4.1.- Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss
  Financial liabilities held for trading Financial liabilities disignated as at fair value through profit or loss
(€ million) 31.12.2012 31.12.2011 31.12.2012 31.12.2011
Financial liabilities related to investment contracts issued by insurance companies 0 0 12,650 11,563
where the investment risk is borne by the policyholders 0 0 11,188 10,260
pension funds 0 0 1,414 1,080
other financial liabilities related to investment contracts 0 0 48 223
Derivatives 358 1,148 721 826
Other financial liabilities 0 0 796 1,002
Total 358 1,148 14,167 13,391