Fair value hierarchy

The table shows the classification of the financial assets and liabilities at fair value under a fair value hierarchy as defined by the amended IFRS 7 “Operative instruments: Disclosures”.

The three levels of the fair value hierarchy are defined with the inputs used in the price definition.

The amount of financial assets and liabilities classified in Level 3 was not material regarding the total of investment and represents a little more than 1% of total assets at fair value, stable with respect to the previous year.

  31.12.2012
(€ million) Level 1 Level 2 Level 3 Total
Available for sale financial assets 191,815 18,293 2,438 212,546
Equities 7,540 451 916 8,907
Bonds 176,553 13,762 34 190,349
Investment fund units 7,413 3,115 929 11,458
Other assets available for sale 308 965 559 1,831
Financial assets at fair v alue through profit or loss 42,187 25,306 843 68,337
Equities 70 145 1 216
Bonds 4,566 1,928 15 6,509
Investment fund units 3,838 42 115 3,995
Derivatives 261 1,526 0 1,786
Investments back to policies where the investment risk is borne by the policy holders 32,792 20,790 259 53,842
Other assets at fair value through profit or loss 660 875 453 1,988
Totale assets at fair value 234,002 43,599 3,282 280,882
Financial liabilities at fair value through profit or loss  12,564 1,961 0 14,525
Financial liabilities related to investment contracts issued by insurance 11,488 1,162 0 12,650
Derivatives 310 770 0 1,079
Other financial liabilities 767 29 0 796
Totale liabilities at fair value 12,564 1,961 0 14,525
  31.12.2011
(€ million) Level 1 Level 2 Level 3 Total
Available for sale financial assets 156,993 16,392 2,265 175,649
Equities 8,761 487 873 10,121
Bonds 141,008 11,548 101 152,657
Investment fund units 6,783 3,401 543 10,726
Other assets available for sale 441 956 748 2,144
Financial assets at fair v alue through profit or loss 46,194 25,866 1,576 73,636
Equities 62 234 14 310
Bonds 4,879 2,377 24 7,280
Investment fund units 3,136 23 6 3,165
Derivatives 710 1,829 0 2,538
Investments back to policies where the investment risk is borne by the policy holders 36,908 19,872 1,532 58,312
Other assets at fair value through profit or loss 499 1,531 0 2,031
Totale assets at fair value 203,187 42,258 3,841 249,285
Financial liabilities at fair value through profit or loss  11,921 2,618 0 14,539
Financial liabilities related to investment contracts issued by insurance 10,282 1,281 0 11,563
Derivatives 659 1,316 0 1,975
Other financial liabilities 980 21 0 1,002
Totale liabilities at fair value 11,921 2,618 0 14,539