The impairments totalling EUR 9.2 million (EUR 5.4 million) were largely attributable in an amount of EUR 5.8 million (EUR 3.5 million) to the area of alternative investments – specifically, exclusively to private equity investments. No impairments were recognised on equities or equity funds in the year under review or the comparable period 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. Impairments of EUR 2.0 million (EUR 0.8 million) were recognised in the area of fixed-income securities. An impairment of EUR 1.4 million (EUR 1.1 million) was taken on investments in real estate. These impairments contrasted with write-ups of EUR 0.1 million (EUR 0.3 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.

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 95.3 million (EUR 97.3 million), net income from assets under own management of altogether EUR 1,095.8 million (EUR 1,054.5 million) was recognised in the year under review.