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.
|(€ million)||31.12.2014||31.12.2013|| FOURTH|
|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
|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|
|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.