Varma - Annual Report 2012

Net investment income at fair value
ReturnReturnReturnReturnReturn
Netononononon
investmentInvestedinvestedinvestedinvestedinvestedinvested
income 1capital 2capitalcapitalcapitalcapitalcapital
€ million€ million%%%%%
2012201220122011201020092008
Loan receivables82.92,689.53.13.70.73.24.3
Bonds 3567.910,076.45.65.66.711.31.8
of which fixed-income funds account for30.4249.212.215.745.540.7-15.6
Other money-market instruments and deposits 312.81,736.40.71.12.14.78.1
Shares and participations1,602.913,103.512.2-9.819.430.0-33.9
Real estate 4263.44,844.15.46.23.62.72.5
of which investment trusts and undertakings for collective investment in transferable securities (UCITS) account for81.9925.68.97.95.8-12.5-29.8
Other investments-15.70.7
Total investments2,514.232,450.67.7-2.111.014.1-15.1
Unallocated income, costs and operating expenses from investment activities-21.813.1
Net investment income at fair value 12,492.432,463.77.7-2.111.014.1-15.2
1Net investment income at fair value = Change in fair value at the end and beginning of the financial year - cash-flow during the financial year. Cash-flow is the difference between purchases/costs and sales/income.
2Invested capital = Market value at the beginning of the financial year + time-weighted cash-flows on a daily/monthly basis.
3Includes income from fixed-income funds reported as the investments in question.
4Includes income from investment trusts and UCITS funds reported as real estate investments.