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2018-SFCR-HDI-Assicurazioni-EN [Public Document] 2 INDICE D.1.5 Participations 69 D.1.6 Equities, bonds, collective investment funds SUMMARY 5 and other investments 70 D.1.7 Assets held for index-linked and unit-linked A. BUSINESS AND PERFORMANCE 11 contracts 71 A.1 Assets 11 D.1.8 Loans and mortgages 71 A.1.1 Information on the company 12 D.1.9 Reinsurance recoverables 72 A.1.2 Significant events 13 D.1.10 Adjustment of best estimates transferred A.2 Underwriting results 13 reserve 72 A.2.1 Substantial geographic areas and business D.1.11 Other asset items 72 areas 17 D.2 Valuation of the technical provisions 72 A.3 Investment results 17 D.2.1 Non-life technical provisions 73 A.3.1 Overall results of investments and its D.2.2 Life technical provisions 78 components 17 D.2.3 Long-term guarantee measures (Volatility A.3.2 Securitization investments 20 Adjustment) 81 A.4 Other business results 20 D.3 Valuation of other liabilities 82 A.4.1 Significant leasing contracts 23 D.3.1 Other technical provisions and potential A.5 Other information 23 liabilities 82 D.3.2 Provisions other than technical provisions 83 B. SYSTEM OF GOVERNANCE 25 D.3.3 Pension benefit obligations 83 B.1 General information about the Governance System D.3.4 Deposits from reinsurers 83 26 D.3.5 Deferred tax liabilities 83 B.1.1 Structure of the governance system 26 D.3.6 Derivatives and financial liabilities and B.1.2 Roles and responsibilities of the key functions payables to credit institutes 83 30 D.3.7 Other liability (payables deriving from B.1.3 Communication flows and connections insurance operations and other payables, other between the Control functions 32 liabilities) 84 B.1.4 Changes to the Governance System 33 D.3.8 Subordinated liabilities 84 B.1.5 Remunerations Policy 33 D.4 Alternative valuation methods 84 B.1.6 Substantial operations with stakeholders 34 D.5 Other information 84 B.2 Fit and Proper requirements and the procedure for verifying the requirements 35 E. CAPITAL MANAGEMENT 86 B.3 Risk Management System, including the internal E.1 Own funds 87 assessment of risk and solvency 37 E.1.1 Capital Management Policy 88 B.3.1 Risk Management System 37 E.1.2 Available own funds 88 B.3.2 Own Risk and Solvency Assessment (ORSA) 39 E.1.3 Own funds used to cover the SCR and MCR 89 B.4 Internal control system 41 E.1.4 Reconciliation between shareholders' equity B.4.1 Compliance Function 42 from the financial statements and excess of assets over B.5 Internal Audit Function 44 liabilities 90 B.5.1 Independence and objectivity of the Internal E.2 Solvency Capital Requirement and Minimum Capital Audit Function 44 Requirement 91 B.6 Actuarial Function 45 E.2.1 Solvency Capital Requirement 91 B.7 Outsourcing 46 E.2.2 Minimum Capital Requirement 92 B.8 Adequacy of the governance system 48 E.3 Use of the share risk sub-module based on the duration in the calculation of solvency capital requirement C. RISK PROFILE 51 92 C.1 Underwriting risk 52 E.4 Differences between the standard formula and the C.2 Market risk 56 internal model 92 C.3 Credit risk 57 E.5 Non-compliance with the minimum capital C.4 Liquidity risk 59 requirement and non-compliance with the solvency capital C.5 Operational risk. 60 requirement 92 C.6 Other substantial risks 61 E.6 Other information 93 C.7 Other information 62 ANNEX 1 - QRT 95 D. VALUATION FOR SOLVENCY PURPOSE 64 D.1 Valuation of assets 65 ANNEX 2 – AUDITORS’ REPORT 109 D.1.1 Goodwill and Intangible assets 68 D.1.2 Deferred tax assets 68 D.1.3 Property, plant and equipment for own use 69 D.1.4 Properties (not for own use) 69 [Public Document] 3 [Public Document] 4 Summary Summary This document is the Annual Solvency and Financial Condition Report (SFCR) of HDI Assicurazioni S.p.A. As such, it seeks to meet specific informative obligations, so as to guarantee transparency with regards to external subjects and the market, as regulated by Directive 2009/138/EC issued by the European Parliament (the “Solvency II Directive”), incorporated by the Private Insurance Code (or “CAP”), by the requirements of the Delegated Regulation (EU) 2015/35 (the “Delegated Acts”), which integrates the Directive and according to the provisions of IVASS Regulation no. 33. This section summarises the essential information relating to the Company’s solvency position and financial position, which is then offered in greater detail in the later sections, with reference to: A. Business and Performance B. System of Governance C. Risk Profile D. Valuation for Solvency Purpose E. Capital Management. Unless otherwise specified, all information given in the document refers to the Company’s FY 2018. All figures are stated in thousands of euros. A. Business and Performance The Company closes FY 2018 with pre-tax profits of 34,458 thousand euros, up 1,272 thousand euros on 2017. The 2018 net profits, of 21,358 thousand euros, are also up 1,603 thousand euros on 2017. Shareholders' equity comes to of 253,602 thousand euros, rising 14,357 thousand euros on 2017. Direct insurance premiums amount to 1,458,895 thousand euros, up 3.5% on last year. Non-life premiums written, equal to 390,962 euros, increasing by 1% on 2017, whilst life premiums written, equal to 1,067,933 thousand euros, rise by 4.4% on 2017. The technical performance of the non-life segments reveals positive results and an improvement on 2017, with a combined ratio, that decreases from 94.95% in 2016 to 91.50%. Investments, excluding assets held for index-linked and unit-linked contracts, are 5,651,653 thousand euros and grow by 267,738 thousand euros on 2017. The number of the insurance sales point remains basically constant. B. System of Governance The HDI Assicurazioni governance system is proportional to the Company’s nature, complexity of business and risk profile; it is focussed on creating value for shareholders over the medium/long-term,aware of the social relevance of the business pursued by the Company and the consequent need to suitably consider all interets involved in going about it. The Company adopts the traditional governance system, according to the definition given by Italian legislation, with the following main bodies: the Shareholders' Meeting, which, in matters for which it is competent, expresses the wishes of the Shareholders; the Board of Directors, entrusted with the Company’s strategic management, and the Board of Auditors, which operates monitoring compliance with the law and the Articles of Association. The Senior Management is also an integral part of the corporate governance model, responsible for the implementation, maintenance and monitoring of the guidelines and directives given by the Board of Directors. Moreover, in accordance with the definitions given by legislation, the Company has also established four essential “key” functions: Group Internal Audit, Group Risk Management, Compliance and Actuarial Function and, according to the provisions [Public Document] 6 HDI Assicurazioni S.p.A. Solvency and Financial Condition Report 2018 of ISVAP Regulation no. 41, has also established an independent Anti-Money Laundering, Anti-Terrorism and Anti-Fraud Function. The roles and responsibilities of the key functions assigned to internal control are established by specific policies approved by the Company’s Board of Directors. C. Risk Profile The Company has equipped itself with specific guidelines that describe the business strategy, the risk strategy, the underwriting policy, the investment policy and cessions under Reinsurance. The establishment of a Risk Management System, structured according to the nature, scope and business carried out, which allows the Company to identify, assess (including prospectively) and control the risks connected with the business pursued, together with a system of limits and thresholds, are the essential elements that allow the Company to monitor its risk profile, in order to achieve the objectives set, avoiding risks that could threaten solvency. With reference to the risks evaluated through the capital requirement, calculated according to the Standard Formula with the application of USP parameters to non-life technical risks, the amount of each risk module is given below (amounts in EUR thousand) 2018 Market risk 448,628 Counterparty default risk 80,956 Life underwriting risk 180,885 Health underwriting risk 18,189 Non-life underwriting risk 132,725 Diversification -251,857 Basic Solvency Capital Requirement 609,526 Operational risk 52,281 Loss-absorbing capacity of technical provisions -197,220 Loss-absorbing capacity of deferred taxes -111,501 Solvency Capital Requirement 353,086 D. Valuation for Solvency Purpose The Solvency II Directive 2009/138/EC lays down provisions on the valuation of assets and liabilities, technical provisions, own funds, the solvency capital requirement, the minimum capital requirements and provisions on investments. As regards assets and liabilities, Art. 75 of the Directive establishes that the approach to be taken for their valuation must be economic, defined as “market consistent”. Therefore, in the HDI Assicurazioni Solvency II financial statements: assets are measured at fair value, i.e. at the value at which they could be exchanged by aware, consenting parties in a transaction carried out at arm's length; liabilities are measured at the value at which they could be transferred or settled, by aware, consenting parties in a transaction carried out at arm's length (“exit value” or “settlement value”); the single items of assets and liabilities have been measured individually. Assets and liabilities are measured on the basis of the business as a going concern, as indicated in Art.
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