9. Securities available for sale


Type of investment

Acquisition costs

Fluctuation in value not affecting income

Accumulated value adjustments

Foreign currency differences affecting income

Market values

Figures in € thousand

31.12.2012

31.12.2011

31.12.2012

31.12.2011

31.12.2012

31.12.2011

31.12.2012

31.12.2011

31.12.2012

31.12.2011

Shares in affiliated companies

10,594

21,845

0

0

0

0

0

0

10,594

21,845

Shares

480,863

505,854

201,576

216,309

–74,656

–149,916

0

0

607,783

572,247

Equity funds

217,458

480,823

13,832

1,929

–15,333

–27,881

0

0

215,957

454,871

Debenture bonds not capital-guaranteed

234,122

251,826

3,718

2,733

–14,403

–19,994

–2,790

–2,812

220,647

231,753

Other variable-yield securities

33,750

48,278

0

–1,143

–7,300

–5,350

0

0

26,450

41,785

Participating interests and other investments

302,841

314,233

65,917

53,362

–54,287

–53,964

0

0

314,471

313,631

Fixed-interest securities

12,874,825

12,375,993

619,638

–501,848

–247,182

–629,291

–60,659

–29,405

13,186,622

11,215,448

Total

14,154,453

13,998,852

904,680

–228,658

–413,161

–886,395

–63,449

–32,218

14,582,524

12,851,581

Valuations based on internal calculations are included in the market values of shares. The effect of the internal valuation for 2012 results in no value increase not affecting income (2011: value increase € 53,500 thousand).

Type of investment

Accumulated value adjustments

Of which accumulated from previous years

Of which from current year

Figures in € thousand

31.12.2012

31.12.2011

31.12.2012

31.12.2011

31.12.2012

31.12.2011

Shares in affiliated companies

0

0

0

0

0

0

Shares

–74,656

–149,916

–66,219

–108,381

–8,437

–41,535

Equity funds

–15,333

–27,881

–12,064

–23,792

–3,268

–4,089

Debenture bonds not capital-guaranteed

–14,403

–19,994

–19,994

–17,471

5,591

–2,523

Other variable-yield securities

–7,300

–5,350

–4,900

–3,400

–2,400

–1,950

Participating interests and other investments

–54,287

–53,964

–51,353

–51,500

–2,934

–2,464

Fixed-interest securities

–247,182

–629,291

–221,355

–239,825

–25,827

–389,466

Total

–413,161

–886,395

–375,884

–444,369

–37,276

–442,027

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

31.12.2012

31.12.2012

31.12.2012

31.12.2012

Shares in affiliated companies

0

0

0

0

Shares

75,260

–8,437

83,697

0

Equity funds

12,548

–3,268

15,816

0

Debenture bonds not capital-guaranteed

5,591

5,591

0

0

Other variable-yield securities

–1,950

–2,400

450

0

Participating interests and other investments

–323

–2,934

2,612

0

Fixed-interest securities

382,109

–25,827

407,936

0

Total

473,235

–37,276

510,511

0

Change in equity

Allocation not affecting income

Withdrawal1) due to disposals affecting income

Change in unrealised gains/losses

Figures in € thousand

31.12.2012

31.12.2011

31.12.2012

31.12.2011

31.12.2012

31.12.2011

1)

Withdrawals affecting the income statement due to disposals and impairments

2)

Including reclassified securities

Other securities available for sale2)

 

 

 

 

 

 

Gross

1,234,070

–10,259

–100,122

–61,289

1,133,947

–71,547

Deferred tax

–168,733

18,984

10,948

7,757

–157,785

26,741

Deferred profit participation

–652,986

–35,391

72,291

41,774

–580,695

6,382

Minority interests

–28,038

–5,366

–7,238

1,638

–35,276

–3,728

Net

384,312

–32,032

–24,121

–10,120

360,191

–42,152

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

31.12.2012

31.12.2012

31.12.2012

31.12.2012

Securities available for sale

11,640,654

2,343,386

598,483

14,582,524

Shares in affiliated companies

36

10,558

0

10,594

Shares

432,936

174,523

324

607,783

Equity funds

193,497

22,458

1

215,957

Debenture bonds not capital-guaranteed

20,048

200,599

0

220,647

Other variable-yield securities

0

26,450

0

26,450

Participating interests and other investments

1,141

313,330

0

314,471

Fixed-interest securities

10,992,996

1,595,468

598,158

13,186,622

At fair value through profit and loss

169,447

638,779

4,659

812,885

Derivative financial instruments

–346

55,082

0

54,736

Total

11,809,755

3,037,247

603,143

15,450,145

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 2012.

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

As at 1.1.2012

647,862

10,269

0

658,131

Exchange rate differences

–32

0

0

–32

Total gains or losses for the period recognised in profit or loss

–2,800

–1,699

0

–4,499

Total gains or losses for the period recognised in other comprehensive income (revaluation reserve)

47,254

0

0

47,254

Purchase

5,878

5

0

5,883

Sales

–99,677

–3,915

0

–103,593

Issues

0

0

0

0

Settlements

–2

0

0

–2

Transfers

0

0

0

0

As at 31.12.2012

598,483

4,659

0

603,143

Contractual remaining term

Acquisition costs

Market values

Figures in € thousand

31.12.2012

31.12.2011

31.12.2012

31.12.2011

Infinite

48,577

95,838

40,636

71,265

Up to 1 year

1,947,601

1,752,823

1,815,336

1,583,690

More than 1 year up to 5 years

4,329,458

4,164,715

4,405,487

3,940,069

More than 5 years up to 10 years

4,541,607

4,694,029

4,857,911

4,414,907

More than 10 years

2,275,454

1,968,691

2,314,348

1,479,056

Total

13,142,697

12,676,097

13,433,719

11,488,987

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

Risk of default rating

31.12.2012

Figures in € thousand

 

Fixed-interest securities

 

Rating AAA

3,703,112

Rating AA

2,003,024

Rating A

2,479,606

Rating BBB

3,390,174

Rating < BBB

1,454,820

Not assigned

402,982

Rating total of fixed-interest securities

13,433,719

 

 

Issuer countries

 

Share securities

 

IE, NL, UK, US

326,251

AT, BE, CH, DE, DK, FR, IT

468,138

ES, FI, NO, SE

11,371

Remaining EU

74,574

Other countries

130,969

Issuer countries total of share securities

1,011,303

Other shareholdings

126,909

Total variable-yield securities

1,138,211

© UNIQA Group 2013