Result of the period

The result of the period attributable to the Group amounted to € 1,915 million, a strong growth compared to € 94 million at 31 December 2012.

The tax rate decreased to 32% (77% at 31 December 2012). This result was mainly attributable to lower non-deductible impairments and higher realized gains on equities, compared to the previous year.
The result attributable to minority interests amounted to € -227 million (€ -277 at 31 December 2012), equal to a minority rate of 10.9%, decreasing principally due to the aforementioned purchases of the first tranche of the minority shares of GPH and the minority shares of Generali Deutschland Holding.

The result of discontinued operations, which amounted to € 560 million and includes the effects of the sales of operations in Mexico and in the USA, as well as the result of the sale of Fata, that, consistent with the application of IFRS 55, has been classified as discontinued operations as a result of the aforementioned sales agreements.

Result of the period

5. For further information on the accounting treatment, reference should be made to the paragraph on Discontinued Operations and Assets held for sale in the Notes.

Result of the period
 31.12.201331.12.2012FOURTH QUARTER 2013FOURTH QUARTER 2012
Earnings before taxes 2,402 1,553 -63 -536
Income taxes(*) -820 -1,239 -90 -428
Earnings after taxes 1,582 314 -152 -965
Profit or loss from discontinued operations 560 58 499 -18
Consolidated result of the period 2,142 371 347 -984
Result of the period attributable to the Group 1,915 94 324 -1,039
Result of the period attributable to minority interests 227 277 23 55

(*) 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).

Earning per share
 31.12.201331.12.2012
Result of the period (€ million) 1,915 94
- from continuing operations 1,379 59
- from discontinued operations 536 35
Weighted average number of ordinary shares outstanding 1,548,056,710 1,540,876,249
Basic earnings per share (€) 124 006
- from continuing operations 089 004
- from discontinued operations 035 002

Basic earnings per share are calculated by dividing the result of the period attributable to the Group by the weighted average
number of ordinary shares outstanding during the period, adjusted for the Parent Company’s average number of shares owned by itself or by other Group companies during the period.

Diluted earnings per share reflect the eventual dilution effect of potential ordinary shares.

 31.12.201331.12.2012
Result of the period (€ million) 1,915 94
- from continuing operations 1,379 59
- from discontinued operations 536 35
Weighted average number of ordinary shares outstanding 1,548,056,710 1,540,790,961
Adjustments for stock option 0 0
Weighted average number of ordinary shares outstanding for diluted earnings per share 1,548,056,710 1,540,790,961
Diluted earnings per share (€) 124 006
- from continuing operations 089 004
- from discontinued operations 035 002
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Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328