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Acquisition and administration costs

 
 Financial segment
(€ million) 31.12.2011 31.12.2010
Net acquisition costs and other commissions 0.0 0.0
Investment management expenses (*) -0.1 -4.5
Other administration costs 915.3 900.0
Total 915.2 895.5

(*) Before the elimination of intra-group transactions between segments

 

The increase in operating expenses was primarily due to the BSI Group's ongoing development programmes in the Far East, the cost of which amounted to € 75.7 million at 31 December 2011 (€ 55.2 million at 31 December 2010), owing to the increase in the asset managed in this area, which amount to € 5,682.8 million at 31 December 2011.

Finally, the cost income ratio went from 70.5% at 31 December 2010 to 73.2% as a result of the asset managed development.

 

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Financial segment60.39 KB