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 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