Varma - Annual Report 2012

Investments classified according to risk
MarketRiskRiskReturnReturn24 mModi-
€ million,valuepositionposition%%Volati-fied
at fair value31 Dec. 12%31 Dec. 12%31 Dec. 11%31 Dec. 1231 Dec. 11lityduration
Fixed-income investments13,035.537.912,575.836.613,151.441.34.44.2
Loan receivables2,441.07.12,441.07.12,947.89.33.23.9
OECD/EEA public sector bonds4,102.911.94,052.211.85,593.117.63.65.12,8 14,3 2
Other bonds4,958.114.45,347.415.53,030.99.58.14.9
Other money-market instruments and deposits1,533.54.5735.22.11,579.55.00.71.0
Equity investments11,554.133.611,726.934.19,728.030.514.5-13.0
Listed equities8,393.824.48,566.624.96,883.421.614.9-18.917.1
Private equity2,394.37.02,394.37.02,099.16.613.09.6
Unlisted equities766.12.2766.12.2745.62.315.520.7
Real estate investments4,463.513.04,463.513.04,447.214.04.56.4
Direct real estate3,960.611.53,960.611.53,975.012.54.65.9
Real estate funds502.91.5502.91.5472.31.53.111.2
Other investments5,353.015.65,640.016.44,525.514.26.04.5
Hedge funds3,779.411.03,779.411.03,571.511.26.83.52.6
Commodities2.50.0289.40.8112.90.4
Other investments1,571.14.61,571.14.6841.12.66.010.9
34,406.1100.034,406.1100.031,852.1100.07.7-2.14.2
1Volatility was calculated for all bonds (not just public sector bonds).
2The modified duration for all bonds.