UNIQA Group Report 2011 - 34. Net investment income

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By segment			Property and casualty		Health		Life		Group
Figures in € thousand			2011	2010	2011	2010	2011	2010	2011	2010
I.	Properties held as investments		7,761	3,932	3,639	6,065	–8,402	6,006	2,998	16,003
II.	Shares in associated companies		–15,897	984	11,619	12,726	6,212	8,302	1,934	22,012
III.	Variable-yield securities		4,097	33,699	–15,193	10,018	9,177	102,707	–1,919	146,424
	1.	Available for sale	5,918	29,998	–12,000	5,618	81	37,211	–6,000	72,827
	2.	At fair value through profit or loss	–1,822	3,701	–3,193	4,400	9,096	65,496	4,081	73,597
IV.	Fixed-interest securities		38,643	52,262	–8,328	94,424	195,916	583,085	226,231	729,771
	1.	Held to maturity	1,076	1,392	2,218	2,870	14,044	18,169	17,338	22,431
	2.	Available for sale	37,608	50,210	–11,710	89,600	165,096	541,361	190,993	681,170
	3.	At fair value through profit or loss	–41	660	1,164	1,955	16,777	23,555	17,900	26,170
V.	Loans and other investments		30,022	25,946	29,331	24,948	79,778	75,286	139,131	126,181
	1.	Loans	16,473	16,372	25,115	23,892	37,918	36,054	79,506	76,318
	2.	Other investments	13,548	9,575	4,216	1,056	41,861	39,232	59,625	49,863
VI.	Derivative financial instruments (held for trading)		–8,208	–8,247	–9,827	–13,333	–80,009	–91,421	–98,044	–113,001
VII.	Expenditure for asset management, interest charges and other expenses		–5,812	–17,252	–7,182	–7,327	–30,761	–30,494	–43,755	–55,073
Total (fully consolidated values)			50,606	91,323	4,058	127,521	171,912	653,472	226,576	872,316

Stage 3 valuations (hierarchy for instruments, which are recognized at the reconciled current value) include profit in the amount of € 8,312 thousand as income from available-for-sale fixed-income securities and losses in the amount of € 1,079 thousand as income from fixed-income securities valuated at current value in the income statement.

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By income type			Ordinary income		Write-ups and unrealised capital gains		Realised capital gains		Write-offs and unrealised capital losses		Realised capital losses		Group		of which value adjustment
Figures in € thousand			2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010
I.	Properties held as investments		64,863	57,338	0	0	648	378	–62,471	–40,493	–41	–1,219	2,998	16,003	–19,158	–5,704
II.	Shares in associated companies		13,522	19,785	0	0	0	2,234	–11,588	–7	0	0	1,934	22,012	0	0
III.	Variable-yield securities		48,276	44,316	87,229	131,676	46,923	90,282	–158,290	–110,410	–26,056	–9,440	–1,919	146,424	–52,561	–29,680
	1.	Available for sale	37,324	34,070	18,230	27,730	34,253	70,017	–73,606	–53,029	–22,201	–5,961	–6,000	72,827	–52,561	–29,680
	2.	At fair value through profit or loss	10,952	10,246	68,999	103,946	12,670	20,266	–84,684	–57,381	–3,855	–3,479	4,081	73,597	0	0
IV.	Fixed-interest securities		532,727	504,341	60,218	175,204	112,335	177,871	–455,852	–96,908	–23,196	–30,736	226,231	729,771	–389,466	–8,283
	1.	Held to maturity	17,338	22,431	0	0	0	0	0	0	0	0	17,338	22,431	0	0
	2.	Available for sale	496,897	464,482	25,987	154,207	111,411	176,153	–420,106	–84,027	–23,196	–29,645	190,993	681,170	–389,466	–8,283
	3.	At fair value through profit or loss	18,491	17,428	34,231	20,997	924	1,718	–35,746	–12,882	0	–1,091	17,900	26,170	0	0
V.	Loans and other investments		150,131	152,744	2,761	3,344	4,642	14,799	–6,201	–23,117	–12,201	–21,590	139,131	126,181	–5,288	–20,302
	1.	Loans	91,603	102,853	750	557	4,642	14,799	–5,288	–20,302	–12,201	–21,589	79,506	76,318	–5,288	–20,302
	2.	Other investments	58,528	49,890	2,010	2,788	0	0	–913	–2,815	0	0	59,625	49,863	0	0
VI.	Derivative financial instruments (held for trading)		–16,794	–12,766	82,092	63,267	40,402	48,680	–80,042	–37,218	–123,702	–174,964	–98,044	–113,001	0	0
VII.	Expenditure for asset management, interest charges and other expenses		–43,755	–55,073	0	0	0	0	0	0	0	0	–43,755	–55,073	0	0
Total (fully consolidated values)			748,968	710,684	232,300	373,491	204,949	334,244	–774,445	–308,154	–185,197	–237,949	226,576	872,316	–466,473	–63,969

The updating of the value adjustment concerns both appreciation and depreciation 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 € 25,994 thousand (2010: € 25,173 thousand). The net investment income of € 226,576 thousand includes realised and unrealised profits and losses amounting to €–522,392 thousand, which include currency losses of € 28,016 thousand. In addition, currency effects amounting to € 1,063 thousand were recorded directly as equity. The effects largely resulted from investments in US Dollars.

The income from properties held as financial investments include rent revenue in the amount of € 96,634 thousand (2010: € 86,526 thousand) and direct operational expenses in the amount of € 31,772 thousand (2010: € 29,188 thousand).

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Of which securities, available for sale type of investment				Ordinary income		Write-ups and unrealised capital gains		Realised capital gains		Write-offs and unrealised capital losses		Realised capital losses		Group		of which value adjustment
Figures in € thousand				2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010
III.	Variable-yield securities
		1.	Available for sale	37,324	34,070	18,230	27,730	34,253	70,017	–73,606	–53,029	–22,201	–5,961	–6,000	72,827	–52,561	–29,680
			Shares in affiliated companies	–1,357	62	0	4	1,103	1,279	–205	–657	–59	–422	–518	267	0	0
			Shares	21,301	16,615	401	6,473	8,681	44,616	–43,019	–31,835	–9,866	–5,922	–22,501	29,946	–41,535	–26,033
			Equity funds	7,257	2,520	170	3,942	699	11,522	–4,295	–438	–12,153	403	–8,322	17,948	–4,089	–259
			Debenture bonds not capital-guaranteed	4,726	7,652	17,642	17,311	1,611	183	–20,122	–19,855	–110	–20	3,747	5,271	–2,523	–3,145
			Other variable-yield securities	1,533	2,166	0	0	0	1,231	–1,950	0	0	0	–417	3,397	–1,950	0
			Participating interests and other investments	3,863	5,055	17	0	22,160	11,185	–4,015	–243	–13	0	22,012	15,997	–2,464	–243
IV.	Fixed-interest securities
		2.	Available for sale
			Fixed-interest securities	496,897	464,482	25,987	154,207	111,411	176,153	–420,106	–84,027	–23,196	–29,645	190,993	681,170	–389,466	–8,283