Investments in subsidiaries, associated companies and jv

(€ million)31.12.201331.12.2012
Investments in non-consolidated subsidiaries 214 230
Investments in associated companies valued at equity 758 969
Investments in joint ventures 214 230
Investments in other associated companies 221 262
Total 1,407 1,692

The decrease in investments in associates companies valued at equity, amounted to € 211 million, was mainly due to the impairment of the value of the investment in Telco. In fact, following the agreement with Telefonica and the change in the regulatory framework, the value of the investment in Telco has been impaired to reflect the remeasurement to market value at 31 December 2013 of the indirect investment in Telecom Italia.

In particular, Generali has amended its intention to consider Talco as long term strategic investment. An eventual sale should most probably be realized at current market values, without taking into account the agreements with Telefonica. Given this scenario of reference, in accordance with IAS 36.21, the fair value has been used as the recoverable value of this investment.

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