The non-operating result of the P&C segment came to € -202 million (€ -34 million at 31 December 2017). In particular, the non-operating investment result decreased due to higher net impairment losses on bonds and equities, which went from € -135 million at 31 December 2017 to € -172 million, and lower net realized gains, which went from € 290 million to € 172 million at 31 December 2017.
Net non-operating income from financial instruments at fair value through profit or loss decreased slightly to € 7 million (€ 11 million at 31 December 2017).
Other net non-operating expenses amounted to € -209 million (€ -200 million at 31 December 2017), of which € -39 million relating to the amortization of the value of portfolios acquired (€ -45 million at 31 December 2017). This item included € 77 million in gains from the disposal of operations in Panama, while last year the item had included € 196 million in gains from the disposal of the run-off P&C portfolio of the UK branch. Restructuring costs declined mainly in Germany.