Financial assets at fair value through profit and loss

 Financial assets held for tradingFinancial assets designated as
at fair value through profit or
loss
Total financial assets at fair
value through profit or loss
(€ million)31.12.201331.12.201231.12.201331.12.201231.12.201331.12.2012
Equities 136 61 147 155 283 216
Quoted 135 61 5 10 140 71
Unquoted 1 0 142 145 143 145
Bonds 789 1,023 5,225 5,486 6,014 6,509
Quoted 769 960 4,541 4,780 5,309 5.741
Unquoted 21 63 684 706 704 769
Investment fund units 18 29 4,373 3,966 4,391 3,995
Derivatives 520 385 862 1,402 1,382 1,786
Hedging derivatives 0 0 78 86 78 86
Investments back to policies where the
investment risk is borne by the policyholders
and back to pension funds
0 0 59,116 53,842 59,116 53,842
Other financial investments 563 660 1,066 1,328 1,629 1,988
Total 2,026 2,158 70,868 66,265 72,893 68,423

This category accounted for 17.6% of total investments. In detail, these investments were mainly allocated in the life segment (€ 70,341 million, which accounted for 96.5% of this category) whereas the residual part referred to the non-life segment (€ 681 million which accounted for 0.9% of this category) and in the financial segment (€ 1,871 million, which accounted for 2.6% of this category).

Bond securities in this category belong to classes of rating greater than or equal to BBB.

Furthermore, this category includes investments back to policies where the risk is borne by policyholders, which amounted to € 59,116 million.

 Policies where the investment risk
is borne by the policyholders
Pension fundsTotal
(€ million)31.12.201331.12.201231.12.201331.12.201231.12.201331.12.2012
Assets 56,898 51,713 2,218 2,129 59,116 53,842
Total assets 56,898 51,713 2,218 2,129 59,116 53,842
Financial liabilities 11,743 11,188 1,484 1,414 13,227 12,602
Insurance provisions (*) 45,567 40,830 86 77 45,653 40,907
Total liabilities 57,311 52,017 1,570 1,492 58,880 53,509

(*) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.

Further information on reclassified financial instruments

As of 1st January 2009 the Group transferred to the loans and receivables category € 14,658 million of corporate bonds, according to the IAS 39 reclassification option. At 31 December 2013, after sales and pay backs during the years, the stock of these reclassified financial instruments amounted to € 5,278 million.

€ million
Book Value
reclassified
as at 01.01.2009
Book Value
reclassified
as at 01.01.2010
Book Value
reclassified
at 01.01.2011
Book Value
reclassified
at 01.01.2012
Book
Value
at 01.01.2013
Change
of the
period 2013
Book
Value
at 31.12.2013
 Fair
Value
as at 31.12.2013
Available for sale financial
assets
14,028 12,561 9,693 8,204 6,377 -1,267 5,111 6,006
Financial assets at fair value
through profit or loss
630 625 573 501 363 -195 168 186
Total reclassified
investments
14,658 13,186 10,266 8,705 6,740 -1,462 5,278 6,192

As a consequence of the recovery in the value of corporate bonds, the reclassification in loans category of investments previously classified as available for sale financial assets, implied a missing recognition of the revaluation of the related equity reserve of € 896 million (considering both the group share and minorities), € 181 million net of policyholders share and deferred taxes for the 2013 year.

Furthermore, the reclassification into loans category of investments previously classified as financial assets at fair value through profit or loss implied a missing recognition of an unrealized gain in the profit or loss for € 19 million, € 2 million net of policyholders share and deferred taxes for the 2013 year.

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