4 - Investments

The division of investments by nature is summarized in the table below. Comments regarding specific categories are reported in the following paragraphs.

  31.12.2012 31.12.2011
(€ million)  Total book value
Impact (%)
Total book value Impact (%)
Equity instruments15,652 4.6 17,098 5.5
Available for sale financial assets 12,980 3.8 14,384 4.6
Financial assets at fair value through profit or loss 2,672 0.8 2,714 0.9
Fixed income instruments  274,916 81.1 241,278 77.6
Bonds 243,771 71.9 211,437 68.0
Other fix ed income instruments  31,145 9.2 29,841 9.6
Held to maturity investments 7,538 2.2 5,293 1.7
Loans 61,347 18.1 68,030 21.9
Available for sale financial assets 197,066 58.2 158,835 51.1
Financial assets at fair value through profit or loss 8,965 2.6 9,120 2.9
Land and buildings (investment properties)  15,064 4.4 15,322 4.9
Other investments 12,598 3.7 12,458 4.0
Investments in subsidiaries, associated companies and joint ventures 1,692 0.5 1,905 0.6
Derivatives 707 0.2 563 0.2
Receivables from banks or customers 9,034 2.7 8,847 2.8
Other investments 1,165 0.3 1,142 0.4
Cash and cash equivalents 20,589 6.1 24,659 7.9
Total 338,817 100.0 310,814 100.0
Investments back to unit and index-linked policies 53,842   58,312  
Total investments 392,659   369,126  

Investments fund units (IFU) are allocated to respective asset classes based on prevailing underlying assets. IFU allocated within equity instruments amounted to € 4,120 million (€3,638 million as at 31 December 2011), those allocated within fixed income instruments amounted to € 9,167 million (€8,013 as at 31 December 2011) whereas IFU allocated within land and buildings (investment properties) amounted to €  2,165 million (€ 2,240 million as at 31 December 2011).

Given their short term investments nature, Reverse REPO, that amounted to € 596 million (€ 214 million as at 31 December 2011) were reclassified within “cash and cash equivalents”. For the same reason also REPO, that amounted to € -1,655 million (€ -1,114 million as at 31 December 2011), were reclassified in the same item.

Derivatives investments are presented net of derivatives held as financial liabilities, that amounted to € -1,079 million at the end of the period (€ -1,975 million as at 31 December 2011). Hedging derivatives are excluded, as they are presented within asset classes they are hedging.