Notes on the consolidated statement of income

(29) Investment income

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2010 1)

Industrial

Lines

Retail Germany

Retail International

Non-Life Reinsurance

Life/Health Reinsurance

Corporate Operations

Total

Figures in EUR million

       

Income from real estate

7

51

1

32

91

Dividends 2)

9

23

3

6

1

7

49

Current interest income 3)

208

1,463

119

634

189

3

2,616

Other income

3

11

9

2

1

26

Ordinary investment income

227

1,548

123

681

192

11

2,782

        

Appreciation

10

27

37

Realized gains on investments

24

191

26

207

39

3

490

Unrealized gains on investments

3

21

24

12

14

74

Investment income

254

1,770

173

927

245

14

3,383

        

Realized losses on investments

10

28

3

55

9

105

Unrealized losses on investments

1

12

6

44

23

86

Total

11

40

9

99

32

191

        

Impairments/depreciation on investment property

       

Scheduled

1

7

7

15

Unscheduled

6

6

Impairments on equity securities

2

28

8

1

6

45

Impairments on fixed-income securities

9

8

17

Impairments on other investments

3

18

8

3

32

Expenses for the administration of investments

4

11

1

9

2

98

125

Other expenses

8

17

1

25

2

2

55

Other investment expenses/impairments

18

96

10

58

4

109

295

Investment expenses

29

136

19

157

36

109

486

Net income from investments under own management

225

1,634

154

770

209

–95

2,897

        

Interest income on funds withheld and contract deposits

19

406

425

Interest expense on funds withheld and contract deposits

1

24

7

113

145

Net interest income on funds withheld and contract deposits

–1

–24

12

293

280

        

Net investment income

224

1,610

154

782

502

–95

3,177


1) Adjusted on the basis of IAS 8; presentation after elimination of intra-Group relations between segments
2)
The profit or loss on investments in associated companies amounts to EUR 2 million and was recognized under dividends in 2010; the previous year was adjusted accordingly
3) Amortization amounts from differences on fixed-income investments are recognized under current interest income (previously “Other income”); the previous year was adjusted accordingly

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2009 1)

Industrial

Lines

Retail Germany

Retail International

Non-Life Reinsurance

Life/Health Reinsurance

Corporate Operations

Total

Figures in EUR million

       

Income from real estate

4

54

2

5

65

Dividends 2)

6

36

4

–3

8

51

Current interest income 3)

209

1,357

116

606

162

7

2,457

Other income

5

17

10

2

34

Ordinary investment income

224

1,464

122

618

164

15

2,607

        

Appreciation

21

21

Realized gains on investments

68

240

20

154

30

8

520

Unrealized gains on investments

4

31

6

18

114

173

Investment income

296

1,735

148

811

308

23

3,321

        

Realized losses on investments

44

165

6

59

10

284

Unrealized losses on investments

1

88

1

25

6

121

Total

45

253

7

84

16

405

        

Impairments/depreciation on investment property

       

Scheduled

2

7

9

Unscheduled

7

1

8

Impairments on equity securities

1

95

8

3

5

112

Impairments on fixed-income securities

3

47

5

46

101

Impairments on other investments

7

28

1

87

123

Expenses for the administration of investments

3

12

8

2

80

105

Other expenses

4

16

2

17

1

40

Other investment expenses/ impairments

20

212

16

162

3

85

498

Investment expenses

65

465

23

246

19

85

903

Net income from investments under own management

231

1,270

125

565

289

–62

2,418

        

Interest income on funds withheld and contract deposits

1

2

1

46

397

447

Interest expense on funds withheld and contract deposits

1

27

10

169

207

Net interest income on funds withheld and contract deposits

–25

1

36

228

240

        

Net investment income

231

1,245

126

601

517

–62

2,658


1) Adjusted on the basis of IAS 8; presentation after elimination of intra-Group relations between segments
2) The profit or loss on investments in associated companies amounts to –EUR 6 million and was recognized under dividends in 2010; the previous year was adjusted accordingly
3) Amortization amounts from differences on fixed-income investments are recognized under current interest income (previously “Other income”); the previous year was adjusted accordingly

Of the unscheduled impairments totaling EUR 100 (344) million, an amount of EUR 32 (123) million was attributable to other investments, including EUR 7 (93) million on alternative investments. The impairments on fixed-income securities of EUR 17 (101) million were taken predominantly on structured assets. A further EUR 45 (112) million in impairment losses were recognized on equity holdings. This contrasted with appreciation of EUR 37 (21) million on investments that had been written down in previous periods; of this total volume, EUR 3 (11) million was attributable to alternative assets and EUR 24 (10) million to fixed-income securities.