Investment by asset classes

 31.12.201331.12.2012
(€ million)Total bookvalueImpact (%)Total bookvalueImpact (%)
Equity instruments 17,740 5.2 15,652 4.6
Available for sale financial assets 15,058 4.4 12,980 3.8
Financial assets at fair value through profit or loss 2,682 0.8 2,672 0.8
Fixed income instruments 280,374 82.0 274,916 81.1
Bonds 250,284 73.2 243,771 71.9
Other fixed income instruments 30,090 8.8 31,145 9.2
Held to maturity investments 4,115 1.2 7,538 2.2
Loans 54,888 16.0 61,347 18.1
Available for sale financial assets 212,679 62.2 197,066 58.2
Financial assets at fair value through profit or loss 8,691 2.5 8,965 2.6
Land and buildings (investment properties) 14,956 4.4 15,064 4.4
Other investments 10,728 3.1 12,598 3.7
Investments in subsidiaries, associated companies and joint ventures 1,407 0.4 1,692 0.5
Derivatives 251 0.1 707 0.2
Receivables from banks or customers 8,090 2.4 9,034 2.7
Other investments 980 0.3 1,165 0.3
Cash and cash equivalents 18,239 5.3 20,589 6.1
Total 342,036 100.0 338,817 100.0
Investments back to unit and index-linked policies 59,116   53,842  
Total investments 401,152   392,659  

Investments fund units (IFU) are allocated to respective asset classes based on prevailing underlying assets. IFU allocated within equity instruments amounted to € 4,732 million (€ 4,120 million as at 31 December 2012), those allocated within fixed income instruments amounted to € 13,364 (€ 9,167 million as at 31 December 2012) whereas IFU allocated within land and buildings (investment properties) amounted to € 2,128 million (€ 2,165 million as at 31 December 2012).

Given their short term investments nature, Reverse REPO, that amounted to € 393 million (€ -596 million as at 31 December 2012), are reclassified within "cash and cash equivalents". For the same reason REPO, that amounted to € -1,586 million (€ -1,655 million as at 31 December 2012), are reclassified in the same item, as well.

Derivatives investments are presented net of derivatives held as financial liabilities, that amounted to € 1,131 million (€ 1,079 million as at 31 December 2012). Hedging derivatives are excluded, as they are presented within hedged item asset classes.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328