7.2 Investment income
7.2 Investment income
| Investment income | ||
|---|---|---|
| in EUR thousand | 2013 | 2012 |
| Income from real estate | 72,029 | 47,433 |
| Dividends | 3,085 | 3,622 |
| Interest income | 969,644 | 1,030,153 |
| Other income | (3,440) | 7,201 |
| Ordinary investment income | 1,041,318 | 1,088,409 |
| Profit or loss on shares in associated companies | 12,536 | 10,415 |
| Appreciation | 319 | 2,680 |
| Realised gains on investments | 177,032 | 269,952 |
| Realised losses on investments | 32,881 | 42,444 |
| Change in fair value of financial instruments | (27,136) | 89,268 |
| Impairments on real estate | 15,060 | 12,574 |
| Impairments on equity securities | 3 | 2,225 |
| Impairments on fixed-income securities | 771 | 613 |
| Impairments on participating interests and other financial assets | 3,583 | 6,335 |
| Other investment expenses | 97,309 | 96,369 |
| Net income from assets under own management | 1,054,462 | 1,300,164 |
| Interest income on funds withheld and contract deposits | 479,887 | 470,380 |
| Interest expense on funds withheld and contract deposits | 122,539 | 114,894 |
| Total investment income | 1,411,810 | 1,655,650 |
The impairments totalling EUR 5.4 million (EUR 11.4 million) in the reporting period were attributable in an amount of EUR 3.5 million (EUR 5.8 million) to the area of alternative investments – specifically, exclusively to private equity investments. No impairments (EUR 2.2 million) were recognised on equities or equity funds in the year under review, because their fair values did not fall significantly – i. e. by at least 20% – or for a prolonged period – i. e. for at least nine months – below acquisition cost. In the area of fixed-income securities impairments were recognised solely on structured fixed-income securitiesin an amount of EUR 0.8 million (EUR 0.6 million). An impairment of EUR 1.1 million (EUR 2.2 million) was taken on investments in real estate.
These impairments contrasted with appreciation of EUR 0.3 million (EUR 2.7 million) on investments written down in previous periods. 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 | 2013 | 2012 |
| Fixed-income securities – held to maturity | 110,058 | 144,151 |
| Fixed-income securities – loans and receivables | 120,461 | 125,868 |
| Fixed-income securities – available for sale | 720,753 | 731,487 |
| Financial assets – at fair value through profit or loss | 958 | 2,895 |
| Other | 17,414 | 25,752 |
| Total | 969,644 | 1,030,153 |
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, income and expenses from changes in fair value are also recognised.
Making allowance for the other investment expenses of EUR 97.3 million (EUR 96.4 million), net income from assets under own management of altogether EUR 1,054.5 million (EUR 1,300.2 million) was recognised in the year under review.
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| Net gains and losses on investments | |||||
|---|---|---|---|---|---|
| in EUR thousand | 2013 | ||||
| Ordinary investment income1 | Realised gains and losses | Impairments/ appreciation | Change in fair value | Net income from assets under own management2 | |
| Held to maturity | |||||
| Fixed-income securities | 104,254 | 3,259 | – | – | 107,513 |
| Loans and receivables | |||||
| Fixed-income securities | 117,130 | 10,566 | – | – | 127,696 |
| Available for sale | |||||
| Fixed-income securities | 653,765 | 106,758 | 510 | – | 760,013 |
| Equity securities | 929 | 759 | 3 | – | 1,685 |
| Other invested assets | 59,416 | 16,101 | 4,077 | – | 71,440 |
| Short-term investments | 16,151 | 158 | – | – | 16,309 |
| At fair value through profit or loss | |||||
| Fixed-income securities | 2,056 | 438 | – | 1,264 | 3,758 |
| Other financial assets | 2,372 | (688) | – | (7,500) | (5,816) |
| Other invested assets | – | 4,989 | – | 644 | 5,633 |
| Other | 97,781 | 1,811 | 14,508 | (21,544) | 63,540 |
| Total | 1,053,854 | 144,151 | 19,098 | (27,136) | 1,151,771 |
| 1 Including income from associated companies, for reconciliation with the consolidated statement of income 2 Excluding other investment expenses | |||||
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| Net gains and losses on investments | |||||
|---|---|---|---|---|---|
| in EUR thousand | 2012 | ||||
| Ordinary investment income1 | Realised gains and losses | Impairments/ appreciation | Change in fair value | Net income from assets under own management2 | |
| Held to maturity | |||||
| Fixed-income securities | 136,155 | (2,606) | – | – | 133,549 |
| Loans and receivables | |||||
| Fixed-income securities | 124,658 | 13,991 | 35 | – | 138,614 |
| Available for sale | |||||
| Fixed-income securities | 677,772 | 149,358 | (1,465) | – | 828,595 |
| Equity securities | 1,362 | 1,340 | 2,225 | – | 477 |
| Other invested assets | 58,072 | 16,657 | 6,546 | – | 68,183 |
| Short-term investments | 18,787 | 32 | 261 | – | 18,558 |
| At fair value through profit or loss | |||||
| Fixed-income securities | 8,924 | (2,991) | – | 14,134 | 20,067 |
| Other financial assets | 1,206 | 560 | – | 38,485 | 40,251 |
| Other invested assets | – | 1,014 | – | 2,838 | 3,852 |
| Other | 71,888 | 50,153 | 11,465 | 33,811 | 144,387 |
| Total | 1,098,824 | 227,508 | 19,067 | 89,268 | 1,396,533 |
| 1 Including income from associated companies, for reconciliation with the consolidated statement of income 2 Excluding other investment expenses | |||||