Net operating profit increased by 79% from EUR 1,376 million to EUR 2,466 million. Value adjustments to the equity portfolio contributed EUR 257 million, compared with a loss of EUR 585 million last year. Net realised capital gains were down by EUR 226 million, or 42%, to EUR 307 million. Net operating profit before realised capital gains increased by EUR 474 million, or 33%, to EUR 1,902 million or by 53% excluding Assurant and Seguros Bilbao.
Net profit doubled from EUR 1,348 million to EUR 2,716 million, benefiting from EUR 250 million in non-operating items, mainly in respect of gains realised on the sale of 65% of Assurant and of Seguros Bilbao. Earnings per share amounted to EUR 2.09 compared with EUR 1.04 last year. Based on the last twelve months, return on equity came to 29.1%.
The Banking business's net operating profit increased by 40% to EUR 1,591 million. Substantial increases in net interest income (+7%) and commissions (+10%) were offset by lower net realised capital gains and a lower trading result within other revenues. A 3% reduction in operating expenses together with sharply lower value adjustments to loans were the main drivers of the strong improvement in results.
The Insurance business's net operating profit more than doubled from EUR 411 million to EUR 996 million. Excluding Assurant and Seguros Bilbao, net operating profit increased from EUR 150 million to EUR 915 million. Value adjustments to the equity portfolio added EUR 225 million to net operating profit, whereas last year they depressed it by EUR 592 million. Net realised capital gains came down by EUR 154 million. Excluding Assurant and Seguros Bilbao, net operating profit before realised capital gains increased by 18% as a result of a continued good performance at Life and an excellent performance at Non-life.
