C _ Group Management Report CORPORATE AND OTHER A substantial decrease in our net loss was largely due to both a significantly higher non-operating investment result as well as an Key figures Corporate and Other1 improvement in our operating result. However, a lower income tax € mn result had a partly offsetting effect. 2021 2020 Delta Operating revenues 3,341 2,969 372 Operating expenses (4,113) (3,800) (313) Operating result (772) (831) 59 Net loss (964) (1,216) 252 Earnings summary Our operating result improved in 2021, as the operating investment result went up compared to the previous year. Administrative expenses remained almost stable. 1_For further information on Corporate and Other figures, please refer to note 4 to the Consolidated Financial Statements. Annual Report 2021 − Allianz Group 85