Non-operating result

Non-operating result
      Fourth quarter
2012
Fourth quarter
2012
(€ mln) 31.12.2012 31.12.2011 2012 2011
Consolidated non-operating result -2,496 -2,013 -1,450 -550
Net non-operating income from financial instruments at fair value through profit or loss 30 -34 9 -6
Net non-operating income from other financial instruments(1)
-1,393 -907 -1,069 -193
Net non-operating realized gains on other financial instruments and land and buildings (investment properties) 3 180 -45 100
Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) -1,396 -1,087 -1,024 -293
Non-operating holding expenses -673 -680 -177 -183
Interest expenses on financial debt -668 -646 -175 -162
Other non-operating holding expenses -5 -34 -2 -22
Net other non-operating expenses(2) -460 -392 -214 -167

(1) The amount is gross of interest expense on liabilities linked to financing activities.

(2) The amount is net of the share attributable to the policyholders in Germany and Austria.

The non-operating result of the Group went from € −2,013 million as of 31 December 2011 to €−2,496 million.

In particular:

  • net impairment losses went from € −1,087 million on 31 December 2011 to € −1,396 million. While the data of previous year had been impacted by impairments in particular on Greek government bonds, the impairments recognized during 2012 were instead mainly related to equity portfolios and to investments in subsidiaries, associated companies and joint ventures, among which the additional impairment of Telco;
  • net realized gains increased, totaling € 3 million (€ 180 million to 31 December 2011) given reduced realized gains on investments;
  • net non-operating income from financial instruments at fair value through profit or loss increased to € 30 million (€−34 million at 31 December 2011), benefiting from the recovery in the value of investments determined by the positive performance of financial markets;
  • net other non-operating expenses, which include net non-recurring income and the amortization of the value of acquired portfolios, amounted to € −460 million (€ −392 million at 31 December 2011), of which € 184 million was associated with the amortization of the value of acquired portfolios (€ 196 million at 31 December 2011). The increase was due to increased allocations to the non-recurring risks funds;
  • non-operating holding expenses, essentially composed of interest expenses on financial liabilities, remained substantially stable at € −673 million (€ −680 million at 31 December 2011).