The net cash outflows from investing activities amounted to altogether EUR 2,712.9 million in 2012 and were thus considerably higher than in the previous year. While the proportion of government bonds remained stable overall, holdings of corporate bonds and asset-backed securities of an attractive quality were further expanded in line with the investment strategy. At the same time, the proportion of short-term investments was reduced. Realised returns on real estate produced a cash inflow of EUR 232.9 million. In the same context, new investments resulted in a cash outflow of EUR 315.1 million.

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