Cash flow statement
| (€ million) | 31/12/2016 | 31/12/2015 |
|---|---|---|
| Earnings before taxes | 3,157 | 3,407 |
| Changes in non-cash items | 14,647 | 16,549 |
| Change in the provisions for unearned premiums and for unexpired risks for non-life segment | 67 | -56 |
| Change in the provisions for outstanding claims and other insurance provisions for non-life segment | 109 | 404 |
| Change in the mathematical provisions and other insurance provisions for life segment | 16,094 | 20,475 |
| Change in deferred acquisition costs | -74 | -76 |
| Change in other provisions | 179 | 156 |
| Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures | 405 | -103 |
| Other changes | -2,133 | -4,252 |
| Change in receivables and payables from operating activities | 456 | -203 |
| Change in receivables and payables arising out of direct insurance and reinsurance operations | -633 | 774 |
| Change in other receivables and payables | 1,089 | -977 |
| Income taxes paid | -728 | -1,674 |
| Net cash flows from cash items related to investing or financing activities | 3,132 | 38 |
| Financial liabilities related to investment contracts | 885 | 1,042 |
| Payables to banks and customers | 2,285 | -867 |
| Loans and receivables from banks and customers | -38 | -137 |
| Other financial instruments at fair value through profit or loss | 0 | 0 |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | 20,663 | 18,116 |
| Net cash flows from investment properties | -136 | 1,019 |
| Net cash flows from investments in subsidiaries, associated companies and joint ventures(***) | 36 | 929 |
| Net cash flows from loans and receivables | 4,700 | 2,778 |
| Net cash flows from held to maturity investments | -295 | 1,059 |
| Net cash flows from available for sale financial assets | -22,442 | -13,961 |
| Net cash flows from tangible and intangible assets | -1,150 | -151 |
| Net cash flows from other investing activities | 1,117 | -8,609 |
| CASH FLOW FROM INVESTING ACTIVITIES | -18,170 | -16,936 |
| Net cash flows from shareholders' equity attributable to the Group | 0 | 0 |
| Net cash flows from own shares | 0 | 0 |
| Dividends payment | -1,123 | -934 |
| Net cash flows from shareholders' equity attributable to minority interests(****) | -93 | -121 |
| Net cash flows from subordinated liabilities and other similar liabilities | -367 | 1,298 |
| Net cash flows from other financial liabilities | -2,497 | -1,016 |
| CASH FLOW FROM FINANCING ACTIVITIES | -4,079 | -774 |
| Effect of exchange rate changes on cash and cash equivalents | 4 | 134 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD(*) | 9,025 | 8,484 |
| CHANGES IN CASH AND CASH EQUIVALENTS | -1,582 | 542 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(**) | 7,443 | 9,025 |
(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 9,044 million), liabilities to banks payables on demand (€ -7 million) and bank overdrafts (€ -13 million).
(**) Cash and cash equivalents at the end of the period include cash and cash equivalents (€ 7,533 million), liabilities to banks payables on demand (€ -38 million), bank overdrafts (€ -52 million).
(***) Includes mainly proceeds arising from the disposal of two companies in Philippines (€ 36 million).
(****) It refers entirely to dividends attributable to minority interests.