Profit and loss account

			(€ million)	31.12.2011	31.12.2010
	1.1		Net earned premiums	62,738.5	65,726.5	note	note
		1.1.1	Gross earned premiums	65,666.2	68,400.3
		1.1.2	Earned premiums ceded	-2,927.7	-2,673.8
	1.2		Fee and commission income and income from financial service activities	1,414.3	1,324.2	note	note
	1.3		Net income from financial instruments at fair value through profit or loss	-3,276.9	4,631.8	note	note
			of which net income from financial instruments where the investment risk is borne by the policyholders and related to pension funds	-3,162.6	3,822.9
	1.4		Income from subsidiaries, associated companies and joint ventures	403.8	110.2	note	note
	1.5		Income from other financial instruments and land and buildings (investment properties)	17,357.5	16,157.2	note	note
		1.5.1	Interest income	10,607.3	10,207.7
		1.5.2	Other income	2,176.3	2,094.6
		1.5.3	Realized gains	4,372.6	3,647.6
		1.5.4	Unrealized gains and reversal of impairment losses	201.3	207.3
	1.6		Other income	2,363.5	2,829.2	note	note
1			TOTAL INCOME	81,000.7	90,779.2
	2.1		Net insurance benefits and claims	-55,036.5	-67,720.0	note	note
		2.1.1	Claims paid and change in insurance provisions	-56,828.0	-69,541.0
		2.1.2	Reinsurers' share	1,791.5	1,821.0
	2.2		Fee and commission expenses and expenses from financial service activities	-480.9	-455.9	note	note
	2.3		Expenses from subsidiaries, associated companies and joint ventures	-728.4	-23.9	note	note
	2.4		Expenses from other financial instruments and land and buildings (investment properties)	-7,681.1	-4,034.7	note	note
		2.4.1	Interest expense	-1,295.0	-1,237.1
		2.4.2	Other expenses	-414.0	-382.9
		2.4.3	Realized losses	-2,367.1	-1,305.0
		2.4.4	Unrealized losses and impairment losses	-3,605.0	-1,109.8
	2.5		Acquisition and administration costs	-11,984.0	-11,892.3	note	note
		2.5.1	Commissions and other acquisition costs	-8,526.0	-8,423.9
		2.5.2	Investment management expenses	-127.2	-208.6
		2.5.3	Other administration costs	-3,330.8	-3,259.8
	2.6		Other expenses	-3,285.2	-3,815.6	note	note
2			TOTAL EXPENSES	-79,196.1	-87,942.4
			EARNINGS BEFORE TAXES	1,804.6	2,836.8
3			Income taxes	-651.8	-869.3	note	note
			EARNINGS AFTER TAXES	1,152.8	1,967.5
4			RESULT OF DISCONTINUED OPERATIONS	-0.1	50.8
			CONSOLIDATED RESULT OF THE PERIOD	1,152.7	2,018.3
			Result of the period attributable to the Group	856.1	1,701.9
			Result of the period attributable to minority interests	296.6	316.4
			EARNINGS PER SHARE:
			Earnings per share (in €)	0.56	1.10
			from continuing operation	0.56	1.10
			Diluted earnings per share (in €)	0.56	1.10
			from continuing operation	0.56	1.10