The non-operating result of the Group came to € -1,361 million (€ -1,109 million at 31 December 2017). In particular:
- net impairment losses increased to € -431 million (€ -271 million at 31 December 2017) mainly due to higher impairments on equity financial investments, especially posted in the last quarter of the year;
- net realized gains amounted to € 265 million (€ 311 at 31 December 2017), benefiting € 113 million from the disposal of the investment in Italo - Nuovo Trasporto Viaggiatori. The decrease in realized gains compared to the previous period is mainly due to the bond and real estate component, reflecting the planned policy of supporting future returns on investments;
- net non-operating income from financial instruments at fair value reached € 11 million (€ 26 million at 31 December 2017);
- other net non-operating expenses decreased slightly to € -411 million (€ -419 million at 31 December 2017). The item comprised € -98 million for the amortization on the value of the acquired portfolios (€ -106 at 31 December 2017), € -211 million for restructuring costs (€ -297 at 31 December 2017), decreasing mainly in Germany, and € -102 million in other net non-operating expenses (€ -16 million at 31 December 2017). The latter included € 77 million in gains from the disposal of operations in Panama, while last year the item had achieved € 196 million in gains from the disposal of the run-off P&C portfolio of the UK branch;
- non-operating holding costs amounted to € -795 million (€ -755 million at 31 December 2017) due to expected restructuring costs (mainly due to the transfer of the Generali Employee Benefits operations and the closure of the branch in Japan), as well as the result of the development of asset management activities. Interest expense on financial debt decreased from € -673 million to € -666 million.