| (€ million) | 31/12/2018 | 31/12/2017 |
|---|---|---|
| Earnings before taxes | 3,450 | 3,511 |
| Changes in non-cash items | 12,498 | 12,021 |
| Change in the provisions for unearned premiums and for unexpired risks for non-life segment | 28 | 87 |
| Change in the provisions for outstanding claims and other insurance provisions for non-life segment | -109 | 219 |
| Change in the mathematical provisions and other insurance provisions for life segment | 6,114 | 16,031 |
| Change in deferred acquisition costs | -19 | -30 |
| Change in other provisions | 110 | 175 |
| Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures | 7,705 | -3,026 |
| Other changes | -1,330 | -1,435 |
| Change in receivables and payables from operating activities | -547 | 785 |
| Change in receivables and payables arising out of direct insurance and reinsurance operations | -390 | -6 |
| Change in other receivables and payables | -157 | 791 |
| Income taxes paid | -1,102 | -1,103 |
| Net cash flows from cash items related to investing or financing activities | 694 | 1,104 |
| Financial liabilities related to investment contracts | -54 | 187 |
| Payables to banks and customers | 866 | 788 |
| Loans and receivables from banks and customers | -118 | 129 |
| Other financial instruments at fair value through profit or loss | 0 | 0 |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | 14,992 | 16,317 |
| Net cash flows from investment properties | -1,892 | -313 |
| Net cash flows from investments in subsidiaries, associated companies and joint ventures (***) | 499 | 26 |
| Net cash flows from loans and receivables | 1,765 | 2,046 |
| Net cash flows from held to maturity investments | 119 | -206 |
| Net cash flows from available for sale financial assets | -10,700 | -11,395 |
| Net cash flows from tangible and intangible assets | -355 | 437 |
| Net cash flows from other investing activities | -1,789 | -5,812 |
| CASH FLOW FROM INVESTING ACTIVITIES | -12,353 | -15,217 |
| Net cash flows from shareholders' equity attributable to the Group | 0 | |
| Net cash flows from own shares | 0 | 0 |
| Dividends payment | -1,249 | -1,249 |
| Net cash flows from shareholders' equity attributable to minority interests (****) | -136 | -114 |
| Net cash flows from subordinated liabilities and other similar liabilities | -245 | -709 |
| Net cash flows from other financial liabilities | -785 | 441 |
| CASH FLOW FROM FINANCING ACTIVITIES | -2,415 | -1,631 |
| Effect of exchange rate changes on cash and cash equivalents | 49 | -86 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*) | 6,313 | 6,930 |
| CHANGES IN CASH AND CASH EQUIVALENTS | 272 | -617 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**) | 6,585 | 6,313 |
(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 6,426 million), liabilities to banks payables on demand (€ - 64 million) and bank overdrafts (€ -49 million).
(**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 6,697 million), liabilities to banks payables on demand (€ -110 million), bank overdrafts (€ -2 million).
(***) Includes mainly proceeds arising from the disposal of the company in Ireland (€ 233 million), The Netherlands (€ 143 milioni), Colombia (€ 27 milion) and Panama (€ 139 milion).
(****) It refers entirely to dividends attributable to minority interests.