UNIQA Group Report 2011 - 9. Securities available for sale

Enlarge table

Type of investment	Acquisition costs		Fluctuation in value not affecting income		Accumulated value adjustments		Foreign currency differences affecting income		Market values
Figures in € thousand	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010
Shares in affiliated companies	21,845	21,235	0	0	0	0	0	0	21,845	21,235
Shares	505,854	799,655	216,309	197,862	–149,916	–139,796	0	0	572,247	857,721
Equity funds	480,823	356,651	1,929	29,634	–27,881	–24,826	0	0	454,871	361,459
Debenture bonds not capital-guaranteed	251,826	252,986	2,733	2,044	–19,994	–17,471	–2,812	–3,379	231,753	234,180
Other variable-yield securities	48,278	41,875	–1,143	–352	–5,350	–3,400	0	0	41,785	38,123
Participating interests and other investments	314,233	237,222	32,324	36,298	–32,927	–34,718	0	0	313,631	238,802
Fixed-interest securities	12,375,993	11,943,303	–501,848	–415,099	–629,291	–288,634	–29,405	–41,030	11,215,448	11,198,539
Total	13,998,852	13,652,927	–249,696	–149,614	–865,357	–508,845	–32,218	–44,409	12,851,581	12,950,059

Valuations based on internal calculations are included in the market values of shares. The effect of the internal valuation for 2011 results in a value increase not affecting income in the amount of € 53,500 thousand (2010: value increase € 33,546 thousand).

Type of investment	Accumulated value adjustments		Of which accumulated from previous years		Of which from current year
Figures in € thousand	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010
Shares in affiliated companies	0	0	0	0	0	0
Shares	–149,916	–139,796	–108,381	–113,763	–41,535	–26,033
Equity funds	–27,881	–24,826	–23,792	–24,567	–4,089	–259
Debenture bonds not capital-guaranteed	–19,994	–17,471	–17,471	–14,326	–2,523	–3,145
Other variable-yield securities	–5,350	–3,400	–3,400	–3,400	–1,950	0
Participating interests and other investments	–32,927	–34,718	–30,462	–34,475	–2,464	–243
Fixed-interest securities	–629,291	–288,634	–239,825	–280,351	–389,466	–8,283
Total	–865,357	–508,845	–423,331	–470,882	–442,027	–37,963

Type of investment	Change in value adjustment current year	of which write-down/write-up affecting income	of which changes due to disposal	Write-up of equity
Figures in € thousand	31 Dec. 2011	31 Dec. 2011	31 Dec. 2011	31 Dec. 2011
Shares in affiliated companies	0	0	0	0
Shares	–10,119	–41,535	31,416	0
Equity funds	–3,055	–4,089	1,034	0
Debenture bonds not capital-guaranteed	–2,523	–2,523	0	0
Other variable-yield securities	–1,950	–1,950	0	0
Participating interests and other investments	1,791	–2,464	4,256	0
Fixed-interest securities	–340,657	–389,466	48,809	0
Total	–356,513	–442,027	85,514	0

Change in equity

Allocation not affecting income

Withdrawal¹⁾ due to disposals affecting income

Change in unrealised gains/losses

Figures in € thousand

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

1)	Withdrawals affecting the income statement due to disposals and impairments.
2)	Including reclassified securities.

Other securities – available for sale²⁾

Gross

–10,259

–90,086

–61,289

–67,425

–71,547

–157,511

Deferred tax

18,984

11,863

7,757

3,656

26,741

15,519

Deferred profit participation

–35,391

53,072

41,774

52,768

6,382

105,839

Minority interests

–5,366

5,980

1,638

3,880

–3,728

9,861

Net

–32,032

–19,171

–10,120

–7,121

–42,152

–26,292

Hierarchy for instruments that are reported in the balance sheet at current market value

The table below depicts the financial instruments for which subsequent valuation is performed at the current market value. These are divided into levels 1 to 3, depending on the extent to which the current market value can be observed.

Level 1 valuations at current market value are ones that result from listed prices (unadjusted) on the active markets for identical financial assets and liabilities.

Level 2 valuations at current market value are those based on parameters that do not correspond to listed prices for assets and liabilities as in level 1 (data) and are derived either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 valuations at current market value are those arising from models using parameters for the valuation of assets and liabilities that are not based on observable market data (unobservable prices, assumptions).

Investments at fair value	Level 1	Level 2	Level 3	Group total
Figures in € thousand	31 Dec. 2011	31 Dec. 2011	31 Dec. 2011	31 Dec. 2011
Securities available for sale	9,599,898	2,603,821	647,862	12,851,581
Shares in affiliated companies	83	21,762	0	21,845
Shares	410,997	160,942	308	572,247
Equity funds	275,275	179,595	1	454,871
Debenture bonds not capital-guaranteed	32,711	199,042	0	231,753
Other variable-yield securities	0	41,785	0	41,785
Participating interests and other investments	29	313,602	0	313,631
Fixed-interest securities	8,880,803	1,687,093	647,553	11,215,448
At fair value through profit and loss	159,731	768,940	10,269	938,941
Derivative financial instruments	–236	2,136	0	1,900
Total	9,759,393	3,374,898	658,131	13,792,422

No transfers between levels 1 and 2 took place during the reporting period. The entire portfolio of asset-backed securities was classified as level 3. No other level 3 assets existed as at 31 December 2011.

Transition of the level 3 valuations at current market value of financial assets:

Level 3 Investments at fair value	Securities available for sale	At fair value through profit and loss	Derivative financial instruments	Total
Figures in € thousand	31 Dec. 2011	31 Dec. 2011	31 Dec. 2011	31 Dec. 2011
As at 1 Jan. 2011	643,945	12,813	0	656,758
Exchange rate differences	22	0	0	22
Total gains or losses for the period recognised in profit or loss	8,312	–1,079	0	7,234
Total gains or losses for the period recognised in other comprehensive income (revaluation reserve)	36,407	0	0	36,407
Purchase	26,737	0	0	26,737
Sales	–16,021	–40	0	–16,061
Issues	0	0	0	0
Settlements	–51,541	–1,425	0	–52,966
Transfers	0	0	0	0
As at 31 Dec. 2011	647,862	10,269	0	658,131

Contractual remaining term	Acquisition costs		Market values
Figures in € thousand	31 Dec. 2011	31 Dec. 2010	31 Dec. 2011	31 Dec. 2010
Infinite	95,838	103,414	71,265	88,908
Up to 1 year	1,752,823	1,542,452	1,583,690	1,374,544
More than 1 year up to 5 years	4,164,715	3,731,367	3,940,069	3,634,209
More than 5 years up to 10 years	4,694,029	4,396,211	4,414,907	4,233,496
More than 10 years	1,968,691	2,464,720	1,479,056	2,139,685
Total	12,676,097	12,238,163	11,488,987	11,470,842

The remaining maturities stipulated by contract refer to fixed-interest securities, other variable-yield securities and bonds without capital guarantee.

Risk of default rating	31 Dec. 2011
Figures in € thousand
Fixed-interest securities
Rating AAA	3,257,974
Rating AA	1,415,136
Rating A	2,644,193
Rating BBB	2,288,974
Rating < BBB	1,431,621
Not assigned	451,089
Rating total of fixed-interest securities	11,488,987

Issuer countries
Share securities
IE, NL, UK, US	339,568
AT, BE, CH, DE, DK, FR, IT	590,531
ES, FI, NO, SE	16,254
Remaining EU	140,941
other countries	122,973
Issuer countries total of share securities	1,210,268
Other shareholdings	130,482
Total variable-yield securities	1,340,750