The non-operating result of the Group improved to € -1,102 million (€ -1,526 million at 31 December 2016).
In particolare:
- net impairment losses dropped to € -271 million (€ -543 million del 31 December 2016) due to lower impairments on equities and bonds;
- net realized gains stood at € 331 million (€ 425 million at 31 December 2016), down mainly due to the lower profits from real estate and equity portfolios;
- net non-operating income from financial instruments at fair value increased to € 26 million (€ -96 million at 31 December 2016);
This item consists of € -106 million relating to the amortization of the value of acquired portfolios (€ -139 at 31 December 2016), € -297 million in restructuring costs (€ -176 at 31 December 2016), of which about € -170 million regarding the announced phase of industrial transformation to strengthen the operating performance in Germany, and € -29 million in other net non-operating expenses (€ -204 million at 31 December 2016), which benefits from € 196 million in income from the sale of the P&C portfolio in run-off of the UK branch that took place in December. - other net non-operating expenses decreased to € -432 million (€ -518 million al 31 December 2016).
- non-operating holding expenses amounted to € -756 million (€ -794 million at 31 December 2016), reflecting the drop in interest expense on financial debt which went from € -723 million to € -673 million.