Financial assets at fair value through profit and loss
| Financial assets held for trading |
Financial assets designated as at fair value through profit or loss |
Total financial assets through profit or loss at fair value |
||||
|---|---|---|---|---|---|---|
| (€ million) | 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 |
| Equities | 46.5 | 34.3 | 263.6 | 310.4 | 310.1 | 344.6 |
| Quoted | 46.5 | 33.5 | 11.3 | 41.8 | 57.8 | 75.3 |
| Unquoted | 0.0 | 0.8 | 252.3 | 268.6 | 252.3 | 269.4 |
| Bonds | 797.9 | 683.4 | 6,482.2 | 7,262.5 | 7,280.1 | 7,945.8 |
| Quoted | 779.5 | 675.1 | 5,806.6 | 6,337.8 | 6,586.1 | 7,012.9 |
| Unquoted | 18.4 | 8.3 | 675.6 | 924.7 | 694.0 | 932.9 |
| Investment fund units | 27.8 | 23.9 | 3,137.6 | 3,345.8 | 3,165.3 | 3,369.7 |
| Derivatives | 1,167.1 | 869.9 | 1,371.1 | 1,037.3 | 2,538.2 | 1,907.3 |
| Investments back to policies where the investment risk is borne by the policy holders and back to pension funds |
0.0 | 0.0 | 58,312.0 | 60,637.0 | 58,312.0 | 60,637.0 |
| Other financial investments | 250.8 | 202.0 | 1,779.8 | 2,173.5 | 2,030.6 | 2,375.6 |
| Total | 2,290.0 | 1,813.5 | 71,346.2 | 74,766.4 | 73,636.2 | 76,580.0 |
This category accounted for 21.2% of the total investments. More in detail, these investments were mainly allocated in the life segment (€ 70,570.5 million, which accounted for 95.8% of this category) whereas the residual part referred to the non-life segment (€ 828.9 million , which accounted for 1.1% of this category) and in the financial segment (€ 2,236.8 million, which accounted for 3.0% of this category).
Furthermore, this category includes investments back to policies where the risk is borne by the policyholders, which amount to € 58,312.0 million.
| |
Policies where the investment risk is borne by the policyholders | Pension funds | Total | |||
|---|---|---|---|---|---|---|
| (€ million) | 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 |
| Assets | 56,462.6 | 59,230.8 | 1,849.4 | 1,406.2 | 58,312.0 | 60,637.0 |
| Total assets | 56,462.6 | 59,230.8 | 1,849.4 | 1,406.2 | 58,312.0 | 60,637.0 |
| Financial liabilities | 10,260.4 | 10,418.7 | 1,079.9 | 787.4 | 11,340.2 | 11,206.1 |
| Insurance provisions (*) | 46,540.0 | 49,149.3 | 149.6 | 311.1 | 46,689.6 | 49,460.4 |
| Total | 56,800.4 | 59,568.0 | 1,229.5 | 1,098.5 | 58,029.9 | 60,666.5 |
Further information on reclassified financial instruments
Starting on 1st January 2009 the Group transferred to the financial instruments category € 14,028.0 million of corporate bonds. At the end of 2011, after all the sales and pay backs performed during the years, the corporate bonds just mentioned amounted to € 8,705.1.
| (€ million) | Book Value reclassified as at 01/01/2009 | Book Value reclassified as at 01/01/2010 | Book Value at 01/01/2011 | Change of the period 2011 | Book Value at 31/12/2011 | Fair Value as at 31/12/2011 |
|---|---|---|---|---|---|---|
| Available for sale financial assets | 14,028.0 | 12,560.5 | 9,693.0 | -1,488.9 | 8,204.1 | 7,881.0 |
| Financial assets at fair value through profit or loss | 630.2 | 625.2 | 572.5 | -71.6 | 500.9 | 477.9 |
| Total reclassified investments | 14,658.2 | 13,185.7 | 10,265.5 | -1,560.4 | 8,705.1 | 8,358.9 |
Following the unfavorable performance of corporate bonds during the year, the reclassification of the investments previously classified as available for sale financial assets to the loans and receivables category had a gross negative impact on equity reserve of € 323.1 million (Group plus minorities share) compared with the previous classification, and, net of the policyholders share and the deferred taxes, of € 36.3 million.
Furthermore, the reclassification to the loans and receivables category of the investments previously classified at fair value through profit or loss had a gross negative impact on profit or loss amounting to € 23.1 million compared with the previous classification, that, net of the policyholders share and the deferred taxes, amounts to € 2.1 million.