7.2 Investment result

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Of the unscheduled impairments totalling EUR 141.4 million (EUR 479.9 million), an amount of EUR 92.6 million was attributable to alternative investments. This includes impairments taken on private equity amounting to EUR 54.3 million. The impairments on fixed-income securities of EUR 45.4 million were taken predominantly on structured assets. An impairment loss of EUR 3.2 million (EUR 356.1 million) was recognised on equities whose fair value had fallen significantly – i.e. by at least 20% – or for a prolonged period – i.e. for at least nine months – below acquisition cost. This contrasted with write-ups of EUR 20.1 million on investments that had been written down in previous periods. Of this total volume, EUR 10.8 million was attributable to alternative assets and EUR 9.3 million to fixed-income securities. The portfolio did not contain any overdue, unadjusted assets as at the balance sheet date since overdue securities are written down immediately.

The net gains and losses on investments held to maturity, loans and receivables and the available-for- sale portfolio shown in the following table are composed of interest income, realised gains and losses and impairments. In the case of the fixed-income securities at fair value through profit or loss designated in this category and the other financial assets, which include the technical derivatives, changes in unrealised gains and losses are also recognised.

Making allowance for the other investment expenses of EUR 53.1 million (EUR 41.4 million), net income from assets under own management of altogether EUR 843.6 million (EUR 78.9 million) was recognised in the year under review.

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