The non-operating result of the property&casualty segment worsened to € -251 million (€ -67 million at 31 December 2015).
The non-operating result for financial management was down due to the reduction in net realized gains from € 662 million to € 400 million at 31 December 2016 and higher impairment losses, which went from € -194 million at 31 December 2015 to € -262 million.
Net income from financial instruments at fair value through profit or loss remained stable, amounting to € -110 million (€ -100 million at 31 December 2015), while the other non-operating income and expenses decreased to € -280 million (€ -435 million at 31 December 2015), of which € -51 million related to the amortization of the value of acquired portfolios (€ -55 million at 31 December 2015). This performance can substantially be ascribed to lower restructuring costs incurred with respect to last year.
Property&Casualty operating result
| (€ million) | 31/12/2016 | 31/12/2015 | Change |
|---|---|---|---|
| Property&Casualty operating result | 2,044 | 1,987 | 2.9% |
| Net earned premiums | 19,685 | 19,818 | -0.7% |
| Net insurance benefits and claims | -12,836 | -13,081 | -1.9% |
| Acquisition and administration costs | -5,391 | -5,410 | -0.4% |
| Acquisition and administration costs related to insurance business | -5,388 | -5,404 | -0.3% |
| Other acquisition and administration costs | -2 | -6 | -62.4% |
| Fee and commission income and income from financial service activities | 0 | 0 | n.m |
| Net operating income from financial instruments at fair value through profit or loss | 87 | 83 | 5.2% |
| Net operating income from other financial instruments | 880 | 960 | -8.4% |
| Interest income and other income | 1,143 | 1,231 | -7.2% |
| Interest expense on liabilities linked to operating activities | -83 | -85 | -2.6% |
| Other expenses from other financial instruments and land and buildings (investment properties) | -179 | -185 | -3.2% |
| Net other operating expenses | -381 | -383 | -0.7% |
| Property&Casualty non-operating result | -251 | -67 | n.m |
| Net non-operating income from financial instruments at fair value through profit or loss | -110 | -100 | 9.9% |
| Net non-operating income from other financial instruments | 139 | 468 | -70.4% |
| Net realized gains on other financial instruments and land and buildings (investment properties) | 400 | 662 | -39.5% |
| Net impairment losses on other financial instruments and land and buildings (investment properties) | -262 | -194 | 34.8% |
| Net other operating expenses | -280 | -435 | -35.7% |
| Property&Casualty earnings before taxes | 1,794 | 1,920 | -6.6% |