Financial Data and Key Metrics Changes - The operating result reached €7.3 billion and the adjusted net result was €3.8 billion for the full year, marking new record highs [5] - The Life segment achieved net flows close to €10 billion at year-end 2024, driven by protection and unit-linked lines [6][8] - The Property & Casualty (P&C) segment saw a 7.7% increase in gross written premiums, with an improved undiscounted combined ratio below 96% [9][10] - The total assets under management grew by 32% to €863 billion, with the operating result of the Asset & Wealth Management segment increasing by almost 23% to €1.2 billion [15] Business Line Data and Key Metrics Changes - In the Life segment, the share of reserves related to capital-light products reached 71% at year-end [8] - The Health & Accident segment accounted for around 22% of the group's overall gross written premiums, indicating a focus on profitable growth [12] - The undiscounted loss ratio in P&C improved by 1.4 percentage points, showcasing strong performance [10] Market Data and Key Metrics Changes - The company reported a strong performance in both motor and non-motor lines across all main markets [9] - The demand for protection products in the Health & Accident segment continued to accelerate, contributing to overall growth [12] Company Strategy and Development Direction - The conclusion of the "Lifetime Partner 24: Driving Growth" plan was marked by over-delivery against all financial targets, with a new strategic plan "Lifetime Partner 27: Driving Excellence" focusing on sustainability [5][18] - The company aims to leverage its strong distribution network and enhance the use of data and artificial intelligence to capture growth opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position and the ability to deliver profitable growth opportunities in the future [11] - The focus on cash and capital optimization will continue, with plans for a dividend increase and a share buyback program [17] Other Important Information - The company plans to propose a dividend per share of €1.43, a nearly 12% year-on-year increase, along with a €500 million share buyback [17] - The company emphasized its commitment to responsible investment and corporate citizenship [18] Q&A Session Summary Question: Performance in P&C and future expectations - Management noted that the undiscounted combined ratio is currently at 98%, indicating a strong basis for future performance, with expectations for further improvement in 2025 [28][76] Question: Life investment margin and sustainability - The Life investment result is expected to be around €900 million for 2025, with adjustments for various factors including local IFRS 17 adoption in China [62][88] Question: Cash outlook and management actions - Management expects capital management actions in 2025 to be around €400 million to €450 million, including contributions from Italy and Austria [32][33] Question: New business margin and growth - The new business margin is projected to improve to 5.4% under the new definition, with a path to reach the 6% target requiring careful management of product mix and distribution [46][68] Question: Government bond purchases - The company is looking to increase purchases of Italian government bonds (BTPs) in line with its investment policy, despite a decrease in overall exposure [55][92] Question: Solvency II position and share buyback - The Solvency II ratio is expected to remain stable, with the proposed share buyback not yet factored into the current ratio [138]