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
|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|