Ita
EngNon-operating result
The non-operating result of the property&casualty segment worsened to € -184 million (€ -106 million at 31 December 2013). In particular, the non-operating investment result decreased, despite the increase of the net realized gains which amounted to € 769 million (€ 726 million at 31 December 2013). The impairment losses, mainly on equity portfolios, increased to € -417 million (€ -258 million al 31 December 2013).
Moreover also the net income from financial instruments at fair value through profit or loss decreased to € -263 million (€ -207 million at 31 December 2013).
Net other non-operating expenses increased, amounting to € -273 million (€ -368 million at 31 December 2013), of which € -63 million related to the amortization of the value of acquired portfolios (€ -70 million at 31 December 2013). This trend is mainly due to the one-off effect registered during 2013.
Property&Casualty operating result
| (€ million) | 31.12.2014 | 31.12.2013 | FOURTH QUARTER2014 | FOURTH QUARTER2013 |
|---|---|---|---|---|
| Property&Casualty operating result | 1,831 | 1,619 | 300 | 285 |
| Net earned premiums | 19,622 | 19,788 | 4,927 | 4,902 |
| Net insurance benefits and claims | -13,110 | -13,575 | -3,300 | -3,424 |
| Acquisition and administration costs | -5,315 | -5,38 | -1,376 | -1,379 |
| Acquisition and administration costs related to insurance business | -5,317 | -5,387 | -1,376 | -1,382 |
| Other acquisition and administration costs | -3 | -7 | -1 | -3 |
| Fee and commission income and income from financial service activities | 0 | 0 | 0 | 0 |
| Net operating income from financial instruments at fair value through profit or loss | 68 | 50 | 19 | 24 |
| Net operating income from other financial instruments | 965 | 984 | 205 | 231 |
| Interest income and other income | 1,290 | 1,360 | 282 | 325 |
| Interest expense on liabilities linked to operating activities | -102 | -143 | -24 | -30 |
| Other expenses from other financial instruments and land and buildings (investment properties) | -224 | -232 | -53 | -64 |
| Net other operating expenses | -399 | -249 | -175 | -70 |
| Property&Casualty non-operating result | -184 | -106 | -240 | -51 |
| Net non-operating income from financial instruments at fair value through profit or loss | -263 | -207 | -142 | -142 |
| Net non-operating income from other financial instruments | 352 | 468 | 21 | 329 |
| Net realized gains on other financial instruments and land and buildings (investment properties) | 769 | 726 | 223 | 427 |
| Net impairment losses on other financial instruments and land and buildings (investment properties) | -417 | -258 | -202 | -99 |
| Net other operating expenses | -273 | -368 | -119 | -238 |
| Property&Casualty earnings before taxes | 1,646 | 1,513 | 60 | 234 |