Operating segments
Group functions and consolidation
In € million |
2017 |
2016 |
2015 |
Operating expenses (net) |
–55.3 |
–49.6 |
–27.9 |
Net investment income |
204.9 |
152.8 |
207.1 |
Earnings before taxes |
91.4 |
51.1 |
151.7 |
In the Group functions segment, operating expenses rose by 11.5 per cent to €55.3 million (2016: €49.6 million). Net investment income amounted to €204.9 million (2016: €152.8 million).
Earnings before taxes rose to €91.4 million (2016: €51.1 million) in the 2017 financial year.
Consolidation
In € million |
2017 |
2016 |
2015 |
Net investment income |
–208.8 |
–117.4 |
–197.9 |
Earnings before taxes |
–159.1 |
–89.0 |
–182.8 |
Net investment income in the consolidation segment amounted to €–208.8 million in 2017 (2016: €–117.4 million).
Earnings before taxes fell to €–159.1 million (2016: €–89.0 million).
Operating expenses
This item includes acquisition expenses, portfolio management expenses and the expenses for implementing reinsurance. The operating expenses remain for the company’s own account following deduction of the commissions and profit participation received from the reinsurance business ceded.