(27) Other liabilities

N134 OTHER LIABILITIES
  FIGURES IN EUR MILLION
    2013 2012 1)
  Liabilities under direct written insurance business 2,309 2,336
  thereof to policyholders 1,533 1,535
  thereof to insurance intermediaries 776 801
  Reinsurance payable 1,631 1,960
  Trade accounts payable 56 101
  Liabilities relating to investments 300 181
  Liabilities relating to non-Group lead business 142 121
  Liabilities from derivatives 191 142
  thereof negative market values under derivative hedging instruments 7
  Deferred income 38 35
  Interest 122 96
  Liabilities to social insurance institutions 24 21
  Sundry liabilities 404 373
  Total other liabilities (not including liabilities relating to investment contracts) 5,217 5,366
  Other liabilities relating to investment contracts    
  Other obligations measured at amortised cost 916 1,007
  Financial assets classified at fair value through profit or loss 766 653
  Derivatives 70 53
  Total other liabilities relating to investment contracts 1,752 1,713
  Book value as at 31.12 of the financial year 6,969 7,079
  1) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”
   

Other liabilities (not including liabilities relating to investment contracts)

Liabilities relating to investments include interim distributions of EUR 94 (63) million relating to units in private equity funds that could not be recognised in income as at the balance sheet date.

Liabilities from derivatives in the amount of EUR 191 (142) million mainly consist of instruments to hedge interest rate, currency, equity and inflation risks as well as embedded derivatives separated from the underlying insurance contract and recognised at market value. Cf. our remarks in item 13 in the Notes, “Derivative financial instruments and hedge accounting”.

In the following table, we depict the maturities of other liabilities, not including liabilities under the direct written insurance business and reinsurance payables, since the latter two liabilities are directly related to insurance contracts and thus cannot to be considered separately.

N135 OTHER LIABILITIES (NOT INCLUDING LIABILITIES RELATING TO INVESTMENT CONTRACTS)1): MATURITIES
  FIGURES IN EUR MILLION
    31.12.2013 31.12.2012
  One year or sooner 1,034 822
  Later than one year, up to five years 156 108
  Later than five years, up to ten years 87 84
  Later than ten years, up to 20 years 1
  Later than 20 years
  Without fixed maturity 55
  Total 1,277 1,070
  1) For reasons of materiality, undiscounted cash flow was not depicted for corresponding derivatives. Instead, fair values (negative market values) of derivative financial instruments were taken into account (maturity one year or sooner, EUR 20 (14) million; 1–5 years, EUR 107 (75) million; 5–10 years, EUR 64 (52) million; 10–20 years, EUR — (1) million
   

Other liabilities relating to investment contracts

Other liabilities relating to investment contracts are recognised upon addition at Purchase cost cost or at the policyholder’s account balance, less acquisition costs that can be directly attributed to the conclusion of the contract. In subsequent periods, these contracts are measured at amortised cost.

N136 OTHER OBLIGATIONS MEASURED AT AMORTISED COST: MATURITIES
  FIGURES IN EUR MILLION
    Amortised
Cost
Amortised Cost
       
    31.12. 2013 31.12. 2012 31.12. 2013 31.12. 2012
  One year or sooner 126 351 126 351
  Later than one year, up to five years 388 206 388 206
  Later than five years, up to ten years 402 450 402 451
  Total 916 1,007 916 1,008
   

The fair value of investment contracts is generally calculated using repurchase values for policyholders and their account balances. Cf. our remarks in the section “Accounting policies”.

N137 FINANCIAL ASSETS CLASSIFIED AT FAIR VALUE THROUGH PROFIT OR LOSS AND DERIVATIVES 1): MATURITIES
  FIGURES IN EUR MILLION
    31.12.2013 31.12.2012
  One year or sooner 156 347
  Later than one year, up to five years 87 130
  Later than five years, up to ten years 37 48
  Later than ten years, up to 20 years 142 144
  Later than 20 years 41
  Without fixed maturity 373 37
  Total 836 706
  1) For reasons of materiality, undiscounted cash flow was not depicted for corresponding derivatives. Instead, fair values (negative market values) of derivative financial instruments were taken into account (maturity one year or sooner, EUR 6 (3) million; 1–5 years, EUR 26 (15) million; 5–10 years, EUR 11 (35) million, later than ten years, EUR 27 (—) million
   

The change in fair value occasioned by the changes in the credit risk of financial assets classified at fair value through profit or loss was insignificant.