English
Italiano4.6 - Financial assets at fair value through profit or loss
| Financial assets held for trading |
Financial assets designated as at fair value through profit or loss |
Total financial assets at fair value through profit or loss | ||||
|---|---|---|---|---|---|---|
| (€ million) | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 |
| Equities | 61 | 46 | 155 | 264 | 216 | 310 |
| Quoted | 61 | 46 | 10 | 11 | 71 | 58 |
| Unquoted | 0 | 0 | 145 | 252 | 145 | 252 |
| Bonds | 1,023 | 798 | 5,486 | 6,482 | 6,509 | 7,280 |
| Quoted | 960 | 780 | 4,780 | 5,807 | 5,741 | 6,586 |
| Unquoted | 63 | 18 | 706 | 676 | 769 | 694 |
| Investment fund units | 29 | 28 | 3,966 | 3,138 | 3,995 | 3,165 |
| Derivatives | 385 | 1,167 | 1,402 | 1,371 | 1,786 | 2,538 |
| Investments back to policies where the investment risk is borne by the policy holders and back to pension funds |
0 | 0 | 53,842 | 58,312 | 53,842 | 58,312 |
| Other financial investments | 660 | 251 | 1,328 | 1,780 | 1,988 | 2,031 |
| Total | 2,158 | 2,290 | 66,179 | 71,346 | 68,337 | 73,636 |
This category accounted for 18.3% of the total investments. More in detail, these investments were mainly allocated in the life segment (€ 65,656 million, which accounted for 96.1% of this category) whereas the residual part referred to the non-life segment (€ 694 million which accounted for 1.0% of this category) and in the financial segment (€ 1,987 million, which accounted for 2.9% of this category).
Furthermore, this category includes investments back to policies where the risk is borne by policyholders, which amounted to € 53,842 million.
| Policies where the investment risk is borne by the policyholders | Pension funds | Total | ||||
|---|---|---|---|---|---|---|
| (€ million) | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 |
| Assets | 51,713 | 56,463 | 2,129 | 1,849 | 53,842 | 58,312 |
| Total assets | 51,713 | 56,463 | 2,129 | 1,849 | 53,842 | 58,312 |
| Financial liabilities | 11,188 | 10,260 | 1,414 | 1,080 | 12,602 | 11,340 |
| Insurance provisions (*) | 40,830 | 46,540 | 77 | 150 | 40,907 | 46,690 |
| Total | 52,017 | 56,800 | 1,492 | 1,229 | 53,509 | 58,030 |
Further information on reclassified financial instruments
Starting on 1st January 2009 the Group transferred to the loans and receivables category € 14,658 million of corporate bonds. At the end of 2012, after sales and pay backs performed during the years, the stock of these reclassified financial instruments amounted to € 6,740.
| (€ million) | Book Value reclassified as at 01.01.2009 | Book Value reclassified as at 01.01.2010 | Book Value at 01.01.2011 | Book Value at 01.01.2012 |
|---|---|---|---|---|
| Available for sale financial assets | 14,028 | 12,561 | 9,693 | 8,204 |
| Financial assets at fair value through profit or loss | 630 | 625 | 573 | 501 |
| Total reclassified investments | 14,658 | 13,186 | 10,266 | 8,705 |
As a consequence of the positive trend of corporate bond market prices registered in 2012, the reclassification of investments previously classified as available for sale financial assets, implied a missing recognition of the revaluation of the related equity reserve for € 581 million considering both the group share and minorities) compared to the previous classification, and net of policyholders share and deferred taxes, of € 89 million.
Furthermore, the reclassification of investments previously classified as financial assets at fair value through profit or loss implied a missing recognition of an unrealized gain in the profit or loss for € 16 million compared to previous classification, and net of policyholders share and deferred taxes, of € 2 million.
