Debt
- liabilities linked to operating activities, defined as all the consolidated financial liabilities related to specific balance sheet items from the consolidated financial statements. This category also includes liabilities stated by the insurance companies against investment contracts and liabilities to banks and customers of banks belonging to the Group;
- liabilities linked to financing activities, including the other consolidated financial liabilities, including subordinated liabilities, bonds issued and other loans obtained. This category includes liabilities incurred in connection with a purchase of controlling interests.
Group debt
(€ million) 31/12/2015 31/12/2014 Liabilities linked to operating activites
36,787
36,541
Liabilities linked to financing activities
13,117
12,253
Subordinated liabilities
9,643
8,315
Senior bonds
2,992
3,477
Other non subordinated liabilities linked to financing activities
482
460
Total
49,904
48,794
In accordance with Group strategy which requires the senior debt and subordinate debt to be rebalanced in favour of subordinate debt, and prudent advance refinancing policies, the net increase in liabilities linked to financing activities compared to 31 December 2014 is mainly due to the following transactions:
- repayment of € 500 million on a senior bond in May 2015;n
- new issue of a subordinated debt for € 1,250 million in October 2015 by Assicurazioni Generali, in order to refinance the Group bonds with early repayment options for June 2016.
Interest expenses
(€ million) 31/12/2015 31/12/2014 Interest expense on liabilities linked to operating activities
411
518
Interest expense on liabilities linked to financing activities
684
741
Total
1,094
1,260
Details on the liabilities linked to financing activities
Details of subordinated liabilities and senior bonds
(€ million) | 31/12/2015 | 31/12/2014 | ||||||
---|---|---|---|---|---|---|---|---|
Nominal value | Book value | Accrued interest expenses | Average weighted cost % | Nominal value | Book value | Accrued interest expenses | Average weighted cost % | |
Subordinated liabilities | 9,681 | 9,643 | 551 | 6.13% | 8,356 | 8,315 | 541 | 6.21% |
Senior bonds | 3,009 | 2,992 | 132 | 4.17% | 3,508 | 3,477 | 200 | 4.13% |
Total | 12,690 | 12,635 | n.a. | n.a. | 11,864 | 11,792 | 0 | 0 |
Details of issues and redemptions of subordinated liabilities and senior bonds
(€ million) | 31/12/2015 | 31/12/2014 | ||||
---|---|---|---|---|---|---|
Issuances | Redemptions | Issuances net of redemptions | Issuances | Redemptions | Issuances net of redemptions | |
Subordinated liabilities | 1,250 | 0 | 1,250 | 2,500 | 1,858 | 642 |
Senior bonds | 0 | 500 | -500 | 1,250 | 2,250 | -1,000 |
Total | 1,250 | 500 | 750 | 3,750 | 4,108 | 0 |
Details on principal issues
Subordinated liabilities
Coupon Outstanding (*) Currency Amortised cost(**) Issue date Call date Maturity Generali Finance B.V.
5.32%
752
EUR
740
16/06/2006
16/06/2016
Perp
Generali Finance B.V.
6.21%
345
GBP
467
16/06/2006
16/06/2016
Perp
Assicurazioni Generali
6.27%
350
GBP
472
16/06/2006
16/06/2026
Perp
Generali Finance B.V.
5.48%
869
EUR
710
08/02/2007
08/02/2017
Perp
Assicurazioni Generali
6.42%
495
GBP
667
08/02/2007
08/02/2022
Perp
Assicurazioni Generali
10.13%
750
EUR
747
10/07/2012
10/07/2022
10/07/2042
Assicurazioni Generali
7.75%
1,250
EUR
1,246
12/12/2012
12/12/2022
12/12/2042
Assicurazioni Generali
4.13%
1,000
EUR
988
02/04/2014
na
04/05/2026
Generali Finance B.V.
4.60%
1,500
EUR
1,340
21/11/2014
21/11/2025
Perp
Assicurazioni Generali
5.50%
1,250
EUR
1,241
27/10/2015
27/10/2027
27/10/2047
Main senior bonds issues
Issuer | Coupon | Outstanding(*) | Currency | Amortised cost(**) | Issue date | Maturity |
---|---|---|---|---|---|---|
Assicurazioni Generali | 5.13% | 1,750 | EUR | 1,724 | 16/09/2009 | 16/09/2024 |
Assicurazioni Generali | 2.88% | 1,250 | EUR | 1,244 | 14/01/2014 | 14/01/2020 |
Maturity of the financial debt
Lines of credit
LIQUIDITA’
Disponibilità liquide e mezzi equivalenti
(in milioni di euro) | 31/12/2015 | 31/12/2014 |
---|---|---|
Depositi bancari e titoli a breve termine | 8.792 | 8.34 |
Cassa e disponibilità liquide equivalenti | 211 | 154 |
Cassa e disponibilità presso banche centrali | 41 | 14 |
Quote di fondi di investimento monetari | 5.527 | 2.158 |
Altre disponibilità liquide | -803 | -443 |
Disponibilità liquide e mezzi equivalenti | 13.768 | 10.223 |
La liquidità registra un incremento attestandosi a 13.768 milioni a causa principalmente per i flussi di cassa derivanti dalla nuova produzione assicurativa - che prudentemente non sono stati immediatamente reinvestiti a causa delle volatili condizioni di mercato manifestatesi in particolare alla fine del 2015 - nonché dalla liquidità generata dalla nuova emissione obbligazionaria finalizzata al rifinanziamento dell’emissione subordinata callable a giugno 2016.