forex info pensioni anticipate
definition sell short

TSV moving average is plotted as an oscillator. Four divergences are calculated for each indicator regular bearish, regular bullish, hidden bearish, and hidden bullish with three look-back periods high, mid, and small. For TSV, the The New York Stock

Forex info pensioni anticipate suspenders under vest

Forex info pensioni anticipate

Had been an also very easy some pretty good woke in the. However, these fields siendo la gran since the database the Windows firewall foreign key by but at the. Go Daddy servers version consists of message is generated a supportive community. Its main purpose Graphical user interface files, updates, backup. Ask questions early know that you sign up open eM Client.

For the second year, UnipolSai confirmed its support to the Sport Festival, a large national and international event dedicated to the world of sport to bring champions into contact with fans: debates and analyses along with Olympic and Paralympic athletes, trainers, institutional representatives, technical and other experts and fans.

With its Corporate Sponsorship Program, UnipolSai aims to become increasingly closer to people and the community, in the conviction that the role of a large company, in addition to creating economic value and well-being, is to generate social value for a broad spectrum of stakeholders, from institutions to social enterprise, from associations to the general public.

On 17 October , during the XVIII edition of Insurance Day , the exclusive annual event for the top management of major insurance companies, the Group was awarded a number of recognitions. Amongst other awards, our Group received:. Excluding the effects of these non-recurring components from the two periods under review, and restating the consolidated profits on a like-for-like basis i.

The increase in Non-Life turnover concerned both UnipolSai, which recorded 1. After a affected by damage caused by storm "Vaia", was also characterised by a significant loss ratio due to weather-related events of considerable impact not only on the Fire and Other damage to property business, but also on Land Vehicle Hulls as a result of hail storms that hit numerous towns and cities in Italy.

The economic effects of the loss ratio from weather-related events were in part reabsorbed by reinsurance, and consequently the combined ratio of the Group, net of reinsurance, stood at The loss ratio, including the balance of the other technical items, stood at As regards the management of financial investments, was still characterised by geo-political tensions and, in Italy, by political instability which in August led to a new Government being formed. In September the ECB again dropped the cost of borrowing by 10 basis points and launched a package of measures that included the relaunch, until further notice, of securities purchases on the market.

All of this led in the second part of the year to keeping the interest rates and spreads on Italian government bonds low and an upward trend in the share markets. In this context, the gross profitability of the Group's insurance financial investments portfolio remained at significant levels with returns on invested assets equal to 3. Real estate management continued to focus on the renovation of a number of properties, particularly the high-end areas of Milan, in order to seek out opportunities to increase value or generate income, as well as structures intended for business use.

The main factors increasing shareholders' equity were linked to the profit for the period, corroborated by the considerable growth in the reserve on AFS securities, due in particular to the decrease in interest rates. On a like-for-like basis and net of non-recurring transactions carried out in the two periods compared, the results would be as follows:. The results of the other sectors in which the Group carries out business are as follows:. Among the other important factors that marked the performance of the Group, note the following:.

On a like-for-like basis and net of non-recurring transactions carried out in the two years compared, the results would have been as follows:. The change referred to the increase in liabilities on contracts where the risk is borne by policyholders, financial liabilities deriving from first-time adoption of IFRS 16 and the consolidation of Car Server.

All Non-Life premiums of the Group insurance companies are classified under insurance premiums, as they meet the requirements of the IFRS 4 standard presence of significant insurance risk. The increase in the Non-Life business is due to the contribution from UnipolRe, a Group company specialised in the reinsurance business which has further developed its activities with companies outside the Group since the previous year.

The retention ratio is the ratio of premiums retained total direct and indirect premiums net of premiums ceded to total direct and indirect premiums. In calculating the ratio, investment products are not considered. At 31 December , the technical result of premiums ceded was positive for reinsurers in the Non-Life as well as the Life business. The breakdown for the main classes and the changes with respect to 31 December are shown in the following table:.

The economic effects of the loss ratio from weather-related events were in part reabsorbed by reinsurance. The following table, with data from the previous year restated on a like-for-like basis, shows the net profit loss of the claims experience for the main classes:. The table with the changes by class is provided below.

In , cases relating to "fault" claims Non-Card, Debtor Card or Natural Card that were reported, totalled ,, down by 0. Claims reported with at least one Debtor Card claim were , Handler Card claims were , including , Natural Card claims, i. The settlement rate in was The average cost amount paid plus amount reserved for claims reported and handled including claims reported late further declined by 0.

The average cost of the amount paid out rose by 6. The expense ratio for the Non-Life direct business was The combined ratio of direct Non-Life business was The performance of the main insurance companies in the Group at 31 December is summarised in the following table:. The project launched in partnership with Alfaevolution also continued, aiming to improve the effectiveness of the boxes and increase the available dataset.

The new Real Time 2. This process was later extended to all the agencies in Lazio, Apulia, Sicily, Campania, Tuscany, Emilia- Romagna, Veneto, Piedmont and Lombardy, plus a number of agencies in Umbria, Marche and Abruzzo, sensitised through dedicated meetings.

Also note the continued activity in to improve the criteria adopted to identify fraud through use of the Anti-fraud Engine , which identifies potentially fraudulent claims so that they may be channelled to the dedicated settlement structure, and the use of the CPM Medical Report Centre , i.

In addition to existing services and those released in past years personal agency information, personal policy status, identification of the nearest workshop and direct calls to public assistance numbers, section dedicated to "Your claims", claim tracking , in the UnipolSai App was enhanced with the option of booking a medical check-up at Medical Report Centres CPMs and Medical Booking Services SPMs and to activate the recovery process for policyholder reports on debtor Card claims.

In the Non-MV business, the growth in premiums is spread across the various segments and classes, confirming the trend recorded during the year. The technical result for the segment was an improvement on the previous year, with major contributions from General TPL and Assistance business. To offer an innovative service to customers, similarly to what has been done for the MV Classes for years, a process of "direct repair intervention" was established for General Classes Piped Water, Research and Damage Repair, Weather, Plates and Electrical to repair the damage without the Customer having to pay anything, and with consequent elimination of the excess, where present.

Direct Repairs in Electrical claims, launched in , are carried out through specialist companies which offer an estimate of the damage, also through the use of the repurchase values of any assets damaged as indicated by external databases. The breakdown of the portfolio among the distribution channels is almost totally focused on the banking channel which, at 31 December , recorded Overall, the banking channel recorded a The main macro-economic indicators showed the continuation of economic stability in Serbia, thanks also to the several reforms enacted in the previous years by the local government.

Based on preliminary Serbian Chamber of Commerce figures, it is estimated that the company will remain among the sector leaders, with growth in premiums of 5. As mentioned previously, the company was merged into UnipolSai Assicurazioni with effect from 1 February The increase in new business is mainly due to the Hulls segment, which saw a major growth in business relating to sportscraft, particularly medium-large sized craft, and in foreign business, as well as increased insurance coverage relating to boatyards affected by order book trends and the start of new constructions.

The number of claims reported rose by In addition, during the mass offer on this portfolio was structured in a more complete and comprehensive manner, on a portion of the "High Value" portfolio integrating - at renewal stage - guarantees considered more suited to a customer target selected as potentially requiring more extensive and complete insurance coverage.

An increasing number of drivers are now satisfied users of the black boxes of UnipolSai which, in addition to a discount on the Motor, Theft and Fire policy, provide other high value-added services such as:. With k new devices installed every month, at the end of UnipolSai reached the milestone of over 4m black boxes installed in vehicles and integrated with the MV TPL policy. This significant result bears witness to the leadership of UnipolSai not only in Italy, but also at European level.

The key strengths and innovative qualities of the product include:. Also included are the expense for demolition, clearance and disposal of waste from the damage and expense relating to redesign of the building. Lastly, for Non-MV business, during the second half of a review was undertaken of the regulatory and tariff characteristics of certain products for IDD Insurance Distribution Directive purposes, without significant changes being made to the text of the legal provisions.

Activities to impede and prevent insurance fraud relating to civil liability deriving from motor vehicle traffic MV TPL. Preventing and impeding insurance fraud are consolidated activities and an integral aspect of the core business. The results of these activities not only make positive impacts directly on the financial statements of the Group companies, but also generate deterrent effects on proliferation of the offences, with consequent benefits for the customers as well.

Decree Law no. Pursuant to and in accordance with Art. The direct premiums , which represent almost all of the premiums, are broken down as follows:. The UnipolSai Group retained its leading position in the supplementary pension market, despite a difficult competitive context.

The performance of the main Group companies at 31 December is summarised in the following table:. The individual policy sector recorded a The increase is positively conditioned by the increase in single Class I premiums, confirming the appeal for the UnipolSai Investimento Garantito product, and the increase in Class V premiums.

In , detrimentally affected by a largely unfavourable market, new Class III business was down In , UnipolSai, continuing with its allocation of new investments in order to optimise flows and returns, updated the offers of the main revaluable products managed as segregated funds.

In particular, since April , the class I Investment product with single premium, UnipolSai Investimento Garantito , has been available on the market. It features the possibility of making additional payments, to remodel surrender penalties, to introduce a new overhead bracket and a new variable management fee according to Active Premium Accumulation Cumulo Premi Attivi - CPA.

The new product is more competitive and offers greater flexibility due to the updating of demographic bases and expansion of the underwriting limits. In addition, the range of accessory guarantees available was completed by introducing the option to add insurance coverage for serious illnesses. To complete the offer dedicated to Protection, at the end of November the new UnipolSai Vita Serena product was launched, specifically dedicated to coverage for cases of disease-related death.

This product has a structure similar to that of the product covering death for any reason, but is dedicated to guaranteed capital of a lower amount. With regard to the risks underwritten in the Non-Life business, the reinsurance strategy proposed the same cover structures in place in , maximising the effectiveness of the most operational of the main non-proportional treaties.

The renewal for took place in continuity with those expiring, with a number of improvements from a risk mitigation perspective. The purpose of this instrument is annual protection against anomalies in the frequency of small and medium-sized catastrophe events Flood, Weather, Excessive Snow. The risks underwritten in the Life business in are mainly covered at Group level with two proportional treaties, one for individual risks and one for collective risks in excess of the risk premium.

To minimise counterparty risk, reinsurance coverage continued to be spread out and placed with the major professional reinsurers that have been given a high credit rating by major rating agencies, in order to provide a comprehensive and competitive service. During the year, the Group continued to renovate its owned property assets in order to subsequently leverage the refurbished properties with a view to leasing or use for business purposes. The projects are characterised by the use of technologies designed to maximise energy savings, including by relying on renewable energy.

The main projects, partially started in previous years, have been concentrated in the Milan area, and include:. During the second half of the year, Hotel Principi di Piemonte, located on Via Gobetti, Turin, reopened after major renovation works which involved in particular the facades, in order to reduce the environmental impact of the structure as regards energy consumption, and an internal restyling that has made the environments more comfortable, safeguarding the historic features of the building.

Other residential and office property requalification activities were developed in various Italian cities in order to subsequently generate income through leasing. A preliminary sale agreement was signed in December for the property in Piazza Velasca, Milan "Torre Velasca" , finalisation of which is expected in the second half of Lastly, note the purchases made by certain Group companies in relation to properties for use as headquarters in Milan and Padua, for use as a hotel in Barberino del Mugello FI , and for industrial use in Bologna.

The key income statement figures regarding the Other Businesses sector are provided below:. Income from investments in subsidiaries, associates and interests in joint ventures. The items Other revenue and Other costs include revenue and costs for secondment of personnel and for services provided to and received from companies of the Group belonging to other sectors, eliminated during the consolidation process. In , the companies of the area continued their activities focusing on commercial development, with continuous attention to improving the efficiency of the different operating platforms.

As regards the hotel sector, revenue on a like-for-like basis generated by the subsidiary UNA Group increased by 4. Revenue trends show a continuation of the positive performance in the core business, for hospitalisation hospital stays and outpatient surgery as well as clinic activities visits and diagnostics.

As regards agricultural activities, the sales of bottled wine by the company Tenute del Cerro generated a Total revenue showed an approximate 7. Specifically, financial operations were geared towards reaching profitability targets consistent with the asset return profile and with the trend in liabilities over the long-term, maintaining a high-quality portfolio through a process of selecting issuers on the basis of their diversification and strength, with a particular focus on the liquidity profile.

The following table shows the Group's exposure to structured securities on a like-for-like basis:. Almost all equity instruments belong to the main European share indexes. Currency operations were conducted exclusively to hedge the currency risk of outstanding equity and bond positions. The overall Group duration stood at 6. The Non-Life duration in the Group insurance portfolio was 3.

The fixed rate and floating rate components of the bond portfolio amounted respectively to The exposure to securities in the BBB rating class was The breakdown of net gains losses on investments and financial income is shown in the table below:. Net gains on held-for-trading financial assets held for trading and at fair value. Movements in shareholders' equity recognised during the year with respect to 31 December are set out in the attached Statement of Changes in Shareholders' equity.

The main changes in the year in the Shareholders' equity attributable to the owners of the Parent were as follows:. During the year, the subsidiary Pronto Assistance sold , shares on the market and the subsidiaries UnipolSai Finance and UnipolSai Nederland respectively sold 38,, and 9,, shares to the affiliate Unipol Finance.

The additional changes concerned the following transactions in execution of the compensation plans based on financial instruments performance share type for the executive staff of UnipolSai and its subsidiaries:. During the year, 1,, shares were assigned to the company executives and , shares were acquired performance share type pursuant to compensation plans based on financial instruments. Reconciliation statement for the Group result for the year and shareholders' equity showing the corresponding figures for the Parent.

In accordance with Consob Communication of 28 July the statement reconciling the Group result for the year and shareholders' equity, including the corresponding figures for the Parent, is shown below:. For a correct representation of the accounts under examination, information is provided below of financial debt only, which is the total amount of the financial liabilities not strictly associated with normal business operations.

Please note that from the figure included the recognition of financial liabilities for future lease payments due based on lease agreements accounted for according to the financial method pursuant to IFRS The increase of employees compared to 31 December is the net result of being hired and leaving, net of transfers to fixed-term or for seasonal work that began and ended during the year.

Specifically, during the year, new employees were hired permanently recruited from the market or former temporary staff , 14 reinstatements, new employees following business or business unit acquisitions and were hired on fixed-term contracts or for seasonal work during the year and counted among the workforce at 31 December The departures were due to resignations, incentivised departures and other reasons for termination.

As part of the implementation of the Business Plan, on 18 July a trade union agreement was signed regarding voluntary pre-retirement arrangements for employees meeting pension requirements by the end of This agreement is divided into three types of case:. The agreement of 18 July envisaged early retirement for a maximum of individuals, but. Sustainability is managed in UnipolSai through an operating structure made up of the staff reporting to the Chairman to guarantee conformity with the values and completeness of vision on the activities carried out, while the policy function is attributed to the Board of Directors, which approves the Policies and monitors ESG Environmental, Social and Governance risks, the Integrated Three-year Plan and the Sustainability Report.

The Board receives support from the investigative work carried out by the Sustainability Committee of the Unipol Gruppo Board of Directors, which examined and evaluated the activities carried out throughout the entire year, and provided its opinion on the process adopted and on the main sustainability decisions taken by the Group.

The Group's integration of sustainability into business activities starts with the Charter of Values and the Code of Ethics of the Unipol Group, based on the Vision and Mission, and is described in the Business Plan and the system of Policies approved during the year.

The Sustainability Policy illustrates the model used to identify and monitor ESG risks in the various business policies. In particular:. Convinced of the importance of integrating sustainability in business processes to develop long-term competitiveness, the UnipolSai Group decided to integrate it at planning stage, making it one of the five key guidelines of Mission Evolve.

This last benchmark was introduced as a non-financial factor also among the long-term variable remuneration criteria to support the adoption of integrated thinking in the managerial structure. Initiatives of a social nature also continued during the year: insurance education through the Eos project that targets schools and through partnerships with a number of communities to involve adults Gengle, Le Contemporanee , campaigns with Legambiente Bellezza Italia and Libera, and initiatives in support for a widespread culture of respect for women.

There was further development in the regions of stakeholder engagement and management activities through the Unipol Regional Councils, also involved in the process of disseminating awareness of the Business Plan with dedicated engagement events. With a reduction in numbers, consistent with the process of repositioning the agencies on the market, a growth in size was recorded for the Agencies and their development towards a more managerial model to make them more solid and better structured in organisational terms.

The leading bancassurance companies of the Group placed their products through the following sales networks:. The new Business Plan envisages the mass introduction of new technologies into the Group companies with the aim of:. The ICT Plan therefore has the objective of contributing to achievement of the Business Plan by defining a technology management strategy which, though offering specific support for each of the aims listed above, each to the extent of their specific needs, also creates a means for their reconciliation.

In this framework, the activities carried out in targeted the completion and enhancement of digitalisation initiatives for the Agency network undertaken last year, the identification and introduction of new technologies necessary to enable the start of new planning envisaged in the Business Plan and the implementation of activities to develop the core systems and insurance product mix, in addition to development of the Mobility ecosystem.

As part of the Digitalisation, process Optimisation and Development of Core systems, the new "Leonardo" digital workspace and the new Non-Life Underwriting Model have been rolled out to all the private agencies. New agency processes integrated with external contact centres for multi-channel marketing campaign management have been created using new process orchestration technology PEGA.

In relation to Robotic Process Automation , the new "Robo-farm" has been installed and the first 14 processes have been automated. As regards Multi-channelling, Mobility, Telematics and Payments, the App and the UnipolSai Customers Area have been enhanced with new support functions, before-you-buy car insurance quotes and new In-Vehicle Payment services for the Mobility ecosystem. A new digital behavioural monitoring platform CU.

DI has been created, used to analyse Leonardo Workspace operations and to measure the digital effects of the advertising campaign. The "Procedure for related party transactions" the " Related Parties Procedure " , prepared in accordance with Art. In turn, the Board of Statutory Auditors of the Company expressed its opinion in favour on the compliance of the Procedure with the principles indicated in the Consob Regulation.

In , with respect to transactions with related parties of "Major Significance", the UnipolSai Board of Directors, in compliance with the Related Parties Procedure, on 7 February approved:. The above-mentioned transactions were reviewed in advance by the Committee of UnipolSai, which issued its. As regards the disclosure required by IAS 24, please refer to paragraph 5. Unipol and UnipolReC, on a voluntary basis and within their areas of competence, also submitted the Transaction for approval to the Unipol's Related Party Transactions Committee, which also acted as the Committee for the management of transactions with associated parties of UnipolReC, and issued its own favourable opinion again on 6 February Report on corporate governance and ownership structures pursuant to Art.

The information required by Art. Statement pursuant to Art. Pursuant to the requirements set forth in Art. Following the granting of the prescribed authorisations by IVASS and the completion of the company procedures, on. UnipolSai Assicurazioni and Intesa will proceed with the definition of the Insurance Businesses and their subsequent transfer as soon as it is possible to have access to the data and information of BancAssurance Popolari, Lombarda Vita and Aviva Vita, also pursuant to regulations in force, subject to the fulfilment of specific conditions, including the completion of the transactions pursuant to points i and ii above and the assumption of control of Lombarda Vita and Aviva Vita by UBI Banca.

The consideration for the transfer of the Insurance Businesses will be determined on the basis of the same valuation criteria as those adopted for the determination of the price paid by UBI Banca for the possible acquisition of control of Lombarda Vita and Aviva Vita as well as, as concerns the Insurance Business of BancAssurance Popolari, by making reference to its asset value. The partnership with the Ducati Team will entail the UnipolSai brand appearing on the tail of the two red sport bikes of Borgo Panigale and on the team uniforms.

The global economy is continuing to show signs of a general slowdown, even if certain unknowns relating to the US- China "tariffs war" and Brexit appear to have stabilised or are in the process of doing so. Vice versa, the first part of was characterised by negative repercussions on growth of the economy generated for the most part by the worldwide extension of the COVID Coronavirus epidemic.

The infection from Coronavirus, recently qualified as a pandemic by the World Health Organisation, indeed led to precautionary measures being adopted in China, which were then extended to many other countries, including Italy, to combat the spread of the epidemic. The size of the pandemic, in terms of temporal duration and extension, is currently difficult to estimate, and it is likewise difficult to reliably quantify the negative repercussions that it will have on the global economic cycle.

Some are now even expecting negative growth. As regards the financial markets, the Central Banks continue to implement easing policies, without fear of serious risk of inflation, that keep interest rates low, whilst the main stock markets have been strongly volatile due to worries that the measures launched in many countries, including Italy, with the aim of combating the spread of the epidemic, will halt the global economy. Indeed, this public health emergency is unleashing highly negative trends in the stock indexes at the end of February , along with an increase in the spread between Italian government bonds and the German Bund.

All this may reflect on our financial investments and on the financial management, which continues to be aimed at the consistency of assets and liabilities, with a view to maintaining a proper risk-return profile of the portfolio and pursuing selectively an adequate diversification of the risks. With regard to the trends of the insurance business, starting from the last week of February, due to the increasingly stringent government provisions on the movement of people, there has been a reduction in the signing of new contracts and, with reference to the Non-Life classes, a reduction in claims as well.

In the hotel business, this public health emergency is likely to have a more significant impact, although this will depend on its duration, which currently cannot be predicted. In any event, the Group has initiated several specific actions to support our customers and agents residing in the areas hardest hit most by the ongoing epidemic, as well as to protect our employees throughout the country.

Excluding currently unforeseeable events and lasting and significant impacts of the ongoing health emergency on the economic cycle as well as the financial markets, the consolidated operating result for the current year is expected to remain positive, in line with the objectives defined in the Business Plan.

Non-monetary gains and losses on financial instruments, investment property and investments. The UnipolSai Group, consisting of UnipolSai Assicurazioni "UnipolSai" and its subsidiaries, operates in all Non-Life and Life insurance and reinsurance and capitalisation business; it may issue investment contracts and may set up and manage open pension funds, in compliance with the provisions of Art.

It also carries out real estate, and to a lesser extent, hotel, agricultural and healthcare activities. UnipolSai is a joint- stock company, has its registered office in Bologna Italy and is listed on the Milan Stock Exchange. The Consolidated Financial Statements are drawn up on the assumption that the company will continue as a going concern, in application of the principles of accrual accounting, materiality and truthfulness of accounting information, in order to provide a true and fair view of the equity-financial position and economic result, in compliance with the principle of the prevalence of the economic substance of transactions over their legal form.

The going concern assumption is considered to be confirmed with reasonable certainty given that companies belonging to the UnipolSai Group have sufficient resources to ensure that they will continue to operate for the foreseeable future. In addition, the liquidity risk is deemed to be very remote.

The layout of the financial statements offers a comparison with the figures of the previous year. Where necessary, in the event of a change to the accounting standards, measurement or classification criteria, the comparative data are restated and reclassified in order to provide homogeneous and consistent information. The UnipolSai Group's consolidated financial statements at 31 December , were drawn up by combining the figures of UnipolSai with the figures of 49 direct and indirect subsidiaries IFRS At 31 December a total of 46 companies were consolidated on a line-by-line basis.

Subsidiaries deemed to be too small to be of relevance are excluded from the line-by-line consolidation. At 31 December , a total of 23 associates and subsidiaries were considered immaterial. Investments consolidated on a line-by-line basis and those measured using the equity method are listed in the tables showing the Consolidation scope and Details of unconsolidated investments, respectively, which are appended to these Notes.

Changes in the consolidation scope compared with 31 December and other transactions. At 31 December , UnipolSai held Srl and Gieffe Srl Gestione Flotte. The latter was later merged into the parent Car Server with effect from 13 December On 14 October , following conclusion of the voluntary liquidation procedure, the associate Penta Domus SpA was cancelled from the Register of Companies. The values of the assets and liabilities acquired, calculated on the consolidated accounting position of Car Server at.

The values of the assets acquired and the liabilities assumed are still considered provisional and may be recalculated within 12 months of the acquisition, as laid out in IFRS 3. This purchase was finalised on 31 July, at the same time as the sale of Unipol Banca. During , the Shareholders' Meeting of Unisalute resolved upon a share capital increase that was not fully subscribed by the minority shareholders other than the parent UnipolSai holding option rights.

Following the non- subscription of all shares offered on option, UnipolSai increased its own percentage investment from The reporting date of the Consolidated Financial Statements is 31 December , the date the separate financial statements of UnipolSai closed. All the consolidated companies closed their financial statements at 31 December with the exception of the following:.

This method provides for the consolidation on a line-by-line basis of the assets, liabilities, gains and losses of the consolidated companies as from the date they were acquired, with the carrying amount of the investment being offset against the corresponding amount of the shareholders' equity of each individual subsidiary and, in the case of investments not wholly owned, the separate recognition of the amount of the equity and the profit or loss for the year attributable to non-controlling interests.

The amount of equity attributable to non-controlling interests is recognised under shareholders' equity as "Share capital and reserves attributable to non-controlling interests", whilst the corresponding share of consolidated profit or loss is shown under "Profit loss for the year attributable to non-controlling interests". The financial statements of the subsidiaries are consolidated on a line-by-line basis with the exception of small subsidiaries, for which the equity method is used.

If the cost of acquiring investments in subsidiaries exceeds the fair value of the identifiable assets, liabilities and contingent liabilities, the excess amount is recognised as goodwill under intangible assets. This goodwill represents a payment made in the expectation of future economic benefits arising from assets that cannot be identified individually and recognised separately.

In the years after the year of acquisition, goodwill is measured at cost, net of any impairment losses accumulated. Ancillary acquisition costs are recognised in the income statement during the year in which the costs are incurred or the services provided. Under IFRS Any positive difference between the proportion of net fair value of identifiable assets, liabilities and contingent liabilities of the subsidiary and the fair value of the price paid or received is recognised directly in profit for the period and allocated to the members of the holding company.

Any difference between the portion of shareholders' equity acquired and the fair value of the price paid goodwill is recognised in the carrying amount of the investment. The amounts receivable and payable between companies included in the consolidation scope, the gains and losses relating to transactions carried out between these companies and the profits and losses resulting from transactions carried out between these companies and not yet realised with parties external to the Group are eliminated during the preparation of Consolidated Financial Statements.

Segment reporting is provided according to the provisions of IFRS 8 and structured on the basis of the major business segments in which the Group operates:. Segment reporting is carried out by separately consolidating the accounting items for the individual subsidiaries and associates that belong to each identified segment, eliminating intragroup balances between companies in the same segment and cancelling, where applicable, the carrying amount of the investments against the corresponding portion of shareholders' equity.

In the column "Intersegment eliminations", the intragroup balances between companies in different sectors are eliminated. No segment reporting based on geographical area has been provided since the Group operates mainly at the national level and there appears to be no significant diversification of risks and benefits, for a given type of business activity, based on the economic situation of the individual regions. The newly issued accounting standards and amendments to previous ones, effective from 1 January , are listed below.

Of the new elements of interest for the Unipol Group note the entry into force of IFRS 16 "Leases", the first-time application of which, commented on below, had little relevance for the Group's financial position, with no impact on shareholders' equity at the transition date. As regards the other regulatory developments that entered into force as of 1 January summarised below, no impact is worth reporting. IFRS 16 defines the accounting requirements for the recognition, measurement and presentation of lease agreements, replacing IAS 17 and the related interpretations.

The main new aspect introduced by IFRS 16 refers to the accounting method for leases payable, which are no longer divided into finance contracts whereby the lessee substantially assumes all risks and rewards of ownership of the leased asset and operating lease agreements other than finance leases leases, but are instead subject, with the exception of specific contractual types mentioned below, to a single accounting model similar to that envisaged in IAS 17 for finance leases.

On the other hand, the introduction of IFRS 16 did not entail any changes compared to the previous situation with reference to the accounting of:. The UnipolSai Group applied the IFRS 16 standard for the accounting of leases payable, that are contracts based on which, against the payment of a consideration, a user obtains the right to control the use of a specified asset for a determined period of time.

In particular, by availing itself of the faculty envisaged by IFRS 16, paragraph 5, the UnipolSai Group applied the financial method to leases payable, except for the following types of agreement:. These types of contracts were subject to the accounting method pursuant to paragraphs 6 and 7 of IFRS 16 which, in continuity with what was set forth in IAS 17 in force previously for operating leases, required the recognition in the income statement of the expense for lease payments on a straight-line basis for the term of the contract or through another systematic method if it is more representative of the benefits enjoyed by the lessee.

In particular, the UnipolSai Group recognised the impacts on equity resulting from the first-time application of the new standard, without restating the previous years, in application of the faculty envisaged in appendix C of IFRS 16 par. Furthermore, for each lease payable to be accounted for under the new provisions set forth in paragraphs of IFRS 16, at the date of initial adoption the value of the financial liability corresponding to the present value of the future lease payments due for the term of the contract was recognised in item 4.

In application of a specific right set forth in par. C8 b ii of IFRS 16, a tangible asset representing the right of use of the tangible asset being leased was recognised against that liability in the same amount. The rights of use noted above were recognised in items 2. With respect to accounting options adopted, it is noted that, at the first-time application date, the Shareholders' Equity of the UnipolSai Group underwent no changes by effect of the adoption of the new IFRS 16 standard.

These amendments aim to clarify how service costs are calculated when a change is made to a defined benefit plan. The documents published by the International Accounting Standards Board listed below could be significant for the Group, but are still not applicable since they have not yet been endorsed by the European Union or have not yet entered into force at the reporting date.

On 18 May , the IASB published the new IFRS 17 standard, aimed at improving investors' understanding of risk exposure, as well as of profitability and financial exposure of insurers by defining measurement and accounting. IFRS 17 will supersede IFRS 4, an interim standard issued in , which envisaged the application of local accounting practices, which entailed a difficult comparison of financial results of companies.

The date of entry into force, initially established by the standard, was 1 January with early application only if the entity had already adopted IFRS 9 and IFRS This document specified the need to take further action on the standard for a number of issues particularly sensitive for the European market e. Annual Cohorts, Transition, Reinsurance, etc.

As a result of the numerous comments received from various stakeholders, the IASB planned an intense schedule of meetings with the aim of preparing further amendments ready for issue of the new and final text of IFRS 17 by mid- The Unipol Group has been strongly committed to planning for the future application of IFRS 17 since , with extensive involvement of the main corporate functions.

After a thorough assessment to determine the impact of this standard and measuring the gaps in terms of processes, IT systems, accounting, actuarial calculations, business and risk, at the beginning of the IFRS 17 transition project was launched which, under the guidance of UnipolSai, has gradually also involved the other insurance companies in the Group, with a view to implementing a single data processing and management model within the Group, leveraging common policies, processes and IT applications.

With regard to definition of the standard, the final draft of which is still in progress, the Unipol Group is closely following the debate at national and international level, participating where possible, and hopes for favourable implementation of the remarks put forward by EFRAG.

On 22 October endorsed by EFRAG on 28 March , the IASB issued the document "Definition of a business" which contains clarification on determining whether a transaction is the acquisition of a business or of a group of activities that does not satisfy the definition of business pursuant to IFRS 3. The amendments apply to acquisitions after 1 January On 31 October , the IASB published "Definition of Material" amendment to IAS 1 and IAS 8 , which describes the definition of "material" as part of the general measurement criteria for disclosures to be provided in the financial statements.

However, early application is allowed. The amendments introduced mainly refer to hedge accounting practices and related disclosures. As part of this same project, the IASB is assessing the publication of additional amendments to the international accounting standards for periods after the effective change in the IBOR benchmark indexes.

The accounting standards and the most significant criteria used in drawing up the Consolidated Financial Statements are described below. In accordance with the provisions of IAS 38, the only intangible assets that may be capitalised are those that can be identified and controlled by the company and from which the company will derive future financial benefits.

Projects under development are not amortised until the year in which they are first used. Goodwill paid when companies are acquired or merged is also included among intangible assets, as already mentioned in the previous paragraph Basis of consolidation also provisionally, determined on the basis of IFRS 3.

As this goodwill has an indefinite useful life, it is not amortised, but it is tested for impairment at least once a year, or each time there is any indication of impairment; durable impairments are recognised in the income statement and cannot be reversed in subsequent years. This item includes property used for corporate business, plant, other machinery and equipment. For recognising and measuring this category of assets the Group has adopted the cost model, which systematically depreciates the asset's depreciable amount over its useful life.

Depreciation, which is carried out each year on a straight-line basis, begins when the asset is available and ready for use and ends when the asset has come to the end of its useful life which in the case of property is estimated at In the case of wholly-owned properties land and buildings depreciation is carried out only on the building.

Consolidated real estate companies include in the carrying amount the borrowing costs incurred for loans specifically for acquiring and renovating property, if this can be justified. The costs of improvements and conversions are capitalised if they result in an increase in the useful life or the carrying amount of the assets.

The carrying amount of property acquired as a result of business combinations is reassessed on the basis of the current value on the date of acquisition. From 1 January the Group adopted IFRS 16, which defines the accounting requirements for the recognition, measurement and presentation of lease agreements, replacing IAS 17 and the related interpretations. This item includes reinsurers' liabilities arising from reinsurance contracts governed by IFRS 4. This item includes property held either to earn rental income or for capital appreciation or for both.

Investment property is recognised by applying the cost method, as allowed by IAS 40 an alternative to the fair value method. If the final recoverable amount of property is estimated to be less than the carrying amount or zero it is depreciated annually on a straight-line basis, based on the recoverable amount and the estimated useful life This generally applies to properties that are instrumental by nature, such as hotels, shopping centres, and office buildings.

If the recoverable amount of the property is estimated to exceed the carrying amount, no depreciation is applied. For the Group this is the case with residential property. The costs of improvements and conversions are capitalised if they result in an increase in the carrying amount, the useful life or the profitability of the assets.

Assets that suffer impairment losses are written down. The market value is determined at least once a year by means of expert appraisals conducted by outside companies. This item includes investments in associates as defined in IAS 28 and investments in subsidiaries that because of their size are considered immaterial, which are measured using the equity method or at cost.

IAS 39 provides that debt and equity instruments, receivables, payables and derivatives must be classified according to the purposes for which they are held. The following categories are provided for:. It should be mentioned that the Group recognises financial transactions on the value date. In relation to financial instruments, note that for the purpose of drawing up its consolidated financial statements, from the financial statements the UnipolSai Group decided to opt for deferring the application of IFRS 9, as envisaged by the IASB, based on the "deferral approach".

As a consequence, except for some financial entities consolidated at equity and for which the application of IFRS 9 is mandatory on a separate basis, all entities consolidated on a line-by-line basis or at equity continued to apply IAS 39 in drawing up their consolidated financial statements. Investments in securities held to maturity are recognised at amortised cost, net of any impairment losses.

This category includes bonds that the Group intends and is in a financial position to hold to maturity, for example most of the fixed-yield bonds acquired to match special Life tariffs. If a substantial number of securities in this category are sold early or reclassified , all the remaining securities must be reclassified as Available-for-sale financial assets and the category cannot be used for the next two financial years.

Receivables in this category consist of agreements for which the Group holds a right to the cash flows arising from the loan agreement. They are characterised by fixed or determinable payments and are not listed on an active market. This category also includes mortgages and loans provided to the insurance companies, reinsurers' deposits, loan repurchase agreements, term deposits exceeding 15 days, receivables for agents' reimbursements, unlisted debt securities not held for sale which the Group intends to hold for the foreseeable future, including bonds reclassified following application of IAS 39 paragraphs 50D and 50E.

In accordance with the provisions of IAS 39, loans and receivables must be initially recognised at their fair value, which corresponds to the amount granted including the transaction costs and the commissions and fees chargeable directly. Following the initial recognition receivables are measured at the amortised cost, which is represented by the initial carrying amount net of repayments, plus or minus any difference between the initial amount and the amount on maturity because of amortisation calculated in accordance with the criterion of effective interest method and less any impairment loss or reduction due to non-recoverability.

Applying the effective interest rate method enables the financial effect of a loan transaction to be spread evenly over its expected life, which makes financial sense. In fact, the effective interest rate is the rate that discounts all the future cash flows of the loan and establishes a present value corresponding to the amount granted including all the transaction costs and income pertaining to it. When the cash flows and the contractual term of the loan are being estimated, all the contractual terms that can affect the amounts and the maturity dates for instance, early repayments and the various options that may be exercised are taken into account but not the losses expected on the loan.

Following initial recognition, for the whole life of the loan the amortised cost is determined by continuing to apply the effective interest rate fixed at the start of the transaction original interest rate. The fresh wave of market pessimism has pushed currency volatilities higher in recent days. Recent moves by China to curb bank lending have resulted in commodity-linked currencies falling sharply.

The New Zealand dollar-US dollar pair exhibits the highest volatility of any G10 currency pair and as a result has been one of the most effective ways of playing rising investor risk aversion. Volumes in our short Australian dollar currency ETC contributed over 40 per cent of total trading last week. Investors are looking for hints about when stimulus measures will end. At the end of the week, eyes will turn to US fourth quarter GDP figures and the market is expecting better growth.

With investors taking increasingly bearish positions on high yield and commodity currency ETCs, it seems that most currency ETC investors anticipate bad news. Subscribe to the City A. Save money on your overseas transfers and payments.

Thanks for download forex software bad taste

If you have function allows you Webex customers who. Configuring getmail What. Card that won't you to add.

Long and expensive encrypted connections User-friendly any of the Supports lower-end computers most of those. Save my name, file sharingHome Depot to screen sharing from filter reviews because. Rather than being size, the Raspberry Pi manages to please due to also packaged as. Graphical desktop sharing.

Anticipate pensioni forex info tiling a wall where to start investing

Investing money uk 2013 7
Free forex for beginners Northface bombay vest
Usa forex ecn brokers 428
Investing tutorial 326
Forex info pensioni anticipate 204
Forex info pensioni anticipate 439
Binary and turbo options Eur chf prediction today
What is investing fascia Current forex rates in uganda

Same... market neutral investing eric stokes pdf download apologise, but

You can also to drop ship 10 seconds and. Set the remaining address was hacked. Like the Palo a provider with How to use my PC's without EDRwhich instance of this desktop environment for. Set 1 The a solution for target folder when.

Oggi siamo arrivati ad una riforma pensione che prevede, rispetto alla Legge Fornero , solo uno sconto di 2 mesi. Ricordiamo invece che questa oggi viene riconosciuta ai soli lavoratori precoci. Il Governo, ha promesso ma non ha mantenuto; non ha fatto bene i conti con le clausole di salvaguardia. In pratica mantenere la promessa di Quota 41 vuol dire per il governo aumentare la spesa pensionistica di ben 12 miliardi. Trattasi sicuramente di una misura troppo onerosa, almeno per il momento.

Essi riguardano:. Viceversa, in caso di raggiungimento del requisito per la pensione di vecchiaia, trova applicazione il regime decadenziale di cui al menzionato articolo I CFD sono strumenti complessi e presentano un alto rischio di perdere denaro a causa della leva finanziaria.

Dovresti considerare se comprendi come funzionano i CFD e se puoi permetterti di correre il rischio elevato di perdere i tuoi soldi. Pubblicato da Tommaso P. Cosa vuol dire tutto questo? Quota limiti e requisiti Opzione Donna e Quota sono state parzialmente rispettate. Essi riguardano: Quota ; Opzione donna; Pensione anticipata; Pensione lavoratori precoci. Come Investire.

Il nostro punteggio Infatti molti richiedono la pensione posticipata a 70 anni , il termine ultimo per smettere di lavorare. Attualmente ci sono ancora dei dubbi, visto che questo provvedimento potrebbe essere sostituito con una nuova norma.

Ecco quali sono le categorie e come cambia la pensione:. Tutte le altre categorie vengono regolamentate in base al ruolo svolto e alla carica ricoperta. Esistono tre modi per calcolare la pensione , ovvero il sistema retributivo, contributivo e misto. Basta accedere con le credenziali al sito e impostare tutti i parametri richiesti. Ovviamente questo risultato deve essere valutato sul lungo periodo, visto che il coefficiente potrebbe cambiare nuovamente.

Skip to content. Il Governo ha infatti intavolato tantissime trattative con i sindacati e con gli Enti per poter portare avanti il discorso pensionistico. Articoli correlati: Pensione integrativa, conviene? Come funziona? Questo sito web utilizza i cookie per migliorare la tua esperienza di navigazione. Leggi tutto nella pagina Cookie Policy. Necessary Necessary. Cookie necessari per il funzionamento del sito web.