Bank of Italy, Ivass and Consob – the three major Supervisory Authorities - have updated the list of Italian financial conglomerates. These are corporate groups that carry out activities to a significant extent in both the insurance and banking sectors and/or investment services. Supervision of financial conglomerates is exercised with the instruments of supplementary supervision in addition to those used for the sectoral supervision, in order to systematically monitor the capital adequacy and riskiness of the group as a whole, taking into account the interrelationships between the insurance and banking/financial activities carried out by its different components. The joint note from the three market regulators and supervisors shows that Generali is the only insurance-led financial conglomerate subject to supplementary supervision as early as last year. In the first nine months of the year, Generali's net profit was confirmed on the same results as last year at 2,233 million (-0.8%). Without the impact of Russian investments, net profit would have increased to 2,374 million euro (+5.5%).
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