1. Financial instruments, investments and financial liabilities

The following table presents a comparison of the carrying amounts and fair values of financial instruments, investments and financial liabilities.

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Financial assets and liabilities
In € thousand	Carrying amounts	Fair values	Carrying amounts	Fair values
In € thousand	At 31 December 2024		At 31 December 2023
Investments
Investment property	2,382,317	2,956,074	2,411,947	2,944,537
Financial assets accounted for using the equity method	899,876	888,599	813,756	748,238
Other investments	17,443,323	17,439,749	17,206,175	17,206,169
Financial assets at fair value through profit or loss	3,762,511	3,762,511	3,581,719	3,581,719
Financial assets at fair value through other comprehensive income	13,197,442	13,197,442	13,024,182	13,024,182
Financial assets at amortised cost	483,369	479,795	600,273	600,267
Unit-linked and index-linked life insurance investments	4,359,736	4,359,736	4,296,374	4,296,374
Cash	637,149	637,149	699,528	699,528

Subordinated liabilities	907,912	870,013	906,729	832,781
Financial liabilities	696,330	648,053	688,032	612,584
Bond liabilities	601,003	552,726	596,536	521,088
Derivative financial instruments	12,721	12,721	6,673	6,673
Lease liabilities	82,606	82,606	84,823	84,823

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.