Return on investment

(€ million)
31.12.201331.12.2012
Economic components    
Current income from fixed income instruments 10,519 10,379
Current income from equity instruments 499 516
Net current income from investment properties(*) 892 935
Net realized gains 3,081 1,114
Net impairment losses -863 -3,217
Net unrealised gains 1,065 22,169
Average stock 337,051 317,556
Ratio    
Net current return(*) 3.5% 3.9%
Harvesting rate 0.7% -0.4%
P&L return 4.3% 3.4%

(*) Net of depreciation of the period.

The current return recorded a modest decline, reaching 3.5% (3.9% at 31 December 2012) while the absolute value of current income, increased to € 12,341 million (€ 12,282 million at 31 December 2012). The decline in the ratio can be attributed to the significant increase in average investments compared to the reinvestment of cash at lower interest rates and the decline in the credit spread of sovereign debt of the Euro zone peripheral countries.

The contribution to profit for the period arising from sales and valuation recognized in the income statement (harvesting rate) improved at 0.7% (-0.4% at 31 December, 2012). This trend benefits from both higher net realized gains and lower realized losses, the decrease in impairments, primarily on equity securities, partially offset by a unrealized losses through the profit or loss.

For details on the determination of these indicators, please refer to the methodological note annexed to this Management Report.

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Life investment performance99.59 KB
P&C investment performance99.42 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328