Available for sale financial assets

(€ mln) 31/12/2009 31/12/2008
Unquoted equities at cost 354.0 364.7
Equities at fair value 17,524.1 15,926.5
  • Quoted
16,092.8 14,382.7
  • Unquoted
1,431.3 1,543.8
Bonds 145,529.2 144,707.7
  • Quoted
137,913.5 133,767.7
  • Unquoted
7,615.7 10,940.0
Investment fund units 10,890.3 11,216.7
Other available for sale financial assets 2,116.9 1,485.6
Total 176,414.6 173,701.1

As already mentioned, available for sale financial assets are measured at fair value and unrealized gains and losses on these assets are accounted for in equity in an appropriate reserve. The amortized cost of available for sale financial assets amounts to € 172,442.8 million.

This category accounts for 51.7% of total investments.

Details on bonds

In particular, available for sale bonds represent 68.5% of total bonds and they are mainly government bonds, with fixed interest rate and rating higher than A-. The maturity is shown in the table below.

(€ mln) 31/12/2009 31/12/2008
Up to 1 year 7,665.0 12,348.4
Between 1 and 5 years 38,592.9 39,987.1
Between 5 and 10 years 49,154.5 42,931.8
More than 10 years 49,877.9 49,254.7
Perpetual 238.8 185.8
Total 145,529.2 144,707.8

Net unrealised gains

 31/12/2009
(€ mln) 
Fair value
Unrealized gains / losses Amortized cost
Unquoted equities at cost 354,0 0,0 354,0
Equities at fair value 17.524,1 928,6 16.595,5
Bonds 145.529,2 2.996,0 142.533,2
Investment fund units 10.890,3 137,8 10.752,5
Other available for sale financial assets 2.116,9 -90,6 2.207,5
Total 176.414,6 3.971,8 172.442,8

 

31/12/2008
(€ mln)
Fair value
Unrealized gains / losses Amortized cost
Unquoted equities at cost 364,7 0,0 364,7
Equities at fair value 15.926,5 -3,270.6 19,197.1
Bonds 144.707,7 -2.193,5 146.901,3
Investment fund units 11.216,7 -775.7 11.992,4
Other available for sale financial assets 1.485,6 10,8 1.474,7
Total 173.701,1 -6.229,0 179.930,1

Net realised gains and impairment losses

31/12/2009
(€ mln)  
Realized gains Realized losses Impairment losses
Equities 1,191.9 -1,199.8 -916.2
Bonds 1,589.9 -325.5 -5.9
Investment fund units 128.4 -114.7 -238.7
Other available for sale financial assets 31.8 -19.5 -57.8
Total 2,942.0 -1,659.5 -1,218.6

 

31/12/2008
(€ mln) 
Realized gains Realized losses Impairment losses
Equities 1,247.3 -1,074.7 -3,533.5
Bonds 626.7 -488.9 -227.0
Investment fund units 251.6 -232.1 -258.0
Other available for sale financial assets 45.9 -42.0 -33.6
Total 2,171.5 -1,837.7 -4,052.1

Information on reclassified financial instruments

€ 14,028.0 million corporate bonds have been transferred to the loans category, effective from 1 January 2009; net of sells and repayments, they amount to € 12,560.5 million.

(€ mln)  Book Value reclassified as at 01/01/2009 Sales and pay-backs of the year Difference Fair Value as at 31/12/2009
Available for sale financial assets 14,028 -1,467.5 12,560.5 13,235.3

Following the favorable performance of corporate bonds during the year, the reclassification of investments previously classified as available for sale financial assets, had a gross negative impact on equity reserve of € 674.8 million (group share plus minorities) compared with previous classification, and, net of policyholders share and deferred taxes, of € 129,3 million.

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AFS Reserve Breakdown93.34 KB