The result of the period attributable to the Group stood at € 2,309 million, showing an increase of 9.4% over the € 2,110 million posted at 31 December 2017, and reflected:
- the improvement in the aforementioned operating result;
- the result of discontinued operations of € 173 million, related to the disposal of the German, Belgian and Guernsey businesses and to the gain from the disposal of the Irish company for € 49 million. In 2017, the item had included the impairment on the Dutch operations;
- a slight decline in taxation. The tax rate remained substantially unchanged, going from 32.7% to 32.6%;
- the result attributable to minority interests, equal to € 189 million, which corresponded to a minority rate of 7.6% (8.1% at 31 December 2017) and which increased compared to last year (€ 185 million), mainly reflecting the trend of Asia.
From operating result to result of the period
| (€ million) | 31/12/2018 | 31/12/2017 | Change |
|---|---|---|---|
| Consolidated operating result | 4,857 | 4,713 | 3.0% |
| Net earned premiums | 63,405 | 61,137 | 3.7% |
| Net insurance benefits and claims | -52,032 | -60,853 | -14.5% |
| Acquisition and administration costs | -10,393 | -10,260 | 1.3% |
| Net fee and commission income and net income from financial service activities | 428 | 420 | 1.9% |
| Operating investment result | 3,959 | 14,971 | -73.6% |
| Net operating income from financial instruments at fair value through profit or loss | -6,018 | 3,912 | n.m. |
| Net operating income from other financial instruments | 9,977 | 11,059 | -9.8% |
| Interest income and other income | 10,560 | 10,634 | -0.7% |
| Net operating realized gains on other financial instruments and land and buildings (investment properties) | 1,215 | 1,568 | -22.5% |
| Net operating impairment losses on other financial instruments and land and buildings (investment properties) | -836 | -274 | n.m. |
| Interest expense on liabilities linked to operating activities | -333 | -337 | -1.1% |
| Other expenses from other financial instruments and land and buildings (investment properties) | -628 | -532 | 18.1% |
| Operating holding expenses | -467 | -454 | 2.9% |
| Net other operating expenses (*) | -44 | -247 | -82.3% |
| Consolidated non-operating result | -1,361 | -1,109 | 22.8% |
| Non operating investment result | -155 | 65 | n.m. |
| Net non-operating income from financial instruments at fair value through profit or loss | 11 | 26 | -59.0% |
| Net non-operating income from other financial instruments (**) | -166 | 40 | n.m. |
| Net non-operating realized gains on other financial instruments and land and buildings (investment properties) | 265 | 311 | -14.6% |
| Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) | -431 | -271 | 59.0% |
| Non-operating holding expenses | -795 | -755 | 5.2% |
| Interest expenses on financial debt | -666 | -673 | -1.0% |
| Other non-operating holding expenses | -128 | -82 | 56.1% |
| Net other non-operating expenses | -411 | -419 | -1.8% |
| Earning before taxes | 3,496 | 3,605 | -3.0% |
| Income taxes (*) | -1,172 | -1,241 | -5.6% |
| Earnings after taxes | 2,324 | 2,364 | -1.7% |
| Profit or loss from discontinued operations | 173 | -68 | n.m. |
| Consolidated result of the period | 2,497 | 2,295 | 8.8% |
| Result of the period attributable to the Group | 2,309 | 2,110 | 9.4% |
| Result of the period attributable to minority interests | 189 | 185 | 1.8% |
(*) At 31 December 2018 the amount is net of operating taxes for € 52 million and of non-recurring taxes shared with the policyholders in Germany for € -6 million (at 31 December 2017 for € 52 million and € 42 million, respectively).
(**) The amount is gross of interest expenses on liabilities linked to financing activities.