5. Net investment income
In € thousand |
Property and casualty insurance |
Health insurance |
Life insurance |
Total |
||||
|---|---|---|---|---|---|---|---|---|
1–12/2020 |
1–12/2019 |
1–12/2020 |
1–12/2019 |
1–12/2020 |
1–12/2019 |
1–12/2020 |
1–12/2019 |
|
Investment property |
–4,806 |
15,278 |
7,762 |
12,983 |
37,306 |
54,047 |
40,263 |
82,308 |
Financial assets accounted for using the equity method |
10,525 |
7,601 |
21,307 |
22,153 |
33,858 |
34,674 |
65,689 |
64,428 |
Variable-income securities |
–17,782 |
4,422 |
10,067 |
9,576 |
5,781 |
1,487 |
–1,934 |
15,484 |
Available for sale |
–17,757 |
6,333 |
9,565 |
8,861 |
5,897 |
1,185 |
–2,295 |
16,379 |
At fair value through profit or loss |
–25 |
–1,912 |
502 |
715 |
–116 |
302 |
361 |
–894 |
Fixed-income securities |
53,207 |
119,094 |
70,586 |
69,321 |
281,809 |
247,904 |
405,602 |
436,319 |
Available for sale |
48,751 |
112,090 |
65,790 |
60,868 |
281,747 |
247,768 |
396,288 |
420,726 |
At fair value through profit or loss |
4,456 |
7,004 |
4,796 |
8,454 |
62 |
136 |
9,314 |
15,593 |
Loans and other investments |
2,283 |
6,033 |
1,133 |
3,932 |
23,940 |
26,879 |
27,356 |
36,843 |
Loans |
816 |
967 |
1,327 |
1,637 |
4,808 |
6,394 |
6,951 |
8,999 |
Other investments |
1,467 |
5,066 |
–194 |
2,294 |
19,132 |
20,485 |
20,405 |
27,845 |
Derivative financial instruments |
8,910 |
–10,416 |
1,851 |
311 |
–169 |
422 |
10,591 |
–9,682 |
Investment administration expenses, interest paid and other investment expenses |
–22,790 |
–19,935 |
–8,163 |
–9,241 |
–11,204 |
–11,280 |
–42,158 |
–40,456 |
Total |
29,547 |
122,077 |
104,542 |
109,034 |
371,321 |
354,133 |
505,409 |
585,244 |
|
|
|
|
|
|
|
|
|
Of which: |
|
|
|
|
|
|
|
|
Current income/expenses |
108,512 |
107,685 |
93,794 |
86,621 |
316,712 |
336,775 |
519,018 |
531,081 |
Gains/losses from disposals and changes in value |
–78,965 |
14,391 |
10,748 |
22,414 |
54,609 |
17,358 |
–13,609 |
54,163 |
Impairments |
–35,121 |
–11,992 |
–29,698 |
–6,941 |
–5,951 |
–3,204 |
–70,770 |
–22,138 |
In € thousand |
Current income/expenses |
Gains/losses from disposals and changes in value |
Total |
of which impairment |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
1–12/2020 |
1–12/2019 |
1–12/2020 |
1–12/2019 |
1–12/2020 |
1–12/2019 |
1–12/2020 |
1–12/2019 |
|||
Financial assets at fair value through profit or loss |
14,378 |
1,414 |
5,889 |
3,603 |
20,266 |
5,017 |
0 |
0 |
||
Variable-income securities (within the framework of fair value option) |
760 |
595 |
–399 |
–1,490 |
361 |
–894 |
0 |
0 |
||
Fixed-income securities (within the framework of fair value option) |
1,095 |
2,572 |
8,219 |
13,022 |
9,314 |
15,593 |
0 |
0 |
||
Derivative financial instruments |
12,523 |
–1,752 |
–1,931 |
–7,930 |
10,591 |
–9,682 |
0 |
0 |
||
Investments under investment contracts1) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
375,078 |
390,453 |
18,915 |
46,651 |
393,993 |
437,104 |
–61,311 |
–20,258 |
|||
Variable-income securities |
29,053 |
29,015 |
–31,348 |
–12,636 |
–2,295 |
16,379 |
–44,439 |
–12,385 |
||
Fixed-income securities |
346,025 |
361,438 |
50,263 |
59,287 |
396,288 |
420,726 |
–16,872 |
–7,873 |
||
Loans and receivables |
30,157 |
37,234 |
–2,801 |
–391 |
27,356 |
36,843 |
0 |
–32 |
||
Fixed-income securities |
3,724 |
5,959 |
–26 |
–349 |
3,698 |
5,610 |
0 |
0 |
||
Loans and other investments |
26,432 |
31,275 |
–2,775 |
–42 |
23,658 |
31,233 |
0 |
–32 |
||
Investment property |
74,723 |
78,007 |
–34,460 |
4,300 |
40,263 |
82,308 |
–9,459 |
–1,848 |
||
Financial assets accounted for using the equity method |
66,840 |
64,428 |
–1,151 |
0 |
65,689 |
64,428 |
0 |
0 |
||
|
|
|
|
|
|
|
|
|
||
Investment administration expenses, interest paid and other investment expenses |
–42,158 |
–40,456 |
0 |
0 |
–42,158 |
–40,456 |
0 |
0 |
||
Total |
519,018 |
531,081 |
–13,609 |
54,163 |
505,409 |
585,244 |
–70,770 |
–22,138 |
||
|
||||||||||
In € thousand |
1–12/2020 |
1–12/2019 |
|---|---|---|
Current income/expenses from investment property |
|
|
Rent revenue |
99,575 |
108,418 |
Operational expenses |
–24,851 |
–30,411 |
Currency gains/losses |
|
|
currency gains |
90,345 |
42,610 |
currency losses |
–106,091 |
–60,311 |
Proft from currency gains/losses |
–15,746 |
–17,701 |
of which gains/losses from derivative financial instruments as part of US dollar underlying |
–17,103 |
3,547 |
of which gains/losses from derivative financial instruments as part of hedge transactions in US dollar |
13,878 |
–7,755 |
Negative currency effects from investments amounting to €8,547 thousand (2019: positive currency effects amounting to €1,304 thousand) were recognised directly in equity.
The effects of Covid-19
Net investment income fell overall compared with the previous year due to negative capital market developments caused by Covid-19 in the 2020 financial year. However, an upward trend was recorded in developments on the capital markets from the second quarter of 2020 onwards.Expenses from investments increased on the previous year primarily as a result of impairments. Any reversals of impairment losses were recognised in other comprehensive income under the item “Profits recognised in equity from the measurement of financial instruments available for sale”.
In € thousand |
1–12/2020 |
1–12/2019 |
|---|---|---|
Financial assets at fair value through profit or loss |
|
|
Recognised in profit/(loss) for the period |
20,266 |
5,017 |
Available-for-sale financial assets |
|
|
Recognised in profit/(loss) for the period |
393,993 |
437,104 |
of which reclassified from equity to consolidated income statement |
–68,659 |
–46,216 |
Recognised in other comprehensive income |
563,452 |
957,411 |
Net income |
957,445 |
1,394,515 |
Loans and receivables |
|
|
Recognised in profit/(loss) for the period |
27,356 |
36,843 |
Financial liabilities measured at amortised cost |
|
|
Recognised in profit/(loss) for the period |
–64,758 |
–54,643 |