Insurance provisions

 Direct insuranceAccepted reinsuranceTotal
(€ million)31.12.201331.12.201231.12.201331.12.201231.12.201331.12.2012
Life insurance provisions(*) 311,113 299,602 1,668 2,292 312,780 301,894
Provisions for outstanding claims 4,548 4,822 972 862 5,520 5,684
Mathematical provisions 238,629 231,673 559 1,225 239,189 232,898
Provisions for policies where the investment
risk is borne by the policyholders and provisions for pension funds
45,795 41,048 14 20 45,809 41,068
Other insurance provisions 22,140 22,060 123 185 22,263 22,245
of which provisions for liability adequacy
test
826 731 0 71 826 802
of which deferred policyholder liabilities 3,999 4,000 0 0 3,999 4,000

(*) After the elimination of intra-group transactions between segments.

  Direct insurance Accepted reinsurance Total
(€ million) 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012
Life amounts ceded to reinsurers from insurance provisions(**) 632
872
805
858
1,437
1,729
Provisions for outstanding claims 224
317
239
175
464
493
Mathematical provisions 214
286
562
681
777
967
Provisions for policies where the investment risk is borne by the policyholders and
provisions for pension funds
156
161
0
0
156
161
Other insurance provisions 37
108
4
1
41
108

(**) After the elimination of intra-group transactions between segments.

Insurance provisions and financial liabilities related to policies of the life segment
 Net
(€ million)31.12.201331.12.2012
Insurance contracts 210,140 194,721
Investment contracts with discretionary participation feature 84,174 87,744
Total insurance provisions 294,314 282,464
Investments contracts fair valued 13,270 12,650
Investments contracts at amortised cost 4,663 4,947
Total financial liabilities 17,933 17,597
Total 312,247 300,061

Total insurance provisions include the following items: mathematical provisions and provisions for policies where the investment risk is borne by policyholders and for pension funds net of reinsurance, which amounted to € 238,412 million and € 45,653 million, respectively; net ageing provisions for life segment, which amounted to € 10,249 million and were accounted for in other insurance provisions of the life segment. The policies with significant insurance risk accounted for 67.3% of the total life portfolio (64.9% in 2012), while investment contracts with discretionary participation feature account for 27.0% (29.2% in 2012).

The investment contracts within the scope of IAS 39 accounted for 5.5% compared to 5.9% in 2012. They are mainly unit/index linked policies without significant insurance risk.

Mathematical provisions and ageing for life segment
 Gross direct amount
(€ million)31.12.201331.12.2012
Carrying amount as at 31 December previous year 241,299 240,661
Foreign currency translation effects -657 99
Premiums and payments 1,858 -2,272
Interests and bonuses credited to policyholders 10,079 8,820
Transfer to Non-current assets or disposal groups classified as held for sale 0 0
Acquisitions, disinvestments and other movements -3,701 -6,008
Carrying amount as at the end of the period 248,878 241,299

The impact of disinvestments and other movements include the disposal of the activities in the US and in Mexico. Not considering this impact, the increase in mathematical provisions and ageing for life segment showed both the development of net inflow and the financial revaluation of the period.

Provisions for policies where the investment risk is borne by policyholders and for pension funds
 Gross direct amount
(€ million)31.12.201331.12.2012
Carrying amount as at 31st December previous year 41,048 46,804
Foreign currency translation effects -157 303
Premiums and claims 669 -199
Interests and bonuses credited to policyholders 4,001 4,402
Acquisitions, disinvestments and other 234 -10,262
Transfer to Non-current assets or disposal groups classified as held for sale 0 0
Carrying amount as at the end of the period 45,795 41,048

The development of provisions for policies where the investment risk is borne by policyholders and for pension funds highlighted the increase in the value of assets backing unit/index linked policies, due to financial market movements, and the development of net inflow.

Deferred policyholders liabilities
(€ million)31.12.201331.12.2012
Carrying amount as at 31 December previous year 4,000 -12,185
Foreign currency translation effects -18 3
Change of the period 27 16,185
Acquisitions and disinvestments -10 -2
Carrying amount as at 31 December current year 3,999 4,000
AttachmentSize
Life inflows and technical reserves175.47 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328