v3.26.1
Fair value (Tables)
 6 Months Ended
Jun. 30, 2026
Disclosure Of Fair Value [Abstract]  
Summary of the Analysis of Assets and Liabilities Recorded at Fair Value on a Recurring Basis by Level of the Fair Value Hierarchy
The following tables provide an analysis of financial instruments recorded at fair value on a recurring basis by level of the fair value hierarchy.
 
     Fair value hierarchy  
June 30, 2026
    Level I      Level II      Level III      Total  
Shares
      5        -        5        10  
Debt securities
      4,350        45,248        695        50,293  
Money market and other short-term investments
      1,812        396        1        2,209  
Other investments at fair value
      -        29        -        29  
         
Total financial assets measured at FVOCI
   
 
6,167
 
   
 
45,673
 
   
 
701
 
   
 
52,541
 
Shares
      185        13        49        247  
Debt securities
      12        2,019        127        2,158  
Money market and other short-term investments
      1,089        -              -        1,089  
Loans
            -              -        84             84  
Other investments at fair value
      21        2        3,944        3,967  
Derivatives
      60        621        -        681  
Investments - Policyholder risk
      76,213        21,218        96        97,527  
Total financial assets measured at FVPL
   
 
77,579
 
   
 
23,873
 
   
 
4,299
 
   
 
105,752
 
Total financial assets measured at fair value
   
 
83,746
 
   
 
69,546
 
   
 
5,000
 
   
 
158,293
 
Investment contracts without DPF - Policyholder risk
      -        28,269        -        28,269  
Derivatives
      8        1,262        -        1,269  
Total financial liabilities measured at fair value
   
 
8
 
   
 
29,531
 
   
 
-
 
   
 
29,538
 
 
 
 
 
 
 
     Fair value hierarchy  
December 31, 2025    Level I      Level II      Level III      Total  
Shares
      5        -        5        10  
Debt securities
      4,165        42,717        528        47,411  
Money market and other short-term investments
      2,102        207        -        2,308  
Other investments at fair value
      -        27        1        28  
         
Total financial assets measured at FVOCI
   
 
6,272
 
   
 
   42,951
 
   
 
533
 
   
 
   49,757
 
Shares
      179        30        54        263  
Debt securities
      253        2,075        110        2,438  
Money market and other short-term investments
      1,708        160        -        1,868  
Loans
      -        -        82        82  
Other investments at fair value
      18        716            3,987        4,721  
Derivatives
      14        464        8        485  
Investments - Policyholder risk
         89,715        125,710        389        215,814  
         
Total financial assets measured at FVPL
   
 
91,886
 
   
 
129,156
 
   
 
4,630
 
   
 
225,671
 
Total financial assets measured at fair value
   
 
98,158
 
   
 
172,107
 
   
 
5,163
 
   
 
275,428
 
Investment contracts without DPF - Policyholder risk
      -        85,161        -        85,161  
Derivatives
      50        1,419        -        1,469  
Total financial liabilities measured at fair value
   
 
50
 
   
 
86,580
 
   
 
-
 
   
 
86,630
 
Disclosures of Changes in Level 3 Assets
Movements in Level III financial instruments measured at fair value
The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level III), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period.
 
    
On January
1, 2026
    
Total gains /
(losses) in
income
statement 
1
    
Total gains /
(losses) in
OCI 
2
    
 Purch-
ases
    
Sales
    
Settle-
ments
    
Net ex-
change
difference
    
Trans-
fers
from
levels
I and II
    
Transfers to
levels
I and II
    
Transfers
to disposal
groups
    
On
June 30,
2026
    
Total URGL
for the
period 
3
  
Shares
     5       -       -       -       -       -       -       -       -       -       5       -  
Debt securities
     528       4       5       78       (46 )      (51 )      17       162       (3 )      -       695       -  
Money markets and other short-term investments     -       -       -       1       -       -       -       -       -       -       1       -  
Other investments at fair value     1       -       -       -       -       -       -       -       -       -       -       -  
Total FVOCI
  
 
533
 
  
 
4
 
  
 
5
 
  
 
79
 
  
 
(46
) 
  
 
(51
) 
  
 
17
 
  
 
162
 
  
 
(3
) 
  
 
-
 
  
 
701
 
  
 
-
 
Shares
     54       (2 )      -       4       (10 )      -       1       1       -       -       49       (2 ) 
Debt securities
     110       1       -       13       (22 )      (3 )      3       24       -       -       127       (1 ) 
Loans
     82       (1 )      -       1       -       -       2       -       -       -       84       (1 ) 
Other investments
     3,987       (156 )      -       147       (141 )      -       107       -       -       -       3,944       (90 ) 
Derivatives
     8       2       -       -       -       -       -       -       -       (10 )      -       -  
Investments -
                        
Policyholder risk     389       4       -       14       (10 )      -       4       -       -       (307 )      96       -  
Total FVPL
  
 
4,630
 
  
 
(151
) 
  
 
-
 
  
 
178
 
  
 
(183
) 
  
 
(3
) 
  
 
118
 
  
 
25
 
  
 
-
 
  
 
(316
) 
  
 
4,299
 
  
 
(94
) 
Total financial assets
  
 
5,163
 
  
 
(147
) 
  
 
5
 
  
 
257
 
  
 
(229
) 
  
 
(53
) 
  
 
136
 
  
 
188
 
  
 
(3
) 
  
 
(316
) 
  
 
5,000
 
  
 
(94
) 
 
     
On
  January 1,
2025
     
Disposal of
a business
    
Total gains /
(losses) in
income
statement 
1
    
Total gains /
(losses) in
OCI 
2
    
Purch-
ases
      Sales    
Settle-
ments
    
Net ex-
change
differ-
ence
    
Trans-
fers
from
levels
I and II
     
Trans-
fers
to
levels
I and II
    
On
December
31, 2025
     
Total
URGL for
the
period 
3
  
Shares      4        -       -       -       -        -       -       -       -        -       5        -  
Debt securities      799        -       7       5       124        (82 )      (86 )      (84 )      71        (226 )      528        -  
Other      -        -       -       (1 )      1        -       -       -       -        -       1        -  
Total FVOCI
   
 
803
 
   
 
-
 
  
 
7
 
  
 
5
 
  
 
125
 
   
 
(83
) 
  
 
(86
) 
  
 
(84
) 
  
 
71
 
   
 
(226
) 
  
 
533
 
   
 
-
 
Shares      86        -       7       -       17        (46 )      -       (9 )      -        -       54        7  
Debt securities      107        -       -       -       2        (1 )      (5 )      (13 )      23        (2 )      110        -  
Loans      82        -       4       -       12        (5 )      -       (10 )      -        -       82        3  
Other investments      4,457        -       (9 )      -       463        (400 )      -       (525 )      -        -       3,987        16  
Derivatives      9        -       -       -       -        (1 )      -       -       -        -       8        (1 ) 
Investments - Policyholder risk      312        (14 )      (36 )      -       320        (38 )      -       (28 )      -        (127 )      389        1  
Total FVPL
   
 
5,053
 
   
 
(14
) 
  
 
(35
) 
  
 
-
 
  
 
815
 
   
 
(491
) 
  
 
(5
) 
  
 
(585
) 
  
 
23
 
   
 
(129
) 
  
 
4,630
 
   
 
26
 
Total financial assets
   
 
5,856
 
   
 
(14
) 
  
 
(28
) 
  
 
5
 
  
 
940
 
   
 
(573
) 
  
 
(90
) 
  
 
(670
) 
  
 
93
 
   
 
(355
) 
  
 
5,163
 
   
 
26
 
 
1
 
Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement.
2
 
Total gains and losses are recorded in line items Unrealized gains / (losses) on financial assets measured at FVOCI and Realized gains / (losses) on disposal of financial assets measured at FVOCI of the statement of comprehensive income.
3
 
Total unrealized gains / (losses) for the period recorded in the P&L during which the financial instrument was in Level III.
Carrying Values and Estimated Fair Values of Assets and Liabilities
The following table presents the carrying values and estimated fair values of assets and liabilities, excluding assets and liabilities that are carried at fair value on a recurring basis.
 
    
On June 30, 2026 
      On December 31, 2025   
          Carrying
amount		       Total estimated 
fair value 		          Carrying
amount		      Total estimated 
fair value 		  
Assets
            
Debt securities - held at amortized cost
      36        36        36        36  
Loans - held at amortized cost
      9,475        8,611        9,672        8,902  
Deposits with financial institutions - held at amortized cost
      11        11        11        11  
Liabilities
            
Subordinated borrowings - held at amortized cost
      1,503        1,317        1,461        1,312  
Trust pass-through securities - held at amortized cost
      102        119        99        118  
Borrowings - held at amortized cost
      2,230        2,295        1,982        2,059  
Investment contracts - held at amortized cost
      13,570        10,152        12,652        9,473