UNIQA Group Report 2013 - 9. Securities available for sale

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Type of investment	Acquisition costs		Fluctuation in value not affecting income		Accumulated value adjustments		Foreign currency differences affecting income		Market values
Figures in € thousand	31.12.2013	31.12.2012	31.12.2013	31.12.2012	31.12.2013	31.12.2012	31.12.2013	31.12.2012	31.12.2013	31.12.2012
Shares in affiliated companies	17,587	10,594	0	0	0	0	0	0	17,587	10,594
Shares	134,805	480,863	99,297	201,576	–21,578	–74,656	0	0	212,524	607,783
Equity funds	271,512	217,458	32,889	13,832	–18,926	–15,333	0	0	285,475	215,957
Debenture bonds not capital-guaranteed	207,731	234,122	–840	3,718	–24,903	–14,403	0	–2,790	181,987	220,647
Other variable-yield securities	34,094	33,750	–32	0	0	–7,300	0	0	34,063	26,450
Participating interests and other investments	139,759	306,299	10,909	65,917	–18,495	–54,295	0	0	132,174	317,921
Fixed-interest securities	15,143,349	12,874,825	335,193	619,638	–246,556	–247,182	–95,741	–60,659	15,136,246	13,186,622
Total	15,948,837	14,157,911	477,417	904,680	–330,458	–413,169	–95,741	–63,449	16,000,055	14,585,974

Type of investment	Accumulated value adjustments		Of which accumulated from previous years		Of which from current year
Figures in € thousand	31.12.2013	31.12.2012	31.12.2013	31.12.2012	31.12.2013	31.12.2012
Shares in affiliated companies	0	0	0	0	0	0
Shares	–21,578	–74,656	–11,109	–66,219	–10,470	–8,437
Equity funds	–18,926	–15,333	–12,985	–12,064	–5,941	–3,268
Debenture bonds not capital-guaranteed	–24,903	–14,403	–14,403	–19,994	–10,500	5,591
Other variable-yield securities	0	–7,300	0	–4,900	0	–2,400
Participating interests and other investments	–18,495	–54,295	–15,407	–51,353	–3,088	–2,943
Fixed-interest securities	–246,556	–247,182	–207,349	–221,355	–39,208	–25,827
Total	–330,458	–413,169	–261,252	–375,884	–69,206	–37,285

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	31.12.2013	31.12.2013	31.12.2013	31.12.2013
Shares in affiliated companies	0	0	0	0
Shares	53,077	–10,470	62,345	1,202
Equity funds	–3,593	–5,941	–880	3,227
Debenture bonds not capital-guaranteed	–10,500	–10,500	0	0
Other variable-yield securities	7,300	0	7,300	0
Participating interests and other investments	35,800	–3,088	38,889	0
Fixed-interest securities	626	–39,208	39,834	0
Total	82,711	–69,206	147,488	4,429

Change in equity

Allocation not affecting income

Withdrawal¹⁾ due to disposals affecting income

Change in unrealised gains/losses

Figures in € thousand

31.12.2013

31.12.2012

31.12.2013

31.12.2012

31.12.2013

31.12.2012

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

Other securities - available for sale²⁾

Gross

–170,192

1,234,070

–239,082

–100,122

–409,274

1,133,947

Deferred tax

21,194

–168,733

22,813

10,948

44,007

–157,785

Deferred profit participation

76,778

–652,986

165,931

72,291

242,709

–580,695

Minority interests

158

–28,038

337

–7,238

495

–35,276

Net

–72,062

384,312

–50,002

–24,121

–122,063

360,191

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.

Investments at fair value	Level 1	Level 2	Level 3	Group total
Figures in € thousand	31.12.2013	31.12.2013	31.12.2013	31.12.2013
Securities available for sale	13,266,081	2,006,732	727,242	16,000,055
Shares in affiliated companies	175	17,400	12	17,587
Shares	13,868	21,663	176,993	212,524
Equity funds	260,289	25,185	1	285,475
Debenture bonds not capital-guaranteed	7,946	174,042	0	181,987
Other variable-yield securities	0	34,063	0	34,063
Participating interests and other investments	1,119	61,527	69,527	132,174
Fixed-interest securities	12,982,685	1,672,853	480,708	15,136,246
At fair value through profit and loss	182,152	382,768	5,718	570,638
Derivative financial instruments	561	64,519	0	65,079
Total	13,448,794	2,454,019	732,959	16,635,773

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. Other shares and investments for which a valuation appraisal exists were also classified as level 3. No other major level 3 assets existed as at 31 December 2013.

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	2,346,836	598,483	14,585,974
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	316,780	0	317,921
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	3,040,697	603,143	15,453,595

No transfers between levels 1 and 2 took place in the previous year either. The entire portfolio of asset-backed securities was classified as level 3. No other major level 3 assets existed as at 31 December 2013.

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	Securities available for sale	At fair value through profit and loss	Derivative financial instruments	Total
As at 1.1.2013	598,483	4,659	0	603,143
Exchange rate differences	11	0	0	11
Total gains or losses for the period recognised in profit or loss	–19,916	1,047	0	–18,869
Total gains or losses for the period recognised in other comprehensive income (revaluation reserve)	10,393	0	0	10,393
Purchase	2,858	386	0	3,244
Sales	–147,400	0	0	–147,400
Issues	0	0	0	0
Settlements	–2	–100	0	–103
Transfers	282,815	–274	0	282,541
As at 31.12.2013	727,242	5,718	0	732,959

Level 3 Investments at fair value	Securities available for sale	At fair value through profit and loss	Derivative financial instruments	Total
Figures in € thousand	Securities available for sale	At fair value through profit and loss	Derivative financial instruments	Total
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	31.12.2013	31.12.2012	31.12.2013	31.12.2012
Infinite	40,215	48,577	41,392	40,636
Up to 1 year	2,575,313	1,947,601	2,443,456	1,815,336
More than 1 year up to 5 years	4,038,686	4,329,458	4,096,619	4,405,487
More than 5 years up to 10 years	4,925,849	4,541,607	5,078,617	4,857,911
More than 10 years	3,805,112	2,275,454	3,692,211	2,314,348
Total	15,385,174	13,142,697	15,352,296	13,433,719

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

Risk of default rating	31.12.2013
Figures in € thousand
Fixed-interest securities
Rating AAA	3,843,380
Rating AA	3,450,375
Rating A	2,660,844
Rating BBB	3,705,738
Rating < BBB	1,331,700
Not assigned	360,260
Rating total of fixed-interest securities	15,352,296

Issuer countries
Share securities
IE, NL, UK, US	75,475
AT, BE, CH, DE, DK, FR, IT	246,415
ES, FI, NO, SE	397
Remaining EU	123,419
Other countries	52,311
Issuer countries total of share securities	498,016
Other shareholdings	132,156
Total variable-yield securities	630,173