The non-operating result of the Group improved to € -1,464 million (€ -1,579 million at 31 December 2013). In particular:
- net impairment losses increased from € -623 million at 31 December 2013 to € -813 million due to higher impairments on equity and real estate investments and also from the stake in Ingosstrakh for approximately € -249 million;
- net realized gains increasing to € 874 million (€ 846 at 31 December 2013) thanks to higher realized gains on equities and bond portfolios. This item also includes the realized loss of approximately € -79 million, recorded as part of the repurchase of three hybrid bonds, aimed at optimizing the Group's financial debt management, which was completed in 2014. It is worthwhile to note that the net realized gains in 2013 included € 290 million arising from the provisions relating to the participation in Banca d’Italia.
- net non-operating income from financial instruments at fair value through profit or loss amounted to € -263 million (€ - 204 million at 31 December 2013), due to the lower performances of certain financial markets compared to the same period of the last year;
- other non-operating income and expenses which include net non-recurring income and expenses and the amortization of the value of acquired portfolios, amounted to € -441 million (€ -795 million at 31 December 2013), of which € -139 related to the amortization of the value of acquired portfolios (€ -155 al 31 December 2013). The improvement is mainly attributable to the negative impact of some one-off events that occurred during 2013;
- non-operating holding expenses, essentially composed of interest expenses on financial liabilities and holding expenses that are considered as non-operating, increased to € -819 million (€ -802 million at 31 December 2013) as a result of non recurring expenses related to Group’s reorganization projects incurred by the Parent Company in order to support the implementation of strategic initiatives.