Varma

Investment allocation at fair value
MarketMarketRiskRiskRiskRiskRisk
valuevaluepositionpositionpositionpositionposition
2013201220132012201120102009
€ mill.%€ mill.%€ mill.%%%%%
Fixed-income investments12,893.134.213,035.537.910,623.528.231.042.434.247.5
Loan receivables2,026.45.42,441.07.12,026.45.47.19.311.311.8
Public sector bonds9,523.825.39,061.026.39,231.824.527.327.120.030.4
Other money-market instruments and deposits1,342.93.61,533.54.5-634.6-1.7-3.46.02.85.3
Equity investments14,565.138.611,554.133.614,755.639.134.130.540.127.5
Listed equities11,393.330.28,393.824.411,578.830.724.921.632.822.7
Private equities2,174.75.82,394.37.02,174.75.87.06.65.43.2
Unlisted equities997.12.6766.12.21,002.22.72.22.31.81.5
Real estate investments4,304.211.44,463.513.04,304.211.413.014.013.015.1
Direct real estates3,738.99.93,960.611.53,738.99.911.512.511.913.1
Real estate funds565.21.5502.91.5565.21.51.51.51.12.0
Other investments5,955.715.85,352.915.66,156.516.316.414.215.313.2
Hedge funds4,849.712.93,779.411.04,849.712.911.011.211.211.2
Commodities0.30.02.50.0201.00.50.80.43.11.9
Other investments1,105.82.91,571.04.61,105.82.94.62.61.10.0
Investments37,718.1100.034,406.0100.035,839.895.094.4101.1102.6103.2
Impact of derivatives1,878.35.05.6-1.1-2.6-3.2
Investment allocation at fair value37,718.1100.034,406.0100.037,718.1100.0100.0100.0100.0100.0
Modified duration of the bond portfolio4.1