UNIQA Group Report 2013 - 34. Net investment income

By segment			Property and casualty insurance		Health insurance		Life insurance		Group
Figures in € thousand			2013	2012	2013	2012	2013	2012	2013	2012
I.	Properties held as investments		5,691	5,030	25,390	9,486	69,457	38,355	100,538	52,871
II.	Shares in associated companies		3,056	4,723	8,679	8,389	10,494	3,387	22,229	16,499
III.	Variable-yield securities		27,795	18,207	7,043	10,245	101,468	117,821	136,305	146,273
	1.	Available for sale	27,369	17,492	6,520	8,029	96,695	97,330	130,583	122,852
	2.	At fair value through profit or loss	426	715	523	2,216	4,773	20,491	5,722	23,422
IV.	Fixed interest securities		64,099	60,697	37,381	53,316	374,331	454,689	475,811	568,702
	1.	Available for sale	63,243	58,518	35,258	49,688	355,046	403,135	453,548	511,341
	2.	At fair value through profit or loss	856	2,179	2,122	3,628	19,285	51,554	22,263	57,361
V.	Loans and other investments		19,615	15,550	7,372	7,014	68,334	50,860	95,320	73,424
	1.	Loans	3,174	4,251	5,331	6,429	30,327	25,885	38,832	36,565
	2.	Other investments	16,441	11,299	2,041	585	38,007	24,975	56,488	36,859
VI.	Derivative financial instruments (held for trading)		1,140	2,865	3,662	11,763	23,976	–10,346	28,779	4,282
VII.	Expenditure for asset management, interest charges and other expenses		–22,781	–21,880	–10,128	–7,630	–46,071	–41,103	–78,981	–70,613
Total (fully consolidated values)			98,614	85,191	79,399	92,583	601,989	613,664	780,002	791,437

Based on stage 3 valuations (hierarchy for instruments that are recognised at the reconciled current value), income from available-for-sale fixed-income securities included losses in the amount of € 18,812 thousand, while income from fixed-income securities valuated at current value in the income statement included profits in the amount of € 1,047 thousand.

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By income type			Ordinary income		Write-ups		Realised capital gains		Depreciation		Realised capital losses		Group		of which value adjustment
Figures in € thousand			2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
I.	Properties held as investments		75,008	79,610	0	2,816	93,168	23,185	–63,723	–52,132	–3,916	–608	100,538	52,871	–11,226	–6,714
II.	Shares in associated companies		20,023	16,503	0	0	2,207	4	0	–8	0	0	22,229	16,499	0	0
III.	Variable-yield securities		57,621	53,838	19,643	69,557	133,030	92,597	–52,254	–66,806	–21,735	–2,913	136,305	146,273	–29,999	–11,457
	1.	Available for sale	52,369	48,354	3,954	13,173	129,707	88,861	–36,507	–25,799	–18,940	–1,738	130,583	122,852	–29,999	–11,457
	2.	At fair value through profit or loss	5,252	5,484	15,688	56,384	3,323	3,736	–15,746	–41,007	–2,795	–1,174	5,722	23,422	0	0
IV.	Fixed interest securities		529,973	550,063	104,221	113,131	80,740	182,248	–232,788	–138,901	–6,334	–137,840	475,811	568,702	–39,208	–25,827
	1.	Available for sale	509,601	530,828	87,591	58,573	78,384	180,997	–215,899	–121,300	–6,131	–137,756	453,548	511,341	–39,208	–25,827
	2.	At fair value through profit or loss	20,372	19,236	16,629	54,559	2,355	1,251	–16,890	–17,600	–204	–84	22,263	57,361	0	0
V.	Loans and other investments		83,440	87,417	11,134	1,770	3,760	4,374	–1,431	–8,825	–1,582	–11,311	95,320	73,424	–804	–774
	1.	Loans	36,371	44,772	1,160	6	3,353	3,550	–804	–774	–1,248	–10,989	38,832	36,565	–804	–774
	2.	Other investments	47,069	42,644	9,974	1,764	408	824	–628	–8,051	–335	–322	56,488	36,859	0	0
VI.	Derivative financial instruments (held for trading)		–5,779	–1,615	33,952	71,779	73,489	42,128	–39,470	–27,182	–33,413	–80,827	28,779	4,282	0	0
VII.	Expenditure for asset management, interest charges and other expenses		–78,981	–70,613	0	0	0	0	0	0	0	0	–78,981	–70,613	0	0
Total (fully consolidated values)			681,306	715,202	168,949	259,053	386,394	344,536	–389,666	–293,855	–66,981	–233,499	780,002	791,437	–81,236	–44,772

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 € 45,935 thousand (2012: € 55,668 thousand). Net investment income of € 780,002 thousand includes realised and unrealised profits and losses amounting to € 98,696 thousand, which include currency losses of € 64,805 thousand. The effects mainly resulted from investments in US dollars, British pounds, Australian dollars, Russian roubles and Turkish lira. Investments in US dollars generated currency losses of € 30,647 thousand. The currency losses in the underlying US dollar securities amounted to approximately € 66,746 thousand. These losses were partly offset by gains from derivative financial instruments in the amount of € 36,099 thousand in connection with hedging transactions. In addition, negative currency effects amounting to € 6,698 thousand were recorded directly as equity.

The income from properties held as financial investments include rent revenue in the amount of € 114,898 thousand (2012: € 113,687 thousand) and direct operational expenses in the amount of € 39,890 thousand (2012: € 34,077 thousand).

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Of which securities, available for sale type of investment				Ordinary income		Write-ups		Realised capital gains		Depreciation		Realised capital losses		Group		of which value adjustment
Figures in € thousand				2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
III.	Variable-yield securities
		1.	Available for sale	52,369	48,354	3,954	13,173	129,707	88,861	–36,507	–25,799	–18,940	–1,738	130,583	122,852	–29,999	–11,457
			Shares in affiliated companies	331	360	0	0	14,790	3,907	0	0	–1,736	–341	13,386	3,926	0	0
			Shares	27,478	14,940	118	2	55,911	40,187	–12,946	–9,399	–13,019	–216	57,542	45,514	–10,470	–8,437
			Equity funds	4,898	4,009	1,719	3,573	14,995	24,271	–7,724	–6,862	–349	–1,066	13,540	23,925	–5,941	–3,268
			Debenture bonds not capital-guaranteed	8,707	16,439	2,117	9,599	2,441	1,313	–12,749	–4,134	–2,685	–116	–2,169	23,101	–10,500	5,591
			Other variable-yield securities	912	1,215	0	0	0	0	0	–2,400	0	0	912	–1,185	0	–2,400
			Participating interests and other investments	10,043	11,391	1	0	41,569	19,183	–3,089	–3,004	–1,151	0	47,373	27,570	–3,088	–2,943
IV.	Fixed interest securities
		1.	Available for sale
			Fixed-interest securities	509,601	530,828	87,591	58,573	78,384	180,997	–215,899	–121,300	–6,131	–137,756	453,548	511,341	–39,208	–25,827