Non-operating result

Non-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)31.12.201431.12.2013FOURTH
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