4. Net investment income

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Classified by business line
In € thousand	Property and casualty insurance		Health insurance		Life insurance		Total
In € thousand	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

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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 fair value through profit or loss

1,414

2,124

3,603

–33,624

5,017

–31,500

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

595

763

–1,490

1,090

–894

1,853

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

2,572

1,510

13,022

–6,873

15,593

–5,363

Derivative financial instruments

–1,752

–149

–7,930

–27,841

–9,682

–27,989

Investments under investment contracts¹⁾

Available-for-sale financial assets

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

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 equity method

64,428

61,733

47,456

64,428

109,189

Investment administration expenses, interest paid and other investment expenses

–40,456

–46,144

–40,456

–46,144

Total

531,081

527,656

54,163

57,374

585,244

585,029

–22,138

–29,992

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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.

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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.