Non – operating result

Non – operating result

The non-operating result of the life segment improved from € -487 million at 31 December 2013 to € -381 million due to higher nonoperating net realized gains.

(in milioni di euro)31.12.201431.12.2013FOURTH QUARTER 2014FOURTH QUARTER 2013
Life segment operating result 2,978 2,585 727 574
Net premiums 44,699 40,826 13,102 11,226
Net insurance benefits and claims -53,893 -49,526 -14,925 -14,231
of which change in the provisions for unit and index-linked policies -5,965 -4,790 -1,594 -2,182
Acquisition and administration costs -4,668 -4,667 -1,339 -1,202
Acquisition and administration costs related to insurance business(*) -4,668 -4,667 -1,339 -1,202
Other acquisition and administration costs -1 -1 0 0
Net fee and commission income and net income from financial service activities 132 93 35 32
Net operating income from financial instruments at fair value through profit or loss 4,682 4,773 1,032 2,023
  of which net income from financial assets and liabilities related to unit and index-linked policies 3,300 4,101 724 1,823
Net operating income from other financial instruments 11,912 11,138 2,789 2,717
  Interest income and other income 10,631 10,243 2,722 2,538
  Net operating realized gains on other financial instruments and land and buildings (investment properties) 2,443 2,086 460 467
  Net operating impairment losses on other financial instruments and land and buildings (investment properties) -310 -391 -126 -74
  Interest expense on liabilities linked to operating activities -278 -263 -84 -63
  Other expenses from other financial instruments and land and buildings (investment properties) -574 -537 -182 -151
Net other operating expenses(**) 114 -52 32 9
Life segment non-operating result -381 -487 -73 -228
Net non-operating income from other financial instruments -238 -272 -34 -137
  Net non-operating realized gains on other financial instruments and land and buildings (investment properties)(***) 121 31 91 42
  Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)(***) -359 -303 -125 -179
Net other non-operating expenses(****) -143 -215 -39 -92
Life segment earnings before taxes 2,597 2,098 653 346

(*) Commissions related to investments contracts, which amounted to € -92 million (€ -107 million at 31 December 2013), are included in net fee and commission income and net income from financial service activities.
(**) 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 net of the share attributable to the policyholders.
(****) The amount is net of the share attributable to the policyholders in Germany and Austria.