STATEMENT OF CASH FLOW

Cash flow statement

(€ million)31/12/201631/12/2015
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.