We are satisfied with the development of our total investments. Thanks to what was still a highly positive operating cash flow, the portfolio of investments under own management amounted to EUR 31.9 billion and thus remained on a par with the previous year (EUR 31.9 billion) despite the decrease in valuation reserves. Bearing in mind the continued low level of interest rates, it is very pleasing to note that ordinary investment income excluding income from funds withheld and contract deposits remained virtually unchanged at EUR 1,041.3 million (EUR 1,088.4 million).

Overall, our income from assets under own management contracted year-on-year as expected: it totalled EUR 1,054.5 million (EUR 1,300.2 million) as at 31 December 2013. The resulting annual return (excluding ModCo derivatives and inflation swaps) amounted to 3.4% (4.1%). The decrease relative to the previous year can be attributed in part to the net realised gains, which at EUR 144.2 million (EUR 227.5 million) were considerably lower than in the previous year – when we had acted to a greater extent on opportunities in the real estate sector. On the other hand, in the previous year we had recorded exceptionally high positive fair value changes of EUR 89.3 million in our financial assets measured at fair value through profit or loss; these contrasted with a negative fair value change of EUR 27.1 million as at 31 December 2013, which was attributable primarily to the performance of the inflation swaps. This was only partially offset by the marginally positive result of the ModCo derivatives.

Write-downs were again taken in only a minimal volume in the year under review, the bulk of them being due to scheduled depreciation on real estate. Income from funds withheld and contract deposits remained stable at EUR 357.3 million (EUR 355.5 million).


Your last visited pages:


Download this chapter as a PDF file:

Topic Navigation and sitemap

Close Window

Build your tailor-made report with the topic navigation feature. By selecting the topics of your interest & choice, all relevant pages will be listed below. From there you can directly jump to the corresponding page.

By clicking the "send" button you can save the topics of your choice and consequently navigate through the report within your selection. Not relevant contents will be marked as inactive in the first navigation level and hidden in the lower navigation levels. To change or remove your selection and return to the entire report, please click on "remove selection".

My Annual Report

Your page has been added successfully. Please click on "My Annual Report" in the service section to see your selection.

Link für Popup