Cash flow statement

(€ million)31/12/201731/12/2016
Earnings before taxes3,6863,115
Changes in non-cash items11,97714,569
Change in the provisions for unearned premiums and for unexpired risks for non-life segment8663
Change in the provisions for outstanding claims and other insurance provisions for non-life segment21199
Change in the mathematical provisions and other insurance provisions for life segment16,72716,108
Change in deferred acquisition costs-30-74
Change in other provisions193154
Other non-cash expenses and revenues arising out of financial instruments, investment properties
and investments in subsidiaries, associated companies and joint ventures
-3,259351
Other changes-1,951-2,132
Change in receivables and payables from operating activities947342
Change in receivables and payables arising out of direct insurance and reinsurance operations-13-660
Change in other receivables and payables9601,001
Income taxes paid-1,109-720
Net cash flows from cash items related to investing or financing activities9302,683
Financial liabilities related to investment contracts13458
Payables to banks and customers7882,262
Loans and receivables from banks and customers129-38
Other financial instruments at fair value through profit or loss00
NET CASH FLOWS FROM OPERATING ACTIVITIES16,43119,988
Net cash flows from investment properties-322-67
Net cash flows from investments in subsidiaries, associated companies and joint ventures(***)2636
Net cash flows from loans and receivables3,4254,663
Net cash flows from held to maturity investments-206-295
Net cash flows from available for sale financial assets-12,422-21,915
Net cash flows from tangible and intangible assets414-557
Net cash flows from other investing activities-6,2071,324
CASH FLOW FROM INVESTING ACTIVITIES-15,292-16,812
Net cash flows from shareholders' equity attributable to the Group00
Net cash flows from own shares00
Dividends payment-1,249-1,123
Net cash flows from shareholders' equity attributable to minority interests(****)-114-93
Net cash flows from subordinated liabilities and other similar liabilities-709-362
Net cash flows from other financial liabilities295-2,836
CASH FLOW FROM FINANCING ACTIVITIES-1,778-4,413
Effect of exchange rate changes on cash and cash equivalents-91-185
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD(*)7,3748,612
CHANGES IN CASH AND CASH EQUIVALENTS-638-1,238
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(**)6,7367,374

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 7,464 million), liabilities to banks payables on demand (€ - 38 million) and bank overdrafts (€ -52 million).
(**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 6,849 million), liabilities to banks payables on demand (€ -64 million), bank overdrafts (€ -49 million).
(***) Includes mainly proceeds arising from the disposal of the company in Guatemala (€ 21 million) and from some operations on minor holdings (€ 5 million).
(****)It refers entirely to dividends attributable to minority interests.