Operating segments

Group functions and consolidation

Group functions

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, 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

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.