(30) Net investment income

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N141 NET INVESTMENT INCOME FOR REPORTING PERIOD
  FIGURES IN EUR MILLION
    Industrial
Lines
Retail
Germany
Retail
International
Non-Life
Reinsurance
Life/Health
Reinsurance
Corporate
Operations
Total
  2013 1)  
  Income from real estate 6 68 1 72 147
  Dividends 2) 9 9 4 12 2 8 44
  Current interest income 190 1,532 252 672 226 3 2,875
  Other income 5 10 1 56 9 81
  Ordinary investment income 210 1,619 258 812 237 11 3,147
  Appreciation 10 1 11
  Realised gains on investments 59 365 63 134 40 81 742
  Unrealised gains on investments 10 12 17 6 18 63
  Investment income 279 2,006 339 952 295 92 3,963
  Realised losses on investments 28 51 24 27 7 137
  Unrealised losses on investments 2 10 21 44 7 1 85
  Total 30 61 45 71 14 1 222
  Impairments/depreciation on investment property              
  scheduled 1 12 14 27
  unscheduled 1 10 1 12
  Impairments on equity securities 5 6 1 12
  Impairments on fixed-income securities 3 3 1 7
  Impairments on investments
  Impairments on other investments 2 36 2 4 44
  Expenses for the administration of investments 5 16 4 15 3 71 114
  Other expenses 2 27 6 39 6 80
  Other investment expenses/impairments 14 109 18 74 9 72 296
  Investment expenses 44 170 63 145 23 73 518
  Net income from investments under own management 235 1,836 276 807 272 19 3,445
  Income/expense from investment contracts 13 13
  Interest income from funds withheld and contract deposits 1 21 451 473
  Interest expense from funds withheld and contract deposits 16 6 117 139
  Net interest income from funds withheld and contract deposits 1 –16 15 334 334
  Net investment income 236 1,820 289 822 606 19 3,792
  1) After elimination of internal transactions within the Group across segments
2) Income from investments in associated companies and joint ventures amounts to EUR 13 million and is recognised under Dividends
   

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N141 NET INVESTMENT INCOME FOR PREVIOUS PERIOD
  FIGURES IN EUR MILLION
    Industrial
Lines
Retail
Germany
Retail
International
Non-Life
Reinsurance
Life/Health
Reinsurance
Corporate
Operations
Total
  2012 1)  
  Income from real estate 4 56 1 47 108
  Dividends 2) 11 6 4 7 5 14 47
  Current interest income 201 1,530 226 733 233 4 2,927
  Other income 8 15 56 4 83
  Ordinary investment income 224 1,607 231 843 242 18 3,165
  Appreciation 2 6 8 3 19
  Realised gains on investments 28 144 45 200 70 3 490
  Unrealised gains on investments 6 68 33 46 55 208
  Investment income 260 1,825 317 1,092 367 21 3,882
  Realised losses on investments 9 45 22 36 6 118
  Unrealised losses on investments 2 4 7 10 2 1 26
  Total 11 49 29 46 8 1 144
  Impairments/depreciation on investment property              
  scheduled 1 12 10 23
  unscheduled 8 1 9
  Impairments on equity securities 4 4 2 10
  Impairments on fixed-income securities 2 21 1 1 25
  Impairments on investments 2 2
  Impairments on other investments 1 17 7 25
  Expenses for the administration of investments 4 15 3 20 2 60 104
  Other expenses 2 28 4 34 4 4 76
  Other investment expenses/impairments 10 107 11 73 9 64 274
  Investment expenses 21 156 40 119 17 65 418
  Net income from investments under own management 239 1,669 277 973 350 –44 3,464
  Income/expense from investment contracts 8 8
  Interest income from funds withheld and contract deposits 22 439 461
  Interest expense from funds withheld and contract deposits 23 9 106 138
  Net interest income from funds withheld and contract deposits –23 13 333 323
  Net investment income 239 1,646 285 986 683 –44 3,795
  1) After elimination of internal transactions within the Group across segments
2) Income from investments in associated companies and joint ventures amounts to EUR 7 million and is recognised under Dividends
   

Of the impairments totalling EUR 75 (71) million, an amount of EUR 12 (10) million was attributable to equities, EUR 27 (16) million to real estate funds and EUR 14 (7) to private equity capital. The impairment on investment property amounted to EUR 12 (9) million. On the other hand, there was appreciation of EUR 11 (19) million on investments that had been written down in previous periods. Appreciation on fixed-income securities amounted to EUR 5 (11) million. Appreciation of EUR 6 (6) million was recorded on investment property.

Net income from the disposal of securities amounted to EUR 605 (372) million. This is principally attributable to the disposal of portfolio securities, mostly of short duration, during the optimisation of yields and durations (more details on this are contained in the Management Report). In addition, Talanx AG sold part of its stake in Swiss Life Holding AG on the market.

In addition, as at the balance sheet date, the portfolio did not contain any other overdue, unadjusted securities, because overdue securities are written down immediately.

N142 INTEREST INCOME FROM INVESTMENTS
  FIGURES IN EUR MILLION
    2013 2012
  Loans and receivables 1,323 1,355
  Financial instruments held to maturity 126 149
  Financial instruments available for sale 1,309 1,291
  Financial instruments at fair value through profit or loss    
  Financial instruments classified at fair value through profit or loss 57 57
  Financial instruments held for trading 1 1
  Other 74 58
  Loans and receivables – Investment contracts 27 17
  Financial instruments classified at fair value through profit or loss – Investment contracts 32 17
  Financial instruments available for sale – Investment contracts 1
  Total 2,950 2,945
   

Net gains and losses from investments

The net gains and losses on investments shown in the following table are based largely on the classes established by the Group (see here “Classes of financial instruments” in section “Nature of risks associated with insurance contracts and financial instruments”).

Making allowance for “Expenses for assets under own management” (EUR 114 [104] million) as well as for “Other expenses on assets under own management (EUR 80 [76] million), “Net investment income” as at the balance sheet date amounted to EUR 3,792 (3,795) million.

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N143 NET GAINS AND LOSSES FROM INVESTMENTS – REPORTING PERIOD
  FIGURES IN EUR MILLION
    Ordinary
invest-
ment
income
Amorti-
sation
Gains on
disposal
Losses on
disposal
Impair-
ments
Appre-
ciation
Unrealised
gains
Unrealised
losses
Total 3)
  2013 1)                  
  Investments in affiliated companies and participating interests 5 1 1 2 3
  Loans and receivables 1,241 82 177 1 4 1,495
  Held to maturity 132 –6 1 127
  Available for sale                  
  Fixed-income securities 1,362 –53 333 56 3 4 1,587
  Variable-yield securities 39 141 5 40 1 1 135
  At fair value through profit or loss                  
  Financial assets classified as fair value through profit or loss                  
  Fixed-income securities 57 8 12 18 19 52
  Variable-yield securities 1 1 7 2 5
  Financial assets held for trading                  
  Fixed-income securities 1 1
  Variable-yield securities 1 10 6 4 1 8
  Derivatives 5 46 53 14 20 –8
  Other invested assets, insofar as they are financial assets 116 3 8 14 3 2 114
  Other 2) 161 17 2 39 7 16 40 120
  Investments under own management 3,121 26 742 137 102 11 63 85 3,639
  Loans and receivables (assets) 25 2 27
  Financial assets classified as fair value through profit or loss (assets) 32 23 60 157 175 –23
  Financial assets available for sale (assets) 1 1
  Financial assets held for trading (assets) – (derivatives) 1 3 14 32 –20
  Other obligations measured at amortised cost (liabilities) –33 –2 –35
  Financial assets classified as fair value through profit or loss (liabilities) –8 174 163 3
  Liabilities held for trading – (derivatives) 32 15 17
  Other 4) 52 –9 43
  Income/expense from investment contracts 69 –9 24 63 377 385 13
  Funds withheld by ceding companies/ funds withheld under reinsurance treaties 334 334
  Total 3,524 17 766 200 102 11 440 470 3,986
  1) After elimination of internal transactions within the Group across segments
2) For the purposes of reconciliation with the consolidated statement of income, the item “Other” combines the gains on investment property, associated companies and derivative financial instruments – insofar as the fair values are negative. Derivatives held for hedging purposes within the scope of hedge accounting (cf. Note 12) are not included in the list if they do not relate to hedges in the area of investments
3) Without expenses for the administration of investments and other expenses
4) “Other” includes income (EUR 83 million) and expenses (EUR 31 million) from the management of investment contracts. The amortisation of the PVFP amounted to EUR 9 million
   

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N143 NET GAINS AND LOSSES FROM INVESTMENTS – PREVIOUS YEAR
  FIGURES IN EUR MILLION
    Ordinary
invest-
ment
income
Amorti-
sation
Gains on
disposal
Losses on
disposal
Impair-
ments
Appre-
ciation
Unrealised
gains
Unrealised
losses
Total 3)
  2012 1)                  
  Investments in affiliated companies and participating interests 5 4 9
  Loans and receivables 1,279 76 32 1 3 1,383
  Held to maturity 155 –6 3 146
  Available for sale                  
  Fixed-income securities 1,306 –15 285 60 21 11 1,506
  Variable-yield securities 41 63 3 26 23 98
  At fair value through profit or loss                  
  Financial assets classified as fair value through profit or loss                  
  Fixed-income securities 57 16 10 56 6 113
  Variable-yield securities 1 5 1 5
  Financial assets held for trading                  
  Fixed-income securities 1 1
  Variable-yield securities 3 1 2 1 3
  Derivatives 4 19 21 83 5 80
  Other invested assets, insofar as they are financial assets 83 –2 6 3 25 6 3 68
  Other 2) 176 4 62 16 19 2 36 13 232
  Investments under own management 3,108 57 490 118 94 19 208 26 3,644
  Loans and receivables (assets) 17 17
  Financial assets classified at fair value through profit or loss (assets) 17 3 8 142 120 34
  Financial assets held for trading (assets) – (derivatives) 1 2 2 7 10 –2
  Other obligations measured at amortised cost (liabilities) –19 –19
  Financial assets classified as fair value through profit or loss (liabilities) –4 8 41 –37
  Liabilities held for trading – (derivatives) 1 7 –6
  Other 4) 29 –8 21
  Income/expense from investment contracts 42 –8 5 10 157 178 8
  Funds withheld by ceding companies/funds withheld under reinsurance treaties 323 323
  Total 3,473 49 495 128 94 19 365 204 3,975
  1) After elimination of internal transactions within the Group across segments
2) For the purposes of reconciliation with the consolidated statement of income, the item “Other” combines the gains on investment property, associated companies and derivative financial instruments – insofar as the fair values are negative. Derivatives held for hedging purposes within the scope of hedge accounting (cf. Note 12) are not included in the list if they do not relate to hedges in the area of investments
3) Without expenses for the administration of investments and other expenses
4) “Other“ contains income (EUR 41 million) and expenses (EUR 12 million) from the management of investment contracts. Amortisation on PVFP totalled EUR 8 million