6.2 Investment income
| Investment income in EUR thousand | 2011 | 2010 |
|---|---|---|
| Income from real estate | 38,283 | 31,410 |
| Dividends | 6,965 | 4,427 |
| Interest income | 916,220 | 829,855 |
| Other investment income | 4,703 | 14,829 |
| Ordinary investment income | 966,171 | 880,521 |
| Profit or loss on shares in associated companies | 3,088 | 3,857 |
| Appreciation | 36,769 | 27,213 |
| Realised gains on investments | 262,853 | 244,694 |
| Realised losses on investments | 83,293 | 82,691 |
| Unrealised gains and losses on investments | (38,795) | (39,893) |
| Impairments on real estate | 10,532 | 7,314 |
| Impairments on equity securities | 876 | 569 |
| Impairments on fixed-income securities | 5,445 | 7,906 |
| Impairments on participating interests and other financial assets | 14,115 | 7,976 |
| Other investment expenses | 70,322 | 67,409 |
| Net income from assets under own management | 1,045,503 | 942,527 |
| Interest income on funds withheld and contract deposits | 432,186 | 436,183 |
| Interest expense on funds withheld and contract deposits | 93,648 | 119,815 |
| Total investment income | 1,384,041 | 1,258,895 |
Of the impairments totalling EUR 22.0 million (EUR 16.6 million), an amount of EUR 14.0 million (EUR 7.7 million) was attributable to alternative investments. The impairments on fixed-income securities of EUR 5.4 million (EUR 7.9 million) were taken predominantly on structured assets. An impairment loss of EUR 0.9 million (EUR 0.6 million) was recognised on equities whose fair value had fallen significantly – i.e. by at least 20% – or for a prolonged period – i.e. for at least nine months – below acquisition cost. This contrasted with write-ups of EUR 36.8 million (EUR 27.2 million) on investments that had been written down in previous periods. Of this total volume, EUR 17.3 million (EUR 3.0 million) was attributable to alternative assets, EUR 16.9 million (EUR 24.1 million) to fixed-income securities and EUR 2.5 million (EUR 0.1 million) to real estate funds. The portfolio did not contain any overdue, unadjusted assets as at the balance sheet date since overdue securities are written down immediately.
| Interest income on investments in EUR thousand | 2011 | 2010 |
|---|---|---|
| Fixed-income securities – held to maturity | 127,697 | 124,539 |
| Fixed-income securities – loans and receivables | 97,708 | 90,063 |
| Fixed-income securities – available for sale | 652,365 | 583,968 |
| Financial assets – at fair value through profit or loss | 6,571 | 6,812 |
| Other | 31,879 | 24,473 |
| Total | 916,220 | 829,855 |
The net gains and losses on investments held to maturity, loans and receivables and the available-for-sale portfolio shown in the following table are composed of interest income, realised gains and losses as well as impairments and appreciation. In the case of the fixed-income securities at fair value through profit or loss designated in this category and the other financial assets, which include the technical derivatives, changes in unrealised gains and losses are also recognised.
Making allowance for the other investment expenses of EUR 70.3 million (EUR 67.4 million), net income from assets under own management of altogether EUR 1,045.5 million (EUR 942.5 million) was recognised in the year under review.
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| Net gains and losses on investments | Figures in EUR thousand | ||||
|---|---|---|---|---|---|
| 2011 | |||||
1 Including income from associated companies, for reconciliation with the consolidated statement of income 2 Excluding other investment expenses |
|||||
| Ordinary investment income1 | Realised gains and losses | Impairments/ appreciation | Unrealised gains and losses | Net income from assets under own management2 | |
| Held to maturity | |||||
| Fixed-income securities | 136,413 | 501 | — | — | 136,914 |
| Loans and receivables | |||||
| Fixed-income securities | 96,929 | 6,207 | 21 | — | 103,115 |
| Available for sale | |||||
| Fixed-income securities | 607,138 | 140,994 | (11,521) | — | 759,653 |
| Equity securities | 4,020 | (2,360) | 876 | — | 784 |
| Other invested assets | 43,532 | 34,532 | (4,255) | 1,323 | 83,642 |
| Short-term investments | 30,152 | 1,291 | — | — | 31,443 |
| At fair value through profit or loss | |||||
| Fixed-income securities | 11,130 | 764 | — | (12,358) | (464) |
| Other financial assets | 655 | 409 | — | (45,606) | (44,542) |
| Other | 39,290 | (2,778) | 9,078 | 17,846 | 45,280 |
| Total | 969,259 | 179,560 | (5,801) | (38,795) | 1,115,825 |
| Net gains and losses on investments | Figures in EUR thousand | ||||
|---|---|---|---|---|---|
| 2010 | |||||
1 Including income from associated companies, for reconciliation with the consolidated statement of income 2 Excluding other investment expenses |
|||||
| Ordinary investment income1 | Realised gains and losses | Impairments/ appreciation | Unrealised gains and losses | Net income from assets under own management2 | |
| Held to maturity | |||||
| Fixed-income securities | 135,340 | 306 | 131 | — | 135,515 |
| Loans and receivables | |||||
| Fixed-income securities | 91,255 | 8,299 | 434 | — | 99,120 |
| Available for sale | |||||
| Fixed-income securities | 579,090 | 161,238 | (16,744) | — | 757,072 |
| Equity securities | 1,726 | 407 | 569 | — | 1,564 |
| Other invested assets | 13,536 | 3,507 | 4,951 | — | 12,092 |
| Short-term investments | 19,693 | 1,399 | (50) | — | 21,142 |
| At fair value through profit or loss | |||||
| Fixed-income securities | 13,597 | 5,979 | — | 6,004 | 25,580 |
| Other financial assets | 2,842 | — | — | 10,125 | 12,967 |
| Other | 27,299 | (19,132) | 7,261 | (56,022) | (55,116) |
| Total | 884,378 | 162,003 | (3,448) | (39,893) | 1,009,936 |