Business performance

Operating result
(€ million)31.12.201331.12.2012FOURTH QUARTER
2013
FOURTH QUARTER
2012
Property&casualty operating result 1,616 1,561 291 482
Net earned premiums 19,825 19,785 4,921 4,680
Net insurance benefits and claims -13,598 -13,603 -3,420 -3,013
Acquisition and administration costs -5,391 -5,378 -1,383 -1,332
Acquisition and administration costs related to insurance business -5,371 -5,363 -1,375 -1,326
Other acquisition and administration costs -20 -15 -8 -6
Fee and commission income and income from financial service activities 0 0 0 0
Net operating income from financial instruments at fair value through profit or loss 50 50 24 16
Net operating income from other financial instruments 1,000 988 247 258
Interest income and other income 1,403 1,413 345 351
Interest expense on liabilities linked to operating activities -156 -152 -34 -42
Other expenses from other financial instruments and land and buildings (investment properties) -248 -273 -65 -51
Net other operating expenses -270 -280 -98 -126
Property&casualty non-operating result -266 -872 -192 -705
Net non-operating income from financial instruments at fair value through profit or loss -206 28 -132 8
Net non-operating income from other financial instruments 466 -566 321 -480
Net realized gains on other financial instruments and land and buildings (investment properties) 758 170 455 49
Net impairment losses on other financial instruments and land and buildings (investment properties) -292 -736 -134 -530
Net other non-operating expenses -527 -335 -381 -233
Property&casualty earnings before taxes 1,350 688 99 -223

Operating result: Other operating items

Other operating items of the property&casualty segment, which primarily include non-insurance operating expenses, depreciation and amortization of tangible assets and multiannual costs, provisions for recurring risks and other taxes, decreased to € -220 million (€ -270 million at December 31, 2012) mainly due to lower provisions for risks.

Non-operating result

The non-operating result of the property&casualty segment improved to € -266 million (€ -873 million at 31 December 2012).

In particular, the non-operating investment result increased, benefitting both from the growth in net realized gains, at € 758 million (€ 170 million at 31 December 2012), and the reduction in impairment losses, mainly on equity portfolios, which amounted to € -292 million (€ -736 million al 31 December 2012). In particular, it should be noted that the updated regulation10 containing among other, the value of the shares of Banca d’Italia has determined, in accordance with international accounting standards, the de-recognition of the Banca d’Italia securities held by the Group and the recognition of new securities. This operation resulted in realized gains of € 290 million, equal to the difference between the carrying value of the old shares and the current value of the new shares.

This positive trend was only partially offset by the decrease in net income from financial instruments at fair value through profit or loss, which amounted to € -206 million (€ 28 million at 31 December 2012).

Net other non-operating expenses decreased to € -527 million (€ -335 million at 31 December 2012), of which € -70 million related to the amortization of the value of acquired portfolios (€ -75 million at 31 December 2012). This trend is mainly due to the special provision recorded in France, following the new regulations of the market on the bodily injury insurance for an amount of € 193 million.

10 The law decree - dl 133/2013, converted into law 29 January 2014 (Law no. 5 of 29 January 2014).

AttachmentSize
P&C key financial Indicators157.06 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328