NON-OPERATING RESULT

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 result1,9871.831382300
Net earned premiums19,81819,6224,9974,927
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 activities0000
Net operating income from financial instruments at fair value through profit or loss83682719
Net operating income from other financial instruments960965228205
 Interest income and other income 1,2311,290291282
 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-67-18435-240
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 instruments46835215321
 Net realized gains on other financial instruments and land and buildings (investment properties)662769174223
 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 taxes1,9201,64641760