v3.25.4
Risk Report - Credit Risk Management - IFRS 9 Forward-looking Information (Detail)
 12 Months Ended
Dec. 31, 2025
 [1],[2]
Dec. 31, 2024
 [3],[4]
Year 1 (4 quarter avg)    
GDP    
GDP - USA 1.87% 2.23%
GDP - Eurozone 1.16% 1.04%
GDP - Germany 0.65% 0.38%
GDP - Italy 0.60% 0.74%
GDP - Developing Asia 4.45% 4.53%
GDP - Emerging Markets 3.85% 4.11%
Unemployment    
Unemployment - USA 4.42% 4.29%
Unemployment - Eurozone 6.30% 6.46%
Unemployment - Germany 3.75% 3.46%
Unemployment - Italy 6.14% 6.50%
Unemployment - Spain 10.37% 11.12%
Unemployment - Japan 2.49% 2.48%
Real Estate Prices    
Real Estate Prices - US CRE Index 300.74 312.27
Real Estate Prices - CRE Index Eurozone 110.44 107.75
Real Estate Prices- House Price Index USA 331.21 325.05
Real Estate Prices- House Price Index Germany 157.28 152.78
Real Estate Prices- House Price Index Spain 2,213.53 1,959.68
Equity    
Equity - S&P 500 6,942 6,109
Equity - Eurostoxx 50 5,793 4,965
Equity - DAX 40 24,453 20,131
Equity - MSCI EAFE 1,288 1,069
Equity - MSCI Asia 2,068 1,602
Equity - Nikkei 50,891 38,972
Credit    
Credit High Yield Index 308.27 312.32
Credit - CDX High Yield 333.97 332.33
Credit - CDX IG 54.64 56.50
Credit - CDX Emerging Markets 149.82 177.90
Credit - ITX Europe 125 56.42 62.15
Commodity    
Commodity - WTI 61.07 70.46
Commodity - Gold 3,976.94 2,588.02
Year 2 (4 quarter avg)    
GDP    
GDP - USA 1.97% 2.04%
GDP - Eurozone 1.44% 1.19%
GDP - Germany 1.54% 1.14%
GDP - Italy 0.91% 1.02%
GDP - Developing Asia 4.78% 4.26%
GDP - Emerging Markets 4.19% 3.81%
Unemployment    
Unemployment - USA 4.29% 4.20%
Unemployment - Eurozone 6.18% 6.42%
Unemployment - Germany 3.66% 3.40%
Unemployment - Italy 6.22% 6.76%
Unemployment - Spain 10.05% 10.93%
Unemployment - Japan 2.45% 2.40%
Real Estate Prices    
Real Estate Prices - US CRE Index 301.87 316.81
Real Estate Prices - CRE Index Eurozone 111.75 108.39
Real Estate Prices- House Price Index USA 340.69 333.47
Real Estate Prices- House Price Index Germany 158.82 158.19
Real Estate Prices- House Price Index Spain 2,264.16 2,000.7
Equity    
Equity - S&P 500 7,366 6,436
Equity - Eurostoxx 50 6,086 5,162
Equity - DAX 40 25,886 20,968
Equity - MSCI EAFE 1,351 1,112
Equity - MSCI Asia 2,160 1,630
Equity - Nikkei 53,099 39,582
Credit    
Credit High Yield Index 348.99 358.66
Credit - CDX High Yield 370.05 374.29
Credit - CDX IG 62.78 64.29
Credit - CDX Emerging Markets 179.86 202.59
Credit - ITX Europe 125 62.27 68.66
Commodity    
Commodity - WTI 59.01 65.85
Commodity - Gold 4,189.01 2,612.91
[1] 1 MEV as of December 8, 2025 based on Bloomberg Consensus, which barely changed until December 31, 2025
[2] Year 1 equals fourth quarter of 2025 to third quarter of 2026, Year 2 equals fourth quarter of 2026 to third quarter of 2027
[3] MEV as of December 5, 2024, based on Bloomberg Consensus, which barely changed until December 31, 2024
[4] Year 1 equals fourth quarter of 2024 to third quarter of 2025, Year 2 equals fourth quarter of 2025 to third quarter of 2026