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Investment income
in EUR thousand20142013
Income from real estate100,34172,029
Dividends4,8363,085
Interest income949,498969,644
Other investment income13,686(3,440)
Ordinary investment income1,068,3611,041,318
Profit or loss on shares in associated companies1,04212,536
Appreciation126319
Realised gains on investments208,077177,032
Realised losses on investments25,62432,881
Change in fair value of financial instruments(33,257)(27,136)
Impairments on real estate19,92415,060
Impairments on equity securities3
Impairments on fixed-income securities2,000771
Impairments on participating interests and other financial assets5,7603,583
Other investment expenses95,25697,309
Net income from assets under own management1,095,7851,054,462
Interest income on funds withheld and contract deposits485,088479,887
Interest expense on funds withheld and contract deposits109,032122,539
Total investment income1,471,8411,411,810
Investment income
in EUR thousand20142013
Income from real estate100,34172,029
Dividends4,8363,085
Interest income949,498969,644
Other investment income13,686(3,440)
Ordinary investment income1,068,3611,041,318
Profit or loss on shares in associated companies1,04212,536
Appreciation126319
Realised gains on investments208,077177,032
Realised losses on investments25,62432,881
Change in fair value of financial instruments(33,257)(27,136)
Impairments on real estate19,92415,060
Impairments on equity securities3
Impairments on fixed-income securities2,000771
Impairments on participating interests and other financial assets5,7603,583
Other investment expenses95,25697,309
Net income from assets under own management1,095,7851,054,462
Interest income on funds withheld and contract deposits485,088479,887
Interest expense on funds withheld and contract deposits109,032122,539
Total investment income1,471,8411,411,810

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.

Interest income on investments
in EUR thousand20142013
Fixed-income securities – held to maturity84,878110,058
Fixed-income securities – loans and receivables108,181120,461
Fixed-income securities – available for sale734,381720,753
Financial assets – at fair value through profit or loss1,810958
Other20,24817,414
Total949,498969,644

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.

Table as Excel file: download (30 KB)

Net gains and losses on investments
in EUR thousand2014
Ordinary investment income1Realised gains and lossesImpairments/ appreciationChange in fair valueNet income from
assets under own management2
Held to maturity
Fixed-income securities85,09316885,261
Loans and receivables
Fixed-income securities105,16115,5882,000118,749
Available for sale
Fixed-income securities674,992148,642823,634
Equity securities9353941,329
Other invested assets82,8505,7705,84782,773
Short-term investments20,11221520,327
At fair value through profit or loss
Fixed-income securities1,810201(1,291)720
Other financial assets3,175337(4,612)(1,100)
Other invested assets788(3,014)(2,226)
Other95,27510,35019,711(24,340)61,574
Total1,069,403182,45327,558(33,257)1,191,041
Net gains and losses on investments
in EUR thousand2014
Ordinary investment income1Realised gains and lossesImpairments/ appreciationChange in fair valueNet income from
assets under own management2
Held to maturity
Fixed-income securities85,09316885,261
Loans and receivables
Fixed-income securities105,16115,5882,000118,749
Available for sale
Fixed-income securities674,992148,642823,634
Equity securities9353941,329
Other invested assets82,8505,7705,84782,773
Short-term investments20,11221520,327
At fair value through profit or loss
Fixed-income securities1,810201(1,291)720
Other financial assets3,175337(4,612)(1,100)
Other invested assets788(3,014)(2,226)
Other95,27510,35019,711(24,340)61,574
Total1,069,403182,45327,558(33,257)1,191,041

Table as Excel file: download (30 KB)

Net gains and losses on investments
in EUR thousand2013
Ordinary investment income1Realised gains and lossesImpairments/ appreciationChange in fair valueNet income from
assets under own management2
Held to maturity
Fixed-income securities104,2543,259107,513
Loans and receivables
Fixed-income securities117,13010,566127,696
Available for sale
Fixed-income securities653,765106,758510760,013
Equity securities92975931,685
Other invested assets59,41616,1014,07771,440
Short-term investments16,15115816,309
At fair value through profit or loss
Fixed-income securities2,0564381,2643,758
Other financial assets2,372(688)(7,500)(5,816)
Other invested assets4,9896445,633
Other97,7811,81114,508(21,544)63,540
Total1,053,854144,15119,098(27,136)1,151,771
Net gains and losses on investments
in EUR thousand2013
Ordinary investment income1Realised gains and lossesImpairments/ appreciationChange in fair valueNet income from
assets under own management2
Held to maturity
Fixed-income securities104,2543,259107,513
Loans and receivables
Fixed-income securities117,13010,566127,696
Available for sale
Fixed-income securities653,765106,758510760,013
Equity securities92975931,685
Other invested assets59,41616,1014,07771,440
Short-term investments16,15115816,309
At fair value through profit or loss
Fixed-income securities2,0564381,2643,758
Other financial assets2,372(688)(7,500)(5,816)
Other invested assets4,9896445,633
Other97,7811,81114,508(21,544)63,540
Total1,053,854144,15119,098(27,136)1,151,771