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) | 31.12.2014 | 31.12.2013 | FOURTH QUARTER 2014 | FOURTH 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.