NON-OPERATING RESULT

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)31/12/201631/12/2015Change
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%