Return on investment

(€ million) 31.12.2012 31.12.2011
Economic components    
Current income from fixed income instruments 10,659 10,925
Current income from equity instruments 518 828
Current income from investment properties 1,118 1,181
Net realized gains 1,119 2,099
Net impairment losses -3,221 -3,859
Net unrealised gains 22,270 -12,539
of which recorded in the shareholders' equity 21,390 -11,865
Average stock 323,164 313,312
Current return 3.9% 4.3%
Harvesting rate -0.3% -0.6%
P&L return 3.4% 3.5%
Comprehensive return 10.7% 0.4%

Current return declined amounting to 3.9% (4.3% at 31 December 2011).

This trend was due to lower current income from all asset classes and, in particular, to the effects of the de-risking policy implemented on government bonds and the incidence of cash which, despite decreasing, remained temporarily at high levels.  Lastly, the reduction in the current return reflected both the reduction in reinvestment rates and the increase in average investments caused by the recovery in value of instruments already present in the portfolio.

The contribution to the result of the period from harvesting operations improved, amounting to −0.3% (−0. 6% at 31 December 2011). This ratio benefitted from both the recovery in value of investments recognized through profit and loss and the decrease in impairments, particularly on bond portfolios, which were only partly offset by the drop in realized gains.

The comprehensive return, which includes changes in value for the period recognized through profit or loss and  other comprehensive income, increased considerably from 0.4% at 31 December 2011 to 10.7%, benefitting mainly from the improved conditions of the bond market, recognized in particular in shareholders’ equity, compared to the corresponding period of the previous year.


Investment yields67.81 KB
Focus on impairments37.96 KB