4. Net investment income

Classified by business line

In € thousand

Property and casualty insurance

Health insurance

Life insurance

Total

1–12/2019

1–12/2018

1–12/2019

1–12/2018 adjusted

1–12/2019

1–12/2018

1–12/2019

1–12/2018 adjusted

Investment property

15,278

9,117

12,983

9,621

54,047

32,475

82,308

51,213

Financial assets accounted for using the equity method

7,601

58,565

22,153

19,553

34,674

31,071

64,428

109,189

Variable-income securities

4,422

16,450

9,576

9,022

1,487

19,284

15,484

44,756

Available for sale

6,333

14,807

8,861

8,902

1,185

19,194

16,379

42,903

At fair value through profit or loss

–1,912

1,642

715

120

302

90

–894

1,853

Fixed-income securities

119,094

77,511

69,321

83,104

247,904

253,456

436,319

414,071

Available for sale

112,090

81,459

60,868

85,447

247,768

252,528

420,726

419,434

At fair value through profit or loss

7,004

–3,948

8,454

–2,343

136

928

15,593

–5,363

Loans and other investments

6,033

3,667

3,932

2,092

26,879

34,174

36,843

39,933

Loans

967

450

1,637

1,754

6,394

10,142

8,999

12,345

Other investments

5,066

3,217

2,294

339

20,485

24,032

27,845

27,588

Derivative financial instruments

–10,416

–16,586

311

–10,485

422

–918

–9,682

–27,989

Investment administration expenses, interest paid and other investment expenses

–19,935

–20,579

–9,241

–9,528

–11,280

–16,037

–40,456

–46,144

Total

122,077

128,145

109,034

103,379

354,133

353,505

585,244

585,029

 

 

 

 

 

 

 

 

 

Of which:

 

 

 

 

 

 

 

 

Current income/expenses

107,685

107,340

86,621

83,623

336,775

336,692

531,081

527,656

Gains/losses from disposals and changes in value

14,391

20,805

22,414

19,756

17,358

16,813

54,163

57,374

Impairments

–11,992

–13,062

–6,941

–1,280

–3,204

–15,650

–22,138

–29,992

Classified by type of income

In € thousand

Current income/expenses

Gains/losses from disposals and changes in value

Total

of which impairment

1–12/2019

1–12/2018

1–12/2019

1–12/2018 adjusted

1–12/2019

1–12/2018 adjusted

1–12/2019

1–12/2018

1)

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

Financial assets at through profit or loss

1,414

2,124

3,603

–33,624

5,017

–31,500

0

0

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

595

763

–1,490

1,090

–894

1,853

0

0

Fixed-income securities (within the framework of option)

2,572

1,510

13,022

–6,873

15,593

–5,363

0

0

Derivative financial instruments

–1,752

–149

–7,930

–27,841

–9,682

–27,989

0

0

Investments under investment contracts1)

0

0

0

0

0

0

0

0

390,453

392,045

46,651

70,292

437,104

462,337

–20,258

–12,980

Variable-income securities

29,015

36,555

–12,636

6,348

16,379

42,903

–12,385

–10,175

Fixed-income securities

361,438

355,490

59,287

63,944

420,726

419,434

–7,873

–2,805

Loans and receivables

37,234

39,116

–391

817

36,843

39,933

–32

–89

Fixed-income securities

5,959

7,921

–349

1,272

5,610

9,193

0

0

Loans and other investments

31,275

31,195

–42

–455

31,233

30,740

–32

–89

Investment property

78,007

78,781

4,300

–27,568

82,308

51,213

–1,848

–16,923

Financial assets accounted for using the

64,428

61,733

0

47,456

64,428

109,189

0

0

 

 

 

 

 

 

 

 

 

Investment administration expenses, interest paid and other investment expenses

–40,456

–46,144

0

0

–40,456

–46,144

0

0

Total

531,081

527,656

54,163

57,374

585,244

585,029

–22,138

–29,992

Details of net investment income

In € thousand

1–12/2019

1–12/2018

Current income/expenses from investment property

 

 

Rent revenue

108,418

110,491

Operational expenses

–30,411

–31,710

Gains/losses from disposals and changes in value

 

 

Currency gains/losses

–17,701

–16,603

of which gains/losses from derivative financial instruments as part of US dollar underlying

3,547

8,620

of which gains/losses from derivative financial instruments as part of hedge transactions in US dollar

–7,755

–11,965

Positive currency effects from investments amounting to €1,304 thousand (2018: positive currency effects amounting to €9,558 thousand) were recognised directly in equity.

Net profit/(loss) by measurement category

In € thousand

1–12/2019

1–12/2018

Financial assets at fair value through profit or loss

 

 

Recognised in profit/(loss) for the period

5,017

–31,500

Available-for-sale financial assets

 

 

Recognised in profit/(loss) for the period

437,104

462,337

of which reclassified from equity to consolidated income statement

–46,216

–99,926

Recognised in other comprehensive income

957,411

–445,017

Net income

1,394,515

17,320

Loans and receivables

 

 

Recognised in profit/(loss) for the period

36,843

39,933

Financial liabilities measured at amortised cost

 

 

Recognised in profit/(loss) for the period

–54,643

–52,800

Fair value
The fair value is the price that would be collected in an ordinary business transaction between market participants for the sale of an asset or that would be paid for transferring a liability.
Fair value
The fair value is the price that would be collected in an ordinary business transaction between market participants for the sale of an asset or that would be paid for transferring a liability.
Available-for-sale financial assets
The available-for-sale financial assets include financial assets that are neither due to be held to maturity, nor have they been acquired for short-term trading purposes. Available-for-sale financial assets are measured at fair value. Fluctuations in value are recognised in other comprehensive income in the consolidated statement of comprehensive income.
Equity method
Investment in associates is accounted for using this method. The value assessed corresponds with the Group’s proportional equity in these companies. In the case of shares in companies that prepare their own consolidated financial statements, their Group equity is assessed accordingly in each case. Within the scope of ongoing valuations, this value must be updated to incorporate proportional changes in equity; it is used to impute the pro rata profit on ordinary activities to the Group results.