The non-operating result of the property&casualty segment improved to € -67 million (€ -184 million at 31 December 2014).
The non-operating investment result was increased due to the reduction in impairment which improved from € -417 million at 31 December 2014 to € 194 million. This reflects lower impairment losses on equity investments compared to the corresponding period of the previous year. This trend was partially offset by the decrease in net realized gains which amounted to € 662 million (€ 769 million at 31 December 2014).
Moreover, the net income from financial instruments at fair value through profit or loss increased, amounting to € -100 million (€ -263 million at 31 December 2014) thanks to the performance in certain financial markets during the year.
The net other non-operating expenses increased, amounting to € -435 million (€ -273 million at 31 December 2014), of which € -55 million related to the amortization of the value of acquired portfolios (€ -63 million at 31 December 2014). This was mainly due to the higher restructuring costs incurred during 2015 and more allocations to the risk provisions in the first half of 2015.
PROPERTY&CASUALTY OPERATING RESULT
| (€ million) | 31/12/2015 | 31/12/2014 | FOURTH QUARTER 2015 | FOURTH QUARTER 2014 |
| Property&Casualty operating result | 1,987 | 1.831 | 382 | 300 |
| Net earned premiums | 19,818 | 19,622 | 4,997 | 4,927 |
| Net insurance benefits and claims | -13,081 | -13,110 | -3,334 | -3,300 |
| Acquisition and administration costs | -5,410 | -5,315 | -1,400 | -1,376 |
| Acquisition and administration costs related to insurance business | -5,404 | -5,312 | -1,399 | -1,375 |
| Other acquisition and administration costs | -6 | -3 | -1 | -1 |
| 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 | 83 | 68 | 27 | 19 |
| Net operating income from other financial instruments | 960 | 965 | 228 | 205 |
| Interest income and other income | 1,231 | 1,290 | 291 | 282 |
| Interest expense on liabilities linked to operating activities | -85 | -102 | -22 | -24 |
| Other expenses from other financial instruments and land and buildings (investment properties) | -185 | -224 | -41 | -53 |
| Net other operating expenses | -383 | -399 | -137 | -175 |
| Property&Casualty non-operating result | -67 | -184 | 35 | -240 |
| Net non-operating income from financial instruments at fair value through profit or loss | -100 | -263 | -43 | -142 |
| Net non-operating income from other financial instruments | 468 | 352 | 153 | 21 |
| Net realized gains on other financial instruments and land and buildings (investment properties) | 662 | 769 | 174 | 223 |
| Net impairment losses on other financial instruments and land and buildings (investment properties) | -194 | -417 | -21 | -202 |
| Net other operating expenses | -435 | -273 | -75 | -119 |
| Property&Casualty earnings before taxes | 1,920 | 1,646 | 417 | 60 |