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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140011": { "value": "146000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:8156005CE5E7340CCA86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140022": { "value": "-533000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140026": { "value": "-105000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:8156005CE5E7340CCA86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140161": { "value": "1713000000.0", "decimals": -6, "dimensions": { "concept": 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"f140190": { "value": null, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140194": { "value": null, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:8156005CE5E7340CCA86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140206": { "value": "1180000000.0", "decimals": -6, "dimensions": { "concept": "UNI:CashAndCashEquivalentsAtEndOfPeriod", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140210": { "value": "1713000000.0", "decimals": -6, "dimensions": { "concept": "UNI:CashAndCashEquivalentsAtEndOfPeriod", "entity": "scheme:8156005CE5E7340CCA86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f140277": { "value": "Unipol Assicurazioni SpA ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact44": { "value": "Unipol Assicurazioni SpA Parent Unipol Assicurazioni ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140279": { "value": "Unipol Assicurazioni SpA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140294": { "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. As extensively described in the Management Report, following the merger by incorporation of UnipolSai Assicurazioni SpA, Unipol Finance Srl, UnipolPart I SpA and Unipol Investment SpA into Unipol Gruppo SpA, the latter took the company name \u201cUnipol Assicurazioni SpA\u201d or \u201cUnipol SpA\u201d for short. To support the insurance business and the relative ecosystems, the Unipol Group 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, financial, hotel, agricultural, healthcare and flexible benefits activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140392": { "value": "following the merger by incorporation of UnipolSai Assicurazioni SpA, Unipol Finance Srl, UnipolPart I SpA and Unipol Investment SpA into Unipol Gruppo SpA, the latter took the company name \u201cUnipol Assicurazioni SpA\u201d or \u201cUnipol SpA\u201d for short. ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140570": { "value": "The Unipol Group operates primarily in Italy: outside Italy, the Group operates in Serbia, through the subsidiary DDOR Novi Sad and the dedicated captive reinsurance company Ddor Re. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140636": { "value": "is a joint-stock company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140645": { "value": "with registered office at Via Stalingrado 45, Bologna (Italy) and is listed on the Milan Stock Exchange. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140646": { "value": "with registered office at Via Stalingrado 45, Bologna (Italy) and is listed on the Milan Stock Exchange. ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140663": { "value": "(Italy)", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140729": { "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 on the closing date of the financial statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact0": { "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 Communication DEM/6064293, 28 July 2006.
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 S.p.A., the company tasked with performing the legally-required audit of the consolidated financial statements for the period 2021-2029.
Reporting date
The reporting date of the Consolidated Financial Statements is 31 December 2025, the date the Separate Financial Statements of the Parent Unipol closed.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1": { "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.
There are no jointly-controlled interests.
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 2024 and other transactions
On 27 June 2025, the contract was signed relating to the acquisition by Unipol Assicurazioni of the entire equity investment held by Banca Investis S.p.A. in BIM Vita S.p.A., equal to 50% of the share capital of the company; the transaction was completed on 29 July 2025 against the payment of \u20ac10m. As a result of the transaction, Unipol Assicurazioni holds 100% of the share capital of BIM Vita S.p.A.
On 26 June 2025, the Board of Directors of Unipol Assicurazioni approved its acceptance of the public purchase and exchange offer (\u201cOPAS\u201d) promoted by BPER on Banca Popolare di Sondrio shares. As a result of the Transaction, as described in the section \u201cInformation on significant events\u201d in the Financial Management Report, Unipol participated in the OPAS by transferring the entire equity investment in the associate Banca Popolare di Sondrio, and taking into account the sales and purchases of BPER shares that took place after the public exchange offer in July, at 31 December 2025 holds an investment equal to 19.94% of the total share capital of BPER.
On 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A. On finalisation of the demerger on 1 October 2025, Unipol derecognised the equity investment previously held in the associate Cronos Vita (already classified under Non-current assets held for sale) and recognised the assets and liabilities making up the business complex received through allocation.
On 3 October 2025, against payment of \u20ac2.4m, Irma S.r.l. (wholly-owned by Unipol Assicurazioni S.p.A.) finalised the acquisition of 100% of the share capital of Servizi Assicurativi e Finanziari S.r.l., or in abbreviated form \u201cEsseaffe\u201d.
On 14 July 2025, an agreement was signed between Unipol Finance S.p.A. and Opera Prima S.r.l. relating to the acquisition by Unipol Finance of the entire residual equity investment in the associated company Pegaso Finanziaria S.p.A. (\u201cPegaso\u201d), equal to 55% of the share capital.
After completion of this transaction on 19 November 2025 and against payment of \u20ac9.2m, through the subsidiary Unipol Finance, Unipol Assicurazioni holds 100% of the share capital of Pegaso.
\"[IMAGE]\"
The transaction gave Unipol Assicurazioni control over Pegaso and, taking into account the equity investments held by the latter, and also over Assicoop Bologna Metropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A. and Assicoop Toscana S.p.A., in which Unipol already held associate investments.
As a result of the transaction, Unipol also assumed (indirect) control of Distribuzione Prodotti Assicurativi S.r.l. (\u201cDipas\u201d) 64% owned by Assicoop Romagna Futura S.p.A. and an equity investment in the associates Universo S.r.l. and Assicia Servizi Assicurativi S.r.l.
On 3 December 2025, Assicoop Romagna Futura S.p.A. sold 4% of the share capital of Dipas.
On 29 September 2025, the extraordinary shareholders\u2019 meeting of Fin.Priv. S.r.l. approved the early winding-up of the company and its placement in liquidation.
On the basis of the final financial statements and the allocation plan, Unipol Assicurazioni S.p.A. received net assets for approximately \u20ac90m, consisting almost exclusively of cash and cash equivalents.
The company was cancelled from the Register of Companies on 5 December 2025.
On 30 September 2025, the merger by incorporation of Gratia et Salus S.r.l. into the direct parent company Societ\u00e0 e Salute S.p.A. became effective.
On 31 December 2025, after obtaining the authorisations/clearances from the competent authorities, the merger by incorporation into Arca Vita of the wholly-owned subsidiary Arca Vita International was finalised..
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f140856": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f141145": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact2": { "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 method
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.
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\u2019 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\u2019 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\u2019 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\u2019 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\u2019 equity of subsidiaries held by non-controlling shareholders substantially already expose the Group to the risks and benefits deriving from holding such shareholders\u2019 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 2025 have been drawn up by combining the figures of the Parent Unipol Assicurazioni and those of the 68 direct and indirect subsidiaries (IFRS 10).
Associates (9 companies) are measured using the equity method (IAS 28).
If equity investments in subsidiaries or associates are considered immaterial, they are maintained at cost when this is considered a reasonable approximation for this measurement method. At 31 December 2025, a total of 9 associates and subsidiaries were considered immaterial.
There are no jointly-controlled interests.
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 2024 and other transactions
On 27 June 2025, the contract was signed relating to the acquisition by Unipol Assicurazioni of the entire equity investment held by Banca Investis S.p.A. in BIM Vita S.p.A., equal to 50% of the share capital of the company; the transaction was completed on 29 July 2025 against the payment of \u20ac10m. As a result of the transaction, Unipol Assicurazioni holds 100% of the share capital of BIM Vita S.p.A.
On 26 June 2025, the Board of Directors of Unipol Assicurazioni approved its acceptance of the public purchase and exchange offer (\u201cOPAS\u201d) promoted by BPER on Banca Popolare di Sondrio shares. As a result of the Transaction, as described in the section \u201cInformation on significant events\u201d in the Financial Management Report, Unipol participated in the OPAS by transferring the entire equity investment in the associate Banca Popolare di Sondrio, and taking into account the sales and purchases of BPER shares that took place after the public exchange offer in July, at 31 December 2025 holds an investment equal to 19.94% of the total share capital of BPER.
On 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A. On finalisation of the demerger on 1 October 2025, Unipol derecognised the equity investment previously held in the associate Cronos Vita (already classified under Non-current assets held for sale) and recognised the assets and liabilities making up the business complex received through allocation.
On 3 October 2025, against payment of \u20ac2.4m, Irma S.r.l. (wholly-owned by Unipol Assicurazioni S.p.A.) finalised the acquisition of 100% of the share capital of Servizi Assicurativi e Finanziari S.r.l., or in abbreviated form \u201cEsseaffe\u201d.
On 14 July 2025, an agreement was signed between Unipol Finance S.p.A. and Opera Prima S.r.l. relating to the acquisition by Unipol Finance of the entire residual equity investment in the associated company Pegaso Finanziaria S.p.A. (\u201cPegaso\u201d), equal to 55% of the share capital.
After completion of this transaction on 19 November 2025 and against payment of \u20ac9.2m, through the subsidiary Unipol Finance, Unipol Assicurazioni holds 100% of the share capital of Pegaso.
\"[IMAGE]\"
The transaction gave Unipol Assicurazioni control over Pegaso and, taking into account the equity investments held by the latter, and also over Assicoop Bologna Metropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A. and Assicoop Toscana S.p.A., in which Unipol already held associate investments.
As a result of the transaction, Unipol also assumed (indirect) control of Distribuzione Prodotti Assicurativi S.r.l. (\u201cDipas\u201d) 64% owned by Assicoop Romagna Futura S.p.A. and an equity investment in the associates Universo S.r.l. and Assicia Servizi Assicurativi S.r.l.
On 3 December 2025, Assicoop Romagna Futura S.p.A. sold 4% of the share capital of Dipas.
On 29 September 2025, the extraordinary shareholders\u2019 meeting of Fin.Priv. S.r.l. approved the early winding-up of the company and its placement in liquidation.
On the basis of the final financial statements and the allocation plan, Unipol Assicurazioni S.p.A. received net assets for approximately \u20ac90m, consisting almost exclusively of cash and cash equivalents.
The company was cancelled from the Register of Companies on 5 December 2025.
On 30 September 2025, the merger by incorporation of Gratia et Salus S.r.l. into the direct parent company Societ\u00e0 e Salute S.p.A. became effective.
On 31 December 2025, after obtaining the authorisations/clearances from the competent authorities, the merger by incorporation into Arca Vita of the wholly-owned subsidiary Arca Vita International was finalised..
Equity investments in wholly-owned subsidiaries

Name

Country of registered

office

Country of

operations (1)

Method (2)

Business

activity (3)

Type of relationship (4)

% Direct holding

% Total participating

interest (5)

% Votes

available at

ordinary General

Meetings (6)

%

Consolidation

Arca Assicurazioni SpA

086 - Italy

\u00a0

G

1

1

98.12%

62.20%

\u00a0

100.00%

Arca Direct Assicurazioni Srl

086 - Italy

\u00a0

G

11

1

100.00%

63.39%

\u00a0

100.00%

Arca Inlinea Scarl

086 - Italy

\u00a0

G

11

1

100.00%

62.92%

\u00a0

100.00%

Arca Sistemi Scarl

086 - Italy

\u00a0

G

11

1

100.00%

63.19%

\u00a0

100.00%

Arca Vita SpA

086 - Italy

\u00a0

G

1

1

63.39%

63.39%

\u00a0

100.00%

Assicoop Bologna Metropolitana SpA

086 - Italy

\u00a0

G

11

1

62.21%

62.21%

\u00a0

100.00%

Assicoop Emilia Nord Srl

086 - Italy

\u00a0

G

11

1

62.00%

62.00%

\u00a0

100.00%

Assicoop Romagna Futura SpA

086 - Italy

\u00a0

G

11

1

51.50%

51.50%

\u00a0

100.00%

Assicoop Toscana SpA

086 - Italy

\u00a0

G

11

1

69.67%

69.67%

\u00a0

100.00%

Athens R.E. Fund

086 - Italy

\u00a0

G

10

1

89.59%

89.59%

\u00a0

100.00%

BeRebel SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

BIM Vita SpA

086 - Italy

\u00a0

G

1

1

100.00%

100.00%

\u00a0

100.00%

Cambiomarcia in liq.

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Casa di Cura Villa Donatello - SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Centro Oncologico Fiorentino Casa di Cura Villanova Srl in Liquidazione

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Compagnia Assicuratrice Linear SpA

086 - Italy

\u00a0

G

1

1

100.00%

100.00%

\u00a0

100.00%

Consorzio Castello

086 - Italy

\u00a0

G

10

1

99.57%

99.57%

\u00a0

100.00%

Consorzio tra Proprietari Centro Commerciale Porta Marcolfa

086 - Italy

\u00a0

G

11

1

68.46%

68.46%

\u00a0

100.00%

DaVinci Healthcare Srl

086 - Italy

\u00a0

G

11

1

80.26%

80.26%

\u00a0

100.00%

Ddor Auto - Limited Liability Company

289 - Serbia

\u00a0

G

3

1

100.00%

100.00%

\u00a0

100.00%

Ddor Novi Sad

289 - Serbia

\u00a0

G

3

1

100.00%

100.00%

\u00a0

100.00%

Ddor Re

289 - Serbia

\u00a0

G

6

1

100.00%

100.00%

\u00a0

100.00%

Distribuzione Prodotti Assicurativi S.r.l.

037 - San Marino

\u00a0

G

11

1

60.00%

30.90%

\u00a0

100.00%

Esseaeffe SRL

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Finsai International Sa

092 - Luxembourg

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Florence Centro di Chirurgia Ambulatoriale Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Fondazione Unipolis

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Fondo Emporion

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Fondo Landev

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Fondo Oikos

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Gruppo UNA SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

I.Car Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Immobiliare C.S. Srl

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

IRMA Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Ital H&R Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Leith\u00e0 Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

LinearNext Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Marina di Loano SpA

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Meridiano Secondo Srl

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Midi Srl

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Nuove Iniziative Toscane

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

Nuove Terme Petriolo Srl

086 - Italy

\u00a0

G

11

1

100.00%

89.59%

\u00a0

100.00%

\"[IMAGE]\"

Name

Country of registered

office

Country of

operations (1)

Method (2)

Business

activity (3)

Type of relationship (4)

% Direct holding

% Total participating

interest (5)

% Votes

available at

ordinary General

Meetings (6)

%

Consolidation

Pegaso Finanziaria SpA

086 - Italy

\u00a0

G

9

1

100.00%

100.00%

\u00a0

100.00%

Santagostino Servizi e Prodotti Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Siat-Societa' Italiana Assicurazioni e Riassicurazioni - per Azioni

086 - Italy

\u00a0

G

1

1

94.69%

94.69%

\u00a0

100.00%

SiSalute Srl

086 - Italy

\u00a0

G

11

1

100.00%

98.99%

\u00a0

100.00%

Societ\u00e0 e Salute SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Tantosvago Srl

086 - Italy

\u00a0

G

11

1

75.00%

75.00%

\u00a0

100.00%

Tenute del Cerro SpA - Societa' Agricola

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Tenute del Cerro Wines Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Tikal R.E. Fund

086 - Italy

\u00a0

G

10

1

100.00%

100.00%

\u00a0

100.00%

UniAssiTeam Srl

086 - Italy

\u00a0

G

11

1

65.00%

65.00%

\u00a0

100.00%

Unicasa Italia SpA

086 - Italy

\u00a0

G

11

1

70.00%

70.00%

\u00a0

100.00%

Unipol Finance SpA

086 - Italy

\u00a0

G

9

1

100.00%

100.00%

\u00a0

100.00%

Unipol Investimenti Sgr SpA

086 - Italy

\u00a0

G

8

1

100.00%

100.00%

\u00a0

100.00%

Unipol Motor Partner Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

Unipol Welfare Solutions Srl

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

UnipolAssistance Scrl

086 - Italy

\u00a0

G

11

1

100.00%

99.95%

\u00a0

100.00%

UnipolGlass Srl

086 - Italy

\u00a0

G

11

1

70.00%

70.00%

\u00a0

100.00%

UnipolHome SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

UnipolPay SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

UnipolReC SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

UnipolService SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

UnipolTech SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

UniSalute SpA

086 - Italy

\u00a0

G

1

1

98.99%

98.99%

\u00a0

100.00%

WelBee SpA

086 - Italy

\u00a0

G

11

1

100.00%

100.00%

\u00a0

100.00%

(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\u2019 meetings
2 = dominant influence at ordinary shareholders\u2019 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\u2019 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 interests
Amounts in \u20acm

Name

%

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

Arca Vita

36.61%

\u00a0

42

48

251

Equity investments with significant third-party interests: accounting information
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

Investments

Other assets

Cash and cash equivalents

Insurance liabilities

Financial liabilities

Shareholders\u2019 equity

Total revenue

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.\u00a0 Arca Vita

19,326

377

168

14,950

3,983

672

624

183

129

\u00a0

129

5

134

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equity investments in wholly-owned subsidiaries - other information
Information about business combinations
Acquisition of Cronos
On 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A.
This demerger was finalised on 1 October 2025 and Unipol consequently acquired a business complex, identified in the demerger plan, consisting of assets and liabilities, as well as the related legal relationships mainly referring to a separate insurance portfolio. On 15 December 2025, as required by the criteria identified in the demerger plan, the cash and cash equivalents pertaining to each business complex allocated to Cronos Vita shareholders were precisely quantified by an independent expert, with their consequent reallocation under the respective complexes.
Cronos Vita was closed on finalisation of the demerger. Unipol therefore derecognised the equity investment previously held in the associate Cronos Vita (already classified under Non-current assets held for sale) and recognised the assets and liabilities making up the business complex received through allocation. The fair value relevant to derecognition of the equity investment and the initial recognition of the business combination was estimated at \u20ac49.5m.
The values of the identifiable assets and liabilities acquired by Unipol Assicurazioni S.p.A. at the demerger date of 1 October 2025 are shown below.
\"[IMAGE]\"
Net identifiable assets of the complex allocated to Unipol at the acquisition date (1/10/2025)

\u00a0

Amounts in \u20acm

\u00a0

\u00a0

ASSETS

31/12/2025

Insurance assets

0.7

Financial assets at amortised cost

1.6

Financial assets at fair value through other comprehensive income

1,334.2

Financial assets designated at fair value through profit or loss

721.6

Financial assets mandatorily measured at fair value through profit or loss

125.3

Other financial assets

11.9

Tax assets

11.2

Other assets

15.1

Cash and cash equivalents

127.5

TOTAL ASSETS

2,349.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

LIABILITIES

31/12/2025

Provisions for risks and charges

(4.1)

Insurance liabilities

(1,137.4)

Financial liabilities designated at fair value through profit or loss

(674.0)

Financial liabilities at amortised cost

(475.7)

Payables

(0.3)

Other liabilities

(8.1)

TOTAL LIABILITIES

(2,299.6)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Net identifiable assets

49.5

\u00a0

\u00a0

Note that, as required by IFRS 17 for insurance contracts acquired in a business combination, the initial recognition of these contracts is determined by assuming that the consideration received or paid for the contracts themselves is equal to the fair value of the contracts at the acquisition date. The difference between the fair value of the insurance assets and liabilities thus determined and the present value of the expected cash flows, adjusted for risk, led to the recognition of an initial CSM at the acquisition date of \u20ac61m.
The values attributed to the assets acquired and the liabilities assumed must be considered provisional and may be subject to restatement within the measurement period envisaged by IFRS 3, i.e. twelve months from the acquisition date.
Given the correspondence between the fair value attributed to the complex acquired and the value of the identifiable net assets shown above, no goodwill or badwill emerges from the acquisition of the former Cronos Vita business unit allocated to Unipol.
Acquisition of full ownership of the share capital of Pegaso Finanziaria S.p.A.
On 19 November 2025, the acquisition was completed by Unipol Finance S.r.l. (a wholly-owned subsidiary of Unipol Assicurazioni S.p.A.) of the residual 55% of the share capital of the associate Pegaso Finanziaria S.p.A. (\u201cPegaso\u201d), a holding company which owns, inter alia, non-controlling interests in the associates Assicoop Bologna Metropolitana S.p.A. (13.0%), Assicoop Emilia Nord S.r.l. (12.0%), Assicoop Romagna Futura S.p.A. (1.5%) and Assicoop Toscana S.p.A. (19.9%) (the \u201cAssicoops\u201d).
As a result of the acquisition of control of Pegaso, Unipol also acquired control of the Assicoops. In fact, also taking into account the shares already held through Unipol Finance, it reached a controlling interest in the share capital of each Assicoop, equal to 62.2% in Assicoop Bologna Metropolitana S.p.A., 62.0% in Assicoop Emilia Nord S.r.l., 51.5% in Assicoop Romagna Futura S.p.A. and 69.7% in Assicoop Toscana S.p.A. Note also the acquisition, through Assicoop Romagna Futura S.p.A., of control of Dipas S.r.l., which performs insurance brokerage activities in the Republic of San Marino.
Pursuant to IFRS 3, the acquisition of control of companies previously recorded as associates qualifies as a business combination carried out in multiple phases. In this context, in line with the provisions of the aforementioned standard:
-
the associate investments previously held in Pegaso and the Assicoops were derecognised and remeasured, similarly to what would have happened in the event of disposal of these investments at the date of acquisition of control of the companies, at the respective fair value determined consistently with the value implicit in the consideration recognised by Unipol to acquire the controlling interest in Pegaso. The economic effect resulting from this remeasurement was negative for \u20ac0.1m;
-
The total consideration paid by Unipol for the acquisition of control of Pegaso, the Assicoops and Dipas (the \u201cComplex\u201d) was \u20ac45.7m, determined by considering the fair value of the equity investments in associates referred to in the previous point (\u20ac36.6m) increased by the incremental consideration incurred for the purchase of 55% of Pegaso (\u20ac9.2m).
The values of the assets and liabilities acquired, calculated on the sub-consolidated accounting position of Pegaso, the Assicoops and Dipas S.r.l. (hereafter, the \"Complex\") at 31 December 2025, are reported below:

\u00a0

Amounts in \u20acm

\u00a0

\u00a0

ASSETS

31/12/2025

Intangible assets

12.3

Property, plant and equipment

24.7

Investments in associates and interests in joint ventures

0.1

Financial assets at amortised cost

6.0

Financial assets at fair value through other comprehensive income

8.5

Held-for-trading financial assets

2.1

Other financial assets

36.8

Tax assets

0.4

Other assets

3.7

Cash and cash equivalents

46.3

TOTAL ASSETS

141.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

LIABILITIES

31/12/2025

Provisions for risks and charges

(6.2)

Financial liabilities at amortised cost

(10.9)

Payables

(54.8)

Tax liabilities

(1.4)

Other liabilities

(14.2)

TOTAL LIABILITIES

(87.5)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Net identifiable assets

53.5

Total Net identifiable assets of the Parent entity

35.4

\u00a0

\u00a0

The values of the assets acquired and the liabilities assumed are still considered provisional and may be recalculated within 12 months of the acquisition, as laid out in IFRS 3.
\"[IMAGE]\"
Given the positive difference between the acquisition cost (\u20ac45.7m) and the net identifiable assets (\u20ac35.4) goodwill for \u20ac10.2m was recognised, allocated to the Non-Life CGU.
Acquisition of Servizi Assicurativi e Finanziari S.r.l. (Esseaeffe)
On 3 October 2025, Irma S.r.l. (wholly-owned by Unipol Assicurazioni S.p.A.) finalised the acquisition of 100% of the share capital of Servizi Assicurativi e Finanziari S.r.l., or in abbreviated form \u201cEsseaffe\u201d.
The acquired entity operates in the Milan metropolitan area, distributing Non-Life and Life business products on the basis of mandates granted by Unipol Assicurazioni S.p.A. and UniSalute S.p.A.
The values of the assets and liabilities acquired, calculated on the accounting position of Esseaeffe S.r.l. at 31 December 2025, are reported below:

\u00a0

Amounts in \u20acm

\u00a0

\u00a0

ASSETS

31/12/2025

Intangible assets

0.6

Property, plant and equipment

0.3

Other financial assets

0.0

Tax assets

0.1

Other assets

0.2

Cash and cash equivalents

3.1

TOTAL ASSETS

4.4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

LIABILITIES

31/12/2025

Provisions for risks and charges

(0.2)

Financial liabilities

(0.3)

Financial liabilities at amortised cost

(0.3)

Payables

(1.2)

Other liability items

(0.3)

Tax liabilities

(0.2)

Other liabilities

(0.1)

TOTAL LIABILITIES

(2.0)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Net identifiable assets

2.4

\u00a0

\u00a0

On the basis of these values, goodwill was calculated (\u20ac1.7m) as the difference between the acquisition cost (\u20ac4.1m) and the acquired net identifiable assets (\u20ac2.4m), and allocated to the Non-Life CGU.
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 (Series 2024-1) 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 Unipol Assicurazioni earthquake risks in Italy and neighbouring countries with a 4-year maturity (04/2024 \u2013 03/2028). During 2024, the Group paid the special purpose vehicle a total of \u20ac4m as payment of the annual premium relating to the aforementioned reinsurance cover;
-Mercurio Fleet 2022 Srl is a vehicle company based in Italy and established in accordance with the provisions of Italian regulations on securitisations. The special purpose vehicle was established in order to guarantee UnipolRental the funding necessary to meet its operating requirements. 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 \u20ac35m, mainly due to interest expense of \u20ac38m, partially offset by financial income of \u20ac3m 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 \u20ac611m. It should be noted that this amount, corresponding to the collections made on segregated assets, is returned to UnipolRental on a monthly basis by Mercurio Fleet 2022 Srl, net of the financial and administrative expenses set forth in the contract as part of the securitisation transaction;
-Venere SPV Srl is a vehicle company based in Italy and established in accordance with the provisions of Italian regulations on securitisations. The special purpose vehicle was established in order to guarantee UnipolRental the funding necessary to meet its operating requirements. This company is financed through a senior bond with a value of \u20ac400m. 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 \u20ac19m, mainly due to interest expense of \u20ac18m, partially offset by financial income of \u20ac1m as remuneration of the liquidity reserve left available to the SPV. During the year, UnipolRental transferred to Venere SPV Srl, against the contractual agreements relating to the aforementioned loan, cash for \u20ac350m. It should be noted that this amount, corresponding to the collections made on segregated assets, is returned to UnipolRental on a monthly basis by Venere SPV Srl, net of the financial and administrative expenses set forth in the contract as part of the securitisation transaction.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 2024-1

\u00a0

7

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Mercurio Fleet 2022 SRL

2

663

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Venere SPV SRL

1

333

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f141604": { "value": "
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f141808": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact3": { "value": "
Companies measured using the equity method
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 ventures
At 31 December 2025, Investments in associates and joint ventures amounted to \u20ac3,124m (\u20ac2,942m at 31/12/2024). The item includes the interest in the associate BPER Banca for \u20ac3,103m (\u20ac2,009m at 31/12/2024).
Equity investments: information on shareholding relationships

Name

Country of

operations (1)

Country of registered

office

Business

activity (2)

Type of relationship (3)

% Direct holding

% Total participating

interest (4)

% Votes available at

ordinary General

Meetings

(5)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AssiCia Servizi Assicurativi S.r.l

\u00a0

086 - Italy

11

b

50.00%

25.75%

\u00a0

Assicoop Modena & Ferrara SpA

\u00a0

086 - Italy

11

b

43.75%

43.75%

\u00a0

Borsetto Srl

\u00a0

086 - Italy

10

b

44.93%

44.93%

\u00a0

BPER Banca SpA

\u00a0

086 - Italy

7

b

19.94%

19.94%

\u00a0

Ddor Garant

\u00a0

289 - Serbia

11

b

40.00%

40.00%

\u00a0

Funivie del Piccolo San Bernardo SpA

\u00a0

086 - Italy

11

b

23.55%

23.55%

\u00a0

SCS Azioninnova SpA

\u00a0

086 - Italy

11

b

42.85%

42.85%

\u00a0

Uci - Ufficio Centrale Italiano

\u00a0

086 - Italy

11

b

38.43%

38.42%

\u00a0

Universo S.r.l

\u00a0

086 - Italy

11

b

50.00%

31.00%

\u00a0

(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

Name

Type of relationship (1)

Book value

Fair value

Dividends received

Associates

\u00a0

\u00a0

\u00a0

\u00a0

BPER Banca SpA

b

3,103

4,544

208

Total

\u00a0

3,103

4,544

208

(1) b= associates; c= joint venture
\"[IMAGE]\"
Significant equity investments: accounting information
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

Investments

Other assets

Cash and cash equivalents

Insurance liabilities

Financial liabilities

Total revenue

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)

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. BPER Banca SpA

178,769

14,200

11,681

\u00a0

179,185

7,852

(399)

2,723

1,880

\u00a0

1,880

(9)

1,871

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

31/12/2025

31/12/2024

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

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 BPER Banca SpA

2,009

378

208

3,103

1,805

288

84

2,009

2.\u00a0\u00a0 Banca Popolare di Sondrio SpA

824

69

72

\u00a0

754

120

50

824

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-significant equity investments: accounting information
Amounts in \u20acm

Name

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)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

21

4

\u00a0

4

\u00a0

4

31/12/2024

109

9

\u00a0

9

12

20

It should be noted that BPER Banca, in which the Unipol Group holds 19.94% of the share capital, has been classified as an investment in associates as it is subject to significant influence by the Parent and consequently 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 company and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investee, as well as the appointment of certain members of the administrative body.
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact4": { "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
Insurance Business: Non-Life;
\u2022
Insurance Business: Life;
\u2022
Banking Associates Business;
\u2022
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 of certain real estate investment funds consolidated line-by-line 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 Other Businesses for the residual portion.
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.
Information by operating segment
Statement of financial position by business segment

\u00a0

\u00a0

NON-LIFE BUSINESS

LIFE BUSINESS

\u00a0

Asset items

31/12/2025

31/12/2024

31/12/2025

31/12/2024

1

INTANGIBLE ASSETS

2,249

2,164

361

366

2

PROPERTY, PLANT AND EQUIPMENT

3,052

3,279

192

198

3

INSURANCE ASSETS

628

1,001

17

88

3.1

Insurance contracts issued that are assets

3

13

\u00a0

66

3.2

Reinsurance transfers classifiable as assets

625

989

17

23

4

INVESTIMENTS

14,785

12,790

58,198

51,606

4.1

Investment property

166

242

914

954

4.2

Investments in associates and interests in joint ventures

6

62

\u00a0

\u00a0

4.3

Financial assets at amortised cost

1,483

1,487

396

614

4.4

Financial assets at fair value through OCI

10,420

8,587

37,529

34,011

4.5

Financial assets at fair value through profit or loss

2,710

2,412

19,359

16,026

5

OTHER FINANCIAL ASSETS

919

941

224

216

6

OTHER ASSETS

2,313

2,659

1,175

1,512

7

CASH AND CASH EQUIVALENTS

401

1,071

590

500

TOTAL ASSETS

24,348

23,905

60,758

54,486

1

SHAREHOLDERS' EQUITY

2,999

2,365

2,063

1,886

2

PROVISIONS FOR RISKS AND CHARGES

654

621

64

46

3

INSURANCE LIABILITIES

14,262

13,817

42,207

39,409

3.1

Insurance contracts issued that are liabilities

14,207

13,750

42,188

39,387

3.2

Reinsurance transfers classifiable as liabilities

55

67

19

22

4

FINANCIAL LIABILITIES

4,276

5,218

15,768

12,707

4.1

Financial liabilities at fair value through profit or loss

134

60

14,377

11,803

4.2

Financial liabilities at amortised cost

4,141

5,158

1,391

905

5

PAYABLES

672

686

330

161

6

OTHER LIABILITIES

1,485

1,199

325

277

TOTAL SHAREHOLDERS\u2019 EQUITY AND LIABILITIES

24,348

23,905

60,758

54,486

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

BANKING ASSOCIATES

OTHER BUSINESSES

INTERSEGMENT ELIMINATIONS

\u00a0TOTAL

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

\u00a0

31

29

\u00a0

\u00a0

2,642

2,558

\u00a0

\u00a0

992

989

\u00a0

\u00a0

4,235

4,467

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

645

1,089

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3

78

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

642

1,011

3,103

2,833

1,699

1,721

(787)

(758)

76,997

68,189

\u00a0

\u00a0

883

884

\u00a0

\u00a0

1,963

2,080

3,103

2,833

15

47

\u00a0

\u00a0

3,124

2,942

\u00a0

\u00a0

734

738

(787)

(758)

1,826

2,081

\u00a0

\u00a0

59

46

\u00a0

\u00a0

48,008

42,644

\u00a0

\u00a0

9

6

\u00a0

\u00a0

22,076

18,442

\u00a0

\u00a0

88

111

(91)

(127)

1,140

1,142

\u00a0

\u00a0

94

99

(7)

(5)

3,577

4,267

\u00a0

\u00a0

214

145

(25)

(3)

1,180

1,713

3,103

2,833

3,118

3,095

(910)

(894)

90,416

83,425

3,103

2,833

2,551

2,545

\u00a0

\u00a0

10,715

9,628

\u00a0

\u00a0

25

45

\u00a0

\u00a0

743

712

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

56,469

53,226

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

56,395

53,137

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

74

89

\u00a0

\u00a0

308

275

(833)

(788)

19,520

17,412

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

14,512

11,862

\u00a0

\u00a0

308

275

(833)

(788)

5,008

5,550

\u00a0

\u00a0

165

170

(57)

(64)

1,110

953

\u00a0

\u00a0

69

59

(20)

(41)

1,859

1,494

3,103

2,833

3,118

3,095

(910)

(894)

90,416

83,425

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Income statement by business segment

\u00a0

\u00a0

NON-LIFE BUSINESS

LIFE BUSINESS

\u00a0

Items

31/12/2025

31/12/2024

31/12/2025

31/12/2024

1

Insurance revenues from insurance contracts issued

9,294

9,112

773

698

2

Insurance service expenses from insurance contracts issued

(8,344)

(8,369)

(476)

(428)

3

Insurance revenue from reinsurance contracts held

101

206

17

14

4

Insurance service expenses from reinsurance contracts held

(394)

(367)

(26)

(25)

5

Result of insurance services

657

582

287

259

6

Gains/losses on financial assets and liabilities at fair value through profit or loss

259

261

730

311

7

Gains/losses on investments in associates and interests in joint ventures

4

5

\u00a0

\u00a0

8

Gain/losses on other financial assets and liabilities and investment property

243

287

976

1,116

9

Balance on investments

505

552

1,706

1,427

10

Net financial costs/revenues relating to insurance contracts issued

(117)

(215)

(1,584)

(1,340)

11

Net financial revenues/costs relating to reinsurance transfers

(4)

20

\u00a0

\u00a0

12

Net financial result

384

358

121

87

13

Other revenue/costs

763

566

65

84

14

Operating expenses:

(230)

(260)

(68)

(62)

15

Altri oneri/proventi

(648)

(710)

(36)

(43)

16

Pre-tax Profit/(Loss)for the period

926

537

369

325

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

BANKING ASSOCIATES

OTHER BUSINESSES

INTERSEGMENT ELIMINATIONS

\u00a0TOTAL

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

10,066

9,810

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8,820)

(8,797)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

118

220

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(420)

(392)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

944

841

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

990

572

691

393

8

4

\u00a0

\u00a0

703

402

\u00a0

\u00a0

23

61

(21)

(42)

1,222

1,421

691

393

32

65

(21)

(42)

2,915

2,395

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1,702)

(1,554)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(5)

20

691

393

32

65

(21)

(42)

1,208

861

\u00a0

\u00a0

446

371

20

42

1,293

1,064

\u00a0

\u00a0

(346)

(317)

1

1

(643)

(638)

\u00a0

\u00a0

(60)

(58)

\u00a0

\u00a0

(744)

(812)

691

393

72

61

\u00a0

\u00a0

2,058

1,316

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f142841": { "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
Insurance Business: Non-Life;
\u2022
Insurance Business: Life;
\u2022
Banking Associates Business;
\u2022
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 of certain real estate investment funds consolidated line-by-line 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 Other Businesses for the residual portion.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f143304": { "value": "
Main accounting standards
New accounting standards
The changes to the accounting standards previously in force are summarised below, whose application took effect from 1 January 2025, for which no accounting impacts worthy of note were recorded.
IFRS 9 - Hedge Accounting
Starting from 1 January 2025, with the exception of any future portfolio fair value hedges of interest rate risk (\u201cMacro fair value hedge\u201d), the Group ceased to exercise the right to recognise hedging transactions according to the accounting model set forth in IAS 39 in the version endorsed by the European Union and therefore applied the hedge accounting rules set forth in IFRS 9 to these transactions.
The adoption of the principles set forth in IFRS 9 makes it possible to more effectively and substantially align the risk management approaches underlying hedging transactions with the relative presentation in the accounts. Indeed, IFRS 9 simplifies the requirements concerning the documentation of hedge effectiveness and expands the categories of hedging strategies eligible for hedge accounting, favouring more transparent and useful financial reporting for stakeholders.
With reference to hedging transactions in progress at the end of the previous year and at that time accounted for in accordance with IAS 39, the transition to IFRS 9 had no impact on the effectiveness assessment of existing hedging relationships, nor did it entail any appreciable changes to the comparative balance sheet and income statement figures for 2024.
Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates
Regulation (EU) 2024/2862 implemented the amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d issued by the IASB on 15 August 2023. The amendments contain details of the requirements that an entity must consider to establish when a currency is convertible into another currency, as well as specific additional disclosures to be provided in the notes to the financial statements. In addition, the new provisions require an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. Lastly, the Regulation also provides an operating guide that should support companies in the phase of verifying any conversion of currencies.
Updating of the EU ESEF Regulation - Financial statements in the single electronic reporting format
On 15 January 2025, the sixth version of Regulation (EU) 2025/19 of 26 September 2024 was published, which amends the regulatory technical standards laid down in Regulation (EU) 2019/815 as regards the 2024 update of the Taxonomy for the single electronic reporting format (ESEF). As is known, the Transparency Directive (2004/109/EC) required listed companies to publish their annual report in the single electronic reporting format. To this end, the ESEF Regulation, as supplemented by national regulations, then 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.
Bank of Italy, Consob and IVASS Document no. 10 - Treatment of stamp duty on life insurance policies classified as financial liabilities
Note that on 30 January 2026 the Bank of Italy, Consob and IVASS issued Document no. 10, in order to provide interpretative clarifications on the application of IAS/IFRS with reference to the regulatory changes introduced by the Budget Law 2025 on the treatment of stamp duty on life policies. Specifically, from 2025, insurance companies are required to pay stamp duty on life policies annually and, as regards policies existing at 1 January 2025, the regulations envisage a four-year payment plan for the portion of tax accrued previously. In addition, this rule establishes that insurance companies may only recover the amounts paid from customers when the benefit is paid out (upon expiry or surrender of the policy).
In the specific case of recognising stamp duty relating to life policies classified as financial liabilities, in Document no. 10, the Authorities provide the following accounting guidance on the \u201casset from customers\u201d that originates from the payment of this tax: the initial recognition should be at its present value - if the effect deriving from discounting is significant - and the difference between the nominal value and the present value of the asset should be recorded as a charge in the Income Statement. This asset should also be classified under the item \u201cOther assets\u201d in the Statement of Financial Position and, with reference to the representation of charges and income in the income statement, these should also be included in a residual item. Lastly, the Bank of Italy, Consob and IVASS require adequate disclosure in the financial statements of the classification and measurement criteria used and the chosen discounting method. Lastly,
the Bank of Italy, Consob and IVASS require adequate disclosure in the financial statements of the classification and measurement criteria used and the chosen discounting method.
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.
IASB - IFRS 18 Presentation and Disclosure in Financial Statements
It should be noted that on 13 February 2026, Regulation (EU) 2026/338 was published, concerning the endorsement of IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d issued by the IASB on 9 April 2024 and applicable from 1 January 2027, though early adoption is permitted. The new standard, which will replace IAS 1 \u201cPresentation of Financial Statements\u201d, envisages significant changes regarding the disclosure and presentation requirements in reporting, with a particular focus on the Income Statement, with the aim of improving the comparability of financial statements, as well as increasing the transparency of business performance.
Firstly, IFRS 18 introduces in the Income Statement the following categories in which the entity is required to classify the respective costs and revenues: operating (income statement items deriving from the entity\u2019s core activity), investing and financing. The new
standard also requires that certain sub-totals be highlighted in the Income Statement.
Secondly, IFRS 18 innovates the disclosure requirements of \u201calternative performance measures\u201d (defining them as Management-defined Performance Measures- MPM) which will become an increasingly integral part of the financial statements and which must necessarily be reconciled with the reporting values.
Lastly, the new standard strengthens the criteria for grouping/selecting the information to be introduced in the financial statements, requiring greater consistency between the main items of the statements and what is argued and envisaged in the notes.
IASB - Disclosure on climate uncertainties and other uncertainties
On 28 November 2025, the IASB released the final version of a number of illustrative examples that describe how companies can apply the IFRS accounting standards to report the effects of uncertainties in their financial statements. Initially focused on climate-related risks, the scope of the IASB project was subsequently expanded to address other uncertainties in financial reporting, such as accounting estimates, judgements and impairment. Note that these illustrative examples do not have a date of entry into force, but the Board invited companies to ensure that there is consistency between climate-related uncertainties - and other uncertainties - and the mitigation actions discussed in the Management Report, in Sustainability Statement or in press releases of the company, with what is then reflected in the estimates, judgements and financial statement disclosures, as required by the IAS/IFRS accounting standards.
IASB - Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
On 10 July 2025, Regulation (EU) 2025/1331 was published, adopting the IASB document \u201cAnnual Improvements to IFRS Accounting Standards \u2013 Volume 11\u201d which, though not introducing new accounting standards, does pursue the aim of promoting greater consistency and comparability of application of the IFRS. The aforementioned amendments, applicable from 1 January 2026, concerned in particular the following accounting standards:
\u2022IFRS 1 \u201cFirst-time Adoption of IFRS\u201d, which clarifies the application methods for hedge accounting criteria envisaged in IFRS 9 for an entity adopting IFRS for the first time;
\u2022IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, which specifies which profit/loss elements qualify as \u201cgains/losses\u201d in the event of derecognition of financial instruments;
\u2022IFRS 9 \u201cFinancial Instruments\u201d, which provides more information on the disclosure relating to credit risk;
\u2022IFRS 10 \u201cConsolidated Financial Statements\u201d, which specifies the criteria for identifying a \u201cde facto agent\u201d exercising control of a company.
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IASB - Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7
Note that on 1 July 2025, Regulation (EU) 2025/1266 was published, concerning \u201cContracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7\u201d. The objective of the IASB intervention, launched in 2024, was to perfect the classification and measurement of the financial effects in the financial statements of nature-dependent electricity contracts, which are often structured as electricity purchase and sale agreements. In particular, the Board added a number of specific paragraphs to IFRS 9 \u201cFinancial Instruments\u201d and to IFRS 7 \u201cFinancial Instruments: Disclosures\u201d. The latter amendment introduced new disclosure requirements to provide investors with a clearer and more transparent view of the financial impact of these contracts (e.g. financial performance, future cash flows). The amendments entered into force on 1 January 2026.
IASB - Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7
On 28 May 2025, the IASB published Regulation (EU) 2025/1047 which adopts the \u201cAmendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7\u201d issued by the IASB on 30 May 2024 and forming part of the IFRS 9 \u201cFinancial Instruments\u201d Post Implementation Review (PIR) project, concluded in December 2022, deployed by the Board to assess financial instrument classification and measurement requirements. In this context, the IASB had stated that it did not find any material critical issue with regard to the clarity or adequacy of the objectives of the standards, without prejudice to some issues such as financial assets with ESG-linked features and cash via electronic transfer as settlement for a financial asset or liability. In detail, with regard to financial assets with ESG-linked features, the Board proposed some clarifications on the general principles of the SPPI test applicable to those instruments and also provided some application examples. The amendments entered into force on 1 January 2026.
Update on the main activities of the IASB/Authority on accounting matters
IASB - ED Risk Mitigation Accounting model
On 3 December 2025, the IASB published the Exposure Draft on the \u201cRisk Mitigation Accounting model\u201d, proposing a new accounting criterion to better reflect how financial institutions manage interest rate risk in their dynamic portfolios. In particular, the IASB proposes a new accounting model to represent in the financial statements how entities manage interest rate repricing risk through dynamic strategies and open portfolios, at the same time simplifying the numerous operational complexities and problems deriving from the current macro-hedge accounting pursuant to IAS 39/IFRS 9. The Exposure Draft will be in consultation until 31 July 2026.
IASB - Practice Statement 1 Management Commentary
On 24 June 2025, the IASB issued Practice Statement 1 \u201cManagement Commentary\u201d, aimed at promoting cohesion between the accompanying reports and the financial statements - in the strictest sense - prepared according to IFRS, with the aim of making the Management Report an even more strategic tool in terms of transparency of managerial decisions and market disclosure. Specifically, the Management Report should include more information about the business model, strategies, key resources, risks, performance and future prospects using a forward-looking approach, and must at the same time include multiple links to the remaining reporting documents of the companies as well as draw on relevant information used for internal purposes. This Guidance, as such, is not mandatory for companies though it in any case remains complementary to the IAS/IFRS accounting standards.
CONSOB - Amendment to Regulation no. 11971/1999, \u201cIssuers\u2019 Regulation\u201d, on sustainability reporting
In line with the CSRD Directive (Directive (EU) 2022/2464 - Corporate Sustainability Reporting Directive), CONSOB introduced new rules and controls on Corporate Sustainability Reporting, closely linked to accounting reporting, through the approval of Resolution no. 23463 of 12 March 2025 on amendments to Regulation no. 11971/1999 (Issuers\u2019 Regulation - IR). In general, the amendments concerned aspects relating to the certification, governance and content of these reports, with impacts also on the notes to the financial statements.
In detail, CONSOB introduced Art. 89-quinquies on the methods and terms of the Authority\u2019s control over sustainability reporting as part of its supervisory scope, determined annually, considering the risks to the fairness and completeness of sustainability information disclosed to the market, as well as the need to supervise all information provided by issuers.
Lastly, CONSOB included a specific template for the certification of sustainability reporting by senior executives, which supplements the templates already envisaged for financial statements and other corporate documents (Annex 3C-ter).
CONSOB/Bank of Italy Communication \u201cCrypto-assets and financial reporting\u201d
With the entry into force of Regulation (EU) no. 2023/1114 (Markets in Crypto-Assets Regulation, or MiCAR), which introduced the harmonised regulatory framework applicable to crypto-assets in the European Union, which was initiated in 2020 with the publication of the Digital Finance Package by the European Commission, on 6 March 2025 Consob and the Bank of Italy issued a Communication to listed companies concerning reporting in the financial statements on investments held in crypto-assets as well as the in-depth audits to be performed by the auditors on the matter, justified by the particular risk inherent in this type of instrument. In detail, even without introducing ad hoc reporting obligations, in order to pursue greater accounting transparency the above-mentioned Authorities reiterated the importance of providing disclosures in the financial statements to allow for an understanding of the effects of crypto-assets on the investor\u2019s equity, profit and loss and financial situation, in light of the exposure and risk linked to the positions held, starting, in any case, from the applicable IAS/IFRS accounting standards.
______________________________________________________________________________________________________
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 16
The 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
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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 (Units of Account - UoAs) 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 (Unit of Account - 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 Building Block Approach (BBA) and Premium Allocation Approach (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 contractual service margin (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 Investments
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.
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). As previously indicated, it is specified that the Group applies the provisions of IFRS 9 in accounting for its hedging transactions, with the exception of any future portfolio hedging operations (so-called \u201cmacro-hedging\u201d), for which it instead exercises the option to continue applying the provisions of the previously applicable 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.
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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 bonds, structured and unstructured, 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 bonds, structured and unstructured, with particular regard to the SPPI test.
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 2025, 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 macroeconomic factors on which the lifetime expected loss depends. It should be noted that the quantification of the ECL applicable to each debt instrument classified under financial assets measured at amortised cost or FVOCI, as it is mainly based on external ratings, also incorporates the expectations of the effects deriving from expected future losses due to climate change.
4.3 Financial assets at amortised cost - IFRS 9
This financial statement 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 interests 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.
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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 assets.
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 assets
The 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 Working Group on the application of IAS/IFRS, this item also includes tax credits relating to tax subsidies (such as the \u201cecobonus\u201d and the \u201csismabonus\u201d) 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.
In particular, note the recognition among other assets of the receivable referring to payments, as envisaged in the Budget Law 2025, of stamp duty on life policies in Classes III and V referred to in Art. 2, paragraph 1, Legislative Decree no. 209 of 7 September 2005, classified under financial liabilities (pursuant to IFRS 9) as required by \u201cBank of Italy-Consob-IVASS Working Group\u201d Document no. 10 of 30 January 2026.
7 Cash and cash equivalents - IAS 7
Cash and cash equivalents include cash on hand, cash in current accounts available on demand, and term deposits for periods not exceeding 15 days.
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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 companies 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 9
Provisions 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:
\u2022
the 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;
\u2022
the 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:
\u2022
that the policyholder obtains a return linked to a group of clearly identified underlying assets;
\u2022
that the issuer expects to recognise a significant share of the returns generated by the fair value of the underlying assets;
\u2022
that 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:
\u2022
that they may represent a significant share of the total contractual benefits;
\u2022
the amount and timing of which are at the discretion of the Company;
\u2022
that 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:
\u2022
index-linked, where the sum insured in the event of death corresponds to the value of the asset plus a small percentage;
\u2022
unit-linked, where the sum insured in the event of death corresponds to the NAV plus a small percentage;
\u2022
pension 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.
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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 the investment component, 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 Insurance 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, etc.) 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 contracts
By 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 (or 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 requires the recognition of a single liability (\u201cLiability for Remaining Coverage\u201d or LRC) without explicitly distinguishing between the relative components identified above in the previous paragraphs, 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.
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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 and develops reasonable assumptions concerning the weather events that could worsen due to climate change.
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. That approach entails the identification of a risk free curve adjusted based on an Illiquidity Premium that expresses the characteristics of illiquidity of the 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 method identified by the Group for the determination of the Illiquidity Premium is consistent with the Solvency II methodology for the determination of the Volatility Adjustment, but uses the actual portfolio of assets underlying the insurance liabilities instead of the EIOPA reference portfolio, and requires the application of an illiquidity ratio in order to reflect the different level of illiquidity of insurance contracts. 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 2025 and 2024 are summarised below.
Discount rates (zero coupon rate) for cash flows not dependent on underlying assets

Years

31/12/2025

31/12/2024

1

2,18%

2,41%

2

2,26%

2,27%

3

2,38%

2,27%

4

2,49%

2,29%

5

2,58%

2,32%

10

2,96%

2,44%

15

3,21%

2,51%

20

3,31%

2,43%

30

3,37%

2,85%

Discount rates (zero coupon rate) for cash flows dependent on underlying assets

Years

31/12/2025

31/12/2024

1

2,43%

2,81%

2

2,51%

2,67%

3

2,63%

2,67%

4

2,74%

2,69%

5

2,83%

2,72%

10

3,21%

2,84%

15

3,46%

2,91%

20

3,56%

2,83%

30

3,58%

2,85%

Calculation of the adjustment for non-financial risks \u2013 RA
The Group has adopted a method for 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, including, among others, those affected by the dynamics of climate change. The diversification benefits existing between the various UOAs are also taken into account. 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 99th 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 \"coverage units\".
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 \"incurred undiscounted\" 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 option
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 \"locked-in\" 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 (\"mirroring\").
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).
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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 (UOAs) 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 (UOAs) 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 due to lessors following the recognition of a 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 benefit 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 application of IFRS 17 and the liability for the share of the annual contribution to the Life insurance guarantee fund.
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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 period; 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 17
The 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.
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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 Comprehensive income statement.
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 expenses
The 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.
In particular, the charges deriving from discounting of the stamp duty credit relating to life policies classified as financial liabilities (pursuant to IFRS 9) as well as the related income from recapitalisation, subsequent to initial recognition, as envisaged in \u201cBank of Italy-Consob-IVASS Working Group\u201d Document no. 10 of 30 January 2026.
20. Income tax
Pursuant to Art. 117 et seq. of Italian Presidential Decree 917/1986 and Italian Ministerial Decree of 9 June 2004, the Parent Unipol participates, as consolidating company, in the IRES tax consolidation regime, with 45 companies taking part 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 operations
The 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.
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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 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\u2019 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.
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New accounting standards
The changes to the accounting standards previously in force are summarised below, whose application took effect from 1 January 2025, for which no accounting impacts worthy of note were recorded.
IFRS 9 - Hedge Accounting
Starting from 1 January 2025, with the exception of any future portfolio fair value hedges of interest rate risk (\u201cMacro fair value hedge\u201d), the Group ceased to exercise the right to recognise hedging transactions according to the accounting model set forth in IAS 39 in the version endorsed by the European Union and therefore applied the hedge accounting rules set forth in IFRS 9 to these transactions.
The adoption of the principles set forth in IFRS 9 makes it possible to more effectively and substantially align the risk management approaches underlying hedging transactions with the relative presentation in the accounts. Indeed, IFRS 9 simplifies the requirements concerning the documentation of hedge effectiveness and expands the categories of hedging strategies eligible for hedge accounting, favouring more transparent and useful financial reporting for stakeholders.
With reference to hedging transactions in progress at the end of the previous year and at that time accounted for in accordance with IAS 39, the transition to IFRS 9 had no impact on the effectiveness assessment of existing hedging relationships, nor did it entail any appreciable changes to the comparative balance sheet and income statement figures for 2024.
Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates
Regulation (EU) 2024/2862 implemented the amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d issued by the IASB on 15 August 2023. The amendments contain details of the requirements that an entity must consider to establish when a currency is convertible into another currency, as well as specific additional disclosures to be provided in the notes to the financial statements. In addition, the new provisions require an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. Lastly, the Regulation also provides an operating guide that should support companies in the phase of verifying any conversion of currencies.
Updating of the EU ESEF Regulation - Financial statements in the single electronic reporting format
On 15 January 2025, the sixth version of Regulation (EU) 2025/19 of 26 September 2024 was published, which amends the regulatory technical standards laid down in Regulation (EU) 2019/815 as regards the 2024 update of the Taxonomy for the single electronic reporting format (ESEF). As is known, the Transparency Directive (2004/109/EC) required listed companies to publish their annual report in the single electronic reporting format. To this end, the ESEF Regulation, as supplemented by national regulations, then 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.
Bank of Italy, Consob and IVASS Document no. 10 - Treatment of stamp duty on life insurance policies classified as financial liabilities
Note that on 30 January 2026 the Bank of Italy, Consob and IVASS issued Document no. 10, in order to provide interpretative clarifications on the application of IAS/IFRS with reference to the regulatory changes introduced by the Budget Law 2025 on the treatment of stamp duty on life policies. Specifically, from 2025, insurance companies are required to pay stamp duty on life policies annually and, as regards policies existing at 1 January 2025, the regulations envisage a four-year payment plan for the portion of tax accrued previously. In addition, this rule establishes that insurance companies may only recover the amounts paid from customers when the benefit is paid out (upon expiry or surrender of the policy).
In the specific case of recognising stamp duty relating to life policies classified as financial liabilities, in Document no. 10, the Authorities provide the following accounting guidance on the \u201casset from customers\u201d that originates from the payment of this tax: the initial recognition should be at its present value - if the effect deriving from discounting is significant - and the difference between the nominal value and the present value of the asset should be recorded as a charge in the Income Statement. This asset should also be classified under the item \u201cOther assets\u201d in the Statement of Financial Position and, with reference to the representation of charges and income in the income statement, these should also be included in a residual item. Lastly, the Bank of Italy, Consob and IVASS require adequate disclosure in the financial statements of the classification and measurement criteria used and the chosen discounting method. Lastly,
the Bank of Italy, Consob and IVASS require adequate disclosure in the financial statements of the classification and measurement criteria used and the chosen discounting method.
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.
IASB - IFRS 18 Presentation and Disclosure in Financial Statements
It should be noted that on 13 February 2026, Regulation (EU) 2026/338 was published, concerning the endorsement of IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d issued by the IASB on 9 April 2024 and applicable from 1 January 2027, though early adoption is permitted. The new standard, which will replace IAS 1 \u201cPresentation of Financial Statements\u201d, envisages significant changes regarding the disclosure and presentation requirements in reporting, with a particular focus on the Income Statement, with the aim of improving the comparability of financial statements, as well as increasing the transparency of business performance.
Firstly, IFRS 18 introduces in the Income Statement the following categories in which the entity is required to classify the respective costs and revenues: operating (income statement items deriving from the entity\u2019s core activity), investing and financing. The new
standard also requires that certain sub-totals be highlighted in the Income Statement.
Secondly, IFRS 18 innovates the disclosure requirements of \u201calternative performance measures\u201d (defining them as Management-defined Performance Measures- MPM) which will become an increasingly integral part of the financial statements and which must necessarily be reconciled with the reporting values.
Lastly, the new standard strengthens the criteria for grouping/selecting the information to be introduced in the financial statements, requiring greater consistency between the main items of the statements and what is argued and envisaged in the notes.
IASB - Disclosure on climate uncertainties and other uncertainties
On 28 November 2025, the IASB released the final version of a number of illustrative examples that describe how companies can apply the IFRS accounting standards to report the effects of uncertainties in their financial statements. Initially focused on climate-related risks, the scope of the IASB project was subsequently expanded to address other uncertainties in financial reporting, such as accounting estimates, judgements and impairment. Note that these illustrative examples do not have a date of entry into force, but the Board invited companies to ensure that there is consistency between climate-related uncertainties - and other uncertainties - and the mitigation actions discussed in the Management Report, in Sustainability Statement or in press releases of the company, with what is then reflected in the estimates, judgements and financial statement disclosures, as required by the IAS/IFRS accounting standards.
IASB - Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
On 10 July 2025, Regulation (EU) 2025/1331 was published, adopting the IASB document \u201cAnnual Improvements to IFRS Accounting Standards \u2013 Volume 11\u201d which, though not introducing new accounting standards, does pursue the aim of promoting greater consistency and comparability of application of the IFRS. The aforementioned amendments, applicable from 1 January 2026, concerned in particular the following accounting standards:
\u2022IFRS 1 \u201cFirst-time Adoption of IFRS\u201d, which clarifies the application methods for hedge accounting criteria envisaged in IFRS 9 for an entity adopting IFRS for the first time;
\u2022IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, which specifies which profit/loss elements qualify as \u201cgains/losses\u201d in the event of derecognition of financial instruments;
\u2022IFRS 9 \u201cFinancial Instruments\u201d, which provides more information on the disclosure relating to credit risk;
\u2022IFRS 10 \u201cConsolidated Financial Statements\u201d, which specifies the criteria for identifying a \u201cde facto agent\u201d exercising control of a company.
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IASB - Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7
Note that on 1 July 2025, Regulation (EU) 2025/1266 was published, concerning \u201cContracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7\u201d. The objective of the IASB intervention, launched in 2024, was to perfect the classification and measurement of the financial effects in the financial statements of nature-dependent electricity contracts, which are often structured as electricity purchase and sale agreements. In particular, the Board added a number of specific paragraphs to IFRS 9 \u201cFinancial Instruments\u201d and to IFRS 7 \u201cFinancial Instruments: Disclosures\u201d. The latter amendment introduced new disclosure requirements to provide investors with a clearer and more transparent view of the financial impact of these contracts (e.g. financial performance, future cash flows). The amendments entered into force on 1 January 2026.
IASB - Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7
On 28 May 2025, the IASB published Regulation (EU) 2025/1047 which adopts the \u201cAmendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7\u201d issued by the IASB on 30 May 2024 and forming part of the IFRS 9 \u201cFinancial Instruments\u201d Post Implementation Review (PIR) project, concluded in December 2022, deployed by the Board to assess financial instrument classification and measurement requirements. In this context, the IASB had stated that it did not find any material critical issue with regard to the clarity or adequacy of the objectives of the standards, without prejudice to some issues such as financial assets with ESG-linked features and cash via electronic transfer as settlement for a financial asset or liability. In detail, with regard to financial assets with ESG-linked features, the Board proposed some clarifications on the general principles of the SPPI test applicable to those instruments and also provided some application examples. The amendments entered into force on 1 January 2026.
Update on the main activities of the IASB/Authority on accounting matters
IASB - ED Risk Mitigation Accounting model
On 3 December 2025, the IASB published the Exposure Draft on the \u201cRisk Mitigation Accounting model\u201d, proposing a new accounting criterion to better reflect how financial institutions manage interest rate risk in their dynamic portfolios. In particular, the IASB proposes a new accounting model to represent in the financial statements how entities manage interest rate repricing risk through dynamic strategies and open portfolios, at the same time simplifying the numerous operational complexities and problems deriving from the current macro-hedge accounting pursuant to IAS 39/IFRS 9. The Exposure Draft will be in consultation until 31 July 2026.
IASB - Practice Statement 1 Management Commentary
On 24 June 2025, the IASB issued Practice Statement 1 \u201cManagement Commentary\u201d, aimed at promoting cohesion between the accompanying reports and the financial statements - in the strictest sense - prepared according to IFRS, with the aim of making the Management Report an even more strategic tool in terms of transparency of managerial decisions and market disclosure. Specifically, the Management Report should include more information about the business model, strategies, key resources, risks, performance and future prospects using a forward-looking approach, and must at the same time include multiple links to the remaining reporting documents of the companies as well as draw on relevant information used for internal purposes. This Guidance, as such, is not mandatory for companies though it in any case remains complementary to the IAS/IFRS accounting standards.
CONSOB - Amendment to Regulation no. 11971/1999, \u201cIssuers\u2019 Regulation\u201d, on sustainability reporting
In line with the CSRD Directive (Directive (EU) 2022/2464 - Corporate Sustainability Reporting Directive), CONSOB introduced new rules and controls on Corporate Sustainability Reporting, closely linked to accounting reporting, through the approval of Resolution no. 23463 of 12 March 2025 on amendments to Regulation no. 11971/1999 (Issuers\u2019 Regulation - IR). In general, the amendments concerned aspects relating to the certification, governance and content of these reports, with impacts also on the notes to the financial statements.
In detail, CONSOB introduced Art. 89-quinquies on the methods and terms of the Authority\u2019s control over sustainability reporting as part of its supervisory scope, determined annually, considering the risks to the fairness and completeness of sustainability information disclosed to the market, as well as the need to supervise all information provided by issuers.
Lastly, CONSOB included a specific template for the certification of sustainability reporting by senior executives, which supplements the templates already envisaged for financial statements and other corporate documents (Annex 3C-ter).
CONSOB/Bank of Italy Communication \u201cCrypto-assets and financial reporting\u201d
With the entry into force of Regulation (EU) no. 2023/1114 (Markets in Crypto-Assets Regulation, or MiCAR), which introduced the harmonised regulatory framework applicable to crypto-assets in the European Union, which was initiated in 2020 with the publication of the Digital Finance Package by the European Commission, on 6 March 2025 Consob and the Bank of Italy issued a Communication to listed companies concerning reporting in the financial statements on investments held in crypto-assets as well as the in-depth audits to be performed by the auditors on the matter, justified by the particular risk inherent in this type of instrument. In detail, even without introducing ad hoc reporting obligations, in order to pursue greater accounting transparency the above-mentioned Authorities reiterated the importance of providing disclosures in the financial statements to allow for an understanding of the effects of crypto-assets on the investor\u2019s equity, profit and loss and financial situation, in light of the exposure and risk linked to the positions held, starting, in any case, from the applicable IAS/IFRS accounting standards.
______________________________________________________________________________________________________
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f146944": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f146947": { "value": "
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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f147080": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f147259": { "value": "
2 Property, plant and equipment - IAS 16 and IFRS 16
The 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
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact5": { "value": "
The 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
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.
negative changes deriving from depreciation
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact46": { "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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f147648": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact6": { "value": "
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.
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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact7": { "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 (Units of Account - UoAs) 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 (Unit of Account - 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 Building Block Approach (BBA) and Premium Allocation Approach (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 contractual service margin (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 assets
The 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.
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.
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:
\u2022
the 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;
\u2022
the 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:
\u2022
that the policyholder obtains a return linked to a group of clearly identified underlying assets;
\u2022
that the issuer expects to recognise a significant share of the returns generated by the fair value of the underlying assets;
\u2022
that 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:
\u2022
that they may represent a significant share of the total contractual benefits;
\u2022
the amount and timing of which are at the discretion of the Company;
\u2022
that 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:
\u2022
index-linked, where the sum insured in the event of death corresponds to the value of the asset plus a small percentage;
\u2022
unit-linked, where the sum insured in the event of death corresponds to the NAV plus a small percentage;
\u2022
pension 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.
\"[IMAGE]\"
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 the investment component, 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 Insurance 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, etc.) 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 contracts
By 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 (or 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 requires the recognition of a single liability (\u201cLiability for Remaining Coverage\u201d or LRC) without explicitly distinguishing between the relative components identified above in the previous paragraphs, 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.
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.
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 (UOAs) 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 (UOAs) 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 17
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact11": { "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 (Units of Account - UoAs) 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 assets
The 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.
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.
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:
\u2022
the 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;
\u2022
the 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:
\u2022
that the policyholder obtains a return linked to a group of clearly identified underlying assets;
\u2022
that the issuer expects to recognise a significant share of the returns generated by the fair value of the underlying assets;
\u2022
that 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:
\u2022
that they may represent a significant share of the total contractual benefits;
\u2022
the amount and timing of which are at the discretion of the Company;
\u2022
that 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:
\u2022
index-linked, where the sum insured in the event of death corresponds to the value of the asset plus a small percentage;
\u2022
unit-linked, where the sum insured in the event of death corresponds to the NAV plus a small percentage;
\u2022
pension 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.
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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 the investment component, 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 Insurance 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, etc.) 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 contracts
By 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 (or 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 requires the recognition of a single liability (\u201cLiability for Remaining Coverage\u201d or LRC) without explicitly distinguishing between the relative components identified above in the previous paragraphs, 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.
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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 and develops reasonable assumptions concerning the weather events that could worsen due to climate change.
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. That approach entails the identification of a risk free curve adjusted based on an Illiquidity Premium that expresses the characteristics of illiquidity of the 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 method identified by the Group for the determination of the Illiquidity Premium is consistent with the Solvency II methodology for the determination of the Volatility Adjustment, but uses the actual portfolio of assets underlying the insurance liabilities instead of the EIOPA reference portfolio, and requires the application of an illiquidity ratio in order to reflect the different level of illiquidity of insurance contracts. 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 2025 and 2024 are summarised below.
Discount rates (zero coupon rate) for cash flows not dependent on underlying assets

Years

31/12/2025

31/12/2024

1

2,18%

2,41%

2

2,26%

2,27%

3

2,38%

2,27%

4

2,49%

2,29%

5

2,58%

2,32%

10

2,96%

2,44%

15

3,21%

2,51%

20

3,31%

2,43%

30

3,37%

2,85%

Discount rates (zero coupon rate) for cash flows dependent on underlying assets

Years

31/12/2025

31/12/2024

1

2,43%

2,81%

2

2,51%

2,67%

3

2,63%

2,67%

4

2,74%

2,69%

5

2,83%

2,72%

10

3,21%

2,84%

15

3,46%

2,91%

20

3,56%

2,83%

30

3,58%

2,85%

Calculation of the adjustment for non-financial risks \u2013 RA
The Group has adopted a method for 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, including, among others, those affected by the dynamics of climate change. The diversification benefits existing between the various UOAs are also taken into account. 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 99th 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 \"coverage units\".
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 \"incurred undiscounted\" 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 option
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 \"locked-in\" 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 (\"mirroring\").
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 (UOAs) 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 (UOAs) 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 period; 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 Comprehensive income statement.
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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.
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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.
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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). As previously indicated, it is specified that the Group applies the provisions of IFRS 9 in accounting for its hedging transactions, with the exception of any future portfolio hedging operations (so-called \u201cmacro-hedging\u201d), for which it instead exercises the option to continue applying the provisions of the previously applicable 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.
\"[IMAGE]\"
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 bonds, structured and unstructured, 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 bonds, structured and unstructured, with particular regard to the SPPI test.
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 2025, 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 macroeconomic factors on which the lifetime expected loss depends. It should be noted that the quantification of the ECL applicable to each debt instrument classified under financial assets measured at amortised cost or FVOCI, as it is mainly based on external ratings, also incorporates the expectations of the effects deriving from expected future losses due to climate change.
4.3 Financial assets at amortised cost - IFRS 9
This financial statement 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 interests 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.
\"[IMAGE]\"
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 assets.
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 assets
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f148713": { "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). As previously indicated, it is specified that the Group applies the provisions of IFRS 9 in accounting for its hedging transactions, with the exception of any future portfolio hedging operations (so-called \u201cmacro-hedging\u201d), for which it instead exercises the option to continue applying the provisions of the previously applicable 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.
\"[IMAGE]\"
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 bonds, structured and unstructured, 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 bonds, structured and unstructured, with particular regard to the SPPI test.
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 2025, 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 macroeconomic factors on which the lifetime expected loss depends. It should be noted that the quantification of the ECL applicable to each debt instrument classified under financial assets measured at amortised cost or FVOCI, as it is mainly based on external ratings, also incorporates the expectations of the effects deriving from expected future losses due to climate change.
4.3 Financial assets at amortised cost - IFRS 9
This financial statement 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 interests 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.
\"[IMAGE]\"
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 assets.
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 assets
The 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f148802": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact12": { "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). As previously indicated, it is specified that the Group applies the provisions of IFRS 9 in accounting for its hedging transactions, with the exception of any future portfolio hedging operations (so-called \u201cmacro-hedging\u201d), for which it instead exercises the option to continue applying the provisions of the previously applicable 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 income
Information on hedging transactions
Fair value hedges
Amounts in \u20acm

Hedging instrument

\u00a0

Line item in the statement of financial position including the hedging instruments

Nominal amount

Carrying amount\u00a0(*)

Change in fair value

\u00a0

4.1 a) Financial liabilities held-for trading

353

\u00a0

46

\u00a0

(*) value equal to zero, as the instruments are margined daily through a clearing broker

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedged item

Line item in the statement of financial position including the hedged instruments

Nominal amount

Carrying amount

Change in fair value

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

353

237

(41)

(39)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedge ineffectiveness

\u00a0

\u00a0

\u00a0

6 Gains/losses on financial assets and liabilities at fair value through profit or loss

46

\u00a0

\u00a0

\u00a0

8.5 Unrealised gains/losses

(41)

\u00a0

\u00a0

\u00a0

During 2025, no new transactions were carried out concerning fair value hedging.
Outstanding fair value hedges concern fixed rate bonds held by Unipol Assicurazioni, for which the interest rate risk was hedged through Interest Rate Swaps.
Positions existing at 31 December 2025
Existing positions at 31 December 2025 related to IRS contracts for a nominal value of \u20ac353.2m, to hedge fixed rate bond assets classified as FVOCI, with a hedged synthetic notional value of the same amount. At 31 December 2025, the fair value change relating to the hedged bonds came to a negative \u20ac41.2m, while the fair value change in IRSs amounted to a positive \u20ac45.9m, with a positive net economic effect of \u20ac4.7m, gross of the tax effect of \u20ac1.4m.
Cash flow hedges
Amounts in \u20acm

Hedging instrument

Line item in the statement of financial position including the hedging instruments

Nominal amount

Carrying amount

Change in fair value

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

782

(157)

15

(19)

15

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 2025
The existing positions at 31 December 2025 relate to cash flow hedges on bonds classified as FVOCI through IRS for a notional \u20ac781.5m (\u20ac411.5m at 31/12/2024).
The objective of these hedges is to transform the interest rate on financial assets from a floating rate to a fixed rate, stabilising the cash flows.
The cumulative effect on Shareholders\u2019 Equity in the Hedging reserve for gains or losses on cash flow hedges was a positive \u20ac18.8m (positive effect for \u20ac3.5m at 31/12/2024): net of tax, the positive impact was \u20ac13m (positive effect for \u20ac2.4m at 31/12/2024).
Positions closed at 31 December 2025
During the first half of 2025, a new cash flow hedge transaction was activated in relation to the expected sale of part of the BPER shares, also in relation to the proposed participation in the purchase and exchange offer promoted by BPER on Banca Popolare di Sondrio (\u201cBPSO\u201d), by entering into an equity forward contract on 82 million ordinary shares, with the possibility of settlement, even partial, at the discretion of Unipol Assicurazioni through physical delivery or in cash. In greater detail, the aim of the hedge is to stabilise cash flows deriving from the disposal of BPER shares.
The equity forward contract was settled in full on 1 October, partly through the physical delivery of 73.1m BPER shares against the collection of a consideration of \u20ac444.7m and, for the remaining portion of the nominal value (8.9m BPER shares), through payment to the counterparty of \u20ac27m. The total net charge realised on the equity forward contract was recognised, for the portion qualifying as effective in the hedged transaction, under the item Gains/losses on investments in associates and interests in joint ventures to offset the capital gains recognised following the disposals of BPER shares in July and October 2025 and, for the remainder, under Gains/losses on financial assets and liabilities at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f148884": { "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). As previously indicated, it is specified that the Group applies the provisions of IFRS 9 in accounting for its hedging transactions, with the exception of any future portfolio hedging operations (so-called \u201cmacro-hedging\u201d), for which it instead exercises the option to continue applying the provisions of the previously applicable 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact9": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact10": { "value": "
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 assets.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f152452": { "value": "
5 Other financial assets
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact13": { "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 operations
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f152552": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f152553": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact15": { "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 and Italian Ministerial Decree of 9 June 2004, the Parent Unipol participates, as consolidating company, in the IRES tax consolidation regime, with 45 companies taking part 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact14": { "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 and Italian Ministerial Decree of 9 June 2004, the Parent Unipol participates, as consolidating company, in the IRES tax consolidation regime, with 45 companies taking part 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f153130": { "value": "
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 Working Group on the application of IAS/IFRS, this item also includes tax credits relating to tax subsidies (such as the \u201cecobonus\u201d and the \u201csismabonus\u201d) 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.
In particular, note the recognition among other assets of the receivable referring to payments, as envisaged in the Budget Law 2025, of stamp duty on life policies in Classes III and V referred to in Art. 2, paragraph 1, Legislative Decree no. 209 of 7 September 2005, classified under financial liabilities (pursuant to IFRS 9) as required by \u201cBank of Italy-Consob-IVASS Working Group\u201d Document no. 10 of 30 January 2026.
7 Cash and cash equivalents - IAS 7
Cash 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f153521": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f153526": { "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 companies 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f153840": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact16": { "value": "
2 Provisions for risks and charges - IAS 37 and IFRS 9
Provisions 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f159800": { "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 due to lessors following the recognition of a 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f159852": { "value": "
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 due to lessors following the recognition of a 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f159987": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f160082": { "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 benefit 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f160083": { "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 benefit 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact17": { "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 period; 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.
In particular, the charges deriving from discounting of the stamp duty credit relating to life policies classified as financial liabilities (pursuant to IFRS 9) as well as the related income from recapitalisation, subsequent to initial recognition, as envisaged in \u201cBank of Italy-Consob-IVASS Working Group\u201d Document no. 10 of 30 January 2026.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact18": { "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 period; 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
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 17
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact19": { "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 17
The 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 expenses
The 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.
In particular, the charges deriving from discounting of the stamp duty credit relating to life policies classified as financial liabilities (pursuant to IFRS 9) as well as the related income from recapitalisation, subsequent to initial recognition, as envisaged in \u201cBank of Italy-Consob-IVASS Working Group\u201d Document no. 10 of 30 January 2026.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f161163": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact20": { "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 Comprehensive income statement.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f161802": { "value": "and maintenance expenses that do not increase the value of the investment property", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact45": { "value": "impairment losses.
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.
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.
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.
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 2025, were:
-Non-Life CGU: Unipol Assicurazioni \u2013 Non-Life
-Life CGU: Unipol Assicurazioni \u2013 Life
In relation to the measurement methods and benchmarks adopted to estimate the recoverable amount of goodwill, note that, as specified below, the same measurement criteria were adopted as for the previous year, with benchmark updating arranged at the end of 2025.
The impairment testing of the Non-Life CGU was performed as follows:
-the recoverable amount of Unipol Assicurazioni - Non-Life goodwill was measured using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model);
impairment testing of the Life CGU was performed as follows:
-the recoverable amount of Unipol Assicurazioni - Life goodwill was measured using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The results obtained 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 2025.
\"[IMAGE]\"

Non-Life CGU/Life CGU

Valuation method used

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.

Net profits used

The above net profits were considered.

Projection period

Five prospective flows were considered.

Non-Life discount rate

A discount rate of 9.29% was used, broken down as follows:

- risk-free rate: 3.46%

- beta coefficient: 0.93

- risk premium: 5.68%

- specific risk premium: 0.40%

The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December)\u00a02025 was used for the risk-free rate.

A 2-year adjusted Beta coefficient for a sample of companies listed on the European market mainly 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.

Life discount rate

A discount rate of 9.90% was used, broken down as follows:

- risk-free rate: 3.46%

- beta coefficient: 1.13

- risk premium: 5.68%

The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December)\u00a02025 was used for the risk-free rate.

A 2-year adjusted Beta coefficient for a sample of companies listed on the European market mainly 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%, unchanged from the previous year, taking into account the updated macroeconomic scenario and an estimated impact of climatic factors.

Below are the results of the impairment tests along with the relevant sensitivity analyses:
Amounts in \u20acm

31/12/2025

Recoverable

amount (a)

Allocation of goodwill

Excess

Non-Life CGU

3,281

1,573

1,709

Life CGU

1,368

322

1,046

Total

4,649

1,895

2,754

(a): Recoverable amount obtained as the difference between the value of the CGU and the Adjusted Shareholders\u2019 equity

\u00a0

\u00a0

Parameters used - Non-Life

\u00a0

Risk Free

3.46%

Beta

0.96

Risk premium

5.68%

Specific risk premium

0.40%

Discounting rate

9.29%

Range

8.62% - 9.62%

Pass

0.25%

g factor

1.50%

Range

1% - 2%

Pass

0.25%

\u00a0

\u00a0

\u00a0

\u00a0

Parameters used - Life

\u00a0

Risk Free

3.46%

Beta

1.13

Risk premium

5.68%

Discounting rate

9.90%

Range

9.93% - 10.93%

Pass

0.0025

g factor

1.50%

Range

1% - 2%

Pass

0.0025

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Estimated g rate at the end of 2025

\u00a0

\u00a0

Stima PIL reale Cagr medio al 2030

(a)

0.50%

Stima impatto fattori climatici

(b)

(0.47)%

Stima PIL reale Cagr medio al 2029 netto (a) - (b)

(c)

0.03%

Stima Inflazione al 2030

(d)

2.00%

Stima g a fine 2025

(e)

1.51%

Stima g rnd

\u00a0

1.50%

(e): media ponderata considerando (c) al 25% e (d) al 75%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

\u00a0

Min

Max

CGU

Value

g

Discounting rate

Value

g

Discounting rate

Unipol - Non-Life

1,709

1,381

1.00%

9.79%

2,119

2.00%

8.79%

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

Recoverable Amount - Goodwill Delta = 0

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

(g rate assumed to be 1.5)

(g rate assumed to be 0)

CGU

Min

Max

g

Discounting rate

g

Discounting rate

Unipol - Non-Life

1,709

1,381

2,119

1.50%

13.44%

0%

13.55%

Amounts in \u20acm

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

\u00a0

Min

Max

CGU

Value

g

Discounting rate

Value

g

Discounting rate

Unipol - Life

1,046

939

1.00%

10.40%

1,176

2.00%

9.40%

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

Recoverable Amount - Goodwill Delta = 0

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

(g rate assumed to be 1.5)

(g rate assumed to be 0)

CGU

Min

Max

g

Discounting rate

g

Discounting rate

Unipol - Life

1,046

939

1,176

1.50%

19.83%

0%

20.65%

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f161842": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact21": { "value": "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f163147": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f163188": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact22": { "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.
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.
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.
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.
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 2025, were:
-Non-Life CGU: Unipol Assicurazioni \u2013 Non-Life
-Life CGU: Unipol Assicurazioni \u2013 Life
In relation to the measurement methods and benchmarks adopted to estimate the recoverable amount of goodwill, note that, as specified below, the same measurement criteria were adopted as for the previous year, with benchmark updating arranged at the end of 2025.
The impairment testing of the Non-Life CGU was performed as follows:
-the recoverable amount of Unipol Assicurazioni - Non-Life goodwill was measured using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model);
impairment testing of the Life CGU was performed as follows:
-the recoverable amount of Unipol Assicurazioni - Life goodwill was measured using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The results obtained 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 2025.
\"[IMAGE]\"

Non-Life CGU/Life CGU

Valuation method used

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.

Net profits used

The above net profits were considered.

Projection period

Five prospective flows were considered.

Non-Life discount rate

A discount rate of 9.29% was used, broken down as follows:

- risk-free rate: 3.46%

- beta coefficient: 0.93

- risk premium: 5.68%

- specific risk premium: 0.40%

The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December)\u00a02025 was used for the risk-free rate.

A 2-year adjusted Beta coefficient for a sample of companies listed on the European market mainly 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.

Life discount rate

A discount rate of 9.90% was used, broken down as follows:

- risk-free rate: 3.46%

- beta coefficient: 1.13

- risk premium: 5.68%

The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December)\u00a02025 was used for the risk-free rate.

A 2-year adjusted Beta coefficient for a sample of companies listed on the European market mainly 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%, unchanged from the previous year, taking into account the updated macroeconomic scenario and an estimated impact of climatic factors.

Below are the results of the impairment tests along with the relevant sensitivity analyses:
Amounts in \u20acm

31/12/2025

Recoverable

amount (a)

Allocation of goodwill

Excess

Non-Life CGU

3,281

1,573

1,709

Life CGU

1,368

322

1,046

Total

4,649

1,895

2,754

(a): Recoverable amount obtained as the difference between the value of the CGU and the Adjusted Shareholders\u2019 equity

\u00a0

\u00a0

Parameters used - Non-Life

\u00a0

Risk Free

3.46%

Beta

0.96

Risk premium

5.68%

Specific risk premium

0.40%

Discounting rate

9.29%

Range

8.62% - 9.62%

Pass

0.25%

g factor

1.50%

Range

1% - 2%

Pass

0.25%

\u00a0

\u00a0

\u00a0

\u00a0

Parameters used - Life

\u00a0

Risk Free

3.46%

Beta

1.13

Risk premium

5.68%

Discounting rate

9.90%

Range

9.93% - 10.93%

Pass

0.0025

g factor

1.50%

Range

1% - 2%

Pass

0.0025

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Estimated g rate at the end of 2025

\u00a0

\u00a0

Stima PIL reale Cagr medio al 2030

(a)

0.50%

Stima impatto fattori climatici

(b)

(0.47)%

Stima PIL reale Cagr medio al 2029 netto (a) - (b)

(c)

0.03%

Stima Inflazione al 2030

(d)

2.00%

Stima g a fine 2025

(e)

1.51%

Stima g rnd

\u00a0

1.50%

(e): media ponderata considerando (c) al 25% e (d) al 75%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

\u00a0

Min

Max

CGU

Value

g

Discounting rate

Value

g

Discounting rate

Unipol - Non-Life

1,709

1,381

1.00%

9.79%

2,119

2.00%

8.79%

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

Recoverable Amount - Goodwill Delta = 0

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

(g rate assumed to be 1.5)

(g rate assumed to be 0)

CGU

Min

Max

g

Discounting rate

g

Discounting rate

Unipol - Non-Life

1,709

1,381

2,119

1.50%

13.44%

0%

13.55%

Amounts in \u20acm

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

\u00a0

Min

Max

CGU

Value

g

Discounting rate

Value

g

Discounting rate

Unipol - Life

1,046

939

1.00%

10.40%

1,176

2.00%

9.40%

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

Recoverable Amount - Goodwill Delta = 0

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

(g rate assumed to be 1.5)

(g rate assumed to be 0)

CGU

Min

Max

g

Discounting rate

g

Discounting rate

Unipol - Life

1,046

939

1,176

1.50%

19.83%

0%

20.65%

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact23": { "value": "
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 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\u2019 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.
Share-based compensation plans
The 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 former 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 former 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 former 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.
The 2025-2027 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 2027.
In April and July, 419,644 former UnipolSai shares and 773,265 Unipol shares were granted to eligible senior executives as long-term incentive for the 2019-21 financial year.
In May, 707 former UnipolSai shares and 3,670 Unipol shares were granted to eligible senior executives, as a short-term incentive for the years 2022 and 2024.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuers\u2019 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f164205": { "value": "
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 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\u2019 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f164363": { "value": "
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f164497": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f164498": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact24": { "value": "
Consolidation scope
The Unipol Group\u2019s Consolidated Financial Statements at 31 December 2025 have been drawn up by combining the figures of the Parent Unipol Assicurazioni and those of the 68 direct and indirect subsidiaries (IFRS 10).
Associates (9 companies) are measured using the equity method (IAS 28).
If equity investments in subsidiaries or associates are considered immaterial, they are maintained at cost when this is considered a reasonable approximation for this measurement method. At 31 December 2025, a total of 9 associates and subsidiaries were considered immaterial.
There are no jointly-controlled interests.
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 2024 and other transactions
On 27 June 2025, the contract was signed relating to the acquisition by Unipol Assicurazioni of the entire equity investment held by Banca Investis S.p.A. in BIM Vita S.p.A., equal to 50% of the share capital of the company; the transaction was completed on 29 July 2025 against the payment of \u20ac10m. As a result of the transaction, Unipol Assicurazioni holds 100% of the share capital of BIM Vita S.p.A.
On 26 June 2025, the Board of Directors of Unipol Assicurazioni approved its acceptance of the public purchase and exchange offer (\u201cOPAS\u201d) promoted by BPER on Banca Popolare di Sondrio shares. As a result of the Transaction, as described in the section \u201cInformation on significant events\u201d in the Financial Management Report, Unipol participated in the OPAS by transferring the entire equity investment in the associate Banca Popolare di Sondrio, and taking into account the sales and purchases of BPER shares that took place after the public exchange offer in July, at 31 December 2025 holds an investment equal to 19.94% of the total share capital of BPER.
On 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A. On finalisation of the demerger on 1 October 2025, Unipol derecognised the equity investment previously held in the associate Cronos Vita (already classified under Non-current assets held for sale) and recognised the assets and liabilities making up the business complex received through allocation.
On 3 October 2025, against payment of \u20ac2.4m, Irma S.r.l. (wholly-owned by Unipol Assicurazioni S.p.A.) finalised the acquisition of 100% of the share capital of Servizi Assicurativi e Finanziari S.r.l., or in abbreviated form \u201cEsseaffe\u201d.
On 14 July 2025, an agreement was signed between Unipol Finance S.p.A. and Opera Prima S.r.l. relating to the acquisition by Unipol Finance of the entire residual equity investment in the associated company Pegaso Finanziaria S.p.A. (\u201cPegaso\u201d), equal to 55% of the share capital.
After completion of this transaction on 19 November 2025 and against payment of \u20ac9.2m, through the subsidiary Unipol Finance, Unipol Assicurazioni holds 100% of the share capital of Pegaso.
\"[IMAGE]\"
The transaction gave Unipol Assicurazioni control over Pegaso and, taking into account the equity investments held by the latter, and also over Assicoop Bologna Metropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A. and Assicoop Toscana S.p.A., in which Unipol already held associate investments.
As a result of the transaction, Unipol also assumed (indirect) control of Distribuzione Prodotti Assicurativi S.r.l. (\u201cDipas\u201d) 64% owned by Assicoop Romagna Futura S.p.A. and an equity investment in the associates Universo S.r.l. and Assicia Servizi Assicurativi S.r.l.
On 3 December 2025, Assicoop Romagna Futura S.p.A. sold 4% of the share capital of Dipas.
On 29 September 2025, the extraordinary shareholders\u2019 meeting of Fin.Priv. S.r.l. approved the early winding-up of the company and its placement in liquidation.
On the basis of the final financial statements and the allocation plan, Unipol Assicurazioni S.p.A. received net assets for approximately \u20ac90m, consisting almost exclusively of cash and cash equivalents.
The company was cancelled from the Register of Companies on 5 December 2025.
On 30 September 2025, the merger by incorporation of Gratia et Salus S.r.l. into the direct parent company Societ\u00e0 e Salute S.p.A. became effective.
On 31 December 2025, after obtaining the authorisations/clearances from the competent authorities, the merger by incorporation into Arca Vita of the wholly-owned subsidiary Arca Vita International was finalised..
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 (Series 2024-1) 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 Unipol Assicurazioni earthquake risks in Italy and neighbouring countries with a 4-year maturity (04/2024 \u2013 03/2028). During 2024, the Group paid the special purpose vehicle a total of \u20ac4m as payment of the annual premium relating to the aforementioned reinsurance cover;
-Mercurio Fleet 2022 Srl is a vehicle company based in Italy and established in accordance with the provisions of Italian regulations on securitisations. The special purpose vehicle was established in order to guarantee UnipolRental the funding necessary to meet its operating requirements. 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 \u20ac35m, mainly due to interest expense of \u20ac38m, partially offset by financial income of \u20ac3m 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 \u20ac611m. It should be noted that this amount, corresponding to the collections made on segregated assets, is returned to UnipolRental on a monthly basis by Mercurio Fleet 2022 Srl, net of the financial and administrative expenses set forth in the contract as part of the securitisation transaction;
-Venere SPV Srl is a vehicle company based in Italy and established in accordance with the provisions of Italian regulations on securitisations. The special purpose vehicle was established in order to guarantee UnipolRental the funding necessary to meet its operating requirements. This company is financed through a senior bond with a value of \u20ac400m. 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 \u20ac19m, mainly due to interest expense of \u20ac18m, partially offset by financial income of \u20ac1m as remuneration of the liquidity reserve left available to the SPV. During the year, UnipolRental transferred to Venere SPV Srl, against the contractual agreements relating to the aforementioned loan, cash for \u20ac350m. It should be noted that this amount, corresponding to the collections made on segregated assets, is returned to UnipolRental on a monthly basis by Venere SPV Srl, net of the financial and administrative expenses set forth in the contract as part of the securitisation transaction.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 2024-1

\u00a0

7

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Mercurio Fleet 2022 SRL

2

663

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Venere SPV SRL

1

333

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact25": { "value": "
The Unipol Group\u2019s Consolidated Financial Statements at 31 December 2025 have been drawn up by combining the figures of the Parent Unipol Assicurazioni and those of the 68 direct and indirect subsidiaries (IFRS 10).
Associates (9 companies) are measured using the equity method (IAS 28).
If equity investments in subsidiaries or associates are considered immaterial, they are maintained at cost when this is considered a reasonable approximation for this measurement method. At 31 December 2025, a total of 9 associates and subsidiaries were considered immaterial.
4. Investments
At 31 December 2025, total Investments amounted to \u20ac76,997m (\u20ac68,189m at 31/12/2024) and are shown by type in the table below:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

% comp.

31/12/2024

% comp.

% var.

Investment property

1,963

2.5

2,080

3.1

(5.6)

Investments in associates and interests in joint ventures

3,124

4.1

2,942

4.3

6.2

Financial assets at amortised cost

1,826

2.4

2,081

3.1

(12.3)

Financial assets at fair value through OCI

48,008

62.4

42,644

62.5

12.6

Financial assets at fair value through profit or loss

22,076

28.7

18,442

27.0

19.7

Held-for-trading financial assets

618

0.8

185

0.3

233.8

Financial assets at fair value

14,544

18.9

11,980

17.6

21.4

Other financial assets mandatorily at fair value

6,914

9.0

6,277

9.2

10.1

Total Investiments

76,997

100.0

68,189

100.0

12.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Investments in associates and interests in joint ventures
At 31 December 2025, Investments in associates and joint ventures amounted to \u20ac3,124m (\u20ac2,942m at 31/12/2024). The item includes the interest in the associate BPER Banca for \u20ac3,103m (\u20ac2,009m at 31/12/2024).
Equity investments: information on shareholding relationships

Name

Country of

operations (1)

Country of registered

office

Business

activity (2)

Type of relationship (3)

% Direct holding

% Total participating

interest (4)

% Votes available at

ordinary General

Meetings

(5)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AssiCia Servizi Assicurativi S.r.l

\u00a0

086 - Italy

11

b

50.00%

25.75%

\u00a0

Assicoop Modena & Ferrara SpA

\u00a0

086 - Italy

11

b

43.75%

43.75%

\u00a0

Borsetto Srl

\u00a0

086 - Italy

10

b

44.93%

44.93%

\u00a0

BPER Banca SpA

\u00a0

086 - Italy

7

b

19.94%

19.94%

\u00a0

Ddor Garant

\u00a0

289 - Serbia

11

b

40.00%

40.00%

\u00a0

Funivie del Piccolo San Bernardo SpA

\u00a0

086 - Italy

11

b

23.55%

23.55%

\u00a0

SCS Azioninnova SpA

\u00a0

086 - Italy

11

b

42.85%

42.85%

\u00a0

Uci - Ufficio Centrale Italiano

\u00a0

086 - Italy

11

b

38.43%

38.42%

\u00a0

Universo S.r.l

\u00a0

086 - Italy

11

b

50.00%

31.00%

\u00a0

(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

Name

Type of relationship (1)

Book value

Fair value

Dividends received

Associates

\u00a0

\u00a0

\u00a0

\u00a0

BPER Banca SpA

b

3,103

4,544

208

Total

\u00a0

3,103

4,544

208

(1) b= associates; c= joint venture
\"[IMAGE]\"
Significant equity investments: accounting information
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

Investments

Other assets

Cash and cash equivalents

Insurance liabilities

Financial liabilities

Total revenue

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)

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. BPER Banca SpA

178,769

14,200

11,681

\u00a0

179,185

7,852

(399)

2,723

1,880

\u00a0

1,880

(9)

1,871

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

31/12/2025

31/12/2024

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

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 BPER Banca SpA

2,009

378

208

3,103

1,805

288

84

2,009

2.\u00a0\u00a0 Banca Popolare di Sondrio SpA

824

69

72

\u00a0

754

120

50

824

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-significant equity investments: accounting information
Amounts in \u20acm

Name

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)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

21

4

\u00a0

4

\u00a0

4

31/12/2024

109

9

\u00a0

9

12

20

It should be noted that BPER Banca, in which the Unipol Group holds 19.94% of the share capital, has been classified as an investment in associates as it is subject to significant influence by the Parent and consequently 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 company and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investee, as well as the appointment of certain members of the administrative body.
.
6. Gains/losses on financial assets and liabilities at fair value through profit or loss
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Net gains/losses::

\u00a0

\u00a0

\u00a0

on other financial assets mandatorily at fair value

469

472

(0.6)

on financial assets/liabilities at fair value through profit or loss

50

60

(17.4)

Total net gains/losses

990

572

73.1

\u00a0

\u00a0

\u00a0

\u00a0

7. Gains/losses on investments in associates and interests in joint ventures
At 31 December 2025, they amounted to \u20ac703m (\u20ac393m at 31/12/2024) and included the contribution of the consolidation using the equity method of BPER Banca and that of Banca Popolare di Sondrio up to 30 June 2025. In particular, at 31 December 2025, the item included:
-the pro-rata result of BPER Banca, equal to \u20ac363m, and the pro-rata result for the first six months of 2025 of Banca Popolare di Sondrio of \u20ac67m (at 31/12/2024 \u20ac278m relating to BPER Banca and \u20ac115m to Banca Popolare di Sondrio);
-net income of \u20ac261m arising from completion of the public purchase and exchange offer on Banca Popolare di Sondrio shares and from the sale of BPER shares. Note that the amount of this net income was calculated by taking into account, with reference to the sale of BPER shares, the effects of the cash flow hedge, described in the previous paragraph Cash flow hedging, for the portion of the change in fair value of the hedging derivative qualifying as effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact26": { "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 (Series 2024-1) 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 Unipol Assicurazioni earthquake risks in Italy and neighbouring countries with a 4-year maturity (04/2024 \u2013 03/2028). During 2024, the Group paid the special purpose vehicle a total of \u20ac4m as payment of the annual premium relating to the aforementioned reinsurance cover;
-Mercurio Fleet 2022 Srl is a vehicle company based in Italy and established in accordance with the provisions of Italian regulations on securitisations. The special purpose vehicle was established in order to guarantee UnipolRental the funding necessary to meet its operating requirements. 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 \u20ac35m, mainly due to interest expense of \u20ac38m, partially offset by financial income of \u20ac3m 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 \u20ac611m. It should be noted that this amount, corresponding to the collections made on segregated assets, is returned to UnipolRental on a monthly basis by Mercurio Fleet 2022 Srl, net of the financial and administrative expenses set forth in the contract as part of the securitisation transaction;
-Venere SPV Srl is a vehicle company based in Italy and established in accordance with the provisions of Italian regulations on securitisations. The special purpose vehicle was established in order to guarantee UnipolRental the funding necessary to meet its operating requirements. This company is financed through a senior bond with a value of \u20ac400m. 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 \u20ac19m, mainly due to interest expense of \u20ac18m, partially offset by financial income of \u20ac1m as remuneration of the liquidity reserve left available to the SPV. During the year, UnipolRental transferred to Venere SPV Srl, against the contractual agreements relating to the aforementioned loan, cash for \u20ac350m. It should be noted that this amount, corresponding to the collections made on segregated assets, is returned to UnipolRental on a monthly basis by Venere SPV Srl, net of the financial and administrative expenses set forth in the contract as part of the securitisation transaction.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 2024-1

\u00a0

7

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Mercurio Fleet 2022 SRL

2

663

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Venere SPV SRL

1

333

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

In order to mitigate existing or prospective levels of risk not in line with the defined risk objectives, the following measures can be adopted:
a)Financial hedges: these measures may take the form of hedging transactions on the market using financial derivatives. The Investment Policy defines the principles for the use and management of hedging instruments;
b)Reinsurance: transfers part of the underwriting risk outside the Group, providing more possibility for business growth, both by proportionally reducing the amounts at risk (e.g. proportional treaties) and by limiting even further the amounts of major claims (e.g. non-proportional treaties). The \u201cReinsurance and Other Risk Mitigation Techniques Policy\u201d defines the guidelines on reinsurance cover management;
c)Guarantees held as a hedge against credit risks: the main type of guarantee available on exposures to reinsurers comprises 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)116 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 allows measurement of the risk associated with loss generated by unexpected default of the counterparties, including issuers of financial and corporate bond financial instruments already included in the spread risk, and the debtors of insurance and reinsurance companies in the next 12 months. Counterparty default risk includes the risk mitigation contracts, e.g. reinsurance agreements, securitisations and derivatives, exposures to financial and corporate bonds already included in spread risk and every other credit exposure not included among the financial risks (credit spread risk)
Credit risk
Credit 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 reflects, therefore, the likely loss generated by an unexpected default of the counterparties and the debtors of the insurance and reinsurance Companies, as well as the issuers of financial and corporate bond financial instruments already included in spread risk, in the next 12 months. Counterparty default risk includes the risk mitigation contracts, e.g. reinsurance agreements, securitisations and derivatives, exposures to financial and corporate bonds already included in spread risk and every 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 class is included under Non-Life underwriting risk and the related exposures are also monitored as part of credit risk.
Banks
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 2025.
Receivables from banks by rating class
\"[IMAGE]\"
6,0
A
BBB
Unrated
7,0
86,9
\"[IMAGE]\"
Bond classes of the insurance companies in the Group
This risk is calculated within the underwriting risks (see relevant section) and monitored by the Bond and Credit Assignment Committee.
Outwards reinsurance
In this area, the existing exposure to credit risk is divided into:
\u2212
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;
\u2212
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.).
Provided below is the table showing the distribution of Unipol Group exposure to reinsurers, broken down by rating class, recognised at 31 December 2025 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 31/12/2025).
\"[IMAGE]\"
43,9
AA
A
BBB
Unrated
12,8
2,0
41,2
Breakdown of debt securities by rating class", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f171813": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f171818": { "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.
Chapter 2, \u201cMain accounting standards\u201d, outlines the fair value measurement policies and criteria adopted by the Unipol Group.
Fair value measurement criteria
The table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.

\u00a0

\u00a0

Mark to Market

Mark to Model and other

Financial

Instruments

Bonds

CBBT contributor - Bloomberg

Mark to Model

Other contributor - Bloomberg

Counterparty valuation

Listed shares and investments, ETFs

Reference market

\u00a0

Unlisted shares and investments

\u00a0

DCF

DDM

Multiples

Listed derivatives

Reference market

\u00a0

OTC derivatives

\u00a0

Mark to Model

UCITS

Net Asset Value

Receivables

\u00a0

\u00a0

Trade receivables (Mark to Model)

Other receivables (carrying amount)

Property

\u00a0

\u00a0

Appraisal value

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.
With reference to the valuation of financial instruments and properties, it is believed that the measurement procedures described adequately reflect the effects of climatic aspects. In fact, for the determination of fair value, the group maximises the inputs deriving from market data which, as such, reflect the expectations of market operators regarding the exposure of each financial instrument to all risks and opportunities, therefore including those related to climate change. Similarly, when valuing properties, the independent external experts, in line with best professional practice, take into account the most up-to-date market trends that are affected, among other things, by the impact of the energy performance of the buildings or their exposure to physical risks.
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.
\"[IMAGE]\"
Mark to Model valuations
The 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
Black;
\u2022
Black-Derman-Toy;
\u2022
Hull & White 1, 2 factors;
\u2022
Libor Market Model;
\u2022
Longstaff & Schwartz;
\u2022
Kirk.
Securities and inflation derivatives:
\u2022
Discounted cash flows;
\u2022
Jarrow-Yildirim.
Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;
\u2022
Black-Scholes.
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 2024, 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\u2019s fair value.
For other receivables, the carrying amounts is used as it is considered a reasonable approximation of the fair value.
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 structured SPV 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.
\"[IMAGE]\"
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 standards
Consistent 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, broken down by fair value hierarchy level.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm

\u00a0

\u00a0

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Financial assets and liabilities at fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

44,284

39,296

3,085

2,748

639

600

48,008

42,644

Financial assets at fair value through profit or loss:

17,030

13,977

769

346

4,278

4,121

22,076

18,442

a)

held for trading

24

9

575

175

19

1

618

185

b)

at fair value through profit or loss

14,436

11,872

\u00a0

\u00a0

108

109

14,544

11,980

c)

mandatorily at fair value

2,569

2,096

194

171

4,151

4,011

6,914

6,277

Investment property

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

61,314

53,273

3,855

3,093

4,917

4,721

70,084

61,087

Financial liabilities at fair value through profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

held for trading

25

7

161

75

4

44

190

126

b)

at fair value through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

14,322

11,736

14,322

11,736

Total

25

7

161

75

14,326

11,781

14,512

11,862

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The amount of financial assets classified in Level 3 at 31 December 2025 stood at \u20ac4,916.7m.
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
\"[IMAGE]\"

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

Financial assets at fair value through profit or loss

Investment property

Property, plant and equipment

Intangible assets

Financial liabilities at fair value through profit or loss

\u00a0

\u00a0

held for trading

at fair value through profit or loss

mandatorily at fair value

held for trading

at fair value through profit or loss

1. Opening balance

600

1

109

4,011

\u00a0

\u00a0

\u00a0

44

11,736

2. Increases

216

18

5

620

\u00a0

\u00a0

\u00a0

3

2,585

\u00a02.1 Acquisitions

215

14

4

432

\u00a0

\u00a0

\u00a0

3

\u00a0

\u00a02.2 Gains recognised through:

1

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.1 Profit and Loss

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.2 Other Comprehensive Income

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.3 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.4 Other increasing changes

\u00a0

4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,585

3. Decreases

(177)

\u00a0

(6)

(480)

\u00a0

\u00a0

\u00a0

(43)

\u00a0

\u00a03.1 Sales

(159)

\u00a0

\u00a0

(3)

\u00a0

\u00a0

\u00a0

(6)

\u00a0

\u00a03.2 Repayments

(1)

\u00a0

(4)

(249)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.3 Losses recognised through:

(17)

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.1 Profit and Loss

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.2 Other Comprehensive Income

(17)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.4 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.5 Other decreasing changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(37)

\u00a0

4. Closing balance

639

19

108

4,151

\u00a0

\u00a0

\u00a0

4

14,322

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The transfers from Level 1 to Level 2 which occurred during the reference period were insignificant.
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 \u20ac221.2m at 31 December 2025.
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

\u00a0

Curve Spread

Fair Value

\u00a0

\u00a0

\u00a0

\u00a0

Shock

+10 bps

-10 bps

+50 bps

-50 bps

Fair Value delta

(1.89)

1.95

(9.29)

9.93

Fair Value delta %

(0.85)

0.88

(4.20)

4.49

Fair value measurement on a non-recurring basis
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.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. It should also be noted that, 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.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Carrying amount

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at amortised cost

1,826

2,081

103

93

993

1,003

704

978

1,800

2,074

Investment property

1,963

2,080

\u00a0

\u00a0

\u00a0

\u00a0

2,438

2,527

2,438

2,527

Non-current assets or assets of a disposal group held for sale

30

82

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

89

\u00a0

89

Total assets

3,819

4,243

103

93

993

1,003

3,141

3,594

4,238

4,689

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities at amortised cost

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Disclosure on day one profit/loss
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:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact27": { "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.
Chapter 2, \u201cMain accounting standards\u201d, outlines the fair value measurement policies and criteria adopted by the Unipol Group.
Fair value measurement criteria
The table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.

\u00a0

\u00a0

Mark to Market

Mark to Model and other

Financial

Instruments

Bonds

CBBT contributor - Bloomberg

Mark to Model

Other contributor - Bloomberg

Counterparty valuation

Listed shares and investments, ETFs

Reference market

\u00a0

Unlisted shares and investments

\u00a0

DCF

DDM

Multiples

Listed derivatives

Reference market

\u00a0

OTC derivatives

\u00a0

Mark to Model

UCITS

Net Asset Value

Receivables

\u00a0

\u00a0

Trade receivables (Mark to Model)

Other receivables (carrying amount)

Property

\u00a0

\u00a0

Appraisal value

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.
With reference to the valuation of financial instruments and properties, it is believed that the measurement procedures described adequately reflect the effects of climatic aspects. In fact, for the determination of fair value, the group maximises the inputs deriving from market data which, as such, reflect the expectations of market operators regarding the exposure of each financial instrument to all risks and opportunities, therefore including those related to climate change. Similarly, when valuing properties, the independent external experts, in line with best professional practice, take into account the most up-to-date market trends that are affected, among other things, by the impact of the energy performance of the buildings or their exposure to physical risks.
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.
\"[IMAGE]\"
Mark to Model valuations
The 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
Black;
\u2022
Black-Derman-Toy;
\u2022
Hull & White 1, 2 factors;
\u2022
Libor Market Model;
\u2022
Longstaff & Schwartz;
\u2022
Kirk.
Securities and inflation derivatives:
\u2022
Discounted cash flows;
\u2022
Jarrow-Yildirim.
Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;
\u2022
Black-Scholes.
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 2024, 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\u2019s fair value.
For other receivables, the carrying amounts is used as it is considered a reasonable approximation of the fair value.
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 structured SPV 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.
\"[IMAGE]\"
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 standards
Consistent 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, broken down by fair value hierarchy level.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm

\u00a0

\u00a0

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Financial assets and liabilities at fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

44,284

39,296

3,085

2,748

639

600

48,008

42,644

Financial assets at fair value through profit or loss:

17,030

13,977

769

346

4,278

4,121

22,076

18,442

a)

held for trading

24

9

575

175

19

1

618

185

b)

at fair value through profit or loss

14,436

11,872

\u00a0

\u00a0

108

109

14,544

11,980

c)

mandatorily at fair value

2,569

2,096

194

171

4,151

4,011

6,914

6,277

Investment property

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

61,314

53,273

3,855

3,093

4,917

4,721

70,084

61,087

Financial liabilities at fair value through profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

held for trading

25

7

161

75

4

44

190

126

b)

at fair value through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

14,322

11,736

14,322

11,736

Total

25

7

161

75

14,326

11,781

14,512

11,862

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The amount of financial assets classified in Level 3 at 31 December 2025 stood at \u20ac4,916.7m.
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
\"[IMAGE]\"

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

Financial assets at fair value through profit or loss

Investment property

Property, plant and equipment

Intangible assets

Financial liabilities at fair value through profit or loss

\u00a0

\u00a0

held for trading

at fair value through profit or loss

mandatorily at fair value

held for trading

at fair value through profit or loss

1. Opening balance

600

1

109

4,011

\u00a0

\u00a0

\u00a0

44

11,736

2. Increases

216

18

5

620

\u00a0

\u00a0

\u00a0

3

2,585

\u00a02.1 Acquisitions

215

14

4

432

\u00a0

\u00a0

\u00a0

3

\u00a0

\u00a02.2 Gains recognised through:

1

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.1 Profit and Loss

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.2 Other Comprehensive Income

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.3 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.4 Other increasing changes

\u00a0

4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,585

3. Decreases

(177)

\u00a0

(6)

(480)

\u00a0

\u00a0

\u00a0

(43)

\u00a0

\u00a03.1 Sales

(159)

\u00a0

\u00a0

(3)

\u00a0

\u00a0

\u00a0

(6)

\u00a0

\u00a03.2 Repayments

(1)

\u00a0

(4)

(249)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.3 Losses recognised through:

(17)

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.1 Profit and Loss

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.2 Other Comprehensive Income

(17)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.4 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.5 Other decreasing changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(37)

\u00a0

4. Closing balance

639

19

108

4,151

\u00a0

\u00a0

\u00a0

4

14,322

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The transfers from Level 1 to Level 2 which occurred during the reference period were insignificant.
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 \u20ac221.2m at 31 December 2025.
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

\u00a0

Curve Spread

Fair Value

\u00a0

\u00a0

\u00a0

\u00a0

Shock

+10 bps

-10 bps

+50 bps

-50 bps

Fair Value delta

(1.89)

1.95

(9.29)

9.93

Fair Value delta %

(0.85)

0.88

(4.20)

4.49

Fair value measurement on a non-recurring basis
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.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. It should also be noted that, 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.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Carrying amount

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at amortised cost

1,826

2,081

103

93

993

1,003

704

978

1,800

2,074

Investment property

1,963

2,080

\u00a0

\u00a0

\u00a0

\u00a0

2,438

2,527

2,438

2,527

Non-current assets or assets of a disposal group held for sale

30

82

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

89

\u00a0

89

Total assets

3,819

4,243

103

93

993

1,003

3,141

3,594

4,238

4,689

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities at amortised cost

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Disclosure on day one profit/loss
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Carrying amount

% comp.

L1

L2

L3

Total fair value

Carrying amount

% comp.

L1

L2

L3

Total fair value

\u00a0

1) Debt securities

1,201

65.8

103

993

79

1,175

1,273

61.2

93

1,003

170

1,266

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Government bonds

137

7.5

\u00a0

\u00a0

\u00a0

\u00a0

210

10.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

71

3.9

\u00a0

\u00a0

\u00a0

\u00a0

62

3.0

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

66

3.6

\u00a0

\u00a0

\u00a0

\u00a0

147

7.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,064

58.2

\u00a0

\u00a0

\u00a0

\u00a0

1,064

51.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

36

2.0

\u00a0

\u00a0

\u00a0

\u00a0

36

1.8

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

1,028

56.3

\u00a0

\u00a0

\u00a0

\u00a0

1,027

49.4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2) Loans and receivables

625

34.2

\u00a0

\u00a0

625

625

808

38.8

\u00a0

\u00a0

808

808

Total

1,826

100.0

103

993

704

1,800

2,081

100.0

93

1,003

978

2,074

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

\u00a0

First stage

Second stage

Third stage

First stage

Second stage

Third stage

Government bonds

137

\u00a0

\u00a0

210

\u00a0

\u00a0

Other debt securities

1,063

\u00a0

1

1,064

\u00a0

\u00a0

Loans and Receivables

625

\u00a0

\u00a0

808

\u00a0

\u00a0

a)

to banks

50

\u00a0

\u00a0

237

\u00a0

\u00a0

b)

to customers

575

\u00a0

\u00a0

571

\u00a0

\u00a0

\u00a0

- Mortgage loans

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Policy loans

11

\u00a0

\u00a0

10

\u00a0

\u00a0

\u00a0

- Other loans and receivables

564

\u00a0

\u00a0

561

\u00a0

\u00a0

\u00a0

Total

1,826

\u00a0

1

2,081

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac454m (essentially unchanged compared to 31/12/2024).
Financial assets at amortised cost: gross value and total value adjustments
Amounts in \u20acm

\u00a0

Gross value

Total value adjustments

\u00a0

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

\u00a0

Government bonds

137

64

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,065

957

\u00a0

1

(2)

(1)

\u00a0

\u00a0

Loans and receivables

642

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

\u00a0- banks

50

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

592

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

Total 31/12/2025

1,844

1,021

\u00a0

1

(18)

(1)

\u00a0

(1)

Total 31/12/2024

2,099

998

\u00a0

1

(18)

(2)

\u00a0

(1)

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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

Book value

% Comp.

Book value

% Comp.

Equity instruments

2,888

6.0

2,022

4.7

a) listed

2,577

5.4

1,717

4.0

b) unlisted

312

0.6

305

0.7

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Debt securities

45,120

94.0

40,622

95.3

Government bonds

29,812

62.1

26,801

62.8

a) listed

28,288

58.9

25,549

59.9

b) unlisted

1,524

3.2

1,252

2.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

15,307

31.9

13,821

32.4

a) listed

13,420

28.0

12,029

28.2

b) unlisted

1,888

3.9

1,792

4.2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

Total

48,008

100.0

42,644

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through other comprehensive income: gross value and total value adjustments
Amounts in \u20acm

\u00a0

Gross value

Total value adjustments

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

Other debt securities

15,238

1,366

111

\u00a0

(33)

(6)

(7)

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total 31/12/2025

45,073

31,048

111

\u00a0

(56)

(7)

(7)

\u00a0

Total 31/12/2024

40,568

38,517

122

\u00a0

(61)

(52)

(8)

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f171820": { "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.
Chapter 2, \u201cMain accounting standards\u201d, outlines the fair value measurement policies and criteria adopted by the Unipol Group.
Fair value measurement criteria
The table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.

\u00a0

\u00a0

Mark to Market

Mark to Model and other

Financial

Instruments

Bonds

CBBT contributor - Bloomberg

Mark to Model

Other contributor - Bloomberg

Counterparty valuation

Listed shares and investments, ETFs

Reference market

\u00a0

Unlisted shares and investments

\u00a0

DCF

DDM

Multiples

Listed derivatives

Reference market

\u00a0

OTC derivatives

\u00a0

Mark to Model

UCITS

Net Asset Value

Receivables

\u00a0

\u00a0

Trade receivables (Mark to Model)

Other receivables (carrying amount)

Property

\u00a0

\u00a0

Appraisal value

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.
With reference to the valuation of financial instruments and properties, it is believed that the measurement procedures described adequately reflect the effects of climatic aspects. In fact, for the determination of fair value, the group maximises the inputs deriving from market data which, as such, reflect the expectations of market operators regarding the exposure of each financial instrument to all risks and opportunities, therefore including those related to climate change. Similarly, when valuing properties, the independent external experts, in line with best professional practice, take into account the most up-to-date market trends that are affected, among other things, by the impact of the energy performance of the buildings or their exposure to physical risks.
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.
\"[IMAGE]\"
Mark to Model valuations
The 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
Black;
\u2022
Black-Derman-Toy;
\u2022
Hull & White 1, 2 factors;
\u2022
Libor Market Model;
\u2022
Longstaff & Schwartz;
\u2022
Kirk.
Securities and inflation derivatives:
\u2022
Discounted cash flows;
\u2022
Jarrow-Yildirim.
Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;
\u2022
Black-Scholes.
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 2024, 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\u2019s fair value.
For other receivables, the carrying amounts is used as it is considered a reasonable approximation of the fair value.
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 structured SPV 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.
\"[IMAGE]\"
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 standards
Consistent 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, broken down by fair value hierarchy level.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm

\u00a0

\u00a0

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Financial assets and liabilities at fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

44,284

39,296

3,085

2,748

639

600

48,008

42,644

Financial assets at fair value through profit or loss:

17,030

13,977

769

346

4,278

4,121

22,076

18,442

a)

held for trading

24

9

575

175

19

1

618

185

b)

at fair value through profit or loss

14,436

11,872

\u00a0

\u00a0

108

109

14,544

11,980

c)

mandatorily at fair value

2,569

2,096

194

171

4,151

4,011

6,914

6,277

Investment property

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

61,314

53,273

3,855

3,093

4,917

4,721

70,084

61,087

Financial liabilities at fair value through profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

held for trading

25

7

161

75

4

44

190

126

b)

at fair value through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

14,322

11,736

14,322

11,736

Total

25

7

161

75

14,326

11,781

14,512

11,862

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The amount of financial assets classified in Level 3 at 31 December 2025 stood at \u20ac4,916.7m.
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
\"[IMAGE]\"

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

Financial assets at fair value through profit or loss

Investment property

Property, plant and equipment

Intangible assets

Financial liabilities at fair value through profit or loss

\u00a0

\u00a0

held for trading

at fair value through profit or loss

mandatorily at fair value

held for trading

at fair value through profit or loss

1. Opening balance

600

1

109

4,011

\u00a0

\u00a0

\u00a0

44

11,736

2. Increases

216

18

5

620

\u00a0

\u00a0

\u00a0

3

2,585

\u00a02.1 Acquisitions

215

14

4

432

\u00a0

\u00a0

\u00a0

3

\u00a0

\u00a02.2 Gains recognised through:

1

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.1 Profit and Loss

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.2 Other Comprehensive Income

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.3 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.4 Other increasing changes

\u00a0

4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,585

3. Decreases

(177)

\u00a0

(6)

(480)

\u00a0

\u00a0

\u00a0

(43)

\u00a0

\u00a03.1 Sales

(159)

\u00a0

\u00a0

(3)

\u00a0

\u00a0

\u00a0

(6)

\u00a0

\u00a03.2 Repayments

(1)

\u00a0

(4)

(249)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.3 Losses recognised through:

(17)

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.1 Profit and Loss

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.2 Other Comprehensive Income

(17)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.4 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.5 Other decreasing changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(37)

\u00a0

4. Closing balance

639

19

108

4,151

\u00a0

\u00a0

\u00a0

4

14,322

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The transfers from Level 1 to Level 2 which occurred during the reference period were insignificant.
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 \u20ac221.2m at 31 December 2025.
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

\u00a0

Curve Spread

Fair Value

\u00a0

\u00a0

\u00a0

\u00a0

Shock

+10 bps

-10 bps

+50 bps

-50 bps

Fair Value delta

(1.89)

1.95

(9.29)

9.93

Fair Value delta %

(0.85)

0.88

(4.20)

4.49

Fair value measurement on a non-recurring basis
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.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. It should also be noted that, 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.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Carrying amount

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at amortised cost

1,826

2,081

103

93

993

1,003

704

978

1,800

2,074

Investment property

1,963

2,080

\u00a0

\u00a0

\u00a0

\u00a0

2,438

2,527

2,438

2,527

Non-current assets or assets of a disposal group held for sale

30

82

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

89

\u00a0

89

Total assets

3,819

4,243

103

93

993

1,003

3,141

3,594

4,238

4,689

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities at amortised cost

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Disclosure on day one profit/loss
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f171821": { "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.
Chapter 2, \u201cMain accounting standards\u201d, outlines the fair value measurement policies and criteria adopted by the Unipol Group.
Fair value measurement criteria
The table below summarises the methods to calculate the fair value for the different macro categories of financial instruments, receivables and property.

\u00a0

\u00a0

Mark to Market

Mark to Model and other

Financial

Instruments

Bonds

CBBT contributor - Bloomberg

Mark to Model

Other contributor - Bloomberg

Counterparty valuation

Listed shares and investments, ETFs

Reference market

\u00a0

Unlisted shares and investments

\u00a0

DCF

DDM

Multiples

Listed derivatives

Reference market

\u00a0

OTC derivatives

\u00a0

Mark to Model

UCITS

Net Asset Value

Receivables

\u00a0

\u00a0

Trade receivables (Mark to Model)

Other receivables (carrying amount)

Property

\u00a0

\u00a0

Appraisal value

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.
With reference to the valuation of financial instruments and properties, it is believed that the measurement procedures described adequately reflect the effects of climatic aspects. In fact, for the determination of fair value, the group maximises the inputs deriving from market data which, as such, reflect the expectations of market operators regarding the exposure of each financial instrument to all risks and opportunities, therefore including those related to climate change. Similarly, when valuing properties, the independent external experts, in line with best professional practice, take into account the most up-to-date market trends that are affected, among other things, by the impact of the energy performance of the buildings or their exposure to physical risks.
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.
\"[IMAGE]\"
Mark to Model valuations
The 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
Black;
\u2022
Black-Derman-Toy;
\u2022
Hull & White 1, 2 factors;
\u2022
Libor Market Model;
\u2022
Longstaff & Schwartz;
\u2022
Kirk.
Securities and inflation derivatives:
\u2022
Discounted cash flows;
\u2022
Jarrow-Yildirim.
Securities and share, index and exchange rate derivatives:
\u2022
Discounted cash flows;
\u2022
Black-Scholes.
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 2024, 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\u2019s fair value.
For other receivables, the carrying amounts is used as it is considered a reasonable approximation of the fair value.
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 structured SPV 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.
\"[IMAGE]\"
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 standards
Consistent 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, broken down by fair value hierarchy level.
Assets and liabilities at fair value on a recurring basis: breakdown by fair value level
Amounts in \u20acm

\u00a0

\u00a0

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Financial assets and liabilities at fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

44,284

39,296

3,085

2,748

639

600

48,008

42,644

Financial assets at fair value through profit or loss:

17,030

13,977

769

346

4,278

4,121

22,076

18,442

a)

held for trading

24

9

575

175

19

1

618

185

b)

at fair value through profit or loss

14,436

11,872

\u00a0

\u00a0

108

109

14,544

11,980

c)

mandatorily at fair value

2,569

2,096

194

171

4,151

4,011

6,914

6,277

Investment property

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

61,314

53,273

3,855

3,093

4,917

4,721

70,084

61,087

Financial liabilities at fair value through profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

held for trading

25

7

161

75

4

44

190

126

b)

at fair value through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

14,322

11,736

14,322

11,736

Total

25

7

161

75

14,326

11,781

14,512

11,862

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The amount of financial assets classified in Level 3 at 31 December 2025 stood at \u20ac4,916.7m.
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
\"[IMAGE]\"

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through OCI

Financial assets at fair value through profit or loss

Investment property

Property, plant and equipment

Intangible assets

Financial liabilities at fair value through profit or loss

\u00a0

\u00a0

held for trading

at fair value through profit or loss

mandatorily at fair value

held for trading

at fair value through profit or loss

1. Opening balance

600

1

109

4,011

\u00a0

\u00a0

\u00a0

44

11,736

2. Increases

216

18

5

620

\u00a0

\u00a0

\u00a0

3

2,585

\u00a02.1 Acquisitions

215

14

4

432

\u00a0

\u00a0

\u00a0

3

\u00a0

\u00a02.2 Gains recognised through:

1

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.1 Profit and Loss

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

1

188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 2.2.2 Other Comprehensive Income

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.3 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a02.4 Other increasing changes

\u00a0

4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,585

3. Decreases

(177)

\u00a0

(6)

(480)

\u00a0

\u00a0

\u00a0

(43)

\u00a0

\u00a03.1 Sales

(159)

\u00a0

\u00a0

(3)

\u00a0

\u00a0

\u00a0

(6)

\u00a0

\u00a03.2 Repayments

(1)

\u00a0

(4)

(249)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.3 Losses recognised through:

(17)

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.1 Profit and Loss

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which losses

\u00a0

\u00a0

(2)

(228)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0\u00a0 of which gains

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0 3.3.2 Other Comprehensive Income

(17)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.4 Transfers to other levels

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a03.5 Other decreasing changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(37)

\u00a0

4. Closing balance

639

19

108

4,151

\u00a0

\u00a0

\u00a0

4

14,322

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The transfers from Level 1 to Level 2 which occurred during the reference period were insignificant.
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 \u20ac221.2m at 31 December 2025.
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

\u00a0

Curve Spread

Fair Value

\u00a0

\u00a0

\u00a0

\u00a0

Shock

+10 bps

-10 bps

+50 bps

-50 bps

Fair Value delta

(1.89)

1.95

(9.29)

9.93

Fair Value delta %

(0.85)

0.88

(4.20)

4.49

Fair value measurement on a non-recurring basis
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.
For these assets and liabilities, fair value is calculated only for the purpose of market disclosure requirements. It should also be noted that, 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.
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Carrying amount

Level 1

Level 2

Level 3

Total

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at amortised cost

1,826

2,081

103

93

993

1,003

704

978

1,800

2,074

Investment property

1,963

2,080

\u00a0

\u00a0

\u00a0

\u00a0

2,438

2,527

2,438

2,527

Non-current assets or assets of a disposal group held for sale

30

82

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

89

\u00a0

89

Total assets

3,819

4,243

103

93

993

1,003

3,141

3,594

4,238

4,689

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities at amortised cost

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

5,008

5,550

2,762

3,777

\u00a0

\u00a0

2,315

1,835

5,077

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Disclosure on day one profit/loss
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f178115": { "value": "
1. Intangible assets
Intangible assets: breakdown of assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Assets/Values

31/12/2025

31/12/2024

\u00a0

Fixed period

Indefinite period

Fixed period

Indefinite period

A.1

Goodwill

\u00a0

1,895

\u00a0

1,883

A.1.1

attributable to the owners of the Parent

\u00a0

1,782

\u00a0

1,770

A.1.2

attributable to non-controlling interests

\u00a0

113

\u00a0

113

A.2

Other intangible assets

747

\u00a0

676

\u00a0

\u00a0

of which software

701

\u00a0

640

\u00a0

A.2.1

Assets measured at cost:

747

\u00a0

676

\u00a0

\u00a0

a)

Internally generated intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b)

Other assets

747

\u00a0

676

\u00a0

A.2.2

Assets measured at restated value:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

Internally generated intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b)

Other assets

\u00a0

\u00a0

\u00a0

\u00a0

Total

747

1,895

676

1,883

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill
The increase in the item Goodwill compared to the previous year, equal to \u20ac12m, is due to the acquisition of control of Pegaso Finanziaria and Esseaeffe, as described in the previous paragraph \u201cChanges in the consolidation scope\u201d.
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 3.10 \u201cAnalysis of recoverability of goodwill with indefinite useful life (impairment test)\u201d.
Other intangible assets
The item, totalling \u20ac747m (\u20ac676m at 31/12/2024), is composed primarily of costs incurred for purchasing software, licences, consultancy and the customisation of software programmes for \u20ac701m (\u20ac640m at 31/12/2024) and other intangible assets for \u20ac46m (\u20ac35m at 31/12/2024).
Research and development costs incurred by the Group and charged to the income statement in 2025, deriving from Leith\u00e0 operations, amounted to \u20ac21m (\u20ac19m at 31/12/2024).
Intangible assets: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill

Other intangible assets: internally generated

Other intangible assets: other

Total

\u00a0

\u00a0

\u00a0

\u00a0

FIN

INDEF

FIN

INDEF

\u00a0

A.

Opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

A.1

Total net impairment losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.2

Net opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

B.

Increases

12

\u00a0

\u00a0

246

\u00a0

258

B.1

Purchases

12

\u00a0

\u00a0

246

\u00a0

258

\u00a0

of which from business combinations

\u00a0

12

\u00a0

\u00a0

\u00a0

\u00a0

12

B.2

Increases in internal intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.3

Write-backs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.4

Positive changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.5

Positive exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.

Decreases

\u00a0

\u00a0

\u00a0

(175)

\u00a0

(175)

C.1

Sales

\u00a0

\u00a0

\u00a0

(6)

\u00a0

(6)

C.2

Value adjustments

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Depreciation/amortisation

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Write-downs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.3

Negative changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.4

Transfers to non-current assets held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.5

Negative exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.

Net closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

D.1

Total net value adjustments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.

Gross closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

F.

Measurement at cost

1,895

\u00a0

\u00a0

747

\u00a0

2,642

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f178116": { "value": "
1. Intangible assets
Intangible assets: breakdown of assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Assets/Values

31/12/2025

31/12/2024

\u00a0

Fixed period

Indefinite period

Fixed period

Indefinite period

A.1

Goodwill

\u00a0

1,895

\u00a0

1,883

A.1.1

attributable to the owners of the Parent

\u00a0

1,782

\u00a0

1,770

A.1.2

attributable to non-controlling interests

\u00a0

113

\u00a0

113

A.2

Other intangible assets

747

\u00a0

676

\u00a0

\u00a0

of which software

701

\u00a0

640

\u00a0

A.2.1

Assets measured at cost:

747

\u00a0

676

\u00a0

\u00a0

a)

Internally generated intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b)

Other assets

747

\u00a0

676

\u00a0

A.2.2

Assets measured at restated value:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

Internally generated intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b)

Other assets

\u00a0

\u00a0

\u00a0

\u00a0

Total

747

1,895

676

1,883

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill
The increase in the item Goodwill compared to the previous year, equal to \u20ac12m, is due to the acquisition of control of Pegaso Finanziaria and Esseaeffe, as described in the previous paragraph \u201cChanges in the consolidation scope\u201d.
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 3.10 \u201cAnalysis of recoverability of goodwill with indefinite useful life (impairment test)\u201d.
Other intangible assets
The item, totalling \u20ac747m (\u20ac676m at 31/12/2024), is composed primarily of costs incurred for purchasing software, licences, consultancy and the customisation of software programmes for \u20ac701m (\u20ac640m at 31/12/2024) and other intangible assets for \u20ac46m (\u20ac35m at 31/12/2024).
Research and development costs incurred by the Group and charged to the income statement in 2025, deriving from Leith\u00e0 operations, amounted to \u20ac21m (\u20ac19m at 31/12/2024).
Intangible assets: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill

Other intangible assets: internally generated

Other intangible assets: other

Total

\u00a0

\u00a0

\u00a0

\u00a0

FIN

INDEF

FIN

INDEF

\u00a0

A.

Opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

A.1

Total net impairment losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.2

Net opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

B.

Increases

12

\u00a0

\u00a0

246

\u00a0

258

B.1

Purchases

12

\u00a0

\u00a0

246

\u00a0

258

\u00a0

of which from business combinations

\u00a0

12

\u00a0

\u00a0

\u00a0

\u00a0

12

B.2

Increases in internal intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.3

Write-backs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.4

Positive changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.5

Positive exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.

Decreases

\u00a0

\u00a0

\u00a0

(175)

\u00a0

(175)

C.1

Sales

\u00a0

\u00a0

\u00a0

(6)

\u00a0

(6)

C.2

Value adjustments

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Depreciation/amortisation

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Write-downs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.3

Negative changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.4

Transfers to non-current assets held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.5

Negative exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.

Net closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

D.1

Total net value adjustments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.

Gross closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

F.

Measurement at cost

1,895

\u00a0

\u00a0

747

\u00a0

2,642

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact28": { "value": "
1. Intangible assets
Intangible assets: breakdown of assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Assets/Values

31/12/2025

31/12/2024

\u00a0

Fixed period

Indefinite period

Fixed period

Indefinite period

A.1

Goodwill

\u00a0

1,895

\u00a0

1,883

A.1.1

attributable to the owners of the Parent

\u00a0

1,782

\u00a0

1,770

A.1.2

attributable to non-controlling interests

\u00a0

113

\u00a0

113

A.2

Other intangible assets

747

\u00a0

676

\u00a0

\u00a0

of which software

701

\u00a0

640

\u00a0

A.2.1

Assets measured at cost:

747

\u00a0

676

\u00a0

\u00a0

a)

Internally generated intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b)

Other assets

747

\u00a0

676

\u00a0

A.2.2

Assets measured at restated value:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a)

Internally generated intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b)

Other assets

\u00a0

\u00a0

\u00a0

\u00a0

Total

747

1,895

676

1,883

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill
The increase in the item Goodwill compared to the previous year, equal to \u20ac12m, is due to the acquisition of control of Pegaso Finanziaria and Esseaeffe, as described in the previous paragraph \u201cChanges in the consolidation scope\u201d.
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 3.10 \u201cAnalysis of recoverability of goodwill with indefinite useful life (impairment test)\u201d.
Intangible assets: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill

Other intangible assets: internally generated

Other intangible assets: other

Total

\u00a0

\u00a0

\u00a0

\u00a0

FIN

INDEF

FIN

INDEF

\u00a0

A.

Opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

A.1

Total net impairment losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.2

Net opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

B.

Increases

12

\u00a0

\u00a0

246

\u00a0

258

B.1

Purchases

12

\u00a0

\u00a0

246

\u00a0

258

\u00a0

of which from business combinations

\u00a0

12

\u00a0

\u00a0

\u00a0

\u00a0

12

B.2

Increases in internal intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.3

Write-backs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.4

Positive changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.5

Positive exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.

Decreases

\u00a0

\u00a0

\u00a0

(175)

\u00a0

(175)

C.1

Sales

\u00a0

\u00a0

\u00a0

(6)

\u00a0

(6)

C.2

Value adjustments

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Depreciation/amortisation

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Write-downs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.3

Negative changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.4

Transfers to non-current assets held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.5

Negative exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.

Net closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

D.1

Total net value adjustments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.

Gross closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

F.

Measurement at cost

1,895

\u00a0

\u00a0

747

\u00a0

2,642

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact29": { "value": "Intangible assets: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Goodwill

Other intangible assets: internally generated

Other intangible assets: other

Total

\u00a0

\u00a0

\u00a0

\u00a0

FIN

INDEF

FIN

INDEF

\u00a0

A.

Opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

A.1

Total net impairment losses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.2

Net opening balances

1,883

\u00a0

\u00a0

676

\u00a0

2,558

B.

Increases

12

\u00a0

\u00a0

246

\u00a0

258

B.1

Purchases

12

\u00a0

\u00a0

246

\u00a0

258

\u00a0

of which from business combinations

\u00a0

12

\u00a0

\u00a0

\u00a0

\u00a0

12

B.2

Increases in internal intangible assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.3

Write-backs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.4

Positive changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.5

Positive exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.

Decreases

\u00a0

\u00a0

\u00a0

(175)

\u00a0

(175)

C.1

Sales

\u00a0

\u00a0

\u00a0

(6)

\u00a0

(6)

C.2

Value adjustments

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Depreciation/amortisation

\u00a0

\u00a0

\u00a0

(169)

\u00a0

(169)

\u00a0

- Write-downs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0+ Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.3

Negative changes in restated value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.4

Transfers to non-current assets held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.5

Negative exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.6

Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.

Net closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

D.1

Total net value adjustments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.

Gross closing balances

1,895

\u00a0

\u00a0

747

\u00a0

2,642

F.

Measurement at cost

1,895

\u00a0

\u00a0

747

\u00a0

2,642

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment for own use: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Land

Buildings

Office furniture and machines

Plant and equipment

Other tangible assets

Total

A. Opening gross balances

71

2,385

502

568

3,526

7,053

A.1 Accumulated depreciation and impairment

(7)

(707)

(401)

(334)

(1,138)

(2,586)

A.2 Net opening balances

64

1,679

101

235

2,388

4,467

B. Increases:

4

76

60

109

788

1,037

B.1 Purchases

4

31

37

109

442

623

of which from business combinations

4

18

\u00a0

\u00a0

\u00a0

22

B.2 Expenses for capitalised improvements

\u00a0

28

\u00a0

\u00a0

\u00a0

28

B.3 Write-backs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.4 Positive changes in the restated amount charged to:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a) Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.5 Positive exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6 Transfers from investment property

\u00a0

10

\u00a0

\u00a0

\u00a0

10

B.7 Other changes

\u00a0

6

23

\u00a0

346

375

C. Decreases:

(3)

(87)

(46)

(94)

(1,038)

(1,268)

C.1 Sales

\u00a0

(3)

(19)

(42)

(619)

(684)

C.2 Depreciation

\u00a0

(71)

(27)

(50)

(408)

(556)

C.3 Value adjustments for impairment charged to:

(3)

(6)

\u00a0

\u00a0

(10)

(20)

a) Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) Income Statement

(3)

(6)

\u00a0

\u00a0

(10)

(20)

C.4 Negative changes in the restated amount charged to:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a) Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.5 Negative exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.6 Transfers to:

\u00a0

(7)

\u00a0

\u00a0

\u00a0

(7)

a) investment property

\u00a0

(7)

\u00a0

\u00a0

\u00a0

(7)

b) non-current assets or assets of a disposal group held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.7 Other changes

\u00a0

\u00a0

\u00a0

(1)

\u00a0

(1)

D. Net closing balances

65

1,668

115

250

2,138

4,235

D.1 Accumulated depreciation and impairment

(118)

(743)

(422)

(366)

(1,287)

(2,935)

D.2 Gross closing balances

182

2,411

537

615

3,425

7,171

E. Measurement at cost

65

1,668

115

250

2,138

4,235

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Investment property: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Land

Buildings

Total

A. Opening gross balances

114

2,855

2,969

A.1 Accumulated depreciation and impairment

(46)

(843)

(889)

A.2 Net opening balances

68

2,012

2,080

B. Increases

\u00a0

46

46

B.1 Purchases

\u00a0

4

5

of which from business combinations

\u00a0

\u00a0

\u00a0

B.2 Expenses for capitalised improvements

\u00a0

35

35

B.3 Positive changes in fair value

\u00a0

\u00a0

\u00a0

B.4 Write-backs

\u00a0

\u00a0

\u00a0

B.5 Positive exchange rate differences

\u00a0

\u00a0

\u00a0

B.6 Transfers from properties for own use

\u00a0

7

7

B.7 Other changes

\u00a0

\u00a0

\u00a0

C. Decreases

(7)

(157)

(164)

C.1 Sales

(7)

(20)

(26)

C.2 Depreciation

\u00a0

(55)

(55)

C.3 Negative changes in fair value

\u00a0

\u00a0

\u00a0

C.4 Value adjustments for impairment

\u00a0

(63)

(63)

C.5 Negative exchange rate differences

\u00a0

\u00a0

\u00a0

C.6 Transfers to

\u00a0

(10)

(10)

a) properties for own use

\u00a0

(10)

(10)

b) non-current assets or assets of a disposal group held for sale

\u00a0

\u00a0

\u00a0

C.7 Other changes

\u00a0

(9)

(9)

D. Net closing balances

61

1,901

1,963

D.1 Accumulated depreciation and impairment

(96)

(923)

(1,019)

D.2 Gross closing balances

158

2,825

2,982

E.\u00a0\u00a0 Measurement at fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Losses on other financial assets and liabilities and investment property
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests:

\u00a0

\u00a0

\u00a0

on other financial liabilities

(189)

(223)

(15.2)

Other charges:

\u00a0

\u00a0

\u00a0

from investment property

(60)

(44)

36.7

from financial assets at fair value through OCI

(2)

(2)

(22.8)

from other financial liabilities

(4)

(10)

(57.9)

Realised losses:

\u00a0

\u00a0

\u00a0

on investment property

\u00a0

(2)

(79.6)

on financial assets at fair value through OCI

(224)

(39)

476.7

Unrealised losses and impairment losses:

\u00a0

\u00a0

\u00a0

on investment property

(118)

(87)

36.4

on financial assets at fair value through OCI

(57)

(16)

252.9

on other financial assets

(25)

(11)

129.1

on other financial liabilities

\u00a0

\u00a0

(1,895.3)

Foreign exchange losses

(73)

(10)

630.1

Total

(753)

(445)

69.2

\u00a0

\u00a0

\u00a0

\u00a0

The Unrealised losses and impairment losses relating to investment property refer to depreciation for \u20ac55m, impairment for \u20ac70m and reversals for \u20ac6m (at 31/12/2024 they referred to depreciation for \u20ac54m and impairment for \u20ac32m).
16. Net impairment losses/reversals on property, plant and equipment
These amounted to \u20ac534m (\u20ac624m at 31/12/2024) and related to depreciation of \u20ac517m and impairment losses of \u20ac17m.
17. Net impairment losses/reversals on intangible assets
These amounted to \u20ac169m (\u20ac143m at 31/12/2024) and related to amortisation of intangible assets..
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f179580": { "value": "
2. Property, plant and equipment
At 31 December 2025, Property, plant and equipment, net of accumulated depreciation, amounted to \u20ac4,235m (\u20ac4,467m at 31/12/2024): the breakdown is shown below.
Property, plant and equipment: breakdown of assets
Amounts in \u20acm

Assets/Values

Assets for own use

Inventories from IAS 2

\u00a0

At cost

At restated value

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

1.\u00a0\u00a0\u00a0\u00a0 Owned assets

4,060

4,305

\u00a0

\u00a0

58

51

a) land

65

64

\u00a0

\u00a0

\u00a0

\u00a0

b) buildings

1,578

1,587

\u00a0

\u00a0

\u00a0

\u00a0

c) office furniture and machines

115

101

\u00a0

\u00a0

\u00a0

\u00a0

d) plant and equipment

223

218

\u00a0

\u00a0

\u00a0

\u00a0

e) other assets

2,079

2,336

\u00a0

\u00a0

58

51

2.\u00a0\u00a0\u00a0\u00a0 Rights of use acquired through leasing

117

110

\u00a0

\u00a0

\u00a0

\u00a0

a) land

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) buildings

89

92

\u00a0

\u00a0

\u00a0

\u00a0

c) office furniture and machines

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

d) plant and equipment

26

17

\u00a0

\u00a0

\u00a0

\u00a0

e) other assets

1

1

\u00a0

\u00a0

\u00a0

\u00a0

Total

4,177

4,416

\u00a0

\u00a0

58

51

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment for own use: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Land

Buildings

Office furniture and machines

Plant and equipment

Other tangible assets

Total

A. Opening gross balances

71

2,385

502

568

3,526

7,053

A.1 Accumulated depreciation and impairment

(7)

(707)

(401)

(334)

(1,138)

(2,586)

A.2 Net opening balances

64

1,679

101

235

2,388

4,467

B. Increases:

4

76

60

109

788

1,037

B.1 Purchases

4

31

37

109

442

623

of which from business combinations

4

18

\u00a0

\u00a0

\u00a0

22

B.2 Expenses for capitalised improvements

\u00a0

28

\u00a0

\u00a0

\u00a0

28

B.3 Write-backs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.4 Positive changes in the restated amount charged to:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a) Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.5 Positive exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6 Transfers from investment property

\u00a0

10

\u00a0

\u00a0

\u00a0

10

B.7 Other changes

\u00a0

6

23

\u00a0

346

375

C. Decreases:

(3)

(87)

(46)

(94)

(1,038)

(1,268)

C.1 Sales

\u00a0

(3)

(19)

(42)

(619)

(684)

C.2 Depreciation

\u00a0

(71)

(27)

(50)

(408)

(556)

C.3 Value adjustments for impairment charged to:

(3)

(6)

\u00a0

\u00a0

(10)

(20)

a) Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) Income Statement

(3)

(6)

\u00a0

\u00a0

(10)

(20)

C.4 Negative changes in the restated amount charged to:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a) Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.5 Negative exchange rate differences

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.6 Transfers to:

\u00a0

(7)

\u00a0

\u00a0

\u00a0

(7)

a) investment property

\u00a0

(7)

\u00a0

\u00a0

\u00a0

(7)

b) non-current assets or assets of a disposal group held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.7 Other changes

\u00a0

\u00a0

\u00a0

(1)

\u00a0

(1)

D. Net closing balances

65

1,668

115

250

2,138

4,235

D.1 Accumulated depreciation and impairment

(118)

(743)

(422)

(366)

(1,287)

(2,935)

D.2 Gross closing balances

182

2,411

537

615

3,425

7,171

E. Measurement at cost

65

1,668

115

250

2,138

4,235

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The current value of properties for own use, \u20ac2,043m, was based on independent expert appraisals.
The main increase in property, plant and equipment is due to purchases of movable assets entered in public registers made by UnipolRental in the performance of its activities. The item also includes increases relating to the real estate assets owned by Assicoop companies, consolidated on a line-by-line basis from this year due to the purchase of an additional 55% of the share capital of Pegaso Finanziaria S.p.A. by Unipol Finance S.r.l.
Impairment losses refer mainly to assets of UnipolTech, for a total of \u20ac10m, and Tenute del Cerro for approximately \u20ac5m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f179583": { "value": "
At 31 December 2025, Property, plant and equipment, net of accumulated depreciation, amounted to \u20ac4,235m (\u20ac4,467m at 31/12/2024): the breakdown is shown below.
Property, plant and equipment: breakdown of assets
Amounts in \u20acm

Assets/Values

Assets for own use

Inventories from IAS 2

\u00a0

At cost

At restated value

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

1.\u00a0\u00a0\u00a0\u00a0 Owned assets

4,060

4,305

\u00a0

\u00a0

58

51

a) land

65

64

\u00a0

\u00a0

\u00a0

\u00a0

b) buildings

1,578

1,587

\u00a0

\u00a0

\u00a0

\u00a0

c) office furniture and machines

115

101

\u00a0

\u00a0

\u00a0

\u00a0

d) plant and equipment

223

218

\u00a0

\u00a0

\u00a0

\u00a0

e) other assets

2,079

2,336

\u00a0

\u00a0

58

51

2.\u00a0\u00a0\u00a0\u00a0 Rights of use acquired through leasing

117

110

\u00a0

\u00a0

\u00a0

\u00a0

a) land

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

b) buildings

89

92

\u00a0

\u00a0

\u00a0

\u00a0

c) office furniture and machines

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

d) plant and equipment

26

17

\u00a0

\u00a0

\u00a0

\u00a0

e) other assets

1

1

\u00a0

\u00a0

\u00a0

\u00a0

Total

4,177

4,416

\u00a0

\u00a0

58

51

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact30": { "value": "
3. Insurance assets
Asset 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), which are broken down as follows:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

BBA

PAA

Total

BBA

PAA

Total

\u00a0

\u00a0

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

1.

Reinsurance classifiable as assets

142

500

642

185

826

1,011

2.

Reinsurance transfers classifiable as liabilities

(6)

(68)

(74)

(29)

(60)

(89)

3.

Net assets on the balance sheet

137

432

568

156

766

922

\u00a0

of which Life segment

\u00a0

(2)

(2)

\u00a0

1

1

\u00a0

of which Non-Life segment

137

434

570

156

765

921

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held - GMM - assets for residual coverage and for claims incurred
NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total 31/12/2025

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total 31/12/2024

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

72

\u00a0

113

185

61

\u00a0

125

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(8)

\u00a0

(21)

(29)

(11)

\u00a0

(11)

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

64

\u00a0

92

156

50

\u00a0

113

163

B.\u00a0 Economic effects of reinsurance contracts held

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(38)

\u00a0

\u00a0

(38)

(26)

\u00a0

\u00a0

(26)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

28

28

\u00a0

\u00a0

47

47

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

2

2

\u00a0

\u00a0

(35)

(35)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

1

6.\u00a0\u00a0\u00a0 Total

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.1. Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

1

1

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

5

5

2.\u00a0\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0 Total

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(38)

\u00a0

30

(8)

(25)

\u00a0

20

(5)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

3

\u00a0

(15)

(12)

39

\u00a0

(42)

(2)

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(15)

(15)

\u00a0

\u00a0

(42)

(42)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01. Reinsurance contracts held that are assets

27

\u00a0

115

142

72

\u00a0

113

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

3

\u00a0

(9)

(6)

(8)

\u00a0

(21)

(29)

3.\u00a0\u00a0 Net carrying amount as at 31 December

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

7

\u00a0

15

\u00a0

23

12

\u00a0

13

\u00a0

24

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(1)

\u00a0

(21)

\u00a0

(22)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

6

\u00a0

(5)

\u00a0

1

10

\u00a0

(8)

\u00a0

2

B.\u00a0 Economic effects of reinsurance contracts held

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(26)

\u00a0

\u00a0

\u00a0

(26)

(25)

\u00a0

\u00a0

\u00a0

(25)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

16

\u00a0

16

\u00a0

\u00a0

14

\u00a0

14

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1. Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2. Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

23

\u00a0

(17)

\u00a0

6

21

\u00a0

(12)

\u00a0

9

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

22

\u00a0

\u00a0

\u00a0

22

19

\u00a0

\u00a0

\u00a0

19

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

1

\u00a0

(17)

\u00a0

(16)

1

\u00a0

(12)

\u00a0

(11)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

5

\u00a0

12

\u00a0

17

7

\u00a0

15

\u00a0

23

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(2)

\u00a0

(17)

\u00a0

(19)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0 Net carrying amount as at 31 December

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

\u00a0

Assets for claims incurred 31/12/2025

\u00a0

Total

Assets for residual coverage 31/12/2024

\u00a0

Assets for claims incurred 31/12/2024

\u00a0

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

324

\u00a0

455

24

804

140

\u00a0

686

24

850

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(26)

\u00a0

(12)

\u00a0

(38)

(28)

\u00a0

(21)

1

(48)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

298

\u00a0

443

24

765

112

\u00a0

665

25

802

B.\u00a0 Economic effects of reinsurance contracts held

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(356)

\u00a0

\u00a0

\u00a0

(356)

(341)

\u00a0

\u00a0

\u00a0

(341)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

193

\u00a0

193

\u00a0

\u00a0

453

\u00a0

453

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

(119)

(3)

(122)

\u00a0

\u00a0

(251)

(2)

(253)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

(1)

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

(1)

\u00a0

(3)

\u00a0

(5)

1

\u00a0

25

1

27

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

7

\u00a0

8

\u00a0

\u00a0

22

1

23

1.1. Recorded in the Income Statement

\u00a0

\u00a0

9

\u00a0

9

\u00a0

\u00a0

16

1

17

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

6

\u00a0

6

2. Effects associated with changes in exchange rates

(1)

\u00a0

(10)

(1)

(12)

1

\u00a0

3

\u00a0

4

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(357)

\u00a0

71

(4)

(290)

(340)

(8)

227

(1)

(122)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(7)

8

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

194

\u00a0

(236)

\u00a0

(42)

534

\u00a0

(448)

\u00a0

86

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

194

\u00a0

\u00a0

\u00a0

194

534

\u00a0

\u00a0

\u00a0

534

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(236)

\u00a0

(236)

\u00a0

\u00a0

(448)

\u00a0

(448)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

147

\u00a0

317

19

483

324

\u00a0

455

24

804

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(12)

\u00a0

(38)

1

(49)

(26)

\u00a0

(12)

\u00a0

(38)

3.\u00a0\u00a0 Net carrying amount as at 31 December

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held by features underlying measurement
Amounts in \u20acm
NON-LIFE SEGMENT

Features underlying the measurement of the book value of reinsurance transfers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Features underlying measurement

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

A. Initial book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

160

6

19

185

173

5

7

185

2.\u00a0\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(30)

1

\u00a0

(29)

(23)

1

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net value of financial statements as at 1 January

130

7

19

156

150

6

7

163

B. Changes in current services

(4)

\u00a0

(17)

(21)

(19)

\u00a0

(4)

(24)

1. Contractual service margin recorded in the income statement

\u00a0

\u00a0

(17)

(17)

\u00a0

\u00a0

(4)

(4)

2. Change for non-financial risks past due

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Changes related to experience

(4)

\u00a0

\u00a0

(4)

(19)

\u00a0

\u00a0

(19)

C. Changes relating to future services

(40)

\u00a0

39

\u00a0

(16)

\u00a0

16

\u00a0

1. Changes in estimates that modify the Contractual service margin

(33)

\u00a0

33

\u00a0

(15)

\u00a0

15

\u00a0

2. Effects of contracts recognised during the year

(6)

\u00a0

6

\u00a0

(1)

\u00a0

1

\u00a0

3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D. Changes relating to past services

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. adjustments to assets for claims incurred

14

(1)

\u00a0

13

10

1

\u00a0

11

E. Effects of changes in the default risk of reinsurers

1

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

F. Result of insurance services (B + C + D + E)

(30)

(1)

22

(8)

(24)

1

12

(12)

G. Net financial revenues/costs

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.\u00a0\u00a0 Reinsurance transfers

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.1 Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

\u00a0

1

1.2.\u00a0 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

5

\u00a0

\u00a0

5

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)

(30)

(1)

23

(8)

(18)

1

12

(5)

I. Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Cash movements

(12)

\u00a0

\u00a0

(12)

(2)

\u00a0

\u00a0

(2)

1.\u00a0\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0\u00a0 Amounts recovered from reinsurers\u00a0

(15)

\u00a0

\u00a0

(15)

(42)

\u00a0

\u00a0

(42)

3.\u00a0\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

M. Net value of financial statements as at the reporting date (A.3 + H + I + L)

88

7

42

137

130

7

19

156

N. Final book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

104

6

32

142

160

6

19

185

2.\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(16)

1

10

(6)

(30)

1

\u00a0

(29)

3.\u00a0\u00a0 Net value of financial statements as at the reporting date

88

7

42

137

130

7

19

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5. Other financial assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Receivables from intermediaries and companies

616

551

11.8

Other receivables

523

590

(11.3)

Total Other financial assets

1,140

1,142

(0.2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The item Other receivables included, inter alia:
\u2022
trade receivables amounting to \u20ac408m (\u20ac399m at 31/12/2024);
\u2022
payments made as cash collateral against derivative payables totalling \u20ac62m (\u20ac92m at 31/12/2024).
3. Insurance liabilities
Liability 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), which are broken down as follows:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

VFA

BBA

PAA

Total

VFA

BBA

PAA

Total

\u00a0

\u00a0

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

1.

Insurance contracts issued that are liabilities

41,958

5,812

8,625

56,395

39,161

6,152

7,823

53,137

2.

Insurance contracts issued that are assets

\u00a0

(2)

(2)

(3)

\u00a0

(68)

(10)

(78)

3.

Net liabilities on the balance sheet

41,958

5,810

8,623

56,392

39,161

6,084

7,813

53,059

\u00a0

of which Life segment

41,958

228

2

42,188

39,161

159

1

39,321

\u00a0

Contracts issued with direct participation features - Life segment

41,958

\u00a0

\u00a0

41,958

39,161

\u00a0

\u00a0

39,161

\u00a0

Contracts issued without direct participation features - Life segment

\u00a0

228

2

230

\u00a0

159

1

160

\u00a0

of which Non-Life segment

\u00a0

5,582

8,621

14,203

\u00a0

5,925

7,812

13,737

\u00a0

Contracts issued without direct participation features - Non-Life Motor segment

\u00a0

2,213

5,177

7,390

\u00a0

2,462

4,597

7,059

\u00a0

Contracts issued without direct participation features - Non-Life Non-MV segment

\u00a0

3,369

3,444

6,813

\u00a0

3,463

3,215

6,678

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of insurance contracts issued - GMM or VFA - liabilities for residual coverage and for claims incurred
LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

38,876

10

275

39,161

37,137

7

275

37,419

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

38,876

10

275

39,161

37,137

7

275

37,419

B. Insurance revenue

(584)

\u00a0

\u00a0

(584)

(517)

\u00a0

\u00a0

(517)

C. Insurance service expenses

22

3

337

361

18

1

311

331

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

338

338

\u00a0

\u00a0

309

309

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

3

3

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

3

\u00a0

3

\u00a0

1

\u00a0

1

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

22

\u00a0

\u00a0

22

18

\u00a0

\u00a0

18

D.\u00a0\u00a0 Insurance service result (B+C)

(563)

3

337

(223)

(498)

1

311

(186)

E.\u00a0\u00a0 Net finance expenses/income

1,443

\u00a0

\u00a0

1,443

1,749

\u00a0

\u00a0

1,749

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

1,444

\u00a0

\u00a0

1,444

1,749

\u00a0

\u00a0

1,749

1.1 Recorded in the Income Statement

1,581

\u00a0

\u00a0

1,581

1,361

\u00a0

\u00a0

1,361

1.2 Recorded in the Comprehensive Income Statement

(138)

\u00a0

\u00a0

(138)

388

\u00a0

\u00a0

388

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

(1)

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

(4,093)

\u00a0

4,093

\u00a0

(3,979)

\u00a0

3,979

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(3,212)

3

4,430

1,220

(2,728)

1

4,290

1,564

H. Other changes\u00a0

1,101

\u00a0

30

1,131

11

2

(13)

(1)

I. Cash movements

4,835

\u00a0

(4,389)

446

4,456

\u00a0

(4,276)

180

1.\u00a0\u00a0 Premiums received

4,909

\u00a0

\u00a0

4,909

4,516

\u00a0

\u00a0

4,516

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(74)

\u00a0

\u00a0

(74)

(60)

\u00a0

\u00a0

(60)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(4,389)

(4,389)

\u00a0

\u00a0

(4,276)

(4,276)

4.\u00a0 Other movemente

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

41,600

13

346

41,958

38,876

10

275

39,161

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

41,600

13

346

41,958

38,876

10

275

39,161

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

41,600

13

346

41,958

38,876

10

275

39,161

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

LIFE SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

180

\u00a0

45

225

134

\u00a0

39

173

2. Insurance contracts issued that are assets

(86)

\u00a0

20

(66)

(75)

\u00a0

26

(49)

3. Net carrying amount as at 1 January

94

\u00a0

65

159

59

\u00a0

64

123

B. Insurance revenue

(188)

\u00a0

\u00a0

(188)

(180)

\u00a0

\u00a0

(180)

C. Insurance service expenses

21

\u00a0

95

115

16

\u00a0

81

96

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

85

85

\u00a0

\u00a0

67

67

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

9

9

\u00a0

\u00a0

14

14

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

21

\u00a0

\u00a0

21

16

\u00a0

\u00a0

16

D.\u00a0\u00a0 Insurance service result (B+C)

(168)

\u00a0

95

(73)

(164)

\u00a0

81

(83)

E.\u00a0\u00a0 Net finance expenses/income

1

\u00a0

\u00a0

1

(5)

\u00a0

\u00a0

(5)

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

1

\u00a0

\u00a0

1

(5)

\u00a0

\u00a0

(5)

1.1 Recorded in the Income Statement

3

\u00a0

\u00a0

3

2

\u00a0

\u00a0

2

1.2 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

(7)

\u00a0

\u00a0

(7)

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

4

\u00a0

(4)

\u00a0

8

\u00a0

(8)

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(162)

\u00a0

91

(71)

(161)

\u00a0

73

(88)

H. Other changes\u00a0

8

\u00a0

3

11

\u00a0

\u00a0

(5)

(5)

I. Cash movements

218

\u00a0

(89)

129

196

\u00a0

(67)

129

1.\u00a0\u00a0 Premiums received

273

\u00a0

\u00a0

273

256

\u00a0

\u00a0

256

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(55)

\u00a0

\u00a0

(55)

(59)

\u00a0

\u00a0

(59)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(89)

(89)

\u00a0

\u00a0

(67)

(67)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

158

\u00a0

71

228

94

\u00a0

65

159

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

158

\u00a0

71

228

180

\u00a0

45

225

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

(86)

\u00a0

20

(66)

3. Net carrying amount as at 31 December

158

\u00a0

71

228

94

\u00a0

65

159

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

244

27

2,191

2,462

197

7

2,330

2,533

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

244

27

2,191

2,462

197

7

2,330

2,533

B. Insurance revenue

(159)

\u00a0

\u00a0

(159)

(131)

\u00a0

\u00a0

(131)

C. Insurance service expenses

43

38

50

131

17

20

348

385

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

390

390

\u00a0

\u00a0

532

532

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(340)

(340)

\u00a0

\u00a0

(184)

(184)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

38

\u00a0

38

\u00a0

20

\u00a0

20

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

43

\u00a0

\u00a0

43

17

\u00a0

\u00a0

17

D.\u00a0\u00a0 Insurance service result (B+C)

(117)

38

50

(29)

(114)

20

348

254

E.\u00a0\u00a0 Net finance expenses/income

4

1

14

19

7

\u00a0

45

52

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

4

1

14

19

7

\u00a0

45

52

1.1 Recorded in the Income Statement

5

1

8

14

4

\u00a0

6

10

1.2 Recorded in the Comprehensive Income Statement

(1)

\u00a0

6

5

3

\u00a0

39

42

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(112)

39

64

(9)

(108)

20

394

306

H. Other changes\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

1

\u00a0

\u00a0

I. Cash movements

150

\u00a0

(390)

(240)

155

\u00a0

(532)

(377)

1.\u00a0\u00a0 Premiums received

281

\u00a0

\u00a0

281

274

\u00a0

\u00a0

274

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(131)

\u00a0

\u00a0

(131)

(119)

\u00a0

\u00a0

(119)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(390)

(390)

\u00a0

\u00a0

(532)

(532)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

282

66

1,866

2,213

244

27

2,191

2,462

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

282

66

1,866

2,213

244

27

2,191

2,462

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

282

66

1,866

2,213

244

27

2,191

2,462

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

648

25

2,793

3,465

708

33

3,019

3,760

2. Insurance contracts issued that are assets

(25)

\u00a0

22

(3)

(2)

\u00a0

\u00a0

(2)

3. Net carrying amount as at 1 January

623

25

2,815

3,463

706

33

3,019

3,758

B. Insurance revenue

(1,221)

\u00a0

\u00a0

(1,221)

(1,203)

\u00a0

\u00a0

(1,203)

C. Insurance service expenses

227

83

731

1,041

190

(10)

737

917

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

950

950

\u00a0

\u00a0

1,020

1,020

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(219)

(219)

\u00a0

\u00a0

(283)

(283)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

83

\u00a0

83

\u00a0

(10)

\u00a0

(10)

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

227

\u00a0

\u00a0

227

190

\u00a0

\u00a0

190

D.\u00a0\u00a0 Insurance service result (B+C)

(995)

83

731

(181)

(1,012)

(10)

737

(286)

E.\u00a0\u00a0 Net finance expenses/income

11

1

23

35

31

1

79

111

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

11

1

24

35

31

1

79

111

1.1 Recorded in the Income Statement

20

1

19

40

18

1

14

34

1.2 Recorded in the Comprehensive Income Statement

(9)

\u00a0

5

(5)

13

\u00a0

65

77

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(984)

84

755

(146)

(981)

(9)

816

(175)

H. Other changes\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

1

\u00a0

\u00a0

I. Cash movements

1,002

\u00a0

(950)

52

899

\u00a0

(1,020)

(121)

1.\u00a0\u00a0 Premiums received

1,290

\u00a0

\u00a0

1,290

1,155

\u00a0

\u00a0

1,155

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(289)

\u00a0

\u00a0

(289)

(256)

\u00a0

\u00a0

(256)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(950)

(950)

\u00a0

\u00a0

(1,020)

(1,020)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

641

108

2,620

3,369

623

25

2,815

3,463

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

643

108

2,620

3,371

648

25

2,793

3,465

2. Insurance contracts issued that are assets

(2)

\u00a0

\u00a0

(2)

(25)

\u00a0

22

(3)

3. Net carrying amount as at 31 December

641

108

2,620

3,369

623

25

2,815

3,463

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Changes in the carrying amount of insurance contracts issued - PAA - liabilities for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

B. Insurance revenue

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

(1)

C. Insurance service expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

\u00a0

1

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Amortisation of contract acquisition costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.\u00a0 Insurance service result (B+C)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

1

\u00a0

(1)

E. Finance expenses/income

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1 Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

1

\u00a0

(1)

H.\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Cash movements

1

\u00a0

\u00a0

\u00a0

1

1

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Premiums received

1

\u00a0

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Payments associated with contract acquisition costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

2.\u00a0\u00a0 Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE MOTOR SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

1,038

18

3,186

355

4,597

1,002

17

2,694

283

3,996

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

1,038

18

3,186

356

4,597

1,002

17

2,694

283

3,995

B. Insurance revenue

(4,240)

\u00a0

\u00a0

\u00a0

(4,240)

(4,131)

\u00a0

\u00a0

\u00a0

(4,131)

C. Insurance service expenses

718

3

3,163

130

4,015

686

\u00a0

3,107

62

3,855

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

2,756

\u00a0

2,756

\u00a0

\u00a0

2,736

\u00a0

2,736

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

407

130

537

\u00a0

\u00a0

370

62

432

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

3

\u00a0

\u00a0

3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Amortisation of contract acquisition costs

718

\u00a0

\u00a0

\u00a0

718

686

\u00a0

\u00a0

\u00a0

686

D.\u00a0 Insurance service result (B+C)

(3,521)

3

3,163

130

(225)

(3,444)

\u00a0

3,107

62

(276)

E. Finance expenses/income

\u00a0

\u00a0

31

(1)

30

1

\u00a0

119

11

132

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

49

4

53

\u00a0

\u00a0

98

8

106

1.1 Recorded in the Income Statement

\u00a0

\u00a0

58

6

64

\u00a0

\u00a0

75

7

81

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(9)

(2)

(11)

\u00a0

\u00a0

23

1

24

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

(19)

(5)

(24)

1

\u00a0

22

3

26

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

(3,521)

3

3,194

129

(195)

(3,443)

\u00a0

3,226

73

(144)

H.\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(3)

\u00a0

3

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Cash movements

3,531

\u00a0

(2,756)

\u00a0

775

3,482

\u00a0

(2,736)

\u00a0

746

1.\u00a0\u00a0 Premiums received

4,253

\u00a0

\u00a0

\u00a0

4,253

4,153

\u00a0

\u00a0

\u00a0

4,153

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(722)

\u00a0

\u00a0

\u00a0

(722)

(671)

\u00a0

\u00a0

\u00a0

(671)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(2,756)

\u00a0

(2,756)

\u00a0

\u00a0

(2,736)

\u00a0

(2,736)

4.\u00a0\u00a0 Other movemenrs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

1,047

21

3,625

485

5,177

1,038

18

3,186

356

4,597

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

1,049

21

3,625

485

5,179

1,039

18

3,186

355

4,597

2.\u00a0\u00a0 Insurance contracts issued that are assets

(2)

\u00a0

\u00a0

\u00a0

(2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

1,047

21

3,625

485

5,177

1,038

18

3,186

356

4,597

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
NON-LIFE NON-MV SEGMENT
Amounts in \u20ac

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

550

73

2,432

170

3,225

543

87

2,460

136

3,226

2. Insurance contracts issued that are assets

(10)

\u00a0

\u00a0

\u00a0

(10)

(13)

\u00a0

2

\u00a0

(12)

3. Net carrying amount as at 1 January

539

73

2,433

171

3,215

530

87

2,462

136

3,215

B. Insurance revenue

(3,673)

\u00a0

\u00a0

\u00a0

(3,673)

(3,647)

\u00a0

\u00a0

\u00a0

(3,647)

C. Insurance service expenses

1,028

123

1,942

64

3,157

980

(14)

2,215

30

3,212

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

1,941

\u00a0

1,941

\u00a0

\u00a0

2,321

\u00a0

2,321

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

2

64

66

\u00a0

\u00a0

(106)

30

(76)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

123

\u00a0

\u00a0

123

\u00a0

(14)

\u00a0

\u00a0

(14)

4.\u00a0\u00a0 Amortisation of contract acquisition costs

1,028

\u00a0

\u00a0

\u00a0

1,028

980

\u00a0

\u00a0

\u00a0

980

D.\u00a0 Insurance service result (B+C)

(2,645)

123

1,942

64

(516)

(2,667)

(14)

2,215

30

(436)

E. Finance expenses/income

2

\u00a0

15

\u00a0

16

(1)

\u00a0

77

4

81

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

34

2

36

\u00a0

\u00a0

71

4

75

1.1 Recorded in the Income Statement

\u00a0

\u00a0

44

3

47

\u00a0

\u00a0

60

4

64

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(9)

(1)

(11)

\u00a0

\u00a0

11

\u00a0

11

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

2

\u00a0

(20)

(2)

(20)

(1)

\u00a0

6

\u00a0

6

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

(2,643)

123

1,957

64

(499)

(2,668)

(14)

2,293

35

(354)

H.\u00a0 Other changes

(1)

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

(1)

\u00a0

(2)

I.\u00a0\u00a0\u00a0 Cash movements

2,670

\u00a0

(1,941)

\u00a0

729

2,678

\u00a0

(2,321)

\u00a0

357

1.\u00a0\u00a0 Premiums received

3,724

\u00a0

\u00a0

\u00a0

3,724

3,664

\u00a0

\u00a0

\u00a0

3,664

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(1,054)

\u00a0

\u00a0

\u00a0

(1,054)

(987)

\u00a0

\u00a0

\u00a0

(987)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(1,941)

\u00a0

(1,941)

\u00a0

\u00a0

(2,321)

\u00a0

(2,321)

4.\u00a0\u00a0 Other movemenrs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

565

196

2,449

235

3,444

539

73

2,433

171

3,215

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

563

196

2,450

234

3,444

550

73

2,432

170

3,225

2.\u00a0\u00a0 Insurance contracts issued that are assets

2

(1)

(1)

\u00a0

\u00a0

(10)

\u00a0

\u00a0

\u00a0

(10)

3. Net carrying amount as at 31 December

565

196

2,449

235

3,444

539

73

2,433

171

3,215

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance contracts issued - Contractual service margin broken down by expected timing of realease to the income statement
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Basis of aggregation/Expected times

Up to 1 year

Over\u00a01 year up to 2\u00a0years

Over\u00a02 years up to 3\u00a0years

Over\u00a03 years up to 4\u00a0years

Over\u00a04 years up to 5\u00a0years

Over\u00a05 years up to 10\u00a0years

Over\u00a010 years up to 20\u00a0years

Over\u00a020 years

Total

Life Segment

272

253

232

210

189

706

641

287

2,791

Non-Life Segment

188

78

37

19

8

13

12

6

361

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance contracts issued - Development of claims gross of reinsurance (Non-Life segment)
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Claims/Time bands

Year T-9\u00a0

Year T-8

Year T-7

Year T-6

Year T-5

Year T-4

Year T-3\u00a0

Year T-2

YearT-1

Year T

Total

A.\u00a0\u00a0\u00a0 Cumulative claims paid and other directly attributable costs paid

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1 At the end of the year of occurrence

2,077

2,252

2,261

2,405

1,944

2,144

2,324

2,689

2,478

2,470

\u00a0

2.\u00a0\u00a0\u00a0\u00a0 One year later

3,602

3,886

3,963

4,163

3,332

3,728

3,942

4,947

3,981

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0\u00a0 Two years later

4,122

4,409

4,524

4,682

3,723

4,239

4,407

5,516

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0\u00a0 Three years later

4,364

4,629

4,758

4,905

3,885

4,463

4,639

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0\u00a0 Four years later

4,485

4,751

4,878

5,042

4,009

4,580

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6.\u00a0\u00a0\u00a0\u00a0 Five years later

4,564

4,833

4,970

5,145

4,105

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

7.\u00a0\u00a0\u00a0\u00a0 Six years later

4,626

4,887

5,038

5,228

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8.\u00a0\u00a0\u00a0\u00a0 Seven years later

4,664

4,941

5,087

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

9.\u00a0\u00a0\u00a0\u00a0 Eight years later

4,701

4,982

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

10.\u00a0\u00a0\u00a0 Nine years later

4,729

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total cumulative claims paid and other directly attributable costs paid (Total A)

4,729

4,982

5,087

5,228

4,105

4,580

4,639

5,516

3,981

2,470

45,318

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.\u00a0 Estimate of the ultimate cost of cumulative claims (amount gross of reinsurance and not discounted)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1 At the end of the year of occurrence

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5,680

6,948

5,807

5,674

\u00a0

2.\u00a0\u00a0\u00a0\u00a0 One year later

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5,258

5,598

6,928

5,699

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0\u00a0 Two years later

\u00a0

\u00a0

\u00a0

\u00a0

4,649

5,216

5,572

6,771

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0\u00a0 Three years later

\u00a0

\u00a0

\u00a0

5,600

4,596

5,196

5,518

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0\u00a0 Four years later

\u00a0

\u00a0

5,415

5,543

4,653

5,166

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6.\u00a0\u00a0\u00a0\u00a0 Five years later

\u00a0

5,209

5,372

5,568

4,677

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

7.\u00a0\u00a0\u00a0\u00a0 Six years later

4,922

5,168

5,359

5,591

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8.\u00a0\u00a0\u00a0\u00a0 Seven years later

4,890

5,202

5,363

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

9.\u00a0\u00a0\u00a0\u00a0 Eight years later

4,904

5,210

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

10.\u00a0\u00a0\u00a0 Nine years later

4,911

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Estimate of the ultimate cost of gross cumulative claims not discounted at the reporting date (Total B)

4,911

5,210

5,363

5,591

4,677

5,166

5,518

6,771

5,699

5,674

54,581

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C. Liabilities for claims incurred, gross not discounted - year of occurrence from T to T-9 (Total B \u2013 Total A)

182

228

276

363

573

586

878

1,255

1,717

3,204

9,263

D. Liabilities for claims incurred, gross not discounted - years prior to T-9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,648

E.\u00a0\u00a0 Discounting effect

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(717)

F.\u00a0\u00a0\u00a0 Effect of adjustment for non-financial risks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,084

G.\u00a0\u00a0 Liabilities for claims incurred gross of insurance contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

11,278

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Insurance contracts issued - Development of claims net of reinsurance (Non-Life segment)
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Claims/Time bands

Year T-9\u00a0

Year T-8

Year T-7

Year T-6

Year T-5

Year T-4

Year T-3\u00a0

Year T-2

Year T -1

Year T

Total

A.\u00a0\u00a0\u00a0 Cumulative claims paid and other directly attributable costs paid net of reinsurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1 At the end of the year of occurrence

2,045

2,168

2,208

2,310

1,914

2,111

2,295

2,602

2,444

2,436

\u00a0

2.\u00a0\u00a0\u00a0\u00a0 One year later

3,497

3,729

3,814

3,934

3,228

3,647

3,846

4,497

3,907

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0\u00a0 Two years later

4,000

4,194

4,297

4,423

3,588

4,104

4,277

4,970

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0\u00a0 Three years later

4,236

4,408

4,517

4,635

3,740

4,307

4,499

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0\u00a0 Four years later

4,353

4,521

4,629

4,753

3,853

4,420

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6.\u00a0\u00a0\u00a0\u00a0 Five years later

4,428

4,601

4,717

4,845

3,944

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

7.\u00a0\u00a0\u00a0\u00a0 Six years later

4,489

4,651

4,777

4,924

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8.\u00a0\u00a0\u00a0\u00a0 Seven years later

4,525

4,703

4,824

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

9.\u00a0\u00a0\u00a0\u00a0 Eight years later

4,559

4,742

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

10.\u00a0\u00a0\u00a0 Nine years later

4,588

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total cumulative claims paid and other directly attributable costs paid net of reinsurance (Total A)

4,588

4,742

4,824

4,924

3,944

4,420

4,499

4,970

3,907

2,436

43,254

B.\u00a0 Estimate of the ultimate cost of cumulative claims (amount net of reinsurance and not discounted)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1 At the end of the year of occurrence

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0\u00a0\u00a0 One year later

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5,472

6,287

5,613

5,547

\u00a0

3.\u00a0\u00a0\u00a0\u00a0 Two years later

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5,085

5,403

6,259

5,519

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0\u00a0 Three years later

\u00a0

\u00a0

\u00a0

\u00a0

4,476

5,032

5,347

6,128

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0\u00a0 Four years later

\u00a0

\u00a0

\u00a0

5,285

4,412

5,012

5,302

\u00a0

\u00a0

\u00a0

\u00a0

6.\u00a0\u00a0\u00a0\u00a0 Five years later

\u00a0

\u00a0

5,126

5,225

4,471

4,982

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

7.\u00a0\u00a0\u00a0\u00a0 Six years later

\u00a0

4,958

5,088

5,245

4,494

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8.\u00a0\u00a0\u00a0\u00a0 Seven years later

4,768

4,914

5,074

5,265

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

9.\u00a0\u00a0\u00a0\u00a0 Eight years later

4,731

4,948

5,082

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

10.\u00a0\u00a0\u00a0 Nine years later

4,745

4,954

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Estimate of the ultimate cost of net cumulative claims not discounted at the reporting date (Total B)

4,750

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C. Liabilities for claims incurred, net not discounted - year of occurrence from T to T-9 (Total B \u2013 Total A)

4,750

4,954

5,082

5,265

4,494

4,982

5,302

6,128

5,519

5,547

52,023

D. Liabilities for claims incurred, net not discounted - years prior to T-9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.\u00a0\u00a0 Discounting effect

162

212

258

340

551

562

804

1,159

1,611

3,111

8,769

F.\u00a0\u00a0\u00a0 Effect of adjustment for non-financial risks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,569

G.\u00a0\u00a0 Liabilities for claims incurred net of insurance contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(678)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,058

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

10,718

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The amount shown in item G Liabilities for claims incurred net of insurance contracts issued does not include deposits received for reinsurance transfers amounting to \u20ac124m.
Judgments regarding the adequacy or inadequacy of the provisions should be extrapolated from the results of the following table with the utmost caution, particularly with reference to use as input for actuarial models such as the Chain Ladder.
5. Payables
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Payables to intermediaries and companies

287

267

7.26

Trade payables

411

450

(8.57)

Post-employment benefits

34

39

(11.25)

Social security charges payable

55

51

6.88

Sundry payables

324

146

121.49

Total payables

1,110

953

16.44

\u00a0

\u00a0

\u00a0

\u00a0

Insurance revenue and costs from insurance contracts issued \u2013 Breakdown
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Business combination basis

Basis A1

Basis A2

Basis A3

Basis A4

Total

Basis A1

Basis A2

Basis A3

Basis A4

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

31/12/2024

A. Insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.1 Amounts associated with changes in liabilities for residual coverage

567

168

117

1,008

1,859

502

164

114

1,026

1,807

1.\u00a0\u00a0 Claims incurred and other costs for expected insurance services

325

90

86

656

1,156

305

88

63

579

1,035

2.\u00a0\u00a0 Changes in the adjustment for non-financial risks

23

2

5

37

67

14

1

4

36

55

3.\u00a0\u00a0 Contractual service margin recorded in the income statement for services provided

219

76

26

204

526

184

75

47

287

593

4.\u00a0\u00a0\u00a0 Other amounts

\u00a0

\u00a0

\u00a0

111

111

\u00a0

\u00a0

\u00a0

125

125

A.2 Acquisition costs of recovered insurance contracts

17

21

43

214

294

14

16

17

177

224

A.3 Total insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA

584

188

159

1,221

2,153

517

180

131

1,203

2,031

A.4 Total insurance revenues from insurance contracts issued valued on the basis of PAA

\u00a0

\u00a0

\u00a0

\u00a0

7,913

\u00a0

\u00a0

\u00a0

\u00a0

7,779

Life segment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

Non-life segment - Motor

\u00a0

\u00a0

\u00a0

\u00a0

4,240

\u00a0

\u00a0

\u00a0

\u00a0

4,131

Non-life segment - Non-MV

\u00a0

\u00a0

\u00a0

\u00a0

3,673

\u00a0

\u00a0

\u00a0

\u00a0

3,647

A.5 Total insurance revenues from insurance contracts issued

584

188

159

1,221

10,066

517

180

131

1,203

9,810

B. Costs for insurance services from insurance contracts issued under GMM and VFA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

(338)

(85)

(390)

(950)

(1,763)

(309)

(67)

(532)

(1,020)

(1,928)

2.\u00a0 Changes in liability for claims incurred

2

(9)

340

219

550

(3)

(14)

184

283

450

3.\u00a0\u00a0 Losses on onerous contracts and recovery of these losses

(3)

\u00a0

(38)

(83)

(124)

(1)

\u00a0

(20)

10

(11)

4.\u00a0\u00a0 Amortisation of insurance contract acquisition costs

(22)

(21)

(43)

(227)

(312)

(18)

(16)

(17)

(190)

(242)

5.\u00a0\u00a0 Other amounts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6 Total costs for insurance services from insurance contracts issued under GMM and VFA

(361)

(115)

(131)

(1,041)

(1,649)

(331)

(96)

(385)

(917)

(1,730)

B.7 Total insurance costs from insurance contracts issued, valued on the basis of PAA

\u00a0

\u00a0

\u00a0

\u00a0

(7,172)

\u00a0

\u00a0

\u00a0

\u00a0

(7,068)

- Life segment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

- Non-life segment - Motor

\u00a0

\u00a0

\u00a0

\u00a0

(4,015)

\u00a0

\u00a0

\u00a0

\u00a0

(3,855)

- Non-life segment - Non-MV

\u00a0

\u00a0

\u00a0

\u00a0

(3,157)

\u00a0

\u00a0

\u00a0

\u00a0

(3,212)

B.8 Total insurance costs from insurance contracts issued (B.6 + B.7)

(361)

(115)

(131)

(1,041)

(8,820)

(331)

(96)

(385)

(917)

(8,798)

C. Total net costs/revenues from insurance contracts issued (A.5 + B.8)

223

73

29

181

1,246

186

83

(254)

286

1,012

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Costs/Business combination basis

31/12/2025

31/12/2024

Basis A1 \u2013 with DFP

Basis A2 \u2013 without DFP

Basis A1 + Basis A2

Basis A3

Basis A4

Basis A3 + Basis A4

Other

Basis A1 \u2013 with DFP

Basis A2 \u2013 without DFP

Basis A1 + Basis A2

Basis A3

Basis A4

Basis A3 + Basis A4

Other

Costs attributed to the acquisition of insurance contracts

(22)

(21)

(42)

(761)

(1,255)

(2,016)

\u00a0

(18)

(16)

(34)

(704)

(1,171)

(1,874)

\u00a0

Other directly attributable costs

(340)

(95)

(434)

(3,385)

(2,944)

(6,328)

\u00a0

(313)

(81)

(394)

(3,536)

(2,958)

(6,495)

\u00a0

Investment management expenses

\u00a0

\u00a0

(6)

\u00a0

\u00a0

(42)

(22)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

(44)

(21)

Other costs

\u00a0

\u00a0

(134)

\u00a0

\u00a0

(753)

(347)

\u00a0

\u00a0

(107)

\u00a0

\u00a0

(1,029)

(314)

Total

(361)

(115)

(616)

(4,146)

(4,198)

(9,139)

(370)

(331)

(97)

(542)

(4,240)

(4,129)

(9,442)

(335)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 included net expenses of \u20ac1,702m (net expenses of \u20ac1,554m at 31/12/2024) and related:
-for \u20ac1,582m (\u20ac1,361m at 31/12/2024) 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 (\"mirroring\");
-for the remainder, equal to net expenses of \u20ac120m (net expenses of \u20ac193m at 31/12/2024), 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 more favourable exchange rate effect compared to the previous year.
Net finance expenses and income relating to insurance contracts issued
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

Basis A1

Basis A2

Basis A3

Total

Basis A1

Basis A2

Basis A3

Total

\u00a0

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

1.\u00a0\u00a0\u00a0\u00a0 Interest accrued

\u00a0

(3)

(165)

(168)

23

(2)

(189)

(168)

2.\u00a0\u00a0\u00a0\u00a0 Effects of changes in interest rates and other financial assumptions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0\u00a0 Changes in the fair value of assets underlying contracts measured under the VFA\u00a0

(1,581)

\u00a0

\u00a0

(1,581)

(1,361)

\u00a0

\u00a0

(1,361)

4.\u00a0\u00a0\u00a0\u00a0 Effects of the change in exchange rates

1

\u00a0

47

48

\u00a0

\u00a0

(27)

(27)

5.\u00a0\u00a0\u00a0\u00a0 Other

\u00a0

\u00a0

1

1

\u00a0

\u00a0

2

2

6.\u00a0\u00a0\u00a0 Total net finance income/expenses relating to insurance contracts issued, recognised in the income statement

(1,581)

(3)

(117)

(1,702)

(1,338)

(2)

(215)

(1,554)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 income of \u20ac342m was recognised in the Comprehensive income statement (net expenses of \u20ac528m at 31/12/2024).
Insurance operations - Net financial result of investments broken down by Life and Non-Life segments
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Operating segments

Life segment

Non-Life segment

Total

Life segment

Non-Life segment

Total

31/12/2025

Of which DPF

31/12/2025

31/12/2025

31/12/2024

Of which DPF

31/12/2024

31/12/2024

A.\u00a0\u00a0\u00a0 FINANCIAL RESULT OF INVESTMENTS

1,973

1,410

755

2,728

2,480

1,727

835

3,315

A.1 Interest income from financial assets at amortised cost and at fair value through other comprehensive income

1,195

1,104

438

1,633

1,110

1,029

418

1,528

A.2 Net gains/losses on assets at fair value through profit or loss

1,255

665

259

1,514

942

278

261

1,203

A.3 Net value adjustments/write-backs for credit risk

(4)

(2)

(9)

(13)

(2)

(1)

(2)

(4)

A.4 Other net income/costs

(215)

(168)

(183)

(398)

8

32

(125)

(116)

A.5 Net capital gains/losses on financial assets at fair value through other comprehensive income

(258)

(190)

250

(8)

422

388

282

704

B NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS 9

(525)

\u00a0

\u00a0

(525)

(631)

\u00a0

\u00a0

(631)

C. NET FINANCIAL RESULT - OTHER

1,448

1,410

755

2,203

1,849

1,727

835

2,684

of which: recognised in the Income Statement

1,706

1,599

505

2,211

1,427

1,339

552

1,979

of which: recognised in the Comprehensive Income Statement

(258)

(190)

250

(8)

422

388

282

704

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance operations - Summary of economic results broken down by Life and Non-Life segments
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Summary of results/Operating segments

31/12/2025

31/12/2024

Life segment

Non-Life segment

Total

Life segment

Non-Life segment

Total

A.\u00a0 Financial results

155

653

808

104

497

601

A.1 Amounts recognised in the Income Statement

121

384

505

87

358

445

1. Total net financial result of investments

1,706

505

2,211

1,427

552

1,979

2. Net finance income/expenses relating to insurance contracts

(1,585)

(122)

(1,706)

(1,340)

(194)

(1,534)

3.\u00a0\u00a0\u00a0\u00a0 Total

121

384

505

87

358

445

A2. Amounts recognised in the Comprehensive Income Statement

34

269

303

17

139

156

1. Total net financial result of investments

(258)

250

(8)

422

282

704

2. Net finance income/expenses relating to insurance contracts

292

19

310

(404)

(144)

(548)

3.\u00a0\u00a0\u00a0\u00a0 Total

34

269

303

17

139

156

B.\u00a0 Net insurance and financial result

442

1,309

1,751

363

1,076

1,439

1. Net insurance service result

287

657

944

259

580

838

2. Total net financial result of investments

1,448

755

2,203

1,849

835

2,684

3. Net financial result of insurance contracts

(1,293)

(103)

(1,396)

(1,745)

(338)

(2,083)

4.\u00a0\u00a0 Total

442

1,309

1,751

363

1,076

1,439

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact31": { "value": "
3. Insurance assets
Asset 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), which are broken down as follows:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

BBA

PAA

Total

BBA

PAA

Total

\u00a0

\u00a0

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

1.

Reinsurance classifiable as assets

142

500

642

185

826

1,011

2.

Reinsurance transfers classifiable as liabilities

(6)

(68)

(74)

(29)

(60)

(89)

3.

Net assets on the balance sheet

137

432

568

156

766

922

\u00a0

of which Life segment

\u00a0

(2)

(2)

\u00a0

1

1

\u00a0

of which Non-Life segment

137

434

570

156

765

921

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held - GMM - assets for residual coverage and for claims incurred
NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total 31/12/2025

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total 31/12/2024

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

72

\u00a0

113

185

61

\u00a0

125

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(8)

\u00a0

(21)

(29)

(11)

\u00a0

(11)

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

64

\u00a0

92

156

50

\u00a0

113

163

B.\u00a0 Economic effects of reinsurance contracts held

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(38)

\u00a0

\u00a0

(38)

(26)

\u00a0

\u00a0

(26)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

28

28

\u00a0

\u00a0

47

47

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

2

2

\u00a0

\u00a0

(35)

(35)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

1

6.\u00a0\u00a0\u00a0 Total

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.1. Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

1

1

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

5

5

2.\u00a0\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0 Total

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(38)

\u00a0

30

(8)

(25)

\u00a0

20

(5)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

3

\u00a0

(15)

(12)

39

\u00a0

(42)

(2)

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(15)

(15)

\u00a0

\u00a0

(42)

(42)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01. Reinsurance contracts held that are assets

27

\u00a0

115

142

72

\u00a0

113

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

3

\u00a0

(9)

(6)

(8)

\u00a0

(21)

(29)

3.\u00a0\u00a0 Net carrying amount as at 31 December

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

7

\u00a0

15

\u00a0

23

12

\u00a0

13

\u00a0

24

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(1)

\u00a0

(21)

\u00a0

(22)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

6

\u00a0

(5)

\u00a0

1

10

\u00a0

(8)

\u00a0

2

B.\u00a0 Economic effects of reinsurance contracts held

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(26)

\u00a0

\u00a0

\u00a0

(26)

(25)

\u00a0

\u00a0

\u00a0

(25)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

16

\u00a0

16

\u00a0

\u00a0

14

\u00a0

14

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1. Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2. Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

23

\u00a0

(17)

\u00a0

6

21

\u00a0

(12)

\u00a0

9

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

22

\u00a0

\u00a0

\u00a0

22

19

\u00a0

\u00a0

\u00a0

19

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

1

\u00a0

(17)

\u00a0

(16)

1

\u00a0

(12)

\u00a0

(11)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

5

\u00a0

12

\u00a0

17

7

\u00a0

15

\u00a0

23

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(2)

\u00a0

(17)

\u00a0

(19)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0 Net carrying amount as at 31 December

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

\u00a0

Assets for claims incurred 31/12/2025

\u00a0

Total

Assets for residual coverage 31/12/2024

\u00a0

Assets for claims incurred 31/12/2024

\u00a0

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

324

\u00a0

455

24

804

140

\u00a0

686

24

850

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(26)

\u00a0

(12)

\u00a0

(38)

(28)

\u00a0

(21)

1

(48)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

298

\u00a0

443

24

765

112

\u00a0

665

25

802

B.\u00a0 Economic effects of reinsurance contracts held

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(356)

\u00a0

\u00a0

\u00a0

(356)

(341)

\u00a0

\u00a0

\u00a0

(341)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

193

\u00a0

193

\u00a0

\u00a0

453

\u00a0

453

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

(119)

(3)

(122)

\u00a0

\u00a0

(251)

(2)

(253)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

(1)

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

(1)

\u00a0

(3)

\u00a0

(5)

1

\u00a0

25

1

27

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

7

\u00a0

8

\u00a0

\u00a0

22

1

23

1.1. Recorded in the Income Statement

\u00a0

\u00a0

9

\u00a0

9

\u00a0

\u00a0

16

1

17

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

6

\u00a0

6

2. Effects associated with changes in exchange rates

(1)

\u00a0

(10)

(1)

(12)

1

\u00a0

3

\u00a0

4

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(357)

\u00a0

71

(4)

(290)

(340)

(8)

227

(1)

(122)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(7)

8

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

194

\u00a0

(236)

\u00a0

(42)

534

\u00a0

(448)

\u00a0

86

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

194

\u00a0

\u00a0

\u00a0

194

534

\u00a0

\u00a0

\u00a0

534

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(236)

\u00a0

(236)

\u00a0

\u00a0

(448)

\u00a0

(448)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

147

\u00a0

317

19

483

324

\u00a0

455

24

804

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(12)

\u00a0

(38)

1

(49)

(26)

\u00a0

(12)

\u00a0

(38)

3.\u00a0\u00a0 Net carrying amount as at 31 December

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held by features underlying measurement
Amounts in \u20acm
NON-LIFE SEGMENT

Features underlying the measurement of the book value of reinsurance transfers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Features underlying measurement

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

A. Initial book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

160

6

19

185

173

5

7

185

2.\u00a0\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(30)

1

\u00a0

(29)

(23)

1

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net value of financial statements as at 1 January

130

7

19

156

150

6

7

163

B. Changes in current services

(4)

\u00a0

(17)

(21)

(19)

\u00a0

(4)

(24)

1. Contractual service margin recorded in the income statement

\u00a0

\u00a0

(17)

(17)

\u00a0

\u00a0

(4)

(4)

2. Change for non-financial risks past due

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Changes related to experience

(4)

\u00a0

\u00a0

(4)

(19)

\u00a0

\u00a0

(19)

C. Changes relating to future services

(40)

\u00a0

39

\u00a0

(16)

\u00a0

16

\u00a0

1. Changes in estimates that modify the Contractual service margin

(33)

\u00a0

33

\u00a0

(15)

\u00a0

15

\u00a0

2. Effects of contracts recognised during the year

(6)

\u00a0

6

\u00a0

(1)

\u00a0

1

\u00a0

3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D. Changes relating to past services

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. adjustments to assets for claims incurred

14

(1)

\u00a0

13

10

1

\u00a0

11

E. Effects of changes in the default risk of reinsurers

1

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

F. Result of insurance services (B + C + D + E)

(30)

(1)

22

(8)

(24)

1

12

(12)

G. Net financial revenues/costs

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.\u00a0\u00a0 Reinsurance transfers

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.1 Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

\u00a0

1

1.2.\u00a0 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

5

\u00a0

\u00a0

5

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)

(30)

(1)

23

(8)

(18)

1

12

(5)

I. Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Cash movements

(12)

\u00a0

\u00a0

(12)

(2)

\u00a0

\u00a0

(2)

1.\u00a0\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0\u00a0 Amounts recovered from reinsurers\u00a0

(15)

\u00a0

\u00a0

(15)

(42)

\u00a0

\u00a0

(42)

3.\u00a0\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

M. Net value of financial statements as at the reporting date (A.3 + H + I + L)

88

7

42

137

130

7

19

156

N. Final book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

104

6

32

142

160

6

19

185

2.\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(16)

1

10

(6)

(30)

1

\u00a0

(29)

3.\u00a0\u00a0 Net value of financial statements as at the reporting date

88

7

42

137

130

7

19

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 17
NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

New contracts and contracts measured at the transition date with the full retrospective approach

Contracts measured at the transition date with the modified retrospective approach

Contracts measured at the transition date with the fair value approach

Total

New contracts and contracts measured at the transition date with the full retrospective approach

Contracts measured at the transition date with the modified retrospective approach

Contracts measured at the transition date with the fair value approach

Total

Contractual service margin - Opening balances

20

\u00a0

(1)

19

8

\u00a0

(1)

7

Changes relating to current services

(15)

\u00a0

(2)

(17)

(7)

\u00a0

3

(4)

-\u00a0Contractual service margin recognised in the income statement to reflect services received

(15)

\u00a0

(2)

(17)

(7)

\u00a0

3

(4)

Changes relating to future services

35

\u00a0

4

39

19

\u00a0

(3)

16

-\u00a0\u00a0 Changes in estimates that adjust the contractual service margin

29

\u00a0

4

33

18

\u00a0

(3)

15

-\u00a0\u00a0 Effects of contracts initially recognised in the reference year

6

\u00a0

\u00a0

6

1

\u00a0

\u00a0

1

Net finance income/expenses

1

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Relating to reinsurance contracts held

1

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0 Total

1

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total changes recognised in the Income Statement and in the Comprehensive Income Statement

20

\u00a0

3

23

12

\u00a0

\u00a0

12

Contractual service margin - Closing balances

40

\u00a0

2

42

20

\u00a0

(1)

19

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Features underlying the measurement of reinsurance contracts held, recorded in the year
NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Groups of contracts

Originated contracts 31/12/2025

Originated contracts 31/12/2024

Contracts without loss recovery component

Contracts with loss recovery component

Total

Initial contracts without loss recovery component

Initial contracts with loss recovery component

Total

A.\u00a0 Estimate of the present value of future cash outflows

\u00a0

14

\u00a0

14

5

\u00a0

5

of which: Cash flows associated with the acquisition of insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.\u00a0 Estimate of the present value of future cash inflows

8

\u00a0

8

4

\u00a0

4

C.\u00a0 Estimate of the net present value of future cash flows (B-A)

(6)

\u00a0

(6)

(1)

\u00a0

(1)

D.\u00a0 Estimate of adjustment for non-financial risks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.\u00a0\u00a0 Derecognition of previously recognised cash flows

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0 Contractual service margin

6

\u00a0

6

1

\u00a0

1

G.\u00a0\u00a0 Increase in reinsurance contract assets recorded during the year due to the recognition of new contracts (C+D+E+F)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Reinsurance contracts held - Contractual service margin broken down by expected timing of recognition in the income statement
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Basis of aggregation/Expected times

Up to 1 year

Over\u00a01 year up to 2\u00a0years

Over\u00a02 years up to 3\u00a0years

Over\u00a03 years up to 4\u00a0years

Over\u00a04 years up to 5\u00a0years

Over\u00a05 years up to 10\u00a0years

Over\u00a010 years up to 20\u00a0years

Over\u00a020 years

Total

Non-Life Segment

16

10

8

4

2

2

\u00a0

\u00a0

42

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance costs and revenue from reinsurance contracts held \u2013 Breakdown
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Business combination basis

Life Segment

Non-Life Segment

Total

Life Segment

Non-Life Segment

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

A. Allocation of premiums paid relating to reinsurance transfers valued on the basis of GMM

\u00a0

(38)

(38)

\u00a0

(25)

(25)

A.1 Amounts associated with changes in assets by residual coverage

\u00a0

(38)

(38)

\u00a0

(25)

(25)

1.\u00a0\u00a0 Amount of claims and other expected recoverable costs

\u00a0

(20)

(20)

\u00a0

(20)

(20)

2.\u00a0\u00a0 Changes in the adjustment for non-financial risks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Contractual service margin recorded in the income statement for services received

\u00a0

(17)

(17)

\u00a0

(4)

(4)

4.\u00a0\u00a0 Other amounts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.2 Other directly attributable costs specific to reinsurance transfers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B. Allocation of premiums paid relating to reinsurance transfers valued on the basis of PAA

(26)

(356)

(382)

(25)

(342)

(367)

C. Total reinsurance transfers costs (A.1 + A.2 + B)

(26)

(394)

(420)

(25)

(367)

(392)

D. Effects of changes in the risk of default by reinsurers

\u00a0

1

1

\u00a0

1

1

E. Amount of claims and other expenses recovered

16

220

236

14

500

514

F. Changes in assets due to claims incurred

1

(120)

(119)

1

(288)

(287)

G. Other recoveries

\u00a0

\u00a0

\u00a0

\u00a0

(8)

(8)

H. Total net costs/revenues from reinsurance (C+D+E+F+G)

(9)

(293)

(302)

(11)

(161)

(172)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

11. Net finance income/expenses relating to reinsurance contracts held
Net finance income relating to reinsurance contracts held came to \u20ac5m (net expenses of \u20ac20m at 31/12/2024).
Net finance income and expenses relating to reinsurance contracts held
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

Life Segment

Non-Life Segment

Total

Life Segment

Non-Life Segment

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

1.\u00a0 Interest accrued

\u00a0

11

11

\u00a0

18

18

2.\u00a0 Effects of changes in interest rates and other financial assumptions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0 Effects of the change in exchange rates

\u00a0

(13)

(13)

\u00a0

4

4

4.\u00a0\u00a0 Other

\u00a0

(2)

(2)

\u00a0

(2)

(2)

5. Total net finance income/expenses relating to reinsurance contracts held

\u00a0

(4)

(5)

\u00a0

20

20

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 expenses of \u20ac3m were recognised in the Comprehensive income statement (net income of \u20ac12m at 31/12/2024)..
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact32": { "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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total 31/12/2025

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total 31/12/2024

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

72

\u00a0

113

185

61

\u00a0

125

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(8)

\u00a0

(21)

(29)

(11)

\u00a0

(11)

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

64

\u00a0

92

156

50

\u00a0

113

163

B.\u00a0 Economic effects of reinsurance contracts held

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(38)

\u00a0

\u00a0

(38)

(26)

\u00a0

\u00a0

(26)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

28

28

\u00a0

\u00a0

47

47

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

2

2

\u00a0

\u00a0

(35)

(35)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

1

6.\u00a0\u00a0\u00a0 Total

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.1. Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

1

1

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

5

5

2.\u00a0\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0 Total

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(38)

\u00a0

30

(8)

(25)

\u00a0

20

(5)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

3

\u00a0

(15)

(12)

39

\u00a0

(42)

(2)

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(15)

(15)

\u00a0

\u00a0

(42)

(42)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01. Reinsurance contracts held that are assets

27

\u00a0

115

142

72

\u00a0

113

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

3

\u00a0

(9)

(6)

(8)

\u00a0

(21)

(29)

3.\u00a0\u00a0 Net carrying amount as at 31 December

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

7

\u00a0

15

\u00a0

23

12

\u00a0

13

\u00a0

24

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(1)

\u00a0

(21)

\u00a0

(22)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

6

\u00a0

(5)

\u00a0

1

10

\u00a0

(8)

\u00a0

2

B.\u00a0 Economic effects of reinsurance contracts held

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(26)

\u00a0

\u00a0

\u00a0

(26)

(25)

\u00a0

\u00a0

\u00a0

(25)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

16

\u00a0

16

\u00a0

\u00a0

14

\u00a0

14

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1. Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2. Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

23

\u00a0

(17)

\u00a0

6

21

\u00a0

(12)

\u00a0

9

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

22

\u00a0

\u00a0

\u00a0

22

19

\u00a0

\u00a0

\u00a0

19

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

1

\u00a0

(17)

\u00a0

(16)

1

\u00a0

(12)

\u00a0

(11)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

5

\u00a0

12

\u00a0

17

7

\u00a0

15

\u00a0

23

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(2)

\u00a0

(17)

\u00a0

(19)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0 Net carrying amount as at 31 December

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

\u00a0

Assets for claims incurred 31/12/2025

\u00a0

Total

Assets for residual coverage 31/12/2024

\u00a0

Assets for claims incurred 31/12/2024

\u00a0

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

324

\u00a0

455

24

804

140

\u00a0

686

24

850

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(26)

\u00a0

(12)

\u00a0

(38)

(28)

\u00a0

(21)

1

(48)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

298

\u00a0

443

24

765

112

\u00a0

665

25

802

B.\u00a0 Economic effects of reinsurance contracts held

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(356)

\u00a0

\u00a0

\u00a0

(356)

(341)

\u00a0

\u00a0

\u00a0

(341)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

193

\u00a0

193

\u00a0

\u00a0

453

\u00a0

453

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

(119)

(3)

(122)

\u00a0

\u00a0

(251)

(2)

(253)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

(1)

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

(1)

\u00a0

(3)

\u00a0

(5)

1

\u00a0

25

1

27

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

7

\u00a0

8

\u00a0

\u00a0

22

1

23

1.1. Recorded in the Income Statement

\u00a0

\u00a0

9

\u00a0

9

\u00a0

\u00a0

16

1

17

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

6

\u00a0

6

2. Effects associated with changes in exchange rates

(1)

\u00a0

(10)

(1)

(12)

1

\u00a0

3

\u00a0

4

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(357)

\u00a0

71

(4)

(290)

(340)

(8)

227

(1)

(122)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(7)

8

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

194

\u00a0

(236)

\u00a0

(42)

534

\u00a0

(448)

\u00a0

86

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

194

\u00a0

\u00a0

\u00a0

194

534

\u00a0

\u00a0

\u00a0

534

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(236)

\u00a0

(236)

\u00a0

\u00a0

(448)

\u00a0

(448)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

147

\u00a0

317

19

483

324

\u00a0

455

24

804

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(12)

\u00a0

(38)

1

(49)

(26)

\u00a0

(12)

\u00a0

(38)

3.\u00a0\u00a0 Net carrying amount as at 31 December

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held by features underlying measurement
Amounts in \u20acm
NON-LIFE SEGMENT

Features underlying the measurement of the book value of reinsurance transfers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Features underlying measurement

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

A. Initial book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

160

6

19

185

173

5

7

185

2.\u00a0\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(30)

1

\u00a0

(29)

(23)

1

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net value of financial statements as at 1 January

130

7

19

156

150

6

7

163

B. Changes in current services

(4)

\u00a0

(17)

(21)

(19)

\u00a0

(4)

(24)

1. Contractual service margin recorded in the income statement

\u00a0

\u00a0

(17)

(17)

\u00a0

\u00a0

(4)

(4)

2. Change for non-financial risks past due

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Changes related to experience

(4)

\u00a0

\u00a0

(4)

(19)

\u00a0

\u00a0

(19)

C. Changes relating to future services

(40)

\u00a0

39

\u00a0

(16)

\u00a0

16

\u00a0

1. Changes in estimates that modify the Contractual service margin

(33)

\u00a0

33

\u00a0

(15)

\u00a0

15

\u00a0

2. Effects of contracts recognised during the year

(6)

\u00a0

6

\u00a0

(1)

\u00a0

1

\u00a0

3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D. Changes relating to past services

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. adjustments to assets for claims incurred

14

(1)

\u00a0

13

10

1

\u00a0

11

E. Effects of changes in the default risk of reinsurers

1

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

F. Result of insurance services (B + C + D + E)

(30)

(1)

22

(8)

(24)

1

12

(12)

G. Net financial revenues/costs

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.\u00a0\u00a0 Reinsurance transfers

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.1 Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

\u00a0

1

1.2.\u00a0 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

5

\u00a0

\u00a0

5

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)

(30)

(1)

23

(8)

(18)

1

12

(5)

I. Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Cash movements

(12)

\u00a0

\u00a0

(12)

(2)

\u00a0

\u00a0

(2)

1.\u00a0\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0\u00a0 Amounts recovered from reinsurers\u00a0

(15)

\u00a0

\u00a0

(15)

(42)

\u00a0

\u00a0

(42)

3.\u00a0\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

M. Net value of financial statements as at the reporting date (A.3 + H + I + L)

88

7

42

137

130

7

19

156

N. Final book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

104

6

32

142

160

6

19

185

2.\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(16)

1

10

(6)

(30)

1

\u00a0

(29)

3.\u00a0\u00a0 Net value of financial statements as at the reporting date

88

7

42

137

130

7

19

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Reinsurance contracts held - Contractual service margin broken down by expected timing of recognition in the income statement
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Basis of aggregation/Expected times

Up to 1 year

Over\u00a01 year up to 2\u00a0years

Over\u00a02 years up to 3\u00a0years

Over\u00a03 years up to 4\u00a0years

Over\u00a04 years up to 5\u00a0years

Over\u00a05 years up to 10\u00a0years

Over\u00a010 years up to 20\u00a0years

Over\u00a020 years

Total

Non-Life Segment

16

10

8

4

2

2

\u00a0

\u00a0

42

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of insurance contracts issued - GMM or VFA - liabilities for residual coverage and for claims incurred
LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

38,876

10

275

39,161

37,137

7

275

37,419

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

38,876

10

275

39,161

37,137

7

275

37,419

B. Insurance revenue

(584)

\u00a0

\u00a0

(584)

(517)

\u00a0

\u00a0

(517)

C. Insurance service expenses

22

3

337

361

18

1

311

331

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

338

338

\u00a0

\u00a0

309

309

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

3

3

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

3

\u00a0

3

\u00a0

1

\u00a0

1

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

22

\u00a0

\u00a0

22

18

\u00a0

\u00a0

18

D.\u00a0\u00a0 Insurance service result (B+C)

(563)

3

337

(223)

(498)

1

311

(186)

E.\u00a0\u00a0 Net finance expenses/income

1,443

\u00a0

\u00a0

1,443

1,749

\u00a0

\u00a0

1,749

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

1,444

\u00a0

\u00a0

1,444

1,749

\u00a0

\u00a0

1,749

1.1 Recorded in the Income Statement

1,581

\u00a0

\u00a0

1,581

1,361

\u00a0

\u00a0

1,361

1.2 Recorded in the Comprehensive Income Statement

(138)

\u00a0

\u00a0

(138)

388

\u00a0

\u00a0

388

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

(1)

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

(4,093)

\u00a0

4,093

\u00a0

(3,979)

\u00a0

3,979

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(3,212)

3

4,430

1,220

(2,728)

1

4,290

1,564

H. Other changes\u00a0

1,101

\u00a0

30

1,131

11

2

(13)

(1)

I. Cash movements

4,835

\u00a0

(4,389)

446

4,456

\u00a0

(4,276)

180

1.\u00a0\u00a0 Premiums received

4,909

\u00a0

\u00a0

4,909

4,516

\u00a0

\u00a0

4,516

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(74)

\u00a0

\u00a0

(74)

(60)

\u00a0

\u00a0

(60)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(4,389)

(4,389)

\u00a0

\u00a0

(4,276)

(4,276)

4.\u00a0 Other movemente

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

41,600

13

346

41,958

38,876

10

275

39,161

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

41,600

13

346

41,958

38,876

10

275

39,161

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

41,600

13

346

41,958

38,876

10

275

39,161

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

LIFE SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

180

\u00a0

45

225

134

\u00a0

39

173

2. Insurance contracts issued that are assets

(86)

\u00a0

20

(66)

(75)

\u00a0

26

(49)

3. Net carrying amount as at 1 January

94

\u00a0

65

159

59

\u00a0

64

123

B. Insurance revenue

(188)

\u00a0

\u00a0

(188)

(180)

\u00a0

\u00a0

(180)

C. Insurance service expenses

21

\u00a0

95

115

16

\u00a0

81

96

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

85

85

\u00a0

\u00a0

67

67

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

9

9

\u00a0

\u00a0

14

14

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

21

\u00a0

\u00a0

21

16

\u00a0

\u00a0

16

D.\u00a0\u00a0 Insurance service result (B+C)

(168)

\u00a0

95

(73)

(164)

\u00a0

81

(83)

E.\u00a0\u00a0 Net finance expenses/income

1

\u00a0

\u00a0

1

(5)

\u00a0

\u00a0

(5)

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

1

\u00a0

\u00a0

1

(5)

\u00a0

\u00a0

(5)

1.1 Recorded in the Income Statement

3

\u00a0

\u00a0

3

2

\u00a0

\u00a0

2

1.2 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

(7)

\u00a0

\u00a0

(7)

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

4

\u00a0

(4)

\u00a0

8

\u00a0

(8)

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(162)

\u00a0

91

(71)

(161)

\u00a0

73

(88)

H. Other changes\u00a0

8

\u00a0

3

11

\u00a0

\u00a0

(5)

(5)

I. Cash movements

218

\u00a0

(89)

129

196

\u00a0

(67)

129

1.\u00a0\u00a0 Premiums received

273

\u00a0

\u00a0

273

256

\u00a0

\u00a0

256

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(55)

\u00a0

\u00a0

(55)

(59)

\u00a0

\u00a0

(59)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(89)

(89)

\u00a0

\u00a0

(67)

(67)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

158

\u00a0

71

228

94

\u00a0

65

159

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

158

\u00a0

71

228

180

\u00a0

45

225

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

(86)

\u00a0

20

(66)

3. Net carrying amount as at 31 December

158

\u00a0

71

228

94

\u00a0

65

159

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

244

27

2,191

2,462

197

7

2,330

2,533

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

244

27

2,191

2,462

197

7

2,330

2,533

B. Insurance revenue

(159)

\u00a0

\u00a0

(159)

(131)

\u00a0

\u00a0

(131)

C. Insurance service expenses

43

38

50

131

17

20

348

385

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

390

390

\u00a0

\u00a0

532

532

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(340)

(340)

\u00a0

\u00a0

(184)

(184)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

38

\u00a0

38

\u00a0

20

\u00a0

20

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

43

\u00a0

\u00a0

43

17

\u00a0

\u00a0

17

D.\u00a0\u00a0 Insurance service result (B+C)

(117)

38

50

(29)

(114)

20

348

254

E.\u00a0\u00a0 Net finance expenses/income

4

1

14

19

7

\u00a0

45

52

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

4

1

14

19

7

\u00a0

45

52

1.1 Recorded in the Income Statement

5

1

8

14

4

\u00a0

6

10

1.2 Recorded in the Comprehensive Income Statement

(1)

\u00a0

6

5

3

\u00a0

39

42

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(112)

39

64

(9)

(108)

20

394

306

H. Other changes\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

1

\u00a0

\u00a0

I. Cash movements

150

\u00a0

(390)

(240)

155

\u00a0

(532)

(377)

1.\u00a0\u00a0 Premiums received

281

\u00a0

\u00a0

281

274

\u00a0

\u00a0

274

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(131)

\u00a0

\u00a0

(131)

(119)

\u00a0

\u00a0

(119)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(390)

(390)

\u00a0

\u00a0

(532)

(532)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

282

66

1,866

2,213

244

27

2,191

2,462

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

282

66

1,866

2,213

244

27

2,191

2,462

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

282

66

1,866

2,213

244

27

2,191

2,462

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

648

25

2,793

3,465

708

33

3,019

3,760

2. Insurance contracts issued that are assets

(25)

\u00a0

22

(3)

(2)

\u00a0

\u00a0

(2)

3. Net carrying amount as at 1 January

623

25

2,815

3,463

706

33

3,019

3,758

B. Insurance revenue

(1,221)

\u00a0

\u00a0

(1,221)

(1,203)

\u00a0

\u00a0

(1,203)

C. Insurance service expenses

227

83

731

1,041

190

(10)

737

917

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

950

950

\u00a0

\u00a0

1,020

1,020

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(219)

(219)

\u00a0

\u00a0

(283)

(283)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

83

\u00a0

83

\u00a0

(10)

\u00a0

(10)

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

227

\u00a0

\u00a0

227

190

\u00a0

\u00a0

190

D.\u00a0\u00a0 Insurance service result (B+C)

(995)

83

731

(181)

(1,012)

(10)

737

(286)

E.\u00a0\u00a0 Net finance expenses/income

11

1

23

35

31

1

79

111

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

11

1

24

35

31

1

79

111

1.1 Recorded in the Income Statement

20

1

19

40

18

1

14

34

1.2 Recorded in the Comprehensive Income Statement

(9)

\u00a0

5

(5)

13

\u00a0

65

77

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(984)

84

755

(146)

(981)

(9)

816

(175)

H. Other changes\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

1

\u00a0

\u00a0

I. Cash movements

1,002

\u00a0

(950)

52

899

\u00a0

(1,020)

(121)

1.\u00a0\u00a0 Premiums received

1,290

\u00a0

\u00a0

1,290

1,155

\u00a0

\u00a0

1,155

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(289)

\u00a0

\u00a0

(289)

(256)

\u00a0

\u00a0

(256)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(950)

(950)

\u00a0

\u00a0

(1,020)

(1,020)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

641

108

2,620

3,369

623

25

2,815

3,463

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

643

108

2,620

3,371

648

25

2,793

3,465

2. Insurance contracts issued that are assets

(2)

\u00a0

\u00a0

(2)

(25)

\u00a0

22

(3)

3. Net carrying amount as at 31 December

641

108

2,620

3,369

623

25

2,815

3,463

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Changes in the carrying amount of insurance contracts issued - PAA - liabilities for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

B. Insurance revenue

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

(1)

C. Insurance service expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

\u00a0

1

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Amortisation of contract acquisition costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.\u00a0 Insurance service result (B+C)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

1

\u00a0

(1)

E. Finance expenses/income

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1 Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

1

\u00a0

(1)

H.\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Cash movements

1

\u00a0

\u00a0

\u00a0

1

1

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Premiums received

1

\u00a0

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Payments associated with contract acquisition costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

2.\u00a0\u00a0 Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE MOTOR SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

1,038

18

3,186

355

4,597

1,002

17

2,694

283

3,996

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

1,038

18

3,186

356

4,597

1,002

17

2,694

283

3,995

B. Insurance revenue

(4,240)

\u00a0

\u00a0

\u00a0

(4,240)

(4,131)

\u00a0

\u00a0

\u00a0

(4,131)

C. Insurance service expenses

718

3

3,163

130

4,015

686

\u00a0

3,107

62

3,855

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

2,756

\u00a0

2,756

\u00a0

\u00a0

2,736

\u00a0

2,736

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

407

130

537

\u00a0

\u00a0

370

62

432

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

3

\u00a0

\u00a0

3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Amortisation of contract acquisition costs

718

\u00a0

\u00a0

\u00a0

718

686

\u00a0

\u00a0

\u00a0

686

D.\u00a0 Insurance service result (B+C)

(3,521)

3

3,163

130

(225)

(3,444)

\u00a0

3,107

62

(276)

E. Finance expenses/income

\u00a0

\u00a0

31

(1)

30

1

\u00a0

119

11

132

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

49

4

53

\u00a0

\u00a0

98

8

106

1.1 Recorded in the Income Statement

\u00a0

\u00a0

58

6

64

\u00a0

\u00a0

75

7

81

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(9)

(2)

(11)

\u00a0

\u00a0

23

1

24

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

(19)

(5)

(24)

1

\u00a0

22

3

26

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

(3,521)

3

3,194

129

(195)

(3,443)

\u00a0

3,226

73

(144)

H.\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(3)

\u00a0

3

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Cash movements

3,531

\u00a0

(2,756)

\u00a0

775

3,482

\u00a0

(2,736)

\u00a0

746

1.\u00a0\u00a0 Premiums received

4,253

\u00a0

\u00a0

\u00a0

4,253

4,153

\u00a0

\u00a0

\u00a0

4,153

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(722)

\u00a0

\u00a0

\u00a0

(722)

(671)

\u00a0

\u00a0

\u00a0

(671)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(2,756)

\u00a0

(2,756)

\u00a0

\u00a0

(2,736)

\u00a0

(2,736)

4.\u00a0\u00a0 Other movemenrs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

1,047

21

3,625

485

5,177

1,038

18

3,186

356

4,597

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

1,049

21

3,625

485

5,179

1,039

18

3,186

355

4,597

2.\u00a0\u00a0 Insurance contracts issued that are assets

(2)

\u00a0

\u00a0

\u00a0

(2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

1,047

21

3,625

485

5,177

1,038

18

3,186

356

4,597

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
NON-LIFE NON-MV SEGMENT
Amounts in \u20ac

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

550

73

2,432

170

3,225

543

87

2,460

136

3,226

2. Insurance contracts issued that are assets

(10)

\u00a0

\u00a0

\u00a0

(10)

(13)

\u00a0

2

\u00a0

(12)

3. Net carrying amount as at 1 January

539

73

2,433

171

3,215

530

87

2,462

136

3,215

B. Insurance revenue

(3,673)

\u00a0

\u00a0

\u00a0

(3,673)

(3,647)

\u00a0

\u00a0

\u00a0

(3,647)

C. Insurance service expenses

1,028

123

1,942

64

3,157

980

(14)

2,215

30

3,212

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

1,941

\u00a0

1,941

\u00a0

\u00a0

2,321

\u00a0

2,321

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

2

64

66

\u00a0

\u00a0

(106)

30

(76)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

123

\u00a0

\u00a0

123

\u00a0

(14)

\u00a0

\u00a0

(14)

4.\u00a0\u00a0 Amortisation of contract acquisition costs

1,028

\u00a0

\u00a0

\u00a0

1,028

980

\u00a0

\u00a0

\u00a0

980

D.\u00a0 Insurance service result (B+C)

(2,645)

123

1,942

64

(516)

(2,667)

(14)

2,215

30

(436)

E. Finance expenses/income

2

\u00a0

15

\u00a0

16

(1)

\u00a0

77

4

81

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

34

2

36

\u00a0

\u00a0

71

4

75

1.1 Recorded in the Income Statement

\u00a0

\u00a0

44

3

47

\u00a0

\u00a0

60

4

64

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(9)

(1)

(11)

\u00a0

\u00a0

11

\u00a0

11

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

2

\u00a0

(20)

(2)

(20)

(1)

\u00a0

6

\u00a0

6

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

(2,643)

123

1,957

64

(499)

(2,668)

(14)

2,293

35

(354)

H.\u00a0 Other changes

(1)

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

(1)

\u00a0

(2)

I.\u00a0\u00a0\u00a0 Cash movements

2,670

\u00a0

(1,941)

\u00a0

729

2,678

\u00a0

(2,321)

\u00a0

357

1.\u00a0\u00a0 Premiums received

3,724

\u00a0

\u00a0

\u00a0

3,724

3,664

\u00a0

\u00a0

\u00a0

3,664

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(1,054)

\u00a0

\u00a0

\u00a0

(1,054)

(987)

\u00a0

\u00a0

\u00a0

(987)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(1,941)

\u00a0

(1,941)

\u00a0

\u00a0

(2,321)

\u00a0

(2,321)

4.\u00a0\u00a0 Other movemenrs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

565

196

2,449

235

3,444

539

73

2,433

171

3,215

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

563

196

2,450

234

3,444

550

73

2,432

170

3,225

2.\u00a0\u00a0 Insurance contracts issued that are assets

2

(1)

(1)

\u00a0

\u00a0

(10)

\u00a0

\u00a0

\u00a0

(10)

3. Net carrying amount as at 31 December

565

196

2,449

235

3,444

539

73

2,433

171

3,215

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance contracts issued - Contractual service margin broken down by expected timing of realease to the income statement
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Basis of aggregation/Expected times

Up to 1 year

Over\u00a01 year up to 2\u00a0years

Over\u00a02 years up to 3\u00a0years

Over\u00a03 years up to 4\u00a0years

Over\u00a04 years up to 5\u00a0years

Over\u00a05 years up to 10\u00a0years

Over\u00a010 years up to 20\u00a0years

Over\u00a020 years

Total

Life Segment

272

253

232

210

189

706

641

287

2,791

Non-Life Segment

188

78

37

19

8

13

12

6

361

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact33": { "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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total 31/12/2025

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total 31/12/2024

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

Net of the loss recovery component

Loss recovery component\u00a0

\u00a0

\u00a0

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

72

\u00a0

113

185

61

\u00a0

125

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(8)

\u00a0

(21)

(29)

(11)

\u00a0

(11)

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

64

\u00a0

92

156

50

\u00a0

113

163

B.\u00a0 Economic effects of reinsurance contracts held

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(38)

\u00a0

\u00a0

(38)

(26)

\u00a0

\u00a0

(26)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

28

28

\u00a0

\u00a0

47

47

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

2

2

\u00a0

\u00a0

(35)

(35)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

1

6.\u00a0\u00a0\u00a0 Total

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(38)

\u00a0

30

(8)

(26)

\u00a0

14

(12)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

1.1. Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

1

1

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

5

5

2.\u00a0\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0 Total

1

\u00a0

(1)

\u00a0

1

\u00a0

6

6

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(38)

\u00a0

30

(8)

(25)

\u00a0

20

(5)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

3

\u00a0

(15)

(12)

39

\u00a0

(42)

(2)

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(15)

(15)

\u00a0

\u00a0

(42)

(42)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01. Reinsurance contracts held that are assets

27

\u00a0

115

142

72

\u00a0

113

185

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

3

\u00a0

(9)

(6)

(8)

\u00a0

(21)

(29)

3.\u00a0\u00a0 Net carrying amount as at 31 December

30

\u00a0

107

137

64

\u00a0

92

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held - PAA - assets for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

Assets for claims incurred 31/12/2025

Total

Assets for residual coverage 31/12/2024

Assets for claims incurred 31/12/2024

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

7

\u00a0

15

\u00a0

23

12

\u00a0

13

\u00a0

24

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(1)

\u00a0

(21)

\u00a0

(22)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

6

\u00a0

(5)

\u00a0

1

10

\u00a0

(8)

\u00a0

2

B.\u00a0 Economic effects of reinsurance contracts held

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(26)

\u00a0

\u00a0

\u00a0

(26)

(25)

\u00a0

\u00a0

\u00a0

(25)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

16

\u00a0

16

\u00a0

\u00a0

14

\u00a0

14

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1. Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2. Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(26)

\u00a0

17

\u00a0

(9)

(25)

\u00a0

14

\u00a0

(11)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

23

\u00a0

(17)

\u00a0

6

21

\u00a0

(12)

\u00a0

9

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

22

\u00a0

\u00a0

\u00a0

22

19

\u00a0

\u00a0

\u00a0

19

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

1

\u00a0

(17)

\u00a0

(16)

1

\u00a0

(12)

\u00a0

(11)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

5

\u00a0

12

\u00a0

17

7

\u00a0

15

\u00a0

23

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(2)

\u00a0

(17)

\u00a0

(19)

(1)

\u00a0

(21)

\u00a0

(22)

3.\u00a0\u00a0 Net carrying amount as at 31 December

3

\u00a0

(5)

\u00a0

(2)

6

\u00a0

(5)

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Assets for residual coverage 31/12/2025

\u00a0

Assets for claims incurred 31/12/2025

\u00a0

Total

Assets for residual coverage 31/12/2024

\u00a0

Assets for claims incurred 31/12/2024

\u00a0

Total

\u00a0

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of the loss recovery component\u00a0

Loss recovery component\u00a0

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

324

\u00a0

455

24

804

140

\u00a0

686

24

850

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(26)

\u00a0

(12)

\u00a0

(38)

(28)

\u00a0

(21)

1

(48)

3.\u00a0\u00a0\u00a0 Net carrying amount as at 1 January

298

\u00a0

443

24

765

112

\u00a0

665

25

802

B.\u00a0 Economic effects of reinsurance contracts held

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

1.\u00a0\u00a0\u00a0 Cost of reinsurance\u00a0

(356)

\u00a0

\u00a0

\u00a0

(356)

(341)

\u00a0

\u00a0

\u00a0

(341)

2.\u00a0\u00a0\u00a0 Claims and other costs recovered

\u00a0

\u00a0

193

\u00a0

193

\u00a0

\u00a0

453

\u00a0

453

3.\u00a0\u00a0\u00a0 Changes in assets for claims incurred

\u00a0

\u00a0

(119)

(3)

(122)

\u00a0

\u00a0

(251)

(2)

(253)

4.\u00a0\u00a0 Reinsurance contracts held covering onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.1 Revenue associated with the recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(8)

\u00a0

\u00a0

(8)

4.3 Changes in cash flows from reinsurance contracts held resulting from the onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5.\u00a0\u00a0\u00a0 Effects of the change of the risk of default by reinsurers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

(1)

C.\u00a0\u00a0\u00a0 Insurance service result (Total B)

(356)

\u00a0

74

(3)

(285)

(341)

(8)

202

(2)

(149)

D.\u00a0\u00a0\u00a0 Net finance income/expenses

(1)

\u00a0

(3)

\u00a0

(5)

1

\u00a0

25

1

27

1.\u00a0\u00a0\u00a0\u00a0 Relating to reinsurance contracts held

\u00a0

\u00a0

7

\u00a0

8

\u00a0

\u00a0

22

1

23

1.1. Recorded in the Income Statement

\u00a0

\u00a0

9

\u00a0

9

\u00a0

\u00a0

16

1

17

1.2. Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

6

\u00a0

6

2. Effects associated with changes in exchange rates

(1)

\u00a0

(10)

(1)

(12)

1

\u00a0

3

\u00a0

4

E.\u00a0\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0\u00a0 Total amount recorded in the Income Statement and in the Comprehensive Income Statement (C+D+E)

(357)

\u00a0

71

(4)

(290)

(340)

(8)

227

(1)

(122)

G.\u00a0\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(7)

8

\u00a0

\u00a0

\u00a0

H.\u00a0\u00a0 Cash movements

194

\u00a0

(236)

\u00a0

(42)

534

\u00a0

(448)

\u00a0

86

1.\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

194

\u00a0

\u00a0

\u00a0

194

534

\u00a0

\u00a0

\u00a0

534

2.\u00a0\u00a0 Amount of claims recovered from reinsurers

\u00a0

\u00a0

(236)

\u00a0

(236)

\u00a0

\u00a0

(448)

\u00a0

(448)

3.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Net carrying amount as at 31 December (A.3+F+G+H)

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0L. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a01.\u00a0\u00a0\u00a0 Reinsurance contracts held that are assets

147

\u00a0

317

19

483

324

\u00a0

455

24

804

2.\u00a0\u00a0\u00a0 Reinsurance contracts held that are liabilities

(12)

\u00a0

(38)

1

(49)

(26)

\u00a0

(12)

\u00a0

(38)

3.\u00a0\u00a0 Net carrying amount as at 31 December

135

\u00a0

279

20

434

298

\u00a0

443

24

765

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the carrying amount of reinsurance contracts held by features underlying measurement
Amounts in \u20acm
NON-LIFE SEGMENT

Features underlying the measurement of the book value of reinsurance transfers

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Features underlying measurement

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

Present value of cash flows

Adjustment for non-financial risks

Contractual service margin

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

A. Initial book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

160

6

19

185

173

5

7

185

2.\u00a0\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(30)

1

\u00a0

(29)

(23)

1

\u00a0

(22)

3.\u00a0\u00a0\u00a0 Net value of financial statements as at 1 January

130

7

19

156

150

6

7

163

B. Changes in current services

(4)

\u00a0

(17)

(21)

(19)

\u00a0

(4)

(24)

1. Contractual service margin recorded in the income statement

\u00a0

\u00a0

(17)

(17)

\u00a0

\u00a0

(4)

(4)

2. Change for non-financial risks past due

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Changes related to experience

(4)

\u00a0

\u00a0

(4)

(19)

\u00a0

\u00a0

(19)

C. Changes relating to future services

(40)

\u00a0

39

\u00a0

(16)

\u00a0

16

\u00a0

1. Changes in estimates that modify the Contractual service margin

(33)

\u00a0

33

\u00a0

(15)

\u00a0

15

\u00a0

2. Effects of contracts recognised during the year

(6)

\u00a0

6

\u00a0

(1)

\u00a0

1

\u00a0

3. Adjustment of the Contractual service margin connected with recoveries relating to the initial recognition of onerous underlying insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0 Releases of the loss recovery component other than changes in cash flows from reinsurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5. Changes in cash flows from reinsurance transfers from the underlying onerous insurance contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D. Changes relating to past services

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. adjustments to assets for claims incurred

14

(1)

\u00a0

13

10

1

\u00a0

11

E. Effects of changes in the default risk of reinsurers

1

\u00a0

\u00a0

1

1

\u00a0

\u00a0

1

F. Result of insurance services (B + C + D + E)

(30)

(1)

22

(8)

(24)

1

12

(12)

G. Net financial revenues/costs

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.\u00a0\u00a0 Reinsurance transfers

\u00a0

\u00a0

1

\u00a0

6

\u00a0

\u00a0

6

1.1 Recorded in the Income Statement

1

\u00a0

1

2

1

\u00a0

\u00a0

1

1.2.\u00a0 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

5

\u00a0

\u00a0

5

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

H. Total amount recorded in the Income Statement and in the Comprehensive Income Statement (F + G)

(30)

(1)

23

(8)

(18)

1

12

(5)

I. Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Cash movements

(12)

\u00a0

\u00a0

(12)

(2)

\u00a0

\u00a0

(2)

1.\u00a0\u00a0\u00a0 Premiums paid net of amounts not related to claims recovered from reinsurers

3

\u00a0

\u00a0

3

39

\u00a0

\u00a0

39

2.\u00a0\u00a0\u00a0 Amounts recovered from reinsurers\u00a0

(15)

\u00a0

\u00a0

(15)

(42)

\u00a0

\u00a0

(42)

3.\u00a0\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

M. Net value of financial statements as at the reporting date (A.3 + H + I + L)

88

7

42

137

130

7

19

156

N. Final book value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Reinsurance classifiable as assets

104

6

32

142

160

6

19

185

2.\u00a0\u00a0 Reinsurance transfers classifiable as liabilities

(16)

1

10

(6)

(30)

1

\u00a0

(29)

3.\u00a0\u00a0 Net value of financial statements as at the reporting date

88

7

42

137

130

7

19

156

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6. Gains/losses on financial assets and liabilities at fair value through profit or loss
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Net gains/losses::

\u00a0

\u00a0

\u00a0

on other financial assets mandatorily at fair value

469

472

(0.6)

on financial assets/liabilities at fair value through profit or loss

50

60

(17.4)

Total net gains/losses

990

572

73.1

\u00a0

\u00a0

\u00a0

\u00a0

7. Gains/losses on investments in associates and interests in joint ventures
At 31 December 2025, they amounted to \u20ac703m (\u20ac393m at 31/12/2024) and included the contribution of the consolidation using the equity method of BPER Banca and that of Banca Popolare di Sondrio up to 30 June 2025. In particular, at 31 December 2025, the item included:
-the pro-rata result of BPER Banca, equal to \u20ac363m, and the pro-rata result for the first six months of 2025 of Banca Popolare di Sondrio of \u20ac67m (at 31/12/2024 \u20ac278m relating to BPER Banca and \u20ac115m to Banca Popolare di Sondrio);
-net income of \u20ac261m arising from completion of the public purchase and exchange offer on Banca Popolare di Sondrio shares and from the sale of BPER shares. Note that the amount of this net income was calculated by taking into account, with reference to the sale of BPER shares, the effects of the cash flow hedge, described in the previous paragraph Cash flow hedging, for the portion of the change in fair value of the hedging derivative qualifying as effective
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests

\u00a0

\u00a0

\u00a0

on financial assets at amotised cost

144

187

(23.1)

on financial assets at fair value through OCI

1,488

1,339

11.1

Other income

\u00a0

\u00a0

\u00a0

from investment property

130

129

0.7

from financial assets at fair value through OCI

141

96

46.4

Realised gains

\u00a0

\u00a0

\u00a0

on investment property

4

5

n.s.

on financial assets at fair value through OCI

49

37

30.4

on financial liabilities at amortised cost

\u00a0

\u00a0

\u00a0

Unrealised gains and reversals of impairment losses

\u00a0

\u00a0

\u00a0

on financial assets at fair value through OCI

11

17

(34.7)

on other financial liabilities

5

11

(54.4)

Foreign exchange gains

3

42

(92.8)

Total

1,975

1,866

5.8

\u00a0

\u00a0

\u00a0

\u00a0

Losses on other financial assets and liabilities and investment property
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests:

\u00a0

\u00a0

\u00a0

on other financial liabilities

(189)

(223)

(15.2)

Other charges:

\u00a0

\u00a0

\u00a0

from investment property

(60)

(44)

36.7

from financial assets at fair value through OCI

(2)

(2)

(22.8)

from other financial liabilities

(4)

(10)

(57.9)

Realised losses:

\u00a0

\u00a0

\u00a0

on investment property

\u00a0

(2)

(79.6)

on financial assets at fair value through OCI

(224)

(39)

476.7

Unrealised losses and impairment losses:

\u00a0

\u00a0

\u00a0

on investment property

(118)

(87)

36.4

on financial assets at fair value through OCI

(57)

(16)

252.9

on other financial assets

(25)

(11)

129.1

on other financial liabilities

\u00a0

\u00a0

(1,895.3)

Foreign exchange losses

(73)

(10)

630.1

Total

(753)

(445)

69.2

\u00a0

\u00a0

\u00a0

\u00a0

The Unrealised losses and impairment losses relating to investment property refer to depreciation for \u20ac55m, impairment for \u20ac70m and reversals for \u20ac6m (at 31/12/2024 they referred to depreciation for \u20ac54m and impairment for \u20ac32m).
8.5 Unrealised gains/losses
Value adjustments/write-backs for credit risk: breakdown
Amounts in \u20acm

\u00a0

Value adjustments

Write-backs

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

Other debt securities

(9)

(2)

(3)

\u00a0

8

1

1

\u00a0

Loans and receivables

(3)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

\u00a0

2

\u00a0- banks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

(3)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

\u00a0

2

Total 31/12/2025

(17)

(2)

(3)

(7)

11

1

1

2

Total 31/12/2024

(16)

(10)

(3)

(3)

15

9

\u00a0

2

\"[IMAGE]\"
10. Net finance expenses/income relating to insurance contracts issued
The item included net expenses of \u20ac1,702m (net expenses of \u20ac1,554m at 31/12/2024) and related:
-for \u20ac1,582m (\u20ac1,361m at 31/12/2024) 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 (\"mirroring\");
-for the remainder, equal to net expenses of \u20ac120m (net expenses of \u20ac193m at 31/12/2024), 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 more favourable exchange rate effect compared to the previous year.
Net finance expenses and income relating to insurance contracts issued
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

Basis A1

Basis A2

Basis A3

Total

Basis A1

Basis A2

Basis A3

Total

\u00a0

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

1.\u00a0\u00a0\u00a0\u00a0 Interest accrued

\u00a0

(3)

(165)

(168)

23

(2)

(189)

(168)

2.\u00a0\u00a0\u00a0\u00a0 Effects of changes in interest rates and other financial assumptions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0\u00a0\u00a0 Changes in the fair value of assets underlying contracts measured under the VFA\u00a0

(1,581)

\u00a0

\u00a0

(1,581)

(1,361)

\u00a0

\u00a0

(1,361)

4.\u00a0\u00a0\u00a0\u00a0 Effects of the change in exchange rates

1

\u00a0

47

48

\u00a0

\u00a0

(27)

(27)

5.\u00a0\u00a0\u00a0\u00a0 Other

\u00a0

\u00a0

1

1

\u00a0

\u00a0

2

2

6.\u00a0\u00a0\u00a0 Total net finance income/expenses relating to insurance contracts issued, recognised in the income statement

(1,581)

(3)

(117)

(1,702)

(1,338)

(2)

(215)

(1,554)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 income of \u20ac342m was recognised in the Comprehensive income statement (net expenses of \u20ac528m at 31/12/2024).
11. Net finance income/expenses relating to reinsurance contracts held
Net finance income relating to reinsurance contracts held came to \u20ac5m (net expenses of \u20ac20m at 31/12/2024).
Net finance income and expenses relating to reinsurance contracts held
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Basis of aggregation

Life Segment

Non-Life Segment

Total

Life Segment

Non-Life Segment

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

1.\u00a0 Interest accrued

\u00a0

11

11

\u00a0

18

18

2.\u00a0 Effects of changes in interest rates and other financial assumptions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0 Effects of the change in exchange rates

\u00a0

(13)

(13)

\u00a0

4

4

4.\u00a0\u00a0 Other

\u00a0

(2)

(2)

\u00a0

(2)

(2)

5. Total net finance income/expenses relating to reinsurance contracts held

\u00a0

(4)

(5)

\u00a0

20

20

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 expenses of \u20ac3m were recognised in the Comprehensive income statement (net income of \u20ac12m at 31/12/2024)..
Insurance operations - Net financial result of investments broken down by Life and Non-Life segments
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Operating segments

Life segment

Non-Life segment

Total

Life segment

Non-Life segment

Total

31/12/2025

Of which DPF

31/12/2025

31/12/2025

31/12/2024

Of which DPF

31/12/2024

31/12/2024

A.\u00a0\u00a0\u00a0 FINANCIAL RESULT OF INVESTMENTS

1,973

1,410

755

2,728

2,480

1,727

835

3,315

A.1 Interest income from financial assets at amortised cost and at fair value through other comprehensive income

1,195

1,104

438

1,633

1,110

1,029

418

1,528

A.2 Net gains/losses on assets at fair value through profit or loss

1,255

665

259

1,514

942

278

261

1,203

A.3 Net value adjustments/write-backs for credit risk

(4)

(2)

(9)

(13)

(2)

(1)

(2)

(4)

A.4 Other net income/costs

(215)

(168)

(183)

(398)

8

32

(125)

(116)

A.5 Net capital gains/losses on financial assets at fair value through other comprehensive income

(258)

(190)

250

(8)

422

388

282

704

B NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS 9

(525)

\u00a0

\u00a0

(525)

(631)

\u00a0

\u00a0

(631)

C. NET FINANCIAL RESULT - OTHER

1,448

1,410

755

2,203

1,849

1,727

835

2,684

of which: recognised in the Income Statement

1,706

1,599

505

2,211

1,427

1,339

552

1,979

of which: recognised in the Comprehensive Income Statement

(258)

(190)

250

(8)

422

388

282

704

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance operations - Summary of economic results broken down by Life and Non-Life segments
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Summary of results/Operating segments

31/12/2025

31/12/2024

Life segment

Non-Life segment

Total

Life segment

Non-Life segment

Total

A.\u00a0 Financial results

155

653

808

104

497

601

A.1 Amounts recognised in the Income Statement

121

384

505

87

358

445

1. Total net financial result of investments

1,706

505

2,211

1,427

552

1,979

2. Net finance income/expenses relating to insurance contracts

(1,585)

(122)

(1,706)

(1,340)

(194)

(1,534)

3.\u00a0\u00a0\u00a0\u00a0 Total

121

384

505

87

358

445

A2. Amounts recognised in the Comprehensive Income Statement

34

269

303

17

139

156

1. Total net financial result of investments

(258)

250

(8)

422

282

704

2. Net finance income/expenses relating to insurance contracts

292

19

310

(404)

(144)

(548)

3.\u00a0\u00a0\u00a0\u00a0 Total

34

269

303

17

139

156

B.\u00a0 Net insurance and financial result

442

1,309

1,751

363

1,076

1,439

1. Net insurance service result

287

657

944

259

580

838

2. Total net financial result of investments

1,448

755

2,203

1,849

835

2,684

3. Net financial result of insurance contracts

(1,293)

(103)

(1,396)

(1,745)

(338)

(2,083)

4.\u00a0\u00a0 Total

442

1,309

1,751

363

1,076

1,439

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact35": { "value": "4. Investments
At 31 December 2025, total Investments amounted to \u20ac76,997m (\u20ac68,189m at 31/12/2024) and are shown by type in the table below:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

% comp.

31/12/2024

% comp.

% var.

Investment property

1,963

2.5

2,080

3.1

(5.6)

Investments in associates and interests in joint ventures

3,124

4.1

2,942

4.3

6.2

Financial assets at amortised cost

1,826

2.4

2,081

3.1

(12.3)

Financial assets at fair value through OCI

48,008

62.4

42,644

62.5

12.6

Financial assets at fair value through profit or loss

22,076

28.7

18,442

27.0

19.7

Held-for-trading financial assets

618

0.8

185

0.3

233.8

Financial assets at fair value

14,544

18.9

11,980

17.6

21.4

Other financial assets mandatorily at fair value

6,914

9.0

6,277

9.2

10.1

Total Investiments

76,997

100.0

68,189

100.0

12.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.1 Investment property
At 31 December 2025, Investment property, net of related accumulated depreciation, amounted to \u20ac1,963m (\u20ac2,080m at 31/12/2024). The breakdown is provided below.
Investment property: breakdown of assets
Amounts in \u20acm

Assets/Values

At cost

At fair value

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

1.\u00a0\u00a0 Owned assets

1,959

2,076

\u00a0

\u00a0

a) land

61

68

\u00a0

\u00a0

b) buildings

1,897

2,008

\u00a0

\u00a0

2.\u00a0\u00a0 Rights of use acquired through leasing

4

5

\u00a0

\u00a0

a) land

\u00a0

\u00a0

\u00a0

\u00a0

b) buildings

4

5

\u00a0

\u00a0

Total

1,963

2,080

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Investment property: annual changes
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Land

Buildings

Total

A. Opening gross balances

114

2,855

2,969

A.1 Accumulated depreciation and impairment

(46)

(843)

(889)

A.2 Net opening balances

68

2,012

2,080

B. Increases

\u00a0

46

46

B.1 Purchases

\u00a0

4

5

of which from business combinations

\u00a0

\u00a0

\u00a0

B.2 Expenses for capitalised improvements

\u00a0

35

35

B.3 Positive changes in fair value

\u00a0

\u00a0

\u00a0

B.4 Write-backs

\u00a0

\u00a0

\u00a0

B.5 Positive exchange rate differences

\u00a0

\u00a0

\u00a0

B.6 Transfers from properties for own use

\u00a0

7

7

B.7 Other changes

\u00a0

\u00a0

\u00a0

C. Decreases

(7)

(157)

(164)

C.1 Sales

(7)

(20)

(26)

C.2 Depreciation

\u00a0

(55)

(55)

C.3 Negative changes in fair value

\u00a0

\u00a0

\u00a0

C.4 Value adjustments for impairment

\u00a0

(63)

(63)

C.5 Negative exchange rate differences

\u00a0

\u00a0

\u00a0

C.6 Transfers to

\u00a0

(10)

(10)

a) properties for own use

\u00a0

(10)

(10)

b) non-current assets or assets of a disposal group held for sale

\u00a0

\u00a0

\u00a0

C.7 Other changes

\u00a0

(9)

(9)

D. Net closing balances

61

1,901

1,963

D.1 Accumulated depreciation and impairment

(96)

(923)

(1,019)

D.2 Gross closing balances

158

2,825

2,982

E.\u00a0\u00a0 Measurement at fair value

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact34": { "value": "4. Investments
At 31 December 2025, total Investments amounted to \u20ac76,997m (\u20ac68,189m at 31/12/2024) and are shown by type in the table below:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

% comp.

31/12/2024

% comp.

% var.

Investment property

1,963

2.5

2,080

3.1

(5.6)

Investments in associates and interests in joint ventures

3,124

4.1

2,942

4.3

6.2

Financial assets at amortised cost

1,826

2.4

2,081

3.1

(12.3)

Financial assets at fair value through OCI

48,008

62.4

42,644

62.5

12.6

Financial assets at fair value through profit or loss

22,076

28.7

18,442

27.0

19.7

Held-for-trading financial assets

618

0.8

185

0.3

233.8

Financial assets at fair value

14,544

18.9

11,980

17.6

21.4

Other financial assets mandatorily at fair value

6,914

9.0

6,277

9.2

10.1

Total Investiments

76,997

100.0

68,189

100.0

12.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
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

Items/Values

Held-for-trading financial assets

Financial assets at fair value through profit or loss

Other financial assets mandatorily at fair value

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

0.0

\u00a0

0.0

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

0.0

\u00a0

0.0

Treasury shares

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Own financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,867

27.0

1,528

24.4

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,619

23.4

1,290

20.6

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

249

3.6

239

3.8

UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

6,928

47.6

5,589

46.7

5,047

73.0

4,749

75.7

Non-hedging derivatives

546

88.4

104

56.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedging derivatives

72

11.6

81

43.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

354

2.4

288

2.4

\u00a0

\u00a0

\u00a0

\u00a0

Total

618

100.0

185

100.0

14,544

100.0

11,980

100.0

6,914

100.0

6,277

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6. Gains/losses on financial assets and liabilities at fair value through profit or loss
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Net gains/losses::

\u00a0

\u00a0

\u00a0

on other financial assets mandatorily at fair value

469

472

(0.6)

on financial assets/liabilities at fair value through profit or loss

50

60

(17.4)

Total net gains/losses

990

572

73.1

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact36": { "value": "4. Investments
At 31 December 2025, total Investments amounted to \u20ac76,997m (\u20ac68,189m at 31/12/2024) and are shown by type in the table below:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

% comp.

31/12/2024

% comp.

% var.

Investment property

1,963

2.5

2,080

3.1

(5.6)

Investments in associates and interests in joint ventures

3,124

4.1

2,942

4.3

6.2

Financial assets at amortised cost

1,826

2.4

2,081

3.1

(12.3)

Financial assets at fair value through OCI

48,008

62.4

42,644

62.5

12.6

Financial assets at fair value through profit or loss

22,076

28.7

18,442

27.0

19.7

Held-for-trading financial assets

618

0.8

185

0.3

233.8

Financial assets at fair value

14,544

18.9

11,980

17.6

21.4

Other financial assets mandatorily at fair value

6,914

9.0

6,277

9.2

10.1

Total Investiments

76,997

100.0

68,189

100.0

12.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.2 Investments in associates and interests in joint ventures
At 31 December 2025, Investments in associates and joint ventures amounted to \u20ac3,124m (\u20ac2,942m at 31/12/2024). The item includes the interest in the associate BPER Banca for \u20ac3,103m (\u20ac2,009m at 31/12/2024).
Equity investments: information on shareholding relationships

Name

Country of

operations (1)

Country of registered

office

Business

activity (2)

Type of relationship (3)

% Direct holding

% Total participating

interest (4)

% Votes available at

ordinary General

Meetings

(5)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AssiCia Servizi Assicurativi S.r.l

\u00a0

086 - Italy

11

b

50.00%

25.75%

\u00a0

Assicoop Modena & Ferrara SpA

\u00a0

086 - Italy

11

b

43.75%

43.75%

\u00a0

Borsetto Srl

\u00a0

086 - Italy

10

b

44.93%

44.93%

\u00a0

BPER Banca SpA

\u00a0

086 - Italy

7

b

19.94%

19.94%

\u00a0

Ddor Garant

\u00a0

289 - Serbia

11

b

40.00%

40.00%

\u00a0

Funivie del Piccolo San Bernardo SpA

\u00a0

086 - Italy

11

b

23.55%

23.55%

\u00a0

SCS Azioninnova SpA

\u00a0

086 - Italy

11

b

42.85%

42.85%

\u00a0

Uci - Ufficio Centrale Italiano

\u00a0

086 - Italy

11

b

38.43%

38.42%

\u00a0

Universo S.r.l

\u00a0

086 - Italy

11

b

50.00%

31.00%

\u00a0

(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

Name

Type of relationship (1)

Book value

Fair value

Dividends received

Associates

\u00a0

\u00a0

\u00a0

\u00a0

BPER Banca SpA

b

3,103

4,544

208

Total

\u00a0

3,103

4,544

208

(1) b= associates; c= joint venture
\"[IMAGE]\"
Significant equity investments: accounting information
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

Investments

Other assets

Cash and cash equivalents

Insurance liabilities

Financial liabilities

Total revenue

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)

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. BPER Banca SpA

178,769

14,200

11,681

\u00a0

179,185

7,852

(399)

2,723

1,880

\u00a0

1,880

(9)

1,871

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

31/12/2025

31/12/2024

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

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 BPER Banca SpA

2,009

378

208

3,103

1,805

288

84

2,009

2.\u00a0\u00a0 Banca Popolare di Sondrio SpA

824

69

72

\u00a0

754

120

50

824

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-significant equity investments: accounting information
Amounts in \u20acm

Name

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)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

21

4

\u00a0

4

\u00a0

4

31/12/2024

109

9

\u00a0

9

12

20

It should be noted that BPER Banca, in which the Unipol Group holds 19.94% of the share capital, has been classified as an investment in associates as it is subject to significant influence by the Parent and consequently 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 company and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investee, as well as the appointment of certain members of the administrative body.
.
6. Gains/losses on financial assets and liabilities at fair value through profit or loss
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Net gains/losses::

\u00a0

\u00a0

\u00a0

on other financial assets mandatorily at fair value

469

472

(0.6)

on financial assets/liabilities at fair value through profit or loss

50

60

(17.4)

Total net gains/losses

990

572

73.1

\u00a0

\u00a0

\u00a0

\u00a0

7. Gains/losses on investments in associates and interests in joint ventures
At 31 December 2025, they amounted to \u20ac703m (\u20ac393m at 31/12/2024) and included the contribution of the consolidation using the equity method of BPER Banca and that of Banca Popolare di Sondrio up to 30 June 2025. In particular, at 31 December 2025, the item included:
-the pro-rata result of BPER Banca, equal to \u20ac363m, and the pro-rata result for the first six months of 2025 of Banca Popolare di Sondrio of \u20ac67m (at 31/12/2024 \u20ac278m relating to BPER Banca and \u20ac115m to Banca Popolare di Sondrio);
-net income of \u20ac261m arising from completion of the public purchase and exchange offer on Banca Popolare di Sondrio shares and from the sale of BPER shares. Note that the amount of this net income was calculated by taking into account, with reference to the sale of BPER shares, the effects of the cash flow hedge, described in the previous paragraph Cash flow hedging, for the portion of the change in fair value of the hedging derivative qualifying as effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f187919": { "value": "
4.2 Investments in associates and interests in joint ventures
At 31 December 2025, Investments in associates and joint ventures amounted to \u20ac3,124m (\u20ac2,942m at 31/12/2024). The item includes the interest in the associate BPER Banca for \u20ac3,103m (\u20ac2,009m at 31/12/2024).
Equity investments: information on shareholding relationships

Name

Country of

operations (1)

Country of registered

office

Business

activity (2)

Type of relationship (3)

% Direct holding

% Total participating

interest (4)

% Votes available at

ordinary General

Meetings

(5)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AssiCia Servizi Assicurativi S.r.l

\u00a0

086 - Italy

11

b

50.00%

25.75%

\u00a0

Assicoop Modena & Ferrara SpA

\u00a0

086 - Italy

11

b

43.75%

43.75%

\u00a0

Borsetto Srl

\u00a0

086 - Italy

10

b

44.93%

44.93%

\u00a0

BPER Banca SpA

\u00a0

086 - Italy

7

b

19.94%

19.94%

\u00a0

Ddor Garant

\u00a0

289 - Serbia

11

b

40.00%

40.00%

\u00a0

Funivie del Piccolo San Bernardo SpA

\u00a0

086 - Italy

11

b

23.55%

23.55%

\u00a0

SCS Azioninnova SpA

\u00a0

086 - Italy

11

b

42.85%

42.85%

\u00a0

Uci - Ufficio Centrale Italiano

\u00a0

086 - Italy

11

b

38.43%

38.42%

\u00a0

Universo S.r.l

\u00a0

086 - Italy

11

b

50.00%

31.00%

\u00a0

(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

Name

Type of relationship (1)

Book value

Fair value

Dividends received

Associates

\u00a0

\u00a0

\u00a0

\u00a0

BPER Banca SpA

b

3,103

4,544

208

Total

\u00a0

3,103

4,544

208

(1) b= associates; c= joint venture
\"[IMAGE]\"
Significant equity investments: accounting information
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

Investments

Other assets

Cash and cash equivalents

Insurance liabilities

Financial liabilities

Total revenue

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)

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. BPER Banca SpA

178,769

14,200

11,681

\u00a0

179,185

7,852

(399)

2,723

1,880

\u00a0

1,880

(9)

1,871

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Significant equity investments: reconciliation of carrying amounts
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Name

31/12/2025

31/12/2024

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

B. Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 BPER Banca SpA

2,009

378

208

3,103

1,805

288

84

2,009

2.\u00a0\u00a0 Banca Popolare di Sondrio SpA

824

69

72

\u00a0

754

120

50

824

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-significant equity investments: accounting information
Amounts in \u20acm

Name

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)

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

21

4

\u00a0

4

\u00a0

4

31/12/2024

109

9

\u00a0

9

12

20

It should be noted that BPER Banca, in which the Unipol Group holds 19.94% of the share capital, has been classified as an investment in associates as it is subject to significant influence by the Parent and consequently 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 company and the participation of shareholders in ordinary shareholders\u2019 meetings, the existence of significant transactions between the Unipol Group and the investee, as well as the appointment of certain members of the administrative body.
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f189087": { "value": "
4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Carrying amount

% comp.

L1

L2

L3

Total fair value

Carrying amount

% comp.

L1

L2

L3

Total fair value

\u00a0

1) Debt securities

1,201

65.8

103

993

79

1,175

1,273

61.2

93

1,003

170

1,266

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Government bonds

137

7.5

\u00a0

\u00a0

\u00a0

\u00a0

210

10.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

71

3.9

\u00a0

\u00a0

\u00a0

\u00a0

62

3.0

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

66

3.6

\u00a0

\u00a0

\u00a0

\u00a0

147

7.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,064

58.2

\u00a0

\u00a0

\u00a0

\u00a0

1,064

51.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

36

2.0

\u00a0

\u00a0

\u00a0

\u00a0

36

1.8

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

1,028

56.3

\u00a0

\u00a0

\u00a0

\u00a0

1,027

49.4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2) Loans and receivables

625

34.2

\u00a0

\u00a0

625

625

808

38.8

\u00a0

\u00a0

808

808

Total

1,826

100.0

103

993

704

1,800

2,081

100.0

93

1,003

978

2,074

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

\u00a0

First stage

Second stage

Third stage

First stage

Second stage

Third stage

Government bonds

137

\u00a0

\u00a0

210

\u00a0

\u00a0

Other debt securities

1,063

\u00a0

1

1,064

\u00a0

\u00a0

Loans and Receivables

625

\u00a0

\u00a0

808

\u00a0

\u00a0

a)

to banks

50

\u00a0

\u00a0

237

\u00a0

\u00a0

b)

to customers

575

\u00a0

\u00a0

571

\u00a0

\u00a0

\u00a0

- Mortgage loans

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Policy loans

11

\u00a0

\u00a0

10

\u00a0

\u00a0

\u00a0

- Other loans and receivables

564

\u00a0

\u00a0

561

\u00a0

\u00a0

\u00a0

Total

1,826

\u00a0

1

2,081

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac454m (essentially unchanged compared to 31/12/2024).
Financial assets at amortised cost: gross value and total value adjustments
Amounts in \u20acm

\u00a0

Gross value

Total value adjustments

\u00a0

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

\u00a0

Government bonds

137

64

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,065

957

\u00a0

1

(2)

(1)

\u00a0

\u00a0

Loans and receivables

642

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

\u00a0- banks

50

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

592

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

Total 31/12/2025

1,844

1,021

\u00a0

1

(18)

(1)

\u00a0

(1)

Total 31/12/2024

2,099

998

\u00a0

1

(18)

(2)

\u00a0

(1)

", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f189088": { "value": "
4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Carrying amount

% comp.

L1

L2

L3

Total fair value

Carrying amount

% comp.

L1

L2

L3

Total fair value

\u00a0

1) Debt securities

1,201

65.8

103

993

79

1,175

1,273

61.2

93

1,003

170

1,266

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Government bonds

137

7.5

\u00a0

\u00a0

\u00a0

\u00a0

210

10.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

71

3.9

\u00a0

\u00a0

\u00a0

\u00a0

62

3.0

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

66

3.6

\u00a0

\u00a0

\u00a0

\u00a0

147

7.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,064

58.2

\u00a0

\u00a0

\u00a0

\u00a0

1,064

51.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

36

2.0

\u00a0

\u00a0

\u00a0

\u00a0

36

1.8

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

1,028

56.3

\u00a0

\u00a0

\u00a0

\u00a0

1,027

49.4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2) Loans and receivables

625

34.2

\u00a0

\u00a0

625

625

808

38.8

\u00a0

\u00a0

808

808

Total

1,826

100.0

103

993

704

1,800

2,081

100.0

93

1,003

978

2,074

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

\u00a0

First stage

Second stage

Third stage

First stage

Second stage

Third stage

Government bonds

137

\u00a0

\u00a0

210

\u00a0

\u00a0

Other debt securities

1,063

\u00a0

1

1,064

\u00a0

\u00a0

Loans and Receivables

625

\u00a0

\u00a0

808

\u00a0

\u00a0

a)

to banks

50

\u00a0

\u00a0

237

\u00a0

\u00a0

b)

to customers

575

\u00a0

\u00a0

571

\u00a0

\u00a0

\u00a0

- Mortgage loans

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Policy loans

11

\u00a0

\u00a0

10

\u00a0

\u00a0

\u00a0

- Other loans and receivables

564

\u00a0

\u00a0

561

\u00a0

\u00a0

\u00a0

Total

1,826

\u00a0

1

2,081

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac454m (essentially unchanged compared to 31/12/2024).
Financial assets at amortised cost: gross value and total value adjustments
Amounts in \u20acm

\u00a0

Gross value

Total value adjustments

\u00a0

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

\u00a0

Government bonds

137

64

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,065

957

\u00a0

1

(2)

(1)

\u00a0

\u00a0

Loans and receivables

642

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

\u00a0- banks

50

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

592

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

Total 31/12/2025

1,844

1,021

\u00a0

1

(18)

(1)

\u00a0

(1)

Total 31/12/2024

2,099

998

\u00a0

1

(18)

(2)

\u00a0

(1)

", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact37": { "value": "
4.3 Financial assets at amortised cost
Financial assets at amortised cost: product breakdown, percentage composition and fair value hierarchy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Carrying amount

% comp.

L1

L2

L3

Total fair value

Carrying amount

% comp.

L1

L2

L3

Total fair value

\u00a0

1) Debt securities

1,201

65.8

103

993

79

1,175

1,273

61.2

93

1,003

170

1,266

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Government bonds

137

7.5

\u00a0

\u00a0

\u00a0

\u00a0

210

10.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

71

3.9

\u00a0

\u00a0

\u00a0

\u00a0

62

3.0

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

66

3.6

\u00a0

\u00a0

\u00a0

\u00a0

147

7.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,064

58.2

\u00a0

\u00a0

\u00a0

\u00a0

1,064

51.1

\u00a0

\u00a0

\u00a0

\u00a0

a) listed

36

2.0

\u00a0

\u00a0

\u00a0

\u00a0

36

1.8

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

1,028

56.3

\u00a0

\u00a0

\u00a0

\u00a0

1,027

49.4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2) Loans and receivables

625

34.2

\u00a0

\u00a0

625

625

808

38.8

\u00a0

\u00a0

808

808

Total

1,826

100.0

103

993

704

1,800

2,081

100.0

93

1,003

978

2,074

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Financial assets at amortised cost: product breakdown and credit risk stages
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

\u00a0

First stage

Second stage

Third stage

First stage

Second stage

Third stage

Government bonds

137

\u00a0

\u00a0

210

\u00a0

\u00a0

Other debt securities

1,063

\u00a0

1

1,064

\u00a0

\u00a0

Loans and Receivables

625

\u00a0

\u00a0

808

\u00a0

\u00a0

a)

to banks

50

\u00a0

\u00a0

237

\u00a0

\u00a0

b)

to customers

575

\u00a0

\u00a0

571

\u00a0

\u00a0

\u00a0

- Mortgage loans

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Policy loans

11

\u00a0

\u00a0

10

\u00a0

\u00a0

\u00a0

- Other loans and receivables

564

\u00a0

\u00a0

561

\u00a0

\u00a0

\u00a0

Total

1,826

\u00a0

1

2,081

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other loans and receivables include amounts due from agents as reimbursement of indemnities for \u20ac454m (essentially unchanged compared to 31/12/2024).
Financial assets at amortised cost: gross value and total value adjustments
Amounts in \u20acm

\u00a0

Gross value

Total value adjustments

\u00a0

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

\u00a0

Government bonds

137

64

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

1,065

957

\u00a0

1

(2)

(1)

\u00a0

\u00a0

Loans and receivables

642

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

\u00a0- banks

50

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

592

\u00a0

\u00a0

1

(16)

\u00a0

\u00a0

(1)

Total 31/12/2025

1,844

1,021

\u00a0

1

(18)

(1)

\u00a0

(1)

Total 31/12/2024

2,099

998

\u00a0

1

(18)

(2)

\u00a0

(1)

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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

Book value

% Comp.

Book value

% Comp.

Equity instruments

2,888

6.0

2,022

4.7

a) listed

2,577

5.4

1,717

4.0

b) unlisted

312

0.6

305

0.7

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Debt securities

45,120

94.0

40,622

95.3

Government bonds

29,812

62.1

26,801

62.8

a) listed

28,288

58.9

25,549

59.9

b) unlisted

1,524

3.2

1,252

2.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

15,307

31.9

13,821

32.4

a) listed

13,420

28.0

12,029

28.2

b) unlisted

1,888

3.9

1,792

4.2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

Total

48,008

100.0

42,644

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at fair value through other comprehensive income: gross value and total value adjustments
Amounts in \u20acm

\u00a0

Gross value

Total value adjustments

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

Other debt securities

15,238

1,366

111

\u00a0

(33)

(6)

(7)

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total 31/12/2025

45,073

31,048

111

\u00a0

(56)

(7)

(7)

\u00a0

Total 31/12/2024

40,568

38,517

122

\u00a0

(61)

(52)

(8)

\u00a0

Financial liabilities at amortised cost: product breakdown, percentage composition and fair value hierarchy
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Values

31/12/2025

31/12/2024

Book value

% Comp

L1

L2

L3

Total Fair Value

Book value

% Comp

L1

L2

L3

Total Fair Value

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated liabilities

1,282

25.6

1,322

\u00a0

\u00a0

1,322

1,281

23.1

1,330

\u00a0

\u00a0

1,330

Debt securities issued

1,414

28.2

1,441

\u00a0

3

1,444

2,437

43.9

2,448

\u00a0

4

2,452

Other loans obtained

2,312

46.2

\u00a0

\u00a0

2,312

2,312

1,831

33.0

\u00a0

\u00a0

1,831

1,831

a) from banks

720

14.4

\u00a0

\u00a0

\u00a0

\u00a0

251

4.5

\u00a0

\u00a0

\u00a0

\u00a0

b) from customers

1,592

31.8

\u00a0

\u00a0

\u00a0

\u00a0

1,580

28.5

\u00a0

\u00a0

\u00a0

\u00a0

Total

5,008

100.0

2,762

\u00a0

2,315

5,077

5,550

100.0

3,777

\u00a0

1,835

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Details of Subordinated liabilities are shown in the table below:

Issuer

Nominal amount outstanding

Subord. level

Year of maturity

call

Rate\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

L/NL

Unipol

\u20ac750.0m

Tier II

2034

\u00a0

fixed rate 4,900%

L

Unipol

\u20ac500.0m

Tier II

2028

\u00a0

fixed rate 3,875%

L

Subordinated liabilities issued by Unipol Assicurazioni SpA amounted to \u20ac1,282m and related to two bonds issued for a total nominal value of \u20ac1,250m.
Debt securities issued amounted to \u20ac1,414m. They refer for \u20ac1,411m to securities issued by Unipol Assicurazioni SpA and for \u20ac3m to securities issued by the subsidiary Societ\u00e0 e Salute SpA.
The Debt securities issued by Unipol Assicurazioni SpA related to two senior bonds, listed on the Luxembourg Stock Exchange, with a total nominal value of \u20ac1,402m:
- \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.
It should be noted that, on 18 March 2025, the senior debt with a nominal value of \u20ac1,000m issued on 18 March 2015, was repaid at maturity.
Other loans amounted to \u20ac2,315m (\u20ac1,834m at 31/12/2024); the increase of \u20ac479m at 31 December 2025 is mainly attributable to the loan (maturing 31 October 2031, fixed rate 3.92%) disbursed by a number of banks and deriving from the business complex acquired by Unipol Assicurazioni on 1 October 2025 following the total non-proportional demerger of the associate Cronos Vita, which in 2023 had acquired the business complex including the entire portfolio of Eurovita policies. The loan is governed by specific provisions defined as part of the Eurovita rescue plan which, in addition to the shareholder companies of Cronos Vita, also involved the banks that distribute Eurovita products and certain system banks in order to allow the company to cover part of the early surrenders relating to policies linked to the segregated funds distributed by the banks and included in the business complex transferred by Eurovita to Cronos Vita.
Other loans also include the loan obtained for the purchase of properties and restructuring works by Fondo Chiuso Immobiliare Athens R.E. Fund for \u20ac127m and by the Tikal Closed Real Estate Fund for \u20ac100m, as well as loans taken out by UnipolRental from banks and other lenders for a total of \u20ac1,460m..
The financial liabilities deriving from the present value of future lease payments due for lease agreements accounted for on the basis of IFRS 16 amounted to \u20ac127m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f190806": { "value": "
\"[IMAGE]\"
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

Items/Values

Held-for-trading financial assets

Financial assets at fair value through profit or loss

Other financial assets mandatorily at fair value

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

0.0

\u00a0

0.0

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

0.0

\u00a0

0.0

Treasury shares

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Own financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,867

27.0

1,528

24.4

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,619

23.4

1,290

20.6

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

249

3.6

239

3.8

UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

6,928

47.6

5,589

46.7

5,047

73.0

4,749

75.7

Non-hedging derivatives

546

88.4

104

56.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedging derivatives

72

11.6

81

43.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

354

2.4

288

2.4

\u00a0

\u00a0

\u00a0

\u00a0

Total

618

100.0

185

100.0

14,544

100.0

11,980

100.0

6,914

100.0

6,277

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact38": { "value": "
\"[IMAGE]\"
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

Items/Values

Held-for-trading financial assets

Financial assets at fair value through profit or loss

Other financial assets mandatorily at fair value

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

0.0

\u00a0

0.0

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

0.0

\u00a0

0.0

Treasury shares

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Own financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,867

27.0

1,528

24.4

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,619

23.4

1,290

20.6

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

249

3.6

239

3.8

UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

6,928

47.6

5,589

46.7

5,047

73.0

4,749

75.7

Non-hedging derivatives

546

88.4

104

56.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedging derivatives

72

11.6

81

43.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

354

2.4

288

2.4

\u00a0

\u00a0

\u00a0

\u00a0

Total

618

100.0

185

100.0

14,544

100.0

11,980

100.0

6,914

100.0

6,277

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm

\u00a0

Financial liabilities held-for trading

Financial liabilities at fair value

Total

Items/Values

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Liabilities from financial contracts issued in accordance with IFRS 9:

\u00a0

\u00a0

\u00a0

\u00a0

14,322

100.0

11,736

100.0

14,322

98.7

11,736

98.9

a) From contracts with services linked to indexes and UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

14,270

99.6

11,685

99.6

14,270

98.3

11,685

98.5

b) Pension fund

\u00a0

\u00a0

\u00a0

\u00a0

51

0.4

51

0.4

51

0.4

51

0.4

c) Other financial contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-hedging derivatives

8

4.5

11

8.6

\u00a0

\u00a0

\u00a0

\u00a0

8

0.1

11

0.1

Hedging derivatives

181

95.5

115

91.4

\u00a0

\u00a0

\u00a0

\u00a0

181

1.3

115

1.0

Other financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

190

100.0

126

100.0

14,322

100.0

11,736

100.0

14,511

100.0

11,862

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6. Gains/losses on financial assets and liabilities at fair value through profit or loss
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Net gains/losses::

\u00a0

\u00a0

\u00a0

on other financial assets mandatorily at fair value

469

472

(0.6)

on financial assets/liabilities at fair value through profit or loss

50

60

(17.4)

Total net gains/losses

990

572

73.1

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact39": { "value": "
\"[IMAGE]\"
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

Items/Values

Held-for-trading financial assets

Financial assets at fair value through profit or loss

Other financial assets mandatorily at fair value

\u00a0

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Book value

% Comp.

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

0.0

\u00a0

0.0

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

171

1.2

155

1.3

\u00a0

\u00a0

\u00a0

\u00a0

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

0.0

\u00a0

0.0

Treasury shares

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Own financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,867

27.0

1,528

24.4

a) listed

\u00a0

\u00a0

\u00a0

\u00a0

7,092

48.8

5,949

49.7

1,619

23.4

1,290

20.6

b) unlisted

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

249

3.6

239

3.8

UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

6,928

47.6

5,589

46.7

5,047

73.0

4,749

75.7

Non-hedging derivatives

546

88.4

104

56.1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedging derivatives

72

11.6

81

43.9

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

354

2.4

288

2.4

\u00a0

\u00a0

\u00a0

\u00a0

Total

618

100.0

185

100.0

14,544

100.0

11,980

100.0

6,914

100.0

6,277

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Information on hedging transactions
Fair value hedges
Amounts in \u20acm

Hedging instrument

\u00a0

Line item in the statement of financial position including the hedging instruments

Nominal amount

Carrying amount\u00a0(*)

Change in fair value

\u00a0

4.1 a) Financial liabilities held-for trading

353

\u00a0

46

\u00a0

(*) value equal to zero, as the instruments are margined daily through a clearing broker

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedged item

Line item in the statement of financial position including the hedged instruments

Nominal amount

Carrying amount

Change in fair value

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

353

237

(41)

(39)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedge ineffectiveness

\u00a0

\u00a0

\u00a0

6 Gains/losses on financial assets and liabilities at fair value through profit or loss

46

\u00a0

\u00a0

\u00a0

8.5 Unrealised gains/losses

(41)

\u00a0

\u00a0

\u00a0

During 2025, no new transactions were carried out concerning fair value hedging.
Outstanding fair value hedges concern fixed rate bonds held by Unipol Assicurazioni, for which the interest rate risk was hedged through Interest Rate Swaps.
Positions existing at 31 December 2025
Existing positions at 31 December 2025 related to IRS contracts for a nominal value of \u20ac353.2m, to hedge fixed rate bond assets classified as FVOCI, with a hedged synthetic notional value of the same amount. At 31 December 2025, the fair value change relating to the hedged bonds came to a negative \u20ac41.2m, while the fair value change in IRSs amounted to a positive \u20ac45.9m, with a positive net economic effect of \u20ac4.7m, gross of the tax effect of \u20ac1.4m.
Cash flow hedges
Amounts in \u20acm

Hedging instrument

Line item in the statement of financial position including the hedging instruments

Nominal amount

Carrying amount

Change in fair value

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

782

(157)

15

(19)

15

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 2025
The existing positions at 31 December 2025 relate to cash flow hedges on bonds classified as FVOCI through IRS for a notional \u20ac781.5m (\u20ac411.5m at 31/12/2024).
The objective of these hedges is to transform the interest rate on financial assets from a floating rate to a fixed rate, stabilising the cash flows.
The cumulative effect on Shareholders\u2019 Equity in the Hedging reserve for gains or losses on cash flow hedges was a positive \u20ac18.8m (positive effect for \u20ac3.5m at 31/12/2024): net of tax, the positive impact was \u20ac13m (positive effect for \u20ac2.4m at 31/12/2024).
Positions closed at 31 December 2025
During the first half of 2025, a new cash flow hedge transaction was activated in relation to the expected sale of part of the BPER shares, also in relation to the proposed participation in the purchase and exchange offer promoted by BPER on Banca Popolare di Sondrio (\u201cBPSO\u201d), by entering into an equity forward contract on 82 million ordinary shares, with the possibility of settlement, even partial, at the discretion of Unipol Assicurazioni through physical delivery or in cash. In greater detail, the aim of the hedge is to stabilise cash flows deriving from the disposal of BPER shares.
The equity forward contract was settled in full on 1 October, partly through the physical delivery of 73.1m BPER shares against the collection of a consideration of \u20ac444.7m and, for the remaining portion of the nominal value (8.9m BPER shares), through payment to the counterparty of \u20ac27m. The total net charge realised on the equity forward contract was recognised, for the portion qualifying as effective in the hedged transaction, under the item Gains/losses on investments in associates and interests in joint ventures to offset the capital gains recognised following the disposals of BPER shares in July and October 2025 and, for the remainder, under Gains/losses on financial assets and 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

\u00a0

Financial liabilities held-for trading

Financial liabilities at fair value

Total

Items/Values

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Liabilities from financial contracts issued in accordance with IFRS 9:

\u00a0

\u00a0

\u00a0

\u00a0

14,322

100.0

11,736

100.0

14,322

98.7

11,736

98.9

a) From contracts with services linked to indexes and UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

14,270

99.6

11,685

99.6

14,270

98.3

11,685

98.5

b) Pension fund

\u00a0

\u00a0

\u00a0

\u00a0

51

0.4

51

0.4

51

0.4

51

0.4

c) Other financial contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-hedging derivatives

8

4.5

11

8.6

\u00a0

\u00a0

\u00a0

\u00a0

8

0.1

11

0.1

Hedging derivatives

181

95.5

115

91.4

\u00a0

\u00a0

\u00a0

\u00a0

181

1.3

115

1.0

Other financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

190

100.0

126

100.0

14,322

100.0

11,736

100.0

14,511

100.0

11,862

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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 2025 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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Type

Gross

amount

Total financial

liabilities

offset in

the financial

statements

(B)

Net total financial

assets recognised

in the financial

statements

Related amounts not subject to offsetting in the financial statements

Net total

(A)

(C)= (A) - (B)

Financial

instruments

Cash deposits

received as

guarantees

(E)

(F)=(C )-(D)-(E)

\u00a0

\u00a0

(D)

\u00a0

Derivative transactions (1)

1,794

\u00a0

1,794

1,489

209

95

Repurchase agreements (2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities lending

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

1,794

\u00a0

1,794

1,489

209

95

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Type

Gross

amount

Total financial

assets offset

in the financial

statements (B)

Net total financial

liabilities recogni-

sed in the financial

statements

Related amounts not subject to offsetting in the financial statements

Net total

(A)

(C)= (A) - (B)

Financial

instruments

Cash deposits

given as

guarantees

(E)

(F)=(C )-(D)-(E)

\u00a0

\u00a0

(D)

\u00a0

Derivative transactions (1)

1,701

\u00a0

1,701

1,637

63

1

Repurchase agreements (2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities lending

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

1,701

\u00a0

1,701

1,637

63

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f191468": { "value": "
Information on hedging transactions
Fair value hedges
Amounts in \u20acm

Hedging instrument

\u00a0

Line item in the statement of financial position including the hedging instruments

Nominal amount

Carrying amount\u00a0(*)

Change in fair value

\u00a0

4.1 a) Financial liabilities held-for trading

353

\u00a0

46

\u00a0

(*) value equal to zero, as the instruments are margined daily through a clearing broker

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedged item

Line item in the statement of financial position including the hedged instruments

Nominal amount

Carrying amount

Change in fair value

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

353

237

(41)

(39)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Hedge ineffectiveness

\u00a0

\u00a0

\u00a0

6 Gains/losses on financial assets and liabilities at fair value through profit or loss

46

\u00a0

\u00a0

\u00a0

8.5 Unrealised gains/losses

(41)

\u00a0

\u00a0

\u00a0

During 2025, no new transactions were carried out concerning fair value hedging.
Outstanding fair value hedges concern fixed rate bonds held by Unipol Assicurazioni, for which the interest rate risk was hedged through Interest Rate Swaps.
Positions existing at 31 December 2025
Existing positions at 31 December 2025 related to IRS contracts for a nominal value of \u20ac353.2m, to hedge fixed rate bond assets classified as FVOCI, with a hedged synthetic notional value of the same amount. At 31 December 2025, the fair value change relating to the hedged bonds came to a negative \u20ac41.2m, while the fair value change in IRSs amounted to a positive \u20ac45.9m, with a positive net economic effect of \u20ac4.7m, gross of the tax effect of \u20ac1.4m.
Cash flow hedges
Amounts in \u20acm

Hedging instrument

Line item in the statement of financial position including the hedging instruments

Nominal amount

Carrying amount

Change in fair value

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

782

(157)

15

(19)

15

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 2025
The existing positions at 31 December 2025 relate to cash flow hedges on bonds classified as FVOCI through IRS for a notional \u20ac781.5m (\u20ac411.5m at 31/12/2024).
The objective of these hedges is to transform the interest rate on financial assets from a floating rate to a fixed rate, stabilising the cash flows.
The cumulative effect on Shareholders\u2019 Equity in the Hedging reserve for gains or losses on cash flow hedges was a positive \u20ac18.8m (positive effect for \u20ac3.5m at 31/12/2024): net of tax, the positive impact was \u20ac13m (positive effect for \u20ac2.4m at 31/12/2024).
Positions closed at 31 December 2025
During the first half of 2025, a new cash flow hedge transaction was activated in relation to the expected sale of part of the BPER shares, also in relation to the proposed participation in the purchase and exchange offer promoted by BPER on Banca Popolare di Sondrio (\u201cBPSO\u201d), by entering into an equity forward contract on 82 million ordinary shares, with the possibility of settlement, even partial, at the discretion of Unipol Assicurazioni through physical delivery or in cash. In greater detail, the aim of the hedge is to stabilise cash flows deriving from the disposal of BPER shares.
The equity forward contract was settled in full on 1 October, partly through the physical delivery of 73.1m BPER shares against the collection of a consideration of \u20ac444.7m and, for the remaining portion of the nominal value (8.9m BPER shares), through payment to the counterparty of \u20ac27m. The total net charge realised on the equity forward contract was recognised, for the portion qualifying as effective in the hedged transaction, under the item Gains/losses on investments in associates and interests in joint ventures to offset the capital gains recognised following the disposals of BPER shares in July and October 2025 and, for the remainder, under Gains/losses on financial assets and liabilities at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f192475": { "value": "
5. Other financial assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Receivables from intermediaries and companies

616

551

11.8

Other receivables

523

590

(11.3)

Total Other financial assets

1,140

1,142

(0.2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

The item Other receivables included, inter alia:
\u2022
trade receivables amounting to \u20ac408m (\u20ac399m at 31/12/2024);
\u2022
payments made as cash collateral against derivative payables totalling \u20ac62m (\u20ac92m at 31/12/2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact41": { "value": "
6. Other assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Non-current assets or assets of a disposal group held for sale

30

82

(63.4)

Deferred tax assets

511

629

(18.8)

Current tax assets

571

364

56.9

Other assets

2,465

3,192

(22.8)

Total other assets

3,577

4,267

(16.2)

\u00a0

\u00a0

\u00a0

\u00a0

6.1 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. At 31 December 2024, the item also included the equity investment held at the time in Cronos Vita for a value of \u20ac49.5m.
Non-current assets or assets of a disposal group held for sale and discontinued operations
At 31 December 2024, the reclassifications made in application of IFRS 5 to assets item 6.1 amounted to \u20ac30m, of which \u20ac29m relating to properties held for sale (\u20ac82m at 31/12/2024, of which \u20ac32m relating to properties held for sale and \u20ac50m relating to the equity investment in Cronos Vita Assicurazioni).
Note that on 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A. On finalisation of the demerger on 1 October 2025, Unipol derecognised the equity investment previously held in the associate Cronos Vita and classified under Non-current assets held for sale and recognised the assets and liabilities making up the business complex received through allocation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact42": { "value": "
6. Other assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Non-current assets or assets of a disposal group held for sale

30

82

(63.4)

Deferred tax assets

511

629

(18.8)

Current tax assets

571

364

56.9

Other assets

2,465

3,192

(22.8)

Total other assets

3,577

4,267

(16.2)

\u00a0

\u00a0

\u00a0

\u00a0

6.2 Current tax assets and deferred tax assets
Deferred tax assets are 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 the chapter \"Main accounting standards\u201d.
6. Other liabilities
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Current tax liabilities

429

34

1,161.8

Deferred tax liabilities

43

17

152.9

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

Accrued expense and deferred income

57

56

2.4

Other liabilities

1,330

1,387

(4.1)

Total other liabilities

1,859

1,494

24.4

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Ires

Irap

Total

Ires

Irap

Total

Current taxes

374

126

501

186

(2)

185

Deferred assets and liabilities:

22

5

27

19

(7)

12

Use of deferred tax assets

148

16

165

189

31

219

Use of deferred tax liabilities

(9)

\u00a0

(9)

(6)

\u00a0

(7)

Provisions for deferred tax assets

(376)

(85)

(461)

(306)

(78)

(384)

Provisions for deferred tax liabilities

260

73

333

142

40

183

Total

397

131

528

205

(9)

197

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Against pre-tax profit of \u20ac2,058m, taxes for the period of \u20ac528m were recorded. The overall tax rate was 25.7% (14.9% at 31/12/2024).
The actual tax rate for the year was affected by the following:
-for -0.6%, equal to \u20ac12m (-7.1% or \u20ac93m at 31/12/2024), against adjustments to taxes pertaining to previous years;
-for +0.3%, equal to \u20ac7m (-1.8% or \u20ac24m at 31/12/2024), due to net benefits deriving from permanent differences between the tax base determined on the basis of tax regulations and the pre-tax result (e.g. dividends and other Income Statement items excluded in full or in part from the tax base);
-for -7.1%, corresponding to a pre-tax profit of \u20ac441m (-6.6%, at 31/12/2024 corresponding to a pre-tax profit of \u20ac402m), related to the positive result contributed by companies measured using the equity method (excluding components relating to capital gains or losses on disposal) deriving, in particular, from the equity investments held in BPER Banca and Banca Popolare di Sondrio.
\u2003
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Total

Ires/Corp. tax

Irap

Total

Ires/Corp. tax

Irap

DEFERRED TAX ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets and property, plant and equipment

518

430

88

528

437

91

Insurance Assets

341

288

53

381

323

57

Investment property

63

54

9

73

63

10

Financial instruments

79

65

14

225

178

48

Sundry receivables and other assets

78

55

23

41

31

10

Provisions

315

275

41

320

280

40

Insurance liabilities

76

66

10

63

55

8

Financial liabilities

4

4

\u00a0

2

2

\u00a0

Payables and other liabilities

15

14

1

15

15

1

Other deferred tax assets

48

41

6

35

30

5

Netting as required by IAS 12

(1,025)

(829)

(196)

(1,055)

(834)

(221)

Total deferred tax assets

511

462

49

629

580

49

DEFERRED TAX LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets and property, plant and equipment

(112)

(93)

(19)

(114)

(95)

(19)

Insurance Assets

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

Investment property

(14)

(11)

(3)

(12)

(10)

(3)

Financial instruments

(428)

(333)

(95)

(299)

(232)

(66)

Sundry receivables and other assets

7

5

2

\u00a0

\u00a0

\u00a0

Provisions

(51)

(41)

(10)

(33)

(27)

(6)

Insurance liabilities

(442)

(342)

(100)

(587)

(455)

(132)

Financial liabilities

6

6

\u00a0

\u00a0

\u00a0

\u00a0

Payables and other liabilities

(2)

(2)

\u00a0

(2)

(2)

\u00a0

Other deferred tax liabilities

(30)

(18)

(12)

(25)

(14)

(10)

Netting as required by IAS 12

1,025

829

196

1,055

834

221

Total deferred tax liabilities

(43)

(1)

(42)

(17)

(1)

(16)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact43": { "value": "
6. Other assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Non-current assets or assets of a disposal group held for sale

30

82

(63.4)

Deferred tax assets

511

629

(18.8)

Current tax assets

571

364

56.9

Other assets

2,465

3,192

(22.8)

Total other assets

3,577

4,267

(16.2)

\u00a0

\u00a0

\u00a0

\u00a0

6.2 Current tax assets and deferred tax assets
Deferred tax assets are 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 the chapter \"Main accounting standards\u201d.
6. Other liabilities
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Current tax liabilities

429

34

1,161.8

Deferred tax liabilities

43

17

152.9

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

Accrued expense and deferred income

57

56

2.4

Other liabilities

1,330

1,387

(4.1)

Total other liabilities

1,859

1,494

24.4

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Ires

Irap

Total

Ires

Irap

Total

Current taxes

374

126

501

186

(2)

185

Deferred assets and liabilities:

22

5

27

19

(7)

12

Use of deferred tax assets

148

16

165

189

31

219

Use of deferred tax liabilities

(9)

\u00a0

(9)

(6)

\u00a0

(7)

Provisions for deferred tax assets

(376)

(85)

(461)

(306)

(78)

(384)

Provisions for deferred tax liabilities

260

73

333

142

40

183

Total

397

131

528

205

(9)

197

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Against pre-tax profit of \u20ac2,058m, taxes for the period of \u20ac528m were recorded. The overall tax rate was 25.7% (14.9% at 31/12/2024).
The actual tax rate for the year was affected by the following:
-for -0.6%, equal to \u20ac12m (-7.1% or \u20ac93m at 31/12/2024), against adjustments to taxes pertaining to previous years;
-for +0.3%, equal to \u20ac7m (-1.8% or \u20ac24m at 31/12/2024), due to net benefits deriving from permanent differences between the tax base determined on the basis of tax regulations and the pre-tax result (e.g. dividends and other Income Statement items excluded in full or in part from the tax base);
-for -7.1%, corresponding to a pre-tax profit of \u20ac441m (-6.6%, at 31/12/2024 corresponding to a pre-tax profit of \u20ac402m), related to the positive result contributed by companies measured using the equity method (excluding components relating to capital gains or losses on disposal) deriving, in particular, from the equity investments held in BPER Banca and Banca Popolare di Sondrio.
\u2003
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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

\u00a0

Total

Ires/Corp. tax

Irap

Total

Ires/Corp. tax

Irap

DEFERRED TAX ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets and property, plant and equipment

518

430

88

528

437

91

Insurance Assets

341

288

53

381

323

57

Investment property

63

54

9

73

63

10

Financial instruments

79

65

14

225

178

48

Sundry receivables and other assets

78

55

23

41

31

10

Provisions

315

275

41

320

280

40

Insurance liabilities

76

66

10

63

55

8

Financial liabilities

4

4

\u00a0

2

2

\u00a0

Payables and other liabilities

15

14

1

15

15

1

Other deferred tax assets

48

41

6

35

30

5

Netting as required by IAS 12

(1,025)

(829)

(196)

(1,055)

(834)

(221)

Total deferred tax assets

511

462

49

629

580

49

DEFERRED TAX LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Intangible assets and property, plant and equipment

(112)

(93)

(19)

(114)

(95)

(19)

Insurance Assets

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

Investment property

(14)

(11)

(3)

(12)

(10)

(3)

Financial instruments

(428)

(333)

(95)

(299)

(232)

(66)

Sundry receivables and other assets

7

5

2

\u00a0

\u00a0

\u00a0

Provisions

(51)

(41)

(10)

(33)

(27)

(6)

Insurance liabilities

(442)

(342)

(100)

(587)

(455)

(132)

Financial liabilities

6

6

\u00a0

\u00a0

\u00a0

\u00a0

Payables and other liabilities

(2)

(2)

\u00a0

(2)

(2)

\u00a0

Other deferred tax liabilities

(30)

(18)

(12)

(25)

(14)

(10)

Netting as required by IAS 12

1,025

829

196

1,055

834

221

Total deferred tax liabilities

(43)

(1)

(42)

(17)

(1)

(16)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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.
From a taxpayer perspective, pursuant to Art. 10 of the Legislative Decree, the Unipol Group is subject to Global Minimum Tax provisions since its consolidated revenues have exceeded \u20ac750m in at least two of the four years prior to the year under review.
Outside Italy, in 2025 the Unipol Group operated in Serbia, Ireland and Luxembourg.
For EU countries, the Group entities are 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 is payable by the Group in the countries concerned.
The Unipol Group exposure to Pillar 2 income taxes at year end was not significant. This is because the estimate made by applying the simplified regime (transitional safe harbour from country-by-country reporting), based on the difference between the Effective Tax Rate (ETR) of each jurisdiction (Serbia and Ireland) and the minimum tax rate of 15%, does not show a taxable excess profit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact40": { "value": "
6. Other assets
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Non-current assets or assets of a disposal group held for sale

30

82

(63.4)

Deferred tax assets

511

629

(18.8)

Current tax assets

571

364

56.9

Other assets

2,465

3,192

(22.8)

Total other assets

3,577

4,267

(16.2)

\u00a0

\u00a0

\u00a0

\u00a0

6.3 Other assets
The item Other assets includes \u20ac1,832m 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 (\u20ac1,832m at 31/12/2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f192835": { "value": "
7. Cash and cash equivalents
At 31 December 2025, Cash and cash equivalents amounted to \u20ac1,180m (\u20ac1,713m at 31/12/2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact48": { "value": "
1. Shareholders\u2019 equity
At 31 December 2025, Shareholders\u2019 equity amounted to \u20ac10,715m (\u20ac9,628m at 31/12/2024), recording an increase in Shareholders\u2019 equity attributable to the owners of the Parent (\u20ac1,070m) and an increase in non-controlling interests (\u20ac15m).
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

variation in amount

Share capital

3,365

3,365

\u00a0

Other equity instruments

496

496

\u00a0

Capital reserves

1,801

1,801

\u00a0

Income-related and other equity reserves

2,870

2,356

514

(Treasury shares)

(40)

(14)

(26)

Valuation reserves

417

243

174

Reserve for foreign currency translation differences

5

4

1

Gains/(losses) on financial assets at fair value through OCI

(482)

(513)

31

Financial revenues/(costs) relating to insurance/reinsurance contracts

866

700

166

Other gains or losses recognised directly in equity

28

52

(24)

Profit (loss) for the year

1,482

1,074

408

Total shareholders' equity attributable to the owners of the Parent

10,391

9,321

1,070

\u00a0

\u00a0

\u00a0

\u00a0

The changes over the period were as follows:
-
decrease of \u20ac610m for the distribution of dividends to shareholders and of \u20ac25m for the payment, net of the related tax effect, of the coupon to holders of the perpetual regulatory capital instrument (\u201cRestricted Tier 1\u201d) issued by the merged entity UnipolSai in 2020;
-
increase of \u20ac332m, net of the correlated \u201cmirroring\u201d effect and the related tax effects, due to the positive performance of investments in equity instruments designated at fair value through other comprehensive income;
-
decrease of \u20ac26m due to the purchase of treasury shares to service the remuneration of senior executives of Unipol and its subsidiaries;
-
decrease of \u20ac82m mainly referring to
i.transactions, other than those represented in the income statement, comprehensive income statement and for the distribution of dividends, which resulted in changes in the shareholders\u2019 equity of the banking associates in relation, in particular, to the recognition of taxes on reserves subject to suspended taxation and changes in interests in the investees of these associates related to the acquisition of BPSO by BPER;
ii.effects deriving from the change in the value of commitments undertaken, directly or indirectly, by the Parent on portions of shareholders\u2019 equity in subsidiaries attributable to non-controlling interests.
-
increase of \u20ac1,482m as a result of the Group profit at 31 December 2025.
1.1 Share capital
\u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown
At 31 December 2025, 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 31/12/2024.
At 31 December 2025, the treasury shares held directly or indirectly by Unipol totalled 2,309,430 (1,302,200 at 31/12/2024), of which 2,151,147 shares were held directly and 158,283 shares held by the following subsidiaries:
-
SIAT held 13,493;
-
UniSalute held 11,735;
-
Linear Assicurazioni held 14,743;
-
UnipolRental held 6,656;
-
Leith\u00e0 held 5,239;
-
UnipolAssistance held 1,191;
-
Arca Vita held 747;
-
Assicoop Bologna Metropolitana held 104,479.
During the year, 1,197,286 Unipol shares were allocated to Unipol Group Senior Executives in implementation of the Share-based compensation plans
..
\"[IMAGE]\"
Share capital - Number of shares of the parent: annual changes

\u00a0

\u00a0

\u00a0

Items/Types

Ordinary

Other

A.\u00a0\u00a0\u00a0 Shares at the beginning of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

A.1 Treasury shares (-)

1,302,200

\u00a0

A.2 Shares outstanding: opening balance

716,171,308

\u00a0

B.\u00a0\u00a0\u00a0 Increases

1,197,286

\u00a0

B.1 New issues

\u00a0

\u00a0

- for a fee

\u00a0

\u00a0

- business combinations

\u00a0

\u00a0

- conversion of bonds

\u00a0

\u00a0

- exercise of warrants

\u00a0

\u00a0

- other

\u00a0

\u00a0

- free of charge

\u00a0

\u00a0

- for employees

\u00a0

\u00a0

- for directors

\u00a0

\u00a0

- other

\u00a0

\u00a0

B.2 Sale of treasury shares

1,197,286

\u00a0

B.3 Other changes

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Decreases

(2,204,516)

\u00a0

C.1 Cancellation

\u00a0

\u00a0

C.2 Purchase of treasury shares

(2,204,516)

\u00a0

C.3 Sales of businesses

\u00a0

\u00a0

C.4 Other changes

0

0

D.\u00a0 Shares outstanding: closing balances

715,164,078

\u00a0

D.1 Treasury shares (+)

2,309,430

\u00a0

D.2 Shares at the end of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Note that the value recorded 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
Shareholders\u2019 equity attributable to non-controlling interests amounted to \u20ac324m (\u20ac307m at 31/12/2024). The main changes over the period were as follows:
-decrease of \u20ac43m for payment of dividends to third parties;
-net increase of \u20ac7m due to changes in the scope of consolidation following acquisitions completed during the year. In particular, the acquisition of control of Pegaso Finanziaria led to the recognition of shareholders\u2019 equity attributable to non-controlling interests in Pegaso Finanziaria S.p.A. and Assicoop Bologna Metropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A., Assicoop Toscana S.p.A. and Dipas for a total of \u20ac18m. This increase was partially offset by the reduction in shareholders\u2019 equity attributable to non-controlling interests following the acquisition of full control of BIM Vita, previously a 50% subsidiary;
-increase of \u20ac48m due to profit attributable to non-controlling interests..
Details of other consolidated comprehensive income
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items

31/12/2025

31/12/2024

1

Profit (Loss) for the period

1,530

1,119

2

Other income items net of taxes not reclassified to profit or loss

366

95

2.1

Portion of valuation reserves of equity investments valued at equity

(33)

13

2.2

Change in the revaluation reserve for intangible assets

\u00a0

\u00a0

2.3

Change in the revaluation reserve for property, plant and equipment

1

\u00a0

2.4

Financial revenues or costs relating to insurance contracts issued

(182)

(31)

2.5

Gains and losses on non-current assets or disposal groups held for sale

\u00a0

\u00a0

2.6

Actuarial gains and losses and adjustments relating to defined benefit plans

(4)

2

2.7

Gains or losses on equity instruments at fair value through OCI

733

145

\u00a0

a) change in fair value

1,084

153

\u00a0

b) transfers to other shareholders' equity components

(351)

(8)

2.8

Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss

\u00a0

\u00a0

\u00a0

a) change in fair value

\u00a0

\u00a0

\u00a0

b) transfers to other shareholders' equity components

\u00a0

\u00a0

2.9

Other items:

\u00a0

\u00a0

\u00a0

a) change in fair value (hedged instrument)

\u00a0

\u00a0

\u00a0

b) change in fair value (hedging instrument)

\u00a0

\u00a0

\u00a0

c) other changes in fair value

\u00a0

\u00a0

2.10

Income taxes relating to other revenue components without reclassification in the Income Statement

(148)

(35)

3

Other income items net of taxes reclassified to profit or loss

(32)

25

3.1

Change in the reserve for foreign currency translation differences

1

\u00a0

\u00a0

a) changes in value

1

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.2

Gains or losses on financial assets (other than equity instruments) at fair value through OCI

(405)

525

\u00a0

a) changes in fair value

(521)

573

\u00a0

b) reclassification in the Income Statement

116

(48)

\u00a0

- credit risk adjustments

\u00a0

(3)

\u00a0

- gains/losses on sale

116

(45)

\u00a0

c) other changes

\u00a0

\u00a0

3.3

Gains or losses on cash flow hedges

15

22

\u00a0

a) changes in fair value

15

22

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.4

Gains or losses on hedges of a net investment in foreign operations

\u00a0

\u00a0

\u00a0

a) changes in fair value

\u00a0

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.5

Portion of valuation reserves of equity-accounted investments:

1

16

\u00a0

a) changes in fair value

\u00a0

11

\u00a0

b) reclassification in the Income Statement

(2)

6

\u00a0

- impairment losses

\u00a0

\u00a0

\u00a0

- gains/losses on sale

(2)

6

\u00a0

c) other changes

3

(1)

3.6

Financial revenues or costs relating to insurance contracts issued

342

(528)

\u00a0

a) changes in fair value

342

(528)

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items

31/12/2025

31/12/2024

3.7

Financial revenues or costs relating to reinsurance transfers

(3)

12

\u00a0

a) changes in fair value

(3)

12

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.8

Gains and losses on non-current assets or disposal groups held for sale

\u00a0

\u00a0

\u00a0

a) changes in fair value

\u00a0

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.9

Other items:

\u00a0

\u00a0

\u00a0

a) changes in fair value

\u00a0

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.10

Income taxes relating to other revenue components with reclassification in the Income Statement

15

(21)

4

TOTAL OF OTHER COMPONENTS OF THE COMPREHENSIVE INCOME STATEMENT

(Sum of items 2.1 to 3.10)

334

120

5

TOTAL CONSOLIDATED COMPREHENSIVE INCOME (Items 1 + 4)

1,864

1,238

5.1

of which: attributable to the owners of the Parent

1,814

1,206

5.2

of which: attributable to non-controlling interests

50

32

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact47": { "value": "
1. Shareholders\u2019 equity
At 31 December 2025, Shareholders\u2019 equity amounted to \u20ac10,715m (\u20ac9,628m at 31/12/2024), recording an increase in Shareholders\u2019 equity attributable to the owners of the Parent (\u20ac1,070m) and an increase in non-controlling interests (\u20ac15m).
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

variation in amount

Share capital

3,365

3,365

\u00a0

Other equity instruments

496

496

\u00a0

Capital reserves

1,801

1,801

\u00a0

Income-related and other equity reserves

2,870

2,356

514

(Treasury shares)

(40)

(14)

(26)

Valuation reserves

417

243

174

Reserve for foreign currency translation differences

5

4

1

Gains/(losses) on financial assets at fair value through OCI

(482)

(513)

31

Financial revenues/(costs) relating to insurance/reinsurance contracts

866

700

166

Other gains or losses recognised directly in equity

28

52

(24)

Profit (loss) for the year

1,482

1,074

408

Total shareholders' equity attributable to the owners of the Parent

10,391

9,321

1,070

\u00a0

\u00a0

\u00a0

\u00a0

The changes over the period were as follows:
-
decrease of \u20ac610m for the distribution of dividends to shareholders and of \u20ac25m for the payment, net of the related tax effect, of the coupon to holders of the perpetual regulatory capital instrument (\u201cRestricted Tier 1\u201d) issued by the merged entity UnipolSai in 2020;
-
increase of \u20ac332m, net of the correlated \u201cmirroring\u201d effect and the related tax effects, due to the positive performance of investments in equity instruments designated at fair value through other comprehensive income;
-
decrease of \u20ac26m due to the purchase of treasury shares to service the remuneration of senior executives of Unipol and its subsidiaries;
-
decrease of \u20ac82m mainly referring to
i.transactions, other than those represented in the income statement, comprehensive income statement and for the distribution of dividends, which resulted in changes in the shareholders\u2019 equity of the banking associates in relation, in particular, to the recognition of taxes on reserves subject to suspended taxation and changes in interests in the investees of these associates related to the acquisition of BPSO by BPER;
ii.effects deriving from the change in the value of commitments undertaken, directly or indirectly, by the Parent on portions of shareholders\u2019 equity in subsidiaries attributable to non-controlling interests.
-
increase of \u20ac1,482m as a result of the Group profit at 31 December 2025.
1.1 Share capital
\u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown
At 31 December 2025, 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 31/12/2024.
At 31 December 2025, the treasury shares held directly or indirectly by Unipol totalled 2,309,430 (1,302,200 at 31/12/2024), of which 2,151,147 shares were held directly and 158,283 shares held by the following subsidiaries:
-
SIAT held 13,493;
-
UniSalute held 11,735;
-
Linear Assicurazioni held 14,743;
-
UnipolRental held 6,656;
-
Leith\u00e0 held 5,239;
-
UnipolAssistance held 1,191;
-
Arca Vita held 747;
-
Assicoop Bologna Metropolitana held 104,479.
During the year, 1,197,286 Unipol shares were allocated to Unipol Group Senior Executives in implementation of the Share-based compensation plans
..
\"[IMAGE]\"
Share capital - Number of shares of the parent: annual changes

\u00a0

\u00a0

\u00a0

Items/Types

Ordinary

Other

A.\u00a0\u00a0\u00a0 Shares at the beginning of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

A.1 Treasury shares (-)

1,302,200

\u00a0

A.2 Shares outstanding: opening balance

716,171,308

\u00a0

B.\u00a0\u00a0\u00a0 Increases

1,197,286

\u00a0

B.1 New issues

\u00a0

\u00a0

- for a fee

\u00a0

\u00a0

- business combinations

\u00a0

\u00a0

- conversion of bonds

\u00a0

\u00a0

- exercise of warrants

\u00a0

\u00a0

- other

\u00a0

\u00a0

- free of charge

\u00a0

\u00a0

- for employees

\u00a0

\u00a0

- for directors

\u00a0

\u00a0

- other

\u00a0

\u00a0

B.2 Sale of treasury shares

1,197,286

\u00a0

B.3 Other changes

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Decreases

(2,204,516)

\u00a0

C.1 Cancellation

\u00a0

\u00a0

C.2 Purchase of treasury shares

(2,204,516)

\u00a0

C.3 Sales of businesses

\u00a0

\u00a0

C.4 Other changes

0

0

D.\u00a0 Shares outstanding: closing balances

715,164,078

\u00a0

D.1 Treasury shares (+)

2,309,430

\u00a0

D.2 Shares at the end of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Note that the value recorded 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
Shareholders\u2019 equity attributable to non-controlling interests amounted to \u20ac324m (\u20ac307m at 31/12/2024). The main changes over the period were as follows:
-decrease of \u20ac43m for payment of dividends to third parties;
-net increase of \u20ac7m due to changes in the scope of consolidation following acquisitions completed during the year. In particular, the acquisition of control of Pegaso Finanziaria led to the recognition of shareholders\u2019 equity attributable to non-controlling interests in Pegaso Finanziaria S.p.A. and Assicoop Bologna Metropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A., Assicoop Toscana S.p.A. and Dipas for a total of \u20ac18m. This increase was partially offset by the reduction in shareholders\u2019 equity attributable to non-controlling interests following the acquisition of full control of BIM Vita, previously a 50% subsidiary;
-increase of \u20ac48m due to profit attributable to non-controlling interests..
Details of other consolidated comprehensive income
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items

31/12/2025

31/12/2024

1

Profit (Loss) for the period

1,530

1,119

2

Other income items net of taxes not reclassified to profit or loss

366

95

2.1

Portion of valuation reserves of equity investments valued at equity

(33)

13

2.2

Change in the revaluation reserve for intangible assets

\u00a0

\u00a0

2.3

Change in the revaluation reserve for property, plant and equipment

1

\u00a0

2.4

Financial revenues or costs relating to insurance contracts issued

(182)

(31)

2.5

Gains and losses on non-current assets or disposal groups held for sale

\u00a0

\u00a0

2.6

Actuarial gains and losses and adjustments relating to defined benefit plans

(4)

2

2.7

Gains or losses on equity instruments at fair value through OCI

733

145

\u00a0

a) change in fair value

1,084

153

\u00a0

b) transfers to other shareholders' equity components

(351)

(8)

2.8

Reserve deriving from variation on credit risk on financial liabilities at fair value through profit or loss

\u00a0

\u00a0

\u00a0

a) change in fair value

\u00a0

\u00a0

\u00a0

b) transfers to other shareholders' equity components

\u00a0

\u00a0

2.9

Other items:

\u00a0

\u00a0

\u00a0

a) change in fair value (hedged instrument)

\u00a0

\u00a0

\u00a0

b) change in fair value (hedging instrument)

\u00a0

\u00a0

\u00a0

c) other changes in fair value

\u00a0

\u00a0

2.10

Income taxes relating to other revenue components without reclassification in the Income Statement

(148)

(35)

3

Other income items net of taxes reclassified to profit or loss

(32)

25

3.1

Change in the reserve for foreign currency translation differences

1

\u00a0

\u00a0

a) changes in value

1

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.2

Gains or losses on financial assets (other than equity instruments) at fair value through OCI

(405)

525

\u00a0

a) changes in fair value

(521)

573

\u00a0

b) reclassification in the Income Statement

116

(48)

\u00a0

- credit risk adjustments

\u00a0

(3)

\u00a0

- gains/losses on sale

116

(45)

\u00a0

c) other changes

\u00a0

\u00a0

3.3

Gains or losses on cash flow hedges

15

22

\u00a0

a) changes in fair value

15

22

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.4

Gains or losses on hedges of a net investment in foreign operations

\u00a0

\u00a0

\u00a0

a) changes in fair value

\u00a0

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.5

Portion of valuation reserves of equity-accounted investments:

1

16

\u00a0

a) changes in fair value

\u00a0

11

\u00a0

b) reclassification in the Income Statement

(2)

6

\u00a0

- impairment losses

\u00a0

\u00a0

\u00a0

- gains/losses on sale

(2)

6

\u00a0

c) other changes

3

(1)

3.6

Financial revenues or costs relating to insurance contracts issued

342

(528)

\u00a0

a) changes in fair value

342

(528)

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items

31/12/2025

31/12/2024

3.7

Financial revenues or costs relating to reinsurance transfers

(3)

12

\u00a0

a) changes in fair value

(3)

12

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.8

Gains and losses on non-current assets or disposal groups held for sale

\u00a0

\u00a0

\u00a0

a) changes in fair value

\u00a0

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.9

Other items:

\u00a0

\u00a0

\u00a0

a) changes in fair value

\u00a0

\u00a0

\u00a0

b) reclassification in the Income Statement

\u00a0

\u00a0

\u00a0

c) other changes

\u00a0

\u00a0

3.10

Income taxes relating to other revenue components with reclassification in the Income Statement

15

(21)

4

TOTAL OF OTHER COMPONENTS OF THE COMPREHENSIVE INCOME STATEMENT

(Sum of items 2.1 to 3.10)

334

120

5

TOTAL CONSOLIDATED COMPREHENSIVE INCOME (Items 1 + 4)

1,864

1,238

5.1

of which: attributable to the owners of the Parent

1,814

1,206

5.2

of which: attributable to non-controlling interests

50

32

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact59": { "value": "
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

variation in amount

Share capital

3,365

3,365

\u00a0

Other equity instruments

496

496

\u00a0

Capital reserves

1,801

1,801

\u00a0

Income-related and other equity reserves

2,870

2,356

514

(Treasury shares)

(40)

(14)

(26)

Valuation reserves

417

243

174

Reserve for foreign currency translation differences

5

4

1

Gains/(losses) on financial assets at fair value through OCI

(482)

(513)

31

Financial revenues/(costs) relating to insurance/reinsurance contracts

866

700

166

Other gains or losses recognised directly in equity

28

52

(24)

Profit (loss) for the year

1,482

1,074

408

Total shareholders' equity attributable to the owners of the Parent

10,391

9,321

1,070

\u00a0

\u00a0

\u00a0

\u00a0

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

Category

31/12/2025

31/12/2024

Government bonds

22,953

21,202

Corporate bonds

11,585

10,923

Equity instruments

720

509

Investment funds/UCITS

2,792

2,667

Property

1,295

1,275

Structured bonds

379

154

Cash and cash equivalents

265

318

Tax receivables

500

800

Derivatives

477

23

TOTAL

40,965

37,871

\u00a0

\u00a0

\u00a0

13. Other revenue/costs
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Exchange rate differences

\u00a0

\u00a0

n.s

Extraordinary gains

27

21

29.8

Other income

1,929

1,926

0.1

Other costs

(662)

(883)

(25.0)

Total Other revenue/costs

1,293

1,064

21.6

\u00a0

\u00a0

\u00a0

\u00a0

.
14", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact49": { "value": "
Shareholders\u2019 equity, excluding non-controlling interests, is composed as follows:
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

variation in amount

Share capital

3,365

3,365

\u00a0

Other equity instruments

496

496

\u00a0

Capital reserves

1,801

1,801

\u00a0

Income-related and other equity reserves

2,870

2,356

514

(Treasury shares)

(40)

(14)

(26)

Valuation reserves

417

243

174

Reserve for foreign currency translation differences

5

4

1

Gains/(losses) on financial assets at fair value through OCI

(482)

(513)

31

Financial revenues/(costs) relating to insurance/reinsurance contracts

866

700

166

Other gains or losses recognised directly in equity

28

52

(24)

Profit (loss) for the year

1,482

1,074

408

Total shareholders' equity attributable to the owners of the Parent

10,391

9,321

1,070

\u00a0

\u00a0

\u00a0

\u00a0

At 31 December 2025, the treasury shares held directly or indirectly by Unipol totalled 2,309,430 (1,302,200 at 31/12/2024), of which 2,151,147 shares were held directly and 158,283 shares held by the following subsidiaries:
-
SIAT held 13,493;
-
UniSalute held 11,735;
-
Linear Assicurazioni held 14,743;
-
UnipolRental held 6,656;
-
Leith\u00e0 held 5,239;
-
UnipolAssistance held 1,191;
-
Arca Vita held 747;
-
Assicoop Bologna Metropolitana held 104,479.
During the year, 1,197,286 Unipol shares were allocated to Unipol Group Senior Executives in implementation of the Share-based compensation plans
..
Share capital - Number of shares of the parent: annual changes

\u00a0

\u00a0

\u00a0

Items/Types

Ordinary

Other

A.\u00a0\u00a0\u00a0 Shares at the beginning of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

A.1 Treasury shares (-)

1,302,200

\u00a0

A.2 Shares outstanding: opening balance

716,171,308

\u00a0

B.\u00a0\u00a0\u00a0 Increases

1,197,286

\u00a0

B.1 New issues

\u00a0

\u00a0

- for a fee

\u00a0

\u00a0

- business combinations

\u00a0

\u00a0

- conversion of bonds

\u00a0

\u00a0

- exercise of warrants

\u00a0

\u00a0

- other

\u00a0

\u00a0

- free of charge

\u00a0

\u00a0

- for employees

\u00a0

\u00a0

- for directors

\u00a0

\u00a0

- other

\u00a0

\u00a0

B.2 Sale of treasury shares

1,197,286

\u00a0

B.3 Other changes

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Decreases

(2,204,516)

\u00a0

C.1 Cancellation

\u00a0

\u00a0

C.2 Purchase of treasury shares

(2,204,516)

\u00a0

C.3 Sales of businesses

\u00a0

\u00a0

C.4 Other changes

0

0

D.\u00a0 Shares outstanding: closing balances

715,164,078

\u00a0

D.1 Treasury shares (+)

2,309,430

\u00a0

D.2 Shares at the end of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact50": { "value": "
At 31 December 2025, 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 31/12/2024.
Share capital - Number of shares of the parent: annual changes

\u00a0

\u00a0

\u00a0

Items/Types

Ordinary

Other

A.\u00a0\u00a0\u00a0 Shares at the beginning of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

A.1 Treasury shares (-)

1,302,200

\u00a0

A.2 Shares outstanding: opening balance

716,171,308

\u00a0

B.\u00a0\u00a0\u00a0 Increases

1,197,286

\u00a0

B.1 New issues

\u00a0

\u00a0

- for a fee

\u00a0

\u00a0

- business combinations

\u00a0

\u00a0

- conversion of bonds

\u00a0

\u00a0

- exercise of warrants

\u00a0

\u00a0

- other

\u00a0

\u00a0

- free of charge

\u00a0

\u00a0

- for employees

\u00a0

\u00a0

- for directors

\u00a0

\u00a0

- other

\u00a0

\u00a0

B.2 Sale of treasury shares

1,197,286

\u00a0

B.3 Other changes

\u00a0

\u00a0

C.\u00a0\u00a0\u00a0 Decreases

(2,204,516)

\u00a0

C.1 Cancellation

\u00a0

\u00a0

C.2 Purchase of treasury shares

(2,204,516)

\u00a0

C.3 Sales of businesses

\u00a0

\u00a0

C.4 Other changes

0

0

D.\u00a0 Shares outstanding: closing balances

715,164,078

\u00a0

D.1 Treasury shares (+)

2,309,430

\u00a0

D.2 Shares at the end of the year

717,473,508

\u00a0

- fully paid-up

717,473,508

\u00a0

- not fully paid-up

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f193992": { "value": "
1.7 Shareholders\u2019 equity attributable to non-controlling interests
Shareholders\u2019 equity attributable to non-controlling interests amounted to \u20ac324m (\u20ac307m at 31/12/2024). The main changes over the period were as follows:
-decrease of \u20ac43m for payment of dividends to third parties;
-net increase of \u20ac7m due to changes in the scope of consolidation following acquisitions completed during the year. In particular, the acquisition of control of Pegaso Finanziaria led to the recognition of shareholders\u2019 equity attributable to non-controlling interests in Pegaso Finanziaria S.p.A. and Assicoop Bologna Metropolitana S.p.A., Assicoop Emilia Nord S.r.l., Assicoop Romagna Futura S.p.A., Assicoop Toscana S.p.A. and Dipas for a total of \u20ac18m. This increase was partially offset by the reduction in shareholders\u2019 equity attributable to non-controlling interests following the acquisition of full control of BIM Vita, previously a 50% subsidiary;
-increase of \u20ac48m due to profit attributable to non-controlling interests..
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f194198": { "value": "
2. Provisions for risks and charges
The item \u201cProvisions for risks and charges\u201d totalled \u20ac743m at 31 December 2025 (\u20ac712m at 31/12/2024) 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
Tax strategy and tax management methods
The Unipol Group attaches strategic importance to the control of tax risk in the pursuit of sustainable success objectives. In order to reduce exposure to tax risks, Unipol - in line with the indications of the Organisation for Economic Co-operation and Development (OECD) as implemented by the Tax Authorities in the regulations for the establishment of cooperative compliance - has implemented a tax risk management system (\u201cTax Control Framework\u201d or \u201cTCF\u201d), as a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk. The Tax Control Framework adopted by Unipol complies with international standards and with Tax Authority instructions as defined in the Guidelines of 10 January 2025, supplemented for insurance companies by the provision of 7 August 2025.
Unipol was admitted to the cooperative compliance regime starting from 2023.
The Unipol TCF consists of:
\u2022a Tax Strategy, the most recent version approved by the Board of Directors in 2025, defining the principles and limits on which tax-related risk management is based and strategic guidelines to ensure compliance with tax regulations;
\u2022a Tax Risk Management Policy, approved by the Board of Directors in 2023 and recently reviewed in 2025, that defines the guiding principles, roles, responsibilities, objectives and tools for managing tax risk and that was drafted taking into account the Group\u2019s strategic objectives in managing taxation as defined in the Tax Strategy;
\u2022an Internal Control System dedicated to the identification and management of tax risk, understood as the risk of violating tax regulations or conflict with the principles and purposes of the legal system (abuse of law). The System is a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk.
More detailed information on how Unipol manages taxes is contained in the sections dedicated to the Tax Strategy and the Tax Transparency Report in the Governance section of the Unipol website.
Unipol Assicurazioni
The IRES and IRAP tax dispute for 2005 and 2006 tax periods of the merged company Aurora Assicurazioni, pertaining mostly to findings relating to specific insurance provisions, was resolved with a judgment in favour of the company by the Lombardy Court of Justice in the second instance in January 2025 in the referral proceedings deriving from the Court of Cassation\u2019s ruling of 2023, ordering the full cancellation of the notices of assessment. As a result, the Company received the taxes paid on a provisional basis and not yet reimbursed after the Court of Cassation\u2019s ruling, amounting to \u20ac4.6m plus interest of \u20ac2.8m and other proceedings costs of \u20ac90k.
Unipol Assicurazioni (former UnipolSai)
On 12 June 2025, the Company finalised the acceptance of the draft deed for IRAP relating to the 2018 financial year with reference to the findings concerning personnel costs, paying \u20ac2.2m, of which \u20ac1.8m by way of tax. The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Again on 12 June 2025, the Company, with the payment of \u20ac5.4m, of which \u20ac3.9m by way of tax, finalised the acceptance of the draft deeds, issued following the report on findings for 2019, primarily containing findings regarding IRES and IRAP relating to personnel costs.
On 15 December 2025, the Company finalised acceptance of the draft deeds for IRAP relating to the years 2020-2023 with reference to the same findings for personnel costs with payment of \u20ac8m, of which \u20ac7.3m as tax. Also in this case, the settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Disputes relating to the years 2010 to 2012 in relation to insurance tax on employment risk policies are pending before the Court of Cassation. The amounts in dispute rose to a total of \u20ac1.4m.
\"[IMAGE]\"
Unisalute
On 12 June 2025, with the payment of \u20ac72k, of which \u20ac60k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac426k, of which \u20ac380k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Linear
On 12 June 2025, with the payment of \u20ac64k, of which \u20ac53k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac289k, of which \u20ac260k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Siat
There are pending disputes regarding IRAP before the Court of Cassation, relating to the accounting of employee costs for the years 2013 to 2016 following judgments partially not in favour of the company handed down by the Liguria Tax Court of Justice in the second instance, which cancelled the assessments only with respect to penalties.
Arca Vita
IRES disputes for the years 2013 and 2014 are pending before the Court of Cassation, mainly relating to the deduction of IRAP from IRES for interest expense. The amounts due have already been paid in full due to the unfavourable outcome of the proceedings on the merits.
The dispute for the years 2016, 2017 and 2018 is pending for higher IRAP related to personnel costs for a total of \u20ac570k. The dispute for the year 2015 ended favourably as the Veneto Regional Tax Authority failed to appeal the second instance ruling in favour of the company.
Arca Assicurazioni
The dispute is pending on appeal concerning tax on insurance for a total of \u20ac298k relating to the year 2012, regarding application of the rate on policies against employment risks. The decision in the first instance was favourable to the company.
The dispute is pending for the years 2015 to 2017 concerning IRAP related to personnel costs for a total of \u20ac330k: for 2015, an appeal is pending before the Court of Cassation against the second instance ruling against the company; for 2016 and 2017, the deadline for appeal by the Tax Authority against two rulings in favour of the company is pending. In December 2025, the acceptance deed for 2021 for \u20ac120k was received.
UnipolRental
In December 2025, as a result of a general audit of the Regional Directorate of the Emilia-Romagna Tax Authorities relating to 2021, a draft deed containing findings for IRES and IRAP purposes was notified on which the Company activated discussion as envisaged by law with a view to its cancellation.
Discussions are underway with the Emilia-Romagna Region in relation to stamp duty on vehicles registered in the province of Trento and not assigned to users for years subsequent to 2019. For 2021, appeals were notified against disputes amounting to \u20ac3m.
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 (subsequently UnipolSai, now Unipol Assicurazioni), 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, 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.
On 30 January 2025, the European Court of Justice published the expected ruling and, at the Company's request, a hearing was scheduled for 21 May 2025 to continue the proceedings before the Regional Administrative Court.
On 21 November 2025, the Regional Administrative Court partially upheld the Unipol appeal and redetermined the extent of the penalty imposed to \u20ac1.6m.
On 20 February 2026, Unipol filed an appeal before the Council of State requesting annulment or partial amendment of the first instance ruling, in the part in which it partially rejected the appeal for cancellation of the Antitrust Authority measure.
IVASS assessments
By letter sent on 15 May 2023, IVASS announced the start of an inspection of Unipol Gruppo (now Unipol Assicurazioni) to verify the operations of the corporate governance system of the Company, 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). As a result of the inspections, with a report received on 25 July 2024, IVASS submitted findings against the Company along with a tax demand. Considering that the findings raised by IVASS are unfounded and therefore absolutely not acceptable, in a note dated 23 October 2024 Unipol Gruppo sent its considerations regarding the findings, along with its counter-arguments concerning the tax demand. The procedure relating to the Governance Inspection concluded with a dismissal order, which was notified on 25 March 2026.
\"[IMAGE]\"
Also note that, by notification of 20 October 2025, IVASS initiated an inspection of Compagnia Assicuratrice Linear S.p.A. (\u201cLinear\u201d) aimed at \u201cverifying the correct fulfilment of regulatory obligations pursuant to IVASS Regulation no. 51/2022, in implementation of Art. 132-bis of the Insurance Code, and the related governance and control profiles, as well as the methods of offering the MV TPL product through all the distribution channels used\u201d. In a spirit of maximum collaboration with IVASS, Linear provided the documentation requested and answered the questions posed by the inspection team.
Lastly, on 9 March 2026, with communication served on the same date, IVASS initiated inspections of Unipol Assicurazioni, Arca Vita S.p.A. and Bim Vita S.p.A. with the aim of \u201cverifying compliance with anti-money laundering regulations\u201d. The companies concerned, offering maximum collaboration with the Authority, took action as necessary to provide the required documentation and to answer the questions formulated by the inspection team.
CONSOB assessments
Subsequent to the IVASS inspections referring to operations of the corporate governance system, as mentioned previously, on 24 November 2025 CONSOB served a notice of charges on the Company for alleged violation of the regulations on transactions with related parties, as well as on transparency in the Report on corporate governance and ownership structures and in the Report on remuneration policy. Considering the aforementioned findings to be completely unfounded and therefore absolutely unacceptable, Unipol has taken all suitable action to best protect its interests.
Ongoing disputes with investors
UnipolSai Assicurazioni SpA (now merged into Unipol Assicurazioni) 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. Three civil proceedings also ended with final judgments (two with rulings for the acquittal of Unipol with respect to all compensation claims, while in the other the opposing party\u2019s demands were partially accepted).
More specifically, the following four proceedings are still pending:
1)the Court of Rome, with a sentence published on 12 May 2020, fully rejected the compensation claims submitted by an 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\u2019s appeal in full, confirming the first instance judgment. The shareholder first filed a summons for revocation of the sentence of the Court of Appeal of Rome, which was rejected on 14 October 2024 with an order to pay costs. Subsequently, the sentence was appealed before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case;
2)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 counterparty filed an appeal before the Court of Cassation which, on 28 May 2025, declared the opposing party\u2019s appeal inadmissible, ordering the counterparty to pay legal costs. The counterparty has now filed an appeal for revocation against the ruling of the Court of Cassation and the proceedings are pending;
3)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.
4)For two other proceedings, which concern the same issues and are pending before the same Presiding Judge, at the end of the decision-making phase, the Court referred the cases for investigation, deeming it necessary to have a court-appointed expert witness report on the alleged offences (financial statements and prospectus), the causal link and the quantification of damages. Pending the filing of the expert witness\u2019 final report, the case was adjourned at the hearing of 25 February 2026 for the closing submissions.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
Based on arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Assicurazioni is required to indemnify BPER Banca for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 and specifically identified (\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 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.
In July 2025, UnipolReC and AMCO reached a settlement agreement to definitively quantify the indemnity due to AMCO. Consequently, UnipolReC paid the counterparty an amount of \u20ac7m..
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f194199": { "value": "
2. Provisions for risks and charges
The item \u201cProvisions for risks and charges\u201d totalled \u20ac743m at 31 December 2025 (\u20ac712m at 31/12/2024) 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
Tax strategy and tax management methods
The Unipol Group attaches strategic importance to the control of tax risk in the pursuit of sustainable success objectives. In order to reduce exposure to tax risks, Unipol - in line with the indications of the Organisation for Economic Co-operation and Development (OECD) as implemented by the Tax Authorities in the regulations for the establishment of cooperative compliance - has implemented a tax risk management system (\u201cTax Control Framework\u201d or \u201cTCF\u201d), as a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk. The Tax Control Framework adopted by Unipol complies with international standards and with Tax Authority instructions as defined in the Guidelines of 10 January 2025, supplemented for insurance companies by the provision of 7 August 2025.
Unipol was admitted to the cooperative compliance regime starting from 2023.
The Unipol TCF consists of:
\u2022a Tax Strategy, the most recent version approved by the Board of Directors in 2025, defining the principles and limits on which tax-related risk management is based and strategic guidelines to ensure compliance with tax regulations;
\u2022a Tax Risk Management Policy, approved by the Board of Directors in 2023 and recently reviewed in 2025, that defines the guiding principles, roles, responsibilities, objectives and tools for managing tax risk and that was drafted taking into account the Group\u2019s strategic objectives in managing taxation as defined in the Tax Strategy;
\u2022an Internal Control System dedicated to the identification and management of tax risk, understood as the risk of violating tax regulations or conflict with the principles and purposes of the legal system (abuse of law). The System is a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk.
More detailed information on how Unipol manages taxes is contained in the sections dedicated to the Tax Strategy and the Tax Transparency Report in the Governance section of the Unipol website.
Unipol Assicurazioni
The IRES and IRAP tax dispute for 2005 and 2006 tax periods of the merged company Aurora Assicurazioni, pertaining mostly to findings relating to specific insurance provisions, was resolved with a judgment in favour of the company by the Lombardy Court of Justice in the second instance in January 2025 in the referral proceedings deriving from the Court of Cassation\u2019s ruling of 2023, ordering the full cancellation of the notices of assessment. As a result, the Company received the taxes paid on a provisional basis and not yet reimbursed after the Court of Cassation\u2019s ruling, amounting to \u20ac4.6m plus interest of \u20ac2.8m and other proceedings costs of \u20ac90k.
Unipol Assicurazioni (former UnipolSai)
On 12 June 2025, the Company finalised the acceptance of the draft deed for IRAP relating to the 2018 financial year with reference to the findings concerning personnel costs, paying \u20ac2.2m, of which \u20ac1.8m by way of tax. The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Again on 12 June 2025, the Company, with the payment of \u20ac5.4m, of which \u20ac3.9m by way of tax, finalised the acceptance of the draft deeds, issued following the report on findings for 2019, primarily containing findings regarding IRES and IRAP relating to personnel costs.
On 15 December 2025, the Company finalised acceptance of the draft deeds for IRAP relating to the years 2020-2023 with reference to the same findings for personnel costs with payment of \u20ac8m, of which \u20ac7.3m as tax. Also in this case, the settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Disputes relating to the years 2010 to 2012 in relation to insurance tax on employment risk policies are pending before the Court of Cassation. The amounts in dispute rose to a total of \u20ac1.4m.
\"[IMAGE]\"
Unisalute
On 12 June 2025, with the payment of \u20ac72k, of which \u20ac60k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac426k, of which \u20ac380k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Linear
On 12 June 2025, with the payment of \u20ac64k, of which \u20ac53k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac289k, of which \u20ac260k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Siat
There are pending disputes regarding IRAP before the Court of Cassation, relating to the accounting of employee costs for the years 2013 to 2016 following judgments partially not in favour of the company handed down by the Liguria Tax Court of Justice in the second instance, which cancelled the assessments only with respect to penalties.
Arca Vita
IRES disputes for the years 2013 and 2014 are pending before the Court of Cassation, mainly relating to the deduction of IRAP from IRES for interest expense. The amounts due have already been paid in full due to the unfavourable outcome of the proceedings on the merits.
The dispute for the years 2016, 2017 and 2018 is pending for higher IRAP related to personnel costs for a total of \u20ac570k. The dispute for the year 2015 ended favourably as the Veneto Regional Tax Authority failed to appeal the second instance ruling in favour of the company.
Arca Assicurazioni
The dispute is pending on appeal concerning tax on insurance for a total of \u20ac298k relating to the year 2012, regarding application of the rate on policies against employment risks. The decision in the first instance was favourable to the company.
The dispute is pending for the years 2015 to 2017 concerning IRAP related to personnel costs for a total of \u20ac330k: for 2015, an appeal is pending before the Court of Cassation against the second instance ruling against the company; for 2016 and 2017, the deadline for appeal by the Tax Authority against two rulings in favour of the company is pending. In December 2025, the acceptance deed for 2021 for \u20ac120k was received.
UnipolRental
In December 2025, as a result of a general audit of the Regional Directorate of the Emilia-Romagna Tax Authorities relating to 2021, a draft deed containing findings for IRES and IRAP purposes was notified on which the Company activated discussion as envisaged by law with a view to its cancellation.
Discussions are underway with the Emilia-Romagna Region in relation to stamp duty on vehicles registered in the province of Trento and not assigned to users for years subsequent to 2019. For 2021, appeals were notified against disputes amounting to \u20ac3m.
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 (subsequently UnipolSai, now Unipol Assicurazioni), 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, 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.
On 30 January 2025, the European Court of Justice published the expected ruling and, at the Company's request, a hearing was scheduled for 21 May 2025 to continue the proceedings before the Regional Administrative Court.
On 21 November 2025, the Regional Administrative Court partially upheld the Unipol appeal and redetermined the extent of the penalty imposed to \u20ac1.6m.
On 20 February 2026, Unipol filed an appeal before the Council of State requesting annulment or partial amendment of the first instance ruling, in the part in which it partially rejected the appeal for cancellation of the Antitrust Authority measure.
IVASS assessments
By letter sent on 15 May 2023, IVASS announced the start of an inspection of Unipol Gruppo (now Unipol Assicurazioni) to verify the operations of the corporate governance system of the Company, 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). As a result of the inspections, with a report received on 25 July 2024, IVASS submitted findings against the Company along with a tax demand. Considering that the findings raised by IVASS are unfounded and therefore absolutely not acceptable, in a note dated 23 October 2024 Unipol Gruppo sent its considerations regarding the findings, along with its counter-arguments concerning the tax demand. The procedure relating to the Governance Inspection concluded with a dismissal order, which was notified on 25 March 2026.
\"[IMAGE]\"
Also note that, by notification of 20 October 2025, IVASS initiated an inspection of Compagnia Assicuratrice Linear S.p.A. (\u201cLinear\u201d) aimed at \u201cverifying the correct fulfilment of regulatory obligations pursuant to IVASS Regulation no. 51/2022, in implementation of Art. 132-bis of the Insurance Code, and the related governance and control profiles, as well as the methods of offering the MV TPL product through all the distribution channels used\u201d. In a spirit of maximum collaboration with IVASS, Linear provided the documentation requested and answered the questions posed by the inspection team.
Lastly, on 9 March 2026, with communication served on the same date, IVASS initiated inspections of Unipol Assicurazioni, Arca Vita S.p.A. and Bim Vita S.p.A. with the aim of \u201cverifying compliance with anti-money laundering regulations\u201d. The companies concerned, offering maximum collaboration with the Authority, took action as necessary to provide the required documentation and to answer the questions formulated by the inspection team.
CONSOB assessments
Subsequent to the IVASS inspections referring to operations of the corporate governance system, as mentioned previously, on 24 November 2025 CONSOB served a notice of charges on the Company for alleged violation of the regulations on transactions with related parties, as well as on transparency in the Report on corporate governance and ownership structures and in the Report on remuneration policy. Considering the aforementioned findings to be completely unfounded and therefore absolutely unacceptable, Unipol has taken all suitable action to best protect its interests.
Ongoing disputes with investors
UnipolSai Assicurazioni SpA (now merged into Unipol Assicurazioni) 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. Three civil proceedings also ended with final judgments (two with rulings for the acquittal of Unipol with respect to all compensation claims, while in the other the opposing party\u2019s demands were partially accepted).
More specifically, the following four proceedings are still pending:
1)the Court of Rome, with a sentence published on 12 May 2020, fully rejected the compensation claims submitted by an 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\u2019s appeal in full, confirming the first instance judgment. The shareholder first filed a summons for revocation of the sentence of the Court of Appeal of Rome, which was rejected on 14 October 2024 with an order to pay costs. Subsequently, the sentence was appealed before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case;
2)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 counterparty filed an appeal before the Court of Cassation which, on 28 May 2025, declared the opposing party\u2019s appeal inadmissible, ordering the counterparty to pay legal costs. The counterparty has now filed an appeal for revocation against the ruling of the Court of Cassation and the proceedings are pending;
3)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.
4)For two other proceedings, which concern the same issues and are pending before the same Presiding Judge, at the end of the decision-making phase, the Court referred the cases for investigation, deeming it necessary to have a court-appointed expert witness report on the alleged offences (financial statements and prospectus), the causal link and the quantification of damages. Pending the filing of the expert witness\u2019 final report, the case was adjourned at the hearing of 25 February 2026 for the closing submissions.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
Based on arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Assicurazioni is required to indemnify BPER Banca for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 and specifically identified (\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 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.
In July 2025, UnipolReC and AMCO reached a settlement agreement to definitively quantify the indemnity due to AMCO. Consequently, UnipolReC paid the counterparty an amount of \u20ac7m..
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f194200": { "value": "
2. Provisions for risks and charges
The item \u201cProvisions for risks and charges\u201d totalled \u20ac743m at 31 December 2025 (\u20ac712m at 31/12/2024) 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
Tax strategy and tax management methods
The Unipol Group attaches strategic importance to the control of tax risk in the pursuit of sustainable success objectives. In order to reduce exposure to tax risks, Unipol - in line with the indications of the Organisation for Economic Co-operation and Development (OECD) as implemented by the Tax Authorities in the regulations for the establishment of cooperative compliance - has implemented a tax risk management system (\u201cTax Control Framework\u201d or \u201cTCF\u201d), as a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk. The Tax Control Framework adopted by Unipol complies with international standards and with Tax Authority instructions as defined in the Guidelines of 10 January 2025, supplemented for insurance companies by the provision of 7 August 2025.
Unipol was admitted to the cooperative compliance regime starting from 2023.
The Unipol TCF consists of:
\u2022a Tax Strategy, the most recent version approved by the Board of Directors in 2025, defining the principles and limits on which tax-related risk management is based and strategic guidelines to ensure compliance with tax regulations;
\u2022a Tax Risk Management Policy, approved by the Board of Directors in 2023 and recently reviewed in 2025, that defines the guiding principles, roles, responsibilities, objectives and tools for managing tax risk and that was drafted taking into account the Group\u2019s strategic objectives in managing taxation as defined in the Tax Strategy;
\u2022an Internal Control System dedicated to the identification and management of tax risk, understood as the risk of violating tax regulations or conflict with the principles and purposes of the legal system (abuse of law). The System is a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk.
More detailed information on how Unipol manages taxes is contained in the sections dedicated to the Tax Strategy and the Tax Transparency Report in the Governance section of the Unipol website.
Unipol Assicurazioni
The IRES and IRAP tax dispute for 2005 and 2006 tax periods of the merged company Aurora Assicurazioni, pertaining mostly to findings relating to specific insurance provisions, was resolved with a judgment in favour of the company by the Lombardy Court of Justice in the second instance in January 2025 in the referral proceedings deriving from the Court of Cassation\u2019s ruling of 2023, ordering the full cancellation of the notices of assessment. As a result, the Company received the taxes paid on a provisional basis and not yet reimbursed after the Court of Cassation\u2019s ruling, amounting to \u20ac4.6m plus interest of \u20ac2.8m and other proceedings costs of \u20ac90k.
Unipol Assicurazioni (former UnipolSai)
On 12 June 2025, the Company finalised the acceptance of the draft deed for IRAP relating to the 2018 financial year with reference to the findings concerning personnel costs, paying \u20ac2.2m, of which \u20ac1.8m by way of tax. The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Again on 12 June 2025, the Company, with the payment of \u20ac5.4m, of which \u20ac3.9m by way of tax, finalised the acceptance of the draft deeds, issued following the report on findings for 2019, primarily containing findings regarding IRES and IRAP relating to personnel costs.
On 15 December 2025, the Company finalised acceptance of the draft deeds for IRAP relating to the years 2020-2023 with reference to the same findings for personnel costs with payment of \u20ac8m, of which \u20ac7.3m as tax. Also in this case, the settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Disputes relating to the years 2010 to 2012 in relation to insurance tax on employment risk policies are pending before the Court of Cassation. The amounts in dispute rose to a total of \u20ac1.4m.
\"[IMAGE]\"
Unisalute
On 12 June 2025, with the payment of \u20ac72k, of which \u20ac60k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac426k, of which \u20ac380k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Linear
On 12 June 2025, with the payment of \u20ac64k, of which \u20ac53k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac289k, of which \u20ac260k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Siat
There are pending disputes regarding IRAP before the Court of Cassation, relating to the accounting of employee costs for the years 2013 to 2016 following judgments partially not in favour of the company handed down by the Liguria Tax Court of Justice in the second instance, which cancelled the assessments only with respect to penalties.
Arca Vita
IRES disputes for the years 2013 and 2014 are pending before the Court of Cassation, mainly relating to the deduction of IRAP from IRES for interest expense. The amounts due have already been paid in full due to the unfavourable outcome of the proceedings on the merits.
The dispute for the years 2016, 2017 and 2018 is pending for higher IRAP related to personnel costs for a total of \u20ac570k. The dispute for the year 2015 ended favourably as the Veneto Regional Tax Authority failed to appeal the second instance ruling in favour of the company.
Arca Assicurazioni
The dispute is pending on appeal concerning tax on insurance for a total of \u20ac298k relating to the year 2012, regarding application of the rate on policies against employment risks. The decision in the first instance was favourable to the company.
The dispute is pending for the years 2015 to 2017 concerning IRAP related to personnel costs for a total of \u20ac330k: for 2015, an appeal is pending before the Court of Cassation against the second instance ruling against the company; for 2016 and 2017, the deadline for appeal by the Tax Authority against two rulings in favour of the company is pending. In December 2025, the acceptance deed for 2021 for \u20ac120k was received.
UnipolRental
In December 2025, as a result of a general audit of the Regional Directorate of the Emilia-Romagna Tax Authorities relating to 2021, a draft deed containing findings for IRES and IRAP purposes was notified on which the Company activated discussion as envisaged by law with a view to its cancellation.
Discussions are underway with the Emilia-Romagna Region in relation to stamp duty on vehicles registered in the province of Trento and not assigned to users for years subsequent to 2019. For 2021, appeals were notified against disputes amounting to \u20ac3m.
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 (subsequently UnipolSai, now Unipol Assicurazioni), 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, 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.
On 30 January 2025, the European Court of Justice published the expected ruling and, at the Company's request, a hearing was scheduled for 21 May 2025 to continue the proceedings before the Regional Administrative Court.
On 21 November 2025, the Regional Administrative Court partially upheld the Unipol appeal and redetermined the extent of the penalty imposed to \u20ac1.6m.
On 20 February 2026, Unipol filed an appeal before the Council of State requesting annulment or partial amendment of the first instance ruling, in the part in which it partially rejected the appeal for cancellation of the Antitrust Authority measure.
IVASS assessments
By letter sent on 15 May 2023, IVASS announced the start of an inspection of Unipol Gruppo (now Unipol Assicurazioni) to verify the operations of the corporate governance system of the Company, 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). As a result of the inspections, with a report received on 25 July 2024, IVASS submitted findings against the Company along with a tax demand. Considering that the findings raised by IVASS are unfounded and therefore absolutely not acceptable, in a note dated 23 October 2024 Unipol Gruppo sent its considerations regarding the findings, along with its counter-arguments concerning the tax demand. The procedure relating to the Governance Inspection concluded with a dismissal order, which was notified on 25 March 2026.
\"[IMAGE]\"
Also note that, by notification of 20 October 2025, IVASS initiated an inspection of Compagnia Assicuratrice Linear S.p.A. (\u201cLinear\u201d) aimed at \u201cverifying the correct fulfilment of regulatory obligations pursuant to IVASS Regulation no. 51/2022, in implementation of Art. 132-bis of the Insurance Code, and the related governance and control profiles, as well as the methods of offering the MV TPL product through all the distribution channels used\u201d. In a spirit of maximum collaboration with IVASS, Linear provided the documentation requested and answered the questions posed by the inspection team.
Lastly, on 9 March 2026, with communication served on the same date, IVASS initiated inspections of Unipol Assicurazioni, Arca Vita S.p.A. and Bim Vita S.p.A. with the aim of \u201cverifying compliance with anti-money laundering regulations\u201d. The companies concerned, offering maximum collaboration with the Authority, took action as necessary to provide the required documentation and to answer the questions formulated by the inspection team.
CONSOB assessments
Subsequent to the IVASS inspections referring to operations of the corporate governance system, as mentioned previously, on 24 November 2025 CONSOB served a notice of charges on the Company for alleged violation of the regulations on transactions with related parties, as well as on transparency in the Report on corporate governance and ownership structures and in the Report on remuneration policy. Considering the aforementioned findings to be completely unfounded and therefore absolutely unacceptable, Unipol has taken all suitable action to best protect its interests.
Ongoing disputes with investors
UnipolSai Assicurazioni SpA (now merged into Unipol Assicurazioni) 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. Three civil proceedings also ended with final judgments (two with rulings for the acquittal of Unipol with respect to all compensation claims, while in the other the opposing party\u2019s demands were partially accepted).
More specifically, the following four proceedings are still pending:
1)the Court of Rome, with a sentence published on 12 May 2020, fully rejected the compensation claims submitted by an 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\u2019s appeal in full, confirming the first instance judgment. The shareholder first filed a summons for revocation of the sentence of the Court of Appeal of Rome, which was rejected on 14 October 2024 with an order to pay costs. Subsequently, the sentence was appealed before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case;
2)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 counterparty filed an appeal before the Court of Cassation which, on 28 May 2025, declared the opposing party\u2019s appeal inadmissible, ordering the counterparty to pay legal costs. The counterparty has now filed an appeal for revocation against the ruling of the Court of Cassation and the proceedings are pending;
3)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.
4)For two other proceedings, which concern the same issues and are pending before the same Presiding Judge, at the end of the decision-making phase, the Court referred the cases for investigation, deeming it necessary to have a court-appointed expert witness report on the alleged offences (financial statements and prospectus), the causal link and the quantification of damages. Pending the filing of the expert witness\u2019 final report, the case was adjourned at the hearing of 25 February 2026 for the closing submissions.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
Based on arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Assicurazioni is required to indemnify BPER Banca for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 and specifically identified (\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 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.
In July 2025, UnipolReC and AMCO reached a settlement agreement to definitively quantify the indemnity due to AMCO. Consequently, UnipolReC paid the counterparty an amount of \u20ac7m..
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f194201": { "value": "
2. Provisions for risks and charges
The item \u201cProvisions for risks and charges\u201d totalled \u20ac743m at 31 December 2025 (\u20ac712m at 31/12/2024) 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
Tax strategy and tax management methods
The Unipol Group attaches strategic importance to the control of tax risk in the pursuit of sustainable success objectives. In order to reduce exposure to tax risks, Unipol - in line with the indications of the Organisation for Economic Co-operation and Development (OECD) as implemented by the Tax Authorities in the regulations for the establishment of cooperative compliance - has implemented a tax risk management system (\u201cTax Control Framework\u201d or \u201cTCF\u201d), as a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk. The Tax Control Framework adopted by Unipol complies with international standards and with Tax Authority instructions as defined in the Guidelines of 10 January 2025, supplemented for insurance companies by the provision of 7 August 2025.
Unipol was admitted to the cooperative compliance regime starting from 2023.
The Unipol TCF consists of:
\u2022a Tax Strategy, the most recent version approved by the Board of Directors in 2025, defining the principles and limits on which tax-related risk management is based and strategic guidelines to ensure compliance with tax regulations;
\u2022a Tax Risk Management Policy, approved by the Board of Directors in 2023 and recently reviewed in 2025, that defines the guiding principles, roles, responsibilities, objectives and tools for managing tax risk and that was drafted taking into account the Group\u2019s strategic objectives in managing taxation as defined in the Tax Strategy;
\u2022an Internal Control System dedicated to the identification and management of tax risk, understood as the risk of violating tax regulations or conflict with the principles and purposes of the legal system (abuse of law). The System is a set of rules, procedures, organisational structures and controls to allow the recognition, measurement, management and control of tax risk.
More detailed information on how Unipol manages taxes is contained in the sections dedicated to the Tax Strategy and the Tax Transparency Report in the Governance section of the Unipol website.
Unipol Assicurazioni
The IRES and IRAP tax dispute for 2005 and 2006 tax periods of the merged company Aurora Assicurazioni, pertaining mostly to findings relating to specific insurance provisions, was resolved with a judgment in favour of the company by the Lombardy Court of Justice in the second instance in January 2025 in the referral proceedings deriving from the Court of Cassation\u2019s ruling of 2023, ordering the full cancellation of the notices of assessment. As a result, the Company received the taxes paid on a provisional basis and not yet reimbursed after the Court of Cassation\u2019s ruling, amounting to \u20ac4.6m plus interest of \u20ac2.8m and other proceedings costs of \u20ac90k.
Unipol Assicurazioni (former UnipolSai)
On 12 June 2025, the Company finalised the acceptance of the draft deed for IRAP relating to the 2018 financial year with reference to the findings concerning personnel costs, paying \u20ac2.2m, of which \u20ac1.8m by way of tax. The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Again on 12 June 2025, the Company, with the payment of \u20ac5.4m, of which \u20ac3.9m by way of tax, finalised the acceptance of the draft deeds, issued following the report on findings for 2019, primarily containing findings regarding IRES and IRAP relating to personnel costs.
On 15 December 2025, the Company finalised acceptance of the draft deeds for IRAP relating to the years 2020-2023 with reference to the same findings for personnel costs with payment of \u20ac8m, of which \u20ac7.3m as tax. Also in this case, the settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Disputes relating to the years 2010 to 2012 in relation to insurance tax on employment risk policies are pending before the Court of Cassation. The amounts in dispute rose to a total of \u20ac1.4m.
\"[IMAGE]\"
Unisalute
On 12 June 2025, with the payment of \u20ac72k, of which \u20ac60k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac426k, of which \u20ac380k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Linear
On 12 June 2025, with the payment of \u20ac64k, of which \u20ac53k in tax, the Company finalised the acceptance of the draft deed for IRAP, issued following the report on findings, relating to the 2018 financial year with reference to the findings relating to personnel costs.
On 15 December 2025, with the payment of \u20ac289k, of which \u20ac260k in tax, the company finalised the acceptance of the draft deeds for IRAP, issued following a questionnaire, for the years 2019-2023 with reference to the same findings for personnel costs.
The settlement agreement was signed after consultation with the Tax Authorities - Emilia-Romagna Regional Directorate, which considered that there were suitable elements for not proceeding with the imposition of sanctions.
Siat
There are pending disputes regarding IRAP before the Court of Cassation, relating to the accounting of employee costs for the years 2013 to 2016 following judgments partially not in favour of the company handed down by the Liguria Tax Court of Justice in the second instance, which cancelled the assessments only with respect to penalties.
Arca Vita
IRES disputes for the years 2013 and 2014 are pending before the Court of Cassation, mainly relating to the deduction of IRAP from IRES for interest expense. The amounts due have already been paid in full due to the unfavourable outcome of the proceedings on the merits.
The dispute for the years 2016, 2017 and 2018 is pending for higher IRAP related to personnel costs for a total of \u20ac570k. The dispute for the year 2015 ended favourably as the Veneto Regional Tax Authority failed to appeal the second instance ruling in favour of the company.
Arca Assicurazioni
The dispute is pending on appeal concerning tax on insurance for a total of \u20ac298k relating to the year 2012, regarding application of the rate on policies against employment risks. The decision in the first instance was favourable to the company.
The dispute is pending for the years 2015 to 2017 concerning IRAP related to personnel costs for a total of \u20ac330k: for 2015, an appeal is pending before the Court of Cassation against the second instance ruling against the company; for 2016 and 2017, the deadline for appeal by the Tax Authority against two rulings in favour of the company is pending. In December 2025, the acceptance deed for 2021 for \u20ac120k was received.
UnipolRental
In December 2025, as a result of a general audit of the Regional Directorate of the Emilia-Romagna Tax Authorities relating to 2021, a draft deed containing findings for IRES and IRAP purposes was notified on which the Company activated discussion as envisaged by law with a view to its cancellation.
Discussions are underway with the Emilia-Romagna Region in relation to stamp duty on vehicles registered in the province of Trento and not assigned to users for years subsequent to 2019. For 2021, appeals were notified against disputes amounting to \u20ac3m.
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 (subsequently UnipolSai, now Unipol Assicurazioni), 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, 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.
On 30 January 2025, the European Court of Justice published the expected ruling and, at the Company's request, a hearing was scheduled for 21 May 2025 to continue the proceedings before the Regional Administrative Court.
On 21 November 2025, the Regional Administrative Court partially upheld the Unipol appeal and redetermined the extent of the penalty imposed to \u20ac1.6m.
On 20 February 2026, Unipol filed an appeal before the Council of State requesting annulment or partial amendment of the first instance ruling, in the part in which it partially rejected the appeal for cancellation of the Antitrust Authority measure.
IVASS assessments
By letter sent on 15 May 2023, IVASS announced the start of an inspection of Unipol Gruppo (now Unipol Assicurazioni) to verify the operations of the corporate governance system of the Company, 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). As a result of the inspections, with a report received on 25 July 2024, IVASS submitted findings against the Company along with a tax demand. Considering that the findings raised by IVASS are unfounded and therefore absolutely not acceptable, in a note dated 23 October 2024 Unipol Gruppo sent its considerations regarding the findings, along with its counter-arguments concerning the tax demand. The procedure relating to the Governance Inspection concluded with a dismissal order, which was notified on 25 March 2026.
\"[IMAGE]\"
Also note that, by notification of 20 October 2025, IVASS initiated an inspection of Compagnia Assicuratrice Linear S.p.A. (\u201cLinear\u201d) aimed at \u201cverifying the correct fulfilment of regulatory obligations pursuant to IVASS Regulation no. 51/2022, in implementation of Art. 132-bis of the Insurance Code, and the related governance and control profiles, as well as the methods of offering the MV TPL product through all the distribution channels used\u201d. In a spirit of maximum collaboration with IVASS, Linear provided the documentation requested and answered the questions posed by the inspection team.
Lastly, on 9 March 2026, with communication served on the same date, IVASS initiated inspections of Unipol Assicurazioni, Arca Vita S.p.A. and Bim Vita S.p.A. with the aim of \u201cverifying compliance with anti-money laundering regulations\u201d. The companies concerned, offering maximum collaboration with the Authority, took action as necessary to provide the required documentation and to answer the questions formulated by the inspection team.
CONSOB assessments
Subsequent to the IVASS inspections referring to operations of the corporate governance system, as mentioned previously, on 24 November 2025 CONSOB served a notice of charges on the Company for alleged violation of the regulations on transactions with related parties, as well as on transparency in the Report on corporate governance and ownership structures and in the Report on remuneration policy. Considering the aforementioned findings to be completely unfounded and therefore absolutely unacceptable, Unipol has taken all suitable action to best protect its interests.
Ongoing disputes with investors
UnipolSai Assicurazioni SpA (now merged into Unipol Assicurazioni) 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. Three civil proceedings also ended with final judgments (two with rulings for the acquittal of Unipol with respect to all compensation claims, while in the other the opposing party\u2019s demands were partially accepted).
More specifically, the following four proceedings are still pending:
1)the Court of Rome, with a sentence published on 12 May 2020, fully rejected the compensation claims submitted by an 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\u2019s appeal in full, confirming the first instance judgment. The shareholder first filed a summons for revocation of the sentence of the Court of Appeal of Rome, which was rejected on 14 October 2024 with an order to pay costs. Subsequently, the sentence was appealed before the Court of Cassation, which has not yet scheduled the hearing for the discussion of the case;
2)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 counterparty filed an appeal before the Court of Cassation which, on 28 May 2025, declared the opposing party\u2019s appeal inadmissible, ordering the counterparty to pay legal costs. The counterparty has now filed an appeal for revocation against the ruling of the Court of Cassation and the proceedings are pending;
3)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.
4)For two other proceedings, which concern the same issues and are pending before the same Presiding Judge, at the end of the decision-making phase, the Court referred the cases for investigation, deeming it necessary to have a court-appointed expert witness report on the alleged offences (financial statements and prospectus), the causal link and the quantification of damages. Pending the filing of the expert witness\u2019 final report, the case was adjourned at the hearing of 25 February 2026 for the closing submissions.
Provisions deemed suitable were made in relation to the disputes with investors described above.
Commitments deriving from the sale of Unipol Banca
Based on arrangements relating to the sale to BPER Banca of the entire equity investment in Unipol Banca, Unipol Assicurazioni is required to indemnify BPER Banca for losses deriving from specifically identified dispute counterclaims of the Unipol Banca Group outstanding at 31 March 2019 and specifically identified (\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 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.
In July 2025, UnipolReC and AMCO reached a settlement agreement to definitively quantify the indemnity due to AMCO. Consequently, UnipolReC paid the counterparty an amount of \u20ac7m..
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact55": { "value": "
Changes in the carrying amount of insurance contracts issued - GMM or VFA - liabilities for residual coverage and for claims incurred
LIFE SEGMENT - Insurance contracts issued with direct participation features and Investment contracts issued with discretionary participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

38,876

10

275

39,161

37,137

7

275

37,419

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

38,876

10

275

39,161

37,137

7

275

37,419

B. Insurance revenue

(584)

\u00a0

\u00a0

(584)

(517)

\u00a0

\u00a0

(517)

C. Insurance service expenses

22

3

337

361

18

1

311

331

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

338

338

\u00a0

\u00a0

309

309

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(2)

(2)

\u00a0

\u00a0

3

3

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

3

\u00a0

3

\u00a0

1

\u00a0

1

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

22

\u00a0

\u00a0

22

18

\u00a0

\u00a0

18

D.\u00a0\u00a0 Insurance service result (B+C)

(563)

3

337

(223)

(498)

1

311

(186)

E.\u00a0\u00a0 Net finance expenses/income

1,443

\u00a0

\u00a0

1,443

1,749

\u00a0

\u00a0

1,749

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

1,444

\u00a0

\u00a0

1,444

1,749

\u00a0

\u00a0

1,749

1.1 Recorded in the Income Statement

1,581

\u00a0

\u00a0

1,581

1,361

\u00a0

\u00a0

1,361

1.2 Recorded in the Comprehensive Income Statement

(138)

\u00a0

\u00a0

(138)

388

\u00a0

\u00a0

388

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

(1)

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

(4,093)

\u00a0

4,093

\u00a0

(3,979)

\u00a0

3,979

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(3,212)

3

4,430

1,220

(2,728)

1

4,290

1,564

H. Other changes\u00a0

1,101

\u00a0

30

1,131

11

2

(13)

(1)

I. Cash movements

4,835

\u00a0

(4,389)

446

4,456

\u00a0

(4,276)

180

1.\u00a0\u00a0 Premiums received

4,909

\u00a0

\u00a0

4,909

4,516

\u00a0

\u00a0

4,516

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(74)

\u00a0

\u00a0

(74)

(60)

\u00a0

\u00a0

(60)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(4,389)

(4,389)

\u00a0

\u00a0

(4,276)

(4,276)

4.\u00a0 Other movemente

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

41,600

13

346

41,958

38,876

10

275

39,161

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

41,600

13

346

41,958

38,876

10

275

39,161

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

41,600

13

346

41,958

38,876

10

275

39,161

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

LIFE SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

180

\u00a0

45

225

134

\u00a0

39

173

2. Insurance contracts issued that are assets

(86)

\u00a0

20

(66)

(75)

\u00a0

26

(49)

3. Net carrying amount as at 1 January

94

\u00a0

65

159

59

\u00a0

64

123

B. Insurance revenue

(188)

\u00a0

\u00a0

(188)

(180)

\u00a0

\u00a0

(180)

C. Insurance service expenses

21

\u00a0

95

115

16

\u00a0

81

96

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

85

85

\u00a0

\u00a0

67

67

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

9

9

\u00a0

\u00a0

14

14

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

21

\u00a0

\u00a0

21

16

\u00a0

\u00a0

16

D.\u00a0\u00a0 Insurance service result (B+C)

(168)

\u00a0

95

(73)

(164)

\u00a0

81

(83)

E.\u00a0\u00a0 Net finance expenses/income

1

\u00a0

\u00a0

1

(5)

\u00a0

\u00a0

(5)

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

1

\u00a0

\u00a0

1

(5)

\u00a0

\u00a0

(5)

1.1 Recorded in the Income Statement

3

\u00a0

\u00a0

3

2

\u00a0

\u00a0

2

1.2 Recorded in the Comprehensive Income Statement

(2)

\u00a0

\u00a0

(2)

(7)

\u00a0

\u00a0

(7)

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

4

\u00a0

(4)

\u00a0

8

\u00a0

(8)

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(162)

\u00a0

91

(71)

(161)

\u00a0

73

(88)

H. Other changes\u00a0

8

\u00a0

3

11

\u00a0

\u00a0

(5)

(5)

I. Cash movements

218

\u00a0

(89)

129

196

\u00a0

(67)

129

1.\u00a0\u00a0 Premiums received

273

\u00a0

\u00a0

273

256

\u00a0

\u00a0

256

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(55)

\u00a0

\u00a0

(55)

(59)

\u00a0

\u00a0

(59)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(89)

(89)

\u00a0

\u00a0

(67)

(67)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

158

\u00a0

71

228

94

\u00a0

65

159

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

158

\u00a0

71

228

180

\u00a0

45

225

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

(86)

\u00a0

20

(66)

3. Net carrying amount as at 31 December

158

\u00a0

71

228

94

\u00a0

65

159

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
NON-LIFE MOTOR SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

244

27

2,191

2,462

197

7

2,330

2,533

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

244

27

2,191

2,462

197

7

2,330

2,533

B. Insurance revenue

(159)

\u00a0

\u00a0

(159)

(131)

\u00a0

\u00a0

(131)

C. Insurance service expenses

43

38

50

131

17

20

348

385

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

390

390

\u00a0

\u00a0

532

532

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(340)

(340)

\u00a0

\u00a0

(184)

(184)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

38

\u00a0

38

\u00a0

20

\u00a0

20

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

43

\u00a0

\u00a0

43

17

\u00a0

\u00a0

17

D.\u00a0\u00a0 Insurance service result (B+C)

(117)

38

50

(29)

(114)

20

348

254

E.\u00a0\u00a0 Net finance expenses/income

4

1

14

19

7

\u00a0

45

52

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

4

1

14

19

7

\u00a0

45

52

1.1 Recorded in the Income Statement

5

1

8

14

4

\u00a0

6

10

1.2 Recorded in the Comprehensive Income Statement

(1)

\u00a0

6

5

3

\u00a0

39

42

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(112)

39

64

(9)

(108)

20

394

306

H. Other changes\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

1

\u00a0

\u00a0

I. Cash movements

150

\u00a0

(390)

(240)

155

\u00a0

(532)

(377)

1.\u00a0\u00a0 Premiums received

281

\u00a0

\u00a0

281

274

\u00a0

\u00a0

274

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(131)

\u00a0

\u00a0

(131)

(119)

\u00a0

\u00a0

(119)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(390)

(390)

\u00a0

\u00a0

(532)

(532)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

282

66

1,866

2,213

244

27

2,191

2,462

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

282

66

1,866

2,213

244

27

2,191

2,462

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

282

66

1,866

2,213

244

27

2,191

2,462

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE NON-MV SEGMENT - Insurance contracts issued without direct participation features
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

Liabilities for residual coverage

\u00a0

Liabilities for claims incurred

Total

\u00a0

Net of loss

Loss

\u00a0

31/12/2025

Net of loss

Loss

\u00a0

31/12/2024

A. Initial carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

648

25

2,793

3,465

708

33

3,019

3,760

2. Insurance contracts issued that are assets

(25)

\u00a0

22

(3)

(2)

\u00a0

\u00a0

(2)

3. Net carrying amount as at 1 January

623

25

2,815

3,463

706

33

3,019

3,758

B. Insurance revenue

(1,221)

\u00a0

\u00a0

(1,221)

(1,203)

\u00a0

\u00a0

(1,203)

C. Insurance service expenses

227

83

731

1,041

190

(10)

737

917

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

\u00a0

\u00a0

950

950

\u00a0

\u00a0

1,020

1,020

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(219)

(219)

\u00a0

\u00a0

(283)

(283)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

83

\u00a0

83

\u00a0

(10)

\u00a0

(10)

4.\u00a0\u00a0\u00a0 Amortisation of contract acquisition costs

227

\u00a0

\u00a0

227

190

\u00a0

\u00a0

190

D.\u00a0\u00a0 Insurance service result (B+C)

(995)

83

731

(181)

(1,012)

(10)

737

(286)

E.\u00a0\u00a0 Net finance expenses/income

11

1

23

35

31

1

79

111

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

11

1

24

35

31

1

79

111

1.1 Recorded in the Income Statement

20

1

19

40

18

1

14

34

1.2 Recorded in the Comprehensive Income Statement

(9)

\u00a0

5

(5)

13

\u00a0

65

77

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G. Total amount recorded in the Income Statement and in the Comprehensive Income Statement\u00a0 (D+E+F)

(984)

84

755

(146)

(981)

(9)

816

(175)

H. Other changes\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

1

\u00a0

\u00a0

I. Cash movements

1,002

\u00a0

(950)

52

899

\u00a0

(1,020)

(121)

1.\u00a0\u00a0 Premiums received

1,290

\u00a0

\u00a0

1,290

1,155

\u00a0

\u00a0

1,155

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(289)

\u00a0

\u00a0

(289)

(256)

\u00a0

\u00a0

(256)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(950)

(950)

\u00a0

\u00a0

(1,020)

(1,020)

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

641

108

2,620

3,369

623

25

2,815

3,463

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1. Insurance contracts issued that are liabilities

643

108

2,620

3,371

648

25

2,793

3,465

2. Insurance contracts issued that are assets

(2)

\u00a0

\u00a0

(2)

(25)

\u00a0

22

(3)

3. Net carrying amount as at 31 December

641

108

2,620

3,369

623

25

2,815

3,463

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Changes in the carrying amount of insurance contracts issued - PAA - liabilities for residual coverage and for claims incurred
LIFE SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

1

\u00a0

1

B. Insurance revenue

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

(1)

C. Insurance service expenses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

\u00a0

1

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

(1)

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Amortisation of contract acquisition costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

D.\u00a0 Insurance service result (B+C)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

1

\u00a0

(1)

E. Finance expenses/income

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.1 Recorded in the Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

1

\u00a0

(1)

H.\u00a0 Other changes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Cash movements

1

\u00a0

\u00a0

\u00a0

1

1

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Premiums received

1

\u00a0

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2.\u00a0\u00a0 Payments associated with contract acquisition costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Other movements

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

2.\u00a0\u00a0 Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

1

\u00a0

1

\u00a0

2

(1)

\u00a0

1

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

NON-LIFE MOTOR SEGMENT
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

1,038

18

3,186

355

4,597

1,002

17

2,694

283

3,996

2. Insurance contracts issued that are assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 1 January

1,038

18

3,186

356

4,597

1,002

17

2,694

283

3,995

B. Insurance revenue

(4,240)

\u00a0

\u00a0

\u00a0

(4,240)

(4,131)

\u00a0

\u00a0

\u00a0

(4,131)

C. Insurance service expenses

718

3

3,163

130

4,015

686

\u00a0

3,107

62

3,855

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

2,756

\u00a0

2,756

\u00a0

\u00a0

2,736

\u00a0

2,736

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

407

130

537

\u00a0

\u00a0

370

62

432

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

3

\u00a0

\u00a0

3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4.\u00a0\u00a0 Amortisation of contract acquisition costs

718

\u00a0

\u00a0

\u00a0

718

686

\u00a0

\u00a0

\u00a0

686

D.\u00a0 Insurance service result (B+C)

(3,521)

3

3,163

130

(225)

(3,444)

\u00a0

3,107

62

(276)

E. Finance expenses/income

\u00a0

\u00a0

31

(1)

30

1

\u00a0

119

11

132

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

49

4

53

\u00a0

\u00a0

98

8

106

1.1 Recorded in the Income Statement

\u00a0

\u00a0

58

6

64

\u00a0

\u00a0

75

7

81

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(9)

(2)

(11)

\u00a0

\u00a0

23

1

24

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

\u00a0

\u00a0

(19)

(5)

(24)

1

\u00a0

22

3

26

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

(3,521)

3

3,194

129

(195)

(3,443)

\u00a0

3,226

73

(144)

H.\u00a0 Other changes

\u00a0

\u00a0

1

\u00a0

1

(3)

\u00a0

3

\u00a0

\u00a0

I.\u00a0\u00a0\u00a0 Cash movements

3,531

\u00a0

(2,756)

\u00a0

775

3,482

\u00a0

(2,736)

\u00a0

746

1.\u00a0\u00a0 Premiums received

4,253

\u00a0

\u00a0

\u00a0

4,253

4,153

\u00a0

\u00a0

\u00a0

4,153

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(722)

\u00a0

\u00a0

\u00a0

(722)

(671)

\u00a0

\u00a0

\u00a0

(671)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(2,756)

\u00a0

(2,756)

\u00a0

\u00a0

(2,736)

\u00a0

(2,736)

4.\u00a0\u00a0 Other movemenrs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

1,047

21

3,625

485

5,177

1,038

18

3,186

356

4,597

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

1,049

21

3,625

485

5,179

1,039

18

3,186

355

4,597

2.\u00a0\u00a0 Insurance contracts issued that are assets

(2)

\u00a0

\u00a0

\u00a0

(2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3. Net carrying amount as at 31 December

1,047

21

3,625

485

5,177

1,038

18

3,186

356

4,597

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
NON-LIFE NON-MV SEGMENT
Amounts in \u20ac

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Breakdown of carrying amount

Liabilities for residual coverage

Liabilities for claims incurred

Total

Liabilities for residual coverage

Liabilities for claims incurred

Total

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2025

Net of loss\u00a0

Loss

Present value of cash flows

Adjustment for non-financial risks

31/12/2024

1. Insurance contracts issued that are liabilities

550

73

2,432

170

3,225

543

87

2,460

136

3,226

2. Insurance contracts issued that are assets

(10)

\u00a0

\u00a0

\u00a0

(10)

(13)

\u00a0

2

\u00a0

(12)

3. Net carrying amount as at 1 January

539

73

2,433

171

3,215

530

87

2,462

136

3,215

B. Insurance revenue

(3,673)

\u00a0

\u00a0

\u00a0

(3,673)

(3,647)

\u00a0

\u00a0

\u00a0

(3,647)

C. Insurance service expenses

1,028

123

1,942

64

3,157

980

(14)

2,215

30

3,212

1. Claims incurred and other directly attributable costs

\u00a0

\u00a0

1,941

\u00a0

1,941

\u00a0

\u00a0

2,321

\u00a0

2,321

2.\u00a0\u00a0 Changes in liability for claims incurred

\u00a0

\u00a0

2

64

66

\u00a0

\u00a0

(106)

30

(76)

3.\u00a0\u00a0 Losses and related recoveries on onerous contracts

\u00a0

123

\u00a0

\u00a0

123

\u00a0

(14)

\u00a0

\u00a0

(14)

4.\u00a0\u00a0 Amortisation of contract acquisition costs

1,028

\u00a0

\u00a0

\u00a0

1,028

980

\u00a0

\u00a0

\u00a0

980

D.\u00a0 Insurance service result (B+C)

(2,645)

123

1,942

64

(516)

(2,667)

(14)

2,215

30

(436)

E. Finance expenses/income

2

\u00a0

15

\u00a0

16

(1)

\u00a0

77

4

81

1.\u00a0\u00a0\u00a0 Relating to insurance contracts issued

\u00a0

\u00a0

34

2

36

\u00a0

\u00a0

71

4

75

1.1 Recorded in the Income Statement

\u00a0

\u00a0

44

3

47

\u00a0

\u00a0

60

4

64

1.2 Recorded in the Comprehensive Income Statement

\u00a0

\u00a0

(9)

(1)

(11)

\u00a0

\u00a0

11

\u00a0

11

2.\u00a0\u00a0\u00a0 Effects associated with changes in exchange rates

2

\u00a0

(20)

(2)

(20)

(1)

\u00a0

6

\u00a0

6

F.\u00a0\u00a0 Investment components

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

G.\u00a0\u00a0 Total amount of changes recorded in the Income Statement and in the Comprehensive Income Statement (D+E+F)

(2,643)

123

1,957

64

(499)

(2,668)

(14)

2,293

35

(354)

H.\u00a0 Other changes

(1)

\u00a0

\u00a0

\u00a0

(1)

(1)

\u00a0

(1)

\u00a0

(2)

I.\u00a0\u00a0\u00a0 Cash movements

2,670

\u00a0

(1,941)

\u00a0

729

2,678

\u00a0

(2,321)

\u00a0

357

1.\u00a0\u00a0 Premiums received

3,724

\u00a0

\u00a0

\u00a0

3,724

3,664

\u00a0

\u00a0

\u00a0

3,664

2.\u00a0\u00a0 Payments associated with contract acquisition costs

(1,054)

\u00a0

\u00a0

\u00a0

(1,054)

(987)

\u00a0

\u00a0

\u00a0

(987)

3.\u00a0\u00a0 Claims paid and other cash outflows

\u00a0

\u00a0

(1,941)

\u00a0

(1,941)

\u00a0

\u00a0

(2,321)

\u00a0

(2,321)

4.\u00a0\u00a0 Other movemenrs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

L. Net carrying amount as at 31 December (A.3+G+H+I)

565

196

2,449

235

3,444

539

73

2,433

171

3,215

M. Final carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Insurance contracts issued that are liabilities

563

196

2,450

234

3,444

550

73

2,432

170

3,225

2.\u00a0\u00a0 Insurance contracts issued that are assets

2

(1)

(1)

\u00a0

\u00a0

(10)

\u00a0

\u00a0

\u00a0

(10)

3. Net carrying amount as at 31 December

565

196

2,449

235

3,444

539

73

2,433

171

3,215

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Gains on other financial assets and liabilities and investment property
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests

\u00a0

\u00a0

\u00a0

on financial assets at amotised cost

144

187

(23.1)

on financial assets at fair value through OCI

1,488

1,339

11.1

Other income

\u00a0

\u00a0

\u00a0

from investment property

130

129

0.7

from financial assets at fair value through OCI

141

96

46.4

Realised gains

\u00a0

\u00a0

\u00a0

on investment property

4

5

n.s.

on financial assets at fair value through OCI

49

37

30.4

on financial liabilities at amortised cost

\u00a0

\u00a0

\u00a0

Unrealised gains and reversals of impairment losses

\u00a0

\u00a0

\u00a0

on financial assets at fair value through OCI

11

17

(34.7)

on other financial liabilities

5

11

(54.4)

Foreign exchange gains

3

42

(92.8)

Total

1,975

1,866

5.8

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f218739": { "value": "
Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm

\u00a0

Financial liabilities held-for trading

Financial liabilities at fair value

Total

Items/Values

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Liabilities from financial contracts issued in accordance with IFRS 9:

\u00a0

\u00a0

\u00a0

\u00a0

14,322

100.0

11,736

100.0

14,322

98.7

11,736

98.9

a) From contracts with services linked to indexes and UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

14,270

99.6

11,685

99.6

14,270

98.3

11,685

98.5

b) Pension fund

\u00a0

\u00a0

\u00a0

\u00a0

51

0.4

51

0.4

51

0.4

51

0.4

c) Other financial contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-hedging derivatives

8

4.5

11

8.6

\u00a0

\u00a0

\u00a0

\u00a0

8

0.1

11

0.1

Hedging derivatives

181

95.5

115

91.4

\u00a0

\u00a0

\u00a0

\u00a0

181

1.3

115

1.0

Other financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

190

100.0

126

100.0

14,322

100.0

11,736

100.0

14,511

100.0

11,862

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f218740": { "value": "
Financial liabilities at fair value through profit or loss: product breakdown and percentage composition
Amounts in \u20acm

\u00a0

Financial liabilities held-for trading

Financial liabilities at fair value

Total

Items/Values

31/12/2025

31/12/2024

31/12/2025

31/12/2024

31/12/2025

31/12/2024

\u00a0

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Book value

% Comp

Liabilities from financial contracts issued in accordance with IFRS 9:

\u00a0

\u00a0

\u00a0

\u00a0

14,322

100.0

11,736

100.0

14,322

98.7

11,736

98.9

a) From contracts with services linked to indexes and UCITS units

\u00a0

\u00a0

\u00a0

\u00a0

14,270

99.6

11,685

99.6

14,270

98.3

11,685

98.5

b) Pension fund

\u00a0

\u00a0

\u00a0

\u00a0

51

0.4

51

0.4

51

0.4

51

0.4

c) Other financial contracts issued

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-hedging derivatives

8

4.5

11

8.6

\u00a0

\u00a0

\u00a0

\u00a0

8

0.1

11

0.1

Hedging derivatives

181

95.5

115

91.4

\u00a0

\u00a0

\u00a0

\u00a0

181

1.3

115

1.0

Other financial liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

190

100.0

126

100.0

14,322

100.0

11,736

100.0

14,511

100.0

11,862

100.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact51": { "value": "
Financial liabilities at amortised cost: product breakdown, percentage composition and fair value hierarchy
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Values

31/12/2025

31/12/2024

Book value

% Comp

L1

L2

L3

Total Fair Value

Book value

% Comp

L1

L2

L3

Total Fair Value

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated liabilities

1,282

25.6

1,322

\u00a0

\u00a0

1,322

1,281

23.1

1,330

\u00a0

\u00a0

1,330

Debt securities issued

1,414

28.2

1,441

\u00a0

3

1,444

2,437

43.9

2,448

\u00a0

4

2,452

Other loans obtained

2,312

46.2

\u00a0

\u00a0

2,312

2,312

1,831

33.0

\u00a0

\u00a0

1,831

1,831

a) from banks

720

14.4

\u00a0

\u00a0

\u00a0

\u00a0

251

4.5

\u00a0

\u00a0

\u00a0

\u00a0

b) from customers

1,592

31.8

\u00a0

\u00a0

\u00a0

\u00a0

1,580

28.5

\u00a0

\u00a0

\u00a0

\u00a0

Total

5,008

100.0

2,762

\u00a0

2,315

5,077

5,550

100.0

3,777

\u00a0

1,835

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Details of Subordinated liabilities are shown in the table below:

Issuer

Nominal amount outstanding

Subord. level

Year of maturity

call

Rate\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

L/NL

Unipol

\u20ac750.0m

Tier II

2034

\u00a0

fixed rate 4,900%

L

Unipol

\u20ac500.0m

Tier II

2028

\u00a0

fixed rate 3,875%

L

Subordinated liabilities issued by Unipol Assicurazioni SpA amounted to \u20ac1,282m and related to two bonds issued for a total nominal value of \u20ac1,250m.
Debt securities issued amounted to \u20ac1,414m. They refer for \u20ac1,411m to securities issued by Unipol Assicurazioni SpA and for \u20ac3m to securities issued by the subsidiary Societ\u00e0 e Salute SpA.
The Debt securities issued by Unipol Assicurazioni SpA related to two senior bonds, listed on the Luxembourg Stock Exchange, with a total nominal value of \u20ac1,402m:
- \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.
It should be noted that, on 18 March 2025, the senior debt with a nominal value of \u20ac1,000m issued on 18 March 2015, was repaid at maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact52": { "value": "
Financial liabilities at amortised cost: product breakdown, percentage composition and fair value hierarchy
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Values

31/12/2025

31/12/2024

Book value

% Comp

L1

L2

L3

Total Fair Value

Book value

% Comp

L1

L2

L3

Total Fair Value

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equity instruments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated liabilities

1,282

25.6

1,322

\u00a0

\u00a0

1,322

1,281

23.1

1,330

\u00a0

\u00a0

1,330

Debt securities issued

1,414

28.2

1,441

\u00a0

3

1,444

2,437

43.9

2,448

\u00a0

4

2,452

Other loans obtained

2,312

46.2

\u00a0

\u00a0

2,312

2,312

1,831

33.0

\u00a0

\u00a0

1,831

1,831

a) from banks

720

14.4

\u00a0

\u00a0

\u00a0

\u00a0

251

4.5

\u00a0

\u00a0

\u00a0

\u00a0

b) from customers

1,592

31.8

\u00a0

\u00a0

\u00a0

\u00a0

1,580

28.5

\u00a0

\u00a0

\u00a0

\u00a0

Total

5,008

100.0

2,762

\u00a0

2,315

5,077

5,550

100.0

3,777

\u00a0

1,835

5,613

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other loans amounted to \u20ac2,315m (\u20ac1,834m at 31/12/2024); the increase of \u20ac479m at 31 December 2025 is mainly attributable to the loan (maturing 31 October 2031, fixed rate 3.92%) disbursed by a number of banks and deriving from the business complex acquired by Unipol Assicurazioni on 1 October 2025 following the total non-proportional demerger of the associate Cronos Vita, which in 2023 had acquired the business complex including the entire portfolio of Eurovita policies. The loan is governed by specific provisions defined as part of the Eurovita rescue plan which, in addition to the shareholder companies of Cronos Vita, also involved the banks that distribute Eurovita products and certain system banks in order to allow the company to cover part of the early surrenders relating to policies linked to the segregated funds distributed by the banks and included in the business complex transferred by Eurovita to Cronos Vita.
Other loans also include the loan obtained for the purchase of properties and restructuring works by Fondo Chiuso Immobiliare Athens R.E. Fund for \u20ac127m and by the Tikal Closed Real Estate Fund for \u20ac100m, as well as loans taken out by UnipolRental from banks and other lenders for a total of \u20ac1,460m..
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f220274": { "value": "
The financial liabilities deriving from the present value of future lease payments due for lease agreements accounted for on the basis of IFRS 16 amounted to \u20ac127m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f220321": { "value": "
5. Payables
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Payables to intermediaries and companies

287

267

7.26

Trade payables

411

450

(8.57)

Post-employment benefits

34

39

(11.25)

Social security charges payable

55

51

6.88

Sundry payables

324

146

121.49

Total payables

1,110

953

16.44

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f220461": { "value": "6. Other liabilities
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Current tax liabilities

429

34

1,161.8

Deferred tax liabilities

43

17

152.9

Liabilities associated with disposal groups held for sale

\u00a0

\u00a0

\u00a0

Accrued expense and deferred income

57

56

2.4

Other liabilities

1,330

1,387

(4.1)

Total other liabilities

1,859

1,494

24.4

\u00a0

\u00a0

\u00a0

\u00a0

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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact53": { "value": "
Insurance revenue and costs from insurance contracts issued \u2013 Breakdown
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Business combination basis

Basis A1

Basis A2

Basis A3

Basis A4

Total

Basis A1

Basis A2

Basis A3

Basis A4

Total

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2025

31/12/2024

31/12/2024

31/12/2024

31/12/2024

31/12/2024

A. Insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.1 Amounts associated with changes in liabilities for residual coverage

567

168

117

1,008

1,859

502

164

114

1,026

1,807

1.\u00a0\u00a0 Claims incurred and other costs for expected insurance services

325

90

86

656

1,156

305

88

63

579

1,035

2.\u00a0\u00a0 Changes in the adjustment for non-financial risks

23

2

5

37

67

14

1

4

36

55

3.\u00a0\u00a0 Contractual service margin recorded in the income statement for services provided

219

76

26

204

526

184

75

47

287

593

4.\u00a0\u00a0\u00a0 Other amounts

\u00a0

\u00a0

\u00a0

111

111

\u00a0

\u00a0

\u00a0

125

125

A.2 Acquisition costs of recovered insurance contracts

17

21

43

214

294

14

16

17

177

224

A.3 Total insurance revenues from insurance contracts issued, valued on the basis of GMM and VFA

584

188

159

1,221

2,153

517

180

131

1,203

2,031

A.4 Total insurance revenues from insurance contracts issued valued on the basis of PAA

\u00a0

\u00a0

\u00a0

\u00a0

7,913

\u00a0

\u00a0

\u00a0

\u00a0

7,779

Life segment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

Non-life segment - Motor

\u00a0

\u00a0

\u00a0

\u00a0

4,240

\u00a0

\u00a0

\u00a0

\u00a0

4,131

Non-life segment - Non-MV

\u00a0

\u00a0

\u00a0

\u00a0

3,673

\u00a0

\u00a0

\u00a0

\u00a0

3,647

A.5 Total insurance revenues from insurance contracts issued

584

188

159

1,221

10,066

517

180

131

1,203

9,810

B. Costs for insurance services from insurance contracts issued under GMM and VFA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0\u00a0 Claims incurred and other directly attributable costs

(338)

(85)

(390)

(950)

(1,763)

(309)

(67)

(532)

(1,020)

(1,928)

2.\u00a0 Changes in liability for claims incurred

2

(9)

340

219

550

(3)

(14)

184

283

450

3.\u00a0\u00a0 Losses on onerous contracts and recovery of these losses

(3)

\u00a0

(38)

(83)

(124)

(1)

\u00a0

(20)

10

(11)

4.\u00a0\u00a0 Amortisation of insurance contract acquisition costs

(22)

(21)

(43)

(227)

(312)

(18)

(16)

(17)

(190)

(242)

5.\u00a0\u00a0 Other amounts

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.6 Total costs for insurance services from insurance contracts issued under GMM and VFA

(361)

(115)

(131)

(1,041)

(1,649)

(331)

(96)

(385)

(917)

(1,730)

B.7 Total insurance costs from insurance contracts issued, valued on the basis of PAA

\u00a0

\u00a0

\u00a0

\u00a0

(7,172)

\u00a0

\u00a0

\u00a0

\u00a0

(7,068)

- Life segment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1)

- Non-life segment - Motor

\u00a0

\u00a0

\u00a0

\u00a0

(4,015)

\u00a0

\u00a0

\u00a0

\u00a0

(3,855)

- Non-life segment - Non-MV

\u00a0

\u00a0

\u00a0

\u00a0

(3,157)

\u00a0

\u00a0

\u00a0

\u00a0

(3,212)

B.8 Total insurance costs from insurance contracts issued (B.6 + B.7)

(361)

(115)

(131)

(1,041)

(8,820)

(331)

(96)

(385)

(917)

(8,798)

C. Total net costs/revenues from insurance contracts issued (A.5 + B.8)

223

73

29

181

1,246

186

83

(254)

286

1,012

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Costs/Business combination basis

31/12/2025

31/12/2024

Basis A1 \u2013 with DFP

Basis A2 \u2013 without DFP

Basis A1 + Basis A2

Basis A3

Basis A4

Basis A3 + Basis A4

Other

Basis A1 \u2013 with DFP

Basis A2 \u2013 without DFP

Basis A1 + Basis A2

Basis A3

Basis A4

Basis A3 + Basis A4

Other

Costs attributed to the acquisition of insurance contracts

(22)

(21)

(42)

(761)

(1,255)

(2,016)

\u00a0

(18)

(16)

(34)

(704)

(1,171)

(1,874)

\u00a0

Other directly attributable costs

(340)

(95)

(434)

(3,385)

(2,944)

(6,328)

\u00a0

(313)

(81)

(394)

(3,536)

(2,958)

(6,495)

\u00a0

Investment management expenses

\u00a0

\u00a0

(6)

\u00a0

\u00a0

(42)

(22)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

(44)

(21)

Other costs

\u00a0

\u00a0

(134)

\u00a0

\u00a0

(753)

(347)

\u00a0

\u00a0

(107)

\u00a0

\u00a0

(1,029)

(314)

Total

(361)

(115)

(616)

(4,146)

(4,198)

(9,139)

(370)

(331)

(97)

(542)

(4,240)

(4,129)

(9,442)

(335)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact54": { "value": "
Breakdown of costs for insurance and other services
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Costs/Business combination basis

31/12/2025

31/12/2024

Basis A1 \u2013 with DFP

Basis A2 \u2013 without DFP

Basis A1 + Basis A2

Basis A3

Basis A4

Basis A3 + Basis A4

Other

Basis A1 \u2013 with DFP

Basis A2 \u2013 without DFP

Basis A1 + Basis A2

Basis A3

Basis A4

Basis A3 + Basis A4

Other

Costs attributed to the acquisition of insurance contracts

(22)

(21)

(42)

(761)

(1,255)

(2,016)

\u00a0

(18)

(16)

(34)

(704)

(1,171)

(1,874)

\u00a0

Other directly attributable costs

(340)

(95)

(434)

(3,385)

(2,944)

(6,328)

\u00a0

(313)

(81)

(394)

(3,536)

(2,958)

(6,495)

\u00a0

Investment management expenses

\u00a0

\u00a0

(6)

\u00a0

\u00a0

(42)

(22)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

(44)

(21)

Other costs

\u00a0

\u00a0

(134)

\u00a0

\u00a0

(753)

(347)

\u00a0

\u00a0

(107)

\u00a0

\u00a0

(1,029)

(314)

Total

(361)

(115)

(616)

(4,146)

(4,198)

(9,139)

(370)

(331)

(97)

(542)

(4,240)

(4,129)

(9,442)

(335)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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: breakdown
Amounts in \u20acm

\u00a0

Value adjustments

Write-backs

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

Other debt securities

(9)

(2)

(3)

\u00a0

8

1

1

\u00a0

Loans and receivables

(3)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

\u00a0

2

\u00a0- banks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

(3)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

\u00a0

2

Total 31/12/2025

(17)

(2)

(3)

(7)

11

1

1

2

Total 31/12/2024

(16)

(10)

(3)

(3)

15

9

\u00a0

2

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f222876": { "value": "
Gains on other financial assets and liabilities and investment property
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests

\u00a0

\u00a0

\u00a0

on financial assets at amotised cost

144

187

(23.1)

on financial assets at fair value through OCI

1,488

1,339

11.1

Other income

\u00a0

\u00a0

\u00a0

from investment property

130

129

0.7

from financial assets at fair value through OCI

141

96

46.4

Realised gains

\u00a0

\u00a0

\u00a0

on investment property

4

5

n.s.

on financial assets at fair value through OCI

49

37

30.4

on financial liabilities at amortised cost

\u00a0

\u00a0

\u00a0

Unrealised gains and reversals of impairment losses

\u00a0

\u00a0

\u00a0

on financial assets at fair value through OCI

11

17

(34.7)

on other financial liabilities

5

11

(54.4)

Foreign exchange gains

3

42

(92.8)

Total

1,975

1,866

5.8

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f223133": { "value": "Losses on other financial assets and liabilities and investment property
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests:

\u00a0

\u00a0

\u00a0

on other financial liabilities

(189)

(223)

(15.2)

Other charges:

\u00a0

\u00a0

\u00a0

from investment property

(60)

(44)

36.7

from financial assets at fair value through OCI

(2)

(2)

(22.8)

from other financial liabilities

(4)

(10)

(57.9)

Realised losses:

\u00a0

\u00a0

\u00a0

on investment property

\u00a0

(2)

(79.6)

on financial assets at fair value through OCI

(224)

(39)

476.7

Unrealised losses and impairment losses:

\u00a0

\u00a0

\u00a0

on investment property

(118)

(87)

36.4

on financial assets at fair value through OCI

(57)

(16)

252.9

on other financial assets

(25)

(11)

129.1

on other financial liabilities

\u00a0

\u00a0

(1,895.3)

Foreign exchange losses

(73)

(10)

630.1

Total

(753)

(445)

69.2

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f223134": { "value": "Losses on other financial assets and liabilities and investment property
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Interests:

\u00a0

\u00a0

\u00a0

on other financial liabilities

(189)

(223)

(15.2)

Other charges:

\u00a0

\u00a0

\u00a0

from investment property

(60)

(44)

36.7

from financial assets at fair value through OCI

(2)

(2)

(22.8)

from other financial liabilities

(4)

(10)

(57.9)

Realised losses:

\u00a0

\u00a0

\u00a0

on investment property

\u00a0

(2)

(79.6)

on financial assets at fair value through OCI

(224)

(39)

476.7

Unrealised losses and impairment losses:

\u00a0

\u00a0

\u00a0

on investment property

(118)

(87)

36.4

on financial assets at fair value through OCI

(57)

(16)

252.9

on other financial assets

(25)

(11)

129.1

on other financial liabilities

\u00a0

\u00a0

(1,895.3)

Foreign exchange losses

(73)

(10)

630.1

Total

(753)

(445)

69.2

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f223434": { "value": "
Value adjustments/write-backs for credit risk: breakdown
Amounts in \u20acm

\u00a0

Value adjustments

Write-backs

First stage

Of which assets with low credit risk

Second stage

Third stage

First stage

Of which assets with low credit risk

Second stage

Third stage

Other debt securities

(9)

(2)

(3)

\u00a0

8

1

1

\u00a0

Loans and receivables

(3)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

\u00a0

2

\u00a0- banks

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0- customers

(3)

\u00a0

\u00a0

(7)

\u00a0

\u00a0

\u00a0

2

Total 31/12/2025

(17)

(2)

(3)

(7)

11

1

1

2

Total 31/12/2024

(16)

(10)

(3)

(3)

15

9

\u00a0

2

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f225617": { "value": "
13. Other revenue/costs
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

% var.

Exchange rate differences

\u00a0

\u00a0

n.s

Extraordinary gains

27

21

29.8

Other income

1,929

1,926

0.1

Other costs

(662)

(883)

(25.0)

Total Other revenue/costs

1,293

1,064

21.6

\u00a0

\u00a0

\u00a0

\u00a0

.
14", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f225743": { "value": "14. Operating expenses
These amounted to \u20ac643m (\u20ac638m at 31/12/2024), of which \u20ac71m relating to investment management expenses (\u20ac72m at 31/12/2024) and \u20ac572m 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 (\u20ac566m at 31/12/2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact56": { "value": "
17. Net impairment losses/reversals on intangible assets
These amounted to \u20ac169m (\u20ac143m at 31/12/2024) and related to amortisation of intangible assets..
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.
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.
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.
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 2025, were:
-Non-Life CGU: Unipol Assicurazioni \u2013 Non-Life
-Life CGU: Unipol Assicurazioni \u2013 Life
In relation to the measurement methods and benchmarks adopted to estimate the recoverable amount of goodwill, note that, as specified below, the same measurement criteria were adopted as for the previous year, with benchmark updating arranged at the end of 2025.
The impairment testing of the Non-Life CGU was performed as follows:
-the recoverable amount of Unipol Assicurazioni - Non-Life goodwill was measured using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model);
impairment testing of the Life CGU was performed as follows:
-the recoverable amount of Unipol Assicurazioni - Life goodwill was measured using the \u201cexcess capital\u201d version of a DDM (Dividend Discount Model).
The results obtained 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 2025.
\"[IMAGE]\"

Non-Life CGU/Life CGU

Valuation method used

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.

Net profits used

The above net profits were considered.

Projection period

Five prospective flows were considered.

Non-Life discount rate

A discount rate of 9.29% was used, broken down as follows:

- risk-free rate: 3.46%

- beta coefficient: 0.93

- risk premium: 5.68%

- specific risk premium: 0.40%

The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December)\u00a02025 was used for the risk-free rate.

A 2-year adjusted Beta coefficient for a sample of companies listed on the European market mainly 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.

Life discount rate

A discount rate of 9.90% was used, broken down as follows:

- risk-free rate: 3.46%

- beta coefficient: 1.13

- risk premium: 5.68%

The average figure for the 10-year Long-Term Treasury Bond for the last three months (October-December)\u00a02025 was used for the risk-free rate.

A 2-year adjusted Beta coefficient for a sample of companies listed on the European market mainly 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%, unchanged from the previous year, taking into account the updated macroeconomic scenario and an estimated impact of climatic factors.

Below are the results of the impairment tests along with the relevant sensitivity analyses:
Amounts in \u20acm

31/12/2025

Recoverable

amount (a)

Allocation of goodwill

Excess

Non-Life CGU

3,281

1,573

1,709

Life CGU

1,368

322

1,046

Total

4,649

1,895

2,754

(a): Recoverable amount obtained as the difference between the value of the CGU and the Adjusted Shareholders\u2019 equity

\u00a0

\u00a0

Parameters used - Non-Life

\u00a0

Risk Free

3.46%

Beta

0.96

Risk premium

5.68%

Specific risk premium

0.40%

Discounting rate

9.29%

Range

8.62% - 9.62%

Pass

0.25%

g factor

1.50%

Range

1% - 2%

Pass

0.25%

\u00a0

\u00a0

\u00a0

\u00a0

Parameters used - Life

\u00a0

Risk Free

3.46%

Beta

1.13

Risk premium

5.68%

Discounting rate

9.90%

Range

9.93% - 10.93%

Pass

0.0025

g factor

1.50%

Range

1% - 2%

Pass

0.0025

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Estimated g rate at the end of 2025

\u00a0

\u00a0

Stima PIL reale Cagr medio al 2030

(a)

0.50%

Stima impatto fattori climatici

(b)

(0.47)%

Stima PIL reale Cagr medio al 2029 netto (a) - (b)

(c)

0.03%

Stima Inflazione al 2030

(d)

2.00%

Stima g a fine 2025

(e)

1.51%

Stima g rnd

\u00a0

1.50%

(e): media ponderata considerando (c) al 25% e (d) al 75%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Amounts in \u20acm

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

\u00a0

Min

Max

CGU

Value

g

Discounting rate

Value

g

Discounting rate

Unipol - Non-Life

1,709

1,381

1.00%

9.79%

2,119

2.00%

8.79%

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

Recoverable Amount - Goodwill Delta = 0

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

(g rate assumed to be 1.5)

(g rate assumed to be 0)

CGU

Min

Max

g

Discounting rate

g

Discounting rate

Unipol - Non-Life

1,709

1,381

2,119

1.50%

13.44%

0%

13.55%

Amounts in \u20acm

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

\u00a0

Min

Max

CGU

Value

g

Discounting rate

Value

g

Discounting rate

Unipol - Life

1,046

939

1.00%

10.40%

1,176

2.00%

9.40%

Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

Recoverable Amount - Goodwill Delta = 0

\u00a0

Recoverable Amount - Goodwill Delta

Sensitivity (Value range)

(g rate assumed to be 1.5)

(g rate assumed to be 0)

CGU

Min

Max

g

Discounting rate

g

Discounting rate

Unipol - Life

1,046

939

1,176

1.50%

19.83%

0%

20.65%

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f227370": { "value": "
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 2025 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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Type

Gross

amount

Total financial

liabilities

offset in

the financial

statements

(B)

Net total financial

assets recognised

in the financial

statements

Related amounts not subject to offsetting in the financial statements

Net total

(A)

(C)= (A) - (B)

Financial

instruments

Cash deposits

received as

guarantees

(E)

(F)=(C )-(D)-(E)

\u00a0

\u00a0

(D)

\u00a0

Derivative transactions (1)

1,794

\u00a0

1,794

1,489

209

95

Repurchase agreements (2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities lending

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

1,794

\u00a0

1,794

1,489

209

95

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Type

Gross

amount

Total financial

assets offset

in the financial

statements (B)

Net total financial

liabilities recogni-

sed in the financial

statements

Related amounts not subject to offsetting in the financial statements

Net total

(A)

(C)= (A) - (B)

Financial

instruments

Cash deposits

given as

guarantees

(E)

(F)=(C )-(D)-(E)

\u00a0

\u00a0

(D)

\u00a0

Derivative transactions (1)

1,701

\u00a0

1,701

1,637

63

1

Repurchase agreements (2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities lending

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

1,701

\u00a0

1,701

1,637

63

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f227371": { "value": "
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 2025 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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Type

Gross

amount

Total financial

liabilities

offset in

the financial

statements

(B)

Net total financial

assets recognised

in the financial

statements

Related amounts not subject to offsetting in the financial statements

Net total

(A)

(C)= (A) - (B)

Financial

instruments

Cash deposits

received as

guarantees

(E)

(F)=(C )-(D)-(E)

\u00a0

\u00a0

(D)

\u00a0

Derivative transactions (1)

1,794

\u00a0

1,794

1,489

209

95

Repurchase agreements (2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities lending

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

1,794

\u00a0

1,794

1,489

209

95

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial liabilities
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Type

Gross

amount

Total financial

assets offset

in the financial

statements (B)

Net total financial

liabilities recogni-

sed in the financial

statements

Related amounts not subject to offsetting in the financial statements

Net total

(A)

(C)= (A) - (B)

Financial

instruments

Cash deposits

given as

guarantees

(E)

(F)=(C )-(D)-(E)

\u00a0

\u00a0

(D)

\u00a0

Derivative transactions (1)

1,701

\u00a0

1,701

1,637

63

1

Repurchase agreements (2)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities lending

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

1,701

\u00a0

1,701

1,637

63

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f228027": { "value": "
Earnings/(loss) per share
Amounts in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

31/12/2025

31/12/2024

Profit/loss allocated to ordinary shares (\u20acm)

1,458

1,049

Weighted average of shares outstanding during the year (no./m)

717

716

Basic and diluted earnings (loss) per share (\u20ac per share)

2.03

1.46

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f228096": { "value": "
Dividends
The Unipol Shareholders' Meeting held on 29 April 2025, in view of the Parent Unipol's positive financial result at 31 December 2024 amounting to \u20ac776m (as shown in the financial statements drawn up in accordance with national accounting standards), resolved to distribute a unit dividend of \u20ac 0.85 per share, corresponding to a total outlay of approximately \u20ac610m.
The Shareholders\u2019 Meeting also set the dividend payment date for 21 May 2025 (ex-dividend date 19/5/2025 and record date 20/5/2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f228174": { "value": "0.85", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f228213": { "value": "
Non-current assets or assets of a disposal group held for sale and discontinued operations
At 31 December 2024, the reclassifications made in application of IFRS 5 to assets item 6.1 amounted to \u20ac30m, of which \u20ac29m relating to properties held for sale (\u20ac82m at 31/12/2024, of which \u20ac32m relating to properties held for sale and \u20ac50m relating to the equity investment in Cronos Vita Assicurazioni).
Note that on 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A. On finalisation of the demerger on 1 October 2025, Unipol derecognised the equity investment previously held in the associate Cronos Vita and classified under Non-current assets held for sale and recognised the assets and liabilities making up the business complex received through allocation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f228214": { "value": "
Non-current assets or assets of a disposal group held for sale and discontinued operations
At 31 December 2024, the reclassifications made in application of IFRS 5 to assets item 6.1 amounted to \u20ac30m, of which \u20ac29m relating to properties held for sale (\u20ac82m at 31/12/2024, of which \u20ac32m relating to properties held for sale and \u20ac50m relating to the equity investment in Cronos Vita Assicurazioni).
Note that on 20 June 2025, Unipol\u2019s Extraordinary Shareholders\u2019 Meeting approved the plan for the total non-proportional demerger of Cronos Vita Assicurazioni S.p.A. (\"Cronos Vita\") in favour of Unipol Assicurazioni S.p.A., Allianz S.p.A., Fideuram Vita S.p.A., Generali Italia S.p.A. and Poste Vita S.p.A. On finalisation of the demerger on 1 October 2025, Unipol derecognised the equity investment previously held in the associate Cronos Vita and classified under Non-current assets held for sale and recognised the assets and liabilities making up the business complex received through allocation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f228481": { "value": "
Transactions with related parties
Unipol Assicurazioni provides the following services to companies of the Group:
\u2022Governance (services supporting internal control, risk management, compliance and the Actuarial Function);
\u2022Finance;
\u2022Innovation;
\u2022Communications and Media Relations;
\u2022Anti-money laundering and Anti-terrorism;
\u2022231 support;
\u2022Institutional Relations;
\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;
\u2022Marketing and commercial communication area: CRM, targeting and campaign management, voice of customer;
\u2022Training;
\u2022Legal and corporate (corporate affairs, group legal register management, anti-fraud, institutional response, legal insurance consulting, privacy consulting and support, legal antitrust consulting, general legal consulting, legal dispute services, corporate legal, complaints);
\u2022Claims settlement;
\u2022Insurance (distribution network regulations, MV portfolio management, reinsurance, MV tariff setting, Life bancassurance, first level assistance to agencies, local assistance to agencies, final user test and manuals, Non-Life management and knowledge management services, broker channel 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;
\u2022Support services to the Supervisory Board;
\u2022Sustainability;
\u2022Corporate social responsibility (CSR) services;
\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 to Unipol:
\u2022Managing addressing services, providing medical advice and assistance by telephone, making bookings, managing and settling claims relating to specific guarantees/products on behalf of Unipol.
The services provided by UniSalute to its subsidiary SiSalute 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.
UniSalute provides to the Companies to which the supplementary corporate agreement applies direct management of payments for healthcare services of employees (including senior executives).
SIAT performs the following services in favour of Unipol:
\u2022Technical assistance in the negotiation and stipulation of transport and aviation contracts;
\u2022Portfolio services for agreements in the transport sector;
\"[IMAGE]\"
\u2022Management of development projects in the Transport sector.
UnipolService provides car repair services for certain Group Companies, while UnipolGlass provides glass repair services.
Unipol Welfare Solutions performs administrative management of open pension funds on behalf of a number of Group companies.
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 Unipol 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 Unipol agency network, the Unipol 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 UnipolTech 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 Unipol 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 Unipol and UnipolMove Apps offer the opportunity to pay car parking fees, \"blue line\" parking slips, for access to certain Limited Traffic Zones (such as Milan Area C), fines and road tax, as well as fuel.
There is also a partnership agreement between Unipol and UnipolTech with the aim of strengthening their reciprocal positions in the reference markets: in this sense, the agreement calls for advertising on the Unipol website and App, and in particular through the agency network as well, the services offered by UnipolTech.
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 was also in place, up to the date of the merger, 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 and Arca Vita, and until 31 December 2025 to Arca Vita International, a company merged into the parent company Arca Vita on that date.
Arca Sistemi provides the following services primarily in favour of the companies participating in the consortium:
\u2022IT system design, development and management;
\u2022electronic storage design, development and management.
In addition, Arca Sistemi provides IT services to UniSalute.
Arca Direct Assicurazioni has insurance brokerage agreements in place with Unipol, Arca Vita and Arca Assicurazioni.
UnipolRental provides medium/long-term vehicle rental services to Group companies.
UnipolHome provides appraisal and repair services to Unipol for insurance products that include this solution.
UnipolPay acts as a centre of expertise for payment solutions and experiences for the Group\u2019s Company. In this context, UnipolPay offers the Group companies a payment account with the various associated services for collection and payment activities.
Welbee designs, develops and provides welfare plans for Unipol 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 Unipol.
DaVinci Healthcare provides Unipol and other Group Companies with Mental Coach and Dedicated Physician services.
\"[IMAGE]\"
Societ\u00e0 e Salute, which incorporated Gratia et Salus on 30 September 2025, provides Unipol and other Group companies with health surveillance services and Company Physician activities.
SiSalute provides remote assistance services on behalf of UniSalute and call centre services for Societ\u00e0 e Salute and 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.
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 SiSalute for which the costs are split), SiSalute and UnipolService involve fixed prices.
Both the Parent Unipol Assicurazioni and its subsidiaries, including 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 Group
Unipol 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 2025, 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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Associates

Others

Total

% inc. (1)

% inc. (2)

Financial assets at amortised cost

22

\u00a0

22

0.0

(0.1)

Financial assets at fair value through OCI

19

\u00a0

19

0.0

(0.0)

Other financial assets

26

1

27

0.0

(0.1)

Other assets

30

\u00a0

30

0.0

(0.1)

Cash and cash equivalents

1,014

\u00a0

1,014

1.1

(2.3)

TOTAL ASSETS

1,111

1

1,112

1.2

(2.6)

Financial liabilities at amortised cost

309

\u00a0

309

0.3

(0.7)

Payables

130

\u00a0

130

0.1

(0.3)

OTHER LIABILITIES

5

\u00a0

5

0.0

(0.0)

TOTAL SHAREHOLDERS\u2019 EQUITY AND LIABILITIES

368

\u00a0

368

0.4

(0.8)

Insurance service expenses from insurance contracts issued

(128)

\u00a0

(128)

(6.2)

0.3

Interest income calculated with the effective interest method

2

\u00a0

2

0.1

(0.0)

\u00a0Interest expense

(13)

\u00a0

(13)

(0.6)

0.0

Other income/Charges

5

\u00a0

5

0.2

(0.0)

Other revenue/costs

44

(1)

43

2.1

(0.1)

Operating expenses:

(5)

(1)

(6)

(0.3)

0.0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(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 \u20ac6m in interest-free loans disbursed by Unipol to the associate Borsetto and \u20ac15m in time deposits above 15 days held by the companies of the Group with BPER Banca.
Financial assets at fair value through other comprehensive income from associates related to listed debt securities issued by BPER Banca and Banca Popolare di Sondrio, subscribed by Group companies.
The item Other financial assets from associates includes \u20ac5m relating to receivables from insurance brokerage agencies for commissions and \u20ac15m to receivables from Finitalia for premiums advanced by the latter as part of the service relating to the split payment of policies.
Other assets included current accounts, temporarily unavailable, that Unipol 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 granted by BPER Banca and Banca Popolare di Sondrio to Group companies, of which \u20ac300m disbursed to UnipolRental.
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 (\u20ac115m) and commissions paid to BPER Banca for the placement of insurance policies issued by Group companies (\u20ac6m).
The item Interest income calculated with the effective interest method included interest income on listed debt securities issued by BPER Banca and Banca Popolare di Sondrio subscribed by Group companies.
The item Interest expense mainly refers to interest expense paid by the subsidiary UnipolRental for loans and mortgages granted by BPER Banca and Banca Popolare di Sondrio.
The item Other income/charges included lease payments relating to properties leased to BPER Banca by Group companies.
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 2025 to Unipol Group employee and executive pension funds amounted to \u20ac22m.
As envisaged in IAS 24, also note that the remuneration for 2025 due for various reasons to the Administration and Control Bodies and other Key Managers for carrying out their duties in Unipol and in other consolidated companies amounted to \u20ac32m, details of which are as follows:

\u00a0

\u00a0

\u00a0

Amounts in \u20acm

Short-term employee benefits

22

Post-employment benefits

\u00a0

Other long-term employee benefits

\u00a0

Termination benefits

3

Share-based payment

7

Total

32

\u00a0

\u00a0

(*) mainly includes compensation of employees.
Note that determination of the amounts indicated above is consistent with the principles defined by CONSOB for the purpose of preparation of the Remuneration Report pursuant to Art. 123-ter of the Consolidated Law on Finance and made available, in compliance with current regulations, on the Company\u2019s website.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact57": { "value": "The following table shows transactions with related parties (associates and others) carried out during 2025, 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).
Note that determination of the amounts indicated above is consistent with the principles defined by CONSOB for the purpose of preparation of the Remuneration Report pursuant to Art. 123-ter of the Consolidated Law on Finance and made available, in compliance with current regulations, on the Company\u2019s website.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact58": { "value": "
As envisaged in IAS 24, also note that the remuneration for 2025 due for various reasons to the Administration and Control Bodies and other Key Managers for carrying out their duties in Unipol and in other consolidated companies amounted to \u20ac32m, details of which are as follows:

\u00a0

\u00a0

\u00a0

Amounts in \u20acm

Short-term employee benefits

22

Post-employment benefits

\u00a0

Other long-term employee benefits

\u00a0

Termination benefits

3

Share-based payment

7

Total

32

\u00a0

\u00a0

(*) mainly includes compensation of employees.
Note that determination of the amounts indicated above is consistent with the principles defined by CONSOB for the purpose of preparation of the Remuneration Report pursuant to Art. 123-ter of the Consolidated Law on Finance and made available, in compliance with current regulations, on the Company\u2019s website.
Share-based compensation plans
The 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 former 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 former 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 former 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.
The 2025-2027 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 2027.
In April and July, 419,644 former UnipolSai shares and 773,265 Unipol shares were granted to eligible senior executives as long-term incentive for the 2019-21 financial year.
In May, 707 former UnipolSai shares and 3,670 Unipol shares were granted to eligible senior executives, as a short-term incentive for the years 2022 and 2024.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuers\u2019 Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f232188": { "value": "
Information on public funds received
During the year, the Unipol Group did not benefit from grants, understood as economic benefits deriving from a bilateral relationship between a public entity and a specific beneficiary, falling within the scope of the regulations on transparency of public funding introduced by Art. 1, paragraphs 125 and 125-bis of Law no. 124/2017, as amended.
Note that, on the basis of the aforementioned legislation, sums received as consideration for a service provided or as remuneration for an assignment received or due as compensation are excluded from the transparency requirements. Economic benefits received under general schemes, such as tax concessions or contributions accessible to all parties who meet certain conditions, are also excluded.
For the sake of completeness, note that any Aid measures and the relative individual Aid granted and recorded in the system by the Granting Authorities directly or indirectly benefiting each of the Group companies are included in the National Register of State Aid, available for public consultation in the transparency section of the related website.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f232435": { "value": "
Share-based compensation plans
The 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 former 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 former 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 former 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.
The 2025-2027 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 2027.
In April and July, 419,644 former UnipolSai shares and 773,265 Unipol shares were granted to eligible senior executives as long-term incentive for the 2019-21 financial year.
In May, 707 former UnipolSai shares and 3,670 Unipol shares were granted to eligible senior executives, as a short-term incentive for the years 2022 and 2024.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuers\u2019 Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f232436": { "value": "
Share-based compensation plans
The 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 former 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 former 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 former 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.
The 2025-2027 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 2027.
In April and July, 419,644 former UnipolSai shares and 773,265 Unipol shares were granted to eligible senior executives as long-term incentive for the 2019-21 financial year.
In May, 707 former UnipolSai shares and 3,670 Unipol shares were granted to eligible senior executives, as a short-term incentive for the years 2022 and 2024.
The Information Documents, prepared pursuant to Art. 114-bis of the Consolidated Law on Finance and Art. 84-bis of Consob Issuers\u2019 Regulation no. 11971/1999, are available on the respective websites, in the Governance/Shareholders meetings section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact61": { "value": "
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 measured 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:
\u2212
Interest rate risk;
\u2212
Equity risk;
\u2212
Real estate risk;
\u2212
Exchange rate risk;
\u2212
Spread and rating migration 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 by the value of assets, considering the adjusting effect of the derivatives.
At 31 December 2025 the duration mismatch for Life business stood at 0.30 and at 0.89 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.
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 2025.
Spread risk is the risk of a possible change in the carrying amount of assets and liabilities and the Net Asset Value as a result of
unfavourable changes in credit spreads or the likelihood of migration to other rating classes of bonds, including government bonds. In light of 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:
\u2212
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;
\u2212
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, in compliance with the request made by IVASS in 2025 addressed to the Group and to the Companies authorised to use the Internal Model, consists of carrying out cash flow matching analyses, in the event of stress over a time horizon of three years, carried out as part of the forward-looking assessments reported in the ORSA Report, aimed at identifying the government bonds to be disposed of before their natural maturity date to meet any liquidity needs. If available liquidity is insufficient, additional capital (conservative margin) is determined on the government bonds to be disposed of, according to an approach consistent with the Internal Model rules already in use for bonds.
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.
Lastly, note that the capital requirement associated with Real Estate Funds is determined by applying the look-through method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact60": { "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 31/12/2025).
\"[IMAGE]\"
43,9
AA
A
BBB
Unrated
12,8
2,0
41,2
Breakdown of debt securities by rating class
Information relating to exposure to sovereign debt securities
The breakdown is provided below for 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 2025.

\u00a0

Balance at 31 december 2025

Amounts in \u20acm

Nominal value

Carrying amount

Market value

Italy

20,194

17,963

17,966

Financial assets at fair value through OCI

20,110

17,884

17,884

Financial assets at fair value through profit or loss

48

49

49

Financial assets at amortised cost

36

30

33

Spain

4,719

3,490

3,492

Financial assets at fair value through OCI

4,663

3,431

3,431

Financial assets at fair value through profit or loss

23

25

25

Financial assets at amortised cost

33

34

36

Portugal

406

389

389

Financial assets at fair value through OCI

406

389

389

Great Britain

174

173

173

Financial assets at fair value through OCI

174

173

173

Ireland

278

237

237

Financial assets at fair value through OCI

278

237

237

Germany

596

333

333

Financial assets at fair value through OCI

596

333

333

Canada

13

12

12

Financial assets at fair value through OCI

13

12

12

Belgium

633

456

456

Financial assets at fair value through OCI

633

456

456

Slovenia

182

167

167

Financial assets at fair value through OCI

182

167

167

Serbia

155

153

154

Financial assets at fair value through OCI

82

80

80

Financial assets at amortised cost

73

73

74

Israel

84

84

84

Financial assets at fair value through OCI

84

84

84

Mexico

245

220

220

Financial assets at fair value through OCI

245

220

220

Poland

118

118

118

Financial assets at fair value through OCI

118

118

118

Latvia

61

51

51

Financial assets at fair value through OCI

61

51

51

Chile

126

121

121

Financial assets at fair value through OCI

126

121

121

Cyprus

53

50

50

Financial assets at fair value through OCI

53

50

50

France

6,472

3,518

3,518

Financial assets at fair value through OCI

6,472

3,518

3,518

Austria

42

36

36

Financial assets at fair value through OCI

42

36

36

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"

cont. from previous page

Balance at 31 december 2025

Amounts in \u20acm

Nominal value

Carrying amount

Market value

Finland

27

22

22

Financial assets at fair value through OCI

27

22

22

Netherlands

72

64

64

Financial assets at fair value through OCI

72

64

64

USA

33

34

34

Financial assets at fair value through OCI

33

34

34

Slovakia

232

193

193

Financial assets at fair value through OCI

232

193

193

Lithuania

24

24

24

Financial assets at fair value through OCI

24

24

24

China

65

57

57

Financial assets at fair value through OCI

65

57

57

Croatia

13

13

13

Financial assets at fair value through OCI

13

13

13

Romania

203

190

190

Financial assets at fair value through OCI

203

190

190

Turkey

46

41

41

Financial assets at fair value through OCI

46

41

41

Peru

30

25

25

Financial assets at fair value through OCI

30

25

25

Hong Kong

50

34

34

Financial assets at fair value through OCI

50

34

34

South Korea

20

17

17

Financial assets at fair value through OCI

20

17

17

Greece

10

9

9

Financial assets at fair value through OCI

10

9

9

Bulgaria

85

85

85

Financial assets at fair value through OCI

85

85

85

Luxembourg

4

4

4

Financial assets at fair value through OCI

4

4

4

Australia

10

10

10

Financial assets at fair value through OCI

10

10

10

TOTAL

35,476

28,393

28,398

\u00a0

\u00a0

\u00a0

\u00a0

The carrying amount of the sovereign exposures represented by debt securities at 31 December 2025 totalled \u20ac28,392.86m, 63% of which was concentrated on securities issued by the Italian State (68% in 2024). Moreover, the bonds issued by the Italian State account for 28% of total investments of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f245870": { "value": "
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, 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
accurate 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 can be financed with repurchase agreements, even in the event of adverse scenarios.
Liquidity risk of insurance contracts
With reference to the disclosure concerning liquidity risk referring to contracts subject to IFRS 17, please take note of the following:
-the breakdown of undiscounted net cash flows deriving from insurance contracts issued and reinsurance contracts held that are liabilities broken down by maturity 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;
-amounts payable on demand and the relative carrying amount for insurance contracts issued and reinsurance contracts held that are liabilities.
The data referring to investment contracts issued with discretionary participation features have been reclassified to insurance contracts issued with direct participation features.
Undiscounted net financial cash flows of insurance contracts issued and reinsurance contracts held that are liabilities: distribution over time
Amount in \u20acm

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Time brakets

Up to 1 year

Over 1 year up to 2 years

Over 2 years up to 3 years

Over 3 years up to 4 years

Over 4 years up to 5 years

Over 5 years

Total

Life Segment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0Insurance contracts issued with direct participation features and investment contracts issued with discretionary participation features

3,301

3,556

3,772

3,892

3,424

35,092

53,037

2. Investment contracts issued with discretionary participation features

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3.\u00a0Insurance contracts issued without direct participation features

3

(51)

(42)

(34)

(27)

(70)

(221)

4.\u00a0Reinsurance contracts held

17

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

17

Non-Life Segment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1.\u00a0Insurance contracts issued

4,138

2,183

1,448

973

726

2,076

11,545

2.\u00a0Reinsurance contracts held

69

(16)

(12)

(9)

(6)

(16)

10

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

It should be noted that 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 liabilities for residual coverage deriving from contracts accounted for according to the PAA. It follows that certain items in the statement may assume negative values as a result of failure to consider the components described above, as seen in the line relating to insurance contracts issued without direct participation features - Life segment.
Also note that the contractual flows referring to 2025 include \u20ac450m 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, deposits received from reinsurers and provisions for amounts payable on Life contracts.
Insurance contracts issued and reinsurance contracts held that are liabilities with surrender clauses: amounts payable on demand and carrying amount
Amount in \u20acm

\u00a0

\u00a0

\u00a0

Items/Amounts

Amounts payable on demand

Carrying amount

1. Insurance contracts issued with direct participation features and investment contracts issued with discretionary participation features

38,369

38,797

2.\u00a0Investment contracts issued without discretionary participation features

\u00a0

\u00a0

3. Reinsurance contracts held

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\"[IMAGE]\"
Time distribution by contractual residual life of financial assets and liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Items/Time brackets

Up to 1 year

Over 1 year up to 2 years

Over 2 years up to 3 years

Over 3 years up to 4 years

Over 4 years up to 5 years

Over 5 years to 10 years

Over 10 years

Indefinite life

A.Cash assets

4,157

4,621

4,384

4,361

3,506

15,693

33,672

15,773

A.1 Associated with insurance contracts issued with direct participation features

2,998

2,851

2,888

2,943

2,612

11,211

26,440

5,615

A.1.1 Government bonds

2,128

1,729

1,894

1,625

1,480

6,827

20,003

\u00a0

A.1.2 Other debt securities

871

1,121

994

1,318

1,132

4,384

6,437

421

A.1.3 Other financial assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

5,194

A.2 Other cash assets

1,158

1,770

1,496

1,418

894

4,482

7,232

10,158

A.2.1 Government bonds

522

469

565

655

368

2,142

5,052

\u00a0

A.2.2 Other debt securities

418

1,238

874

716

483

2,166

2,102

502

A.2.3 Loans

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.2.4 Other financial assets

218

63

57

47

43

174

77

9,656

B.Cash liabilities

342

780

753

326

1,118

1,792

701

\u00a0

B.1 Participating financial instruments

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

B.2 Subordinated liabilities

56

56

556

37

37

897

\u00a0

\u00a0

B.3 Debt securities

50

550

33

33

1,033

\u00a0

\u00a0

\u00a0

B.4 Other financial liabilities

236

174

164

257

48

895

701

\u00a0

C.1 Financial derivatives

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Long positions

(128)

\u00a0

\u00a0

\u00a0

\u00a0

28

12

\u00a0

- Short positions

3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- Long position

4,374

5,401

5,137

4,687

4,623

17,513

34,386

15,773

- Short position

(3,940)

(3,841)

(3,632)

(4,035)

(2,388)

(13,874)

(32,959)

(15,773)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f260101": { "value": "
Summary of fees for the year for services provided by the Independent Auditors (Art. 149-duodecies of Issuer\u2019s Regulation)

Amounts in \u20ack

Type of services

Provider of the service

Recipient

Fees (*)

Legally-required audit

EY SpA

Unipol Assicurazioni SpA

1,583

Attestation services

EY SpA

Unipol Assicurazioni SpA

966

Other professional services

EY SpA

Unipol Assicurazioni SpA

27

Other professional services

Ernest & Young Advisory SpA

Unipol Assicurazioni SpA

62

Total Unipol Assicurazioni

\u00a0

\u00a0

2,638

Legally-required audit

EY SpA

Subsidiaries

1,195

Legally-required audit

Ernst & Young DOO - Serbia

Subsidiaries

110

Attestation services

EY SpA

Subsidiaries

61

Other professional services

EY SpA

Subsidiaries

\u00a0

Total subsidiaries

\u00a0

\u00a0

1,365

Grand total

\u00a0

\u00a0

4,003

(*) the fees do not include any non-deductible VAT or charged back expenses

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:8156005CE5E7340CCA86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }