The non-operating result of the life segment went from € -312 million at 31 December 2015 to € -464 million due to the decrease in the non-operating result of investments, reflecting the higher net impairment losses, which stood at € -246 million (€ -132 million at 31 December 2015) as well as lower realized gains (€ -1 million compared to € 24 million at 31 December 2015).
The other non-operating income and expenses increased, amounting to € -216 million (€ -204 million at 31 December 2015), of which € -87 million related to the amortization of the value of acquired portfolios (€ -86 million at 31 December 2015). This trend is mainly due to certain non-recurring costs that were made in 2016.
Life segment operating result
| (in milioni di euro) | 31/12/2016 | 31/12/2015 | Change |
|---|---|---|---|
| Life segment operating result | 3,127 | 2,965 | 5.5% |
| Net premiums | 45,667 | 48,689 | -6.2% |
| Net insurance benefits and claims | -51,127 | -56,010 | -8.7% |
| of which change in the provisions for unit and index-linked policies | -3,404 | -5,564 | -38.8% |
| Acquisition and administration costs | -4,817 | -4,953 | -2.8% |
| Acquisition and administration costs related to insurance business(*) | -4,817 | -4,953 | -2.8% |
| Other acquisition and administration costs | -3 | -1 | n.m. |
| Net fee and commission income and net income from financial service activities | 117 | 142 | -17.7% |
| Net operating income from financial instruments at fair value through profit or loss | 2,107 | 3,117 | -32.4% |
| of which net income from financial assets and liabilities related to unit and index-linked policies | 1,728 | 2,276 | -24.1% |
| Net operating income from other financial instruments | 10,899 | 12,024 | -9.4% |
| Interest income and other income | 10,859 | 10,855 | 0.0% |
| Net operating realized gains on other financial instruments and land and buildings (investment properties) | 1,673 | 2,365 | -29.3% |
| Net operating impairment losses on other financial instruments and land and buildings (investment properties) | -706 | -334 | 111.2% |
| Interest expense on liabilities linked to operating activities | -175 | -214 | -18.4% |
| Other expenses from other financial instruments and land and buildings (investment properties) | -752 | -649 | 15.9% |
| Net other operating expenses(**) | 281 | -43 | n.m. |
| Life segment non-operating result | -464 | -312 | 48.4% |
| Net non-operating income from other financial instruments | -247 | -108 | 128.0% |
| Net non-operating realized gains on other financial instruments and land and buildings (investment properties)(***) | -1 | 24 | n.m. |
| Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)(***) | -246 | -132 | 86.5% |
| Net other non-operating expenses | -216 | -204 | 6.0% |
| Life segment earnings before taxes | 2,664 | 2,653 | 0.4% |
(*) Commissions related to investments contracts, which amounted to € -74 million (€ -94 million at 31 December 2015), are included in net fee and commission income and net income from financial service activities.
(**) At 31 December 2015 the amount is net of operating taxes for € 64 million and of non-recurring taxes shared with the policyholders in Germany for € -3 million (at 31 December 2014 respectively for € 64 million and € 27 million).