Varma - Annual Report 2012

Investment return specification and surplus
€ million20122011201020092008
Direct income925.1921.0928.2794.21,149.7
Loan receivables115.3147.2157.9139.391.9
Bonds239.6162.0263.0279.9417.1
Other money-market instruments and deposits14.221.06.741.176.4
Shares and participations400.7432.7327.0178.6443.7
Real estate investments186.7181.2181.0153.6140.8
Other investments-9.60.50.0
Unallocated income, costs and operating expenses from investment activities 1-21.8-23.4-7.41.8-20.2
Changes in book value 2-47.7-967.4205.71,682.9-3,147.4
Shares and participations112.0-922.8293.91,478.2-2,975.9
Bonds-78.2-46.5-44.5294.5-123.0
Real estate investments-60.19.2-28.5-90.4-121.2
Other investments-21.4-7.4-15.20.772.7
Net investment income booked877.4-46.41,134.02,477.2-1,997.6
Change in difference between fair value and book value 31,615.0-664.62,143.91,073.9-2,457.8
Shares and participations1,090.5-1,058.91,953.2608.7-2,409.4
Bonds372.6291.6177.7419.4-113.2
Real estate investments136.8102.012.145.964.6
Other investments15.20.70.80.00.2
Net investment income at fair value2,492.4-711.03,277.83,551.1-4,455.4
Return requirement on technical provision 41,303.0667.11,403.91,400.1-137.4
Investment surplus, book value-425.6-713.5-269.91,077.1-1,860.2
Investment surplus at fair value1,189.4-1,378.11,873.92,151.0-4,318.0
Share of net investment income accounted for by derivatives-213.0-340.8-536.6222.5382.5
1Includes items in the Profit and Loss Account not entered in investment income.
2Capital gains and losses and other changes in book value.
3Changes in book value not included in the balance sheet.
4In 2008 the interest requirement corresponding to the supplementary factor is not included in the return requirement on technical provision.