The technical provisions and financial liabilities of the Life segment - excluding deferred liabilities to policyholders - amounted to € 343,400 million; the increase on an equivalent consolidation area stood at 2.2% and reflected the increase in the reserves relating to the traditional business (+3.4% on an equivalent consolidation area). The reserves relating to the linked portfolio, instead, fall by 2.6% on an equivalent consolidation area: the positive effect of the net cash inflows was absorbed by the negative performance of financial markets, reflected in the evolution of these reserves.
The deferred liabilities to policyholders stood at € 10,584 million (€ 21,231 million at 31 December 2017), reflecting the change in the investments value, particularly in government bonds.