Operating result

Operating result

The operating result of the Group amounted to € 4,508 million, showing a strong increase (+ 10.8%) with respect to 31 December 2013 ( € 4,071 million). This result, which brings the performance levels of the Group similar to those recorded at the beginning of the economic and financial crisis of 2008, was achieved despite the macroeconomic and regulatory difficulties and in an environment of low interest rates.

The increase in the operating result of the Group was driven mainly by the life segment, which benefits from the increased performance of the investment result and the costs reduction, and by the non-life segment, due to the improvement in the underwriting result generated by the general reduction of claims and lower impact of natural catastrophes.

Finally, the operating result of the holding and other businesses decreased due to higher costs for projects regarding the strengthening of Head Office structures, and due to personnel and IT expensed related to main Group projects.

In line with the strategic objective of increasing the operating profitability of the group, the operating return on equity was 13.2%, increasing from 11.7% at 31 December 2013, enabling the target achievement.