Varma

Annual Report 2014

VARMA_tilinpaatos
Net investment income at fair value
Net
investment
income,Return onReturn onReturn onReturn onReturn on
marketInvestedinvestedinvestedinvestedinvestedinvested
valuecapitalcapitalcapitalcapitalcapitalcapital
2014201420142013201220112010
Return €/% on invested capital€ million€ million%%%%%
Fixed-income investments713.913,010.55.51.24.44.24.6
Loan receivables45.01,727.82.63.33.23.91.5
Public sector bonds661.79,722.06.80.85.55.06.3
Other money-market instruments and deposits7.21,560.70.5-0.40.71.02.1
Equity investments1,284.114,071.09.121.814.5-13.019.8
Listed equities816.111,020.47.423.714.9-18.918.9
Private equity291.12,152.413.512.113.09.623.9
Unlisted equities177.0898.219.726.715.520.724.5
Real estate investments157.04,110.23.83.14.56.43.5
Direct real investments117.03,611.23.22.04.65.93.3
Real estate funds40.0499.18.011.63.111.24.8
Other investments575.66,647.58.74.56.04.518.0
Hedge funds450.35,809.17.88.86.83.517.1
Commodities-8.6-4.1
Other investments133.9842.515.9-6.36.010.917.1
Investments2,730.637,839.27.29.17.7-2.111.0
Unallocated income, costs and operating expenses from investment activities-31.716.3
Net investment income at fair value2,698.937,855.47.19.07.7-2.111.0