NON OPERATING RESULT

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)31/12/201631/12/2015Change
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).