Business performance

Operating result - life segment
(€ million) 31.12.2012 31.12.2011 Fourth quarter
2012
Fourth quarter
2011
Operating result - life segment 2,658 2,542 462 564
Net premiums 42,138 42,076 12,054 10,752
Net insurance benefits and claims -49,099 -40,770 -13,077 -12,413
of which change in the provisions for unit and index-linked policies -4,150 2,132 -871 -865
Acquisition and administration costs -4,985 -5,176 -1,430 -1,445
Acquisition and administration costs related to insurance business(1) -4,984 -5,137 -1,430 -1,434
Other acquisition and administration costs -1 -39 0 -11
Net fee and commission income and net income from financial service activities 56 178 -14 52
Net operating income from financial instruments at fair value through profit or loss 5,937 -3,055 1,615 1,167
of which net income from financial assets and liabilities related to unit and index-linked policies 4,563 -3,159 1,155 988
Net operating income from other financial instruments 8,600 9,336 1,285 2,474
Interest income and other income 10,441 11,030 2,553 2,788
Net operating realized gains on other financial instruments and land and buildings (investment properties) 967 2,019 455 554
Net operating impairment losses on other financial instruments and land and buildings (investment properties) -1,979 -2,967 -1,469 -667
Interest expense on liabilities linked to operating activities -309 -269 -107 -66
Other expenses from other financial instruments and land and buildings (investment properties) -521 -476 -146 -134
Net other operating expenses(2) 13 -47 29 -23
Non-operating result - life segment -908 -744 -567 -262
Net non-operating income from other financial instruments -754 -579 -527 -189
Net non-operating realized gains on other financial instruments and land and buildings (investment properties)(3) -164 -143 -95 -48
Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)(4) -590 -436 -433 -141
Net other non-operating expenses(4) -154 -165 -40 -73
Earnings before taxes - life segment 1,750 1,798 -105 302

(1) Commissions related to investment contracts, which amounted to € 122.5 million (€ 113.7 million at 31 December 2010), are included in net fee and commission income and net income from financial service activities.

(2) At 31 December 2011 the amount is net of operating taxes for € 64.1 million (€ 40 million at 31 December 2010) and of non-recurring taxes shared with the policyholders in Germany for € 45.7 million.

(3) The amount is net of the share attributable to the policyholders.

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