Liquidity risk

The table below shows the amount of the life gross direct insurance provisions broken down by expected contractual residual duration. For contracts without maturity (annuity or whole life contracts) the expected residual duration is calculated considering an expected date of conclusion of the contract, according to the embedded value valuation.

Life insurance provisions and financial liabilities related to investment contracts: contractual term to maturity
 Gross direct insurance
(€ million)31.12.201331.12.2012
Up to 1 year 25,108 27,089
Between 1 and 5 years 79,487 77,276
Between 6 and 10 years 64,786 66,573
Between 11 and 20 years 80,262 74,593
More than 20 years 62,963 54,412
Total 312,606 299.944

Note that the provision for outstanding claims (not included in the table), which at 31 December 2013 amounted to € 4,548
million (€4,822 million at 31 December 2012), by definition, matures in the first year.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328