Fair value hierarchy

The table shows the classification of the financial assets and liabilities at fair value under a fair value hierarchy as defined by the amended IFRS 7 “Operative instruments: Disclosures”.


31.12.2011
(€ million)
Level 1 Level 2 Level 3 Total
Available for sale financial assets 156,992.7 16,391.8 2,264.7 175,649.1
Equities 8,761.3 487.4 872.7 10,121.4
Bonds 141,008.0 11,548.1 101.2 152,657.2
Investment fund units 6,782.7 3,400.5 542.8 10,726.1
Other assets available for sale 440.7 955.8 748.0 2,144.4
Financial assets at fair value through profit or loss 46,194.1 25,865.9 1,576.2 73,636.2
Equities 62.2 233.8 14.1 310.1
Bonds 4,879.5 2,376.7 23.9 7,280.1
Investment fund units 3,136.0 23.2 6.1 3,165.3
Derivatives 709.6 1,828.6 0.0 2,538.2
Investments back to policies where the investment risk is borne by the policy holders 36,907.5 19,872.3 1,532.2 58,312.0
Other assets at fair value through profit or loss 499.3 1,531.3 0.0 2,030.6
Totale assets at fair value 203,186.8 42,257.7 3,841.0 249,285.4
Financial liabilities at fair value through profit or loss  11,921.0 2,618.3 0.0 14,539.3
Financial liabilities related to investment contracts issued by insurance 10,281.8 1,281.2 0.0 11,563.0
Derivatives 659.1 1,315.6 0.0 1,974.7
Other financial liabilities 980.1 21.5 0.0 1,001.5
Totale liabilities at fair value 11,921.0 2,618.3 0.0 14,539.3
 31.12.2010
 (€ million)
Level 1 Level 2 Level 3 Total
Available for sale financial assets 169,329.0 17,058.4 2,541.2 188,928.5
Equities 14,293.2 659.4 684.4 15,637.0
Bonds 147,208.6 12,158.3 103.0 159,469.8
Investment fund units 7,391.8 2,980.9 994.7 11,367.4
Other assets available for sale 435.4 1,259.8 759.1 2,454.3
Financial assets at fair value through profit or loss 52,100.7 22,886.7 1,592.6 76,579.9
Equities 81.5 263.1 0.0 344.6
Bonds 4,823.3 3,097.6 24.9 7,945.8
Investment fund units 3,320.1 46,3 3.4 3,369.7
Derivatives 734.2 1,173.0 0.0 1,907.3
Investments back to policies where the investment risk is borne by the policy holders 42,682.6 16,390.1 1,564.3 60,637.0
Other assets at fair value through profit or loss 459.0 1,916.6 0.0 2,375.5
Totale assets at fair value 221,429.7 39,945.1 4,133.7 265,508.5
Financial liabilities at fair value through profit or loss  10,439.4 3,253.3 0.0 13,692.8
Financial liabilities related to investment contracts issued by insurance 9,242.8 2,256.9 0.0 11,499.7
Derivatives 737.3 965.8 0.0 1,703.2
Other financial liabilities 459.3 30.6 0.0 489.9
Totale liabilities at fair value 10,439.4 3,253.3 0.0 13,692.8

The three levels of the fair value hierarchy are defined with the inputs used in the price definition.

The amount of financial assets and liabilities in Level 3 is not material regarding the total of investment and represents a little more than 1% of total assets at fair value, stable respect of the previous year.