Liquidity risk

The table here below shows the amount of the life gross direct insurance provisions broken down by expected contractual residual duration. For annuity in payment or whole life contract the expected residual duration is calculated considering an expected date of conclusion of the contract, according to the embedded value valuation. Excluding Migdal group from 2011, which insurance provisions and financial liabilities related to investment contracts were concentrated in classes with contractual term to maturity between 11 and 20 years and more than 20 years, the aforementioned classes would have been substantially stable.

Life insurance provisions and financial liabilities related to investment contracts: contractual term to maturity
  Gross direct insurance
(€ million) 31.12.2012 31.12.2011
Up to 1 year 27,089 23,407
Between 1 and 5 years 77,276 73,790
Between 6 and 10 years 66,573 67,611
Between 11 and 20 years 74,593 78,617
More than 20 years 54,412 59,709
Total 299,944 303,135

Note that the provision for outstanding claims (not included in the table), which at 31 December 2012 amounted to € 4,822 million (€4,487 million at 31 December 2011), matures in first year by definition.