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

(*) Insurance provisions are net of amount ceded to reinsures from insurance provisions.

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 01/01/2009Book Value reclassified as at 01/01/2010Book Value at 01/01/2011Change of the period 2011Book Value at 31/12/2011Fair 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.