Varma - Annual Report 2012

Investments classified according to risk

Varma's investment portfolio amounted to EUR 34.4 billion. All asset classes achieved a positive return, 7.7 per cent overall. The share of fixed-income investments in the investment portfolio decreased, while the share of equities and other investments increased.

Investments classified according to risk 2012
RiskRiskReturnReturn24 m
positionposition%%Vola-Modified
€ mill., fair value31 Dec. 2012%31 Dec. 2011%31 Dec. 201231 Dec. 2011tilityduration
Fixed-income investments12,575.836.613,151.441.34.44.2
Loans receivables2,441.07.12,947.89.33.23.9
OECD/EEA public sector bonds4,052.211.85,593.117.63.65.12.8 14,3 2
Other bonds5,347.415.53,030.99.58.14.9
Other money-market instruments and deposits735.22.11,579.55.00.71.0
Equity investments11,726.934.19,728.030.514.5-13.0
Listed equities8,566.624.96,883.421.614.9-18.917.1
Private equity2,394.37.02,099.16.613.09.6
Unlisted equities766.12.2745.62.315.520.7
Real estate investments4,463.513.04,447.214.04.56.4
Direct real estates3,960.611.53,975.012.54.65.9
Real estate funds502.91.5472.31.53.111.2
Other investments5,640.016.44,525.514.26.04.5
Hedge funds3,779.411.03,571.511.26.83.52.6
Commodities289.40.8112.90.4
Other investments1,571.14.6841.12.66.010.9
34,406.1100.031,852.1100.07.7-2.14.2
1Volatility was calculated for all bonds (not just public sector bonds)
2The modified duration for all bonds