Business performance

Life segment operating result
(€ million)31.12.201331.12.2012FOURTH QUARTER 2013FOURTH QUARTER 2012
Life segment operating result 2,645 2,535 573 422
Net  premiums 40,971 40,949 11,251 11,720
Net insurance benefits and claims -49,697 -47,959 -14,285 -12,759
of which change in the provisions for unit and index-linked policies -4,788 -4,150 -2,183 -871
Acquisition and administration costs -4,692 -4,828 -1,204 -1,381
Acquisition and administration costs related to insurance business(*) -4,690 -4,827 -1,204 -1,380
Other acquisition and administration costs -1 -1 0 0
Net fee and commission income and net income from financial service activities 93 56 32 -14
Net operating income from financial instruments at fair value through profit or loss 4,853 5,937 2,062 1,610
of which net income from financial assets and liabilities related to unit and index-linked policies 4,101 4,563 1,823 1,155
Net operating income from other financial instruments 11,178 8,362 2,712 1,215
Interest income and other income 10,286 10,163 2,531 2,465
Net operating realized gains on other financial instruments and land and buildings (investment properties) 2,089 955 470 455
Net operating impairment losses on other financial instruments and land and buildings (investment properties) -390 -1,978 -71 -1,469
Interest expense on liabilities linked to operating activities -261 -259 -63 -89
Other expenses from other financial instruments and land and buildings (investment  properties) -545 -520 -155 -146
Net other operating expenses(**) -62 18 5 30
Life segment non-operating result -545 -902 -278 -562
Net non-operating income from other financial instruments -304 -754 -171 -527
Net non-operating realized gains on other financial instruments and land and buildings (investment properties)(***) 32 -164 43 -95
Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)(***) -336 -590 -214 -433
Net  other  non-operating  expenses(****) -240 -148 -106 -35
Life segment earnings before taxes 2,100 1,633 296 -140

(*) Commissions related to investment contracts, which amounted to € - 107 million (€ - 143 million at 31 December 2012), are included in net fee and commission income and net income from financial service activities.

(**) 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).

(***) 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.

Non-operating result

The non-operating result of the life segment improved, from € -902 million at 31 December 2012 to € -545 million as a result of lower non-operating impairment losses, especially on equities portfolios, and higher non-operating net realized gains.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328