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
€ 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.
OECD/EEA public sector bonds4,052.211.85,593. 14,3 2
Other bonds5,347.415.53,
Other money-market instruments and deposits735.22.11,579.
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.
Direct real estates3,960.611.53,975.
Real estate funds502.91.5472.
Other investments5,640.016.44,525.514.26.04.5
Hedge funds3,779.411.03,571.511.
Other investments1,571.14.6841.
1Volatility was calculated for all bonds (not just public sector bonds)
2The modified duration for all bonds