NON OPERATING RESULT

The non-operating result of the life segment improved, from € -381 million at 31 December 2014 to € -312 million thanks to the increase in the non-operating result of investments, following the lower net impairment losses, which amounted to € -132 million (€ -359 million at 31 December 2014 mainly due to impairment of the equity investment in Ingosstrakh). This was partially offset by the lower realized gains on the equities that decrease from € 121 million to € 24 million.

The other non-operating expenses increased, amounting to € -204 million (€ -143 million at 31 December 2014), of which € -86 million related to the amortization of the value of acquired portfolios (€ -76 million at 31 December 2014). This trend is mainly due to certain non-recurring costs that were registered in 2015.

Life segment operating result

 (€ million)   31/12/2015 31/12/2014 FOURTH QUARTER 2015 FOURTH QUARTER 2014
 Life segment operating result   2,965 2,978 627 727
 Net premiums   48,689 44,699 13,792 13,102
 Net insurance benefits and claims   -56,01 -53,893 -16,666 -14,924
 of which change in the provisions for unit and index-linked policies   -5,564 -5,965 -2,239 -1,594
 Acquisition and administration costs   -4,953 -4,668 -1,341 -1,339
 Acquisition and administration costs related to insurance business(*)   -4,953 -4,668 -1,341 -1,339
 Other acquisition and administration costs   -1 -1 0 0
 Net fee and commission income and net income from financial service activities   142 132 31 35
 Net operating income from financial instruments at fair value through profit or loss   3,117 4,682 2,024 1,032
 of which net income from financial assets and liabilities related to unit and index-linked policies   2,276 3,300 1,681 724
 Net operating income from other financial instruments   12,024 11,912 2,808 2,789
 Interest income and other income   10,855 10,631 2,761 2,722
 Net operating realized gains on other financial instruments and land and buildings (investment properties)   2,365 2,443 283 460
 Net operating impairment losses on other financial instruments and land and buildings (investment properties)   -334 -310 5 -126
 Interest expense on liabilities linked to operating activities   -214 -278 -51 -84
 Other expenses from other financial instruments and land and buildings (investment properties)   -649 -574 -191 -182
 Net other operating expenses(**)   -43 114 -20 32
 Life segment non-operating result   -312 -381 -121 -73
 Net non-operating income from other financial instruments   -108 -238 -43 -34
 Net non-operating realized gains on other financial instruments and land and buildings (investment properties)(***)   24 121 1 91
 Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)(***)   -132 -359 -44 -125
 Net other non-operating expenses(****)   -204 -143 -78 -39
 Life segment earnings before taxes   2,653 2,597 506 653

(*) Commissions related to investments contracts, which amounted to € -94 million (€ -92 million at 31 December 2014), are included in net fee and commission income and net income from financial service activities.
(**) 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 net of the share attributable to the policyholders.
(****) The amount is net of the share attributable to the policyholders in Germany and Austria. 94