34. Net investment income

(XLS:) Download

Classified by business line
In € thousand	Property and casualty insurance		Health insurance		Life insurance		Total
In € thousand	1-12/2016	1-12/2015	1-12/2016	1-12/2015	1-12/2016	1-12/2015	1-12/2016	1-12/2015
Investment property	414	1,897	3,881	32,213	41,685	76,941	45,980	111,051
Financial assets accounted for using the equity method	5,551	3,171	11,741	12,439	21,322	7,596	38,614	23,205
Variable-income securities	41,134	13,369	4,675	6,159	–1,881	28,310	43,928	47,838
Available for sale	40,460	13,047	1,479	5,741	–1,551	25,695	40,388	44,483
At fair value through profit or loss	674	322	3,196	418	–330	2,615	3,540	3,354
Fixed-income securities	85,258	102,394	96,678	98,638	272,743	372,294	454,679	573,327
Available for sale	85,920	102,492	95,805	98,348	264,650	361,629	446,375	562,469
At fair value through profit or loss	–662	–98	873	290	8,093	10,666	8,304	10,858
Loans and other investments	6,995	7,660	5,396	7,534	43,725	52,280	56,116	67,473
Loans	1,691	433	3,569	5,931	10,481	17,474	15,742	23,838
Other investments	5,303	7,227	1,827	1,603	33,244	34,805	40,374	43,636
Derivative financial instruments	6,909	245	512	–9,425	–21,976	–42,883	–14,555	–52,062
Investment administration expenses, interest paid and other investment expenses	–13,635	–11,492	–7,976	–7,486	–14,259	–19,870	–35,869	–38,848
Total	132,626	117,245	114,907	140,071	341,360	474,668	588,892	731,983

(XLS:) Download

Classified by type of income

In € thousand

Current income

Gains/losses from disposals and changes in value

Total

of which impairment

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1-12/2016

1-12/2015

1)	Income from investments under investment contracts is not stated due to its transitory character.

Financial assets recognised at fair value through profit or loss

Variable-income securities (within the framework of fair value option)

3,601

7,531

–61

–4,177

3,540

3,354

Fixed-income securities (within the framework of fair value option)

2,758

14,292

5,546

–3,434

8,304

10,858

Derivative financial instruments

–10,432

1,322

–4,123

–53,384

–14,555

–52,062

Investments under investment contracts¹⁾

Subtotal

–4,074

23,145

1,363

–60,995

–2,711

–37,850

Available-for-sale financial assets

Variable-income securities

34,292

31,487

6,096

12,996

40,388

44,483

–42,494

–7,531

Fixed-income securities

375,364

409,893

71,011

152,575

446,375

562,469

–35,646

–33,770

Subtotal

409,656

441,381

77,107

165,571

486,763

606,952

–78,140

–41,302

Loans and receivables

Fixed-income securities

13,965

18,343

306

2,969

14,271

21,312

Loans and other investments

40,597

41,901

1,248

4,260

41,845

46,161

–2,202

–3,295

Subtotal

54,562

60,245

1,554

7,229

56,116

67,473

–2,202

–3,295

Investment property

73,282

79,927

–27,302

31,124

45,980

111,051

–144

–9,038

Financial assets accounted for using the equity method

39,557

23,205

–944

38,614

23,205

Investment administration expenses, interest paid and other investment expenses

–35,869

–38,848

–35,869

–38,848

Total

537,115

589,054

51,778

142,929

588,892

731,983

–80,486

–53,635

Income from available-for-sale fixed-income securities includes losses of € 0 thousand (2015: gains of € 32,833 thousand) and income from fixed-income and variable-income securities at fair value through profit or loss includes gains of € 577 thousand (2015: losses of € 1,068 thousand) from Level 3 valuations.

The adjustment of valuation allowances relates to 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 € 22,860 thousand (2015: € 9,900 thousand). The net investment income of € 588,892 thousand (2015: € 731,983 thousand) includes realised and unrealised gains and losses amounting to € 51,778 thousand (2015: € 142,929 thousand), which includes currency gains of € 10,778 thousand (2015: € 44,715 thousand). These currency gains are essentially the result of investments in US dollars. The currency gains in the underlying US dollar securities amounted to around € 22,149 thousand (2015: € 106,545 thousand), which were accompanied by expenditures from derivative financial instruments within the scope of hedging transactions in the amount of € 1,451 thousand (2015: Expenses in the amount of € 66,083 thousand). In addition, currency effects in the amount of € 5,356 thousand (2015: € 4,216 thousand) were recognised directly in equity. The income from real estate held as financial investments includes rent revenue in the amount of € 105,679 thousand (2015: € 112,806 thousand) direct operational expenses in the amount of € 32,397 thousand (2015: € 32,879 thousand).

(XLS:) Download

Net profit by measurement category

In € thousand

2016

2015

1)	The presentation does not include the share of other comprehensive income allocated to the discontinued operations. This results in differences between these amounts and the amount shown in the consolidated statement of comprehensive income.

Financial assets recognised at fair value through profit or loss

Recognised in profit/(loss) for the year

–2,711

–37,850

Available-for-sale financial assets

Recognised in profit/(loss) for the year

486,763

606,952

of which reclassified from equity to consolidated income statement

–82,551

–73,138

of which recognised in other comprehensive income¹⁾

243,315

–154,336

Net income

730,078

452,616

Loans and receivables

Recognised in profit/(loss) for the year

56,116

67,473

Financial liabilities measured at amortised cost

Recognised in profit/(loss) for the year

–67,477

–50,243

The overall interest expenditure from financial instruments amounts to € 68,168 thousand (2015: € 51,902 thousand). The income from financial instruments amounts to € 537,115 thousand (2015: € 589,054 thousand).