Varma

Net investment income at fair value
Net
investment
income,Return onReturn onReturn onReturn onReturn on
marketInvestedinvestedinvestedinvestedinvestedinvested
valuecapitalcapitalcapitalcapitalcapitalcapital
2013201320132012201120102009
Return €/% on invested capital€ million€ million%%%%%
Fixed-income investments145.912,563.91.24.44.24.68.6
Loan receivables74.42,272.03.33.23.91.53.4
Public sector bonds76.49,053.50.85.55.06.311.2
Other money-market instruments and deposits-4.91,238.3-0.40.71.02.14.7
Equity investments2,635.012,106.221.814.5-13.019.833.3
Listed equities2,154.09,086.623.714.9-18.918.946.4
Private equity270.62,231.712.113.09.623.92.3
Unlisted equities210.4787.926.715.520.724.54.5
Real estate investments137.74,388.23.14.56.43.52.7
Direct real investments78.93,879.72.04.65.93.35.3
Real estate funds58.9508.511.63.111.24.8-12.5
Other investments265.75,927.04.56.04.518.025.3
Hedge funds380.04,302.88.86.83.517.125.1
Commodities-11.63.3-357.128.6
Other investments-102.71,620.9-6.36.010.917.1
Investments3,184.234,985.29.17.7-2.111.014.1
Unallocated income, costs and operating expenses from investment activities-24.115.8
Net investment income at fair value3,160.135,001.09.07.7-2.111.014.1