The net cash outflows from investing activities amounted to altogether EUR 2.0 billion in 2011 and were thus on a par with the previous year. Along with the further enlargement of the real estate portfolio, above all in the United States and Germany, the funds were used primarily to expand corporate bond holdings of an attractive quality, while holdings of government bonds and structured financial products were in some cases reduced in view of favourable market opportunities.

Regarding the development of the investment portfolio please see also our remarks in the “Investments” section of the management report.