Financial liabilities
In accordance with the IAS/IFRS managerial model adopted by the Generali Group, consolidated liabilities were split into two categories:
- liabilities linked to consolidated operating activities, which are all financial liabilities related to specific consolidated balance sheet items. This category also includes liabilities related to investment contracts issued by insurance companies;
- liabilities linked to financing actvities includes other consolidated financial liabilities, as several subordinated liabilities, bonds issued and loans received. For instance, liabilities arising from transactions carried out to acquire controlling shareholdings belong to this category.
Total liabilities were as follows:
(€ million) | 31.12.2011 | 30.09.2011 | 31.12.2010 | Change |
---|---|---|---|---|
Liabilities linked to operating activities | 46,914.5 | 46,434.7 | 41,631.0 | 1.0% |
Liabilities linked to financing activities | 12,218.9 | 12,369.1 | 12,272.7 | -1.2% |
Subordinated liabilities | 6,610.9 | 6,425.1 | 6,492.9 | 2.9% |
Other non subordinated liabilities linked to financing activities | 5,608.0 | 5,944.0 | 5,779.8 | -5.7% |
Total | 59,133.4 | 58,803.8 | 53,903.8 | 0.6% |
The weighted average rate of liabilities linked to financing activities was 5.37% at 31 December 2011, stable compared to 31 December 2010 (5.36%), with an average duration of 5.88 31 December 2011 (6.87 at 31 December 2010).
Liabilities linked to operating activities reported a growth due to the increase in liabilities toward the bank customers.
The related interest expense is broken down as follows:
(€ million) | 31.12.2011 | 30.09.2011 | 31.12.2010 | Change |
---|---|---|---|---|
Interest expense on liabilities linked to operating activities | 614.0 | 433.3 | 499.7 | 41.7% |
Interest expense on liabilities linked to financing activities | 645.7 | 484.2 | 704.5 | 33.4% |
Total(*) | 1,259.7 | 917.5 | 1,237.1 | 37.3% |
Financial liabilities at fair value through profit or loss
Financial liabilities held for trading | Financial liabilities designated as at fair value through profit or loss | Total | ||||
---|---|---|---|---|---|---|
(€ million) | 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 |
Financial liabilities related to inv estment contracts issued by insurance companies | 0.0 | 0.0 | 11,563.0 | 11,499.7 | 11,563.0 | 11,499.7 |
where the inv estment risk is borne by the policyholders | 0.0 | 0.0 | 10,260.4 | 10,418.7 | 10,260.4 | 10,418.7 |
pension funds | 0.0 | 0.0 | 1,079.9 | 787.4 | 1,079.9 | 787.4 |
other financial liabilities related to investment contracts | 0.0 | 0.0 | 222.8 | 293.6 | 222.8 | 293.6 |
Derivatives | 1,148.3 | 914.2 | 826.4 | 789.0 | 1,974.7 | 1,703.2 |
Other financial liabilities | 0.0 | 0.0 | 1,001.5 | 489.9 | 1,001.5 | 489.9 |
Total | 1,148.3 | 914.2 | 13,391.0 | 12,778.5 | 14,539.3 | 13,692.7 |
Other financial liabilities
(€ million) | 31.12.2011 | 31.12.2010 |
---|---|---|
Subordinated liabilities | 6,610.9 | 6,492.9 |
Loans and bonds | 15,698.6 | 15,202.3 |
Deposits received from reinsurers | 983.5 | 1,070.8 |
Bonds | 5,021.9 | 4,992.7 |
Other loans | 4,623.1 | 4,568.2 |
Financial liabilities related to investment contracts issued by insurance companies | 4,106.8 | 3,871.4 |
Hedging derivatives | 963.2 | 699.2 |
Liabilities to banks or customers | 22,284.7 | 18,506.5 |
Liabilities to banks | 995.3 | 421.5 |
Liabilities to customers | 21,289.4 | 18,084.9 |
Total | 44,594.1 | 40,201.7 |
Here below a list of the main subordinated issuances in the market and their features:
Issuer
Coupon
Outstanding (*)
Currency
Amortised cost(**)
Issue date
Call date
Maturity
Assicurazioni Generali
6.90%
750.0
EUR
738.3
20.07.2000
20.07.2012
20.07.2022
Generali Finance B.V.
5.32%
1,275.0
EUR
1,268,5
16.06.2006
16.06.2016
Perp
Generali Finance B.V.
6.21%
700.0
GBP
833.7
16.06.2006
16.06.2016
Perp
Assicurazioni Generali
6.27%
350.0
GBP
415.5
16.06.2006
16.06.2026
Perp
Generali Finance B.V.
5.48%
1,250.0
EUR
975.2
08.02.2007
08.02.2017
Perp
Assicurazioni Generali
6.42%
495.0
GBP
586.3
08.02.2007
08.02.2022
Perp
In this category there are also classified the unquoted private placements issued by Assicurazioni Generali S.p.A., which amount to € 1,500 million.
The fair value of subordinated liabilities amounts to € 5,884.7 million.
The amount of bonds issued includes senior issues, whose a list of main quoted ones is shown:
Issuer |
Coupon | Outstanding (*) | Currency |
Amortised cost(**) | Issue date | Maturity |
---|---|---|---|---|---|---|
Generali Finance B.V. | 4.75% | 1,500.0 | EUR | 1,489.2 | 12.05.1999 | 12.05.2014 |
Generali Finance B.V. | 3.88% | 500.0 | EUR | 498.6 | 06.05.2005 | 06.05.2015 |
Assicurazioni Generali | 4.88% | 750.0 | EUR | 740.6 | 11.03.2009 | 11.11.2014 |
Assicurazioni Generali | 5.13% | 1,750.0 | EUR | 1,715.2 | 16.09.2009 | 16.09.2024 |
The fair value of bonds issued (mainly fixed interest rate bonds) amounts to € 4,363.9 million.
Liabilities to banks and customers are mainly payable on demand or short term liabilities.
Attachment | Size |
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Financial debt schedule | 59.94 KB |