Non-operating result

The non-operating result of the Life segment went from € -309 million at 31 December 2017 to € -437 million due to the decrease in the net non-operating income from other financial instruments, reflecting the higher net non-operating impairment losses, which stood at € -279 million (€ -118 million at 31 December 2017).

Net other non-operating expenses improved, reaching € -165 million (€ -196 million at 31 December 2017), with a particular drop in Germany. This item also included € -58 million relating to the amortization of the value of the portfolios acquired (€ -60 million at 31 December 2017).