UNIQA Group Report 2014 - 35. Net investment income

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By segment			Property and casualty insurance		Health insurance		Life insurance		Group
in € thousand			2014	2013	2014	2013	2014	2013	2014	2013
I.	Investment property		15,440	5,691	7,933	25,390	95,198	69,457	118,571	100,538
II.	Investment in associates		435	3,056	11,715	8,679	11,434	10,494	23,583	22,229
III.	Variable-income securities		16,880	27,795	5,769	7,043	17,856	101,468	40,505	136,305
	1.	Available for sale	16,352	27,369	5,229	6,520	11,228	96,695	32,809	130,583
	2.	At fair value through profit or loss	528	426	540	523	6,628	4,773	7,696	5,722
IV.	Fixed-income securities		111,341	64,099	113,181	37,381	540,680	374,331	765,202	475,811
	1.	Available for sale	111,680	63,243	112,651	35,258	558,091	355,046	782,422	453,548
	2.	At fair value through profit or loss	–339	856	530	2,122	–17,412	19,285	–17,221	22,263
V.	Loans and other investments		10,461	19,615	6,715	7,372	54,802	68,334	71,977	95,320
	1.	Loans	1,501	3,174	3,684	5,331	18,825	30,327	24,009	38,832
	2.	Other investments	8,960	16,441	3,031	2,041	35,977	38,007	47,968	56,488
VI.	Derivative financial instruments (trading portfolio)		–6,674	1,140	–19,388	3,662	–71,190	23,976	–97,252	28,779
VII.	Investment administration expenses, interest paid and other investment expenses		–13,187	–22,781	–8,909	–10,128	–36,114	–46,071	–58,210	–78,981
Total (amount consolidated)			134,696	98,614	117,014	79,399	612,665	601,989	864,375	780,002

Income from available-for-sale fixed-income securities includes gains of €37,388 thousand and income from fixed income securities at fair value through profit or loss includes gains of €1,762 thousand from Level 3 valuations (hierarchy for instruments recognised at fair value in the statement of financial position).

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By income type			Current income		Reversal of impairment losses		Gains on disposals		Depreciation and impairment losses		Losses on disposals		Group		of which adjustment to valuation allowance
in € thousand			2014	2013	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013
I.	Investment property		77,458	75,008	38	0	126,508	93,168	–79,066	–63,723	–6,368	–3,916	118,571	100,538	–33,282	–11,226
II.	Investment in associates		19,970	20,023	0	0	3,613	2,207	0	0	0	0	23,583	22,229	0	0
III.	Variable-income securities		44,338	57,621	17,180	19,643	32,760	133,030	–41,776	–52,254	–11,997	–21,735	40,505	136,305	–20,173	–29,999
	1.	Available for sale	34,803	52,369	6,329	3,954	32,063	129,707	–29,885	–36,507	–10,501	–18,940	32,809	130,583	–20,173	–29,999
	2.	At fair value through profit or loss	9,535	5,252	10,851	15,688	696	3,323	–11,891	–15,746	–1,495	–2,795	7,696	5,722	0	0
IV.	Fixed-income securities		528,699	529,973	159,182	104,221	210,754	80,740	–86,168	–232,788	–47,266	–6,334	765,202	475,811	–10,114	–39,208
	1.	Available for sale	511,492	509,601	126,345	87,591	206,831	78,384	–27,919	–215,899	–34,327	–6,131	782,422	453,548	–10,114	–39,208
	2.	At fair value through profit or loss	17,207	20,372	32,837	16,629	3,923	2,355	–58,249	–16,890	–12,939	–204	–17,221	22,263	0	0
V.	Loans and other investments		67,595	83,440	9,709	11,134	4,515	3,760	–6,615	–1,431	–3,226	–1,582	71,977	95,320	–5,507	–804
	1.	Loans	27,101	36,371	1,604	1,160	3,942	3,353	–5,507	–804	–3,132	–1,248	24,009	38,832	–5,507	–804
	2.	Other investments	40,493	47,069	8,104	9,974	572	408	–1,108	–628	–94	–335	47,968	56,488	0	0
VI.	Derivative financial instruments (trading portfolio)		–10,285	–5,779	38,059	33,952	84,538	73,489	–31,908	–39,470	–177,657	–33,413	–97,252	28,779	0	0
VII.	Investment administration expenses, interest paid and other investment expenses		–58,210	–78,981	0	0	0	0	0	0	0	0	–58,210	–78,981	0	0
Total (amount consolidated)			669,565	681,306	224,168	168,949	462,686	386,394	–245,533	–389,666	–246,512	–66,981	864,375	780,002	–69,077	–81,236

The adjustment of valuation allowances relates 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 €19,148 thousand (2013: €45,935 thousand). The net investment income of €864,375 thousand includes realised and unrealised gains and losses amounting to €194,809 thousand, which include currency gains of €25,776 thousand. These are essentially the result of investments in US dollars amounting to €36,738 thousand. The currency gains in the underlying US dollar securities amounted to around €128,912 thousand, and these were accompanied by expenditures from derivative financial instruments within the scope of hedging transactions amounting to €92,174 thousand. In addition, currency effects amounting to €9,277 thousand were recognised directly in equity.

Income from investment property includes rent revenue in the amount of €112,048 thousand (2013: €114,898 thousand) and direct operational expenses in the amount of €34,591thousand (2013: €39,890 thousand).

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Of which available-for-sale securities Type of investment			Current income		Reversal of impairment losses		Gains on disposals		Depreciation, amortisation and impairment losses		Losses on disposals		Group		of which adjustment to valuation allowance
in € thousand			2014	2013	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013
III.	Variable-income securities
	1.	Available for sale	34,803	52,369	6,329	3,954	32,063	129,707	–29,885	–36,507	–10,501	–18,940	32,809	130,583	–20,173	–29,999
		Shares in affiliated companies	702	331	0	0	11	14,790	‑3	0	0	–1,736	710	13,386	0	0
		Equity	1,745	27,478	1,066	118	2,626	55,911	–2,261	–12,946	–31	–13,019	3,146	57,542	–1,543	–10,470
		Equity funds	12,353	4,898	0	1,719	29,104	14,995	–3,649	–7,724	–4,839	–349	32,968	13,540	–1,362	–5,941
		Bonds not capital-guaranteed	9,098	8,707	5,263	2,117	188	2,441	–8,669	–12,749	–5,629	–2,685	251	–2,169	–3,406	–10,500
		Other variable-income securities	1,525	912	0	0	0	0	0	0	0	0	1,525	912	0	0
		Equity investments and other investments	9,380	10,043	0	1	135	41,569	–15,304	–3,089	‑2	–1,151	–5,791	47,373	–13,862	–3,088
IV.	Fixed-income securities
	1.	Available for sale
		Fixed-income securities	511,492	509,601	126,345	87,591	206,831	78,384	–27,919	–215,899	–34,327	–6,131	782,422	453,548	–10,114	–39,208