38. Discontinued operations

The sale of the Italian Group represents a discontinued operation as at the reporting date. With respect to the balance sheet, reference is made here to the statements under note 11.

If an operation is classified as a discontinued operation, the consolidated statement of comprehensive income for the comparative year is adjusted so that it were as if the operation had been discontinued from the start of the comparative year. The profit and loss of the discontinued business line presented in the consolidated income statement is composed as follows:

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In € thousand	1-12/2016	1-12/2015 adjusted
Premiums earned (net)	1,237,722	982,379
Technical interest income	87,797	86,699
Other insurance income	208	240
Insurance benefits	–1,196,318	–931,476
Operating expenses	–107,709	–105,666
Other technical expenses	–9,592	–10,807
Technical result	12,107	21,369
Net investment income and income from investment property	98,564	99,162
Other income	6,664	6,708
Reclassification of technical interest income	–87,797	–86,699
Other expenses	–3,668	–5,302
Non-technical result	13,764	13,868

Operating profit/(loss)	25,871	35,237
Impairment losses	–1,571	–2,838
Earnings before taxes	24,300	32,400
Income taxes	–6,756	–9,253
Current profit/(loss) from discontinued operations (after tax)	17,544	23,147
Amortisation and disposal costs	–70,649	0
Profit/(loss) from discontinued operations (after tax)	–53,105	23,147
of which attributable to shareholders of UNIQA Insurance Group AG	–53,810	22,455
of which attributable to non-controlling interests	705	691

The consolidation of expenses and earnings in addition to the elimination of interim results were still carried out for transactions between discontinued and ongoing business lines.

In addition to reflecting current earnings, income from discontinued business lines include the depreciation of fair value in the amount of € 72,642 thousand and costs to sell. Income from the valuation of financial instruments available for sale, the fluctuations in value of which are reflected in the equity, amount to € 68,920 thousand and are reported in other comprehensive income.