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) | 31/12/2015 | 31/12/2014 | FOURTH QUATER 2015 | FOURTH 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.