4.6 - 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

(*) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.

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.