Projection of revaluations of benefits of the revaluable policies based on the vector of “risk neutral” expected rates, that do not include the extra-return arising from holding financial instruments with expected returns that are higher than the risk-free curve, rather than being based on a vector of “real world” expected rates;
https://www.vittoriaassicurazioni.com/Allegati/Investor Rela...

Integrated Consolidated Financial Statements
In the Life sector, the trend already observed in 2018 is recurred in 2019 as well, with rates of increase close to 4%, deriving primarily from sustained growth in premiums relating to class I revaluable policies (+9.5%), against a further significant downturn in the sale of class III policies (-6%). In 2019, growth continued in class IV (+36.2%) and class VI (+33.9%), while class V close 2019 with a reduction of 32.9% in premiums.
... ... the Insurance Distribution Directive (IDD) within the Italian legal system .
https://dl.bourse.lu › ... PDF
file:///C:/Users/.../Downloads/Document-incorporated-by-reference-Unipol-Gruppo-Integrated-Consolidated-Financial-Statements-2019-_2020-09-11.pdf