Although our portfolio of assets under own management failed to grow as expected in the course of 2013, it was still on the level of the previous year at EUR 31.9 billion (EUR 31.9 billion). This was based on a continued very pleasing cash flow from operating activities, which offset the decline in the valuation reserves connected with the yield increases observed in our main currency areas as well as depreciation in key currencies against the euro.

Compared to the previous year, we modified only slightly the allocation of our assets to the individual classes of securities: the proportions of semi-government bonds and covered bonds were both reduced somewhat, while the proportion of corporate bonds was enlarged. We also further increased the share attributable to real estate as part of the strategic expansion of this asset category. In all other classes we made only minimal changes in the context of regular portfolio maintenance.

The portfolio of fixed-income securities excluding short-term assets thus retreated slightly to EUR 28.3 billion (EUR 29.0 billion). Hidden reserves for available-for-sale fixed-income securities recognised in shareholders’ equity totalled EUR 426.4 million (EUR 1,144.6 million). This reflects the yield increases observed since the end of the second quarter, especially in the area of high-quality government bonds. As to the quality of the bonds – measured in terms of rating categories –, the higher proportion of corporate bonds was marginally evident in a decrease under the “AAA” category; nevertheless, the proportion of securities rated “A” or better remained stable on a high level as at year-end at 83.0% (84.2%).

Rating of fixed-income securities

Rating of fixed-income securities enlarge zoom

Holdings of alternative investment funds increased slightly. As at 31 December 2013 an amount of EUR 574.3 million (EUR 566.6 million) was invested in private equity funds, a further EUR 402.9 million (EUR 427.1 million) predominantly in high-return bond funds and loans; in addition, altogether EUR 252.1 million (EUR 178.8 million) was invested in structured real estate investments. The uncalled capital with respect to the aforementioned alternative investments totalled EUR 598.5 million (EUR 575.9 million).

We were again able to increase our real estate allocation somewhat in the course of the year. Various properties in Germany, the United States and Central/Eastern Europe were acquired for this purpose; further projects are under review, and the real estate allocation will therefore keep rising steadily as planned. Despite selective sales in the course of the reporting period, it currently stands at 3.6% (2.2%).

At the end of the year under review we held a total amount of EUR 1.2 billion (EUR 1.1 billion) in short-term investments and cash. Funds withheld amounted to EUR 14.3 billion (EUR 14.8 billion).


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