Liquidity risk

Life insurance provisions and financial liabilities related to investment contracts: contractual term to maturity
 
Gross direct insurance
(€ million) 31.12.2011 31.12.2010
Up to 1 year 23,406.8 22,320.8
Between 1 and 5 years 73,790.2 71,935.0
Between 6 and 10 years 67,611.3 64,814.9
Between 11 and 20 years 78,617.1 76,570.8
More than 20 years 59,709.1 63,361.1
Total 303,134.5 299,002.6

The total insurance provisions include the gross direct amount of mathematical provisions, which amount to € 231,587.5 million (€ 236,342.0 million at 31 December 2010), the provisions for policies where the investment risk is borne by the policyholders and for pension fund, which amount to
€ 46,804.2 million (€ 38,881.0 million at 31 December 2010), the ageing provision for life segment, which amount to € 9,073.0 million (€ 8,408.4 million at 31 December 2010), and financial liabilities related to investment contacts, which amount to € 15,669.8 million (€ 15,371.2 million at 31 December 2010).

Note that the provision for outstanding claims (not included in the table) which at 31 December 2011 amounted to € 4,486.8 million (€4,984.1 million at 31 December 2010) matures in first year by definition.