Investments

At 31 December 2013 total investments of the life segment increased compared to 31 December 2012, amounting to € 341,487 million (+4.4%). Group investments amounted to € 282,370 million (+3.4%) and linked policy investments totaled € 59,116 million (+9.8%).

The exposure to both fixed income instruments and equity instruments increased to 86.1% (85.1% at 31 December 2012) and 4.7% (4.5% at 31 December 2012), respectively. Real estate investments remained stable at 3.5% (3.6% at 31 December 2012) whereas the weight of cash and cash equivalents decreased further to 3.8% (4.7% at 31 December 2012).

With respect to the bond investment portfolio, the exposure to government bonds increased at € 122,362 million (€ 116,397 million at 31 December 2012), the impact of this asset class remained unchanged at 55.6%. The trend is primarily due to net purchases made during the year.

The corporate component also increased to € 97,801 million (€ 92,981 million at 31 December 2012), with stable incidence at 44.4% on the bond portfolio. The growth was attributable to net acquisitions made in the year with the aim of diversifying the overall bond portfolio.

Lastly, the average duration of the bond portfolio was 7.2 years (6.7 years at 31 December 2012).

Life segment financial position
 31.12.201330.09.201331.12.2012
(€ million)Total book
value
% of totalTotal book
value
% of totalTotal book
value
% of total
Equity instruments 13,244 4.7 13,252 4.8 12,428 4.5
Fixed income instruments 243,070 86.1 240,296 86.3 232,467 85.1
Bonds 220,163 78.0 216,902 77.9 209,379 76.6
Other fixed income instruments 22,907 8.1 23,394 8.4 23,089 8.5
Land and buildings (investment properties) 9,988 3.5 10,119 3.6 9,751 3.6
Other investments 5,239 1.9 5,571 2.0 5,728 2.1
Investments in subsidiaries, associated companies and joint ventures 4,333 1.5 4,505 1.6 4,481 1.6
Derivatives 414 0.1 603 0.2 727 0.3
Other investments 492 0.2 463 0.2 521 0.2
Cash and cash equivalents 10,829 3.8 9,347 3.4 12,820 4.7
General account investments 282,370 100.0 278,585 100.0 273,194 100.0
Investments back to unit and index-linked policies 59,116   56,745  
53,842
Total investments 341,487   335,330  
327,036
AttachmentSize
Life investment performance99.59 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328