Operating segments

Group functions and consolidation

Group functions

in € million

2018

2017

2016

Operating expenses (net)

–68.4

–55.3

–49.6

Net investment income

306.0

267.2

152.8

Earnings before taxes

185.6

153.7

51.1

In the Group functions segment, operating expenses rose by 23.6 per cent to €68.4 million (2017: €55.3 million).

Net investment income amounted to €306.0 million (2017: €267.2 million).

Earnings before taxes rose to €185.6 million (2017: €153.7 million) in the 2018 financial year.

Consolidation

Consolidation

in € million

2018

2017

2016

Net investment income

–248.3

–247.6

–117.4

Earnings before taxes

–198.7

–197.6

–89.0

Net investment income in the consolidation segment in 2018 amounted to €–248.3 million (2017: €–247.6 million).

Earnings before taxes remained stable at €–198.7 million (2017: €–197.6 million).