UNIQA Group Report 2012 - 34. Net investment income

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By segment			Property and casualty		Health		Life		Group
Figures in € thousand			2012	2011	2012	2011	2012	2011	2012	2011
I.	Properties held as investments		5,030	7,772	9,486	3,639	38,355	–8,402	52,871	3,009
II.	Shares in associated companies		5,331	–15,897	8,389	11,619	5,334	6,212	19,053	1,934
III.	Variable-yield securities		17,707	–1,316	10,245	–13,977	115,875	9,448	143,827	–5,845
	1	Available for sale	16,992	505	8,030	–10,784	95,384	352	120,405	–9,926
	2	At fair value through profit or loss	715	–1,822	2,216	–3,193	20,491	9,096	23,422	4,081
IV.	Fixed-interest securities		60,697	45,473	53,316	–1,710	454,689	197,320	568,702	241,083
	1	Held to maturity	0	1,076	0	2,218	0	14,044	0	17,338
	2	Available for sale	58,518	44,437	49,688	–5,092	403,135	166,500	511,341	205,845
	3	At fair value through profit or loss	2,179	–41	3,628	1,164	51,554	16,777	57,361	17,900
V.	Loans and other investments		15,550	16,397	7,014	6,626	50,860	77,567	73,424	100,590
	1	Loans	4,251	3,227	6,429	2,497	25,885	35,727	36,565	41,450
	2	Other investments	11,299	13,170	585	4,129	24,975	41,840	36,859	59,140
VI.	Derivative financial instruments (held for trading)		2,865	–8,208	11,763	–9,827	–10,346	–80,009	4,282	–98,044
VII.	Expenditure for asset management, interest charges and other expenses		–21,880	–4,511	–7,630	–5,814	–41,103	–30,583	–70,613	–40,907
Total (fully consolidated values)			85,300	39,710	92,583	–9,445	613,664	171,553	791,546	201,818

Based on level 3 valuations (hierarchy for instruments which are recognized at the reconciled current value), income from available-for-sale fixed-income securities included losses in the amount of € 2,781 thousand, while income from fixed-income securities valuated at current value in the income statement included losses in the amount of € 1,699 thousand.

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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			2012	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012	2011
I.	Properties held as investments		79,610	64,859	2,816	0	23,185	648	–52,132	–62,457	–608	–41	52,871	3,009	–6,714	–19,158
II.	Shares in associated companies		19,058	13,522	0	0	4	0	–8	–11,588	0	0	19,053	1,934	0	0
III.	Variable-yield securities		51,392	47,420	69,557	87,229	92,597	41,096	–66,806	–157,840	–2,913	–23,750	143,827	–5,845	–11,449	–52,561
	1	Available for sale	45,908	36,468	13,173	18,230	88,861	28,426	–25,799	–73,156	–1,738	–19,895	120,405	–9,926	–11,449	–52,561
	2	At fair value through profit or loss	5,484	10,952	56,384	68,999	3,736	12,670	–41,007	–84,684	–1,174	–3,855	23,422	4,081	0	0
IV.	Fixed-interest securities		550,063	530,384	113,131	60,218	182,248	112,216	–138,901	–438,562	–137,840	–23,173	568,702	241,083	–25,827	–389,466
	1	Held to maturity	0	17,338	0	0	0	0	0	0	0	0	0	17,338	0	0
	2	Available for sale	530,828	494,555	58,573	25,987	180,997	111,292	–121,300	–402,816	–137,756	–23,173	511,341	205,845	–25,827	–389,466
	3	At fair value through profit or loss	19,236	18,491	54,559	34,231	1,251	924	–17,600	–35,746	–84	0	57,361	17,900	0	0
V.	Loans and other investments		87,417	111,831	1,770	2,157	4,374	3,387	–8,825	–4,584	–11,311	–12,201	73,424	100,590	–774	–5,288
	1	Loans	44,772	53,789	6	146	3,550	3,387	–774	–3,671	–10,989	–12,201	36,565	41,450	–774	–5,288
	2	Other investments	42,644	58,042	1,764	2,010	824	0	–8,051	–913	–322	0	36,859	59,140	0	0
VI.	Derivative financial instruments (held for trading)		–1,615	–16,794	71,779	82,092	42,128	40,402	–27,182	–80,042	–80,827	–123,702	4,282	–98,044	0	0
VII.	Expenditure for asset management, interest charges and other expenses		–70,613	–40,907	0	0	0	0	0	0	0	0	–70,613	–40,907	0	0
Total (fully consolidated values)			715,311	710,315	259,053	231,696	344,536	197,748	–293,855	–755,073	–233,499	–182,868	791,546	201,818	–44,764	–466,473

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. Interest income from impaired portfolio items amounts to € 55,668 thousand (2011: € 25,994 thousand). Net investment income of € 791,546 thousand includes realised and unrealised profits and losses amounting to € 76,235 thousand, which include currency gains of € 40,912 thousand. In addition, negative currency effects amounting to € 21,562 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 € 113,687 thousand (2011: € 96,634 thousand) and direct operational expenses in the amount of € 34,077 thousand (2011: € 31,772 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				2012	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012	2011	2012	2011
III.	Variable-yield securities
		1.	Available for sale	45,908	36,468	13,173	18,230	88,861	28,426	–25,799	–73,156	–1,738	–19,895	120,405	–9,926	–11,449	–52,561
			Shares in affiliated companies	360	–20	0	0	3,907	1,103	0	–205	–341	–59	3,926	818	0	0
			Shares	14,940	20,121	2	401	40,187	8,681	–9,399	–43,019	–216	–9,866	45,514	–23,681	–8,437	–41,535
			Equity funds	4,009	6,335	3,573	170	24,271	451	–6,862	–4,295	–1,066	–9,847	23,925	–7,187	–3,268	–4,089
			Debenture bonds not capital-guaranteed	16,439	4,726	9,599	17,642	1,313	1,611	–4,134	–20,122	–116	–110	23,101	3,747	5,591	–2,523
			Other variable-yield securities	1,215	1,509	0	0	0	0	–2,400	–1,500	0	0	–1,185	9	–2,400	–1,950
			Participating interests and other investments	8,945	3,798	0	17	19,183	16,581	–3,004	–4,015	0	–13	25,123	16,368	–2,934	–2,464
IV.	Fixed interest securities
		2.	Available for sale
			Fixed-interest securities	530,828	494,555	58,573	25,987	180,997	111,292	–121,300	–402,816	–137,756	–23,173	511,341	205,845	–25,827	–389,466