Updated list at 31 December 2025 of the Italian financial conglomerates

13 November 2026

Based on the provisions of the Memorandum of understanding entered into force on 10 February 2025, Banca d'Italia, IVASS and Consob have updated the list of Italian financial conglomerates i.e. groups of companies under common control whose exclusive or predominant activities consist of providing significant services in at least two different financial sectors (banking, investment services, insurance). The list exclusively includes financial conglomerates which comprise 'less significant' institutions. The list including all financial conglomerates comprising 'significant' and 'less significant' institutions is published on the websites of the European Supervisory Authorities (EBA, EIOPA and ESMA).

The supervision of financial conglomerates is carried out pursuant to Legislative Decree 142/2005. This provides for supplementary supervisory instruments in addition to those used for sectoral supervision, with a view to systematically monitoring the capital adequacy and riskiness of each conglomerate as a whole, while taking into account the interconnections between the insurance and banking/financial activities of its members.

The list at 31 December 2025 includes one insurance-led financial conglomerate already subject to supplementary supervision last year. IVASS maintains its role as coordinator of the conglomerate.

The updated list of conglomerates identified at 31 December 2025 is available on the websites of Banca d'Italia, IVASS and Consob.