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ItalianoInsurance provisions
Amounts ceded to reinsurers from insurance provisions
| Direct insurance | Accepted reinsurance | Total | ||||
|---|---|---|---|---|---|---|
| (€ million) | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 |
| Non-life amounts ceded to reinsurers from insurance provisions(*) | 2,865 | 3,031 | 1,030 | 1,015 | 3,895 | 4,046 |
| Provisions for unearned premiums | 527 | 516 | 98 | 113 | 626 | 630 |
| Provisions for outstanding claims | 2,332 | 2,510 | 932 | 898 | 3,263 | 3,408 |
| Other insurance provisions | 6 | 4 | 0 | 4 | 6 | 8 |
| Life amounts ceded to reinsurers from insurance provisions(*) | 872 | 827 | 858 | 805 | 1,729 | 1,632 |
| Provisions for outstanding claims | 317 | 250 | 175 | 140 | 493 | 390 |
| Mathematical provisions | 286 | 293 | 681 | 664 | 967 | 957 |
| Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds |
161 | 160 | 0 | 0 | 161 | 160 |
| Other insurance provisions | 108 | 124 | 1 | 1 | 108 | 125 |
| Total | 3,736 | 3,858 | 1,888 | 1,820 | 5,624 | 5,678 |
Insurance provisions
| Direct insurance | Accepted reinsurance | Total | ||||
|---|---|---|---|---|---|---|
| (€ million) | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 |
| Non-life insurance provisions(*) | 32,970 | 33,189 | 1,506 | 1,460 | 34,475 | 34,649 |
| Provisions for unearned premiums | 6,417 | 6,154 | 168 | 137 | 6,586 | 6,291 |
| Provisions for outstanding claims | 26,148 | 26,650 | 1,331 | 1,319 | 27,480 | 27,969 |
| Other insurance provisions | 405 | 386 | 6 | 4 | 410 | 390 |
| of which provisions for liability adequacy test | 11 | 7 | 0 | 0 | 11 | 7 |
| Life insurance provisions(*) | 299,602 | 288,208 | 2,292 | 2,133 | 301,894 | 290,341 |
| Provisions for outstanding claims | 4,822 | 4,487 | 862 | 803 | 5,684 | 5,290 |
| Mathematical provisions | 231,673 | 231,588 | 1,225 | 1,085 | 232,898 | 232,672 |
| Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds |
41,048 | 46,804 | 20 | 46 | 41,068 | 46,850 |
| Other insurance provisions | 22,060 | 5,330 | 185 | 199 | 22,245 | 5,529 |
| of which provisions for liability adequacy test | 731 | 1,175 | 71 | 92 | 802 | 1,267 |
| of which deferred policyholder liabilities | 4,000 | -12,185 | 0 | 0 | 4,000 | -12,185 |
| Total | 332,572 | 321,398 | 3,798 | 3,593 | 336,369 | 324,990 |
The decrease in non-life insurance provisions (-0.5% compared to 2011) was entirely attributable to the development of claims provisions, whereas premium provisions increased following the increase of production observed during the period.
In the life segment insurance provisions increased by 4.0%; this trend is determined by the improving of financial markets, that determined both the increase of traditional business and unit-linked provisions. On equivalent terms (excluding effects due to the disposal of Migdal Group) life insurance provisions increased by 9.7%.
The overall total of the other life insurance provisions included both the provision for profit sharing and premium refunds, which amounts to € 7,365 million compared to € 7,213 million in 2011, and the ageing provisions for life segment, which amount to € 9,630 million compared to € 9,076 million in 2011.
