Operating result

Financial segment operating result
(€ million)31.12.201331.12.2012FOURTH QUARTER 2013FOURTH QUARTER 2012
Financial segment operating result 483 408 116 88
Net operating result from financial activities 1,464 1,365 384 343
Intermediation margin 1,480 1,387 401 352
Net interest income 379 399 96 94
Dividends and other income 26 29 2 5
Fee and commission income and income from financial service activities 883 827 242 206
Other net income from financial instruments at fair value through profit or loss 127 133 37 42
Net operating gains on other financial instruments 65 0 24 5
Net operating impairment losses on other financial instruments -17 -22 -16 -9
Acquisition and administration costs -842 -862 -214 -225
Net other operating expenses -139 -95 -55 -30
Financial segment non-operating result -188 9 -243 35
Non-operating income from investments 50 -61 -41 -56
Net non-operating realized gains on other financial instruments and land and buildings
(investment  properties)
45 -2 -41 0
Net non-operating impairment losses on other financial instruments and land and buildings
(investment  properties)
5 -59 0 -57
Net other non-operating expenses -238 71 -202 91
Financial segment earnings before taxes 294 417 -128 123

The operating result of the financial segment increased sharply to € 483 million (€ 408 million at 31 December 2012).

The net investment result increased, driven both by higher net fee and commission income and increased net realized gains, particularly on equities. Finally, impairment losses through profit and loss decreased.

Acquisition and administration costs slightly decreased, whereas the rise in net other operating expenses was due mainly to higher allocations to risk provisions.

Lastly, the cost income ratio went from 69.0% at 31 December 2012 to 66.3% mainly due to the development of the net investment result.

Non-operating result

The non-operating result in the financial segment decreased from € 9 million at 31 December 2012 to € -188 million. This deterioration is due to the amortization of the residual value of the customer portfolio of the asset management sector referable to the Banca Svizzera Italiana group determined after the review of the useful life of the customer portfolio.

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Financial segment key financial indicators97.42 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328