HOLDING AND OTHER BUSINESSES SEGMENT

The holding and other businesses segment includes the activities of the Group companies in the banking and asset management sectors, the costs incurred for the direction, coordination and financing activities, as well as all the other operations that the Group considers to be ancillary to the core insurance business.

The operating result of the aforementioned business sectors are summarised in the table below:

Risultato operativo del segmento holding e altre attività per settore

(€ million)31/12/201531/12/2014FOURTH QUARTER 2015FOURTH QUARTER 2014
Holding and other business Operating result 59 -5 4 -92
Financial 434 374 115 82
Holding operating expenses -429 -418 -71 -128
Other businesses 55 40 -40 -47

The operating result of the holding and other businesses segment amounted to € 59 million, increased compared to the € -5 million at 31 December 2014. This trend was determined by the increase in the performance of the financial segment, especially thanks to the result of Banca Generali, and the improvement in the results of the other businesses, only partially offset by the increase in the holding operating expenses.

The operating result of the financial segment registered an increase, and amounted to € 434 million (€ 374 million at 31 December 2014), up by 16.0%. The result includes the operating result of Banca Generali which amounted to € 252 million, up by 14% (€ 221 million at 31 December 2014).

The improvement in the performance of the financial segment, to which the Asset Management in China also contributed, is mainly due to the net result of financial activities, which benefitted from higher net fees, only partially absorbed by the increase in the acquisition and administration costs.

The operating result of the aforementioned business sectors are summarised in the table below: As at 31 December 2015, the third party assets managed by the banks and the asset management Group companies amounted to € 44,323 million (€ 43,795 million at 31 December 2014), increasing by 1.2%.

Operating holding expenses amounted to € -429 million (€ -418 million at 31 December 2014). The increase in holding expenses was due to the strengthening of the Head Office structures, which began in 2013 and continued through 2014 - also with reference to the new Solvency II regime transaction - and development of the Regional Offices in charge of managing, coordinating and controlling the business in key areas in terms of growth opportunities, such as Asia. As noted above, in the fourth quarter, this result included the revenues for brand royalties paid to the Head Office for marketing and branding activities.

The operating result of other businesses amounted to € 55 million, up compared to the € 40 million recorded in the corresponding period of the previous year.

Operating result of the holding and other businesses segment

 31/12/201531/12/2014 FOURTH QUARTER 2015FOURTH QUARTER 2014
Holding and other businesses operating result 59 -5 4 -92
Net earned premiums 0 1 0 0
Net insurance benefits and claims 0 0 0 0
Acquisition and administration costs -360 -363 -95 -92
Fee and commission income and income from financial service activities 697 534 200 158
Net operating income from financial instruments at fair value through profit or loss 8 6 -7 5
Net operating income from other financial instruments 255 295 22 -13
  Interests and other income 397 472 94 96
  Net operating realized gains on other financial instruments and land and buildings (investment properties) 70 60 1 0
  Net operating impairment losses on other financial instruments and land and buildings (investment properties) -7 -10 -1 -3
  Interest expenses on liabilities linked to to operating activities -123 -145 -41 -54
  Other expenses from other financial instruments and land and buildings (investment properties) -81 -82 -31 -52
Net other operating expenses -111 -59 -45 -22
Operating holding expenses -429 -418 -71 -128
Holding and other businesses non-operating result -941 -917 -366 -245
Net non-operating income from financial instruments at fair value through profit or loss 3 0 8 -17
Holding and other businesses non-operating result -944 -917 -375 -228
 Net non-opeating income from other financial instruments -106 -72 -164 -31
  Net non-operating realized gains on ither financial instruments and land and buildings (investment properties) 70 -34 11 -49
  Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) -176 -38 -174 18
Net other non-operating expenses -73 -26 0 16
Non operating holding expenses -764 -819 -211 -213
  Interest expenses on financial debt -684 -741 -171 -177
  Holding non recurring expenses -81 -78 -40 -36
Holding and other businesses result before taxes -881 -922 -363 -337