nor represent a potential consideration for a business combination, pursuant to IFRS 3;-
an irrevocable option was exercised for their designation at fair value through other comprehensive income.Any gains or losses consequent to the change in fair value are disclosed directly in Shareholders\u2019 equity under the item \u201cGains or losses on equity instruments at fair value through other comprehensive income\u201d.
Specifically, the accounting of equity instruments, classified under category FVOCI, is different from the one applicable to debt securities classified under the same category, for the following reasons:
-
the impairment requirements of IFRS 9 are not applicable to equity instruments;-
all exchange rate differences are recognised in the OCI reserve; -
the values recorded in OCI (Other Comprehensive Income) are never reclassified to income statement (not even for cancellation/netting);-
only dividends are recognised through profit or loss.4.5 Financial assets at fair value through profit or loss - IFRS 9
Investments in this category are recognised at fair value and the differences (positive or negative) between fair value and carrying amount are recognised through profit or loss.
Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
There are three further sub-items:
-
held-for-trading financial assets, which includes debt securities and equity instruments, mainly listed, credit positions in derivative contracts and structured financial instruments where the embedded derivative would have to be separated if they were classified in a different category;-
financial assets to be recognised at fair value through profit or loss, mainly consisting of assets linked to financial liabilities measured at fair value such as investments related to policies issued by insurance companies where the investment risk is borne by the policyholders and those arising from pension fund management;-
financial assets mandatorily measured at fair value through profit or loss (FVTPL): this category includes all financial assets that do not meet the classification criteria at amortised cost or fair value, with changes recognised in comprehensive income statement (FVOCI), that are not financial assets designated at fair value or held-for-trading financial assets57.The initial recognition of such financial assets is carried out at the date in which the entity becomes a party of the contractual terms related to the financial instruments, usually coinciding with the settlement date for the debt securities and equity instruments, and at the subscription date for derivatives, for a value equal to the fair value of the financial instrument, without considering transaction costs or income that are directly recognised in the income statement.
After the initial recognition, these assets are measured at fair value and changes in value are recognised in the income statement.
5 Other financial assetsThe item includes financial assets not included in the item \u201cInvestments\u201d, such as trade receivables and tax receivables. These assets are recognised at their nominal value and subsequently measured at their estimated realisable value.
Other financial assets include, inter alia, receivables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities and tax receivables.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f161258": {
"value": "Reclassifications of financial assets \u2013 IFRS 9
With reference to debt securities, reclassifications among other categories of financial assets are limited to cases in which there is a change to the business model for financial asset management and forward-looking recognition is applied, i.e. without adjusting any economic component recognised previously. The reclassification of equity instruments is not permitted.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact16": {
"value": "Derivatives
Derivatives are initially recognised at the purchase cost representing the fair value and subsequently measured at fair value. Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
Derivatives may be acquired for \u201ctrading\u201d or \u201chedging\u201d purposes. For hedging transactions, the accounting standards envisage cumbersome and complex rules, with the preparation of specific documentation, to assess the effectiveness of the hedge from the time it is activated and throughout its entire term (hedge accounting). Please note that the Group has exercised the right, afforded by IFRS 9, to continue to recognise hedging transactions according to the accounting model envisaged by the previous IAS 39.
All derivative financial instruments are classified under \u201cFinancial assets at fair value through profit or loss - Held-for-trading financial assets\u201d and \u201cFinancial liabilities at fair value through profit or loss - Held-for-trading financial liabilities\u201d.
hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments designated at fair value through other comprehensive incomeInformation on hedging transactionsFair value hedges
Amounts in \u20acm
Line item in the statement of financial position including the hedging instruments
4.1 a) Financial liabilities held-for trading
(*) value equal to zero, as the instruments are margined daily through a clearing broker
Line item in the statement of financial position including the hedged instruments
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item recognised in the statement of financial position
4.4 Financial assets at fair value through OCI
6 Gains/losses on financial assets and liabilities at fair value through profit or loss
8.5 Unrealised gains/losses
During 2023, no new transactions were carried out concerning fair value hedging.
Outstanding fair value hedges concern fixed rate bonds held by Unipolsai, for which the interest rate risk was hedged through Interest Rate Swaps.
Positions existing at 31 December 2023
Existing positions at 31 December 2023 related to IRS contracts for a nominal value of \u20ac218.2m, to hedge fixed rate bond assets classified as FVOCI, with a hedged synthetic notional value of the same amount. At 31 December 2023, the fair value change relating to the hedged bonds came to a positive \u20ac1.3m, while the fair value change in IRSs amounted to a negative \u20ac0.1m, with a positive net economic effect of \u20ac1.2m, including the tax effect of \u20ac0.4m.
Positions closed at 31 December 2023
In relation to the hedges entered into through Interest Rate Swaps, note that during the year some contracts in place at 31 December 2022 for a nominal value of \u20ac975.0m to hedge bond assets were terminated early, for a synthetic notional value of \u20ac970.1m, classified as FVOCI.
The fair value change in IRSs between 31 December 2022 and the closing date of the hedging instruments, was a positive \u20ac17.5m, offset by a negative change of \u20ac16.6m, booked through profit or loss based on the fair value change of the synthetic asset hedged during the same period. The hedged bonds were not sold.
Cash flow hedgesAmounts in \u20acm
Line item in the statement of financial position including the hedging instruments
Balance in the cash flow hedge reserve
Hedging gains or (losses) of the reporting period that were recognised in other comprehensive income
4.1 a) Financial liabilities held-for trading
The objective of the existing hedges is to transform the interest rate on financial assets from a floating rate to a fixed rate, stabilising the cash flows.
Positions existing at 31 December 2023
These relate to:
-cash flow hedge on bonds classified as FVOCI through IRS for notional \u20ac451.5m (\u20ac588.5m at 31/12/2022).
The cumulative effect on Shareholders\u2019 Equity in the Hedging reserve for gains or losses on cash flow hedges was a negative \u20ac18.5m (negative effect for \u20ac72.4m at 31/12/2022): net of tax, the negative impact was \u20ac12.8m (negative effect for \u20ac50.0m at 31/12/2022).
With regard to cash flow hedges on bonds recorded in the FVOCI portfolio, note that in the third quarter of 2023 a number hedging derivatives for a notional amount of \u20ac137m expired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f161340": {
"value": "Derivatives
Derivatives are initially recognised at the purchase cost representing the fair value and subsequently measured at fair value. Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
Derivatives may be acquired for \u201ctrading\u201d or \u201chedging\u201d purposes. For hedging transactions, the accounting standards envisage cumbersome and complex rules, with the preparation of specific documentation, to assess the effectiveness of the hedge from the time it is activated and throughout its entire term (hedge accounting). Please note that the Group has exercised the right, afforded by IFRS 9, to continue to recognise hedging transactions according to the accounting model envisaged by the previous IAS 39.
All derivative financial instruments are classified under \u201cFinancial assets at fair value through profit or loss - Held-for-trading financial assets\u201d and \u201cFinancial liabilities at fair value through profit or loss - Held-for-trading financial liabilities\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact14": {
"value": "After the initial recognition, these assets are measured at amortised cost by using the effective interest method, as well as net of impairment loss.
impairment",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact15": {
"value": "4.5 Financial assets at fair value through profit or loss - IFRS 9
Investments in this category are recognised at fair value and the differences (positive or negative) between fair value and carrying amount are recognised through profit or loss.
Information on how the fair value is determined is provided in the section \u201cFair value measurement criteria \u2013 IFRS 13\u201d.
There are three further sub-items:
-
held-for-trading financial assets, which includes debt securities and equity instruments, mainly listed, credit positions in derivative contracts and structured financial instruments where the embedded derivative would have to be separated if they were classified in a different category;-
financial assets to be recognised at fair value through profit or loss, mainly consisting of assets linked to financial liabilities measured at fair value such as investments related to policies issued by insurance companies where the investment risk is borne by the policyholders and those arising from pension fund management;-
financial assets mandatorily measured at fair value through profit or loss (FVTPL): this category includes all financial assets that do not meet the classification criteria at amortised cost or fair value, with changes recognised in comprehensive income statement (FVOCI), that are not financial assets designated at fair value or held-for-trading financial assets57.The initial recognition of such financial assets is carried out at the date in which the entity becomes a party of the contractual terms related to the financial instruments, usually coinciding with the settlement date for the debt securities and equity instruments, and at the subscription date for derivatives, for a value equal to the fair value of the financial instrument, without considering transaction costs or income that are directly recognised in the income statement.
After the initial recognition, these assets are measured at fair value and changes in value are recognised in the income statement.
6. Gains/losses on financial assets and liabilities at fair value through profit or loss
This item includes realised gains and losses, interest, dividends, charges and positive and negative changes in value of financial assets and liabilities at fair value through profit or loss.
In particular, the item includes profits and losses relating to non-hedging derivative contracts, other than those included under interest. Income deriving from units of UCITS - Undertakings for Collective Investment - is also incorporated.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f164813": {
"value": "5 Other financial assetsThe item includes financial assets not included in the item \u201cInvestments\u201d, such as trade receivables and tax receivables. These assets are recognised at their nominal value and subsequently measured at their estimated realisable value.
Other financial assets include, inter alia, receivables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities and tax receivables.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact17": {
"value": "6.1 Non-current assets or assets of a disposal group held for sale - IFRS 5
This item includes Non-current assets held for sale and any discontinued operations as defined by IFRS 5.
Assets held for sale are recognised at the carrying amount or fair value, whichever is the lower, less costs to sell.
If an investment in a subsidiary consolidated using the line-by-line method is to be sold within the time limit set by IFRS 5, all the assets of the company to be sold are reclassified as \u201cNon-current assets or assets of a disposal group held for sale\u201d in the consolidated statement of financial position (item 6.1 of the Assets) and the liabilities are similarly reclassified under the single item \u201cLiabilities associated with disposal groups held for sale\u201d (item 6.1 of the Liabilities). Both items appear in the consolidated financial statements net of intragroup transactions with the company to be sold.
If a group continues to operate in the business of the company to be sold, income statement items relating to the assets held for sale or disposal groups are recognised in accordance with the normal rules of consolidation on a line-by-line basis.
22. Profit (loss) from discontinued operationsThe item includes:
-profit and loss from discontinued operations, as defined by IFRS 5, net of tax effects; and
-the capital gain or capital loss, net of tax effects, recognised following the fair value measurement net of costs to sell, or disposal of assets in the group of assets held for sale that constitute the discontinued operations.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f164901": {
"value": "6.1 Non-current assets or assets of a disposal group held for sale - IFRS 5
This item includes Non-current assets held for sale and any discontinued operations as defined by IFRS 5.
Assets held for sale are recognised at the carrying amount or fair value, whichever is the lower, less costs to sell.
If an investment in a subsidiary consolidated using the line-by-line method is to be sold within the time limit set by IFRS 5, all the assets of the company to be sold are reclassified as \u201cNon-current assets or assets of a disposal group held for sale\u201d in the consolidated statement of financial position (item 6.1 of the Assets) and the liabilities are similarly reclassified under the single item \u201cLiabilities associated with disposal groups held for sale\u201d (item 6.1 of the Liabilities). Both items appear in the consolidated financial statements net of intragroup transactions with the company to be sold.
If a group continues to operate in the business of the company to be sold, income statement items relating to the assets held for sale or disposal groups are recognised in accordance with the normal rules of consolidation on a line-by-line basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f164902": {
"value": "6.1 Non-current assets or assets of a disposal group held for sale - IFRS 5
This item includes Non-current assets held for sale and any discontinued operations as defined by IFRS 5.
Assets held for sale are recognised at the carrying amount or fair value, whichever is the lower, less costs to sell.
If an investment in a subsidiary consolidated using the line-by-line method is to be sold within the time limit set by IFRS 5, all the assets of the company to be sold are reclassified as \u201cNon-current assets or assets of a disposal group held for sale\u201d in the consolidated statement of financial position (item 6.1 of the Assets) and the liabilities are similarly reclassified under the single item \u201cLiabilities associated with disposal groups held for sale\u201d (item 6.1 of the Liabilities). Both items appear in the consolidated financial statements net of intragroup transactions with the company to be sold.
If a group continues to operate in the business of the company to be sold, income statement items relating to the assets held for sale or disposal groups are recognised in accordance with the normal rules of consolidation on a line-by-line basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact19": {
"value": "6.2 Current tax assets and deferred tax assets - IAS 12
The item includes current and deferred tax assets, defined and governed by IAS 12.
In particular, deferred tax assets are calculated on the deductible temporary differences between the carrying amounts and the amounts for tax purposes of the assets and liabilities of the individual consolidated companies and on the consolidation adjustments. If there are any tax losses, deferred tax assets are also recognised provided there is a probability that taxable income for which they can be used will be available in future.
Deferred taxes are based on the tax rates applied at the end of the year or on the rates that are expected to be applied in the future according to the information available at the end of the financial year.
If assets are revalued solely for tax purposes and relate neither to a revaluation of the carrying amount for a previous year nor to one that is to be carried out in a subsequent year, the tax effects of the adjustment for tax purposes must be recognised in the income statement.
Deferred tax assets and liabilities, distinguished by type of tax, are offset at the level of single Group company or at the consolidated level, within the limits of the scope of the tax consolidation agreement set up by Unipol.
6.2 Tax liabilities - IAS 12
The item includes tax payables for current taxes as well as deferred tax liabilities, which are recognised whenever there is a taxable temporary difference, except in the cases provided for in paragraph 15 of IAS 12.
Deferred tax liabilities must be measured using the tax rates that are expected to apply during the year in which the tax liability will be paid off, based on the ruling tax rates (and tax legislation) or those in force at the reporting date. If tax rates change, despite being prior year items, the deferred taxes recalculated in accordance with the new rates are recognised under Income tax in the income statement or under equity reserves to which the temporary variations in question apply.
With regard to the offsetting of deferred tax assets and liabilities, reference should be made to the previous paragraph \u201c6.2 Current tax assets and deferred tax assets - IAS 12\u201d in the section on Assets.20. Income tax
Pursuant to Art. 117 et seq. of Italian Presidential Decree 917/1986, for the three years 2021-2022-2023, the Parent Unipol has adopted the IRES tax consolidation regime, as consolidating company, with UnipolSai and other subsidiaries meeting the legal requirements participating as consolidated companies. Unipol has signed an agreement with these companies regulating the economic and financial aspects governing the regime in question, recognising in its financial position the effects of the transfer of the IRES taxable income of the consolidated companies, calculated pursuant to the law, keeping into account the applicable consolidation adjustments and the tax credits accrued.
Tax for the year is calculated according to current tax regulations and recognised among costs for the year on an accrual basis and represents:
-the charges/income for current taxes;
-the amounts of deferred tax assets and liabilities arising during the year and usable in future years;
-for the portion due for the year, the deduction of deferred tax assets and liabilities generated in previous years.
Deferred tax assets and liabilities are calculated on the basis of the temporary differences (arisen or deducted during the year) between the profit (loss) for the year and the taxable income and on the consolidation adjustments. In respect of tax losses prior to the applicable period of tax consolidation, deferred tax assets are recognised to the extent in which said losses can be reasonably used against future IRES-taxable income. IRAP for the year is also recognised under Income tax.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact18": {
"value": "6.2 Current tax assets and deferred tax assets - IAS 12
The item includes current and deferred tax assets, defined and governed by IAS 12.
In particular, deferred tax assets are calculated on the deductible temporary differences between the carrying amounts and the amounts for tax purposes of the assets and liabilities of the individual consolidated companies and on the consolidation adjustments. If there are any tax losses, deferred tax assets are also recognised provided there is a probability that taxable income for which they can be used will be available in future.
Deferred taxes are based on the tax rates applied at the end of the year or on the rates that are expected to be applied in the future according to the information available at the end of the financial year.
If assets are revalued solely for tax purposes and relate neither to a revaluation of the carrying amount for a previous year nor to one that is to be carried out in a subsequent year, the tax effects of the adjustment for tax purposes must be recognised in the income statement.
Deferred tax assets and liabilities, distinguished by type of tax, are offset at the level of single Group company or at the consolidated level, within the limits of the scope of the tax consolidation agreement set up by Unipol.
6.2 Tax liabilities - IAS 12
The item includes tax payables for current taxes as well as deferred tax liabilities, which are recognised whenever there is a taxable temporary difference, except in the cases provided for in paragraph 15 of IAS 12.
Deferred tax liabilities must be measured using the tax rates that are expected to apply during the year in which the tax liability will be paid off, based on the ruling tax rates (and tax legislation) or those in force at the reporting date. If tax rates change, despite being prior year items, the deferred taxes recalculated in accordance with the new rates are recognised under Income tax in the income statement or under equity reserves to which the temporary variations in question apply.
With regard to the offsetting of deferred tax assets and liabilities, reference should be made to the previous paragraph \u201c6.2 Current tax assets and deferred tax assets - IAS 12\u201d in the section on Assets.20. Income tax
Pursuant to Art. 117 et seq. of Italian Presidential Decree 917/1986, for the three years 2021-2022-2023, the Parent Unipol has adopted the IRES tax consolidation regime, as consolidating company, with UnipolSai and other subsidiaries meeting the legal requirements participating as consolidated companies. Unipol has signed an agreement with these companies regulating the economic and financial aspects governing the regime in question, recognising in its financial position the effects of the transfer of the IRES taxable income of the consolidated companies, calculated pursuant to the law, keeping into account the applicable consolidation adjustments and the tax credits accrued.
Tax for the year is calculated according to current tax regulations and recognised among costs for the year on an accrual basis and represents:
-the charges/income for current taxes;
-the amounts of deferred tax assets and liabilities arising during the year and usable in future years;
-for the portion due for the year, the deduction of deferred tax assets and liabilities generated in previous years.
Deferred tax assets and liabilities are calculated on the basis of the temporary differences (arisen or deducted during the year) between the profit (loss) for the year and the taxable income and on the consolidation adjustments. In respect of tax losses prior to the applicable period of tax consolidation, deferred tax assets are recognised to the extent in which said losses can be reasonably used against future IRES-taxable income. IRAP for the year is also recognised under Income tax.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f165695": {
"value": "7 Cash and cash equivalents - IAS 7Cash and cash equivalents include cash on hand, cash in current accounts available on demand, and term deposits for periods not exceeding 15 days.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f165705": {
"value": "1.1 Share capital
The item includes the share capital of the consolidating company.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f165710": {
"value": "1.2 Other equity instruments
This item includes perpetual regulatory capital instruments issued by the Parent that qualify as Restricted Tier 1, which do not envisage in any case any obligation on the part of the issuer to reimburse the principal or interest to subscribers (without prejudice to cases of liquidation or the exercise of the right to early redemption by the issuer). These instruments are recognised at the issue value, net of issue expenses and the relative tax benefits. In line with this classification, coupon payments to subscribers are recognised, similar to what takes place for the payment of dividends, as a direct reduction from the equity reserves. Note that similar perpetual capital instruments issued by subsidiaries (if not held by the Parent and therefore eliminated in the consolidation process) are recognised in item 1.2.1 Share capital and reserves attributable to non-controlling interests.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact21": {
"value": "provisions arising from equity-settled share-based payment transactions (IFRS 2)Share-based payments - IFRS 2
The Group pays additional benefits to senior executives under a closed share-based compensation plan under which Unipol Ordinary shares and UnipolSai Ordinary shares are granted if specific targets are achieved (Performance shares). As laid down by IFRS 2 \u2013 Share-based payments, these plans form part of the beneficiaries\u2019 remuneration. The charge must be recognised through profit or loss, with a balancing item recognised directly in shareholders' equity (Reserve arising from equity-settled share-based payment), on the basis of the fair value of the instruments allocated on the grant date, the charge being spread over the period provided for in the scheme.
3.7 Share-based compensation plansThe Unipol Group pays variable benefits (long-term incentives) to the General Manager, Key Managers and other senior executives under closed three-year, share-based compensation plans by which Unipol and UnipolSai shares (performance shares) are granted if specific targets of profitability, creation of value for shareholders and ESG Sustainability are achieved.
The 2019-2021 Performance share-based compensation plans, if the prerequisites were met, envisaged for short-term incentives the assignment of UnipolSai and Unipol shares in the year following the year of accrual. With regard to long-term incentives, if the prerequisites were met, it envisaged the assignment of UnipolSai and Unipol shares in at least three annual tranches starting from 2023.
The 2022-2024 Performance share-based compensation plans, if the prerequisites are met, envisages the assignment of the same shares in at least three annual tranches with effect from 2026.
On 2 January 2023, 1,417,994 UnipolSai shares and 783,877 Unipol shares were granted to eligible executives as a long-term incentive for the 2019-21 financial year.
In addition, on 31 May 2023, 3,671 UnipolSai shares and 1,876 Unipol shares were granted to eligible executives, as a short-term incentive for the years 2020 and 2022.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuer\u2019s Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact20": {
"value": "provisions arising from equity-settled share-based payment transactions (IFRS 2)Share-based payments - IFRS 2
The Group pays additional benefits to senior executives under a closed share-based compensation plan under which Unipol Ordinary shares and UnipolSai Ordinary shares are granted if specific targets are achieved (Performance shares). As laid down by IFRS 2 \u2013 Share-based payments, these plans form part of the beneficiaries\u2019 remuneration. The charge must be recognised through profit or loss, with a balancing item recognised directly in shareholders' equity (Reserve arising from equity-settled share-based payment), on the basis of the fair value of the instruments allocated on the grant date, the charge being spread over the period provided for in the scheme.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f166147": {
"value": "1.5 Treasury shares
This item includes the equity instruments of the undertaking that draws up the consolidated financial statements owned by the undertaking itself and the consolidated companies. The item was negative. The gains or losses resulting from their subsequent sale are recognised as changes in shareholders\u2019 equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact22": {
"value": "The Valuation reserves include the exchange rate differences from translation to be charged to shareholders\u2019 equity pursuant to IAS 21, whether they arise from transactions in foreign currency or from conversion into the currency of presentation of the financial statements stated in foreign currency.
exchange rate differences to be recognised in the income statement pursuant to IAS 21Foreign currency transactions - IAS 21
Items expressed in foreign currencies are treated in accordance with the principles of multicurrency accounting.
Monetary elements in foreign currency (units of currency owned and assets or liabilities that must be received or paid in a fixed or ascertainable number of units of currency) are translated using the exchange rate applicable at the end of the year.
Non-monetary elements measured at historical cost in foreign currency are translated using the exchange rate applicable on the date of the transaction.
Non-monetary elements measured at fair value in a foreign currency are translated using the exchange rates applicable on the date on which the fair value is determined.
Exchange rate differences arising from the settlement of monetary elements are recognised in the income statement. Exchange rate differences arising when non-monetary elements are measured are allocated to the profit (or loss) for the year or to other comprehensive income (expense) depending on whether the profit (or loss) to which they relate is recognised in the profit (loss) for the year or in other comprehensive income (expense), respectively.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact23": {
"value": "2 Provisions for risks and charges - IAS 37 and IFRS 9Provisions are made for risks and charges only when they are deemed necessary to meet an obligation arising from a past event and when it is likely that the amount of resources required can be reliably estimated.
The item mainly consisted of provisions for litigation, various disputes, charges relating to the sales network, provisions for salary policies and personnel leaving-incentive schemes.
15. Net provisions for risks and charges
The item includes the provisions and any releases to the income statement of item 2 \u201cProvisions for risks and charges\u201d under statement of financial position liabilities. Provisions deriving from commitments and financial guarantees issued are also included.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f172043": {
"value": "4 Financial liabilities - IFRS 9
This item includes the financial liabilities at fair value through profit or loss and the financial liabilities at amortised cost pursuant to IFRS 9.
4.1 Financial liabilities at fair value through profit or loss
The financial liabilities in this category are subdivided into two further sub-items:\u2022
held-for-trading financial liabilities, which include negative items on derivatives;\u2022
financial liabilities to be measured at fair value through profit or loss, which include the financial liabilities related to contracts issued by insurance companies where the investment risk is borne by the policyholders, when the insurance risk is not significant, and where there is no discretionary participation feature.4.2 Financial liabilities at amortised cost
This item includes debt securities issued, financial liabilities for future payments to lessors following the recognition of right of use on property, plant and equipment in application of IFRS 16 and other loans obtained.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f172200": {
"value": "4.2 Financial liabilities at amortised cost
This item includes debt securities issued, financial liabilities for future payments to lessors following the recognition of right of use on property, plant and equipment in application of IFRS 16 and other loans obtained.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f172247": {
"value": "5 Payables
The item Payables includes:
-payables deriving from insurance and reinsurance transactions not included, in application of the provisions of IFRS 17, in the cash flows taken into account for the calculation of Insurance assets and liabilities;
-Other payables, such as trade payables, payables for policyholders\u2019 tax due, payables for post-employment benefits, sundry tax payables and social security charges payable.
Payables are recognised at their nominal value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f172333": {
"value": "Employee benefits - IAS 19
Post-employment benefits accrued by 31 December 2006 that were not transferred to external bodies in accordance with the provisions of Italian Legislative Decree 252/05 on supplementary pension schemes come under the category of employee benefits classified as a defined benefits plan. The amount due to employees is therefore calculated using actuarial techniques and discounted at the reporting date, using the \u201cProjected unit credit method\u201d (a method based on benefits accrued in proportion to length of employment).
The same method is used to establish the effects of other defined benefits for employees for the post-employment period.
Actuarial gains and losses relating to obligations deriving from defined benefit plans are recorded under Other comprehensive income (expense).
Future cash flows are discounted on the basis of the market yield curve, recorded at the end of the year, for corporate bonds issued by issuers with high credit standing.
The service cost and net interest are recognised in the Income statement.
Net interest is calculated by applying to the net value of liabilities for defined benefits existing at the start of the year the one-year interest rate taken from the yield curve used to discount the liability at the end of the previous year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f172334": {
"value": "Employee benefits - IAS 19
Post-employment benefits accrued by 31 December 2006 that were not transferred to external bodies in accordance with the provisions of Italian Legislative Decree 252/05 on supplementary pension schemes come under the category of employee benefits classified as a defined benefits plan. The amount due to employees is therefore calculated using actuarial techniques and discounted at the reporting date, using the \u201cProjected unit credit method\u201d (a method based on benefits accrued in proportion to length of employment).
The same method is used to establish the effects of other defined benefits for employees for the post-employment period.
Actuarial gains and losses relating to obligations deriving from defined benefit plans are recorded under Other comprehensive income (expense).
Future cash flows are discounted on the basis of the market yield curve, recorded at the end of the year, for corporate bonds issued by issuers with high credit standing.
The service cost and net interest are recognised in the Income statement.
Net interest is calculated by applying to the net value of liabilities for defined benefits existing at the start of the year the one-year interest rate taken from the yield curve used to discount the liability at the end of the previous year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact24": {
"value": "1. Insurance revenue from insurance contracts issued - IFRS 17
Revenues from insurance contracts issued consist of the fees due to the Company for the insurance services it provides, which pursuant to IFRS 17 are recognised in the income statement in proportion to the share of services provided in the reference period.
The methods whereby fees are reflected in the item \u201cInsurance revenue\u201d vary depending on the accounting model applied. With regard to the general BBA model (and the relative VFA variant), a value is recognised under insurance revenue, corresponding to the benefits that the Group had estimated to provide in the same period and incorporated into the estimate of the LRC at the beginning of the period (or initial recognition in the case of new contracts), plus the related risk adjustment and the share of the margin on contractual services rendered during the period. In detail, the portion of the fee allocated to revenue in the income statement incorporates:
-the estimated expenses for insurance services in the period, i.e. for claims and related expenses expected in the period and measured on the basis of estimates at the beginning of the period;
-the adjustment for non-financial risk;
-the release of the contractual service margin in relation to the insurance coverage provided in the period (coverage unit); and
-any additional amounts received and not incorporated in the initial estimates in relation to the services for the current period or previous years, such as experience adjustments for premiums received relating to current or past services.
On the other hand, with regard to contracts valued according to the Premium Allocation Approach (\u201cPAA\u201d), the recognition of insurance revenue, therefore the release of the LRC, must be carried out in relation to the distribution of insurance risk over the life of the contracts; in particular, the distribution can be carried out:
-pro-rata temporis if a linear risk trend is assumed during the coverage; or
-in the opposite case, on the basis of the different identified and expected distribution of insurance risk during the coverage period.
3. Insurance revenue from reinsurance contracts held \u2013 IFRS 17
This item includes the amount recovered from reinsurers such as, for example, the amount of expenses and losses recovered on the underlying insurance contracts, as well as the positive balance between write-backs and value adjustments connected with the expected losses deriving from the reinsurer\u2019s risk of default.
6. Gains/losses on financial assets and liabilities at fair value through profit or loss
This item includes realised gains and losses, interest, dividends, charges and positive and negative changes in value of financial assets and liabilities at fair value through profit or loss.
In particular, the item includes profits and losses relating to non-hedging derivative contracts, other than those included under interest. Income deriving from units of UCITS - Undertakings for Collective Investment - is also incorporated.
7. Gains/losses on investments in associates and interests in joint ventures
This item includes gains and losses on investments in associates and interests in joint ventures recognised in the corresponding asset item.
8. Gains/losses on other financial assets and liabilities and investment property
This item includes gains and losses on investment property, equity investments and financial instruments not measured at fair value through profit or loss.
Specifically, gains mainly include other investment income, including dividends and rental income from investment property, and realised gains on the sale of financial assets or liabilities and investment property.
As regards losses, on the other hand, these include other investment expense, costs relating to investment property such as condominium expenses and maintenance expenses that do not increase the value of the investment property, losses realised as a result of the derecognition of financial assets or liabilities and investment property, amortisation/depreciation and impairment losses.
8.1 and 8.2 Interest income/expense calculated with the effective interest method
These items include interest income and expense, as well as income and similar charges relating, respectively, to financial assets at amortised cost, financial assets at fair value through other comprehensive income (Asset items 4.3 and 4.4) and financial liabilities at amortised cost (Liability item 4.2).
8.3 Other gains/losses
The item includes dividends on equity instruments in the portfolio, including those designated at fair value through other comprehensive income, other than equity investments measured at equity, as well as those relating to \u201cDiscontinued operations\u201d.
The item also includes income and charges deriving from the third party use of investment property, and, in particular, condominium expenses and maintenance and repair costs not added to their value.
8.4 Realised gains/losses
The item includes realised gains and losses from the sale of a financial asset at amortised cost or at fair value through other comprehensive income, as well as investment property.
8.5 Unrealised gains/losses
This item includes positive changes deriving from the reversal of impairment and the subsequent valuation of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments designated at fair value through other comprehensive income, and negative changes deriving from depreciation, impairment and the
measurement subsequent to the initial recognition of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments at fair value through other comprehensive income.The item also includes value adjustments and write-backs connected to changes in credit risk of financial assets at amortised cost and FVOCI, as well as value adjustments/write-backs on other financial assets (item 5) and on financial assets included in \u201ccash and cash equivalents\u201d (item 7) in the Statement of Financial Position.
13. Other revenue/costs
This item includes the net balance of revenue and costs from the sale of goods, the provision of services other than those of an insurance and financial nature and the use by third parties of the company\u2019s property, plant and equipment other than investment property and other assets. Also included are exchange rate differences to be recognised in the income statement pursuant to IAS 21, as well as realised gains relating to property, plant, equipment and intangible assets, other than investment property and \u201cDiscontinued operations\u201d.
18. Other operating expenses/income
The item includes costs and revenues not attributable to other items indicated previously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact25": {
"value": "1. Insurance revenue from insurance contracts issued - IFRS 17
Revenues from insurance contracts issued consist of the fees due to the Company for the insurance services it provides, which pursuant to IFRS 17 are recognised in the income statement in proportion to the share of services provided in the reference period.
The methods whereby fees are reflected in the item \u201cInsurance revenue\u201d vary depending on the accounting model applied. With regard to the general BBA model (and the relative VFA variant), a value is recognised under insurance revenue, corresponding to the benefits that the Group had estimated to provide in the same period and incorporated into the estimate of the LRC at the beginning of the period (or initial recognition in the case of new contracts), plus the related risk adjustment and the share of the margin on contractual services rendered during the period. In detail, the portion of the fee allocated to revenue in the income statement incorporates:
-the estimated expenses for insurance services in the period, i.e. for claims and related expenses expected in the period and measured on the basis of estimates at the beginning of the period;
-the adjustment for non-financial risk;
-the release of the contractual service margin in relation to the insurance coverage provided in the period (coverage unit); and
-any additional amounts received and not incorporated in the initial estimates in relation to the services for the current period or previous years, such as experience adjustments for premiums received relating to current or past services.
On the other hand, with regard to contracts valued according to the Premium Allocation Approach (\u201cPAA\u201d), the recognition of insurance revenue, therefore the release of the LRC, must be carried out in relation to the distribution of insurance risk over the life of the contracts; in particular, the distribution can be carried out:
-pro-rata temporis if a linear risk trend is assumed during the coverage; or
-in the opposite case, on the basis of the different identified and expected distribution of insurance risk during the coverage period.
2. Insurance service expenses from insurance contracts issued \u2013 IFRS 17
The item includes expenses actually incurred in the period deriving from insurance contracts issued and relating to claims occurring during the year (net of investment components) and other expenses directly attributable to the contracts, estimated losses and the respective changes in relation to groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued.
It also includes the management expenses of investments underlying the insurance contracts to which the VFA is applied.
With regard to groups of insurance contracts with direct participation features and investment contracts with DPF, this item includes changes in the amount of the share of the fair value pertaining to the company that do not change the CSM.
Any positive or negative balance is also included among other technical charges and other technical income connected with insurance contracts issued, for the part of these charges and income not included in FCFs3. Insurance revenue from reinsurance contracts held \u2013 IFRS 17
This item includes the amount recovered from reinsurers such as, for example, the amount of expenses and losses recovered on the underlying insurance contracts, as well as the positive balance between write-backs and value adjustments connected with the expected losses deriving from the reinsurer\u2019s risk of default.
4. Insurance service expenses from reinsurance contracts held \u2013 IFRS 17The item includes the share of premiums ceded for the year, net of the amounts expected to be received from reinsurers not associated with claims relating to the underlying insurance contracts.
Lastly, it includes the negative balance between write-backs and value adjustments connected with expected losses deriving from the reinsurer\u2019s risk of default and the positive or negative balance between other technical charges and other technical income connected with reinsurance, for the part of these charges and income not included in Fulfilment Cash Flows (FCFs).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact26": {
"value": "2. Insurance service expenses from insurance contracts issued \u2013 IFRS 17
The item includes expenses actually incurred in the period deriving from insurance contracts issued and relating to claims occurring during the year (net of investment components) and other expenses directly attributable to the contracts, estimated losses and the respective changes in relation to groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued.
It also includes the management expenses of investments underlying the insurance contracts to which the VFA is applied.
With regard to groups of insurance contracts with direct participation features and investment contracts with DPF, this item includes changes in the amount of the share of the fair value pertaining to the company that do not change the CSM.
Any positive or negative balance is also included among other technical charges and other technical income connected with insurance contracts issued, for the part of these charges and income not included in FCFs.
4. Insurance service expenses from reinsurance contracts held \u2013 IFRS 17The item includes the share of premiums ceded for the year, net of the amounts expected to be received from reinsurers not associated with claims relating to the underlying insurance contracts.
Lastly, it includes the negative balance between write-backs and value adjustments connected with expected losses deriving from the reinsurer\u2019s risk of default and the positive or negative balance between other technical charges and other technical income connected with reinsurance, for the part of these charges and income not included in Fulfilment Cash Flows (FCFs).
6. Gains/losses on financial assets and liabilities at fair value through profit or loss
This item includes realised gains and losses, interest, dividends, charges and positive and negative changes in value of financial assets and liabilities at fair value through profit or loss.
In particular, the item includes profits and losses relating to non-hedging derivative contracts, other than those included under interest. Income deriving from units of UCITS - Undertakings for Collective Investment - is also incorporated.
7. Gains/losses on investments in associates and interests in joint ventures
This item includes gains and losses on investments in associates and interests in joint ventures recognised in the corresponding asset item.
8. Gains/losses on other financial assets and liabilities and investment property
This item includes gains and losses on investment property, equity investments and financial instruments not measured at fair value through profit or loss.
Specifically, gains mainly include other investment income, including dividends and rental income from investment property, and realised gains on the sale of financial assets or liabilities and investment property.
As regards losses, on the other hand, these include other investment expense, costs relating to investment property such as condominium expenses and maintenance expenses that do not increase the value of the investment property, losses realised as a result of the derecognition of financial assets or liabilities and investment property, amortisation/depreciation and impairment losses.
8.1 and 8.2 Interest income/expense calculated with the effective interest method
These items include interest income and expense, as well as income and similar charges relating, respectively, to financial assets at amortised cost, financial assets at fair value through other comprehensive income (Asset items 4.3 and 4.4) and financial liabilities at amortised cost (Liability item 4.2).
8.3 Other gains/losses
The item includes dividends on equity instruments in the portfolio, including those designated at fair value through other comprehensive income, other than equity investments measured at equity, as well as those relating to \u201cDiscontinued operations\u201d.
The item also includes income and charges deriving from the third party use of investment property, and, in particular, condominium expenses and maintenance and repair costs not added to their value.
8.4 Realised gains/losses
The item includes realised gains and losses from the sale of a financial asset at amortised cost or at fair value through other comprehensive income, as well as investment property.
8.5 Unrealised gains/losses
This item includes positive changes deriving from the reversal of impairment and the subsequent valuation of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments designated at fair value through other comprehensive income, and negative changes deriving from depreciation, impairment and the
measurement subsequent to the initial recognition of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments at fair value through other comprehensive income.The item also includes value adjustments and write-backs connected to changes in credit risk of financial assets at amortised cost and FVOCI, as well as value adjustments/write-backs on other financial assets (item 5) and on financial assets included in \u201ccash and cash equivalents\u201d (item 7) in the Statement of Financial Position.
13. Other revenue/costs
This item includes the net balance of revenue and costs from the sale of goods, the provision of services other than those of an insurance and financial nature and the use by third parties of the company\u2019s property, plant and equipment other than investment property and other assets. Also included are exchange rate differences to be recognised in the income statement pursuant to IAS 21, as well as realised gains relating to property, plant, equipment and intangible assets, other than investment property and \u201cDiscontinued operations\u201d.
14. Operating expenses
14.1 Investment management expenses
The item includes personnel expenses and overheads directly or indirectly relating to the management of financial instruments, investment property and equity investments. This item does not include expenses calculated by the company in order to estimate insurance assets and liabilities such as, for example, the management costs of investments relating to insurance contracts accounted for on the basis of the VFA.
14.2 Other administrative expensesThe item includes personnel expenses and overheads not included in the calculation of insurance liabilities and assets and not allocated to insurance contract acquisition costs and investment management expenses.
The item includes, in particular, overheads and personnel expenses incurred for the acquisition and administration of investment contracts issued by the company without discretionary participation features and not falling within the scope of application of IFRS 17.
15. Net provisions for risks and charges
The item includes the provisions and any releases to the income statement of item 2 \u201cProvisions for risks and charges\u201d under statement of financial position liabilities. Provisions deriving from commitments and financial guarantees issued are also included.
18. Other operating expenses/income
The item includes costs and revenues not attributable to other items indicated previously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f173372": {
"value": "2. Insurance service expenses from insurance contracts issued \u2013 IFRS 17
The item includes expenses actually incurred in the period deriving from insurance contracts issued and relating to claims occurring during the year (net of investment components) and other expenses directly attributable to the contracts, estimated losses and the respective changes in relation to groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued.
It also includes the management expenses of investments underlying the insurance contracts to which the VFA is applied.
With regard to groups of insurance contracts with direct participation features and investment contracts with DPF, this item includes changes in the amount of the share of the fair value pertaining to the company that do not change the CSM.
Any positive or negative balance is also included among other technical charges and other technical income connected with insurance contracts issued, for the part of these charges and income not included in FCFs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact27": {
"value": "6. Gains/losses on financial assets and liabilities at fair value through profit or loss
This item includes realised gains and losses, interest, dividends, charges and positive and negative changes in value of financial assets and liabilities at fair value through profit or loss.
In particular, the item includes profits and losses relating to non-hedging derivative contracts, other than those included under interest. Income deriving from units of UCITS - Undertakings for Collective Investment - is also incorporated.
7. Gains/losses on investments in associates and interests in joint ventures
This item includes gains and losses on investments in associates and interests in joint ventures recognised in the corresponding asset item.
8. Gains/losses on other financial assets and liabilities and investment property
This item includes gains and losses on investment property, equity investments and financial instruments not measured at fair value through profit or loss.
Specifically, gains mainly include other investment income, including dividends and rental income from investment property, and realised gains on the sale of financial assets or liabilities and investment property.
As regards losses, on the other hand, these include other investment expense, costs relating to investment property such as condominium expenses and maintenance expenses that do not increase the value of the investment property, losses realised as a result of the derecognition of financial assets or liabilities and investment property, amortisation/depreciation and impairment losses.
8.1 and 8.2 Interest income/expense calculated with the effective interest method
These items include interest income and expense, as well as income and similar charges relating, respectively, to financial assets at amortised cost, financial assets at fair value through other comprehensive income (Asset items 4.3 and 4.4) and financial liabilities at amortised cost (Liability item 4.2).
8.3 Other gains/losses
The item includes dividends on equity instruments in the portfolio, including those designated at fair value through other comprehensive income, other than equity investments measured at equity, as well as those relating to \u201cDiscontinued operations\u201d.
The item also includes income and charges deriving from the third party use of investment property, and, in particular, condominium expenses and maintenance and repair costs not added to their value.
8.4 Realised gains/losses
The item includes realised gains and losses from the sale of a financial asset at amortised cost or at fair value through other comprehensive income, as well as investment property.
8.5 Unrealised gains/losses
This item includes positive changes deriving from the reversal of impairment and the subsequent valuation of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments designated at fair value through other comprehensive income, and negative changes deriving from depreciation, impairment and the
measurement subsequent to the initial recognition of investment property measured at fair value, hedging instruments and financial assets and liabilities subject to hedging, other than equity instruments at fair value through other comprehensive income.The item also includes value adjustments and write-backs connected to changes in credit risk of financial assets at amortised cost and FVOCI, as well as value adjustments/write-backs on other financial assets (item 5) and on financial assets included in \u201ccash and cash equivalents\u201d (item 7) in the Statement of Financial Position.
10. Net finance expenses/income relating to insurance contracts issued - IFRS 17
The item includes changes in the estimated value of insurance contracts issued due to changes in the time value of money and financial risks, net of those recognised in the statement of comprehensive income.
11. Net finance income/expenses relating to reinsurance contracts held \u2013 IFRS 17
Net financial income or charges deriving from insurance and reinsurance contracts are presented in the Group Income Statement with a distinction between insurance contracts issued and reinsurance contracts held.
Specifically, the items include changes in the estimated value of groups of contracts deriving from financial risks, such as:
(i)the effect of the time value of money and the relative changes;
(ii)the effect of financial risk and the relative changes (i.e. changes in the discount rate, exchange rate, time value of options and guarantees).
The Unipol Group has relied on the option established by IFRS 17 (\u201cFVOCI Option\u201d) to recognise the effects of the change in market rates on the value of insurance liabilities and assets as a balancing entry to items of other comprehensive income, thus reducing Income Statement volatility.
Taking into account the above accounting option, financial income/charges relating to insurance and reinsurance contracts are systematically recognised in the income statement according to different methods based on the accounting model applied; in particular:
-for groups of contracts accounted for according to the general BBA model, financial income/charges are released to the income statement on the basis of the same interest rate used to discount future cash flows at initial recognition, the so-called \u201clocked-in\u201d interest rate;
-for groups of contracts accounted for according to the PAA model, financial income/charges are released to the income statement on the basis of a locked-in interest rate that corresponds to the interest rate originally used to discount LIC future cash flows, or the market rate of the year in which the claims occur;
-lastly, for groups of insurance contracts with direct participation features accounted for according to the VFA, since the Group generally holds the underlying items, the financial income/charges included in the Income Statement correspond exactly to the accounting return for the period of the underlying items.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f174019": {
"value": "maintenance expenses that do not increase the value of the investment property",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f174058": {
"value": "8.1 and 8.2 Interest income/expense calculated with the effective interest method
These items include interest income and expense, as well as income and similar charges relating, respectively, to financial assets at amortised cost, financial assets at fair value through other comprehensive income (Asset items 4.3 and 4.4) and financial liabilities at amortised cost (Liability item 4.2).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f175385": {
"value": "overheads and personnel expenses incurred for the acquisition and administration of investment contracts issued by the company without discretionary participation features and not falling within the scope of application of IFRS 17",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f175413": {
"value": "15. Net provisions for risks and charges
The item includes the provisions and any releases to the income statement of item 2 \u201cProvisions for risks and charges\u201d under statement of financial position liabilities. Provisions deriving from commitments and financial guarantees issued are also included.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact28": {
"value": "16. Net impairment losses/reversals on property, plant and equipment
The item includes impairment losses, depreciation and write-backs relating to property, plant and equipment, other than in relation to investment property, including those relating to assets granted under operating leases and rights of use acquired through leases and for the use of property, plant and equipment.
The item also includes the results of the valuations of property, plant and equipment classified as \u201cNon-current assets or assets of a disposal group held for sale\u201d pursuant to IFRS 5.
17. Net impairment losses/reversals on intangible assets
The item includes impairment losses, amortisation and write-backs relating to intangible assets, including those relating to assets granted under operating leases and rights of use acquired through leases and for the use of intangible assets.
The item also includes the results of the valuations of property, plant and equipment classified as \u201cNon-current assets or assets of a disposal group held for sale\u201d pursuant to IFRS 5.
3.10 Analysis of recoverability of goodwill with indefinite useful life (impairment test)
As in previous years, in accordance with IAS 36.10, which provides for the Impairment of Intangible Assets that have an indefinite useful life, the impairment test was carried out on the goodwill recognised in the consolidated financial statements with reference to subsidiaries.
In determining the parameters used for the assessments, the criteria adopted were aligned with market practice, taking as a reference, for these and for the economic/financial projections, expected developments in the reference economic scenario and the influence of the effect of climate change, albeit with the uncertainty characterising developments and considering that the effects will likely be appreciable, especially in the long term. In particular, the following should be noted: (i) the increase in the discount rate compared to the previous year, following the trends recorded in 2023 in the various components that lead to its determination and (ii) the increase of the g-rate, taking into account updated macroeconomic scenario estimates, as well as the estimated impact of climate factors.
With respect to this scenario, appropriate Sensitivity Analyses were also developed to test the stability of the recoverable amount of goodwill if there was a variation in the main parameters used in the tests.
During the year, some operations were completed, resulting in the recognition of goodwill: please refer to the \u201cInformation about business combinations\u201d section for a description of the individual operations.
The CGU structure did not change compared to the previous year. Consequently, the CGUs to which the residual goodwill was allocated, impairment tested at 31 December 2023, were:
\u2022
Non-Life CGU: UnipolSai Assicurazioni - Non-Life\u2022
Life CGU: UnipolSai Assicurazioni - Life With regard to the valuation methods adopted for estimating the recoverable amount of goodwill, please note that, following the introduction of the accounting standard IFRS 17, which is more oriented towards the estimate of balance sheet items based on prospective flows, in consideration of the availability of economic-financial projections also for the Life segment, it was deemed appropriate to adopt a methodology of the Dividend Discount Model (DDM) type in the \"excess capital\" version also to verify the recoverability of the goodwill allocated to the Life CGU, similarly to what was done for the Non-Life CGU, rather than use the Appraisal Value methodology adopted last year.
In relation to the parameters used, an update was carried out at the end of 2023.
The impairment testing of the Non-Life CGU was performed measuring the recoverable amount of UnipolSai Assicurazioni - Non-Life goodwill using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The impairment testing of the Life CGU was performed measuring the recoverable amount of UnipolSai Assicurazioni-Life goodwill using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The results obtained from application of the impairment procedure show that there is no need to make any value adjustments to the goodwill of the Non-Life CGU and the Life CGU recorded in the consolidated financial statements at 31 December 2023.
The method used was an \u201cexcess capital\u201d type of DDM (Dividend Discount Model) and focused on the future cash flows theoretically available for shareholders, without drawing on the assets needed to support the expected growth and in accordance with the capital requirements imposed by the Supervisory Authority on capital requirements.
According to this method the value of the economic capital is the sum of the current value of potential future cash flows and the current terminal value.
The above net profits were considered.
Five prospective flows were considered.
A discount rate of 10.06% was used, broken down as follows:
- risk-free rate: 4.38%
- beta coefficient: 0.94
- risk premium: 5.40%
- specific risk premium: 0.60%
The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December) 2023 was used for the risk-free rate.
A 2-year adjusted Beta coefficient for a sample of companies listed on the European market operating in the Non-Life segment.
The risk premium was defined by taking into account the estimates for this benchmark from leading contributors.
An additional specific risk component was considered to take into account, within the Non-Life CGU, the presence of companies operating in diversified sectors.
A discount rate of 10.55% was used, broken down as follows:
- risk-free rate: 4.38%
- beta coefficient: 1.14
- risk premium: 5.40%
The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December) 2023 was used for the risk-free rate.
A 2-year adjusted Beta coefficient for a sample of companies listed on the European market operating in the Life segment.
The risk premium was defined by taking into account the estimates for this benchmark from leading contributors.
Long term growth rate (g factor)
The g-rate was 1.5% (1.2% the previous year) taking into account the updated macroeconomic scenario net of the estimated impact of climatic factors.
Below are the results of the impairment tests along with the relevant sensitivity analyses:Amounts in \u20acm
Pro-rata recoverable
amount (a)
(a): Recoverable amount obtained as the difference between the pro-rata value of the CGU and the pro-rata Adjusted Shareholders\u2019 equity
(b): Goodwill allocated net of goodwill included in the Shareholders\u2019 equity
Parameters used - Non-Life
Amounts in \u20acm
Sensitivity (Value range)
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Non-Life
Amounts in \u20acm
Recoverable Amount - Goodwill Delta = 0
Sensitivity (Value range)
Hp. 1 (g rate = that used for impairment)
Hp. 2 (g rate assumed to be 0),
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Non-Life
Amounts in \u20acm
Sensitivity (Value range)
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - -Life
Amounts in \u20acm
Recoverable Amount - Goodwill Delta = 0
Sensitivity (Value range)
Hp. 1 (g rate = that used for impairment)
Hp. 2 (g rate assumed to be 0),
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Life
Earnings per share - IAS 33
Basic earnings per share are calculated by dividing the profit allocated to holders of ordinary shares in the Parent Unipol by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit allocated to holders of ordinary shares in the Parent Unipol by the weighted average number of any additional ordinary shares that would be outstanding if all the potential ordinary shares with dilutive effect were converted. If the result is negative, the loss (basic and diluted) per share is calculated.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f176674": {
"value": "Use of estimates
The application of certain accounting standards implies significant elements of judgment based on estimates and assumptions which are uncertain at the time they are formulated.
It is believed that the assumptions made are appropriate and, therefore, that the financial statements have been drafted clearly and give a true and fair view of the statement of financial position, income statement and statement of cash flows.
In order to formulate reliable estimates and assumptions, reference has been made to past experience, and to other factors considered reasonable for the case in question, based on all available information. However, we cannot exclude that changes in these estimates and assumptions may have a significant effect on the statement of financial position and income statement as well as on the potential assets and liabilities reported in the financial statements for disclosure purposes, if different elements emerge with respect to those considered originally.
As required by IFRS 17, the Group formulates and uses judgments and estimates that have a very significant impact on the amounts recognised for the classification and measurement of insurance contracts as well as their corresponding level of aggregation. In detail, the most significant judgments concern the data used, the assumptions and the estimation techniques taken into consideration to
project future cash flows and reflect underlying uncertainties at the reporting date. In more technical terms, the main assumptions adopted that could lead to substantial changes in the estimate of future cash flows concern estimates of payments for claims and the associated settlement expenses, mortality and longevity rates, the conduct of policyholders (due to terminations and redemptions), the percentages of participation in the returns and general costs directly attributable to the contract. The use of estimates is also relevant in relation to mainly:
-
the measurement of assets and liabilities at fair value (particularly for level 2 and 3 financial instruments); -
the quantification of the adjustment for the impairment of financial assets classified in the FVOCI and amortised cost categories; -
the analyses targeted at identifying any impairment of intangible assets (e.g. goodwill) booked to the financial statements (impairment test); -
the quantification of provisions for risks and charges and provisions for employee benefits. For information on the methods used to determine the items in question and the main risk factors, please refer to the sections containing a description of the measurement criteria.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f176675": {
"value": "Use of estimates The application of certain accounting standards implies significant elements of judgment based on estimates and assumptions which are uncertain at the time they are formulated. It is believed that the assumptions made are appropriate and, therefore, that the financial statements have been drafted clearly and give a true and fair view of the statement of financial position, income statement and statement of cash flows. In order to formulate reliable estimates and assumptions, reference has been made to past experience, and to other factors considered reasonable for the case in question, based on all available information. However, we cannot exclude that changes in these estimates and assumptions may have a significant effect on the statement of financial position and income statement as well as on the potential assets and liabilities reported in the financial statements for disclosure purposes, if different elements emerge with respect to those considered originally. As required by IFRS 17, the Group formulates and uses judgments and estimates that have a very significant impact on the amounts recognised for the classification and measurement of insurance contracts as well as their corresponding level of aggregation. In detail, the most significant judgments concern the data used, the assumptions and the estimation techniques taken into consideration to project future cash flows and reflect underlying uncertainties at the reporting date. In more technical terms, the main assumptions adopted that could lead to substantial changes in the estimate of future cash flows concern estimates of payments for claims and the associated settlement expenses, mortality and longevity rates, the conduct of policyholders (due to terminations and redemptions), the percentages of participation in the returns and general costs directly attributable to the contract. The use of estimates is also relevant in relation to mainly: - the measurement of assets and liabilities at fair value (particularly for level 2 and 3 financial instruments); - the quantification of the adjustment for the impairment of financial assets classified in the FVOCI and amortised cost categories; - the analyses targeted at identifying any impairment of intangible assets (e.g. goodwill) booked to the financial statements (impairment test); - the quantification of provisions for risks and charges and provisions for employee benefits. For information on the methods used to determine the items in question and the main risk factors, please refer to the sections containing a description of the measurement criteria.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f176676": {
"value": "Use of estimates
The application of certain accounting standards implies significant elements of judgment based on estimates and assumptions which are uncertain at the time they are formulated.
It is believed that the assumptions made are appropriate and, therefore, that the financial statements have been drafted clearly and give a true and fair view of the statement of financial position, income statement and statement of cash flows.
In order to formulate reliable estimates and assumptions, reference has been made to past experience, and to other factors considered reasonable for the case in question, based on all available information. However, we cannot exclude that changes in these estimates and assumptions may have a significant effect on the statement of financial position and income statement as well as on the potential assets and liabilities reported in the financial statements for disclosure purposes, if different elements emerge with respect to those considered originally.
As required by IFRS 17, the Group formulates and uses judgments and estimates that have a very significant impact on the amounts recognised for the classification and measurement of insurance contracts as well as their corresponding level of aggregation. In detail, the most significant judgments concern the data used, the assumptions and the estimation techniques taken into consideration to
project future cash flows and reflect underlying uncertainties at the reporting date. In more technical terms, the main assumptions adopted that could lead to substantial changes in the estimate of future cash flows concern estimates of payments for claims and the associated settlement expenses, mortality and longevity rates, the conduct of policyholders (due to terminations and redemptions), the percentages of participation in the returns and general costs directly attributable to the contract. The use of estimates is also relevant in relation to mainly:
-
the measurement of assets and liabilities at fair value (particularly for level 2 and 3 financial instruments); -
the quantification of the adjustment for the impairment of financial assets classified in the FVOCI and amortised cost categories; -
the analyses targeted at identifying any impairment of intangible assets (e.g. goodwill) booked to the financial statements (impairment test); -
the quantification of provisions for risks and charges and provisions for employee benefits. For information on the methods used to determine the items in question and the main risk factors, please refer to the sections containing a description of the measurement criteria.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact29": {
"value": "Consolidation scope
The Unipol Group\u2019s Consolidated Financial Statements at 31 December 2023 have been drawn up by combining the figures of the Parent Unipol and those of the 67 direct and indirect subsidiaries (IFRS 10).
There are no jointly-controlled interests.
Associates, in which the investment percentage ranges between 20% and 50% (15 companies), are measured using the equity method (IAS 28) or maintained at the carrying amount. At 31 December 2022, a total of 21 associates and subsidiaries were considered immaterial.
The changes to the consolidation scope and the lists of equity investments in subsidiaries and associates are shown below.
Changes in the consolidation scope compared with 31 December 2022 and other transactions
On 3 April 2023, UnipolSai Assicurazioni SpA acquired 100% of the share capital of Societ\u00e0 e Salute SpA. The company, which operates in the private healthcare segment under the brand Centro Medico Santagostino, holds a 100% interest in Santagostino Servizi e Prodotti Srl, specialised in the sale of sanitary items such as eyewear and hearing aids.
On 30 May 2023, the company Tenute del Cerro Wines Srl was established, wholly owned by UnipolSai Assicurazioni SpA, which will be responsible for marketing the wines of Tenute del Cerro and those of other producers.
On 1 June 2023, the partial, non-proportional asymmetric demerger of Promorest in favour of UnipolSai Finance SpA took effect.
On 22 June 2023, Linear SpA established the limited liability company LinearNext Srl, wholly owned by Linear itself, to be entrusted with the mandate for the distribution of \u201cLinearNext\u201d insurance policies.
In execution of the Framework Agreement signed on 28 March 2023 between UnipolSai Assicurazioni SpA and UnipolRental SpA, on the one hand, and BPER Banca SpA and SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA on the other, the merger deed was signed on 22 June for the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpA, with legal, tax and accounting effect from 1 July 2023.
On 27 June 2023, with legal effect from 3 July, the deed of merger of Anton Maria Valsalva Srl into Centri Medici Dyadea Srl was signed.
On 3 August 2023, UnipolSai Assicurazioni SpA participated in the establishment of Cronos Vita SpA, the corporate vehicle for the bail-out of the policyholders of the insurance company Eurovita SpA. In order to provide the investee with the resources necessary to purchase the Eurovita insurance business unit, completed at the end of October 2023, UnipolSai made payments in the form of share capital to Cronos Vita for a total of \u20ac49.5m, compared to an equity investment of 22.5% at 31 December 2023.
On 30 November, the purchase and sale contract for the equity investments was executed, signed on 7 July 2023 by Unicredit SpA and UnipolSai Assicurazioni SpA, relating to the transfer of the entire equity investment held in Incontra Assicurazioni SpA by UnipolSai Assicurazioni SpA to Unicredit SpA.
On 14 December 2023, UnipolSai Assicurazioni SpA and UnipolRe Dac, in execution of the respective resolutions dated 28 September and 20 March 2023, signed the deed for the cross-border merger by incorporation of UnipolRe Dac into UnipolSai Assicurazioni SpA, with statutory, accounting and tax effects from 31 December 2023. Prior to the effective date of the merger, UnipolSai had directly acquired 100% of UnipolRe Dac share capital, having received it in assignment as a result of the voluntary liquidation procedure of UnipolSai Nederland Bv, which was cancelled from the Dutch Chamber of Commerce register with effect from 19 December 2023.
On 14 December 2023, the deed for the merger by incorporation of Centri Medici Dyadea Srl into Societ\u00e0 e Salute SpA was signed with legal and accounting effects from 1 January 2024.
On 29 December 2023, on conclusion of the voluntary liquidation process launched on 23 October 2023, the companies Garibaldi SCA and Isola SCA were cancelled from the Luxembourg Register of Commerce and Companies.Disclosure on structured entities
The Unipol Group is not exposed to changes deriving from the performance of unconsolidated structured entities. The Unipol Group has promoted transactions with the following structured entities:
-Azzurro RE II DAC is an Irish special purpose vehicle (SPV) that issued a CAT BOND on the ILS (Insurance Linked Securities) markets of \u20ac100,000,000 to cover UnipolSai earthquake risks in Italy and neighbouring countries with a 3.5-year maturity (07/2020-01/2024). During 2023, the Group paid the special purpose vehicle a total of \u20ac5m as payment of the annual premium relating to the aforementioned reinsurance cover;
-Mercurio Fleet 2022 Srl is an Italian SPV established in accordance with the provisions of Italian regulations on securitisations. The SPV was set up to guarantee the necessary funding to UnipolRental to cover its operating needs. This company is financed through a senior bond with an origination value of \u20ac520m, increased by a further \u20ac330m in September 2023. As collateral, the bond has an asset allocation established ad hoc, consisting of contracts and vehicles of the UnipolRental fleet. The segregated assets constitute assets allocated exclusively to repay the SPV loan and the receivables and vehicles remain under the legal ownership and in the financial statements of UnipolRental. During the year, the Group incurred a net expense to the entity of \u20ac27m, mainly due to interest expense of \u20ac29m, partially offset by financial income of \u20ac2m as remuneration of the liquidity reserve left available to the SPV. During the year, UnipolRental transferred to Mercurio Fleet 2022 Srl, against the contractual agreements relating to the aforementioned loan, cash for \u20ac479m. It should be noted that this amount, corresponding to the collections made on the assets subject to segregation, is returned to UnipolRental on a monthly basis by Mercurio Fleet 2022 Srl, net of the financial and administrative charges contractually envisaged as part of the securitization operation.
The aforementioned SPVs are not consolidated as the Unipol Group does not have control of the entity nor is it exposed to their significant variable returns.
Carrying amount of assets and liabilities of structured entities and maximum exposure to the risk of loss
Amounts in \u20acm
Name of the structured entity/
Financial statement items
Revenue received by the structured entity in the reference year
Carrying amount (at the date of transfer) of assets transferred to the structured entity in the reference year
Carrying amount of assets recognised in the financial statements and relating to the structured entity
Corresponding asset item in the statement of financial position
Carrying amount of liabilities recognised in the financial statements and relating to the structured entity
Corresponding liability item in the statement of financial position
Maximum exposure to the risk of loss
Azzurro RE II DAC series 2020-01
There are no jointly-controlled interests.
4. Investments
At 31 December 2023, total Investments amounted to \u20ac63,924m (\u20ac59,428m at 31/12/2022) and are shown by type in the table below:
Amounts in \u20acm
Investments in associates and interests in joint ventures
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Held-for-trading financial assets
Financial assets at fair value
Other financial assets mandatorily at fair value
4.2 Investments in associates and interests in joint venturesAt 31 December 2023, Investments in subsidiaries, associates and interests in joint ventures amounted to \u20ac2,656m (\u20ac1,608m in 2022). The item includes the interest in the associate BPER Banca for \u20ac1,805m (\u20ac1,516m at 31/12/2022) and in Banca Popolare di Sondrio for \u20ac754m.
Equity investments: information on shareholding relationships
Country of registered
office
% Total participating
interest (4)
% Votes available at
ordinary General
Meetings
(5)
Assicoop Bologna Metropolitana SpA
Assicoop Modena & Ferrara SpA
Assicoop Romagna Futura SpA
Banca Popolare di Sondrio SpA
Funivie del Piccolo San Bernardo SpA
Uci - Ufficio Centrale Italiano
(1)This disclosure is required only if the country of operations is different from the country of the registered office.
(2)1=Italian insurers; 2=EU insurers; 3=non-EU insurers; 4=insurance holding companies; 4.1=mixed financial holding companies; 5=EU reinsurers; 6=non-EU reinsurers; 7=banks; 8=asset management companies; 9=other holding companies; 10=real estate companies; 11=other.
(3)b = associates; c = joint ventures.
(4)The product of investment relations concerning all companies positioned in an investment chain.
(5)Availability of votes at ordinary shareholders' meetings, distinguishing between actual votes and potential votes. The availability of votes is indicated only if different from the direct shareholding.
Significant investments: carrying amount, fair value and dividends received
Amounts in \u20acm
Banca Popolare di Sondrio SpA
(1) b= associates; c= joint venture
The Banca Popolare di Sondrio dividends received by UnipolSai in 2023 are not recognised as they predated the acquisition of significant influence over the investee.
Significant equity investments: accounting informationAmounts in \u20acm
Cash and cash equivalents
Impairment losses/reversals on property, plant and equipment and intangible assets
Pre-tax profit (loss) from continuing operations
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
2. Banca Popolare di Sondrio SpA
Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
2. Banca Popolare di Sondrio SpA
Non-significant equity investments: accounting information
Amounts in \u20acm
Carrying amount of equity investments
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
The activity of the associate Cronos Vita, as specifically envisaged in the agreements between the parties involved in the bail-out of Eurovita policyholders, is limited to managing the run-off of the former Eurovita portfolio for the time strictly necessary (i) for the precise identification of the distinct business units making up the company complex to be assigned to the shareholder companies and (ii) the subsequent transfer of these units to them. In this context, it was considered that the investment held in Cronos Vita qualifies, from the acquisition date, as held for sale on the basis of the provisions of IFRS 5. In fact, from the outset, the intention was to sell the equity investment in order to acquire a business unit of the investee, to be identified according to criteria to be defined between the parties and characterised by a potentially different risk/reward profile, in the individual components, from that implicit in the investment.
As a result of the above classification, the equity investment held in Cronos Vita was measured at cost, as it was lower than the estimated realisable value net of costs to sell.
Also note in this regard that, as part of the transaction of UnipolSai and the other participating insurance companies, a pro rata guarantee was issued for the benefit of the banks that granted loans to the associate Cronos Vita to cover part of the early redemptions relating to policies associated with the segregated funds distributed by the banks and included in the business complex acquired by Cronos Vita in October 2023. This surety, which can be activated in the event of default by Cronos Vita, subordinate to a separate pledge by Cronos Vita
on assets included in the segregated funds portfolio, was issued by each of the shareholders of Cronos Vita in proportion to their percentage interest in the share capital. The maximum amount guaranteed by UnipolSai is \u20ac1,094m, calculated on the basis of the maximum amount of commitments to grant loans from the financial institutions. At the end of 2023, the loans already disbursed by financial institutions to Cronos Vita for these commitments amounted to \u20ac204m, insofar as the portion guaranteed by Unipol is concerned. The surety will become void when the business unit of the investee company assigned to each of the shareholder companies of Cronos Vita is transferred to them.Note that the listed companies BPER Banca and Banca Popolare di Sondrio, in which the Unipol Group holds 19.85% and 19.72% of the share capital, respectively, were classified as associates as they are subject to influence by the Parent and, consequently, were consolidated using the equity method. It was considered that, despite holding a share of just under 20% of the voting rights that can be exercised at shareholders\u2019 meetings, the Unipol Group exercises significant influence given the distribution of the ownership structure of the two companies and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investees, as well as, with reference to the BPER Group, the appointment of certain members of the administrative body.
7. Gains/losses on investments in associates and interests in joint ventures
At 31 December 2023, these amounted to \u20ac641m and include the contribution of the consolidation at equity of BPER Banca for \u20ac309m and of Banca Popolare di Sondrio for \u20ac289m, of which \u20ac267m referring to the badwill from the initial consolidation using the equity method. Note that the figure at 31 December 2022 (\u20ac348m) included \u20ac318m deriving from the pro rata consolidation of BPER Banca's result, of which \u20ac166m from the badwill arising from the acquisition of CARIGE and \u20ac41m from the change in the Unipol Group's equity investment in BPER Banca.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact31": {
"value": "Associates, in which the investment percentage ranges between 20% and 50% (15 companies), are measured using the equity method (IAS 28) or maintained at the carrying amount. At 31 December 2022, a total of 21 associates and subsidiaries were considered immaterial.
4. Investments
At 31 December 2023, total Investments amounted to \u20ac63,924m (\u20ac59,428m at 31/12/2022) and are shown by type in the table below:
Amounts in \u20acm
Investments in associates and interests in joint ventures
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Held-for-trading financial assets
Financial assets at fair value
Other financial assets mandatorily at fair value
4.2 Investments in associates and interests in joint venturesAt 31 December 2023, Investments in subsidiaries, associates and interests in joint ventures amounted to \u20ac2,656m (\u20ac1,608m in 2022). The item includes the interest in the associate BPER Banca for \u20ac1,805m (\u20ac1,516m at 31/12/2022) and in Banca Popolare di Sondrio for \u20ac754m.
Equity investments: information on shareholding relationships
Country of registered
office
% Total participating
interest (4)
% Votes available at
ordinary General
Meetings
(5)
Assicoop Bologna Metropolitana SpA
Assicoop Modena & Ferrara SpA
Assicoop Romagna Futura SpA
Banca Popolare di Sondrio SpA
Funivie del Piccolo San Bernardo SpA
Uci - Ufficio Centrale Italiano
(1)This disclosure is required only if the country of operations is different from the country of the registered office.
(2)1=Italian insurers; 2=EU insurers; 3=non-EU insurers; 4=insurance holding companies; 4.1=mixed financial holding companies; 5=EU reinsurers; 6=non-EU reinsurers; 7=banks; 8=asset management companies; 9=other holding companies; 10=real estate companies; 11=other.
(3)b = associates; c = joint ventures.
(4)The product of investment relations concerning all companies positioned in an investment chain.
(5)Availability of votes at ordinary shareholders' meetings, distinguishing between actual votes and potential votes. The availability of votes is indicated only if different from the direct shareholding.
Significant investments: carrying amount, fair value and dividends received
Amounts in \u20acm
Banca Popolare di Sondrio SpA
(1) b= associates; c= joint venture
The Banca Popolare di Sondrio dividends received by UnipolSai in 2023 are not recognised as they predated the acquisition of significant influence over the investee.
Significant equity investments: accounting informationAmounts in \u20acm
Cash and cash equivalents
Impairment losses/reversals on property, plant and equipment and intangible assets
Pre-tax profit (loss) from continuing operations
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
2. Banca Popolare di Sondrio SpA
Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
2. Banca Popolare di Sondrio SpA
Non-significant equity investments: accounting information
Amounts in \u20acm
Carrying amount of equity investments
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
The activity of the associate Cronos Vita, as specifically envisaged in the agreements between the parties involved in the bail-out of Eurovita policyholders, is limited to managing the run-off of the former Eurovita portfolio for the time strictly necessary (i) for the precise identification of the distinct business units making up the company complex to be assigned to the shareholder companies and (ii) the subsequent transfer of these units to them. In this context, it was considered that the investment held in Cronos Vita qualifies, from the acquisition date, as held for sale on the basis of the provisions of IFRS 5. In fact, from the outset, the intention was to sell the equity investment in order to acquire a business unit of the investee, to be identified according to criteria to be defined between the parties and characterised by a potentially different risk/reward profile, in the individual components, from that implicit in the investment.
As a result of the above classification, the equity investment held in Cronos Vita was measured at cost, as it was lower than the estimated realisable value net of costs to sell.
Also note in this regard that, as part of the transaction of UnipolSai and the other participating insurance companies, a pro rata guarantee was issued for the benefit of the banks that granted loans to the associate Cronos Vita to cover part of the early redemptions relating to policies associated with the segregated funds distributed by the banks and included in the business complex acquired by Cronos Vita in October 2023. This surety, which can be activated in the event of default by Cronos Vita, subordinate to a separate pledge by Cronos Vita
on assets included in the segregated funds portfolio, was issued by each of the shareholders of Cronos Vita in proportion to their percentage interest in the share capital. The maximum amount guaranteed by UnipolSai is \u20ac1,094m, calculated on the basis of the maximum amount of commitments to grant loans from the financial institutions. At the end of 2023, the loans already disbursed by financial institutions to Cronos Vita for these commitments amounted to \u20ac204m, insofar as the portion guaranteed by Unipol is concerned. The surety will become void when the business unit of the investee company assigned to each of the shareholder companies of Cronos Vita is transferred to them.Note that the listed companies BPER Banca and Banca Popolare di Sondrio, in which the Unipol Group holds 19.85% and 19.72% of the share capital, respectively, were classified as associates as they are subject to influence by the Parent and, consequently, were consolidated using the equity method. It was considered that, despite holding a share of just under 20% of the voting rights that can be exercised at shareholders\u2019 meetings, the Unipol Group exercises significant influence given the distribution of the ownership structure of the two companies and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investees, as well as, with reference to the BPER Group, the appointment of certain members of the administrative body.
7. Gains/losses on investments in associates and interests in joint ventures
At 31 December 2023, these amounted to \u20ac641m and include the contribution of the consolidation at equity of BPER Banca for \u20ac309m and of Banca Popolare di Sondrio for \u20ac289m, of which \u20ac267m referring to the badwill from the initial consolidation using the equity method. Note that the figure at 31 December 2022 (\u20ac348m) included \u20ac318m deriving from the pro rata consolidation of BPER Banca's result, of which \u20ac166m from the badwill arising from the acquisition of CARIGE and \u20ac41m from the change in the Unipol Group's equity investment in BPER Banca.
",
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}
},
"f181593": {
"value": "Equity investments in wholly-owned subsidiaries - other information
Information about business combinations
Acquisition of Societ\u00e0 e Salute SpA
On 3 April 2023, UnipolSai Assicurazioni SpA acquired 100% of the share capital of Societ\u00e0 e Salute SpA, which operates in the healthcare sector under the brand name \u201cCentro Medico Santagostino\u201d which, in turn, holds 100% of the share capital of Santagostino Servizi e Prodotti Srl. Below are the values of the assets and liabilities acquired determined on the basis of the financial statements of Societ\u00e0 e Salute and its subsidiary Santagostino Servizi e Prodotti Srl at 31 March 2023.
Amounts in \u20ack
Property, plant and equipment
Cash anda cash equivalents
Provisions for risks and charges
Total Net identifiable assets
On the basis of these values, the difference between the acquisition cost (equal to \u20ac105.4m corresponding to the total amount due to the seller including the best estimate of future price adjustment) and the net identifiable assets led to the recognition of goodwill for \u20ac104.7m.
Merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpAOn 1 July 2023, the legal effects entered into force for the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA, a member of the BPER Group operating in the long-term rental business, into UnipolRental SpA, the merger deed for which was signed on 22 June 2023.
As a result of the merger, the share capital of the merging entity UnipolRental SpA increased from \u20ac25,000,000.00 to \u20ac31,244,899.00 through the issue of 6,244,899 new ordinary shares with a nominal value of \u20ac1 each, assigned to the sole shareholder of the Merged Entity and, therefore, the share capital of UnipolRental SpA, divided into 31,244,899 ordinary shares with a nominal value of \u20ac1 each, is broken down between the two shareholders as follows:
\u2022UnipolSai Assicurazioni SpA, holder of 25,000,000 ordinary shares, representing 80.013% of the share capital;
\u2022BPER Banca SpA, holder of 6,244,899 ordinary shares, representing 19.987% of the share capital.
The values of the assets and liabilities acquired of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA at 1 July 2023, are reported below.
UnipolSai and BPER have mutually agreed a call and put option on the UnipolRental shares held by BPER.
Amounts in \u20ack
Property, plant and equipment
Cash anda cash equivalents
Provisions for risks and charges
Total Net identifiable assets
On the basis of these values, the difference between the acquisition cost on the basis of the UnipolRental shares issued in connection with the merger by incorporation (equal to \u20ac50m) and the net identifiable assets led to the recognition of goodwill for \u20ac58.4m.
",
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},
"fact32": {
"value": "Disclosure on structured entities
The Unipol Group is not exposed to changes deriving from the performance of unconsolidated structured entities. The Unipol Group has promoted transactions with the following structured entities:
-Azzurro RE II DAC is an Irish special purpose vehicle (SPV) that issued a CAT BOND on the ILS (Insurance Linked Securities) markets of \u20ac100,000,000 to cover UnipolSai earthquake risks in Italy and neighbouring countries with a 3.5-year maturity (07/2020-01/2024). During 2023, the Group paid the special purpose vehicle a total of \u20ac5m as payment of the annual premium relating to the aforementioned reinsurance cover;
-Mercurio Fleet 2022 Srl is an Italian SPV established in accordance with the provisions of Italian regulations on securitisations. The SPV was set up to guarantee the necessary funding to UnipolRental to cover its operating needs. This company is financed through a senior bond with an origination value of \u20ac520m, increased by a further \u20ac330m in September 2023. As collateral, the bond has an asset allocation established ad hoc, consisting of contracts and vehicles of the UnipolRental fleet. The segregated assets constitute assets allocated exclusively to repay the SPV loan and the receivables and vehicles remain under the legal ownership and in the financial statements of UnipolRental. During the year, the Group incurred a net expense to the entity of \u20ac27m, mainly due to interest expense of \u20ac29m, partially offset by financial income of \u20ac2m as remuneration of the liquidity reserve left available to the SPV. During the year, UnipolRental transferred to Mercurio Fleet 2022 Srl, against the contractual agreements relating to the aforementioned loan, cash for \u20ac479m. It should be noted that this amount, corresponding to the collections made on the assets subject to segregation, is returned to UnipolRental on a monthly basis by Mercurio Fleet 2022 Srl, net of the financial and administrative charges contractually envisaged as part of the securitization operation.
The aforementioned SPVs are not consolidated as the Unipol Group does not have control of the entity nor is it exposed to their significant variable returns.
Carrying amount of assets and liabilities of structured entities and maximum exposure to the risk of loss
Amounts in \u20acm
Name of the structured entity/
Financial statement items
Revenue received by the structured entity in the reference year
Carrying amount (at the date of transfer) of assets transferred to the structured entity in the reference year
Carrying amount of assets recognised in the financial statements and relating to the structured entity
Corresponding asset item in the statement of financial position
Carrying amount of liabilities recognised in the financial statements and relating to the structured entity
Corresponding liability item in the statement of financial position
Maximum exposure to the risk of loss
Azzurro RE II DAC series 2020-01
c)Guarantees held as a hedge against credit risks: the main type of guarantee available on exposures to reinsurers is represented by deposits with the Group for the risks ceded and retroceded that are generally moved (placed and repaid) annually or half-yearly. Their duration largely depends on the specific nature of the underlying insurance benefits and on the actual duration of the reinsurance agreements, which are renegotiated at the end of each year. For exposures to reinsurers the Group also makes use of a limited number of guarantees consisting mainly of Letters of credit and Securities. Collateral deposited by the counterparties for operating in derivatives under CSA-type (Credit Support Annex)63 agreements is also used as guarantees on credit risks. If the Internal Model for measuring risks includes mitigation techniques, their compatibility and constant updating in line with performance must be guaranteed.
Credit risk is measured using the Partial Internal Model that adopts a CreditRisk+ approach.
This model makes it possible to measure the risk of default relating to bank counterparties, concerning exposures deriving from available liquidity and financial risk mitigation through derivative contracts, insurance and reinsurance exposures and bonds on which spread risk is calculated. Furthermore, the model allows the risk of default deriving from exposures to intermediaries and policyholders to be measuredCredit riskCredit risk (or Counterparty Default Risk) identifies the risk that a debtor or guarantor under an enforcement order may wholly or partially fail to honour its accrued monetary commitment to the Parent or one of the Group companies.
Credit risk therefore reflects the potential losses from an unexpected default by counterparties and debtors of the insurance and reinsurance companies in the next twelve months.
As part of the Group's credit risk assessment, from FY23 a change in methodology was applied, expanding the scope of calculation of the internal model to exposures in bonds for which Spread Risk is assessed.
Therefore, default risk also includes, in addition to the exposures to securities indicated above, risk mitigation contracts, e.g. reinsurance agreements, securitisations and derivatives, in addition to other credit exposure not included among the financial risks (credit spread risk).
Credit risk management is defined in the Credit Policy which describes the roles and responsibilities of the parties involved, the risk assessment and mitigation principles, and the operational limits monitored.
In relation to credit risk, the Risk Management Department monitors compliance with the limits defined in the Group Credit Policy and prepares reports to the administrative bodies, Top Management and the operating structures on developments in this risk.
In the insurance sector, credit risk is mainly found in exposures to banks, to the Bond classes of the Group\u2019s insurance companies and to outwards reinsurance. Note that as part of the risk measurement system, the Bond classes are included under Non-Life underwriting risk and the related exposures are also monitored as part of credit risk.
Existing exposure to banks refers to deposited liquidity and exposures in OTC hedging derivatives. In particular, the derivatives exposure considered for risk management and monitoring purposes is equal to the sum of market values, if positive, of the current individual contracts and takes into account any risk mitigation arrangements (collateralisation) covered in the CSAs signed with individual counterparties.
The following table shows the distribution of Unipol Group exposures to banks, broken down by rating class, recognised at 31 December 2023.
Receivables from banks by rating class
Bond classes of the insurance companies in the Group This risk is calculated within the technical insurance risks (see relevant section) and monitored by the Bond and Credit Assignment Committee.
Outwards reinsuranceIn this area, the existing exposure to credit risk is divided into:
\u2022
liquid receivables already due arising out of the bordereaux sent to the reinsurer listing the balances on each policy during the period and those still outstanding;\u2022
potential estimated receivables for the provisions borne by the reinsurer (which will become due at the time of the payment to the policyholder and for the relative amounts). The exposure for provisions is always deemed to be net of any deposits retained or other collateral guarantees (e.g. Banking LOC, reinsurers\u2019 and Parent\u2019s commitment, etc.).The following table shows the distribution of Unipol Group exposure to reinsurers, broken down by rating class, recognised at 31 December 2023 net of intragroup reinsurance.
Receivables and reserves from reinsurers by rating class
Debt security Issuer Risk The credit risk of debt securities is monitored within market risk based on credit spread volatility. The following table shows the distribution of the Unipol Group\u2019s bond portfolio, insurance business and holding business, broken down by rating class (figures at 31/12/2023).
Breakdown of debt securities by rating class
",
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"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f183086": {
"value": "Disclosure on transfers between portfolios of financial assets
During the year, there were no transfers between portfolios of financial assets following a change in the business model.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f183091": {
"value": "Fair Value Disclosure
IFRS 13 provides guidelines to the measurement at fair value of financial instruments and non-financial assets and liabilities already required or permitted by other accounting standards (IFRS). This standard:
a)defines fair value;
b)groups into a single accounting standard the rules for measuring fair value;
c)enriches financial statement information.
The standard defines fair value as the sale price of an asset based on an ordinary transaction or the transfer price of a liability in an ordinary transaction on the main reference market at terms applicable at the measurement date (exit price).
Fair value measurement assumes that the transaction relating to the sale of assets or transfer of liabilities can take place:
\u2022
on the main listing market;\u2022
if there is no listing market, on the market most advantageous for the assets and liabilities to be measured.When a market price is not observable, the measurement methods which maximise the use of observable parameters and minimise the use of non-observable parameters must mainly be used.
IFRS 13 also defines a fair value hierarchy based on the level of observability of the inputs contained in measurement techniques used to measure fair value.
IFRS 13 governs the fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position. For these assets and liabilities, fair value is calculated for financial statement disclosure purposes. Also note that, as these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Fair value measurement criteriaThe table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.
CBBT contributor - Bloomberg
Other contributor - Bloomberg
Listed shares and investments, ETFs
Unlisted shares and investments
Trade receivables (Mark to Model)
Other receivables (carrying amount)
In compliance with IFRS 13, the market price is used to determine the fair value of financial instruments, in the case of instruments traded in liquid and active markets (Mark to Market).
\u201cLiquid and active market\u201d means:
a)the regulated market in which the instrument subject to measurement is traded and regularly listed;
b)the multilateral trading system (MTF) in which the instrument subject to measurement is traded or regularly listed;
c)listings and transactions performed on a regular basis, i.e. high-frequency transactions with a low bid/offer spread, by an authorised intermediary (hereinafter \u201ccontributor\u201d).
In the absence of available prices on a liquid active market, valuation methods are used which maximise the use of observable parameters and minimise the use of non-observable parameters. These methods can be summarised in Mark to Model valuations, valuations by counterparty or valuations at the carrying amount in connection with some non-financial asset categories.
Mark to Market valuations
With reference to shares, listed investments, ETFs and listed derivatives, the Mark to Market valuation corresponds to the official valuation price of the market.
For bonds, the sources used for the Mark to Market valuation of financial assets and liabilities are as follows:
a)the primary source is the CBBT price provided by data provider Bloomberg;
b)where the price referred to the previous point is unavailable, an internal scoring model is used, which makes it possible to select liquid and active contributors on the basis of pre-defined parameters.
For UCITS the Net Asset Value is the source used.
Mark to Model valuationsThe Group uses valuation methods (Mark to Model) in line with the methods generally used by the market.
The objective of the models used to calculate the fair value is to obtain a value for the financial instrument consistent with the assumptions that market participants would use to quote a price, assumptions that also concern the risk inherent in a particular valuation technique and/or in the inputs used. To ensure the correct Mark to Model valuation of each category of instrument, adequate and consistent valuation models must be defined beforehand as well as reference market parameters.
The list of the main models used within the Unipol Group for Mark to Model pricing of financial instruments is provided below:
Securities and interest rate derivatives:
\u2022
Discounted cash flows;\u2022
Hull & White 1, 2 factors;\u2022
Libor Market Model;\u2022
Longstaff & Schwartz;Securities and inflation derivatives:
\u2022
Discounted cash flows;Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;Securities and credit derivatives:
\u2022
Discounted cash flows;\u2022
Hazard rate models.The main observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
interest rate curves for reference currency;\u2022
interest rate volatility surface for reference currency;\u2022
CDS spread or Asset Swap spread curves of the issuer;\u2022
inflation curves for reference currency;\u2022
reference exchange rates; \u2022
exchange rate volatility surface;\u2022
share or index volatility surface;\u2022
share reference prices;\u2022
reference inflation curves.The main non-observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
correlation matrices between exchange rates and risk factors;\u2022
historical volatility;\u2022
benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or CDS curves are unavailable;\u2022
credit risk parameters such as the recovery rate;\u2022
delinquency or default rates and prepayment curves for ABS-type financial instruments.With reference to bonds in those cases when, even on the basis of the results of the Scoring Model, it is not possible to measure an instrument using the Mark to Market method, the fair value is obtained on the basis of Mark to Model type valuations. The different valuation models referred to above are chosen according to the instrument characteristics.
For OTC derivative contracts, the models used are consistent with the risk factor underlying the contract. The fair value of OTC interest rate derivatives and OTC inflation-linked derivatives is calculated on the basis of Mark to Model type valuations, acknowledging the rules set in IFRS 13.
As regards derivatives on which a collateralisation agreement is provided (Credit Support Annex) between the companies of the Unipol Group and the authorised market counterparties, the EONIA (Euro OverNight Index Average) discount curve is used.
As regards uncollateralised derivatives, CVA (Credit Valuation Adjustment) and DVA (Debit Valuation Adjustment) adjustments are made. It should be noted that, at 31 December 2023, almost all derivative positions represented collateralised contracts for which CSA agreements are in place with the counterparties involved in the trading.
As regards unlisted shares and investments for which a market price or an appraisal by an independent expert is not available, the valuations are performed mainly on the basis of (i) equity methods, (ii) methods based on the discounting of future profit or cash flows, i.e. Discounted Cash Flow (DCF) or Dividend Discount Model (DDM), (the so-called \u201cexcess capital\u201d version) (iii) if applicable, methods based on market multiples.
As regards unlisted UCITS, Private Equity Funds and Hedge Funds, the fair value is calculated as the Net Asset Value (NAV) at the financial statement date provided directly by the fund managers. The NAV is constructed on the basis of stringent valuation policies defined by the fund and is based on valuation of the underlying assets using updated inputs and more appropriate measurement approaches. Based on these considerations and taking into account sector market practices, this value was used to express the instrument's fair value.
The carrying amount is used for other loans.
With reference to properties, the fair value is measured on the basis of the appraisal value provided by independent experts, in compliance with current legal provisions.
Counterparty valuations
For financial assets and liabilities which do not fall into the categories of instruments valued on a Mark to Market basis and for which there are no consistent and validated valuation models available for the purposes of measuring fair value, the valuations provided by the counterparties that could be contacted to liquidate the position are used.
Unique characteristics of the fair value measurement for structured bonds and SPV structured bonds
Bond issues that incorporate a derivative contract which modifies the cash flows generated by the host contract are considered structured bonds. The measurement of structured bonds requires the representation and separate valuation of the host contract and of embedded derivative contracts.
The measurement of structured bonds makes use of models consistent with the breakdown into elementary components (host contract and embedded derivatives) and with the risk factor underlying said contract.
For structured bonds, the valuation of elementary components follows the criteria defined above for the calculation of fair value, which makes provision for use of Mark to Market valuation if available, or of the Mark to Model approach or counterparty price in the case in which the Mark to Market-type price is not available.
Bonds issued by a Special Purpose Vehicle secured by collateral and whose flows paid are generated by an interest rate swap contract in place between the vehicle and the swap counterparty (usually the arranger of the transaction) are considered SPV structured bonds. The measurement of SPV structured bonds requires the representation and separate valuation of the following elements:
\u2022
collateral issue of the vehicle;\u2022
interest rate swap agreement between the vehicle and arranger;\u2022
any other optional components or CDS agreements included in the vehicle.For SPV structured bonds the valuation of collateral follows the criteria defined previously for the calculation of the fair value, which makes provision for the use of the Mark to Market approach if available, or the Mark to Model approach or the counterparty price in the case in which the Mark to Market type price is not available.
The valuation of the interest rate swap agreement provides for the discounting of future cash flows on the basis of the different discount curves, based on the existence or not of a collateralisation agreement (Credit Support Annex) between the vehicle and swap
counterparty. In particular, if the derivative contract is collateralised using available securities included in the SPV\u2019s assets, the future cash flows of the interest rate swap agreement are discounted using the EONIA discount curve; while if there is no collateralisation agreement, use is made of CVA (Credit Valuation Adjustment), DVA (Debit Valuation Adjustment) and FVA (Funding Valuation Adjustment), as appropriate.Criteria for determining the fair value hierarchies
Assets and liabilities measured at fair value are classified on the basis of the hierarchy defined by IFRS 13. This classification establishes a fair value hierarchy based on the degree of discretionary power used, giving priority to the use of observable market parameters, as these are representative of the assumptions that market participants would use in the pricing of assets and liabilities.
Assets and liabilities are classified on the basis of the criterion used to determine fair value (Mark to Market, Mark to Model, Counterparty) and on the basis of the observability of the parameters used, in the case of the Mark to Model valuation:
\u2022
Level 1: this category includes assets and liabilities valued on a Mark to Market basis, with CBBT price source and with contributor prices that meet the minimum requirements to ensure that these prices can be used in active markets;\u2022
Level 2: this category includes assets and liabilities valued on a Mark to Market basis, but which cannot be classified in the previous category, and assets the fair value of which is obtained with a consistent pricing model with observable market parameter inputs;\u2022
Level 3: this category includes assets and liabilities for which the variability of the estimate of the pricing model may be significant due to the complexity of the pay-off or, if a consistent and validated model is available, the parameters needed for the valuation are not observable. This category also includes bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Lastly, this category also includes loans and investment property.Fair value measurement on a recurring basis
Process for fair value measurement on a recurring basis
The measurement of financial instruments is a preliminary activity for risk monitoring, integrated asset and liability management and the drafting of the financial statements for the year.
The fair value measurement of financial instruments on a recurring basis is structured into different stages and is carried out, in compliance with the principles of separateness, independence and responsibility of the departments, at the same time, and independently, by the Finance Department and the Risk Management Department of Unipol Gruppo, using the measurement criteria defined in the previous paragraph.
When the independent valuations of financial assets and liabilities have been carried out by the two Departments involved in the pricing process, a check is performed for significant deviations, which refer to deviations of more than 3% in terms of absolute value. In the event of deviations of more than 3%, the reasons for the differences identified are analysed and, when the outcomes of the comparison are known, the price to be used for financial statement valuation purposes is determined.
Fair value measurement on a recurring basis through non-observable parameters (Level 3)
The classification of financial assets and liabilities at Level 3 adheres to a prudential approach; this category mainly includes the following types of financial instruments:
\u2022
unlisted equity instruments or investments for which a market price or an appraisal drafted by an independent expert is not available; valuations are performed on the basis of the methods indicated previously;\u2022
shares in private equity funds, hedge funds and unlisted UCITS units for which information on the financial instruments held in the relative portfolios is not available and which could, as such, include financial instruments valued on a Mark to Model basis using non-observable parameters;\u2022
bonds valued on a Mark to Model basis using non-observable parameters (correlations, benchmark spread curves, recovery rate);\u2022
bonds valued with a counterparty price on a Mark to Model basis using non-observable parameters;\u2022
ABS type bonds for which a Mark to Market valuation is not available;\u2022
derivative instruments valued on a Mark to Model basis using non-observable parameters (correlations, volatility, dividend estimates);\u2022
bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Fair value measurement on a non-recurring basis in compliance with the disclosure requirements of other standardsConsistent with the provisions of IFRS 13, fair value is measured also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position and when the disclosure on fair value has to be provided in the Notes to the financial statements in compliance with other international accounting standards. Since these assets and liabilities are usually not exchanged, the calculation of their fair value is based primarily on the use of internal parameters not directly observable on the market. This category mainly includes the following types of financial instruments:
\u2022
bond issues valued on a Mark to Market basis (level 1);\u2022
bond issues and loans valued on a Mark to Model basis using non-observable parameters (benchmark spread curves) (level 3);\u2022
short-term payables with a duration of less than 18 months and Certificates of Deposit at amortised cost (level 3);\u2022
impaired loans and receivables from bank customers measured at amortised cost, net of analytical valuations (level 3);\u2022
other receivables valued at carrying amount (level 3);\u2022
investment property valued on the basis of the appraisal value determined by independent experts in compliance with the provisions of the applicable legislation. The approach to assigning appraisal mandates is based on the non-exclusive assignment of assets; there is usually a three-year rotation in the assignment of experts. Fair value measurement on a recurring basis
The table below shows a comparison between the assets and liabilities measured at fair value on a recurring basis.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm
Assets and liabilities at fair value
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss:
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
Financial liabilities at fair value through profit or loss:
at fair value through profit or loss
Details of changes in Level 3 financial assets and liabilities in the same period are shown below.Yearly changes in Level 3 financial assets and liabilities at fair value on a recurring basis
Amounts in \u20acm
Financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Financial assets at fair value through OCI
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
at fair value through profit or loss
Gains recognised through:
2.2.2 Other Comprehensive Income
Transfers to other levels
Losses recognised through:
3.3.2 Other Comprehensive Income
Transfers to other levels
The transfers from Level 1 to Level 2, which occurred during the reference period, were irrelevant.
Analysis and stress testing of non-observable parameters (Level 3)The table below shows, for Level 3 financial assets and liabilities measured at fair value, the effects of the change in the non-observable parameters used in the fair value measurement.
With reference to \u201cassets at fair value on a recurring basis\u201d and belonging to Level 3, the stress test of non-observable parameters is performed with reference to financial instruments valued on a Mark to Model basis and on which the measurement is carried out through one or more non-observable parameters.
The portion of securities subject to analysis had a market value of \u20ac363m at 31 December 2023.
The non-observable parameters subject to a shock are benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or Credit Default Swap curves are unavailable.
The following table shows the results of the shocks:
Amounts in \u20acm
Fair value measurement on a non-recurring basis IFRS 13 governs fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. Furthermore, since these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by fair value level
Amounts in \u20acm
Financial assets at amortised cost
Investments in associates and j-v
Non-current assets or assets of a disposal group held for sale
Financial liabilities at amortised cost
Liabilities associated with disposal groups held for sale
Disclosure on \u201cday one profit/loss\u201c
During the period, the Group did not recognise profits or losses at the date of initial recognition of financial assets and liabilities as there is no evidence that the value recognised to the counterparty at the time of the transaction differed from the fair value of the underlying financial instrument.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact33": {
"value": "Fair Value Disclosure
IFRS 13 provides guidelines to the measurement at fair value of financial instruments and non-financial assets and liabilities already required or permitted by other accounting standards (IFRS). This standard:
a)defines fair value;
b)groups into a single accounting standard the rules for measuring fair value;
c)enriches financial statement information.
The standard defines fair value as the sale price of an asset based on an ordinary transaction or the transfer price of a liability in an ordinary transaction on the main reference market at terms applicable at the measurement date (exit price).
Fair value measurement assumes that the transaction relating to the sale of assets or transfer of liabilities can take place:
\u2022
on the main listing market;\u2022
if there is no listing market, on the market most advantageous for the assets and liabilities to be measured.When a market price is not observable, the measurement methods which maximise the use of observable parameters and minimise the use of non-observable parameters must mainly be used.
IFRS 13 also defines a fair value hierarchy based on the level of observability of the inputs contained in measurement techniques used to measure fair value.
IFRS 13 governs the fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position. For these assets and liabilities, fair value is calculated for financial statement disclosure purposes. Also note that, as these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Fair value measurement criteriaThe table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.
CBBT contributor - Bloomberg
Other contributor - Bloomberg
Listed shares and investments, ETFs
Unlisted shares and investments
Trade receivables (Mark to Model)
Other receivables (carrying amount)
In compliance with IFRS 13, the market price is used to determine the fair value of financial instruments, in the case of instruments traded in liquid and active markets (Mark to Market).
\u201cLiquid and active market\u201d means:
a)the regulated market in which the instrument subject to measurement is traded and regularly listed;
b)the multilateral trading system (MTF) in which the instrument subject to measurement is traded or regularly listed;
c)listings and transactions performed on a regular basis, i.e. high-frequency transactions with a low bid/offer spread, by an authorised intermediary (hereinafter \u201ccontributor\u201d).
In the absence of available prices on a liquid active market, valuation methods are used which maximise the use of observable parameters and minimise the use of non-observable parameters. These methods can be summarised in Mark to Model valuations, valuations by counterparty or valuations at the carrying amount in connection with some non-financial asset categories.
Mark to Market valuations
With reference to shares, listed investments, ETFs and listed derivatives, the Mark to Market valuation corresponds to the official valuation price of the market.
For bonds, the sources used for the Mark to Market valuation of financial assets and liabilities are as follows:
a)the primary source is the CBBT price provided by data provider Bloomberg;
b)where the price referred to the previous point is unavailable, an internal scoring model is used, which makes it possible to select liquid and active contributors on the basis of pre-defined parameters.
For UCITS the Net Asset Value is the source used.
Mark to Model valuationsThe Group uses valuation methods (Mark to Model) in line with the methods generally used by the market.
The objective of the models used to calculate the fair value is to obtain a value for the financial instrument consistent with the assumptions that market participants would use to quote a price, assumptions that also concern the risk inherent in a particular valuation technique and/or in the inputs used. To ensure the correct Mark to Model valuation of each category of instrument, adequate and consistent valuation models must be defined beforehand as well as reference market parameters.
The list of the main models used within the Unipol Group for Mark to Model pricing of financial instruments is provided below:
Securities and interest rate derivatives:
\u2022
Discounted cash flows;\u2022
Hull & White 1, 2 factors;\u2022
Libor Market Model;\u2022
Longstaff & Schwartz;Securities and inflation derivatives:
\u2022
Discounted cash flows;Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;Securities and credit derivatives:
\u2022
Discounted cash flows;\u2022
Hazard rate models.The main observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
interest rate curves for reference currency;\u2022
interest rate volatility surface for reference currency;\u2022
CDS spread or Asset Swap spread curves of the issuer;\u2022
inflation curves for reference currency;\u2022
reference exchange rates; \u2022
exchange rate volatility surface;\u2022
share or index volatility surface;\u2022
share reference prices;\u2022
reference inflation curves.The main non-observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
correlation matrices between exchange rates and risk factors;\u2022
historical volatility;\u2022
benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or CDS curves are unavailable;\u2022
credit risk parameters such as the recovery rate;\u2022
delinquency or default rates and prepayment curves for ABS-type financial instruments.With reference to bonds in those cases when, even on the basis of the results of the Scoring Model, it is not possible to measure an instrument using the Mark to Market method, the fair value is obtained on the basis of Mark to Model type valuations. The different valuation models referred to above are chosen according to the instrument characteristics.
For OTC derivative contracts, the models used are consistent with the risk factor underlying the contract. The fair value of OTC interest rate derivatives and OTC inflation-linked derivatives is calculated on the basis of Mark to Model type valuations, acknowledging the rules set in IFRS 13.
As regards derivatives on which a collateralisation agreement is provided (Credit Support Annex) between the companies of the Unipol Group and the authorised market counterparties, the EONIA (Euro OverNight Index Average) discount curve is used.
As regards uncollateralised derivatives, CVA (Credit Valuation Adjustment) and DVA (Debit Valuation Adjustment) adjustments are made. It should be noted that, at 31 December 2023, almost all derivative positions represented collateralised contracts for which CSA agreements are in place with the counterparties involved in the trading.
As regards unlisted shares and investments for which a market price or an appraisal by an independent expert is not available, the valuations are performed mainly on the basis of (i) equity methods, (ii) methods based on the discounting of future profit or cash flows, i.e. Discounted Cash Flow (DCF) or Dividend Discount Model (DDM), (the so-called \u201cexcess capital\u201d version) (iii) if applicable, methods based on market multiples.
As regards unlisted UCITS, Private Equity Funds and Hedge Funds, the fair value is calculated as the Net Asset Value (NAV) at the financial statement date provided directly by the fund managers. The NAV is constructed on the basis of stringent valuation policies defined by the fund and is based on valuation of the underlying assets using updated inputs and more appropriate measurement approaches. Based on these considerations and taking into account sector market practices, this value was used to express the instrument's fair value.
The carrying amount is used for other loans.
With reference to properties, the fair value is measured on the basis of the appraisal value provided by independent experts, in compliance with current legal provisions.
Counterparty valuations
For financial assets and liabilities which do not fall into the categories of instruments valued on a Mark to Market basis and for which there are no consistent and validated valuation models available for the purposes of measuring fair value, the valuations provided by the counterparties that could be contacted to liquidate the position are used.
Unique characteristics of the fair value measurement for structured bonds and SPV structured bonds
Bond issues that incorporate a derivative contract which modifies the cash flows generated by the host contract are considered structured bonds. The measurement of structured bonds requires the representation and separate valuation of the host contract and of embedded derivative contracts.
The measurement of structured bonds makes use of models consistent with the breakdown into elementary components (host contract and embedded derivatives) and with the risk factor underlying said contract.
For structured bonds, the valuation of elementary components follows the criteria defined above for the calculation of fair value, which makes provision for use of Mark to Market valuation if available, or of the Mark to Model approach or counterparty price in the case in which the Mark to Market-type price is not available.
Bonds issued by a Special Purpose Vehicle secured by collateral and whose flows paid are generated by an interest rate swap contract in place between the vehicle and the swap counterparty (usually the arranger of the transaction) are considered SPV structured bonds. The measurement of SPV structured bonds requires the representation and separate valuation of the following elements:
\u2022
collateral issue of the vehicle;\u2022
interest rate swap agreement between the vehicle and arranger;\u2022
any other optional components or CDS agreements included in the vehicle.For SPV structured bonds the valuation of collateral follows the criteria defined previously for the calculation of the fair value, which makes provision for the use of the Mark to Market approach if available, or the Mark to Model approach or the counterparty price in the case in which the Mark to Market type price is not available.
The valuation of the interest rate swap agreement provides for the discounting of future cash flows on the basis of the different discount curves, based on the existence or not of a collateralisation agreement (Credit Support Annex) between the vehicle and swap
counterparty. In particular, if the derivative contract is collateralised using available securities included in the SPV\u2019s assets, the future cash flows of the interest rate swap agreement are discounted using the EONIA discount curve; while if there is no collateralisation agreement, use is made of CVA (Credit Valuation Adjustment), DVA (Debit Valuation Adjustment) and FVA (Funding Valuation Adjustment), as appropriate.Criteria for determining the fair value hierarchies
Assets and liabilities measured at fair value are classified on the basis of the hierarchy defined by IFRS 13. This classification establishes a fair value hierarchy based on the degree of discretionary power used, giving priority to the use of observable market parameters, as these are representative of the assumptions that market participants would use in the pricing of assets and liabilities.
Assets and liabilities are classified on the basis of the criterion used to determine fair value (Mark to Market, Mark to Model, Counterparty) and on the basis of the observability of the parameters used, in the case of the Mark to Model valuation:
\u2022
Level 1: this category includes assets and liabilities valued on a Mark to Market basis, with CBBT price source and with contributor prices that meet the minimum requirements to ensure that these prices can be used in active markets;\u2022
Level 2: this category includes assets and liabilities valued on a Mark to Market basis, but which cannot be classified in the previous category, and assets the fair value of which is obtained with a consistent pricing model with observable market parameter inputs;\u2022
Level 3: this category includes assets and liabilities for which the variability of the estimate of the pricing model may be significant due to the complexity of the pay-off or, if a consistent and validated model is available, the parameters needed for the valuation are not observable. This category also includes bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Lastly, this category also includes loans and investment property.Fair value measurement on a recurring basis
Process for fair value measurement on a recurring basis
The measurement of financial instruments is a preliminary activity for risk monitoring, integrated asset and liability management and the drafting of the financial statements for the year.
The fair value measurement of financial instruments on a recurring basis is structured into different stages and is carried out, in compliance with the principles of separateness, independence and responsibility of the departments, at the same time, and independently, by the Finance Department and the Risk Management Department of Unipol Gruppo, using the measurement criteria defined in the previous paragraph.
When the independent valuations of financial assets and liabilities have been carried out by the two Departments involved in the pricing process, a check is performed for significant deviations, which refer to deviations of more than 3% in terms of absolute value. In the event of deviations of more than 3%, the reasons for the differences identified are analysed and, when the outcomes of the comparison are known, the price to be used for financial statement valuation purposes is determined.
Fair value measurement on a recurring basis through non-observable parameters (Level 3)
The classification of financial assets and liabilities at Level 3 adheres to a prudential approach; this category mainly includes the following types of financial instruments:
\u2022
unlisted equity instruments or investments for which a market price or an appraisal drafted by an independent expert is not available; valuations are performed on the basis of the methods indicated previously;\u2022
shares in private equity funds, hedge funds and unlisted UCITS units for which information on the financial instruments held in the relative portfolios is not available and which could, as such, include financial instruments valued on a Mark to Model basis using non-observable parameters;\u2022
bonds valued on a Mark to Model basis using non-observable parameters (correlations, benchmark spread curves, recovery rate);\u2022
bonds valued with a counterparty price on a Mark to Model basis using non-observable parameters;\u2022
ABS type bonds for which a Mark to Market valuation is not available;\u2022
derivative instruments valued on a Mark to Model basis using non-observable parameters (correlations, volatility, dividend estimates);\u2022
bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Fair value measurement on a non-recurring basis in compliance with the disclosure requirements of other standardsConsistent with the provisions of IFRS 13, fair value is measured also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position and when the disclosure on fair value has to be provided in the Notes to the financial statements in compliance with other international accounting standards. Since these assets and liabilities are usually not exchanged, the calculation of their fair value is based primarily on the use of internal parameters not directly observable on the market. This category mainly includes the following types of financial instruments:
\u2022
bond issues valued on a Mark to Market basis (level 1);\u2022
bond issues and loans valued on a Mark to Model basis using non-observable parameters (benchmark spread curves) (level 3);\u2022
short-term payables with a duration of less than 18 months and Certificates of Deposit at amortised cost (level 3);\u2022
impaired loans and receivables from bank customers measured at amortised cost, net of analytical valuations (level 3);\u2022
other receivables valued at carrying amount (level 3);\u2022
investment property valued on the basis of the appraisal value determined by independent experts in compliance with the provisions of the applicable legislation. The approach to assigning appraisal mandates is based on the non-exclusive assignment of assets; there is usually a three-year rotation in the assignment of experts. Fair value measurement on a recurring basis
The table below shows a comparison between the assets and liabilities measured at fair value on a recurring basis.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm
Assets and liabilities at fair value
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss:
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
Financial liabilities at fair value through profit or loss:
at fair value through profit or loss
Details of changes in Level 3 financial assets and liabilities in the same period are shown below.Yearly changes in Level 3 financial assets and liabilities at fair value on a recurring basis
Amounts in \u20acm
Financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Financial assets at fair value through OCI
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
at fair value through profit or loss
Gains recognised through:
2.2.2 Other Comprehensive Income
Transfers to other levels
Losses recognised through:
3.3.2 Other Comprehensive Income
Transfers to other levels
The transfers from Level 1 to Level 2, which occurred during the reference period, were irrelevant.
Analysis and stress testing of non-observable parameters (Level 3)The table below shows, for Level 3 financial assets and liabilities measured at fair value, the effects of the change in the non-observable parameters used in the fair value measurement.
With reference to \u201cassets at fair value on a recurring basis\u201d and belonging to Level 3, the stress test of non-observable parameters is performed with reference to financial instruments valued on a Mark to Model basis and on which the measurement is carried out through one or more non-observable parameters.
The portion of securities subject to analysis had a market value of \u20ac363m at 31 December 2023.
The non-observable parameters subject to a shock are benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or Credit Default Swap curves are unavailable.
The following table shows the results of the shocks:
Amounts in \u20acm
Fair value measurement on a non-recurring basis IFRS 13 governs fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. Furthermore, since these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by fair value level
Amounts in \u20acm
Financial assets at amortised cost
Investments in associates and j-v
Non-current assets or assets of a disposal group held for sale
Financial liabilities at amortised cost
Liabilities associated with disposal groups held for sale
Disclosure on \u201cday one profit/loss\u201c
During the period, the Group did not recognise profits or losses at the date of initial recognition of financial assets and liabilities as there is no evidence that the value recognised to the counterparty at the time of the transaction differed from the fair value of the underlying financial instrument.
4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm
- Other loans and receivables
Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac449m (\u20ac460m at 31/12/2022).
Financial assets at amortised cost: gross value and total value adjustmentsAmounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
4.4 Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income: product breakdown and percentage composition
Amounts in \u20acm
Other financial instruments
Financial assets at fair value through other comprehensive income: gross value and total value adjustmentsAmounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
Other financial instruments
Fair Value Disclosure
IFRS 13 provides guidelines to the measurement at fair value of financial instruments and non-financial assets and liabilities already required or permitted by other accounting standards (IFRS). This standard:
a)defines fair value;
b)groups into a single accounting standard the rules for measuring fair value;
c)enriches financial statement information.
The standard defines fair value as the sale price of an asset based on an ordinary transaction or the transfer price of a liability in an ordinary transaction on the main reference market at terms applicable at the measurement date (exit price).
Fair value measurement assumes that the transaction relating to the sale of assets or transfer of liabilities can take place:
\u2022
on the main listing market;\u2022
if there is no listing market, on the market most advantageous for the assets and liabilities to be measured.When a market price is not observable, the measurement methods which maximise the use of observable parameters and minimise the use of non-observable parameters must mainly be used.
IFRS 13 also defines a fair value hierarchy based on the level of observability of the inputs contained in measurement techniques used to measure fair value.
IFRS 13 governs the fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position. For these assets and liabilities, fair value is calculated for financial statement disclosure purposes. Also note that, as these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Fair value measurement criteriaThe table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.
CBBT contributor - Bloomberg
Other contributor - Bloomberg
Listed shares and investments, ETFs
Unlisted shares and investments
Trade receivables (Mark to Model)
Other receivables (carrying amount)
In compliance with IFRS 13, the market price is used to determine the fair value of financial instruments, in the case of instruments traded in liquid and active markets (Mark to Market).
\u201cLiquid and active market\u201d means:
a)the regulated market in which the instrument subject to measurement is traded and regularly listed;
b)the multilateral trading system (MTF) in which the instrument subject to measurement is traded or regularly listed;
c)listings and transactions performed on a regular basis, i.e. high-frequency transactions with a low bid/offer spread, by an authorised intermediary (hereinafter \u201ccontributor\u201d).
In the absence of available prices on a liquid active market, valuation methods are used which maximise the use of observable parameters and minimise the use of non-observable parameters. These methods can be summarised in Mark to Model valuations, valuations by counterparty or valuations at the carrying amount in connection with some non-financial asset categories.
Mark to Market valuations
With reference to shares, listed investments, ETFs and listed derivatives, the Mark to Market valuation corresponds to the official valuation price of the market.
For bonds, the sources used for the Mark to Market valuation of financial assets and liabilities are as follows:
a)the primary source is the CBBT price provided by data provider Bloomberg;
b)where the price referred to the previous point is unavailable, an internal scoring model is used, which makes it possible to select liquid and active contributors on the basis of pre-defined parameters.
For UCITS the Net Asset Value is the source used.
Mark to Model valuationsThe Group uses valuation methods (Mark to Model) in line with the methods generally used by the market.
The objective of the models used to calculate the fair value is to obtain a value for the financial instrument consistent with the assumptions that market participants would use to quote a price, assumptions that also concern the risk inherent in a particular valuation technique and/or in the inputs used. To ensure the correct Mark to Model valuation of each category of instrument, adequate and consistent valuation models must be defined beforehand as well as reference market parameters.
The list of the main models used within the Unipol Group for Mark to Model pricing of financial instruments is provided below:
Securities and interest rate derivatives:
\u2022
Discounted cash flows;\u2022
Hull & White 1, 2 factors;\u2022
Libor Market Model;\u2022
Longstaff & Schwartz;Securities and inflation derivatives:
\u2022
Discounted cash flows;Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;Securities and credit derivatives:
\u2022
Discounted cash flows;\u2022
Hazard rate models.The main observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
interest rate curves for reference currency;\u2022
interest rate volatility surface for reference currency;\u2022
CDS spread or Asset Swap spread curves of the issuer;\u2022
inflation curves for reference currency;\u2022
reference exchange rates; \u2022
exchange rate volatility surface;\u2022
share or index volatility surface;\u2022
share reference prices;\u2022
reference inflation curves.The main non-observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
correlation matrices between exchange rates and risk factors;\u2022
historical volatility;\u2022
benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or CDS curves are unavailable;\u2022
credit risk parameters such as the recovery rate;\u2022
delinquency or default rates and prepayment curves for ABS-type financial instruments.With reference to bonds in those cases when, even on the basis of the results of the Scoring Model, it is not possible to measure an instrument using the Mark to Market method, the fair value is obtained on the basis of Mark to Model type valuations. The different valuation models referred to above are chosen according to the instrument characteristics.
For OTC derivative contracts, the models used are consistent with the risk factor underlying the contract. The fair value of OTC interest rate derivatives and OTC inflation-linked derivatives is calculated on the basis of Mark to Model type valuations, acknowledging the rules set in IFRS 13.
As regards derivatives on which a collateralisation agreement is provided (Credit Support Annex) between the companies of the Unipol Group and the authorised market counterparties, the EONIA (Euro OverNight Index Average) discount curve is used.
As regards uncollateralised derivatives, CVA (Credit Valuation Adjustment) and DVA (Debit Valuation Adjustment) adjustments are made. It should be noted that, at 31 December 2023, almost all derivative positions represented collateralised contracts for which CSA agreements are in place with the counterparties involved in the trading.
As regards unlisted shares and investments for which a market price or an appraisal by an independent expert is not available, the valuations are performed mainly on the basis of (i) equity methods, (ii) methods based on the discounting of future profit or cash flows, i.e. Discounted Cash Flow (DCF) or Dividend Discount Model (DDM), (the so-called \u201cexcess capital\u201d version) (iii) if applicable, methods based on market multiples.
As regards unlisted UCITS, Private Equity Funds and Hedge Funds, the fair value is calculated as the Net Asset Value (NAV) at the financial statement date provided directly by the fund managers. The NAV is constructed on the basis of stringent valuation policies defined by the fund and is based on valuation of the underlying assets using updated inputs and more appropriate measurement approaches. Based on these considerations and taking into account sector market practices, this value was used to express the instrument's fair value.
The carrying amount is used for other loans.
With reference to properties, the fair value is measured on the basis of the appraisal value provided by independent experts, in compliance with current legal provisions.
Counterparty valuations
For financial assets and liabilities which do not fall into the categories of instruments valued on a Mark to Market basis and for which there are no consistent and validated valuation models available for the purposes of measuring fair value, the valuations provided by the counterparties that could be contacted to liquidate the position are used.
Unique characteristics of the fair value measurement for structured bonds and SPV structured bonds
Bond issues that incorporate a derivative contract which modifies the cash flows generated by the host contract are considered structured bonds. The measurement of structured bonds requires the representation and separate valuation of the host contract and of embedded derivative contracts.
The measurement of structured bonds makes use of models consistent with the breakdown into elementary components (host contract and embedded derivatives) and with the risk factor underlying said contract.
For structured bonds, the valuation of elementary components follows the criteria defined above for the calculation of fair value, which makes provision for use of Mark to Market valuation if available, or of the Mark to Model approach or counterparty price in the case in which the Mark to Market-type price is not available.
Bonds issued by a Special Purpose Vehicle secured by collateral and whose flows paid are generated by an interest rate swap contract in place between the vehicle and the swap counterparty (usually the arranger of the transaction) are considered SPV structured bonds. The measurement of SPV structured bonds requires the representation and separate valuation of the following elements:
\u2022
collateral issue of the vehicle;\u2022
interest rate swap agreement between the vehicle and arranger;\u2022
any other optional components or CDS agreements included in the vehicle.For SPV structured bonds the valuation of collateral follows the criteria defined previously for the calculation of the fair value, which makes provision for the use of the Mark to Market approach if available, or the Mark to Model approach or the counterparty price in the case in which the Mark to Market type price is not available.
The valuation of the interest rate swap agreement provides for the discounting of future cash flows on the basis of the different discount curves, based on the existence or not of a collateralisation agreement (Credit Support Annex) between the vehicle and swap
counterparty. In particular, if the derivative contract is collateralised using available securities included in the SPV\u2019s assets, the future cash flows of the interest rate swap agreement are discounted using the EONIA discount curve; while if there is no collateralisation agreement, use is made of CVA (Credit Valuation Adjustment), DVA (Debit Valuation Adjustment) and FVA (Funding Valuation Adjustment), as appropriate.Criteria for determining the fair value hierarchies
Assets and liabilities measured at fair value are classified on the basis of the hierarchy defined by IFRS 13. This classification establishes a fair value hierarchy based on the degree of discretionary power used, giving priority to the use of observable market parameters, as these are representative of the assumptions that market participants would use in the pricing of assets and liabilities.
Assets and liabilities are classified on the basis of the criterion used to determine fair value (Mark to Market, Mark to Model, Counterparty) and on the basis of the observability of the parameters used, in the case of the Mark to Model valuation:
\u2022
Level 1: this category includes assets and liabilities valued on a Mark to Market basis, with CBBT price source and with contributor prices that meet the minimum requirements to ensure that these prices can be used in active markets;\u2022
Level 2: this category includes assets and liabilities valued on a Mark to Market basis, but which cannot be classified in the previous category, and assets the fair value of which is obtained with a consistent pricing model with observable market parameter inputs;\u2022
Level 3: this category includes assets and liabilities for which the variability of the estimate of the pricing model may be significant due to the complexity of the pay-off or, if a consistent and validated model is available, the parameters needed for the valuation are not observable. This category also includes bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Lastly, this category also includes loans and investment property.Fair value measurement on a recurring basis
Process for fair value measurement on a recurring basis
The measurement of financial instruments is a preliminary activity for risk monitoring, integrated asset and liability management and the drafting of the financial statements for the year.
The fair value measurement of financial instruments on a recurring basis is structured into different stages and is carried out, in compliance with the principles of separateness, independence and responsibility of the departments, at the same time, and independently, by the Finance Department and the Risk Management Department of Unipol Gruppo, using the measurement criteria defined in the previous paragraph.
When the independent valuations of financial assets and liabilities have been carried out by the two Departments involved in the pricing process, a check is performed for significant deviations, which refer to deviations of more than 3% in terms of absolute value. In the event of deviations of more than 3%, the reasons for the differences identified are analysed and, when the outcomes of the comparison are known, the price to be used for financial statement valuation purposes is determined.
Fair value measurement on a recurring basis through non-observable parameters (Level 3)
The classification of financial assets and liabilities at Level 3 adheres to a prudential approach; this category mainly includes the following types of financial instruments:
\u2022
unlisted equity instruments or investments for which a market price or an appraisal drafted by an independent expert is not available; valuations are performed on the basis of the methods indicated previously;\u2022
shares in private equity funds, hedge funds and unlisted UCITS units for which information on the financial instruments held in the relative portfolios is not available and which could, as such, include financial instruments valued on a Mark to Model basis using non-observable parameters;\u2022
bonds valued on a Mark to Model basis using non-observable parameters (correlations, benchmark spread curves, recovery rate);\u2022
bonds valued with a counterparty price on a Mark to Model basis using non-observable parameters;\u2022
ABS type bonds for which a Mark to Market valuation is not available;\u2022
derivative instruments valued on a Mark to Model basis using non-observable parameters (correlations, volatility, dividend estimates);\u2022
bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Fair value measurement on a non-recurring basis in compliance with the disclosure requirements of other standardsConsistent with the provisions of IFRS 13, fair value is measured also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position and when the disclosure on fair value has to be provided in the Notes to the financial statements in compliance with other international accounting standards. Since these assets and liabilities are usually not exchanged, the calculation of their fair value is based primarily on the use of internal parameters not directly observable on the market. This category mainly includes the following types of financial instruments:
\u2022
bond issues valued on a Mark to Market basis (level 1);\u2022
bond issues and loans valued on a Mark to Model basis using non-observable parameters (benchmark spread curves) (level 3);\u2022
short-term payables with a duration of less than 18 months and Certificates of Deposit at amortised cost (level 3);\u2022
impaired loans and receivables from bank customers measured at amortised cost, net of analytical valuations (level 3);\u2022
other receivables valued at carrying amount (level 3);\u2022
investment property valued on the basis of the appraisal value determined by independent experts in compliance with the provisions of the applicable legislation. The approach to assigning appraisal mandates is based on the non-exclusive assignment of assets; there is usually a three-year rotation in the assignment of experts. Fair value measurement on a recurring basis
The table below shows a comparison between the assets and liabilities measured at fair value on a recurring basis.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm
Assets and liabilities at fair value
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss:
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
Financial liabilities at fair value through profit or loss:
at fair value through profit or loss
Details of changes in Level 3 financial assets and liabilities in the same period are shown below.Yearly changes in Level 3 financial assets and liabilities at fair value on a recurring basis
Amounts in \u20acm
Financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Financial assets at fair value through OCI
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
at fair value through profit or loss
Gains recognised through:
2.2.2 Other Comprehensive Income
Transfers to other levels
Losses recognised through:
3.3.2 Other Comprehensive Income
Transfers to other levels
The transfers from Level 1 to Level 2, which occurred during the reference period, were irrelevant.
Analysis and stress testing of non-observable parameters (Level 3)The table below shows, for Level 3 financial assets and liabilities measured at fair value, the effects of the change in the non-observable parameters used in the fair value measurement.
With reference to \u201cassets at fair value on a recurring basis\u201d and belonging to Level 3, the stress test of non-observable parameters is performed with reference to financial instruments valued on a Mark to Model basis and on which the measurement is carried out through one or more non-observable parameters.
The portion of securities subject to analysis had a market value of \u20ac363m at 31 December 2023.
The non-observable parameters subject to a shock are benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or Credit Default Swap curves are unavailable.
The following table shows the results of the shocks:
Amounts in \u20acm
Fair value measurement on a non-recurring basis IFRS 13 governs fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. Furthermore, since these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by fair value level
Amounts in \u20acm
Financial assets at amortised cost
Investments in associates and j-v
Non-current assets or assets of a disposal group held for sale
Financial liabilities at amortised cost
Liabilities associated with disposal groups held for sale
Disclosure on \u201cday one profit/loss\u201c
During the period, the Group did not recognise profits or losses at the date of initial recognition of financial assets and liabilities as there is no evidence that the value recognised to the counterparty at the time of the transaction differed from the fair value of the underlying financial instrument.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f183094": {
"value": "Fair Value Disclosure
IFRS 13 provides guidelines to the measurement at fair value of financial instruments and non-financial assets and liabilities already required or permitted by other accounting standards (IFRS). This standard:
a)defines fair value;
b)groups into a single accounting standard the rules for measuring fair value;
c)enriches financial statement information.
The standard defines fair value as the sale price of an asset based on an ordinary transaction or the transfer price of a liability in an ordinary transaction on the main reference market at terms applicable at the measurement date (exit price).
Fair value measurement assumes that the transaction relating to the sale of assets or transfer of liabilities can take place:
\u2022
on the main listing market;\u2022
if there is no listing market, on the market most advantageous for the assets and liabilities to be measured.When a market price is not observable, the measurement methods which maximise the use of observable parameters and minimise the use of non-observable parameters must mainly be used.
IFRS 13 also defines a fair value hierarchy based on the level of observability of the inputs contained in measurement techniques used to measure fair value.
IFRS 13 governs the fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position. For these assets and liabilities, fair value is calculated for financial statement disclosure purposes. Also note that, as these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Fair value measurement criteriaThe table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.
CBBT contributor - Bloomberg
Other contributor - Bloomberg
Listed shares and investments, ETFs
Unlisted shares and investments
Trade receivables (Mark to Model)
Other receivables (carrying amount)
In compliance with IFRS 13, the market price is used to determine the fair value of financial instruments, in the case of instruments traded in liquid and active markets (Mark to Market).
\u201cLiquid and active market\u201d means:
a)the regulated market in which the instrument subject to measurement is traded and regularly listed;
b)the multilateral trading system (MTF) in which the instrument subject to measurement is traded or regularly listed;
c)listings and transactions performed on a regular basis, i.e. high-frequency transactions with a low bid/offer spread, by an authorised intermediary (hereinafter \u201ccontributor\u201d).
In the absence of available prices on a liquid active market, valuation methods are used which maximise the use of observable parameters and minimise the use of non-observable parameters. These methods can be summarised in Mark to Model valuations, valuations by counterparty or valuations at the carrying amount in connection with some non-financial asset categories.
Mark to Market valuations
With reference to shares, listed investments, ETFs and listed derivatives, the Mark to Market valuation corresponds to the official valuation price of the market.
For bonds, the sources used for the Mark to Market valuation of financial assets and liabilities are as follows:
a)the primary source is the CBBT price provided by data provider Bloomberg;
b)where the price referred to the previous point is unavailable, an internal scoring model is used, which makes it possible to select liquid and active contributors on the basis of pre-defined parameters.
For UCITS the Net Asset Value is the source used.
Mark to Model valuationsThe Group uses valuation methods (Mark to Model) in line with the methods generally used by the market.
The objective of the models used to calculate the fair value is to obtain a value for the financial instrument consistent with the assumptions that market participants would use to quote a price, assumptions that also concern the risk inherent in a particular valuation technique and/or in the inputs used. To ensure the correct Mark to Model valuation of each category of instrument, adequate and consistent valuation models must be defined beforehand as well as reference market parameters.
The list of the main models used within the Unipol Group for Mark to Model pricing of financial instruments is provided below:
Securities and interest rate derivatives:
\u2022
Discounted cash flows;\u2022
Hull & White 1, 2 factors;\u2022
Libor Market Model;\u2022
Longstaff & Schwartz;Securities and inflation derivatives:
\u2022
Discounted cash flows;Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;Securities and credit derivatives:
\u2022
Discounted cash flows;\u2022
Hazard rate models.The main observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
interest rate curves for reference currency;\u2022
interest rate volatility surface for reference currency;\u2022
CDS spread or Asset Swap spread curves of the issuer;\u2022
inflation curves for reference currency;\u2022
reference exchange rates; \u2022
exchange rate volatility surface;\u2022
share or index volatility surface;\u2022
share reference prices;\u2022
reference inflation curves.The main non-observable market parameters used to perform Mark to Model valuations are as follows:
\u2022
correlation matrices between exchange rates and risk factors;\u2022
historical volatility;\u2022
benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or CDS curves are unavailable;\u2022
credit risk parameters such as the recovery rate;\u2022
delinquency or default rates and prepayment curves for ABS-type financial instruments.With reference to bonds in those cases when, even on the basis of the results of the Scoring Model, it is not possible to measure an instrument using the Mark to Market method, the fair value is obtained on the basis of Mark to Model type valuations. The different valuation models referred to above are chosen according to the instrument characteristics.
For OTC derivative contracts, the models used are consistent with the risk factor underlying the contract. The fair value of OTC interest rate derivatives and OTC inflation-linked derivatives is calculated on the basis of Mark to Model type valuations, acknowledging the rules set in IFRS 13.
As regards derivatives on which a collateralisation agreement is provided (Credit Support Annex) between the companies of the Unipol Group and the authorised market counterparties, the EONIA (Euro OverNight Index Average) discount curve is used.
As regards uncollateralised derivatives, CVA (Credit Valuation Adjustment) and DVA (Debit Valuation Adjustment) adjustments are made. It should be noted that, at 31 December 2023, almost all derivative positions represented collateralised contracts for which CSA agreements are in place with the counterparties involved in the trading.
As regards unlisted shares and investments for which a market price or an appraisal by an independent expert is not available, the valuations are performed mainly on the basis of (i) equity methods, (ii) methods based on the discounting of future profit or cash flows, i.e. Discounted Cash Flow (DCF) or Dividend Discount Model (DDM), (the so-called \u201cexcess capital\u201d version) (iii) if applicable, methods based on market multiples.
As regards unlisted UCITS, Private Equity Funds and Hedge Funds, the fair value is calculated as the Net Asset Value (NAV) at the financial statement date provided directly by the fund managers. The NAV is constructed on the basis of stringent valuation policies defined by the fund and is based on valuation of the underlying assets using updated inputs and more appropriate measurement approaches. Based on these considerations and taking into account sector market practices, this value was used to express the instrument's fair value.
The carrying amount is used for other loans.
With reference to properties, the fair value is measured on the basis of the appraisal value provided by independent experts, in compliance with current legal provisions.
Counterparty valuations
For financial assets and liabilities which do not fall into the categories of instruments valued on a Mark to Market basis and for which there are no consistent and validated valuation models available for the purposes of measuring fair value, the valuations provided by the counterparties that could be contacted to liquidate the position are used.
Unique characteristics of the fair value measurement for structured bonds and SPV structured bonds
Bond issues that incorporate a derivative contract which modifies the cash flows generated by the host contract are considered structured bonds. The measurement of structured bonds requires the representation and separate valuation of the host contract and of embedded derivative contracts.
The measurement of structured bonds makes use of models consistent with the breakdown into elementary components (host contract and embedded derivatives) and with the risk factor underlying said contract.
For structured bonds, the valuation of elementary components follows the criteria defined above for the calculation of fair value, which makes provision for use of Mark to Market valuation if available, or of the Mark to Model approach or counterparty price in the case in which the Mark to Market-type price is not available.
Bonds issued by a Special Purpose Vehicle secured by collateral and whose flows paid are generated by an interest rate swap contract in place between the vehicle and the swap counterparty (usually the arranger of the transaction) are considered SPV structured bonds. The measurement of SPV structured bonds requires the representation and separate valuation of the following elements:
\u2022
collateral issue of the vehicle;\u2022
interest rate swap agreement between the vehicle and arranger;\u2022
any other optional components or CDS agreements included in the vehicle.For SPV structured bonds the valuation of collateral follows the criteria defined previously for the calculation of the fair value, which makes provision for the use of the Mark to Market approach if available, or the Mark to Model approach or the counterparty price in the case in which the Mark to Market type price is not available.
The valuation of the interest rate swap agreement provides for the discounting of future cash flows on the basis of the different discount curves, based on the existence or not of a collateralisation agreement (Credit Support Annex) between the vehicle and swap
counterparty. In particular, if the derivative contract is collateralised using available securities included in the SPV\u2019s assets, the future cash flows of the interest rate swap agreement are discounted using the EONIA discount curve; while if there is no collateralisation agreement, use is made of CVA (Credit Valuation Adjustment), DVA (Debit Valuation Adjustment) and FVA (Funding Valuation Adjustment), as appropriate.Criteria for determining the fair value hierarchies
Assets and liabilities measured at fair value are classified on the basis of the hierarchy defined by IFRS 13. This classification establishes a fair value hierarchy based on the degree of discretionary power used, giving priority to the use of observable market parameters, as these are representative of the assumptions that market participants would use in the pricing of assets and liabilities.
Assets and liabilities are classified on the basis of the criterion used to determine fair value (Mark to Market, Mark to Model, Counterparty) and on the basis of the observability of the parameters used, in the case of the Mark to Model valuation:
\u2022
Level 1: this category includes assets and liabilities valued on a Mark to Market basis, with CBBT price source and with contributor prices that meet the minimum requirements to ensure that these prices can be used in active markets;\u2022
Level 2: this category includes assets and liabilities valued on a Mark to Market basis, but which cannot be classified in the previous category, and assets the fair value of which is obtained with a consistent pricing model with observable market parameter inputs;\u2022
Level 3: this category includes assets and liabilities for which the variability of the estimate of the pricing model may be significant due to the complexity of the pay-off or, if a consistent and validated model is available, the parameters needed for the valuation are not observable. This category also includes bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Lastly, this category also includes loans and investment property.Fair value measurement on a recurring basis
Process for fair value measurement on a recurring basis
The measurement of financial instruments is a preliminary activity for risk monitoring, integrated asset and liability management and the drafting of the financial statements for the year.
The fair value measurement of financial instruments on a recurring basis is structured into different stages and is carried out, in compliance with the principles of separateness, independence and responsibility of the departments, at the same time, and independently, by the Finance Department and the Risk Management Department of Unipol Gruppo, using the measurement criteria defined in the previous paragraph.
When the independent valuations of financial assets and liabilities have been carried out by the two Departments involved in the pricing process, a check is performed for significant deviations, which refer to deviations of more than 3% in terms of absolute value. In the event of deviations of more than 3%, the reasons for the differences identified are analysed and, when the outcomes of the comparison are known, the price to be used for financial statement valuation purposes is determined.
Fair value measurement on a recurring basis through non-observable parameters (Level 3)
The classification of financial assets and liabilities at Level 3 adheres to a prudential approach; this category mainly includes the following types of financial instruments:
\u2022
unlisted equity instruments or investments for which a market price or an appraisal drafted by an independent expert is not available; valuations are performed on the basis of the methods indicated previously;\u2022
shares in private equity funds, hedge funds and unlisted UCITS units for which information on the financial instruments held in the relative portfolios is not available and which could, as such, include financial instruments valued on a Mark to Model basis using non-observable parameters;\u2022
bonds valued on a Mark to Model basis using non-observable parameters (correlations, benchmark spread curves, recovery rate);\u2022
bonds valued with a counterparty price on a Mark to Model basis using non-observable parameters;\u2022
ABS type bonds for which a Mark to Market valuation is not available;\u2022
derivative instruments valued on a Mark to Model basis using non-observable parameters (correlations, volatility, dividend estimates);\u2022
bonds which do not meet the requirements defined in the scoring test (see the paragraph \u201cMark to Market valuations\u201d) and for which a Mark to Model valuation is not possible. Fair value measurement on a non-recurring basis in compliance with the disclosure requirements of other standardsConsistent with the provisions of IFRS 13, fair value is measured also for assets and liabilities not measured at fair value on a recurring basis in the statement of financial position and when the disclosure on fair value has to be provided in the Notes to the financial statements in compliance with other international accounting standards. Since these assets and liabilities are usually not exchanged, the calculation of their fair value is based primarily on the use of internal parameters not directly observable on the market. This category mainly includes the following types of financial instruments:
\u2022
bond issues valued on a Mark to Market basis (level 1);\u2022
bond issues and loans valued on a Mark to Model basis using non-observable parameters (benchmark spread curves) (level 3);\u2022
short-term payables with a duration of less than 18 months and Certificates of Deposit at amortised cost (level 3);\u2022
impaired loans and receivables from bank customers measured at amortised cost, net of analytical valuations (level 3);\u2022
other receivables valued at carrying amount (level 3);\u2022
investment property valued on the basis of the appraisal value determined by independent experts in compliance with the provisions of the applicable legislation. The approach to assigning appraisal mandates is based on the non-exclusive assignment of assets; there is usually a three-year rotation in the assignment of experts. Fair value measurement on a recurring basis
The table below shows a comparison between the assets and liabilities measured at fair value on a recurring basis.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm
Assets and liabilities at fair value
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss:
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
Financial liabilities at fair value through profit or loss:
at fair value through profit or loss
Details of changes in Level 3 financial assets and liabilities in the same period are shown below.Yearly changes in Level 3 financial assets and liabilities at fair value on a recurring basis
Amounts in \u20acm
Financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Financial assets at fair value through OCI
at fair value through profit or loss
mandatorily at fair value
Property, plant and equipment
at fair value through profit or loss
Gains recognised through:
2.2.2 Other Comprehensive Income
Transfers to other levels
Losses recognised through:
3.3.2 Other Comprehensive Income
Transfers to other levels
The transfers from Level 1 to Level 2, which occurred during the reference period, were irrelevant.
Analysis and stress testing of non-observable parameters (Level 3)The table below shows, for Level 3 financial assets and liabilities measured at fair value, the effects of the change in the non-observable parameters used in the fair value measurement.
With reference to \u201cassets at fair value on a recurring basis\u201d and belonging to Level 3, the stress test of non-observable parameters is performed with reference to financial instruments valued on a Mark to Model basis and on which the measurement is carried out through one or more non-observable parameters.
The portion of securities subject to analysis had a market value of \u20ac363m at 31 December 2023.
The non-observable parameters subject to a shock are benchmark spread curves constructed to assess bonds of issuers for which the prices of the bonds issued or Credit Default Swap curves are unavailable.
The following table shows the results of the shocks:
Amounts in \u20acm
Fair value measurement on a non-recurring basis IFRS 13 governs fair value measurement and the associated disclosure also for assets and liabilities not measured at fair value on a recurring basis.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. Furthermore, since these assets and liabilities are not typically traded, their fair value is largely based on the use of internal parameters that cannot be directly observed in the market, with the sole exception of listed securities classified as Financial assets at amortised cost.
Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by fair value level
Amounts in \u20acm
Financial assets at amortised cost
Investments in associates and j-v
Non-current assets or assets of a disposal group held for sale
Financial liabilities at amortised cost
Liabilities associated with disposal groups held for sale
Disclosure on \u201cday one profit/loss\u201c
During the period, the Group did not recognise profits or losses at the date of initial recognition of financial assets and liabilities as there is no evidence that the value recognised to the counterparty at the time of the transaction differed from the fair value of the underlying financial instrument.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f188989": {
"value": "1. Intangible assets
Intangible assets: breakdown of assets
Amounts in \u20acm
attributable to the owners of the Parent
attributable to non-controlling interests
Internally generated intangible assets
Assets measured at restated value:
Internally generated intangible assets
Goodwill
The change in Goodwill is attributable to the consolidation difference, provisionally determined as permitted by IFRS 3, arising from the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpA. Please refer to the Consolidation scope, \u201cInformation about business combinations\u201d section, of these Notes for further details of the accounting method for the aforementioned transactions.
Goodwill with an indefinite useful life recorded in the financial statements was tested for impairment in accordance with the procedure specifically approved by Unipol\u2019s Board of Directors. For information on the criteria used for testing purposes, please refer to Chapter 3.11 \u201cAnalysis of recoverability of goodwill with indefinite useful life (impairment test)\u201d.
Other intangible assets
The item, totalling \u20ac602m (\u20ac517m in 2022), is composed primarily of costs incurred for purchasing software, licences, consultancy and software customisations for \u20ac562m (\u20ac483m in 2022) and other intangible assets for \u20ac40m (\u20ac34m at 31/12/2022).
Research and development costs incurred by the Group and charged to the income statement in 2023, deriving from Leith\u00e0 operations, amounted to \u20ac16m.
Intangible assets: annual changes Amounts in \u20acm
Other intangible assets: internally generated
Other intangible assets: other
Total net impairment losses
of which from business combinations
Increases in internal intangible assets
Positive changes in restated value
- Comprehensive Income Statement
Positive exchange rate differences
- Depreciation/amortisation
+ Comprehensive Income Statement
Negative changes in restated value
- Comprehensive Income Statement
Transfers to non-current assets held for sale
Negative exchange rate differences
Total net value adjustments
1. Intangible assets
Intangible assets: breakdown of assets
Amounts in \u20acm
attributable to the owners of the Parent
attributable to non-controlling interests
Internally generated intangible assets
Assets measured at restated value:
Internally generated intangible assets
Goodwill
The change in Goodwill is attributable to the consolidation difference, provisionally determined as permitted by IFRS 3, arising from the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpA. Please refer to the Consolidation scope, \u201cInformation about business combinations\u201d section, of these Notes for further details of the accounting method for the aforementioned transactions.
Goodwill with an indefinite useful life recorded in the financial statements was tested for impairment in accordance with the procedure specifically approved by Unipol\u2019s Board of Directors. For information on the criteria used for testing purposes, please refer to Chapter 3.11 \u201cAnalysis of recoverability of goodwill with indefinite useful life (impairment test)\u201d.
Other intangible assets
The item, totalling \u20ac602m (\u20ac517m in 2022), is composed primarily of costs incurred for purchasing software, licences, consultancy and software customisations for \u20ac562m (\u20ac483m in 2022) and other intangible assets for \u20ac40m (\u20ac34m at 31/12/2022).
Research and development costs incurred by the Group and charged to the income statement in 2023, deriving from Leith\u00e0 operations, amounted to \u20ac16m.
Intangible assets: annual changes Amounts in \u20acm
Other intangible assets: internally generated
Other intangible assets: other
Total net impairment losses
of which from business combinations
Increases in internal intangible assets
Positive changes in restated value
- Comprehensive Income Statement
Positive exchange rate differences
- Depreciation/amortisation
+ Comprehensive Income Statement
Negative changes in restated value
- Comprehensive Income Statement
Transfers to non-current assets held for sale
Negative exchange rate differences
Total net value adjustments
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact34": {
"value": "1. Intangible assets
Intangible assets: breakdown of assets
Amounts in \u20acm
attributable to the owners of the Parent
attributable to non-controlling interests
Internally generated intangible assets
Assets measured at restated value:
Internally generated intangible assets
Goodwill
The change in Goodwill is attributable to the consolidation difference, provisionally determined as permitted by IFRS 3, arising from the merger by incorporation of SIF\u00c0 Societ\u00e0 Italiana Flotte Aziendali SpA into UnipolRental SpA. Please refer to the Consolidation scope, \u201cInformation about business combinations\u201d section, of these Notes for further details of the accounting method for the aforementioned transactions.
Goodwill with an indefinite useful life recorded in the financial statements was tested for impairment in accordance with the procedure specifically approved by Unipol\u2019s Board of Directors. For information on the criteria used for testing purposes, please refer to Chapter 3.11 \u201cAnalysis of recoverability of goodwill with indefinite useful life (impairment test)\u201d.
Intangible assets: annual changes Amounts in \u20acm
Other intangible assets: internally generated
Other intangible assets: other
Total net impairment losses
of which from business combinations
Increases in internal intangible assets
Positive changes in restated value
- Comprehensive Income Statement
Positive exchange rate differences
- Depreciation/amortisation
+ Comprehensive Income Statement
Negative changes in restated value
- Comprehensive Income Statement
Transfers to non-current assets held for sale
Negative exchange rate differences
Total net value adjustments
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact35": {
"value": "Intangible assets: annual changes Amounts in \u20acm
Other intangible assets: internally generated
Other intangible assets: other
Total net impairment losses
of which from business combinations
Increases in internal intangible assets
Positive changes in restated value
- Comprehensive Income Statement
Positive exchange rate differences
- Depreciation/amortisation
+ Comprehensive Income Statement
Negative changes in restated value
- Comprehensive Income Statement
Transfers to non-current assets held for sale
Negative exchange rate differences
Total net value adjustments
Amounts in \u20acm
Office furniture and machines
A. Opening gross balances
A.1 Accumulated depreciation and impairment
of which from business combinations
B.2 Expenses for capitalised improvements
B.4 Positive changes in the restated amount charged to:
a) Comprehensive Income Statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
C.3 Value adjustments for impairment charged to:
a) Comprehensive Income Statement
C.4 Negative changes in the restated amount charged to:
a) Comprehensive Income Statement
C.5 Negative exchange rate differences
b) non-current assets or assets of a disposal group held for sale
D.1 Accumulated depreciation and impairment
D.2 Gross closing balances
Investment property: annual changesAmounts in \u20acm
A. Opening gross balances
A.1 Accumulated depreciation and impairment
of which from business combinations
B.2 Expenses for capitalised improvements
B.3 Positive changes in fair value
B.5 Positive exchange rate differences
B.6 Transfers from properties for own use
C.3 Negative changes in fair value
C.4 Value adjustments for impairment
C.5 Negative exchange rate differences
a) properties for own use
b) non-current assets or assets of a disposal group held for sale
D.1 Accumulated depreciation and impairment
D.2 Gross closing balances
E. Measurement at fair value
Losses on other financial assets and liabilities and investment propertyAmounts in \u20acm
on other financial liabilities
from financial assets at amortised cost
from financial assets at fair value through OCI
from other financial liabilities
on financial assets at amortised cost
on financial assets at fair value through OCI
Unrealised losses and impairment losses:
on financial assets at amortised cost
on financial assets at fair value through OCI
on other financial assets
on other financial liabilities
The Unrealised losses and impairment losses relating to investment property refer to depreciation for \u20ac53m and impairment for \u20ac15m (at 31/12/2022, they referred to depreciation for \u20ac51m and impairment for \u20ac22m).
16. Net impairment losses/reversals on property, plant and equipment
These amounted to \u20ac377m (\u20ac285m at 31/12/2022) and mainly relate to depreciation of property, plant and equipment.
17. Net impairment losses/reversals on intangible assets
These amounted to \u20ac133m (\u20ac98m at 31/12/2022) and relate to amortisation of intangible assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f190139": {
"value": "2. Property, plant and equipment At 31 December 2023, Property, plant and equipment, net of accumulated depreciation, amounted to \u20ac4,187m (\u20ac2,868m in 2022): the breakdown is shown below.
Property, plant and equipment: breakdown of assets
Amounts in \u20acm
c) office furniture and machines
2. Rights of use acquired through leasing
c) office furniture and machines
Property, plant and equipment for own use: annual changesAmounts in \u20acm
Office furniture and machines
A. Opening gross balances
A.1 Accumulated depreciation and impairment
of which from business combinations
B.2 Expenses for capitalised improvements
B.4 Positive changes in the restated amount charged to:
a) Comprehensive Income Statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
C.3 Value adjustments for impairment charged to:
a) Comprehensive Income Statement
C.4 Negative changes in the restated amount charged to:
a) Comprehensive Income Statement
C.5 Negative exchange rate differences
b) non-current assets or assets of a disposal group held for sale
D.1 Accumulated depreciation and impairment
D.2 Gross closing balances
The current value of properties for own use, \u20ac1,849m, was based on independent expert appraisals.
The main increase in property, plant and equipment is due to the item Movable assets entered in public registers, in relation to UnipolRental activities during the year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f190177": {
"value": "Property, plant and equipment: breakdown of assets
Amounts in \u20acm
c) office furniture and machines
2. Rights of use acquired through leasing
c) office furniture and machines
3. Insurance assetsAsset item 3.2 and liability item 3.2 - reinsurance contracts held that are assets and liabilities
This section provides information on the reinsurance contracts held that are assets and liabilities (asset item 3.2 and liability item 3.2) that are composed as follows:
Items/Basis of aggregation
Reinsurance classifiable as assets
Reinsurance transfers classifiable as liabilities
Net assets on the balance sheet
of which Non-Life segment
Changes in the carrying amount of reinsurance contracts held - GMM - assets for residual coverage and for claims incurred NON-LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Net of the loss recovery component
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
NON-LIFE SEGMENTAmounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held by features underlying measurementAmounts in \u20acm
NON-LIFE SEGMENT
Features underlying the measurement of the book value of reinsurance transfers
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Items/Features underlying measurement
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in estimates that modify the Contractual service margin
2. Effects of contracts recognised during the year
3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts
4. Releases of the loss recovery component other than changes in cash flows from reinsurance contracts
5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts
D. Changes relating to past services
1. adjustments to assets for claims incurred
E. Effects of changes in the default risk of reinsurers
F. Result of insurance services (B + C + D + E)
G. Financial revenues/costs
1.1 Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amounts recovered from reinsurers
M. Net value of financial statements as at the reporting date (A.3 + H + I + L)
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at the reporting date
5. Other financial assets
Amounts in \u20acm
Receivables from intermediaries and companies
Total Other financial assets
The item Other receivables included, inter alia:
\u2022
tax receivables amounting to \u20ac1,346m (\u20ac1,348m at 31/12/2022);\u2022
trade receivables amounting to \u20ac361m (\u20ac255m at 31/12/2022); \u2022
payments made as cash collateral against derivative payables totalling \u20ac79m (\u20ac226m at 31/12/2022).3. Insurance liabilitiesLiability item 3.1 and asset item 3.1 \u2013 Insurance contracts issued that are liabilities and assets
This section provides information on the insurance contracts issued that are liabilities and assets (liability item 3.1 and asset item 3.1) that are composed as follows:
Amounts in \u20acm
Items/Basis of aggregation
Insurance contracts issued that are liabilities
Insurance contracts issued that are assets
Net liabilities on the balance sheet
Contracts issued with direct participation features - Life segment
Contracts issued without direct participation features - Life segment
of which Non-Life segment
Contracts issued without direct participation features - Non-Life Motor segment
Contracts issued without direct participation features - Non-Life Non-MV segment
Changes in the carrying amount of insurance contracts issued - GMM or VFA - liabilities for residual coverage and for claims incurredLIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
Changes in the carrying amount of insurance contracts issued - PAA - liabilities for residual coverage and for claims incurredLIFE SEGMENT
Amounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE MOTOR SEGMENTAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE NON-MV SEGMENTAmounts in \u20ac
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
Changes in the carrying amount of insurance contracts issued, broken down by features underlying measurementAmounts in \u20acm
LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (E + F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmLIFE SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmNON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmNON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Changes in the insurance revenue and the contractual service margin of insurance contracts issued, broken down on the basis of existing contracts at the time of transition to IFRS 17 LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
Features underlying the measurement of the insurance contracts issued, recorded in the financial yearLIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Insurance contracts issued - Contractual service margin broken down by expected timing of realease to the income statement
Amounts in \u20acm
Insurance contracts issued - Development of claims gross of reinsurance (Non-Life segment)Amounts in \u20acm
A. Cumulative claims paid and other directly attributable costs paid
1 At the end of the year of occurrence
Total cumulative claims paid and other directly attributable costs paid (Total A)
B. Estimate of the ultimate cost of cumulative claims (amount gross of reinsurance and not discounted)
1 At the end of the year of occurrence
Estimate of the ultimate cost of gross cumulative claims not discounted at the reporting date (Total B)
C. Liabilities for claims incurred, gross not discounted - year of occurrence from T to T-9 (Total B \u2013 Total A)
D. Liabilities for claims incurred, gross not discounted - years prior to T-9
F. Effect of adjustment for non-financial risks
G. Liabilities for claims incurred gross of insurance contracts issued
Insurance contracts issued - Development of claims net of reinsurance (Non-Life segment)Amounts in \u20acm
A. Cumulative claims paid and other directly attributable costs paid net of reinsurance
1 At the end of the year of occurrence
Total cumulative claims paid and other directly attributable costs paid net of reinsurance (Total A)
B. Estimate of the ultimate cost of cumulative claims (amount net of reinsurance and not discounted)
1 At the end of the year of occurrence
Estimate of the ultimate cost of net cumulative claims not discounted at the reporting date (Total B)
C. Liabilities for claims incurred, net not discounted - year of occurrence from T to T-9 (Total B \u2013 Total A)
D. Liabilities for claims incurred, net not discounted - years prior to T-9
F. Effect of adjustment for non-financial risks
G. Liabilities for claims incurred net of insurance contracts issued
It should be noted that the amount reported under item G Liabilities for claims incurred, net of insurance contracts issued, does not include, for an amount of \u20ac134 million, the deposits received for reinsurance transfers.
It is also specified that the extrapolation of judgments of adequacy or inadequacy of the reserves, from the results of the following table, must be done with the utmost caution, in particular with reference to their use as input for actuarial models such as the Chain Ladder.
5. Payables
Amounts in \u20acm
Payables to intermediaries and companies
Social security charges payable
Insurance revenue and costs from insurance contracts issued \u2013 BreakdownAmounts in \u20acm
Items/Business combination basis
A. Insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA
A.1 Amounts associated with changes in liabilities for residual coverage
1. Claims incurred and other costs for expected insurance services
2. Changes in the adjustment for non-financial risks
3. Contractual service margin recorded in the income statement for services provided
A.2 Acquisition costs of recovered insurance contracts
A.3 Total insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA
A.4 Total insurance revenues from insurance contracts issued valued on the basis of PAA
Non-life segment - Non-MV
A.5 Total insurance revenues from insurance contracts issued
B. Costs for insurance services from insurance contracts issued under GMM and VFA
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses on onerous contracts and recovery of these losses
4. Amortisation of insurance contract acquisition costs
B.6 Total costs for insurance services from insurance contracts issued under GMM and VFA
B.7 Total insurance costs from insurance contracts issued, valued on the basis of PAA
- Non-life segment - Motor
- Non-life segment - Non-MV
C. Total net costs/revenues from insurance contracts issued (A.5 + B.6 + B.7)
Basis of aggregation 1 = Insurance contracts issued with direct participation features and investment contracts issued with discretionary participation features - Life segment
Basis of aggregation 2 = Insurance contracts issued without direct participation features - Life segment
Basis of aggregation 3 = Insurance contracts issued without direct participation features - Non-Life MV segment
Basis of aggregation 4 = Insurance contracts issued without direct participation features - Non-Life Non-MV segment
Breakdown of costs for insurance and other services
Amounts in \u20acm
Costs/Business combination basis
Basis A2 \u2013 without DFP
Basis A2 \u2013 without DFP
Costs attributed to the acquisition of insurance contracts
Other directly attributable costs
Investment management expenses
Basis A1 \u2013 with DPF = Insurance contracts issued with direct participation features \u2013 Life segment
Basis A2 \u2013 without DPF = Insurance contracts issued without direct participation features \u2013 Life segment
Basis A1 + Basis A2 = Life segment
Basis A3 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 MV
Basis A4 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 Non-MV
Basis A3 + Basis A4 = Non-Life segment
10. Net finance expenses/income relating to insurance contracts issued
The item includes net expenses of \u20ac1,286m (-\u20ac838m at 31/12/2022) and relate:
-for \u20ac1,216m (\u20ac909m at 31/12/2022) to net costs due to the application of the option to reduce to zero the net financial profitability recognised in the Income Statement arising from the assets underlying insurance contracts accounted for using the VFA method (\u201cmirroring\u201d);
-for the remainder, equal to net expenses of \u20ac70m (net income of \u20ac72m at 31/12/2022), to the effects of the capitalisation of the cash flows accounted for with the BBA or PAA at the locked-in rate and to the effects of exchange rate adjustments. The significant change is attributable to the progressive increase in the locked-in discount rates applicable in the period in question compared to those of the previous year.
Net finance expenses and income relating to insurance contracts issuedAmounts in \u20acm
Items/Basis of aggregation
2. Effects of changes in interest rates and other financial assumptions
3. Changes in the fair value of assets underlying contracts measured under the VFA
4. Effects of the change in exchange rates
6. Total net finance income/expenses relating to insurance contracts issued, recognised in the income statement
Basis A1 = Insurance contracts issued with direct participation features \u2013 Life segment - VFA
Basis A2 = Insurance contracts issued without direct participation features \u2013 Life segment - BBA
Basis A3 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 BBA/PAA
As mentioned previously, the Group has adopted options that make it possible to limit accounting mismatches deriving from the method of valuation of assets and liabilities subject to IFRS 17 and/or IFRS 9. As a result, in addition to net finance expenses and income relating to insurance contracts issued and recognised in the income statement shown in the table above, net expenses of \u20ac1,526m were recognised in the statement of comprehensive income.
Insurance operations - Net financial result of investments broken down by Life and Non-Life segmentsAmounts in \u20acm
A. FINANCIAL RESULT OF INVESTMENTS
A.1 Interest income from financial assets at amortised cost and at fair value through other comprehensive income
A.2 Net gains/losses on assets at fair value through profit or loss
A.3 Net value adjustments/write-backs for credit risk
A.4 Other net income/costs
A.5 Net capital gains/losses on financial assets at fair value through other comprehensive income
B NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS 9
C. NET FINANCIAL RESULT - OTHER
of which: recognised in the Income Statement
of which: recognised in the Comprehensive Income Statement
Insurance operations - Summary of economic results broken down by Life and Non-Life segmentsAmounts in \u20acm
Summary of results/Operating segments
A.1 Amounts recognised in the Income Statement
1. Total net financial result of investments
2. Net finance income/expenses relating to insurance contracts
A2. Amounts recognised in the Comprehensive Income Statement
1. Total net financial result of investments
2. Net finance income/expenses relating to insurance contracts
B. Net insurance and financial result
1. Net insurance service result
2. Total net financial result of investments
3. Net financial result of insurance contracts
3. Insurance assetsAsset item 3.2 and liability item 3.2 - reinsurance contracts held that are assets and liabilities
This section provides information on the reinsurance contracts held that are assets and liabilities (asset item 3.2 and liability item 3.2) that are composed as follows:
Items/Basis of aggregation
Reinsurance classifiable as assets
Reinsurance transfers classifiable as liabilities
Net assets on the balance sheet
of which Non-Life segment
Changes in the carrying amount of reinsurance contracts held - GMM - assets for residual coverage and for claims incurred NON-LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Net of the loss recovery component
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
NON-LIFE SEGMENTAmounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held by features underlying measurementAmounts in \u20acm
NON-LIFE SEGMENT
Features underlying the measurement of the book value of reinsurance transfers
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Items/Features underlying measurement
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in estimates that modify the Contractual service margin
2. Effects of contracts recognised during the year
3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts
4. Releases of the loss recovery component other than changes in cash flows from reinsurance contracts
5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts
D. Changes relating to past services
1. adjustments to assets for claims incurred
E. Effects of changes in the default risk of reinsurers
F. Result of insurance services (B + C + D + E)
G. Financial revenues/costs
1.1 Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amounts recovered from reinsurers
M. Net value of financial statements as at the reporting date (A.3 + H + I + L)
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at the reporting date
Changes in the contractual service margin of reinsurance contracts held broken down on the basis of existing contracts at the time of transition to IFRS 17NON-LIFE SEGMENT
Amounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
- Contractual service margin recognised in the income statement to reflect services received
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to reinsurance contracts held
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
Features underlying the measurement of reinsurance contracts held, recorded in the yearNON-LIFE SEGMENT
Amounts in \u20acm
Originated contracts 31/12/2023
Contracts acquired in business combinations 31/12/2023
Contracts transferred from third parties 31/12/2023
Items/Groups of contracts
Contracts without loss recovery component
Contracts with loss recovery component
Contracts without loss recovery component
Contracts with loss recovery component
Contracts without loss recovery component
Contracts with loss recovery component
A. Estimate of the present value of future cash outflows
of which: Cash flows associated with the acquisition of insurance contracts
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised cash flows
F. Contractual service margin
G. Increase in reinsurance contract assets recorded during the year due to the recognition of new contracts (C+D+E+F)
Amounts in \u20acm
Originated contracts 31/12/2022
Contracts acquired in business combinations 31/12/2022
Other contracts acquired 31/12/2022
Items/Groups of contracts
Initial contracts without loss recovery component
Initial contracts with loss recovery component
Initial contracts without loss recovery component
Initial contracts with loss recovery component
Initial contracts without loss recovery component
Initial contracts with loss recovery component
A. Estimate of the present value of future cash outflows
of which: Cash flows associated with the acquisition of insurance contracts
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised cash flows
F. Contractual service margin
G. Increase in reinsurance contract assets recorded during the year due to the recognition of new contracts (C+D+E+F)
Reinsurance contracts held - Contractual service margin broken down by expected timing of recognition in the income statement Amounts in \u20acm
Insurance costs and revenue from reinsurance contracts held \u2013 BreakdownAmounts in \u20acm
Items/Business combination basis
A. Allocation of premiums paid relating to reinsurance transfers valued on the basis of GMM
A.1 Amounts associated with changes in assets by residual coverage
1. Amount of claims and other expected recoverable costs
2. Changes in the adjustment for non-financial risks
3. Contractual service margin recorded in the income statement for services received
A.2 Other directly attributable costs specific to reinsurance transfers
A.3 Allocation of premiums paid relating to reinsurance transfers valued on the basis of PAA
B. Total reinsurance transfers costs (A.1 + A.2 + A.3)
C. Effects of changes in the risk of default by reinsurers
D. Amount of claims and other expenses recovered
E. Changes in assets due to claims incurred
G. Total net costs/revenues from reinsurance (B + C + D + E + F)
Basis A.1 = Life segment
Basis A.2 = Non-Life segment
11. Net finance income/expenses relating to reinsurance contracts held
Net finance expenses relating to reinsurance contracts held came to \u20ac3m (net expenses of \u20ac2m at 31/12/2022).
Net finance income and expenses relating to reinsurance contracts held
Amounts in \u20acm
Items/Basis of aggregation
2. Effects of changes in interest rates and other financial assumptions
3. Effects of the change in exchange rates
5. Total net finance income/expenses relating to reinsurance contracts held
Basis A1 = Life segment
Basis A2 = Non-Life segment
As mentioned previously, the Group has adopted options that make it possible to limit accounting mismatches deriving from the method of valuation of assets and liabilities subject to IFRS 17 and/or IFRS 9. As a result, in addition to net finance income and expenses relating to reinsurance contracts held and recognised in the income statement shown in the table above, net income of \u20ac14m was recognised in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact38": {
"value": "Changes in the carrying amount of reinsurance contracts held - GMM - assets for residual coverage and for claims incurred NON-LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Net of the loss recovery component
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
NON-LIFE SEGMENTAmounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held by features underlying measurementAmounts in \u20acm
NON-LIFE SEGMENT
Features underlying the measurement of the book value of reinsurance transfers
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Items/Features underlying measurement
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in estimates that modify the Contractual service margin
2. Effects of contracts recognised during the year
3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts
4. Releases of the loss recovery component other than changes in cash flows from reinsurance contracts
5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts
D. Changes relating to past services
1. adjustments to assets for claims incurred
E. Effects of changes in the default risk of reinsurers
F. Result of insurance services (B + C + D + E)
G. Financial revenues/costs
1.1 Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amounts recovered from reinsurers
M. Net value of financial statements as at the reporting date (A.3 + H + I + L)
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at the reporting date
Reinsurance contracts held - Contractual service margin broken down by expected timing of recognition in the income statement Amounts in \u20acm
Changes in the carrying amount of insurance contracts issued - GMM or VFA - liabilities for residual coverage and for claims incurredLIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
Changes in the carrying amount of insurance contracts issued - PAA - liabilities for residual coverage and for claims incurredLIFE SEGMENT
Amounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE MOTOR SEGMENTAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE NON-MV SEGMENTAmounts in \u20ac
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
Changes in the carrying amount of insurance contracts issued, broken down by features underlying measurementAmounts in \u20acm
LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (E + F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmLIFE SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmNON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmNON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Changes in the insurance revenue and the contractual service margin of insurance contracts issued, broken down on the basis of existing contracts at the time of transition to IFRS 17 LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
Features underlying the measurement of the insurance contracts issued, recorded in the financial yearLIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Insurance contracts issued - Contractual service margin broken down by expected timing of realease to the income statement
Amounts in \u20acm
Changes in the carrying amount of reinsurance contracts held - GMM - assets for residual coverage and for claims incurred NON-LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Net of the loss recovery component
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred LIFE SEGMENT
Amounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
NON-LIFE SEGMENTAmounts in \u20acm
Items/Breakdown of carrying amount
Assets for residual coverage 31/12/2023
Assets for claims incurred 31/12/2023
Assets for residual coverage 31/12/2022
Assets for claims incurred 31/12/2022
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
Net of the loss recovery component
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 1 January
B. Economic effects of reinsurance contracts held
2. Claims and other costs recovered
3. Changes in assets for claims incurred
4. Reinsurance contracts held covering onerous contracts
4.1 Revenue associated with the recognition of onerous underlying insurance contracts
4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held
4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts
5. Effects of the change of the risk of default by reinsurers
C. Insurance service result (Total B)
D. Net finance income/expenses
1. Relating to reinsurance contracts held
1.1. Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
F. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amount of claims recovered from reinsurers
I. Net carrying amount as at 31 December (A.3+F+G+H)
1. Reinsurance contracts held that are assets
2. Reinsurance contracts held that are liabilities
3. Net carrying amount as at 31 December
Changes in the carrying amount of reinsurance contracts held by features underlying measurementAmounts in \u20acm
NON-LIFE SEGMENT
Features underlying the measurement of the book value of reinsurance transfers
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Items/Features underlying measurement
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in estimates that modify the Contractual service margin
2. Effects of contracts recognised during the year
3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts
4. Releases of the loss recovery component other than changes in cash flows from reinsurance contracts
5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts
D. Changes relating to past services
1. adjustments to assets for claims incurred
E. Effects of changes in the default risk of reinsurers
F. Result of insurance services (B + C + D + E)
G. Financial revenues/costs
1.1 Recorded in the Income Statement
1.2. Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)
1. Premiums paid net of amounts not related to claims recovered from reinsurers
2. Amounts recovered from reinsurers
M. Net value of financial statements as at the reporting date (A.3 + H + I + L)
1. Reinsurance classifiable as assets
2. Reinsurance transfers classifiable as liabilities
3. Net value of financial statements as at the reporting date
Changes in the carrying amount of insurance contracts issued - GMM or VFA - liabilities for residual coverage and for claims incurredLIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Net finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
Changes in the carrying amount of insurance contracts issued - PAA - liabilities for residual coverage and for claims incurredLIFE SEGMENT
Amounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE MOTOR SEGMENTAmounts in \u20acm
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
NON-LIFE NON-MV SEGMENTAmounts in \u20ac
Liabilities for residual coverage
Liabilities for claims incurred
Liabilities for residual coverage
Liabilities for claims incurred
Items/Breakdown of carrying amount
Present value of cash flows
Adjustment for non-financial risks
Present value of cash flows
Adjustment for non-financial risks
A. Initial carrying amount
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 1 January
C. Insurance service expenses
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses and related recoveries on onerous contracts
4. Amortisation of contract acquisition costs
D. Insurance service result (B+C)
E. Finance expenses/income
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net carrying amount as at 31 December (A.3+G+H+I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net carrying amount as at 31 December
Changes in the carrying amount of insurance contracts issued, broken down by features underlying measurementAmounts in \u20acm
LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (E + F)
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmLIFE SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmNON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Amounts in \u20acmNON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation features
Features underlying the measurement of the book value of insurance contracts issued
Items/Features underlying measurement
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
Present value of cash flows
Adjustment for non-financial risks
Contractual service margin
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at 1 January
B. Changes in current services
1. Contractual service margin recorded in the income statement
2. Change for non-financial risks past due
3. Changes related to experience
C. Changes relating to future services
1. Changes in the Contractual service margin
2. Losses on groups of onerous contracts and related recoveries
3. Effects of the contracts initially recognised in the reference year
D. Changes relating to past services
1. Adjustments to liabilities for claims incurred
2. Changes related to experience
E. Result of insurance services (B + C + D)
F. Financial costs/revenues
1. Relating to insurance contracts issued
1.1 Recorded in the Income Statement
1.2 Recorded in the Comprehensive Income Statement
2. Effects associated with changes in exchange rates
G. Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement
2. Payments associated with contract acquisition costs
3. Claims paid and other cash outflows
L. Net book value as at the reporting date (A.3 + G + H + I)
1. Insurance contracts issued that are liabilities
2. Insurance contracts issued that are assets
3. Net book value as at the reporting date
Changes in the insurance revenue and the contractual service margin of insurance contracts issued, broken down on the basis of existing contracts at the time of transition to IFRS 17 LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
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 with the fair value approach
Contracts subject to carve-out
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 with the fair value approach
Contracts subject to carve-out
Contractual service margin - Opening balances
Changes relating to current services
Contractual service margin recognised in the income statement to reflect services provided
Changes relating to future services
- Changes in estimates that adjust the contractual service margin
- Effects of contracts initially recognised in the reference year
1. Relating to insurance contracts issued
2. Effects associated with changes in exchange rates
Total changes recognised in the Income Statement and in the Comprehensive Income Statement
Contractual service margin - Closing balances
Features underlying the measurement of the insurance contracts issued, recorded in the financial yearLIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
LIFE SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation featuresAmounts in \u20acm
Contracts acquired in business combinations
Contracts transferred from third parties
Items/Groups of contracts
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
Items/Groups of contracts
Contracts acquired in business combinations
Contracts transferred from third parties
A. Estimate of the present value of future cash outflows
1. Contract acquisition costs
2. Amount of claims and other directly attributable costs
B. Estimate of the present value of future cash inflows
C. Estimate of the net present value of future cash flows (A-B)
D. Estimate of adjustment for non-financial risks
E. Derecognition of previously recognised assets against cash flows associated with insurance contracts issued
F. Contractual service margin
G. Increase included in liability for insurance contracts issued during the year (C+D+E+F)
Amounts in \u20acm
on other financial assets mandatorily at fair value
on financial assets/liabilities at fair value through profit or loss
7. Gains/losses on investments in associates and interests in joint ventures
At 31 December 2023, these amounted to \u20ac641m and include the contribution of the consolidation at equity of BPER Banca for \u20ac309m and of Banca Popolare di Sondrio for \u20ac289m, of which \u20ac267m referring to the badwill from the initial consolidation using the equity method. Note that the figure at 31 December 2022 (\u20ac348m) included \u20ac318m deriving from the pro rata consolidation of BPER Banca's result, of which \u20ac166m from the badwill arising from the acquisition of CARIGE and \u20ac41m from the change in the Unipol Group's equity investment in BPER Banca.
8. Gains/losses on other financial assets and liabilities and investment property
Gains on other financial assets and liabilities and investment property
Amounts in \u20acm
on financial assets at amotised cost
on financial assets at fair value through OCI
from financial assets at fair value through OCI
on financial assets at amortised cost
on financial assets at fair value through OCI
on financial liabilities at amortised cost
Unrealised gains and reversals of impairment losses
on financial assets at fair value through OCI
on other financial liabilities
Amounts in \u20acm
on other financial liabilities
from financial assets at amortised cost
from financial assets at fair value through OCI
from other financial liabilities
on financial assets at amortised cost
on financial assets at fair value through OCI
Unrealised losses and impairment losses:
on financial assets at amortised cost
on financial assets at fair value through OCI
on other financial assets
on other financial liabilities
The Unrealised losses and impairment losses relating to investment property refer to depreciation for \u20ac53m and impairment for \u20ac15m (at 31/12/2022, they referred to depreciation for \u20ac51m and impairment for \u20ac22m).
10. Net finance expenses/income relating to insurance contracts issued
The item includes net expenses of \u20ac1,286m (-\u20ac838m at 31/12/2022) and relate:
-for \u20ac1,216m (\u20ac909m at 31/12/2022) to net costs due to the application of the option to reduce to zero the net financial profitability recognised in the Income Statement arising from the assets underlying insurance contracts accounted for using the VFA method (\u201cmirroring\u201d);
-for the remainder, equal to net expenses of \u20ac70m (net income of \u20ac72m at 31/12/2022), to the effects of the capitalisation of the cash flows accounted for with the BBA or PAA at the locked-in rate and to the effects of exchange rate adjustments. The significant change is attributable to the progressive increase in the locked-in discount rates applicable in the period in question compared to those of the previous year.
Net finance expenses and income relating to insurance contracts issuedAmounts in \u20acm
Items/Basis of aggregation
2. Effects of changes in interest rates and other financial assumptions
3. Changes in the fair value of assets underlying contracts measured under the VFA
4. Effects of the change in exchange rates
6. Total net finance income/expenses relating to insurance contracts issued, recognised in the income statement
Basis A1 = Insurance contracts issued with direct participation features \u2013 Life segment - VFA
Basis A2 = Insurance contracts issued without direct participation features \u2013 Life segment - BBA
Basis A3 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 BBA/PAA
As mentioned previously, the Group has adopted options that make it possible to limit accounting mismatches deriving from the method of valuation of assets and liabilities subject to IFRS 17 and/or IFRS 9. As a result, in addition to net finance expenses and income relating to insurance contracts issued and recognised in the income statement shown in the table above, net expenses of \u20ac1,526m were recognised in the statement of comprehensive income.
11. Net finance income/expenses relating to reinsurance contracts held
Net finance expenses relating to reinsurance contracts held came to \u20ac3m (net expenses of \u20ac2m at 31/12/2022).
Net finance income and expenses relating to reinsurance contracts held
Amounts in \u20acm
Items/Basis of aggregation
2. Effects of changes in interest rates and other financial assumptions
3. Effects of the change in exchange rates
5. Total net finance income/expenses relating to reinsurance contracts held
Basis A1 = Life segment
Basis A2 = Non-Life segment
As mentioned previously, the Group has adopted options that make it possible to limit accounting mismatches deriving from the method of valuation of assets and liabilities subject to IFRS 17 and/or IFRS 9. As a result, in addition to net finance income and expenses relating to reinsurance contracts held and recognised in the income statement shown in the table above, net income of \u20ac14m was recognised in the statement of comprehensive income.
Insurance operations - Net financial result of investments broken down by Life and Non-Life segmentsAmounts in \u20acm
A. FINANCIAL RESULT OF INVESTMENTS
A.1 Interest income from financial assets at amortised cost and at fair value through other comprehensive income
A.2 Net gains/losses on assets at fair value through profit or loss
A.3 Net value adjustments/write-backs for credit risk
A.4 Other net income/costs
A.5 Net capital gains/losses on financial assets at fair value through other comprehensive income
B NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS 9
C. NET FINANCIAL RESULT - OTHER
of which: recognised in the Income Statement
of which: recognised in the Comprehensive Income Statement
Insurance operations - Summary of economic results broken down by Life and Non-Life segmentsAmounts in \u20acm
Summary of results/Operating segments
A.1 Amounts recognised in the Income Statement
1. Total net financial result of investments
2. Net finance income/expenses relating to insurance contracts
A2. Amounts recognised in the Comprehensive Income Statement
1. Total net financial result of investments
2. Net finance income/expenses relating to insurance contracts
B. Net insurance and financial result
1. Net insurance service result
2. Total net financial result of investments
3. Net financial result of insurance contracts
4. Investments
At 31 December 2023, total Investments amounted to \u20ac63,924m (\u20ac59,428m at 31/12/2022) and are shown by type in the table below:
Amounts in \u20acm
Investments in associates and interests in joint ventures
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Held-for-trading financial assets
Financial assets at fair value
Other financial assets mandatorily at fair value
4.5 Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Held-for-trading financial assets
Financial assets at fair value through profit or loss
Other financial assets mandatorily at fair value
Own financial liabilities
Other financial instruments
Amounts in \u20acm
on other financial assets mandatorily at fair value
on financial assets/liabilities at fair value through profit or loss
4. Investments
At 31 December 2023, total Investments amounted to \u20ac63,924m (\u20ac59,428m at 31/12/2022) and are shown by type in the table below:
Amounts in \u20acm
Investments in associates and interests in joint ventures
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Held-for-trading financial assets
Financial assets at fair value
Other financial assets mandatorily at fair value
4.1 Investment property
At 31 December 2023, Investment property, net of related accumulated depreciation, amounted to \u20ac2,302m (\u20ac2,282m in 2022). The breakdown is provided below.
Investment property: breakdown of assets
Amounts in \u20acm
2. Rights of use acquired through leasing
Amounts in \u20acm
A. Opening gross balances
A.1 Accumulated depreciation and impairment
of which from business combinations
B.2 Expenses for capitalised improvements
B.3 Positive changes in fair value
B.5 Positive exchange rate differences
B.6 Transfers from properties for own use
C.3 Negative changes in fair value
C.4 Value adjustments for impairment
C.5 Negative exchange rate differences
a) properties for own use
b) non-current assets or assets of a disposal group held for sale
D.1 Accumulated depreciation and impairment
D.2 Gross closing balances
E. Measurement at fair value
4.2 Investments in associates and interests in joint venturesAt 31 December 2023, Investments in subsidiaries, associates and interests in joint ventures amounted to \u20ac2,656m (\u20ac1,608m in 2022). The item includes the interest in the associate BPER Banca for \u20ac1,805m (\u20ac1,516m at 31/12/2022) and in Banca Popolare di Sondrio for \u20ac754m.
Equity investments: information on shareholding relationships
Country of registered
office
% Total participating
interest (4)
% Votes available at
ordinary General
Meetings
(5)
Assicoop Bologna Metropolitana SpA
Assicoop Modena & Ferrara SpA
Assicoop Romagna Futura SpA
Banca Popolare di Sondrio SpA
Funivie del Piccolo San Bernardo SpA
Uci - Ufficio Centrale Italiano
(1)This disclosure is required only if the country of operations is different from the country of the registered office.
(2)1=Italian insurers; 2=EU insurers; 3=non-EU insurers; 4=insurance holding companies; 4.1=mixed financial holding companies; 5=EU reinsurers; 6=non-EU reinsurers; 7=banks; 8=asset management companies; 9=other holding companies; 10=real estate companies; 11=other.
(3)b = associates; c = joint ventures.
(4)The product of investment relations concerning all companies positioned in an investment chain.
(5)Availability of votes at ordinary shareholders' meetings, distinguishing between actual votes and potential votes. The availability of votes is indicated only if different from the direct shareholding.
Significant investments: carrying amount, fair value and dividends received
Amounts in \u20acm
Banca Popolare di Sondrio SpA
(1) b= associates; c= joint venture
The Banca Popolare di Sondrio dividends received by UnipolSai in 2023 are not recognised as they predated the acquisition of significant influence over the investee.
Significant equity investments: accounting informationAmounts in \u20acm
Cash and cash equivalents
Impairment losses/reversals on property, plant and equipment and intangible assets
Pre-tax profit (loss) from continuing operations
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
2. Banca Popolare di Sondrio SpA
Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
Carrying amount of the investment at the beginning of the year
Total Group comprehensive income
(+/-)
Dividends received during the year
(-)
Carrying amount of the investment at the end of the year
2. Banca Popolare di Sondrio SpA
Non-significant equity investments: accounting information
Amounts in \u20acm
Carrying amount of equity investments
Profit (loss) from continuing operations after taxes
Profit (loss) from discontinued operations after taxes
Profit (loss) for the year (1)
Other income items net of taxes
(2)
Comprehensive Income Statement (3)
= (1) + (2)
The activity of the associate Cronos Vita, as specifically envisaged in the agreements between the parties involved in the bail-out of Eurovita policyholders, is limited to managing the run-off of the former Eurovita portfolio for the time strictly necessary (i) for the precise identification of the distinct business units making up the company complex to be assigned to the shareholder companies and (ii) the subsequent transfer of these units to them. In this context, it was considered that the investment held in Cronos Vita qualifies, from the acquisition date, as held for sale on the basis of the provisions of IFRS 5. In fact, from the outset, the intention was to sell the equity investment in order to acquire a business unit of the investee, to be identified according to criteria to be defined between the parties and characterised by a potentially different risk/reward profile, in the individual components, from that implicit in the investment.
As a result of the above classification, the equity investment held in Cronos Vita was measured at cost, as it was lower than the estimated realisable value net of costs to sell.
Also note in this regard that, as part of the transaction of UnipolSai and the other participating insurance companies, a pro rata guarantee was issued for the benefit of the banks that granted loans to the associate Cronos Vita to cover part of the early redemptions relating to policies associated with the segregated funds distributed by the banks and included in the business complex acquired by Cronos Vita in October 2023. This surety, which can be activated in the event of default by Cronos Vita, subordinate to a separate pledge by Cronos Vita
on assets included in the segregated funds portfolio, was issued by each of the shareholders of Cronos Vita in proportion to their percentage interest in the share capital. The maximum amount guaranteed by UnipolSai is \u20ac1,094m, calculated on the basis of the maximum amount of commitments to grant loans from the financial institutions. At the end of 2023, the loans already disbursed by financial institutions to Cronos Vita for these commitments amounted to \u20ac204m, insofar as the portion guaranteed by Unipol is concerned. The surety will become void when the business unit of the investee company assigned to each of the shareholder companies of Cronos Vita is transferred to them.Note that the listed companies BPER Banca and Banca Popolare di Sondrio, in which the Unipol Group holds 19.85% and 19.72% of the share capital, respectively, were classified as associates as they are subject to influence by the Parent and, consequently, were consolidated using the equity method. It was considered that, despite holding a share of just under 20% of the voting rights that can be exercised at shareholders\u2019 meetings, the Unipol Group exercises significant influence given the distribution of the ownership structure of the two companies and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investees, as well as, with reference to the BPER Group, the appointment of certain members of the administrative body.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f199417": {
"value": "4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm
- Other loans and receivables
Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac449m (\u20ac460m at 31/12/2022).
Financial assets at amortised cost: gross value and total value adjustmentsAmounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm
- Other loans and receivables
Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac449m (\u20ac460m at 31/12/2022).
Financial assets at amortised cost: gross value and total value adjustmentsAmounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm
- Other loans and receivables
Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac449m (\u20ac460m at 31/12/2022).
Financial assets at amortised cost: gross value and total value adjustmentsAmounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
4.4 Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income: product breakdown and percentage composition
Amounts in \u20acm
Other financial instruments
Financial assets at fair value through other comprehensive income: gross value and total value adjustmentsAmounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
Other financial instruments
Financial liabilities at amortised cost: product breakdown, percentage composition and fair value hierarchy
Amounts in \u20acm
Details of Subordinated liabilities are shown in the table below:Nominal amount outstanding
every 3 months from 18/06/2024
(*) from June 2024 floating rate of 3M Euribor + 518 b.p.
The subordinated liabilities issued by UnipolSai Assicurazioni SpA amounted to \u20ac1,287m and relate for \u20ac1,250m to hybrid bonds.
Debt securities issued amounted to \u20ac2,433m. They refer for \u20ac2,428m to securities issued by Unipol and for \u20ac5m to securities issued by the subsidiary Societ\u00e0 e Salute SpA.
The debt securities issued by Unipol relate to three senior bonds, listed on the Luxembourg Stock Exchange, with a
total nominal value of \u20ac2,402m:
-\u20ac1,000m nominal value, 3% fixed rate, 10-year duration, maturity in 2025;
-\u20ac500m nominal value, 3.5% fixed rate, 10-year duration, maturity in 2027;
-\u20ac902m nominal value, 3.25% fixed rate, 10-year duration, maturity in 2030.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f200699": {
"value": "4.5 Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Held-for-trading financial assets
Financial assets at fair value through profit or loss
Other financial assets mandatorily at fair value
Own financial liabilities
Other financial instruments
4.5 Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Held-for-trading financial assets
Financial assets at fair value through profit or loss
Other financial assets mandatorily at fair value
Own financial liabilities
Other financial instruments
4.1 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Financial liabilities held-for trading
Financial liabilities at fair value
Liabilities from financial contracts issued in accordance with IFRS 9:
a) From contracts with services linked to indexes and UCITS units
c) Other financial contracts issued
Other financial liabilities
Amounts in \u20acm
on other financial assets mandatorily at fair value
on financial assets/liabilities at fair value through profit or loss
4.5 Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Held-for-trading financial assets
Financial assets at fair value through profit or loss
Other financial assets mandatorily at fair value
Own financial liabilities
Other financial instruments
Information on hedging transactionsFair value hedges
Amounts in \u20acm
Line item in the statement of financial position including the hedging instruments
4.1 a) Financial liabilities held-for trading
(*) value equal to zero, as the instruments are margined daily through a clearing broker
Line item in the statement of financial position including the hedged instruments
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item recognised in the statement of financial position
4.4 Financial assets at fair value through OCI
6 Gains/losses on financial assets and liabilities at fair value through profit or loss
8.5 Unrealised gains/losses
During 2023, no new transactions were carried out concerning fair value hedging.
Outstanding fair value hedges concern fixed rate bonds held by Unipolsai, for which the interest rate risk was hedged through Interest Rate Swaps.
Positions existing at 31 December 2023
Existing positions at 31 December 2023 related to IRS contracts for a nominal value of \u20ac218.2m, to hedge fixed rate bond assets classified as FVOCI, with a hedged synthetic notional value of the same amount. At 31 December 2023, the fair value change relating to the hedged bonds came to a positive \u20ac1.3m, while the fair value change in IRSs amounted to a negative \u20ac0.1m, with a positive net economic effect of \u20ac1.2m, including the tax effect of \u20ac0.4m.
Positions closed at 31 December 2023
In relation to the hedges entered into through Interest Rate Swaps, note that during the year some contracts in place at 31 December 2022 for a nominal value of \u20ac975.0m to hedge bond assets were terminated early, for a synthetic notional value of \u20ac970.1m, classified as FVOCI.
The fair value change in IRSs between 31 December 2022 and the closing date of the hedging instruments, was a positive \u20ac17.5m, offset by a negative change of \u20ac16.6m, booked through profit or loss based on the fair value change of the synthetic asset hedged during the same period. The hedged bonds were not sold.
Cash flow hedgesAmounts in \u20acm
Line item in the statement of financial position including the hedging instruments
Balance in the cash flow hedge reserve
Hedging gains or (losses) of the reporting period that were recognised in other comprehensive income
4.1 a) Financial liabilities held-for trading
The objective of the existing hedges is to transform the interest rate on financial assets from a floating rate to a fixed rate, stabilising the cash flows.
Positions existing at 31 December 2023
These relate to:
-cash flow hedge on bonds classified as FVOCI through IRS for notional \u20ac451.5m (\u20ac588.5m at 31/12/2022).
The cumulative effect on Shareholders\u2019 Equity in the Hedging reserve for gains or losses on cash flow hedges was a negative \u20ac18.5m (negative effect for \u20ac72.4m at 31/12/2022): net of tax, the negative impact was \u20ac12.8m (negative effect for \u20ac50.0m at 31/12/2022).
With regard to cash flow hedges on bonds recorded in the FVOCI portfolio, note that in the third quarter of 2023 a number hedging derivatives for a notional amount of \u20ac137m expired.
4.1 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Financial liabilities held-for trading
Financial liabilities at fair value
Liabilities from financial contracts issued in accordance with IFRS 9:
a) From contracts with services linked to indexes and UCITS units
c) Other financial contracts issued
Other financial liabilities
3.1 Information relating to the actual or potential effects of netting agreements
In order to allow an evaluation of the actual or potential effects of netting agreements on the Unipol Group, the information relating to the financial instruments involved in master netting arrangements is reported below, which at 31 December 2023 consisted exclusively of derivative instruments.
With reference to derivatives, the ISDA Master agreements which regulate transactions in such instruments, make provision, in the cases of the insolvency of one of the contractual parties, for the offsetting between receivables and payables including any cash deposits or financial instruments pledged as guarantee.
Financial assets
Amounts in \u20acm
Net total financial
assets recognised
in the financial
statements
Related amounts not subject to offsetting in the financial statements
Total financial
liabilities
offset in
the financial
statements
(B)
Cash deposits
received as
guarantees
(E)
Derivative transactions (1)
Repurchase agreements (2)
Financial liabilities
Amounts in \u20acm
Net total financial
liabilities recogni-
sed in the financial
statements
Related amounts not subject to offsetting in the financial statements
Total financial
assets offset
in the financial
statements (B)
Cash deposits
given as
guarantees
(E)
Derivative transactions (1)
Repurchase agreements (2)
(1) The amounts indicated include the fair value in the financial statements of the derivatives involved in the offsetting agreements and any cash deposits given or received as guarantee.
(2) The amounts indicated include the financial receivable/payable relating to the repurchase agreement and the value of the financial asset involved in the forward purchase.
Information on hedging transactionsFair value hedges
Amounts in \u20acm
Line item in the statement of financial position including the hedging instruments
4.1 a) Financial liabilities held-for trading
(*) value equal to zero, as the instruments are margined daily through a clearing broker
Line item in the statement of financial position including the hedged instruments
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item recognised in the statement of financial position
4.4 Financial assets at fair value through OCI
6 Gains/losses on financial assets and liabilities at fair value through profit or loss
8.5 Unrealised gains/losses
During 2023, no new transactions were carried out concerning fair value hedging.
Outstanding fair value hedges concern fixed rate bonds held by Unipolsai, for which the interest rate risk was hedged through Interest Rate Swaps.
Positions existing at 31 December 2023
Existing positions at 31 December 2023 related to IRS contracts for a nominal value of \u20ac218.2m, to hedge fixed rate bond assets classified as FVOCI, with a hedged synthetic notional value of the same amount. At 31 December 2023, the fair value change relating to the hedged bonds came to a positive \u20ac1.3m, while the fair value change in IRSs amounted to a negative \u20ac0.1m, with a positive net economic effect of \u20ac1.2m, including the tax effect of \u20ac0.4m.
Positions closed at 31 December 2023
In relation to the hedges entered into through Interest Rate Swaps, note that during the year some contracts in place at 31 December 2022 for a nominal value of \u20ac975.0m to hedge bond assets were terminated early, for a synthetic notional value of \u20ac970.1m, classified as FVOCI.
The fair value change in IRSs between 31 December 2022 and the closing date of the hedging instruments, was a positive \u20ac17.5m, offset by a negative change of \u20ac16.6m, booked through profit or loss based on the fair value change of the synthetic asset hedged during the same period. The hedged bonds were not sold.
Cash flow hedgesAmounts in \u20acm
Line item in the statement of financial position including the hedging instruments
Balance in the cash flow hedge reserve
Hedging gains or (losses) of the reporting period that were recognised in other comprehensive income
4.1 a) Financial liabilities held-for trading
The objective of the existing hedges is to transform the interest rate on financial assets from a floating rate to a fixed rate, stabilising the cash flows.
Positions existing at 31 December 2023
These relate to:
-cash flow hedge on bonds classified as FVOCI through IRS for notional \u20ac451.5m (\u20ac588.5m at 31/12/2022).
The cumulative effect on Shareholders\u2019 Equity in the Hedging reserve for gains or losses on cash flow hedges was a negative \u20ac18.5m (negative effect for \u20ac72.4m at 31/12/2022): net of tax, the negative impact was \u20ac12.8m (negative effect for \u20ac50.0m at 31/12/2022).
With regard to cash flow hedges on bonds recorded in the FVOCI portfolio, note that in the third quarter of 2023 a number hedging derivatives for a notional amount of \u20ac137m expired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f201968": {
"value": "5. Other financial assets
Amounts in \u20acm
Receivables from intermediaries and companies
Total Other financial assets
The item Other receivables included, inter alia:
\u2022
tax receivables amounting to \u20ac1,346m (\u20ac1,348m at 31/12/2022);\u2022
trade receivables amounting to \u20ac361m (\u20ac255m at 31/12/2022); \u2022
payments made as cash collateral against derivative payables totalling \u20ac79m (\u20ac226m at 31/12/2022).6. Other assets
Amounts in \u20acm
Non-current assets or assets of a disposal group held for sale
Non-current assets or assets of a disposal group held for sale include assets primarily represented by investment properties and the investment held in Cronos Vita. For more information reference is made to paragraph 3.4 of these Notes to the financial statements.
3.4 Non-current assets or assets of a disposal group held for sale and discontinued operations
At 31 December 2023, reclassifications carried out in application of IFRS 5 to Asset item 6.1 amounted to \u20ac133m, of which \u20ac83m related to properties held for sale and \u20ac50m relating to the equity investment in Cronos Vita Assicurazioni (\u20ac514m at 31/12/2022, of which \u20ac100m related to properties held for sale and \u20ac415m relating to assets held by the company Incontra Assicurazioni, sold during the current year); liabilities reclassified to item 6.1 Liabilities associated with disposal groups held for sale were eliminated following the disposal of the investment in Incontra Assicurazioni (\u20ac360m at 31/12/2022, referring entirely to Incontra Assicurazioni).
Note that the sale of the investment in Incontra Assicurazioni was finalised on 30 November 2023: the contribution to the 2023 economic result amounted to \u20ac48m including consolidation of the investee\u2019s profit for the period and the economic effects of the sale (realised capital gain and reversal of OCI reserves existing at the date of sale).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact47": {
"value": "6. Other assets
Amounts in \u20acm
Non-current assets or assets of a disposal group held for sale
6.2 Current tax assets and deferred tax assets
The item Deferred tax assets is shown net of the offsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax liabilities, as described in chapter \u201cMain accounting standards\u201d.
6. Other liabilitiesAmounts in \u20acm
Liabilities associated with disposal groups held for sale
Accrued expense and deferred income
La voce Passivit\u00e0 fiscali differite \u00e8 esposta al netto delle compensazioni effettuate, ai sensi dello IAS 12, con le corrispondenti imposte (IRES o IRAP) iscritte nelle attivit\u00e0 fiscali differite.
The item Deferred tax liabilities is shown net of the offsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax assets.
20. Income tax
In accordance with the provisions of IAS 12 the following table shows, at consolidated level, the deferred taxes utilised and accrued.
Amounts in \u20acm
Deferred assets and liabilities:
Use of deferred tax assets
Use of deferred tax liabilities
Provisions for deferred tax assets
Provisions for deferred tax liabilities
Against pre-tax profit of \u20ac1,565m, taxes for the period of \u20ac234m were recorded. The overall tax rate was 14.9% (22.9% at 31/12/2022).
The actual tax rate for the year was affected by the following:
-for -2.1%, equal to \u20ac33m (-1.9% or \u20ac16m at 31/12/2022), against adjustments to taxes pertaining to previous years;
-for -6.4%, equal to \u20ac100m (-2% or \u20ac18m at 31/12/2022), by the net benefits deriving from permanent differences between the tax base determined according to tax regulations and the pre-tax result (e.g. dividends, ACE benefits), including a benefit of -4.1%, equal to \u20ac64m, again in terms of lower tax, related to consolidation adjustments on the change in the Unipol Group\u2019s equity investment in BPER Banca and the badwill recognised as a result of the initial consolidation at equity of the investment in Banca Popolare di Sondrio;
-for -5.2%, equal to \u20ac82m (-8.1% or \u20ac71m at 31/12/2022), related to the positive result contributed by the companies measured using the equity method such as, in particular, BPER Banca and Banca Popolare di Sondrio;
-for +1.3%, equal to \u20ac20m (+0.7% or \u20ac6m at 31/12/2022) due to the non-allocation of deferred tax assets against the tax loss due to the negative results achieved by the merged entity UnipolRe Dac.
The following statement illustrates the breakdown of deferred tax assets and liabilities recognised, with separate indication of offsetting performed for adjusted financial statements presentation purposes.Amounts in \u20acm
Intangible assets and property, plant and equipment
Sundry receivables and other assets
Payables and other liabilities
Other deferred tax assets
Netting as required by IAS 12
Total deferred tax assets
Intangible assets and property, plant and equipment
Sundry receivables and other assets
Payables and other liabilities
Other deferred tax liabilities
Netting as required by IAS 12
Total deferred tax liabilities
Net tax assets are deemed to be recoverable on the basis of the provisional plans of Group companies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact48": {
"value": "6. Other assets
Amounts in \u20acm
Non-current assets or assets of a disposal group held for sale
6.2 Current tax assets and deferred tax assets
The item Deferred tax assets is shown net of the offsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax liabilities, as described in chapter \u201cMain accounting standards\u201d.
6. Other liabilitiesAmounts in \u20acm
Liabilities associated with disposal groups held for sale
Accrued expense and deferred income
La voce Passivit\u00e0 fiscali differite \u00e8 esposta al netto delle compensazioni effettuate, ai sensi dello IAS 12, con le corrispondenti imposte (IRES o IRAP) iscritte nelle attivit\u00e0 fiscali differite.
The item Deferred tax liabilities is shown net of the offsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax assets.
20. Income tax
In accordance with the provisions of IAS 12 the following table shows, at consolidated level, the deferred taxes utilised and accrued.
Amounts in \u20acm
Deferred assets and liabilities:
Use of deferred tax assets
Use of deferred tax liabilities
Provisions for deferred tax assets
Provisions for deferred tax liabilities
Against pre-tax profit of \u20ac1,565m, taxes for the period of \u20ac234m were recorded. The overall tax rate was 14.9% (22.9% at 31/12/2022).
The actual tax rate for the year was affected by the following:
-for -2.1%, equal to \u20ac33m (-1.9% or \u20ac16m at 31/12/2022), against adjustments to taxes pertaining to previous years;
-for -6.4%, equal to \u20ac100m (-2% or \u20ac18m at 31/12/2022), by the net benefits deriving from permanent differences between the tax base determined according to tax regulations and the pre-tax result (e.g. dividends, ACE benefits), including a benefit of -4.1%, equal to \u20ac64m, again in terms of lower tax, related to consolidation adjustments on the change in the Unipol Group\u2019s equity investment in BPER Banca and the badwill recognised as a result of the initial consolidation at equity of the investment in Banca Popolare di Sondrio;
-for -5.2%, equal to \u20ac82m (-8.1% or \u20ac71m at 31/12/2022), related to the positive result contributed by the companies measured using the equity method such as, in particular, BPER Banca and Banca Popolare di Sondrio;
-for +1.3%, equal to \u20ac20m (+0.7% or \u20ac6m at 31/12/2022) due to the non-allocation of deferred tax assets against the tax loss due to the negative results achieved by the merged entity UnipolRe Dac.
The following statement illustrates the breakdown of deferred tax assets and liabilities recognised, with separate indication of offsetting performed for adjusted financial statements presentation purposes.Amounts in \u20acm
Intangible assets and property, plant and equipment
Sundry receivables and other assets
Payables and other liabilities
Other deferred tax assets
Netting as required by IAS 12
Total deferred tax assets
Intangible assets and property, plant and equipment
Sundry receivables and other assets
Payables and other liabilities
Other deferred tax liabilities
Netting as required by IAS 12
Total deferred tax liabilities
Net tax assets are deemed to be recoverable on the basis of the provisional plans of Group companies.
Application of the Global Minimum Tax (GloBe)
In application of Regulation (EU) 2023/2468 with which the European Commission implemented the IASB amendments to IAS 12, including the introduction of a temporary exception to the recognition of deferred taxes in relation to the application of Pillar Two provisions, note the following.
Italian Legislative Decree no. 209 of 27 December 2023, implementing the reform on international taxation, envisaged the introduction for Italy of a global minimum tax regime from 1 January 2024.
Title II of the aforementioned Legislative Decree contains provisions for the implementation of Law no. 111 of 9 August 2023, transposing Council Directive (EU) no. 2022/2523 of 14 December 2022, aimed at ensuring a global minimum level of taxation for large multinational enterprise groups and large-scale domestic groups in the European Union.
The aforementioned Directive transposes the main core of the global Pillar Two agreement reached at the OECD/G20. To this end, a coordinated system of rules has been devised to ensure that large groups of companies are subject to a minimum tax level of at least 15% in relation to each of the countries in which these groups operate and generate income.The objective of the Global Minimum Tax is to achieve a level of competitive parity between companies at global level, stop the race to the bottom of tax rates and promote efficient decisions on investments and business locations.
In order to guarantee a minimum tax level for multinational or domestic enterprise groups based on the OECD common approach taken up by the EU, Art. 9, paragraph 1, of Italian Legislative Decree no. 209/2023 states that the minimum tax level can be achieved through the application of a top-up tax (TUT) if the effective tax rate (ETR) in each jurisdiction is below 15%. The top-up tax will be collected through:
-the Income Inclusion Rule (IIR) minimum top-up tax, payable by Italy-based parent companies (typically the parent or ultimate parent) of multinational or domestic groups in relation to their group companies subject to low taxation;
-the Undertaxed Profits Rule (UTPR) minimum top-up tax, payable by one or more companies of an Italy-based multinational group in relation to group companies subject to low taxation when all or part of the equivalent top-up tax in other countries has not been applied;
-the Qualified Domestic Minimum Top-Up Tax (QDMTT), due in relation to companies of an Italy-based multinational or domestic group subject to low taxation.
The entry into force of the GloBE rules will have a substantial impact on business groups, mitigated by the transitional safe harbours (or \u201cSimplified schemes\u201d in the definition of Art. 39 of the Legislative Decree) introduced by the OECD to exclude certain jurisdictions in which a group operates from the scope of application of the GloBE rules. In this regard, two types of safe harbour can be identified:
-Transitional Safe Harbour for country-by-country reporting (CbCR): this safe harbour temporarily excludes multinationals operating in low-risk jurisdictions from the introduction of a top-up tax.
-Permanent Safe Harbour for simplified calculations: this safe harbour permanently allows a multinational to reduce the number of complex calculations required and instead perform simplified calculations.
From a taxpayer perspective, pursuant to Art. 10 of the Legislative Decree, the Unipol Group is subject to provisions relating to the Global Minimum Tax since its consolidated revenues have exceeded \u20ac750m in at least two of the four years prior to the year under review.
As the regulation was not in force at the reporting date, no current taxes were recognised.
Outside Italy, in 2023 the Unipol Group operated in Serbia, Ireland, the Netherlands and Luxembourg.
For EU countries, the Group entities will be subject to the Qualified Domestic Minimum Top-Up Tax (QDMTT), unless the aforementioned transitional safe harbour rules apply. In this case, no top-up tax will be payable by the Group in the countries concerned.
Art. 56 of the Legislative Decree58 also envisages the elimination of top-up taxes in the first five years of business start-up of a multinational group (to be verified on the basis of the group's international projection level and the value of fixed assets). At present, the actual scope of application of the aforementioned provision has yet to be clarified.
Taking into account information known or that can be reasonably estimated at year end - although such information has thus far not reflected all the specific provisions of the Pillar II legislation related to the location and operations of all the Group companies in all the individual jurisdictions in which the Group operates - and considering that at year end certain information was not yet known or could not be reasonably estimated, the Unipol Group\u2019s Pillar II income tax exposure at year end, also on the basis of the simplified system (the transitional safe harbour from country-by-country reporting), was considered immaterial.
In particular, on the basis of information already known or that can be reasonably estimated:
\u2022with regard to most Group entities located in jurisdictions satisfying at least one of the three tests envisaged in the transitional safe harbours from country-by-country reporting, the conditions for the elimination of Pillar II taxes are met, and
\u2022for the remaining Group entities located in jurisdictions that do not satisfy any of the three tests envisaged in the transitional safe harbours from country-by-country reporting, the exposure is immaterial as the effective taxation level in these jurisdictions is approximately the minimum 15% or the profit in these jurisdictions is low compared to the Group\u2019s total profits.
With the support of external consultants, the Group is organising and preparing for the Pillar II-related obligations, also in order to manage the exposure in subsequent periods, through the creation of suitable systems and procedures to:
\u2022identify, locate and characterise all Group companies, also on a continuous basis, for the purpose of Pillar II legislation, and
\u2022include the simplified tests (transitional safe harbours from country-by-country reporting) for each material jurisdiction, in order to receive the related benefits in terms of reduced compliance costs and elimination of Pillar II taxes, and \u2022carry out complete and detailed calculations of the relevant quantities required by Pillar II legislation for any jurisdictions that do not pass any of the aforementioned tests.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact45": {
"value": "6. Other assets
Amounts in \u20acm
Non-current assets or assets of a disposal group held for sale
6.3 Other assets
The item Other assets includes \u20ac2,164m in \u201cEcobonus\u201d and \u201cSismabonus\u201d tax credits, purchased from direct beneficiaries or their assignees, which can be recovered by offsetting them against future payments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f202330": {
"value": "7. Cash and cash equivalents
At 31 December 2023, Cash and cash equivalents amounted to \u20ac1,818m (\u20ac1,798m at 31/12/2022).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact51": {
"value": "1. Shareholders\u2019 equity
At 31 December 2023, Shareholders\u2019 equity amounted to \u20ac9,799m (\u20ac8,578m at 31/12/2022), recording a decrease in Shareholders\u2019 equity attributable to the owners of the Parent (\u20ac1,105m) and in non-controlling interests (\u20ac116m).
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm
Income-related and other equity reserves
Reserve for foreign currency translation differences
Gains/(losses) on financial assets at fair value through OCI
Financial revenues/(costs) relating to insurance/reinsurance contracts
Other gains or losses recognised directly in equity
Profit (loss) for the year
Total shareholders' equity attributable to the owners of the Parent
The main changes over the period were as follows:
-a decrease due to dividend distribution for \u20ac265m;
-an increase of \u20ac167m due to the positive change in valuation reserves;
-an increase of \u20ac81m deriving from gains from the sale of equity instruments measured at fair value through other comprehensive income;
-an increase of \u20ac1,101m as a result of the Group profit at 31 December 2023.
1.1 Share capital
\u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown
At 31 December 2023, the Parent Unipol\u2019s fully paid-up share capital amounted to \u20ac3,365m, and was made up of 717,473,508 ordinary shares (unchanged compared to 31/12/2022).
At 31 December 2023, the treasury shares held directly or indirectly by Unipol totalled 928,678 (1,129,432 at 31/12/2022), of which 287,664 shares were held directly and 641,014 shares held by the following subsidiaries:
-
UnipolSai Assicurazioni held 556,950;-
Linear Assicurazioni held 14,743;-
UnipolRental held 13,783;-
UnipolAssistance held 2,007.During the year, 785,754 Unipol shares were allocated to Unipol Group Executives in implementation of the Share-based compensation plans.
Share capital - Number of shares of the parent: annual changesA. Shares at the beginning of the year
A.2 Shares outstanding: opening balance
B.2 Sale of treasury shares
C.2 Purchase of treasury shares
D. Shares outstanding: closing balances
D.2 Shares at the end of the year
The increase in the number of shares included in item B.2 Sale of treasury shares was due to the assignment of shares during the year as part of the incentive plans for executive personnel described in more detail in section 3.8 Information on personnel.
1.7 Shareholders\u2019 equity attributable to non-controlling interests
The Shareholders' equity attributable to non-controlling interests amounted to \u20ac1,832m (\u20ac1,716m at 31/12/2022), composed of one perpetual regulatory capital instrument (Restricted Tier 1) for \u20ac496m issued by UnipolSai in 2020. The main changes over the period were as follows:
-a decrease of \u20ac98m for payment of dividends to third parties;
-an increase of \u20ac37m due to the positive change in valuation reserves attributable to non-controlling interests;
-an increase of \u20ac5m deriving from gains from the sale of equity instruments measured at fair value through other comprehensive income;
-a decrease of \u20ac25m net of taxes, to pay the coupon to holders of the Restricted Tier 1 capital instrument issued by UnipolSai;
-an increase of \u20ac230m due to profit attributable to non-controlling interests.
3.11 Details of other consolidated comprehensive income Amounts in \u20acm
Profit (Loss) for the period
Other income items net of taxes not reclassified to profit or loss
Portion of valuation reserves of equity investments valued at equity
Change in the revaluation reserve for intangible assets
Change in the revaluation reserve for property, plant and equipment
Financial revenues or costs relating to insurance contracts issued
Gains and losses on non-current assets or disposal groups held for sale
Actuarial gains and losses and adjustments relating to defined benefit plans
Gains or losses on equity instruments at fair value through OCI
b) transfers to other shareholders' equity components
Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss
b) transfers to other shareholders' equity components
a) change in fair value (hedged instrument)
b) change in fair value (hedging instrument)
c) other changes in fair value
Income taxes relating to other revenue components without reclassification in the Income Statement
Other income items net of taxes reclassified to profit or loss
Change in the reserve for foreign currency translation differences
b) reclassification in the Income Statement
Gains or losses on financial assets (other than equity instruments) at fair value through OCI
b) reclassification in the Income Statement
- credit risk adjustments
Gains or losses on cash flow hedges
b) reclassification in the Income Statement
Gains or losses on hedges of a net investment in foreign operations
b) reclassification in the Income Statement
Portion of valuation reserves of equity-accounted investments:
b) reclassification in the Income Statement
Financial revenues or costs relating to insurance contracts issued
b) reclassification in the Income Statement
Amounts in \u20acm
Financial revenues or costs relating to reinsurance transfers
b) reclassification in the Income Statement
Gains and losses on non-current assets or disposal groups held for sale
b) reclassification in the Income Statement
b) reclassification in the Income Statement
Income taxes relating to other revenue components with reclassification in the Income Statement
TOTAL OF OTHER COMPONENTS OF THE COMPREHENSIVE INCOME STATEMENT
(Sum of items 2.1 to 3.10)
TOTAL CONSOLIDATED COMPREHENSIVE INCOME (Items 1 + 4)
of which: attributable to the owners of the Parent
of which: attributable to non-controlling interests
1. Shareholders\u2019 equity
At 31 December 2023, Shareholders\u2019 equity amounted to \u20ac9,799m (\u20ac8,578m at 31/12/2022), recording a decrease in Shareholders\u2019 equity attributable to the owners of the Parent (\u20ac1,105m) and in non-controlling interests (\u20ac116m).
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm
Income-related and other equity reserves
Reserve for foreign currency translation differences
Gains/(losses) on financial assets at fair value through OCI
Financial revenues/(costs) relating to insurance/reinsurance contracts
Other gains or losses recognised directly in equity
Profit (loss) for the year
Total shareholders' equity attributable to the owners of the Parent
The main changes over the period were as follows:
-a decrease due to dividend distribution for \u20ac265m;
-an increase of \u20ac167m due to the positive change in valuation reserves;
-an increase of \u20ac81m deriving from gains from the sale of equity instruments measured at fair value through other comprehensive income;
-an increase of \u20ac1,101m as a result of the Group profit at 31 December 2023.
1.1 Share capital
\u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown
At 31 December 2023, the Parent Unipol\u2019s fully paid-up share capital amounted to \u20ac3,365m, and was made up of 717,473,508 ordinary shares (unchanged compared to 31/12/2022).
At 31 December 2023, the treasury shares held directly or indirectly by Unipol totalled 928,678 (1,129,432 at 31/12/2022), of which 287,664 shares were held directly and 641,014 shares held by the following subsidiaries:
-
UnipolSai Assicurazioni held 556,950;-
Linear Assicurazioni held 14,743;-
UnipolRental held 13,783;-
UnipolAssistance held 2,007.During the year, 785,754 Unipol shares were allocated to Unipol Group Executives in implementation of the Share-based compensation plans.
Share capital - Number of shares of the parent: annual changesA. Shares at the beginning of the year
A.2 Shares outstanding: opening balance
B.2 Sale of treasury shares
C.2 Purchase of treasury shares
D. Shares outstanding: closing balances
D.2 Shares at the end of the year
The increase in the number of shares included in item B.2 Sale of treasury shares was due to the assignment of shares during the year as part of the incentive plans for executive personnel described in more detail in section 3.8 Information on personnel.
1.7 Shareholders\u2019 equity attributable to non-controlling interests
The Shareholders' equity attributable to non-controlling interests amounted to \u20ac1,832m (\u20ac1,716m at 31/12/2022), composed of one perpetual regulatory capital instrument (Restricted Tier 1) for \u20ac496m issued by UnipolSai in 2020. The main changes over the period were as follows:
-a decrease of \u20ac98m for payment of dividends to third parties;
-an increase of \u20ac37m due to the positive change in valuation reserves attributable to non-controlling interests;
-an increase of \u20ac5m deriving from gains from the sale of equity instruments measured at fair value through other comprehensive income;
-a decrease of \u20ac25m net of taxes, to pay the coupon to holders of the Restricted Tier 1 capital instrument issued by UnipolSai;
-an increase of \u20ac230m due to profit attributable to non-controlling interests.
3.11 Details of other consolidated comprehensive income Amounts in \u20acm
Profit (Loss) for the period
Other income items net of taxes not reclassified to profit or loss
Portion of valuation reserves of equity investments valued at equity
Change in the revaluation reserve for intangible assets
Change in the revaluation reserve for property, plant and equipment
Financial revenues or costs relating to insurance contracts issued
Gains and losses on non-current assets or disposal groups held for sale
Actuarial gains and losses and adjustments relating to defined benefit plans
Gains or losses on equity instruments at fair value through OCI
b) transfers to other shareholders' equity components
Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss
b) transfers to other shareholders' equity components
a) change in fair value (hedged instrument)
b) change in fair value (hedging instrument)
c) other changes in fair value
Income taxes relating to other revenue components without reclassification in the Income Statement
Other income items net of taxes reclassified to profit or loss
Change in the reserve for foreign currency translation differences
b) reclassification in the Income Statement
Gains or losses on financial assets (other than equity instruments) at fair value through OCI
b) reclassification in the Income Statement
- credit risk adjustments
Gains or losses on cash flow hedges
b) reclassification in the Income Statement
Gains or losses on hedges of a net investment in foreign operations
b) reclassification in the Income Statement
Portion of valuation reserves of equity-accounted investments:
b) reclassification in the Income Statement
Financial revenues or costs relating to insurance contracts issued
b) reclassification in the Income Statement
Amounts in \u20acm
Financial revenues or costs relating to reinsurance transfers
b) reclassification in the Income Statement
Gains and losses on non-current assets or disposal groups held for sale
b) reclassification in the Income Statement
b) reclassification in the Income Statement
Income taxes relating to other revenue components with reclassification in the Income Statement
TOTAL OF OTHER COMPONENTS OF THE COMPREHENSIVE INCOME STATEMENT
(Sum of items 2.1 to 3.10)
TOTAL CONSOLIDATED COMPREHENSIVE INCOME (Items 1 + 4)
of which: attributable to the owners of the Parent
of which: attributable to non-controlling interests
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm
Income-related and other equity reserves
Reserve for foreign currency translation differences
Gains/(losses) on financial assets at fair value through OCI
Financial revenues/(costs) relating to insurance/reinsurance contracts
Other gains or losses recognised directly in equity
Profit (loss) for the year
Total shareholders' equity attributable to the owners of the Parent
At 31 December 2023, the treasury shares held directly or indirectly by Unipol totalled 928,678 (1,129,432 at 31/12/2022), of which 287,664 shares were held directly and 641,014 shares held by the following subsidiaries:
-
UnipolSai Assicurazioni held 556,950;-
Linear Assicurazioni held 14,743;-
UnipolRental held 13,783;-
UnipolAssistance held 2,007.During the year, 785,754 Unipol shares were allocated to Unipol Group Executives in implementation of the Share-based compensation plans.
Share capital - Number of shares of the parent: annual changesA. Shares at the beginning of the year
A.2 Shares outstanding: opening balance
B.2 Sale of treasury shares
C.2 Purchase of treasury shares
D. Shares outstanding: closing balances
D.2 Shares at the end of the year
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm
Income-related and other equity reserves
Reserve for foreign currency translation differences
Gains/(losses) on financial assets at fair value through OCI
Financial revenues/(costs) relating to insurance/reinsurance contracts
Other gains or losses recognised directly in equity
Profit (loss) for the year
Total shareholders' equity attributable to the owners of the Parent
13. Other revenue/costs
Amounts in \u20acm
Exchange rate differences
Total Other revenue/costs
.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact54": {
"value": "At 31 December 2023, the Parent Unipol\u2019s fully paid-up share capital amounted to \u20ac3,365m, and was made up of 717,473,508 ordinary shares (unchanged compared to 31/12/2022).
Share capital - Number of shares of the parent: annual changesA. Shares at the beginning of the year
A.2 Shares outstanding: opening balance
B.2 Sale of treasury shares
C.2 Purchase of treasury shares
D. Shares outstanding: closing balances
D.2 Shares at the end of the year
1.7 Shareholders\u2019 equity attributable to non-controlling interests
The Shareholders' equity attributable to non-controlling interests amounted to \u20ac1,832m (\u20ac1,716m at 31/12/2022), composed of one perpetual regulatory capital instrument (Restricted Tier 1) for \u20ac496m issued by UnipolSai in 2020. The main changes over the period were as follows:
-a decrease of \u20ac98m for payment of dividends to third parties;
-an increase of \u20ac37m due to the positive change in valuation reserves attributable to non-controlling interests;
-an increase of \u20ac5m deriving from gains from the sale of equity instruments measured at fair value through other comprehensive income;
-a decrease of \u20ac25m net of taxes, to pay the coupon to holders of the Restricted Tier 1 capital instrument issued by UnipolSai;
-an increase of \u20ac230m due to profit attributable to non-controlling interests.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f203279": {
"value": "2. Provisions for risks and charges The item \u201cProvisions for risks and charges\u201d totalled \u20ac552m at 31 December 2023 (\u20ac635 at 31/12/2022) and mainly consisted of provisions for litigation, various disputes, charges relating to the sales network, provisions for salary policies and personnel leaving-incentive schemes.
Ongoing disputes and contingent liabilities
Relations with the Tax Authorities
The IRES and IRAP tax dispute for the 2005 and 2006 tax periods of the former Aurora Assicurazioni (merged by incorporation in 2007), pending before the Court of Cassation and pertaining mostly to findings relating to specific insurance provisions, received a judgment in favour of the company in January 2023 with referral, in relation to the grounds upheld, to the second instance Lombardy Court of Justice, with which the appeal for reinstatement was filed. In the third quarter of 2023, the Italian Revenue Agency reimbursed the amount paid on a provisional basis for a total of \u20ac11.8m.
At the end of December 2023, tax demands and penalties were received for 2018 relating to the application of VAT on delegation fees for coinsurance transactions entered into with other companies in the insurance sector. Taking into account decisions already made for previous years, the companies will negotiate settlement agreements to finalise payments before the appeal deadline.
The dispute is pending for 2013 and 2017 for IRES and IRAP purposes resulting from the notices of assessment issued following general inspections carried out by the Veneto Regional Department.
In October 2023, a settlement agreement was reached pursuant to Art. 15 of Italian Legislative Decree 218/97 on the IRES notice of assessment for 2017 relating to a finding on the deduction of a portion of a change in technical provisions.
The dispute relating to the notices of assessment for stamp duty on vehicles for the years 2017-2019 issued by the Emilia Romagna Region was settled through judicial conciliation, with payment of a fractional amount with respect to the amount originally assessed for higher taxes, without the application of penalties.
Casa di cura Villa Donatello (beneficiary of the demerger of Villa Ragionieri) In April, the dispute with the Florence Provincial Department of the Italian Revenue Agency was settled concerning the restatement of the tax value of the area underlying the healthcare complex in Florence. The tax value attributed to the area was redefined on the basis of a method agreed upon with the office.
The dispute relating to the notices of assessment issued for the years 2014 to 2017 for IRES, IRAP and VAT purposes, deriving from the Report on Findings of the Italian Tax Police of Turin drawn up in March 2018, is pending.
Consob sanction proceedings
By means of communications dated 19 April 2013, Consob commenced two separate sanction proceedings against Fondiaria-SAI and Milano Assicurazioni for charges relating to their respective 2010 consolidated financial statements.
Pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, Consob notified Ms. Jonella Ligresti and Mr. Emanuele Erbetta, for the offices held in Fondiaria-SAI at the time of the events, of the violation set forth in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Fondiaria-SAI is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Ms. Jonella Ligresti and Mr. Emanuele Erbetta, acting in the above mentioned capacities.
Consob also made the same charge against Milano Assicurazioni. In this regard, pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, the Commission charged Mr. Emanuele Erbetta, for the role he held in the subsidiary at the time of the events, with the violation established in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Milano Assicurazioni is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Mr. Emanuele Erbetta, acting in the above mentioned capacity.Fondiaria-SAI and Milano Assicurazioni (currently UnipolSai), assisted by their lawyers, presented their conclusions, asking that the administrative penalties set out in Articles 187-ter, 187-quinquies and 187-septies of the Consolidated Law on Finance not be imposed on the companies. On 20 March 2014 the Consob issued a resolution whereby, not deeming that the parties\u2019 defences deserved to be accepted, it ordered:
-
Jonella Ligresti to pay \u20ac250k and to be disqualified from office for four months;-
Emanuele Erbetta to pay \u20ac400k and to be disqualified from office for eight months;-
UnipolSai to pay \u20ac650k.UnipolSai provided for the payment of the fines, and also filed an appeal against Ms. Ligresti. Mr. Erbetta directly paid the penalty imposed on him. In any case, UnipolSai challenged the decision before the Court of Appeal of Bologna, which rejected the appeal on 6 March 2015. The Company, assisted by its lawyers, challenged the decision before the Court of Cassation which, on 6 December 2018, rejected the appeal and confirmed the Consob sanctions.
In March 2019, the Company challenged the decision before the European Court of Human Rights (ECHR), asking for the cancellation of the sanction for the breach of the ne bis in idem principle, according to which a person should not be submitted to sanction or judicial proceedings several times for the same fact. The ECHR declared the appeal admissible but has not yet scheduled the hearing.
Antitrust Authority proceedings
On 26 November 2020, the Antitrust Authority notified UnipolSai Assicurazioni of the initiation of preliminary proceedings concerning MV TPL claims settlement, characterised by an alleged hindrance of the right of consumers to access the relevant deeds and the failure to specify the criteria for the quantification of damages in the phase of formulating the compensation offer. On 16 April 2021, the Antitrust Authority then notified the objective extension of these proceedings, claiming failure to comply with the terms of Art. 148 of the Private Insurance Code for the settlement/challenge of MV TPL claims.
UnipolSai deems these charges to be completely unfounded and, to protect its rights, has appointed its lawyers to represent it in the proceedings, which closed with a decision received by UnipolSai on 8 August 2022, whereby the Antitrust Authority imposed a penalty of \u20ac5m. Since UnipolSai does not deem the conclusions of the Authority to be acceptable in any way, it appealed against this decision before the Lazio Regional Administrative Court (TAR).
The case was suspended by order dated 13 September 2023 of the Lazio Regional Administrative Court, pending a ruling by the European Court of Justice, as part of another case, on a preliminary issue relevant to the Lazio Regional Administrative Court decision concerning the Antitrust Authority's failure to comply with the terms for launch of the investigation.
IVASS assessments
By notice served on the Company on 11 October 2021, IVASS ordered the initiation of inspections intended, in relation to MV TPL underwriting and settlement processes, to ascertain the adoption of recent regulatory provisions, respect for the CARD agreement and the related governance and control aspects. After the inspections, which were completed on 21 January 2022, IVASS, with an inspection report notified on 22 June 2022, formulated some findings, to which UnipolSai replied with a note of 4 August 2022 containing its considerations in relation to the findings, also representing, against a \u201cpartially favourable\u201d opinion on the results of the assessments conducted, the implementation of specific improvement actions to further refine and perfect certain processes. At present, the final decisions of IVASS have not yet been disclosed.
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 15 May 2023, IVASS announced the start of a tax inspection of the Company to verify the operations of the Unipol Gruppo corporate governance system, also in its capacity as ultimate Italian parent company, including relations with the subsidiaries and the role played by the latter, with particular reference to UnipolSai Assicurazioni SpA, in the context of group corporate governance (the \u201cGovernance Inspection\u201d).
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 2 October 2023, IVASS announced the start of new tax inspections of the Company - separate from the Governance Inspection - to verify the management and coordination activities carried out with respect to
the Group companies in relation to Non-Life and Life reserving, as well as the control and monitoring activities carried out as ultimate Italian parent company (the \u201cReserving Inspection\u201d). By a subsequent letter sent to the Company on 16 January 2024, IVASS ordered an expansion of the Reserving Inspection activities, specifically establishing that the inspections under way at Unipol Gruppo SpA should be extended to verification of the pre-emptive recovery plan pursuant to IVASS Regulation no. 38/2018 (Articles 83 and 84).
Ongoing disputes with investors
Writs of summons by shareholders of La Fondiaria Assicurazioni (takeover bid legal cases)
From 2003 onwards, a number of La Fondiaria Assicurazioni shareholders initiated a series of legal proceedings claiming, albeit on different legal grounds and justifications, compensation for damages allegedly suffered due to failure to launch the takeover bid on Fondiaria shares by SAI Societ\u00e0 Assicuratrice Industriale in 2002.
On the whole, 16 proceedings were brought against the Company; 14 of these were settled at various degrees and stages of the proceeding, while one was extinguished when the first instance court\u2019s decision handed down in favour of the Company became definitive, as the opposing party failed to appeal it.
At 31 December 2023, only one case was still pending before the Court of Cassation, following the decision issued by the Milan Court of Appeal after resumption by the plaintiff. An appropriate provision has been allocated to cover this pending dispute.
Other ongoing proceedings
UnipolSai Assicurazioni SpA has for some time been a party in legal proceedings referring to events occurring during the previous management of Fondiaria-SAI and Milano Assicurazioni. As described in greater detail in the financial statements of previous years, the criminal proceedings were all settled with acquittal or dismissal. Two civil proceedings also ended with final judgments for the acquittal of UnipolSai with respect to all compensation claims.
At 31 December 2023, five civil proceedings were still pending, lodged by several investors which, in brief, claimed that they had purchased and subscribed Fondiaria-SAI shares as they were prompted by the information in the prospectuses published by Fondiaria-SAI on 24 June 2011 and 12 July 2012 in relation to the increases in share capital under option resolved by the company on 14 May 2011, 22 June 2011 and 19 March 2012 respectively, and in the financial statements of Fondiaria-SAI relating to the years 2007-2012. UnipolSai (formerly Fondiaria-SAI) appeared in all civil proceedings and disputed the plaintiffs\u2019 claims.
Specifically, on 18 May 2017 the Court of Milan partially upheld the compensation claims of one shareholder. The Company appealed against the sentence before the Milan Court of Appeal, which only partially accepted the appeal. The Company therefore appealed against the sentence before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case.
The Court of Rome, with a sentence published on 12 May 2020, vice versa fully rejected the compensation claims submitted by another investor with respect to the share capital increases noted above. The sentence was challenged before the Court of Appeal of Rome which, with a judgment dated 2 May 2022, rejected the investor's appeal in full, confirming the first instance judgment. The shareholder first served the Company with a summons for revocation of the judgment of the Rome Court of Appeal (hearing scheduled for 25 April 2024 for admission of the facts) and subsequently challenged the judgment before the Court of Cassation, for which a discussion hearing is still pending.
In another case pending on the same issues, the Court of Milan accepted the compensation claims of another investor, with a judgment dated 20 March 2019. The judgment, following an appeal by the Company, was fully reversed by the Court of Appeal of Milan with a judgment dated 22 October 2020. The opposing party has appealed to the Court of Cassation, which has not yet scheduled a hearing.
On 15 February 2021, the Court of Milan partially upheld the compensation claims of other shareholders. After being appealed by the Company, the judgment was overruled in full by the Milan Court of Appeal with a judgment dated 14 April 2023.
The appeal judgment has been challenged by the opposing parties before the Court of Cassation, which has not yet scheduled a hearing.
Two other judgments, which relate to the same issues, are still pending before the Court of Milan, which has set a hearing for closing arguments for 21 May 2024.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
As part of arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Gruppo and UnipolSai committed, inter alia, to indemnifying BPER Banca - on a pro-rata basis in relation to the interest transferred - for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 (the \u201cLosses from Dispute Counterclaims\u201d), provided that such losses are effectively and definitively incurred and within the limits and to the extent they exceed, net of tax relief, the related provisions specifically allocated in the consolidated statement of financial position of the Unipol Banca Group at 31 March 2019 (\u20ac10m). Similarly, the acquirer BPER is committed to paying an amount to the sellers for any excess of the aforementioned provisions over and above the Losses from Dispute Counterclaims. Provisions deemed suitable were allocated against the commitments described above.
Commitments deriving from the sale of a non-performing loan portfolio by UnipolReC to AMCO
The agreement for the sale to AMCO of the entire portfolio of non-performing loans held by UnipolReC, finalised in 2022, envisages the release by UnipolReC of specific representations and warranties relating to the loans sold, as well as the assumption of related indemnity obligations, in line with market practices for comparable transactions.
The representations and warranties provided by UnipolReC under the aforementioned contract have the following characteristics:
i.will expire after 18 months from the date of sale of the loans (14 December 2022);
ii.are considered the sole remedy in relations between the Parties and therefore exclude the application of additional or different remedial action.
Provisions deemed suitable were allocated against the commitments described above.
2. Provisions for risks and charges The item \u201cProvisions for risks and charges\u201d totalled \u20ac552m at 31 December 2023 (\u20ac635 at 31/12/2022) and mainly consisted of provisions for litigation, various disputes, charges relating to the sales network, provisions for salary policies and personnel leaving-incentive schemes.
Ongoing disputes and contingent liabilities
Relations with the Tax Authorities
The IRES and IRAP tax dispute for the 2005 and 2006 tax periods of the former Aurora Assicurazioni (merged by incorporation in 2007), pending before the Court of Cassation and pertaining mostly to findings relating to specific insurance provisions, received a judgment in favour of the company in January 2023 with referral, in relation to the grounds upheld, to the second instance Lombardy Court of Justice, with which the appeal for reinstatement was filed. In the third quarter of 2023, the Italian Revenue Agency reimbursed the amount paid on a provisional basis for a total of \u20ac11.8m.
At the end of December 2023, tax demands and penalties were received for 2018 relating to the application of VAT on delegation fees for coinsurance transactions entered into with other companies in the insurance sector. Taking into account decisions already made for previous years, the companies will negotiate settlement agreements to finalise payments before the appeal deadline.
The dispute is pending for 2013 and 2017 for IRES and IRAP purposes resulting from the notices of assessment issued following general inspections carried out by the Veneto Regional Department.
In October 2023, a settlement agreement was reached pursuant to Art. 15 of Italian Legislative Decree 218/97 on the IRES notice of assessment for 2017 relating to a finding on the deduction of a portion of a change in technical provisions.
The dispute relating to the notices of assessment for stamp duty on vehicles for the years 2017-2019 issued by the Emilia Romagna Region was settled through judicial conciliation, with payment of a fractional amount with respect to the amount originally assessed for higher taxes, without the application of penalties.
Casa di cura Villa Donatello (beneficiary of the demerger of Villa Ragionieri) In April, the dispute with the Florence Provincial Department of the Italian Revenue Agency was settled concerning the restatement of the tax value of the area underlying the healthcare complex in Florence. The tax value attributed to the area was redefined on the basis of a method agreed upon with the office.
The dispute relating to the notices of assessment issued for the years 2014 to 2017 for IRES, IRAP and VAT purposes, deriving from the Report on Findings of the Italian Tax Police of Turin drawn up in March 2018, is pending.
Consob sanction proceedings
By means of communications dated 19 April 2013, Consob commenced two separate sanction proceedings against Fondiaria-SAI and Milano Assicurazioni for charges relating to their respective 2010 consolidated financial statements.
Pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, Consob notified Ms. Jonella Ligresti and Mr. Emanuele Erbetta, for the offices held in Fondiaria-SAI at the time of the events, of the violation set forth in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Fondiaria-SAI is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Ms. Jonella Ligresti and Mr. Emanuele Erbetta, acting in the above mentioned capacities.
Consob also made the same charge against Milano Assicurazioni. In this regard, pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, the Commission charged Mr. Emanuele Erbetta, for the role he held in the subsidiary at the time of the events, with the violation established in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Milano Assicurazioni is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Mr. Emanuele Erbetta, acting in the above mentioned capacity.Fondiaria-SAI and Milano Assicurazioni (currently UnipolSai), assisted by their lawyers, presented their conclusions, asking that the administrative penalties set out in Articles 187-ter, 187-quinquies and 187-septies of the Consolidated Law on Finance not be imposed on the companies. On 20 March 2014 the Consob issued a resolution whereby, not deeming that the parties\u2019 defences deserved to be accepted, it ordered:
-
Jonella Ligresti to pay \u20ac250k and to be disqualified from office for four months;-
Emanuele Erbetta to pay \u20ac400k and to be disqualified from office for eight months;-
UnipolSai to pay \u20ac650k.UnipolSai provided for the payment of the fines, and also filed an appeal against Ms. Ligresti. Mr. Erbetta directly paid the penalty imposed on him. In any case, UnipolSai challenged the decision before the Court of Appeal of Bologna, which rejected the appeal on 6 March 2015. The Company, assisted by its lawyers, challenged the decision before the Court of Cassation which, on 6 December 2018, rejected the appeal and confirmed the Consob sanctions.
In March 2019, the Company challenged the decision before the European Court of Human Rights (ECHR), asking for the cancellation of the sanction for the breach of the ne bis in idem principle, according to which a person should not be submitted to sanction or judicial proceedings several times for the same fact. The ECHR declared the appeal admissible but has not yet scheduled the hearing.
Antitrust Authority proceedings
On 26 November 2020, the Antitrust Authority notified UnipolSai Assicurazioni of the initiation of preliminary proceedings concerning MV TPL claims settlement, characterised by an alleged hindrance of the right of consumers to access the relevant deeds and the failure to specify the criteria for the quantification of damages in the phase of formulating the compensation offer. On 16 April 2021, the Antitrust Authority then notified the objective extension of these proceedings, claiming failure to comply with the terms of Art. 148 of the Private Insurance Code for the settlement/challenge of MV TPL claims.
UnipolSai deems these charges to be completely unfounded and, to protect its rights, has appointed its lawyers to represent it in the proceedings, which closed with a decision received by UnipolSai on 8 August 2022, whereby the Antitrust Authority imposed a penalty of \u20ac5m. Since UnipolSai does not deem the conclusions of the Authority to be acceptable in any way, it appealed against this decision before the Lazio Regional Administrative Court (TAR).
The case was suspended by order dated 13 September 2023 of the Lazio Regional Administrative Court, pending a ruling by the European Court of Justice, as part of another case, on a preliminary issue relevant to the Lazio Regional Administrative Court decision concerning the Antitrust Authority's failure to comply with the terms for launch of the investigation.
IVASS assessments
By notice served on the Company on 11 October 2021, IVASS ordered the initiation of inspections intended, in relation to MV TPL underwriting and settlement processes, to ascertain the adoption of recent regulatory provisions, respect for the CARD agreement and the related governance and control aspects. After the inspections, which were completed on 21 January 2022, IVASS, with an inspection report notified on 22 June 2022, formulated some findings, to which UnipolSai replied with a note of 4 August 2022 containing its considerations in relation to the findings, also representing, against a \u201cpartially favourable\u201d opinion on the results of the assessments conducted, the implementation of specific improvement actions to further refine and perfect certain processes. At present, the final decisions of IVASS have not yet been disclosed.
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 15 May 2023, IVASS announced the start of a tax inspection of the Company to verify the operations of the Unipol Gruppo corporate governance system, also in its capacity as ultimate Italian parent company, including relations with the subsidiaries and the role played by the latter, with particular reference to UnipolSai Assicurazioni SpA, in the context of group corporate governance (the \u201cGovernance Inspection\u201d).
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 2 October 2023, IVASS announced the start of new tax inspections of the Company - separate from the Governance Inspection - to verify the management and coordination activities carried out with respect to
the Group companies in relation to Non-Life and Life reserving, as well as the control and monitoring activities carried out as ultimate Italian parent company (the \u201cReserving Inspection\u201d). By a subsequent letter sent to the Company on 16 January 2024, IVASS ordered an expansion of the Reserving Inspection activities, specifically establishing that the inspections under way at Unipol Gruppo SpA should be extended to verification of the pre-emptive recovery plan pursuant to IVASS Regulation no. 38/2018 (Articles 83 and 84).
Ongoing disputes with investors
Writs of summons by shareholders of La Fondiaria Assicurazioni (takeover bid legal cases)
From 2003 onwards, a number of La Fondiaria Assicurazioni shareholders initiated a series of legal proceedings claiming, albeit on different legal grounds and justifications, compensation for damages allegedly suffered due to failure to launch the takeover bid on Fondiaria shares by SAI Societ\u00e0 Assicuratrice Industriale in 2002.
On the whole, 16 proceedings were brought against the Company; 14 of these were settled at various degrees and stages of the proceeding, while one was extinguished when the first instance court\u2019s decision handed down in favour of the Company became definitive, as the opposing party failed to appeal it.
At 31 December 2023, only one case was still pending before the Court of Cassation, following the decision issued by the Milan Court of Appeal after resumption by the plaintiff. An appropriate provision has been allocated to cover this pending dispute.
Other ongoing proceedings
UnipolSai Assicurazioni SpA has for some time been a party in legal proceedings referring to events occurring during the previous management of Fondiaria-SAI and Milano Assicurazioni. As described in greater detail in the financial statements of previous years, the criminal proceedings were all settled with acquittal or dismissal. Two civil proceedings also ended with final judgments for the acquittal of UnipolSai with respect to all compensation claims.
At 31 December 2023, five civil proceedings were still pending, lodged by several investors which, in brief, claimed that they had purchased and subscribed Fondiaria-SAI shares as they were prompted by the information in the prospectuses published by Fondiaria-SAI on 24 June 2011 and 12 July 2012 in relation to the increases in share capital under option resolved by the company on 14 May 2011, 22 June 2011 and 19 March 2012 respectively, and in the financial statements of Fondiaria-SAI relating to the years 2007-2012. UnipolSai (formerly Fondiaria-SAI) appeared in all civil proceedings and disputed the plaintiffs\u2019 claims.
Specifically, on 18 May 2017 the Court of Milan partially upheld the compensation claims of one shareholder. The Company appealed against the sentence before the Milan Court of Appeal, which only partially accepted the appeal. The Company therefore appealed against the sentence before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case.
The Court of Rome, with a sentence published on 12 May 2020, vice versa fully rejected the compensation claims submitted by another investor with respect to the share capital increases noted above. The sentence was challenged before the Court of Appeal of Rome which, with a judgment dated 2 May 2022, rejected the investor's appeal in full, confirming the first instance judgment. The shareholder first served the Company with a summons for revocation of the judgment of the Rome Court of Appeal (hearing scheduled for 25 April 2024 for admission of the facts) and subsequently challenged the judgment before the Court of Cassation, for which a discussion hearing is still pending.
In another case pending on the same issues, the Court of Milan accepted the compensation claims of another investor, with a judgment dated 20 March 2019. The judgment, following an appeal by the Company, was fully reversed by the Court of Appeal of Milan with a judgment dated 22 October 2020. The opposing party has appealed to the Court of Cassation, which has not yet scheduled a hearing.
On 15 February 2021, the Court of Milan partially upheld the compensation claims of other shareholders. After being appealed by the Company, the judgment was overruled in full by the Milan Court of Appeal with a judgment dated 14 April 2023.
The appeal judgment has been challenged by the opposing parties before the Court of Cassation, which has not yet scheduled a hearing.
Two other judgments, which relate to the same issues, are still pending before the Court of Milan, which has set a hearing for closing arguments for 21 May 2024.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
As part of arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Gruppo and UnipolSai committed, inter alia, to indemnifying BPER Banca - on a pro-rata basis in relation to the interest transferred - for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 (the \u201cLosses from Dispute Counterclaims\u201d), provided that such losses are effectively and definitively incurred and within the limits and to the extent they exceed, net of tax relief, the related provisions specifically allocated in the consolidated statement of financial position of the Unipol Banca Group at 31 March 2019 (\u20ac10m). Similarly, the acquirer BPER is committed to paying an amount to the sellers for any excess of the aforementioned provisions over and above the Losses from Dispute Counterclaims. Provisions deemed suitable were allocated against the commitments described above.
Commitments deriving from the sale of a non-performing loan portfolio by UnipolReC to AMCO
The agreement for the sale to AMCO of the entire portfolio of non-performing loans held by UnipolReC, finalised in 2022, envisages the release by UnipolReC of specific representations and warranties relating to the loans sold, as well as the assumption of related indemnity obligations, in line with market practices for comparable transactions.
The representations and warranties provided by UnipolReC under the aforementioned contract have the following characteristics:
i.will expire after 18 months from the date of sale of the loans (14 December 2022);
ii.are considered the sole remedy in relations between the Parties and therefore exclude the application of additional or different remedial action.
Provisions deemed suitable were allocated against the commitments described above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f203281": {
"value": "2. Provisions for risks and charges The item \u201cProvisions for risks and charges\u201d totalled \u20ac552m at 31 December 2023 (\u20ac635 at 31/12/2022) and mainly consisted of provisions for litigation, various disputes, charges relating to the sales network, provisions for salary policies and personnel leaving-incentive schemes.
Ongoing disputes and contingent liabilities
Relations with the Tax Authorities
The IRES and IRAP tax dispute for the 2005 and 2006 tax periods of the former Aurora Assicurazioni (merged by incorporation in 2007), pending before the Court of Cassation and pertaining mostly to findings relating to specific insurance provisions, received a judgment in favour of the company in January 2023 with referral, in relation to the grounds upheld, to the second instance Lombardy Court of Justice, with which the appeal for reinstatement was filed. In the third quarter of 2023, the Italian Revenue Agency reimbursed the amount paid on a provisional basis for a total of \u20ac11.8m.
At the end of December 2023, tax demands and penalties were received for 2018 relating to the application of VAT on delegation fees for coinsurance transactions entered into with other companies in the insurance sector. Taking into account decisions already made for previous years, the companies will negotiate settlement agreements to finalise payments before the appeal deadline.
The dispute is pending for 2013 and 2017 for IRES and IRAP purposes resulting from the notices of assessment issued following general inspections carried out by the Veneto Regional Department.
In October 2023, a settlement agreement was reached pursuant to Art. 15 of Italian Legislative Decree 218/97 on the IRES notice of assessment for 2017 relating to a finding on the deduction of a portion of a change in technical provisions.
The dispute relating to the notices of assessment for stamp duty on vehicles for the years 2017-2019 issued by the Emilia Romagna Region was settled through judicial conciliation, with payment of a fractional amount with respect to the amount originally assessed for higher taxes, without the application of penalties.
Casa di cura Villa Donatello (beneficiary of the demerger of Villa Ragionieri) In April, the dispute with the Florence Provincial Department of the Italian Revenue Agency was settled concerning the restatement of the tax value of the area underlying the healthcare complex in Florence. The tax value attributed to the area was redefined on the basis of a method agreed upon with the office.
The dispute relating to the notices of assessment issued for the years 2014 to 2017 for IRES, IRAP and VAT purposes, deriving from the Report on Findings of the Italian Tax Police of Turin drawn up in March 2018, is pending.
Consob sanction proceedings
By means of communications dated 19 April 2013, Consob commenced two separate sanction proceedings against Fondiaria-SAI and Milano Assicurazioni for charges relating to their respective 2010 consolidated financial statements.
Pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, Consob notified Ms. Jonella Ligresti and Mr. Emanuele Erbetta, for the offices held in Fondiaria-SAI at the time of the events, of the violation set forth in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Fondiaria-SAI is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Ms. Jonella Ligresti and Mr. Emanuele Erbetta, acting in the above mentioned capacities.
Consob also made the same charge against Milano Assicurazioni. In this regard, pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, the Commission charged Mr. Emanuele Erbetta, for the role he held in the subsidiary at the time of the events, with the violation established in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Milano Assicurazioni is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Mr. Emanuele Erbetta, acting in the above mentioned capacity.Fondiaria-SAI and Milano Assicurazioni (currently UnipolSai), assisted by their lawyers, presented their conclusions, asking that the administrative penalties set out in Articles 187-ter, 187-quinquies and 187-septies of the Consolidated Law on Finance not be imposed on the companies. On 20 March 2014 the Consob issued a resolution whereby, not deeming that the parties\u2019 defences deserved to be accepted, it ordered:
-
Jonella Ligresti to pay \u20ac250k and to be disqualified from office for four months;-
Emanuele Erbetta to pay \u20ac400k and to be disqualified from office for eight months;-
UnipolSai to pay \u20ac650k.UnipolSai provided for the payment of the fines, and also filed an appeal against Ms. Ligresti. Mr. Erbetta directly paid the penalty imposed on him. In any case, UnipolSai challenged the decision before the Court of Appeal of Bologna, which rejected the appeal on 6 March 2015. The Company, assisted by its lawyers, challenged the decision before the Court of Cassation which, on 6 December 2018, rejected the appeal and confirmed the Consob sanctions.
In March 2019, the Company challenged the decision before the European Court of Human Rights (ECHR), asking for the cancellation of the sanction for the breach of the ne bis in idem principle, according to which a person should not be submitted to sanction or judicial proceedings several times for the same fact. The ECHR declared the appeal admissible but has not yet scheduled the hearing.
Antitrust Authority proceedings
On 26 November 2020, the Antitrust Authority notified UnipolSai Assicurazioni of the initiation of preliminary proceedings concerning MV TPL claims settlement, characterised by an alleged hindrance of the right of consumers to access the relevant deeds and the failure to specify the criteria for the quantification of damages in the phase of formulating the compensation offer. On 16 April 2021, the Antitrust Authority then notified the objective extension of these proceedings, claiming failure to comply with the terms of Art. 148 of the Private Insurance Code for the settlement/challenge of MV TPL claims.
UnipolSai deems these charges to be completely unfounded and, to protect its rights, has appointed its lawyers to represent it in the proceedings, which closed with a decision received by UnipolSai on 8 August 2022, whereby the Antitrust Authority imposed a penalty of \u20ac5m. Since UnipolSai does not deem the conclusions of the Authority to be acceptable in any way, it appealed against this decision before the Lazio Regional Administrative Court (TAR).
The case was suspended by order dated 13 September 2023 of the Lazio Regional Administrative Court, pending a ruling by the European Court of Justice, as part of another case, on a preliminary issue relevant to the Lazio Regional Administrative Court decision concerning the Antitrust Authority's failure to comply with the terms for launch of the investigation.
IVASS assessments
By notice served on the Company on 11 October 2021, IVASS ordered the initiation of inspections intended, in relation to MV TPL underwriting and settlement processes, to ascertain the adoption of recent regulatory provisions, respect for the CARD agreement and the related governance and control aspects. After the inspections, which were completed on 21 January 2022, IVASS, with an inspection report notified on 22 June 2022, formulated some findings, to which UnipolSai replied with a note of 4 August 2022 containing its considerations in relation to the findings, also representing, against a \u201cpartially favourable\u201d opinion on the results of the assessments conducted, the implementation of specific improvement actions to further refine and perfect certain processes. At present, the final decisions of IVASS have not yet been disclosed.
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 15 May 2023, IVASS announced the start of a tax inspection of the Company to verify the operations of the Unipol Gruppo corporate governance system, also in its capacity as ultimate Italian parent company, including relations with the subsidiaries and the role played by the latter, with particular reference to UnipolSai Assicurazioni SpA, in the context of group corporate governance (the \u201cGovernance Inspection\u201d).
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 2 October 2023, IVASS announced the start of new tax inspections of the Company - separate from the Governance Inspection - to verify the management and coordination activities carried out with respect to
the Group companies in relation to Non-Life and Life reserving, as well as the control and monitoring activities carried out as ultimate Italian parent company (the \u201cReserving Inspection\u201d). By a subsequent letter sent to the Company on 16 January 2024, IVASS ordered an expansion of the Reserving Inspection activities, specifically establishing that the inspections under way at Unipol Gruppo SpA should be extended to verification of the pre-emptive recovery plan pursuant to IVASS Regulation no. 38/2018 (Articles 83 and 84).
Ongoing disputes with investors
Writs of summons by shareholders of La Fondiaria Assicurazioni (takeover bid legal cases)
From 2003 onwards, a number of La Fondiaria Assicurazioni shareholders initiated a series of legal proceedings claiming, albeit on different legal grounds and justifications, compensation for damages allegedly suffered due to failure to launch the takeover bid on Fondiaria shares by SAI Societ\u00e0 Assicuratrice Industriale in 2002.
On the whole, 16 proceedings were brought against the Company; 14 of these were settled at various degrees and stages of the proceeding, while one was extinguished when the first instance court\u2019s decision handed down in favour of the Company became definitive, as the opposing party failed to appeal it.
At 31 December 2023, only one case was still pending before the Court of Cassation, following the decision issued by the Milan Court of Appeal after resumption by the plaintiff. An appropriate provision has been allocated to cover this pending dispute.
Other ongoing proceedings
UnipolSai Assicurazioni SpA has for some time been a party in legal proceedings referring to events occurring during the previous management of Fondiaria-SAI and Milano Assicurazioni. As described in greater detail in the financial statements of previous years, the criminal proceedings were all settled with acquittal or dismissal. Two civil proceedings also ended with final judgments for the acquittal of UnipolSai with respect to all compensation claims.
At 31 December 2023, five civil proceedings were still pending, lodged by several investors which, in brief, claimed that they had purchased and subscribed Fondiaria-SAI shares as they were prompted by the information in the prospectuses published by Fondiaria-SAI on 24 June 2011 and 12 July 2012 in relation to the increases in share capital under option resolved by the company on 14 May 2011, 22 June 2011 and 19 March 2012 respectively, and in the financial statements of Fondiaria-SAI relating to the years 2007-2012. UnipolSai (formerly Fondiaria-SAI) appeared in all civil proceedings and disputed the plaintiffs\u2019 claims.
Specifically, on 18 May 2017 the Court of Milan partially upheld the compensation claims of one shareholder. The Company appealed against the sentence before the Milan Court of Appeal, which only partially accepted the appeal. The Company therefore appealed against the sentence before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case.
The Court of Rome, with a sentence published on 12 May 2020, vice versa fully rejected the compensation claims submitted by another investor with respect to the share capital increases noted above. The sentence was challenged before the Court of Appeal of Rome which, with a judgment dated 2 May 2022, rejected the investor's appeal in full, confirming the first instance judgment. The shareholder first served the Company with a summons for revocation of the judgment of the Rome Court of Appeal (hearing scheduled for 25 April 2024 for admission of the facts) and subsequently challenged the judgment before the Court of Cassation, for which a discussion hearing is still pending.
In another case pending on the same issues, the Court of Milan accepted the compensation claims of another investor, with a judgment dated 20 March 2019. The judgment, following an appeal by the Company, was fully reversed by the Court of Appeal of Milan with a judgment dated 22 October 2020. The opposing party has appealed to the Court of Cassation, which has not yet scheduled a hearing.
On 15 February 2021, the Court of Milan partially upheld the compensation claims of other shareholders. After being appealed by the Company, the judgment was overruled in full by the Milan Court of Appeal with a judgment dated 14 April 2023.
The appeal judgment has been challenged by the opposing parties before the Court of Cassation, which has not yet scheduled a hearing.
Two other judgments, which relate to the same issues, are still pending before the Court of Milan, which has set a hearing for closing arguments for 21 May 2024.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
As part of arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Gruppo and UnipolSai committed, inter alia, to indemnifying BPER Banca - on a pro-rata basis in relation to the interest transferred - for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 (the \u201cLosses from Dispute Counterclaims\u201d), provided that such losses are effectively and definitively incurred and within the limits and to the extent they exceed, net of tax relief, the related provisions specifically allocated in the consolidated statement of financial position of the Unipol Banca Group at 31 March 2019 (\u20ac10m). Similarly, the acquirer BPER is committed to paying an amount to the sellers for any excess of the aforementioned provisions over and above the Losses from Dispute Counterclaims. Provisions deemed suitable were allocated against the commitments described above.
Commitments deriving from the sale of a non-performing loan portfolio by UnipolReC to AMCO
The agreement for the sale to AMCO of the entire portfolio of non-performing loans held by UnipolReC, finalised in 2022, envisages the release by UnipolReC of specific representations and warranties relating to the loans sold, as well as the assumption of related indemnity obligations, in line with market practices for comparable transactions.
The representations and warranties provided by UnipolReC under the aforementioned contract have the following characteristics:
i.will expire after 18 months from the date of sale of the loans (14 December 2022);
ii.are considered the sole remedy in relations between the Parties and therefore exclude the application of additional or different remedial action.
Provisions deemed suitable were allocated against the commitments described above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f203282": {
"value": "2. Provisions for risks and charges The item \u201cProvisions for risks and charges\u201d totalled \u20ac552m at 31 December 2023 (\u20ac635 at 31/12/2022) and mainly consisted of provisions for litigation, various disputes, charges relating to the sales network, provisions for salary policies and personnel leaving-incentive schemes.
Ongoing disputes and contingent liabilities
Relations with the Tax Authorities
The IRES and IRAP tax dispute for the 2005 and 2006 tax periods of the former Aurora Assicurazioni (merged by incorporation in 2007), pending before the Court of Cassation and pertaining mostly to findings relating to specific insurance provisions, received a judgment in favour of the company in January 2023 with referral, in relation to the grounds upheld, to the second instance Lombardy Court of Justice, with which the appeal for reinstatement was filed. In the third quarter of 2023, the Italian Revenue Agency reimbursed the amount paid on a provisional basis for a total of \u20ac11.8m.
At the end of December 2023, tax demands and penalties were received for 2018 relating to the application of VAT on delegation fees for coinsurance transactions entered into with other companies in the insurance sector. Taking into account decisions already made for previous years, the companies will negotiate settlement agreements to finalise payments before the appeal deadline.
The dispute is pending for 2013 and 2017 for IRES and IRAP purposes resulting from the notices of assessment issued following general inspections carried out by the Veneto Regional Department.
In October 2023, a settlement agreement was reached pursuant to Art. 15 of Italian Legislative Decree 218/97 on the IRES notice of assessment for 2017 relating to a finding on the deduction of a portion of a change in technical provisions.
The dispute relating to the notices of assessment for stamp duty on vehicles for the years 2017-2019 issued by the Emilia Romagna Region was settled through judicial conciliation, with payment of a fractional amount with respect to the amount originally assessed for higher taxes, without the application of penalties.
Casa di cura Villa Donatello (beneficiary of the demerger of Villa Ragionieri) In April, the dispute with the Florence Provincial Department of the Italian Revenue Agency was settled concerning the restatement of the tax value of the area underlying the healthcare complex in Florence. The tax value attributed to the area was redefined on the basis of a method agreed upon with the office.
The dispute relating to the notices of assessment issued for the years 2014 to 2017 for IRES, IRAP and VAT purposes, deriving from the Report on Findings of the Italian Tax Police of Turin drawn up in March 2018, is pending.
Consob sanction proceedings
By means of communications dated 19 April 2013, Consob commenced two separate sanction proceedings against Fondiaria-SAI and Milano Assicurazioni for charges relating to their respective 2010 consolidated financial statements.
Pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, Consob notified Ms. Jonella Ligresti and Mr. Emanuele Erbetta, for the offices held in Fondiaria-SAI at the time of the events, of the violation set forth in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Fondiaria-SAI is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Ms. Jonella Ligresti and Mr. Emanuele Erbetta, acting in the above mentioned capacities.
Consob also made the same charge against Milano Assicurazioni. In this regard, pursuant to Art. 187-septies, paragraph 1 of the Consolidated Law on Finance, the Commission charged Mr. Emanuele Erbetta, for the role he held in the subsidiary at the time of the events, with the violation established in Art. 187-ter, paragraph 1, of the Consolidated Law on Finance. Milano Assicurazioni is also charged with this violation as a party bearing joint and several liability. It is also charged with the offence set forth in Art. 187-quinquies, paragraph 1, letter a), of the Consolidated Law on Finance for the aforementioned violation of Art. 187-ter, paragraph 1 of the Consolidated Law on Finance by Mr. Emanuele Erbetta, acting in the above mentioned capacity.Fondiaria-SAI and Milano Assicurazioni (currently UnipolSai), assisted by their lawyers, presented their conclusions, asking that the administrative penalties set out in Articles 187-ter, 187-quinquies and 187-septies of the Consolidated Law on Finance not be imposed on the companies. On 20 March 2014 the Consob issued a resolution whereby, not deeming that the parties\u2019 defences deserved to be accepted, it ordered:
-
Jonella Ligresti to pay \u20ac250k and to be disqualified from office for four months;-
Emanuele Erbetta to pay \u20ac400k and to be disqualified from office for eight months;-
UnipolSai to pay \u20ac650k.UnipolSai provided for the payment of the fines, and also filed an appeal against Ms. Ligresti. Mr. Erbetta directly paid the penalty imposed on him. In any case, UnipolSai challenged the decision before the Court of Appeal of Bologna, which rejected the appeal on 6 March 2015. The Company, assisted by its lawyers, challenged the decision before the Court of Cassation which, on 6 December 2018, rejected the appeal and confirmed the Consob sanctions.
In March 2019, the Company challenged the decision before the European Court of Human Rights (ECHR), asking for the cancellation of the sanction for the breach of the ne bis in idem principle, according to which a person should not be submitted to sanction or judicial proceedings several times for the same fact. The ECHR declared the appeal admissible but has not yet scheduled the hearing.
Antitrust Authority proceedings
On 26 November 2020, the Antitrust Authority notified UnipolSai Assicurazioni of the initiation of preliminary proceedings concerning MV TPL claims settlement, characterised by an alleged hindrance of the right of consumers to access the relevant deeds and the failure to specify the criteria for the quantification of damages in the phase of formulating the compensation offer. On 16 April 2021, the Antitrust Authority then notified the objective extension of these proceedings, claiming failure to comply with the terms of Art. 148 of the Private Insurance Code for the settlement/challenge of MV TPL claims.
UnipolSai deems these charges to be completely unfounded and, to protect its rights, has appointed its lawyers to represent it in the proceedings, which closed with a decision received by UnipolSai on 8 August 2022, whereby the Antitrust Authority imposed a penalty of \u20ac5m. Since UnipolSai does not deem the conclusions of the Authority to be acceptable in any way, it appealed against this decision before the Lazio Regional Administrative Court (TAR).
The case was suspended by order dated 13 September 2023 of the Lazio Regional Administrative Court, pending a ruling by the European Court of Justice, as part of another case, on a preliminary issue relevant to the Lazio Regional Administrative Court decision concerning the Antitrust Authority's failure to comply with the terms for launch of the investigation.
IVASS assessments
By notice served on the Company on 11 October 2021, IVASS ordered the initiation of inspections intended, in relation to MV TPL underwriting and settlement processes, to ascertain the adoption of recent regulatory provisions, respect for the CARD agreement and the related governance and control aspects. After the inspections, which were completed on 21 January 2022, IVASS, with an inspection report notified on 22 June 2022, formulated some findings, to which UnipolSai replied with a note of 4 August 2022 containing its considerations in relation to the findings, also representing, against a \u201cpartially favourable\u201d opinion on the results of the assessments conducted, the implementation of specific improvement actions to further refine and perfect certain processes. At present, the final decisions of IVASS have not yet been disclosed.
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 15 May 2023, IVASS announced the start of a tax inspection of the Company to verify the operations of the Unipol Gruppo corporate governance system, also in its capacity as ultimate Italian parent company, including relations with the subsidiaries and the role played by the latter, with particular reference to UnipolSai Assicurazioni SpA, in the context of group corporate governance (the \u201cGovernance Inspection\u201d).
By letter sent to Unipol Gruppo SpA (also the \u201cCompany\u201d) on 2 October 2023, IVASS announced the start of new tax inspections of the Company - separate from the Governance Inspection - to verify the management and coordination activities carried out with respect to
the Group companies in relation to Non-Life and Life reserving, as well as the control and monitoring activities carried out as ultimate Italian parent company (the \u201cReserving Inspection\u201d). By a subsequent letter sent to the Company on 16 January 2024, IVASS ordered an expansion of the Reserving Inspection activities, specifically establishing that the inspections under way at Unipol Gruppo SpA should be extended to verification of the pre-emptive recovery plan pursuant to IVASS Regulation no. 38/2018 (Articles 83 and 84).
Ongoing disputes with investors
Writs of summons by shareholders of La Fondiaria Assicurazioni (takeover bid legal cases)
From 2003 onwards, a number of La Fondiaria Assicurazioni shareholders initiated a series of legal proceedings claiming, albeit on different legal grounds and justifications, compensation for damages allegedly suffered due to failure to launch the takeover bid on Fondiaria shares by SAI Societ\u00e0 Assicuratrice Industriale in 2002.
On the whole, 16 proceedings were brought against the Company; 14 of these were settled at various degrees and stages of the proceeding, while one was extinguished when the first instance court\u2019s decision handed down in favour of the Company became definitive, as the opposing party failed to appeal it.
At 31 December 2023, only one case was still pending before the Court of Cassation, following the decision issued by the Milan Court of Appeal after resumption by the plaintiff. An appropriate provision has been allocated to cover this pending dispute.
Other ongoing proceedings
UnipolSai Assicurazioni SpA has for some time been a party in legal proceedings referring to events occurring during the previous management of Fondiaria-SAI and Milano Assicurazioni. As described in greater detail in the financial statements of previous years, the criminal proceedings were all settled with acquittal or dismissal. Two civil proceedings also ended with final judgments for the acquittal of UnipolSai with respect to all compensation claims.
At 31 December 2023, five civil proceedings were still pending, lodged by several investors which, in brief, claimed that they had purchased and subscribed Fondiaria-SAI shares as they were prompted by the information in the prospectuses published by Fondiaria-SAI on 24 June 2011 and 12 July 2012 in relation to the increases in share capital under option resolved by the company on 14 May 2011, 22 June 2011 and 19 March 2012 respectively, and in the financial statements of Fondiaria-SAI relating to the years 2007-2012. UnipolSai (formerly Fondiaria-SAI) appeared in all civil proceedings and disputed the plaintiffs\u2019 claims.
Specifically, on 18 May 2017 the Court of Milan partially upheld the compensation claims of one shareholder. The Company appealed against the sentence before the Milan Court of Appeal, which only partially accepted the appeal. The Company therefore appealed against the sentence before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case.
The Court of Rome, with a sentence published on 12 May 2020, vice versa fully rejected the compensation claims submitted by another investor with respect to the share capital increases noted above. The sentence was challenged before the Court of Appeal of Rome which, with a judgment dated 2 May 2022, rejected the investor's appeal in full, confirming the first instance judgment. The shareholder first served the Company with a summons for revocation of the judgment of the Rome Court of Appeal (hearing scheduled for 25 April 2024 for admission of the facts) and subsequently challenged the judgment before the Court of Cassation, for which a discussion hearing is still pending.
In another case pending on the same issues, the Court of Milan accepted the compensation claims of another investor, with a judgment dated 20 March 2019. The judgment, following an appeal by the Company, was fully reversed by the Court of Appeal of Milan with a judgment dated 22 October 2020. The opposing party has appealed to the Court of Cassation, which has not yet scheduled a hearing.
On 15 February 2021, the Court of Milan partially upheld the compensation claims of other shareholders. After being appealed by the Company, the judgment was overruled in full by the Milan Court of Appeal with a judgment dated 14 April 2023.
The appeal judgment has been challenged by the opposing parties before the Court of Cassation, which has not yet scheduled a hearing.
Two other judgments, which relate to the same issues, are still pending before the Court of Milan, which has set a hearing for closing arguments for 21 May 2024.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
As part of arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Gruppo and UnipolSai committed, inter alia, to indemnifying BPER Banca - on a pro-rata basis in relation to the interest transferred - for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 (the \u201cLosses from Dispute Counterclaims\u201d), provided that such losses are effectively and definitively incurred and within the limits and to the extent they exceed, net of tax relief, the related provisions specifically allocated in the consolidated statement of financial position of the Unipol Banca Group at 31 March 2019 (\u20ac10m). Similarly, the acquirer BPER is committed to paying an amount to the sellers for any excess of the aforementioned provisions over and above the Losses from Dispute Counterclaims. Provisions deemed suitable were allocated against the commitments described above.
Commitments deriving from the sale of a non-performing loan portfolio by UnipolReC to AMCO
The agreement for the sale to AMCO of the entire portfolio of non-performing loans held by UnipolReC, finalised in 2022, envisages the release by UnipolReC of specific representations and warranties relating to the loans sold, as well as the assumption of related indemnity obligations, in line with market practices for comparable transactions.
The representations and warranties provided by UnipolReC under the aforementioned contract have the following characteristics:
i.will expire after 18 months from the date of sale of the loans (14 December 2022);
ii.are considered the sole remedy in relations between the Parties and therefore exclude the application of additional or different remedial action.
Provisions deemed suitable were allocated against the commitments described above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f220806": {
"value": "4.1 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Financial liabilities held-for trading
Financial liabilities at fair value
Liabilities from financial contracts issued in accordance with IFRS 9:
a) From contracts with services linked to indexes and UCITS units
c) Other financial contracts issued
Other financial liabilities
4.1 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm
Financial liabilities held-for trading
Financial liabilities at fair value
Liabilities from financial contracts issued in accordance with IFRS 9:
a) From contracts with services linked to indexes and UCITS units
c) Other financial contracts issued
Other financial liabilities
Financial liabilities at amortised cost: product breakdown, percentage composition and fair value hierarchy
Amounts in \u20acm
Details of Subordinated liabilities are shown in the table below:Nominal amount outstanding
every 3 months from 18/06/2024
(*) from June 2024 floating rate of 3M Euribor + 518 b.p.
The subordinated liabilities issued by UnipolSai Assicurazioni SpA amounted to \u20ac1,287m and relate for \u20ac1,250m to hybrid bonds.
Debt securities issued amounted to \u20ac2,433m. They refer for \u20ac2,428m to securities issued by Unipol and for \u20ac5m to securities issued by the subsidiary Societ\u00e0 e Salute SpA.
The debt securities issued by Unipol relate to three senior bonds, listed on the Luxembourg Stock Exchange, with a
total nominal value of \u20ac2,402m:
-\u20ac1,000m nominal value, 3% fixed rate, 10-year duration, maturity in 2025;
-\u20ac500m nominal value, 3.5% fixed rate, 10-year duration, maturity in 2027;
-\u20ac902m nominal value, 3.25% fixed rate, 10-year duration, maturity in 2030.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact56": {
"value": "Financial liabilities at amortised cost: product breakdown, percentage composition and fair value hierarchy
Amounts in \u20acm
Other loans, amounting to \u20ac1,296m (\u20ac791m at 31/12/2022), mainly referred to:
-loans taken out, for the purchase of real estate and improvements, by the Athens R.E. Closed Real Estate Fund for \u20ac140m and the Tikal Closed Real Estate Fund for \u20ac99m;
-loans taken out by UnipolRental from banks and other lenders for a total of \u20ac908m.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f221845": {
"value": "The item also includes the financial liabilities deriving from the present value of future lease payments due on lease agreements accounted for on the basis of IFRS 16 for a total of \u20ac137m.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f221887": {
"value": "5. Payables
Amounts in \u20acm
Payables to intermediaries and companies
Social security charges payable
Amounts in \u20acm
Liabilities associated with disposal groups held for sale
Accrued expense and deferred income
La voce Passivit\u00e0 fiscali differite \u00e8 esposta al netto delle compensazioni effettuate, ai sensi dello IAS 12, con le corrispondenti imposte (IRES o IRAP) iscritte nelle attivit\u00e0 fiscali differite.
The item Deferred tax liabilities is shown net of the offsetting carried out, pursuant to IAS 12, with the corresponding taxes (IRES or IRAP) recorded in Deferred tax assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact57": {
"value": "Insurance revenue and costs from insurance contracts issued \u2013 BreakdownAmounts in \u20acm
Items/Business combination basis
A. Insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA
A.1 Amounts associated with changes in liabilities for residual coverage
1. Claims incurred and other costs for expected insurance services
2. Changes in the adjustment for non-financial risks
3. Contractual service margin recorded in the income statement for services provided
A.2 Acquisition costs of recovered insurance contracts
A.3 Total insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA
A.4 Total insurance revenues from insurance contracts issued valued on the basis of PAA
Non-life segment - Non-MV
A.5 Total insurance revenues from insurance contracts issued
B. Costs for insurance services from insurance contracts issued under GMM and VFA
1. Claims incurred and other directly attributable costs
2. Changes in liability for claims incurred
3. Losses on onerous contracts and recovery of these losses
4. Amortisation of insurance contract acquisition costs
B.6 Total costs for insurance services from insurance contracts issued under GMM and VFA
B.7 Total insurance costs from insurance contracts issued, valued on the basis of PAA
- Non-life segment - Motor
- Non-life segment - Non-MV
C. Total net costs/revenues from insurance contracts issued (A.5 + B.6 + B.7)
Basis of aggregation 1 = Insurance contracts issued with direct participation features and investment contracts issued with discretionary participation features - Life segment
Basis of aggregation 2 = Insurance contracts issued without direct participation features - Life segment
Basis of aggregation 3 = Insurance contracts issued without direct participation features - Non-Life MV segment
Basis of aggregation 4 = Insurance contracts issued without direct participation features - Non-Life Non-MV segment
Breakdown of costs for insurance and other services
Amounts in \u20acm
Costs/Business combination basis
Basis A2 \u2013 without DFP
Basis A2 \u2013 without DFP
Costs attributed to the acquisition of insurance contracts
Other directly attributable costs
Investment management expenses
Basis A1 \u2013 with DPF = Insurance contracts issued with direct participation features \u2013 Life segment
Basis A2 \u2013 without DPF = Insurance contracts issued without direct participation features \u2013 Life segment
Basis A1 + Basis A2 = Life segment
Basis A3 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 MV
Basis A4 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 Non-MV
Basis A3 + Basis A4 = Non-Life segment
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact58": {
"value": "Breakdown of costs for insurance and other services
Amounts in \u20acm
Costs/Business combination basis
Basis A2 \u2013 without DFP
Basis A2 \u2013 without DFP
Costs attributed to the acquisition of insurance contracts
Other directly attributable costs
Investment management expenses
Basis A1 \u2013 with DPF = Insurance contracts issued with direct participation features \u2013 Life segment
Basis A2 \u2013 without DPF = Insurance contracts issued without direct participation features \u2013 Life segment
Basis A1 + Basis A2 = Life segment
Basis A3 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 MV
Basis A4 = Insurance contracts issued without direct participation features \u2013 Non-Life segment \u2013 Non-MV
Basis A3 + Basis A4 = Non-Life segment
Value adjustments/write-backs for credit risk
Amounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
Gains on other financial assets and liabilities and investment property
Amounts in \u20acm
on financial assets at amotised cost
on financial assets at fair value through OCI
from financial assets at fair value through OCI
on financial assets at amortised cost
on financial assets at fair value through OCI
on financial liabilities at amortised cost
Unrealised gains and reversals of impairment losses
on financial assets at fair value through OCI
on other financial liabilities
Gains on other financial assets and liabilities and investment property
Amounts in \u20acm
on financial assets at amotised cost
on financial assets at fair value through OCI
from financial assets at fair value through OCI
on financial assets at amortised cost
on financial assets at fair value through OCI
on financial liabilities at amortised cost
Unrealised gains and reversals of impairment losses
on financial assets at fair value through OCI
on other financial liabilities
Amounts in \u20acm
on other financial liabilities
from financial assets at amortised cost
from financial assets at fair value through OCI
from other financial liabilities
on financial assets at amortised cost
on financial assets at fair value through OCI
Unrealised losses and impairment losses:
on financial assets at amortised cost
on financial assets at fair value through OCI
on other financial assets
on other financial liabilities
Amounts in \u20acm
on other financial liabilities
from financial assets at amortised cost
from financial assets at fair value through OCI
from other financial liabilities
on financial assets at amortised cost
on financial assets at fair value through OCI
Unrealised losses and impairment losses:
on financial assets at amortised cost
on financial assets at fair value through OCI
on other financial assets
on other financial liabilities
Value adjustments/write-backs for credit risk
Amounts in \u20acm
Of which assets with low credit risk
Of which assets with low credit risk
13. Other revenue/costs
Amounts in \u20acm
Exchange rate differences
Total Other revenue/costs
.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f227093": {
"value": "14. Operating expensesThese amounted to \u20ac564m (\u20ac482m at 31/12/2022), of which \u20ac75m relating to investment management expenses (\u20ac92m at 31/12/2022) and \u20ac489m relating to other administrative expenses not included in the calculation of insurance liabilities and assets and not allocated to insurance contract acquisition costs and investment management expenses (\u20ac390m at 31/12/2022).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact59": {
"value": "17. Net impairment losses/reversals on intangible assets
These amounted to \u20ac133m (\u20ac98m at 31/12/2022) and relate to amortisation of intangible assets.
3.10 Analysis of recoverability of goodwill with indefinite useful life (impairment test)
As in previous years, in accordance with IAS 36.10, which provides for the Impairment of Intangible Assets that have an indefinite useful life, the impairment test was carried out on the goodwill recognised in the consolidated financial statements with reference to subsidiaries.
In determining the parameters used for the assessments, the criteria adopted were aligned with market practice, taking as a reference, for these and for the economic/financial projections, expected developments in the reference economic scenario and the influence of the effect of climate change, albeit with the uncertainty characterising developments and considering that the effects will likely be appreciable, especially in the long term. In particular, the following should be noted: (i) the increase in the discount rate compared to the previous year, following the trends recorded in 2023 in the various components that lead to its determination and (ii) the increase of the g-rate, taking into account updated macroeconomic scenario estimates, as well as the estimated impact of climate factors.
With respect to this scenario, appropriate Sensitivity Analyses were also developed to test the stability of the recoverable amount of goodwill if there was a variation in the main parameters used in the tests.
During the year, some operations were completed, resulting in the recognition of goodwill: please refer to the \u201cInformation about business combinations\u201d section for a description of the individual operations.
The CGU structure did not change compared to the previous year. Consequently, the CGUs to which the residual goodwill was allocated, impairment tested at 31 December 2023, were:
\u2022
Non-Life CGU: UnipolSai Assicurazioni - Non-Life\u2022
Life CGU: UnipolSai Assicurazioni - Life With regard to the valuation methods adopted for estimating the recoverable amount of goodwill, please note that, following the introduction of the accounting standard IFRS 17, which is more oriented towards the estimate of balance sheet items based on prospective flows, in consideration of the availability of economic-financial projections also for the Life segment, it was deemed appropriate to adopt a methodology of the Dividend Discount Model (DDM) type in the \"excess capital\" version also to verify the recoverability of the goodwill allocated to the Life CGU, similarly to what was done for the Non-Life CGU, rather than use the Appraisal Value methodology adopted last year.
In relation to the parameters used, an update was carried out at the end of 2023.
The impairment testing of the Non-Life CGU was performed measuring the recoverable amount of UnipolSai Assicurazioni - Non-Life goodwill using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The impairment testing of the Life CGU was performed measuring the recoverable amount of UnipolSai Assicurazioni-Life goodwill using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The results obtained from application of the impairment procedure show that there is no need to make any value adjustments to the goodwill of the Non-Life CGU and the Life CGU recorded in the consolidated financial statements at 31 December 2023.
The method used was an \u201cexcess capital\u201d type of DDM (Dividend Discount Model) and focused on the future cash flows theoretically available for shareholders, without drawing on the assets needed to support the expected growth and in accordance with the capital requirements imposed by the Supervisory Authority on capital requirements.
According to this method the value of the economic capital is the sum of the current value of potential future cash flows and the current terminal value.
The above net profits were considered.
Five prospective flows were considered.
A discount rate of 10.06% was used, broken down as follows:
- risk-free rate: 4.38%
- beta coefficient: 0.94
- risk premium: 5.40%
- specific risk premium: 0.60%
The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December) 2023 was used for the risk-free rate.
A 2-year adjusted Beta coefficient for a sample of companies listed on the European market operating in the Non-Life segment.
The risk premium was defined by taking into account the estimates for this benchmark from leading contributors.
An additional specific risk component was considered to take into account, within the Non-Life CGU, the presence of companies operating in diversified sectors.
A discount rate of 10.55% was used, broken down as follows:
- risk-free rate: 4.38%
- beta coefficient: 1.14
- risk premium: 5.40%
The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December) 2023 was used for the risk-free rate.
A 2-year adjusted Beta coefficient for a sample of companies listed on the European market operating in the Life segment.
The risk premium was defined by taking into account the estimates for this benchmark from leading contributors.
Long term growth rate (g factor)
The g-rate was 1.5% (1.2% the previous year) taking into account the updated macroeconomic scenario net of the estimated impact of climatic factors.
Below are the results of the impairment tests along with the relevant sensitivity analyses:Amounts in \u20acm
Pro-rata recoverable
amount (a)
(a): Recoverable amount obtained as the difference between the pro-rata value of the CGU and the pro-rata Adjusted Shareholders\u2019 equity
(b): Goodwill allocated net of goodwill included in the Shareholders\u2019 equity
Parameters used - Non-Life
Amounts in \u20acm
Sensitivity (Value range)
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Non-Life
Amounts in \u20acm
Recoverable Amount - Goodwill Delta = 0
Sensitivity (Value range)
Hp. 1 (g rate = that used for impairment)
Hp. 2 (g rate assumed to be 0),
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Non-Life
Amounts in \u20acm
Sensitivity (Value range)
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - -Life
Amounts in \u20acm
Recoverable Amount - Goodwill Delta = 0
Sensitivity (Value range)
Hp. 1 (g rate = that used for impairment)
Hp. 2 (g rate assumed to be 0),
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Life
3.1 Information relating to the actual or potential effects of netting agreements
In order to allow an evaluation of the actual or potential effects of netting agreements on the Unipol Group, the information relating to the financial instruments involved in master netting arrangements is reported below, which at 31 December 2023 consisted exclusively of derivative instruments.
With reference to derivatives, the ISDA Master agreements which regulate transactions in such instruments, make provision, in the cases of the insolvency of one of the contractual parties, for the offsetting between receivables and payables including any cash deposits or financial instruments pledged as guarantee.
Financial assets
Amounts in \u20acm
Net total financial
assets recognised
in the financial
statements
Related amounts not subject to offsetting in the financial statements
Total financial
liabilities
offset in
the financial
statements
(B)
Cash deposits
received as
guarantees
(E)
Derivative transactions (1)
Repurchase agreements (2)
Financial liabilities
Amounts in \u20acm
Net total financial
liabilities recogni-
sed in the financial
statements
Related amounts not subject to offsetting in the financial statements
Total financial
assets offset
in the financial
statements (B)
Cash deposits
given as
guarantees
(E)
Derivative transactions (1)
Repurchase agreements (2)
(1) The amounts indicated include the fair value in the financial statements of the derivatives involved in the offsetting agreements and any cash deposits given or received as guarantee.
(2) The amounts indicated include the financial receivable/payable relating to the repurchase agreement and the value of the financial asset involved in the forward purchase.
3.1 Information relating to the actual or potential effects of netting agreements
In order to allow an evaluation of the actual or potential effects of netting agreements on the Unipol Group, the information relating to the financial instruments involved in master netting arrangements is reported below, which at 31 December 2023 consisted exclusively of derivative instruments.
With reference to derivatives, the ISDA Master agreements which regulate transactions in such instruments, make provision, in the cases of the insolvency of one of the contractual parties, for the offsetting between receivables and payables including any cash deposits or financial instruments pledged as guarantee.
Financial assets
Amounts in \u20acm
Net total financial
assets recognised
in the financial
statements
Related amounts not subject to offsetting in the financial statements
Total financial
liabilities
offset in
the financial
statements
(B)
Cash deposits
received as
guarantees
(E)
Derivative transactions (1)
Repurchase agreements (2)
Financial liabilities
Amounts in \u20acm
Net total financial
liabilities recogni-
sed in the financial
statements
Related amounts not subject to offsetting in the financial statements
Total financial
assets offset
in the financial
statements (B)
Cash deposits
given as
guarantees
(E)
Derivative transactions (1)
Repurchase agreements (2)
(1) The amounts indicated include the fair value in the financial statements of the derivatives involved in the offsetting agreements and any cash deposits given or received as guarantee.
(2) The amounts indicated include the financial receivable/payable relating to the repurchase agreement and the value of the financial asset involved in the forward purchase.
Amounts in \u20acm
Profit/loss allocated to ordinary shares (\u20acm)
Weighted average of shares outstanding during the year (no./m)
Basic and diluted earnings (loss) per share (\u20ac per share)
3.3 Dividends
The Unipol Shareholders' Meeting held on 28 April 2023, in view of the Parent Unipol's positive financial result at 31 December 2022 amounting to \u20ac363m (as shown in the financial statements drawn up in accordance with national accounting standards), resolved, taking into account treasury shares held, to distribute dividends for a total of approximately \u20ac265m, corresponding to \u20ac 0.37 per share.
The Shareholders\u2019 Meeting also set the dividend payment date for 24 May 2023 (ex-dividend date 22/5/2023 and record date 23/5/2023).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f230735": {
"value": "0.37",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f230773": {
"value": "3.4 Non-current assets or assets of a disposal group held for sale and discontinued operations
At 31 December 2023, reclassifications carried out in application of IFRS 5 to Asset item 6.1 amounted to \u20ac133m, of which \u20ac83m related to properties held for sale and \u20ac50m relating to the equity investment in Cronos Vita Assicurazioni (\u20ac514m at 31/12/2022, of which \u20ac100m related to properties held for sale and \u20ac415m relating to assets held by the company Incontra Assicurazioni, sold during the current year); liabilities reclassified to item 6.1 Liabilities associated with disposal groups held for sale were eliminated following the disposal of the investment in Incontra Assicurazioni (\u20ac360m at 31/12/2022, referring entirely to Incontra Assicurazioni).
Note that the sale of the investment in Incontra Assicurazioni was finalised on 30 November 2023: the contribution to the 2023 economic result amounted to \u20ac48m including consolidation of the investee\u2019s profit for the period and the economic effects of the sale (realised capital gain and reversal of OCI reserves existing at the date of sale).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f230774": {
"value": "3.4 Non-current assets or assets of a disposal group held for sale and discontinued operations
At 31 December 2023, reclassifications carried out in application of IFRS 5 to Asset item 6.1 amounted to \u20ac133m, of which \u20ac83m related to properties held for sale and \u20ac50m relating to the equity investment in Cronos Vita Assicurazioni (\u20ac514m at 31/12/2022, of which \u20ac100m related to properties held for sale and \u20ac415m relating to assets held by the company Incontra Assicurazioni, sold during the current year); liabilities reclassified to item 6.1 Liabilities associated with disposal groups held for sale were eliminated following the disposal of the investment in Incontra Assicurazioni (\u20ac360m at 31/12/2022, referring entirely to Incontra Assicurazioni).
Note that the sale of the investment in Incontra Assicurazioni was finalised on 30 November 2023: the contribution to the 2023 economic result amounted to \u20ac48m including consolidation of the investee\u2019s profit for the period and the economic effects of the sale (realised capital gain and reversal of OCI reserves existing at the date of sale).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f231052": {
"value": "3.5 Transactions with related partiesUnipol Gruppo provides the following services to the subsidiary UnipolReC:
\u2022Governance (services supporting internal control, risk management and compliance);
\u2022Anti-money laundering and Anti-terrorism.
UnipolSai Assicurazioni provides the following services to companies of the Group:
\u2022Governance (services supporting internal control, risk management, compliance and the Actuarial Function Validation);
\u2022Finance;
\u2022Innovation;
\u2022Communications and Media Relations;
\u2022Anti-money laundering and Anti-terrorism;
\u2022231 support;
\u2022Institutional Relations;
\u2022Assessment of investments;
\u2022Human resources and industrial relations (personnel administration, external selection, development and remuneration systems, welfare initiatives, personnel management, trade union relations, employee disputes, employee welfare, safety);
\u2022Organisation;
\u2022Training;
\u2022Legal and corporate (corporate affairs, group legal register management, anti-fraud, institutional response, legal insurance consulting, privacy consulting and support, general legal and disputes, corporate legal, complaints, management of investments);
\u2022Claims settlement;
\u2022Insurance (distribution network regulations, MV portfolio management, reinsurance, product marketing, MV tariff setting, development and maintenance of MV products, general class tariff setting, development and maintenance of general class products, technical actuarial coordination, Life bancassurance, first level assistance to agencies, local assistance to agencies, final user test and manuals, Non-Life management and knowledge management services, CRM, targeting and campaign management);
\u2022IT services;
\u2022Actuarial Function Calculation;
\u2022Administration (accounting, tax, administrative and financial statements services);
\u2022Management control;
\u2022Purchase of goods and services (including real estate) and general services;
\u2022Services for the management of Whistleblowing reports;
\u2022Sustainability;
\u2022Real estate (coordination of urban planning processes, value added services, operational management of property sales and purchases, property leasing services, project management, logistics and real estate services, facility management, tax and duty property management, property management).
UniSalute provides the following services:
\u2022Managing addressing services, providing medical advice and assistance by telephone, making bookings, managing and settling claims relating to specific guarantees/products on behalf of UnipolSai;
\u2022Policyholder record updating services and administrative services associated with the payment of health policy claims for UnipolSai.
The services provided by UniSalute to its subsidiary UniSalute Servizi mainly concerned the following areas:
\u2022Administration and management control;
\u2022Complaints, regulations and tenders;
\u2022IT services;
\u2022Digital marketing and Communications;
\u2022Supplier Network Management and Medical Coordination;
\u2022Human resource monitoring and Training;
\u2022Collective Operating Centre - Assistance Class 18 and LTC case management.
SIAT performs the following services in favour of UnipolSai:
\u2022Technical assistance in the negotiation and stipulation of transport and aviation contracts;
\u2022Portfolio services for agreements in the transport sector;
\u2022Administrative support in the relationships with insurance counterparties;\u2022Management of development projects in the Transport sector.
UnipolService provides car repair services for certain Group companies, while UnipolGlass provides glass repair services.
UnipolSai Servizi Previdenziali performs administrative management of open pension funds on behalf of a number of Group companies.
UnipolRe DAC, merged into UnipolSai at 31 December 2023, carried out administrative and accounting services for inwards and outwards reinsurance with reference to treaties in run-off on behalf of UnipolSai.
UnipolSai Investimenti SGR administered, on behalf of UnipolSai, the units of real estate funds owned by UnipolSai. However, this service is no longer provided from 1 April 2023 as the activity was insourced to UnipolSai and, consequently, the contract with the asset management company was terminated.
UnipolTech guarantees competitiveness to the Group insurance companies through continuous technological innovation and the evolution of ITC and mobile payment services. In particular:
\u2022
manages the electronic boxes, designed and continuously innovated internally and complete with proprietary software associated with MV, Motorcycle and Fleet policies, confirming the Unipol Group as market leader. The electronic boxes are directly linked to the service centre (TSP) in order to guarantee security and assistance insurance services through a complex data analysis based on crash recognition and reconstruction, roadside assistance and theft up to value added services such as private emergency calls, plus the VASs available on the mobile app;\u2022
supports UnipolSai in identifying IoT technology and leading partners in the market for the provision of safety and security services linked to home, store and commercial business insurance policies (smart home);\u2022
develops electronic devices associated with insurance policies for pet protection;\u2022
has launched the development of technological solutions that integrate telematics and electronic toll payments with a view to insurance offer distinctiveness.The Company has developed products and services that are offered through the UnipolSai agency network, the UnipolSai multi-channel system and on the free market such as:
\u2022
Qshino, the product that offers an anti-abandonment device service for child car seats as required by Italian Law no. 117 of 1 October 2018, which makes their use compulsory;\u2022
UnipolMove, an electronic motorway toll payment service that was made available to all Group customers and others from March 2022, after the Company received European Electronic Toll Service accreditation (first company at national and European level) for light and heavy vehicles.To supplement the electronic toll service, it continues to support UnipolSai in the development of mobile payment solutions to offer customers an integrated model of distinctive services, complementary to the insurance business. The first services available on the UnipolSai and UnipolMove Apps offer the opportunity to pay car parking fees, \u201cblue line\u201d parking slips, for access to certain Limited Traffic Zones (such as Milan Area C), fines and road tax, as well as fuel. From 2023, it also joined the MaaS (Mobility as a Service) NRRP calls for proposals and offers integrated payment services for micro-mobility and public transport, complementary to cars, in the cities of Rome and Milan.
fuel.
Leith\u00e0 designs, develops and provides to Group companies services, applications, data-intensive components and innovative, high-tech tools based primarily on Artificial Intelligence, Machine Learning, Process Automation and Computer Vision solutions. It also studies and analyses data in support of the development of new insurance solutions (both in actuarial and product application distribution terms), processes and business development. This includes the necessary preparatory and instrumental activities for the implementation of commissioned research projects and the development of operating system software, operating systems, applications and database management concerning and functional to such projects.
The main project areas covered include:
\u2022
development of software supporting the reconstruction and settlement of claims;\u2022
software development to support tariff underwriting;\u2022
development of solutions for real-time claims management;\u2022
support for tariff sophistication processes through data enrichment and machine learning modelling; \u2022
tariff optimisation;\u2022
natural events and weather alert services;\u2022
reinsurance support;\u2022
communication tools for the agency network;\u2022
smartphone telematics;\u2022
scientific communication activities through collaboration with important European projects and research centres (e.g., ADA - ADaptation in Agriculture and development of the E3CI - European Extreme Events Climate Index, NRRP National Recovery and Resilience Plan).UnipolAssistance provides the following services for the Companies of the Consortium and to non-insurance third parties:
\u2022
organisation, provision and 24/7 management of services provided by the Class 18 assistance insurance coverage, by taking the action requested and managing relations with professionals and independent suppliers to which the material execution of the action is assigned, also including settlement of the related remuneration. Analogous activities are also provided to Consortium members not in the insurance business.As part of the Tourism claims management solely for consortium members carrying out insurance activities, in addition to the provision of normal Assistance services, at the request of an individual consortium member UnipolAssistance can advance medical expense payments on behalf of that member.
\u2022
contact centre activities for customers or prospects, specialists and agencies of the Group, whose services consist of:-
providing front and back office services to existing or potential customers at all stages of relations with Group companies and their respective sales networks, or to any intermediaries acting on their behalf (brokers, banks); -
providing after-sales services on policy statuses or on any transactions that can be made on existing policies;-
providing support services to the agency network in relations with customers, potential customers and insurance consortium members;-
providing front-office support services in pre-sales and after-sales to the agency network in relations with customers, potential customers and non-insurance consortium members;-
providing contact centre services dedicated to opening claims and related information requests.Arca Vita provides the following services to its subsidiaries:
\u2022human resource management and development, organisation, corporate affairs, purchasing, legal services and complaints, secretariat and general services, security and privacy, administration, life planning in favour of subsidiaries;
\u2022real estate and property unit leases in favour of several Group companies.
An agreement with Arca Vita International is also in place regarding the licence for use of the \u201cArca Vita International\u201d trademark owned by Arca Vita.
Arca Inlinea provides sales support services to Arca Assicurazioni, Arca Vita and Arca Vita International and call centre services in favour of UniSalute.
Arca Sistemi provides the following services primarily in favour of the Companies participating in the consortium:
\u2022IT system design, development and management; \u2022alternative storage design, development and management. In addition, Arca Sistemi provides IT services to UniSalute.
Arca Direct Assicurazioni has insurance brokerage agreements in place with Arca Vita, Arca Assicurazioni and UnipolSai.
UnipolRental provides medium/long-term vehicle rental services to Group companies.
Cambiomarcia provides services and a digital platform dedicated to the sale of ex-rental vehicles of UnipolRental on the B2C channel (Business to Consumer) and provides electric bicycles to several Group companies.
UnipolHome provides repair services to UnipolSai for insurance products that include this solution.
Welbee designs, develops and provides welfare plans for UnipolSai employees, made available through a digital platform, which focus primarily on flexible benefits in the welfare and health sectors.
Tantosvago provides Welbee with content services and corporate welfare experiences; in addition, the company designs, develops and provides incentive, loyalty and prize competition programmes for UnipolSai.UniSalute Servizi provides remote assistance services on behalf of UniSalute.
Moreover, it is noted that the Group companies conduct the following regular transactions with each other:
\u2022reinsurance and coinsurance;
\u2022leasing of property and other tangible assets;
\u2022agency mandates;
\u2022brokerage of collections and payments;
\u2022secondment of personnel;
\u2022training project management.
There is also a partnership agreement between UnipolSai and UnipolTech with the aim of strengthening their reciprocal positions in the reference markets: in this sense, the agreement calls for advertising on the UnipolSai website and App, and in particular through the agency network as well, the services offered by UnipolTech.
No atypical or unusual transactions were carried out in the execution of these services.
Fees are mainly calculated on the basis of the external costs incurred, for example the costs of products and services acquired from suppliers, and the costs resulting from activities carried out directly, i.e. generated by their own staff, and taking account of:
\u2022performance targets set for the provision of the service to the company;
\u2022strategic investments required to ensure the agreed levels of service.
The following elements are specifically taken into consideration:
\u2022personnel costs;
\u2022operating costs (logistics, etc.);
\u2022general costs (IT, consultancy, etc.).
As regards services rendered by Leith\u00e0, the consideration was determined to the extent equal to costs, as previously defined, to which a mark-up was applied, which is the operating margin for the service rendered.
The costs for financing activities are calculated by applying a fee on managed volumes. The services provided by UniSalute (except for operating services provided to UniSalute Servizi for which the costs are split), UniSalute Servizi, UnipolService, UnipolSai Investimenti SGR and UnipolRe involve fixed prices.
Both the Parent Unipol and its subsidiaries, including UnipolSai, Arca Vita and Arca Assicurazioni, second their staff to other Group companies to optimise the synergies within the Group.
It should be noted that, in accordance with Art. 2497 et seq. of the Italian Civil Code, none of the shareholders of the Parent Unipol exercises management and coordination activities over the Company.
Tax regime for taxation of group income (so-called \u201ctax consolidation\u201d)
The Parent Unipol exercised the Group joint tax consolidation option governed by Title II, Chapter II, Section II of Italian Presidential Decree 917/86 (the Consolidated Income Tax Act, Articles 117 et seq.) as consolidating entity, jointly with the companies belonging to the Unipol Group meeting the established regulatory requirements over time. The option has a three-year duration and is renewed automatically unless cancelled.
Unipol VAT GroupUnipol Gruppo and the subsidiaries for which there are economic, financial and organisational restrictions exercised the option of establishment of the Unipol VAT Group pursuant to Art. 70-bis et seq. of Italian Presidential Decree no. 633/1972 and Ministerial Decree of 6 April 2018. Initially valid for the three-year period 2019-2021, the option renews each year until cancelled.
_______________________________________________________________________________________________________________________________________________________________________________________________________
The following table shows transactions with related parties (associates and others) carried out during 2023, as laid down in IAS 24 and in Consob Communication DEM/6064293/2006. It should be noted that the application scope of the Procedure to perform transactions with related parties, adopted pursuant to Consob Regulation no. 17221 of 12 March 2010, as amended, also includes some counterparties that are included, on a voluntary basis, pursuant to Art. 4 thereof, including the company Coop Alleanza 3.0 Societ\u00e0 Cooperativa (shown, together with other items, in the following table under item \u201cOthers\u201d).
Transactions with subsidiaries have not been recognised since in drawing up the Consolidated Financial Statements transactions among Group companies consolidated using the line-by-line method have been eliminated as part of the normal consolidation process.
Amounts in \u20acm
Information on transactions with related parties
Financial assets at amortised cost
Financial assets at fair value through OCI
Cash and cash equivalents
Financial liabilities at amortised cost
TOTAL SHAREHOLDERS\u2019 EQUITY AND LIABILITIES
Insurance service expenses from insurance contracts issued
Interest income calculated with the effective interest method
(1) Percentage based on total assets in the consolidated statement of financial position recognised under shareholders\u2019 equity, and on pre-tax profit/(loss) for income statement items.
(2) Percentage on total net cash flow from operating activities mentioned in the statement of cash flows.
Financial assets at amortised cost with associates included \u20ac11m of time deposits above 15 days held by the companies of the Group with BPER Banca, \u20ac8m relating to receivables from insurance brokerage agencies for agents\u2019 reimbursements and \u20ac6m of interest-free loans disbursed by UnipolSai to the associate Borsetto.
Financial assets at fair value through other comprehensive income from associates and others related to the subscription of listed debt securities issued by BPER Banca and Banca Popolare di Sondrio, subscribed by Group companies.
The item Other financial assets from associates mainly included \u20ac42m in receivables from insurance brokerage agencies for commissions and \u20ac23m in receivables from Finitalia for premiums it had advanced for the service concerning the split payment of policies.
Other assets included current accounts, temporarily unavailable, that UnipolSai has opened with BPER Banca.
Cash and cash equivalents included the balances of current accounts opened by Group companies with BPER Banca and Banca Popolare di Sondrio.
The item Financial liabilities at amortised cost due to associates related to loans and mortgages disbursed by BPER Banca and Banca Popolare di Sondrio to Group companies.
Payables included payables for commissions due to BPER Banca for the placement of insurance products, in addition to payables for other services rendered.Other liabilities refer to invoices to be received.
Insurance service expenses from insurance contracts issued included costs for commissions paid to insurance brokerage agencies (\u20ac106m) and commissions paid to BPER Banca for the placement of insurance policies issued by Group companies (\u20ac25m).
The item Other revenue/costs includes interest income accrued on current accounts opened by Group companies with BPER Banca and Banca Popolare di Sondrio.
Operating expenses include the costs of managing banking relations with BPER Banca.
Please also note that the contributions payable by the Unipol Group companies paid in the course of 2023 to Unipol Group employee and executive pension funds amounted to \u20ac26m.
Remuneration for 2023 due to the Directors, Statutory Auditors and Key Managers of the Parent for carrying out their duties in Unipol and in other consolidated companies amounted to \u20ac15.5m, details of which are as follows:
Directors and General Manager
(*) mainly includes compensation of employees.
The remuneration of the General Manager and the Key Managers relating to benefits granted under the Share-based compensation plans (performance shares), is duly represented in the Remuneration Report, prepared according to Art. 123-ter of the Consolidated Law on Finance and made available, pursuant to current regulations, on the Company website.
In 2023 the companies in the Group paid Unipol and UnipolSai the sum of \u20ac1.7m as remuneration for the activities carried out by the General Manager and the Key Managers, eliminated during the consolidation process.
",
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}
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"fact60": {
"value": "The following table shows transactions with related parties (associates and others) carried out during 2023, as laid down in IAS 24 and in Consob Communication DEM/6064293/2006. It should be noted that the application scope of the Procedure to perform transactions with related parties, adopted pursuant to Consob Regulation no. 17221 of 12 March 2010, as amended, also includes some counterparties that are included, on a voluntary basis, pursuant to Art. 4 thereof, including the company Coop Alleanza 3.0 Societ\u00e0 Cooperativa (shown, together with other items, in the following table under item \u201cOthers\u201d).
The remuneration of the General Manager and the Key Managers relating to benefits granted under the Share-based compensation plans (performance shares), is duly represented in the Remuneration Report, prepared according to Art. 123-ter of the Consolidated Law on Finance and made available, pursuant to current regulations, on the Company website.
",
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}
},
"fact61": {
"value": "Remuneration for 2023 due to the Directors, Statutory Auditors and Key Managers of the Parent for carrying out their duties in Unipol and in other consolidated companies amounted to \u20ac15.5m, details of which are as follows:
Directors and General Manager
(*) mainly includes compensation of employees.
The remuneration of the General Manager and the Key Managers relating to benefits granted under the Share-based compensation plans (performance shares), is duly represented in the Remuneration Report, prepared according to Art. 123-ter of the Consolidated Law on Finance and made available, pursuant to current regulations, on the Company website.
In 2023 the companies in the Group paid Unipol and UnipolSai the sum of \u20ac1.7m as remuneration for the activities carried out by the General Manager and the Key Managers, eliminated during the consolidation process.
3.7 Share-based compensation plansThe Unipol Group pays variable benefits (long-term incentives) to the General Manager, Key Managers and other senior executives under closed three-year, share-based compensation plans by which Unipol and UnipolSai shares (performance shares) are granted if specific targets of profitability, creation of value for shareholders and ESG Sustainability are achieved.
The 2019-2021 Performance share-based compensation plans, if the prerequisites were met, envisaged for short-term incentives the assignment of UnipolSai and Unipol shares in the year following the year of accrual. With regard to long-term incentives, if the prerequisites were met, it envisaged the assignment of UnipolSai and Unipol shares in at least three annual tranches starting from 2023.
The 2022-2024 Performance share-based compensation plans, if the prerequisites are met, envisages the assignment of the same shares in at least three annual tranches with effect from 2026.
On 2 January 2023, 1,417,994 UnipolSai shares and 783,877 Unipol shares were granted to eligible executives as a long-term incentive for the 2019-21 financial year.
In addition, on 31 May 2023, 3,671 UnipolSai shares and 1,876 Unipol shares were granted to eligible executives, as a short-term incentive for the years 2020 and 2022.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuer\u2019s Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f234936": {
"value": "3.6 Information on public funds received
With reference to the regulation on the transparency of public funds introduced by Art. 1, paragraphs 125 and 125-bis of Italian Law 124/2017 and subsequent amendments and supplements, note that the Group collected the following contributions and subsidies subject to the mandatory disclosure in the notes to the financial statements pursuant to the above-cited regulation:
Amount collected (\u20ac)
Contributions to the Tuscany Region vineyard restructuring
Contributions to the Umbria Region vineyard restructuring
Contributions to Tuscany Region Rural Development Plan
Contributions to Umbria Region Rural Development Plan
Contributions to Agro-industrial Development Contracts
Contributions to Community Agricultural Policy 2022/2023
Contribution to promotional expenses incurred in foreign countries
Individual Insurance Plan Contribution
Contributions to Umbria Region Rural Development Plan
For the sake of comprehensiveness, although such grants are excluded from the transparency obligations established in the regulations cited, any Aid measures and the relative individual Aid granted and recorded in the system by the Granting Authorities directly or indirectly benefitting each of the Group companies are published in the National Register of State Aid, open to the public for consultation on the relative website in the transparency section.
",
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"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f235290": {
"value": "3.7 Share-based compensation plansThe Unipol Group pays variable benefits (long-term incentives) to the General Manager, Key Managers and other senior executives under closed three-year, share-based compensation plans by which Unipol and UnipolSai shares (performance shares) are granted if specific targets of profitability, creation of value for shareholders and ESG Sustainability are achieved.
The 2019-2021 Performance share-based compensation plans, if the prerequisites were met, envisaged for short-term incentives the assignment of UnipolSai and Unipol shares in the year following the year of accrual. With regard to long-term incentives, if the prerequisites were met, it envisaged the assignment of UnipolSai and Unipol shares in at least three annual tranches starting from 2023.
The 2022-2024 Performance share-based compensation plans, if the prerequisites are met, envisages the assignment of the same shares in at least three annual tranches with effect from 2026.
On 2 January 2023, 1,417,994 UnipolSai shares and 783,877 Unipol shares were granted to eligible executives as a long-term incentive for the 2019-21 financial year.
In addition, on 31 May 2023, 3,671 UnipolSai shares and 1,876 Unipol shares were granted to eligible executives, as a short-term incentive for the years 2020 and 2022.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuer\u2019s Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
",
"dimensions": {
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"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f235292": {
"value": "3.7 Share-based compensation plansThe Unipol Group pays variable benefits (long-term incentives) to the General Manager, Key Managers and other senior executives under closed three-year, share-based compensation plans by which Unipol and UnipolSai shares (performance shares) are granted if specific targets of profitability, creation of value for shareholders and ESG Sustainability are achieved.
The 2019-2021 Performance share-based compensation plans, if the prerequisites were met, envisaged for short-term incentives the assignment of UnipolSai and Unipol shares in the year following the year of accrual. With regard to long-term incentives, if the prerequisites were met, it envisaged the assignment of UnipolSai and Unipol shares in at least three annual tranches starting from 2023.
The 2022-2024 Performance share-based compensation plans, if the prerequisites are met, envisages the assignment of the same shares in at least three annual tranches with effect from 2026.
On 2 January 2023, 1,417,994 UnipolSai shares and 783,877 Unipol shares were granted to eligible executives as a long-term incentive for the 2019-21 financial year.
In addition, on 31 May 2023, 3,671 UnipolSai shares and 1,876 Unipol shares were granted to eligible executives, as a short-term incentive for the years 2020 and 2022.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuer\u2019s Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
",
"dimensions": {
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"language": "en",
"entity": "scheme:8156005CE5E7340CCA86",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f235801": {
"value": "3.10 Analysis of recoverability of goodwill with indefinite useful life (impairment test)
As in previous years, in accordance with IAS 36.10, which provides for the Impairment of Intangible Assets that have an indefinite useful life, the impairment test was carried out on the goodwill recognised in the consolidated financial statements with reference to subsidiaries.
In determining the parameters used for the assessments, the criteria adopted were aligned with market practice, taking as a reference, for these and for the economic/financial projections, expected developments in the reference economic scenario and the influence of the effect of climate change, albeit with the uncertainty characterising developments and considering that the effects will likely be appreciable, especially in the long term. In particular, the following should be noted: (i) the increase in the discount rate compared to the previous year, following the trends recorded in 2023 in the various components that lead to its determination and (ii) the increase of the g-rate, taking into account updated macroeconomic scenario estimates, as well as the estimated impact of climate factors.
With respect to this scenario, appropriate Sensitivity Analyses were also developed to test the stability of the recoverable amount of goodwill if there was a variation in the main parameters used in the tests.
During the year, some operations were completed, resulting in the recognition of goodwill: please refer to the \u201cInformation about business combinations\u201d section for a description of the individual operations.
The CGU structure did not change compared to the previous year. Consequently, the CGUs to which the residual goodwill was allocated, impairment tested at 31 December 2023, were:
\u2022
Non-Life CGU: UnipolSai Assicurazioni - Non-Life\u2022
Life CGU: UnipolSai Assicurazioni - Life With regard to the valuation methods adopted for estimating the recoverable amount of goodwill, please note that, following the introduction of the accounting standard IFRS 17, which is more oriented towards the estimate of balance sheet items based on prospective flows, in consideration of the availability of economic-financial projections also for the Life segment, it was deemed appropriate to adopt a methodology of the Dividend Discount Model (DDM) type in the \"excess capital\" version also to verify the recoverability of the goodwill allocated to the Life CGU, similarly to what was done for the Non-Life CGU, rather than use the Appraisal Value methodology adopted last year.
In relation to the parameters used, an update was carried out at the end of 2023.
The impairment testing of the Non-Life CGU was performed measuring the recoverable amount of UnipolSai Assicurazioni - Non-Life goodwill using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The impairment testing of the Life CGU was performed measuring the recoverable amount of UnipolSai Assicurazioni-Life goodwill using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The results obtained from application of the impairment procedure show that there is no need to make any value adjustments to the goodwill of the Non-Life CGU and the Life CGU recorded in the consolidated financial statements at 31 December 2023.
The method used was an \u201cexcess capital\u201d type of DDM (Dividend Discount Model) and focused on the future cash flows theoretically available for shareholders, without drawing on the assets needed to support the expected growth and in accordance with the capital requirements imposed by the Supervisory Authority on capital requirements.
According to this method the value of the economic capital is the sum of the current value of potential future cash flows and the current terminal value.
The above net profits were considered.
Five prospective flows were considered.
A discount rate of 10.06% was used, broken down as follows:
- risk-free rate: 4.38%
- beta coefficient: 0.94
- risk premium: 5.40%
- specific risk premium: 0.60%
The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December) 2023 was used for the risk-free rate.
A 2-year adjusted Beta coefficient for a sample of companies listed on the European market operating in the Non-Life segment.
The risk premium was defined by taking into account the estimates for this benchmark from leading contributors.
An additional specific risk component was considered to take into account, within the Non-Life CGU, the presence of companies operating in diversified sectors.
A discount rate of 10.55% was used, broken down as follows:
- risk-free rate: 4.38%
- beta coefficient: 1.14
- risk premium: 5.40%
The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December) 2023 was used for the risk-free rate.
A 2-year adjusted Beta coefficient for a sample of companies listed on the European market operating in the Life segment.
The risk premium was defined by taking into account the estimates for this benchmark from leading contributors.
Long term growth rate (g factor)
The g-rate was 1.5% (1.2% the previous year) taking into account the updated macroeconomic scenario net of the estimated impact of climatic factors.
Below are the results of the impairment tests along with the relevant sensitivity analyses:Amounts in \u20acm
Pro-rata recoverable
amount (a)
(a): Recoverable amount obtained as the difference between the pro-rata value of the CGU and the pro-rata Adjusted Shareholders\u2019 equity
(b): Goodwill allocated net of goodwill included in the Shareholders\u2019 equity
Parameters used - Non-Life
Amounts in \u20acm
Sensitivity (Value range)
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Non-Life
Amounts in \u20acm
Recoverable Amount - Goodwill Delta = 0
Sensitivity (Value range)
Hp. 1 (g rate = that used for impairment)
Hp. 2 (g rate assumed to be 0),
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Non-Life
Amounts in \u20acm
Sensitivity (Value range)
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - -Life
Amounts in \u20acm
Recoverable Amount - Goodwill Delta = 0
Sensitivity (Value range)
Hp. 1 (g rate = that used for impairment)
Hp. 2 (g rate assumed to be 0),
Recoverable Amount - Goodwill Delta
UnipolSai Assicurazioni - Life
The market risk of the securities portfolio, for which the investment risk is not borne by the policyholders, is measured using the Partial Internal Model that adopts a Monte Carlo VaR approach. As part of the Internal Market Model, Life liabilities are replicated through cash flows with a maturity equivalent to Life provisions run-off for the guaranteed component and polynomial functions (the Least Square Monte Carlo approach) to represent the Future Discretionary Benefits component. Market risk of the securities portfolio for which investment risk is borne by policyholders and concentration risk are assessed using the Market Wide Standard Formula.
Market risk
Market risk refers to all risks which have the effect of diminishing investments of a financial or real estate nature as a result of adverse trends in the relevant market variables. The market risk modules are:
\u2022
Interest rate risk;\u2022
Exchange rate risk;In the Partial Internal Model, the Value at Risk method is used to measure the market risk, calculated over a 1-year time period and with a confidence interval of 99.5%. In addition, sensitivity and stress test measurements are determined for each risk factor.Interest rate risk for ALM purposes is quantified in terms of duration mismatch. The assets falling under the calculation of the duration mismatch include securities, cash, receivables and properties; the liabilities include the financial liabilities and technical provisions. The market value is used for financial assets and liabilities, whilst best estimates are used for the technical provisions. The duration mismatch is calculated as the difference between the duration of assets and the duration of liabilities weighted for the assets value, considering the adjusting effect of the derivatives.
At 31 December 2023 the duration mismatch for Life business stood at -0.52 and at +0.42 for Non-Life business.
Equity risk is the risk connected with a potential variation in the value of share assets, as a result of market volatility of the reference indexes. Real estate risk is the risk connected with the occurrence of losses as a result of unfavourable changes in the market value of real estate assets. The assets falling under the calculation of real estate risk include real estate funds, directly-owned properties and direct and indirect investments in real estate projects.
In particular, with reference to directly-owned properties, the value used to calculate the risk (fair value) is that deriving from the estimate made by independent experts.
Exchange rate risk for ALM purposes is defined as the risk of a possible variation in the value of financial statement assets and liabilities and the Net Asset Value as a result of unfavourable changes in exchange rates. Based on the Investment Policy, the total exposure to non-Euro currencies, net of currency hedging, must be limited to 3% of total investments. The Unipol Group\u2019s exposure to exchange rate risk was not significant at 31 December 2023.
Spread risk is the risk connected with a variation in the value of bond assets following a change in spreads representing the credit rating of individual issuers. In light of the policies and processes adopted to monitor and manage liquidity risk and the objective difficulty in quantifying the default risk of government bonds issued by European Union Member States, spread risk on government bonds has been excluded from the measurement of the market SCR based on the Partial Internal Model. It is not included because of: \u2022
the nature of the business of the insurance companies, characterised by primarily buy and hold type long-term investment strategies and restrictions regarding the matching of liabilities expressed in terms of ALM;\u2022
the objective difficulty of quantifying the probability of default and loss given default of developed countries, which represent the reference investment area for government bonds for risk measurement purposes.The assessment of spread risk on government bonds is included within Pillar II risks and the relative measurement is carried out based on a stress testing type approach.
",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact63": {
"value": "Financial risks
The Investment Policy establishes guidelines for investment activities, the type of assets considered suitable for investment and the breakdown of the medium/long-term investment portfolio, taking into account the risk profile of liabilities held to ensure integrated asset and liability management. It also defines the limits for underwriting and related monitoring methods in such a way as to ensure that total exposure is in line with the risk appetite expressed in the Group\u2019s strategic objectives, thus guaranteeing adequate portfolio diversification.
Debt security Issuer Risk The credit risk of debt securities is monitored within market risk based on credit spread volatility. The following table shows the distribution of the Unipol Group\u2019s bond portfolio, insurance business and holding business, broken down by rating class (figures at 31/12/2023).
Breakdown of debt securities by rating class
Information relating to exposure to sovereign debt securities In accordance with Consob Communication DEM/11070007 of 5 August 2011 and ESMA document 2011/397 of 25 November 2011, relating to information to be provided in annual and interim financial reports on listed companies\u2019 exposures to Sovereign debt securities and current trends in international markets, details are provided of Sovereign exposures (i.e. bonds issued by central and local governments and by government organisations and loans granted to them) held by the Unipol Group at 31 December 2023.
Balance at 31 December 2023
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at amortised cost
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Balance at 31 December 2023
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through profit or loss
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
Financial assets at fair value through OCI
The carrying amount of the sovereign exposures represented by debt securities at 31 December 2023 totalled \u20ac25,172.1m, 71% of which (71% in 2022) was concentrated on securities issued by the Italian State. Moreover, the bonds issued by the Italian State account for 32% of total investments of the Unipol Group.
Liquidity risk Liquidity risk is the risk of not having the liquid resources necessary to meet the assumed obligations, in the financial statements and off-balance sheet, pertaining to their business, without undergoing economic losses deriving from forced sales of assets in case of adverse scenarios.
The liquid resources functional for the core business deriving from cash and cash equivalents, from the sale of securities that can be swiftly turned into cash and from any financing activities.
The main principles on which the liquidity risk management model within the Unipol Group is based may be summarised as follows:
\u2022
punctual measurement of the contractual and forecast cash flows on different maturity dates; \u2022
definition and approval of the liquidity risk tolerance in terms of \u201csurvival time\u201d in ordinary and stress conditions;\u2022
managing structural liquidity by keeping a balance between maturities of medium-term assets and liabilities in order to avoid critical situations in the short-term liquidity positions;\u2022
managing short-term liquidity in order to have the necessary liquidity to fulfil short-term commitments, both foreseeable and unforeseeable, deriving from any stress scenarios, by keeping a suitable balance between cash in-flows and outflows; \u2022
defining and periodically applying stress scenarios relating to the technical and financial variables in order to verify the ability of the individual Companies and of the Group as a whole to address these situations;\u2022
maintaining an adequate amount of assets that can be swiftly turned into cash on the market, or able to be financed with repurchase agreements, so as to avoid significant economic impact if adverse scenarios should occur.With reference to contracts falling within the scope of application of IFRS 17, the composition of the net undiscounted cash flows deriving from insurance contracts issued and from reinsurance contracts held that are liabilities broken down by expiry time bands, or in detail for each of the five years after the reporting date and, in aggregate, in the period after the first 5 years, is provided below. The analysis excludes the components of insurance liabilities referring to the contractual service margin and the adjustment for non-financial risks and the entire amount of assets and liabilities for residual coverage deriving from contracts accounted for according to the PAA.
Amounts in \u20acm
Net contractual cash outflows/(inflows)
Year
Insurance contracts issued that are liabilities
Reinsurance contracts held that are liabilities
It should be noted that the contractual flows referring to 2024 include \u20ac493m in net outflows attributable to the balance of current statement of financial position items relating to relations with policyholders and reinsurers, consisting mainly of receivables from policyholders for premiums to be collected and deposits received from reinsurers.
It should also be noted that amounts payable on demand, mainly relating to revaluable Life contracts linked to segregated funds, totalled \u20ac35,386m. This amount was calculated assuming that all policyholders who have the right to do so will exercise the right of early surrender at the reporting date, with resulting determination of the amount due to policyholders on the basis of the conditions set forth in the contract, and therefore, for example, net of any penalties. The methods for calculating the early surrender value therefore differ from those underlying the amounts shown in the table of non-discounted contractual cash flows, which are instead determined in line with the expected distribution over time of future cash flows.
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f257529": {
"value": "Summary of fees for the year for services provided by the Independent Auditors (Art. 149-duodecies of Issuer\u2019s Regulation)
Other professional services
Ernst & Young Ireland Unlimited Company - Ireland
Ernst & Young DOO - Serbia
Ernst & Young Soci\u00e9t\u00e9 Anonyme - Luxembourg
Other professional services
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Ernst & Young Ireland Unlimited Company - Ireland
(*) the fees do not include any non-deductible VAT or charged back expenses