34. Net investment income

Classified by business line

In € thousand

Property and casualty insurance

Health insurance

Life insurance

Total

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1-12/2016

1-12/2015

Investment property

414

1,897

3,881

32,213

41,685

76,941

45,980

111,051

Financial assets accounted for using the equity method

5,551

3,171

11,741

12,439

21,322

7,596

38,614

23,205

Variable-income securities

41,134

13,369

4,675

6,159

–1,881

28,310

43,928

47,838

Available for sale

40,460

13,047

1,479

5,741

–1,551

25,695

40,388

44,483

At fair value through profit or loss

674

322

3,196

418

–330

2,615

3,540

3,354

Fixed-income securities

85,258

102,394

96,678

98,638

272,743

372,294

454,679

573,327

Available for sale

85,920

102,492

95,805

98,348

264,650

361,629

446,375

562,469

At fair value through profit or loss

–662

–98

873

290

8,093

10,666

8,304

10,858

Loans and other investments

6,995

7,660

5,396

7,534

43,725

52,280

56,116

67,473

Loans

1,691

433

3,569

5,931

10,481

17,474

15,742

23,838

Other investments

5,303

7,227

1,827

1,603

33,244

34,805

40,374

43,636

Derivative financial instruments

6,909

245

512

–9,425

–21,976

–42,883

–14,555

–52,062

Investment administration expenses, interest paid and other investment expenses

–13,635

–11,492

–7,976

–7,486

–14,259

–19,870

–35,869

–38,848

Total

132,626

117,245

114,907

140,071

341,360

474,668

588,892

731,983

Classified by type of income

In € thousand

Current income

Gains/losses from disposals and changes in value

Total

of which impairment

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1)

Income from investments under investment contracts is not stated due to its transitory character.

Financial assets recognised at fair value through profit or loss

 

 

 

 

 

 

 

 

Variable-income securities (within the framework of fair value option)

3,601

7,531

–61

–4,177

3,540

3,354

0

0

Fixed-income securities (within the framework of fair value option)

2,758

14,292

5,546

–3,434

8,304

10,858

0

0

Derivative financial instruments

–10,432

1,322

–4,123

–53,384

–14,555

–52,062

0

0

Investments under investment contracts1)

0

0

0

0

0

0

0

0

Subtotal

–4,074

23,145

1,363

–60,995

–2,711

–37,850

0

0

Available-for-sale financial assets

 

 

 

 

 

 

 

 

Variable-income securities

34,292

31,487

6,096

12,996

40,388

44,483

–42,494

–7,531

Fixed-income securities

375,364

409,893

71,011

152,575

446,375

562,469

–35,646

–33,770

Subtotal

409,656

441,381

77,107

165,571

486,763

606,952

–78,140

–41,302

Loans and receivables

 

 

 

 

 

 

 

 

Fixed-income securities

13,965

18,343

306

2,969

14,271

21,312

0

0

Loans and other investments

40,597

41,901

1,248

4,260

41,845

46,161

–2,202

–3,295

Subtotal

54,562

60,245

1,554

7,229

56,116

67,473

–2,202

–3,295

Investment property

73,282

79,927

–27,302

31,124

45,980

111,051

–144

–9,038

Financial assets accounted for using the equity method

39,557

23,205

–944

0

38,614

23,205

0

0

 

 

 

 

 

 

 

 

 

Investment administration expenses, interest paid and other investment expenses

–35,869

–38,848

0

0

–35,869

–38,848

0

0

Total

537,115

589,054

51,778

142,929

588,892

731,983

–80,486

–53,635

Income from available-for-sale fixed-income securities includes losses of € 0 thousand (2015: gains of € 32,833 thousand) and income from fixed-income and variable-income securities at fair value through profit or loss includes gains of € 577 thousand (2015: losses of € 1,068 thousand) from Level 3 valuations.

The adjustment of valuation allowances relates to both the reversal of impairment losses as well as the impairment of financial assets, excluding assets held for trading and financial assets at fair value through profit or loss. The interest income from impaired portfolio items amounts to € 22,860 thousand (2015: € 9,900 thousand). The net investment income of € 588,892 thousand (2015: € 731,983 thousand) includes realised and unrealised gains and losses amounting to € 51,778 thousand (2015: € 142,929 thousand), which includes currency gains of € 10,778 thousand (2015: € 44,715 thousand). These currency gains are essentially the result of investments in US dollars. The currency gains in the underlying US dollar securities amounted to around € 22,149 thousand (2015: € 106,545 thousand), which were accompanied by expenditures from derivative financial instruments within the scope of hedging transactions in the amount of € 1,451 thousand (2015: Expenses in the amount of € 66,083 thousand). In addition, currency effects in the amount of € 5,356 thousand (2015: € 4,216 thousand) were recognised directly in equity. The income from real estate held as financial investments includes rent revenue in the amount of € 105,679 thousand (2015: € 112,806 thousand) direct operational expenses in the amount of € 32,397 thousand (2015: € 32,879 thousand).

Net profit by measurement category

In € thousand

2016

2015

1)

The presentation does not include the share of other comprehensive income allocated to the discontinued operations. This results in differences between these amounts and the amount shown in the consolidated statement of comprehensive income.

Financial assets recognised at fair value through profit or loss

 

 

Recognised in profit/(loss) for the year

–2,711

–37,850

Available-for-sale financial assets

 

 

Recognised in profit/(loss) for the year

486,763

606,952

of which reclassified from equity to consolidated income statement

–82,551

–73,138

of which recognised in other comprehensive income1)

243,315

–154,336

Net income

730,078

452,616

Loans and receivables

 

 

Recognised in profit/(loss) for the year

56,116

67,473

Financial liabilities measured at amortised cost

 

 

Recognised in profit/(loss) for the year

–67,477

–50,243

The overall interest expenditure from financial instruments amounts to € 68,168 thousand (2015: € 51,902 thousand). The income from financial instruments amounts to € 537,115 thousand (2015: € 589,054 thousand).