Group result

Group result

The result for the period attributable to the Group amounted to € 1,670 million, decreasing compared to € 1,915 million at 31December 2013; the result was affected by the lower contribution of the discontinued operations compared to the previous year.

The tax rate increased to 35% (32% at 31 December 2013). This trend, with respect to the previous year, is mainly attributable to lower non-taxable income on equities and the substitute tax on the revaluation of Banca d’Italia, paid in 2014, as well as to the increased burden on the substitute tax on Controlled Foreign Companies.

The result attributable to minority interests amounted to € 182 million (€ 227 to 31 December 2013), corresponding to a minority rate of 9.8% (10.6% at December 31, 2013), decreasing mainly due the aforementioned purchases of the minority interests in GPH and minority interests in Generali Deutschland Holding.

The result from discontinued operations amounted to € -69 million and includes the effects of the IFRS 5 7 application to BSI, which generated a negative impact of € 112 million, and some companies in Argentina, which have been classified as discontinued operations as a result of the aforementioned sale agreements, as well as the effects of the sale of Fata.

7 5 For further information on the accounting treatment, reference should be made to the section on Discontinued operations and Assets held for sale in the notes.

Group result

(€ million) 31.12.2014 31.12.2013 FOURTH
QUARTER 2014		FOURTH
QUARTER 2013
Consolidated operating result 4,508 4,071 840 832
Net earned premiums 64,322 60,622 18,029 16,137
Net insurance benefits and claims  -67,003 -63,101 -18,224 -17,655
Acquisition and administration costs -10,346 -10,405 -2,807 -2,680
Net fee and commission income and net income from financial service
activities		 490 404 150 113
Net operating income from financial instruments at fair value through profit or loss  4,751 4,835 1,052 2,052
Net operating income from other financial instruments 13,086 12,404 2,958 3,042
  Interest income and other income  12,097 11,812 3,005 2,930
  Net operating realized gains on other financial instruments and land and buildings (investment properties) 2,508 2,160 465 490
  Net operating impairment losses on other financial instruments and land and buildings (investment properties) -320 -396 -129 -80
  Interest expense on liabilities linked to operating activities -518 -529 -162 -127
  Other expenses from other financial instruments and land and buildings (investment properties) -681 -643 -221 -171
Operating holding expenses  -418 -349 -128 -86
Net other operating expenses(*) -373 -339 -190 -91
Consolidated non-operating result -1,464 -1,579 -540 -681
Net non-operating income from financial instruments at fair value through profit or loss -259 -204 -155 -132
Net non-operating income from other financial instruments(**)   56 223 -29 152
  Net non-operating realized gains on other financial instruments and land and buildings (investment properties) 870 846 280 498
  Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)  -813 -623 -310 -346
Non-operating holding expenses -819 -802 -213 -208
  Interest expenses on financial debt -741 -747 -177 -186
  Other non-operating holding expenses -78 -55 -36 -22
Net other non-operating expenses(***) -441 -795 -142 -493
Earning before taxes  3,045 2,492 301 151
Income taxes(*) -1,124 -835 -137 -128
Earnings after taxes  1,921 1,657 163 23
Profit or loss from discontinued operations  -69 485 -61 323
Consolidated result of the period 1,852 2,142 102 346
  Result of the period attributable to the Group  1,670 1,915 81 324
  Result of the period attributable to minority interests  182 227 21 23

(*) At 31 December 2014 the amount is net of operating taxes for € 64 million and of non-recurring taxes shared with the policyholders in Germany for € 27 million (at 31 December 2013 respectively for € 64 million and € 14 million).
(**) The amount is gross of interest expense on liabilities linked to financing activities.
(***) The amount is net of the share attributable to the policyholders in Germany and Austria.