Operating result

Operating result

 

The operating result of the Group amounted to € 4,207 million (€ 3,994 million at 31 December 2012), at performance levels similar to those recorded since the beginning of the 2008 financial and economic crisis, despite macroeconomic and regulatory difficulties, an environment of low interest rates and a series of catastrophic events that significantly impacted the Group.

All components of this result have contributed to the 5.3% increase, particularly in the life segment, which benefited from increased technical performance. The operating result of the nonlife segment also increased despite the aforementioned impact of catastrophic events, as well as that of the financial segment.

Holding expenses increased, also as a result of the investments needed to support the strategic initiatives announced in January and in course of implementation.

In line with the strategic objective of increasing the Group’s operating profitability, the operating return on equity was 12.1%, increasing from 11.3% at 31 December 2012.

Operating result
(€ million)31.12.201331.12.2012FOURTH
QUARTER 2013
FOURTH
QUARTER 2012
Consolidated operating result 4,207 3,994 859 864
Net earned premiums 60,796 60,734 16,172 16,400
Net insurance benefits and claims -63,295 -61,567 -17,705 -15,777
Acquisition and administration costs -10,924 -11,068 -2,801 -2,937
Net fee and commission income and net income from financial service activities 815 764 223 174
Net operating income from financial instruments at fair value through profit or loss 5,062 6,140 2,129 1,673
Net operating income from other financial instruments 12,602 9,694 3,095 1,571
Interest income and other income 12,017 11,952 2,970 2,930
Net operating realized gains on other financial instruments and land and buildings (investment properties) 2,160 964 494 462
Net operating impairment losses on other financial instruments and land and buildings (investment properties) -407 -2,002 -88 -1,481
Interest expense on liabilities linked to operating activities -547 -569 -131 -170
Other expenses from other financial instruments and land and buildings (investment properties) -620 -651 -150 -171
Operating holding expenses -354 -313 -87 -92
Net other operating expenses(*) -495 -390 -167 -148

(*) At 31 December 2013 the amount is net of operating taxes for € 64 million and of non-recurring taxes shared with the policyholders in Germany for € 14 million (at 31 December 2012 respectively for € 64 million and € 21 million).

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Operating result by segment103.7 KB
Life Operating result by driver117.57 KB
P&C Operating result by driver117.42 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328