Financial instruments

Financial assets and financial liabilities are recognised and measured in the statement of financial position according to the rules of IFRS 9. Financial assets are recognised for the first time on the settlement date.

They are derecognised when the contractual rights to cash flows from an asset expire or the rights to receive the cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

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In € thousand	At 31 December 2023		At 31 December 2022
In € thousand	Carrying amounts	Fair values	Carrying amounts	Fair values
Financial assets
Properties that constitute underlying items
Property, plant and equipment	80,270	80,270	84,039	84,039
Investment property	1,381,864	1,381,864	1,368,759	1,368,759
Investments
Investment properties that do not constitute underlying items	1,030,083	1,562,673	1,004,035	1,579,528
Financial assets accounted for using the equity method	813,756	748,238	759,463	703,064
Other investments	17,206,175	17,206,169	16,243,738	16,221,096
Financial assets at fair value through profit or loss	3,581,719	3,581,719	3,486,357	3,486,357
Financial assets at fair value through other comprehensive income	13,024,182	13,024,182	12,193,888	12,193,888
Financial assets at amortised cost	600,273	600,267	563,493	540,851
Unit-linked and index-linked life insurance investments	4,296,374	4,296,374	4,070,702	4,070,702
Receivables and other assets	364,474	364,474	380,967	380,967
Cash	699,528	699,528	667,646	667,646

Financial liabilities
Subordinated liabilities	906,729	832,781	1,058,631	922,001
Financial liabilities	688,032	612,584	700,463	582,728
Bond liabilities	596,536	521,088	596,032	478,296
Derivative financial instruments	6,673	6,673	11,645	11,645
Lease liabilities	84,823	84,823	92,787	92,787
Liabilities and other items classified as liabilities	897,679	897,679	899,650	899,650