The following table shows the main results of the life, health and pension perimeter, in terms of EV.

Main results at 31 December 2013 and 2012 (€ mln)
  2013 2012
EV 26,13621,400
EV earnings 7,4633,744
Return on EV 37.1% 20.4%
Normalised Return on EV 12.4%14.7%

From year-end 2012 to year-end 2013 EV moves from 21,400mln to 26,136mln.

Total EV earnings (7,463mln, corresponding to 37.1% overall return on EV) are driven by solid operating EV earnings (2,959mln, leading to 12.4% normalised return on EV) and strong economic variances (4,689mln).

The positive economic variances mainly affect the Value In-Force, which compared with year-end 2012 benefits from the more favourable year-end 2013 economic environment in terms of higher reference rates (with the Euro 10 year swap par yield moving from 1.57% to 2.16%), narrower government bond spreads (in Italy and Spain the 10-year spread over the swap has dropped by 100bps and 170bps respectively), good equity market performance (the Eurostoxx index, as a benchmark, has increased by 18%) and lower volatilities.

Life EV roll-forward87.58 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328