Asset allocation

Asset allocation

At 31 December 2015, total investments amounted to € 452,662 million, up by 4.5 % over the previous year. Group investments amounted to € 377,697 million (+3.4%) and unit/index linked investments amounted to € 74,966 million (+10.7%).

With respect to the ratio of the main investment categories, the respective exposure of the fixed income instruments was slightly down at 87.0% (87.3% at 31 December 2014). The ratio of investment properties declined, amounting to 3.6% (4.1% at 31 December 2014), while the incidence of the equity instruments and other investments was substantially stable, at 4.9% (4.8% at 31 December 2014) and 0.9% (1.0% at 31 December 2014) respectively. Other investments mainly include receivables from banks or banking customers, investments in subsidiaries, associated companies and joint ventures and derivatives. Finally, the liquidity ratio increased mainly due to the new cash flows generated by the new insurance business – which prudently have not been immediately reinvested since the market was very volatile, especially at the end of 2015 – as well as due to the cash generated by the new bond issue aimed at re-financing the subordinated bond callable in June 2016.

Fixed income securities:bond portfolio

Fixed income securities: bond portfolio

With reference to the bond portfolio, government bonds which represent 54.9% (56.8% % at 31 December 2014) were down, standing at € 163,474 million (€ 165,014 million at 31 December 2014). The change during the period was due to the sales made in 2015. The exposure to each government bonds is mainly allocated to the respective countries of operation.

The corporate component increased in absolute terms to € 134,077 million (€ 125,544 million at 31 December 2014), equal to 45.1% of the bond portfolio (43.2% at 31 December 2014). The change was due to the net purchases made during the year, only partially offset by the value deterioration resulting from the increase in the credit spread. The corporate component includes covered bonds, financial sector bonds and bonds issued by industrial companies. With reference to the new investments, those in the non-financial sector were preferred in order to increase diversification.

A breakdown by credit rating of the bond portfolio at 31 December 2015 split between corporate and government bonds follows.


government bonds

Equity securities: share portfolio

Equity securities: share portfolio

Equity securities increased in absolute terms, standing at € 18,353 million (€ 17,610 million at 31 December 2014). 

The increase in the period was mainly attributable to the increase in value of investments, that benefitted from the positive trend in share prices.

Investment properties

Investment properties

Investment properties fell in terms of book value, amounting to € 13,783 (€ 14,872 million at 31 December 2014). 

In particular, the direct investment properties of the Group, at market value, amounted to € 17,385 million (€ 17,650 million at 31 December 2014), and are almost all in Western Europe, mainly in Italy, France and Germany. The properties are mainly located in their respective countries of operation.

Investiments result2

Return on investiment

Componenti economiche    
Redditi correnti da titoli a reddito fisso 10.880 10.651
Redditi correnti da titoli azionari 583 639
Redditi correnti da investimenti immobiliari(*) 826 862
Profitti netti di realizzo 3.212 3.106
Perdite nette da valutazione -737 -991
Profitti netti non realizzati -784 228
Investimenti medi 373.097 346.437
Indici di redditività    
Redditività corrente(*) 3,4% 3,6%
Harvesting rate 0,5% 0,7%
Redditività di conto economico 4,0% 4,4%

(*) Al netto degli ammortamenti del periodo

Due to the market conditions in 2015, the current return recorded a modest decline, standing at 3.4% (3.6% at 31 December 2014), while in absolute terms the current income increased, amounting to € 12,552 million (€ 12,385 million at 31 December 2014). The reduction in the ratio was partly due to the significant increase in average investments, and also to the low interest rates that can be obtained when reinvesting.

The contribution to the result of the period from realized gains and losses, impairment and unrealized gains and losses recognized through profit or loss (harvesting rate) remained substantially stable at 0.5% (0.7% at 31 December 2014).