Solvency Margin

In this section are available:

  • Group shareholders’ equity
  • Group solvency I ratio
  • Sensitivity analysis on these two parameters.



The Group solvency I ratio was 150% at 31 December 2012 (117% at 31 December 2011), benefiting from the increase in own funds mainly thanks to the recovery of the financial markets, the divestiture of the Migdal group completed at the end of October 2012 (for around 2 pps) and the issuing of the subordinated bond in December (for around 7 pps).

The requested margin remained substantially stable at € 17.9 billion while the available margin increased amounting to € 26.9 billion. The excess capital was therefore € 9.0 billion.

It should also be noted that this ratio does not take into account the benefits set by the ISVAP regulation (now IVASS) on adjusted(1) solvency, following which the ratio would improve by 1 pp.

(1) For further information reference should be made to ISVAP Regulation (now IVASS)  no. 43 of 12 July 2012.


Solvency I according to Italian regulation82.28 KB
Stress tests on Solvency I and Shareholders’ equity104.63 KB