Loans and receivables

(€ million)31.12.201331.12.2012
Loans 55,281 62,029
Unquoted bonds 38,193 39,400
Deposits under reinsurance business accepted 702 710
Other loans and receivables 16,387 21,919
Mortgage loans 9,098 8,774
Policy loans 2,987 3,117
Term deposits with credit institutions 2,512 7,925
Term deposits with credit institutions 1,790 2,103
Receivables from banks or customers 8,090 9,034
Receivables from banks 1,644 1,949
Receivables from customers 6,446 7,085
Total 63,371 71,063

This category accounts for 15.8% of total investments. It mainly consisted of unquoted bonds and mortgage loans, which represent 69.1% and 16.5% of total loans, respectively. More than 90% of the bonds category is represented by fixed income medium-to-long term bond instruments.

The decrease of term deposits was mainly due to the transfer of these funds to more profitable asset classes.

The debt securities of this category are almost entirely investment grade and more than 70% of the class boasts a rating greater or equal to A.

The fair value of total loans amounted to € 67,366 million, of which € 41,559 million related to bonds. Receivables from banks or customers are mainly short-term.

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