Varma - Annual Report 2012

Investment allocation at fair value
20122011201020092008
€ million%€ million%€ million%€ million%€ million%
Loan receivables 12,394.27.02,888.29.13,678.811.13,476.511.62,424.99.9
Bonds 1 210,670.631.09,485.429.87,092.621.49,150.130.68,708.535.4
includes fixed-income funds577.3100.768.799.6114.4
Other money-market instruments and deposits 1 2 31,533.54.51,873.15.91,083.13.31,715.65.72,038.28.3
includes fixed-income funds0.00.00.00.00.0
Shares and participations14,835.443.112,727.140.016,703.250.311,067.837.07,640.531.1
Real estate 44,960.714.44,877.615.34,646.114.04,518.515.13,772.815.3
includes investment trusts and undertakings for collective investment in transferable securities (UCITS)1,000.1902.7700.8594.1512.2
Other investments11.70.00.70.0-13.90.00.00.00.20.0
Total investments34,406.1100.031,852.1100.033,189.8100.029,928.5100.024,585.2100.0
Modified duration of the bond portfolio4.3
1Accrued interest included.
2Of fixed-income funds, long-term funds are included in bonds and short-term funds in other money-market instruments.
3Includes deposits included in investments in the balance sheet.
4Includes shares in investment trusts and investments in comparable UCITS funds investing in real estate and real estate communities.