GROUP RESULT

Group results

Thanks to improvements in the operating and non-operating results noted above, the result for the period attributable to the Group amounted to € 2,030 million, showing a considerable increase (+21.6%) over the € 1,670 million recorded at 31 December 2014. The tax rate was 32.6% (35% at 31 December 2014).

The tax rate was 32.6% (35% at 31 December 2014). Compared to the previous year, this rate was mainly due to the reduction in IRAP (Italian regional tax on production) and removal of the extraordinary charge for the substitute tax on the revaluation of Banca d’Italia paid in 2014.

The result attributable to minority interests, amounted to € 229 million, which corresponds to a minority rate of 10.1% (9.8% at 31 December 2014) was improved from € 182 million of the previous year due to the increase in results of Banca Generali and in China.

The result from discontinued operations, amounted to € -35 million (€ -69 million at 31/12/2014) and includes the overall effects of the disposal of BSI, completed in the third quarter of the year. 

From operating result to net result

(€ million)31/12/201531/12/2014FOURTH QUATER 2015FOURTH QUATER 2015
Consolidated operating result 4,785 4,508 946 840
Net earned premiums 68,507 64,322 18,789 18,029
Net insurance benefits and claims -69,091 -67,003 -20 -18,224
Acquisition and administration costs -10,724 -10,346 -2,836 -2,807
Net fee and commission income and net income from financial service activities 494 490 121 150
Operating investment result 16,615 17,837 5,167 4,01
Net operating income from financial instruments at fair value through profit or loss 3,207 4,755 2,044 1,056
 Net operating income from other financial instruments 13,408 13,082 3,123 2,954
   Interest income and other income 12,263 12,097 3,076 3,005
   Net operating realized gains on other financial instruments and land and buildings (investiment properties) 2,434 2,504 283 460
   Net operating realized losses on other financial instruments and land and buildings -341 -320 4 -129
   Interest expense on liabilities linked to operating activities -411 -518 -103 -162
   Other expenses from other financial instruments and land and buildings (investiment properties) -538 -681 -137 -221
Operating holding expenses -429 -418 -71 -128
Net other operating expenses(*) -586 -373 -224 -190
Consolidated non-operating result -1,318 -1,464 -452 -540
Non operating investment result 159 -203 -88 -184
  Net non-operating income from financial instruments at fair value through profit or loss -96 -263 -35 -159
  Net non-operating income from other financial instruments(**) 255 60 -53 -25
   Net non-operating realized gains on other financial instriments and land and buildings (investiment properties) 758 874 185 284
  Net non- operting impairment losses on other financial instruments and land and buildings (investiment properties) -503 -813 -239 -310
Non-operating holding expenses -764 -819 -211 -213
 Interest expenses on financial debt -684 -741 -171 -177
  Other non-operating holding expenses -81 -78 -40 -36
 Net other non-operating expenses(***) -712 -441 -154 -142
Earning before taxes 3,467 3,045 493 301
Income taxes(*) -1,173 -1,124 -131 -137
Earnings after taxes 2,295 1,921 362 163
Profit or loss from discontinued operations -35 -69 0 -61
Consolidated result of the period 2,259 1,852 362 102
 Result of the period attributable to the Group 2,030 1,670 304 81
  Result of the period attributable to minority interests 229 182 58 21

(*) At 31 December 2015 the amount is net of operating taxes for € 64 million and of non-recurring taxes shared with the policyholders in Germany for € -3 million (at 31 December 2014 respectively for € 64 million and € 27 million).
(**) The amount is gross of interest expense on liabilities linked to financing activities.
(***) The amount is net of the share attributable to the policyholders in Germany and Austria.