9. Securities available for sale


Type of investment

Acquisition costs

Fluctuation in value not affecting income

Accumulated value adjustments

Foreign currency differences affecting income

Market values

Figures in € thousand

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

Shares in affiliated companies

21,845

21,235

0

0

0

0

0

0

21,845

21,235

Shares

505,854

799,655

216,309

197,862

–149,916

–139,796

0

0

572,247

857,721

Equity funds

480,823

356,651

1,929

29,634

–27,881

–24,826

0

0

454,871

361,459

Debenture bonds not capital-guaranteed

251,826

252,986

2,733

2,044

–19,994

–17,471

–2,812

–3,379

231,753

234,180

Other variable-yield securities

48,278

41,875

–1,143

–352

–5,350

–3,400

0

0

41,785

38,123

Participating interests and other investments

314,233

237,222

32,324

36,298

–32,927

–34,718

0

0

313,631

238,802

Fixed-interest securities

12,375,993

11,943,303

–501,848

–415,099

–629,291

–288,634

–29,405

–41,030

11,215,448

11,198,539

Total

13,998,852

13,652,927

–249,696

–149,614

–865,357

–508,845

–32,218

–44,409

12,851,581

12,950,059

Valuations based on internal calculations are included in the market values of shares. The effect of the internal valuation for 2011 results in a value increase not affecting income in the amount of € 53,500 thousand (2010: value increase € 33,546 thousand).

Type of investment

Accumulated value adjustments

Of which accumulated from previous years

Of which from current year

Figures in € thousand

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

Shares in affiliated companies

0

0

0

0

0

0

Shares

–149,916

–139,796

–108,381

–113,763

–41,535

–26,033

Equity funds

–27,881

–24,826

–23,792

–24,567

–4,089

–259

Debenture bonds not
capital-guaranteed

–19,994

–17,471

–17,471

–14,326

–2,523

–3,145

Other variable-yield securities

–5,350

–3,400

–3,400

–3,400

–1,950

0

Participating interests and other investments

–32,927

–34,718

–30,462

–34,475

–2,464

–243

Fixed-interest securities

–629,291

–288,634

–239,825

–280,351

–389,466

–8,283

Total

–865,357

–508,845

–423,331

–470,882

–442,027

–37,963

Type of investment

Change in value adjustment current year

of which write-down/write-up affecting income

of which changes due to disposal

Write-up of equity

Figures in € thousand

31 Dec. 2011

31 Dec. 2011

31 Dec. 2011

31 Dec. 2011

Shares in affiliated companies

0

0

0

0

Shares

–10,119

–41,535

31,416

0

Equity funds

–3,055

–4,089

1,034

0

Debenture bonds not capital-guaranteed

–2,523

–2,523

0

0

Other variable-yield securities

–1,950

–1,950

0

0

Participating interests and other investments

1,791

–2,464

4,256

0

Fixed-interest securities

–340,657

–389,466

48,809

0

Total

–356,513

–442,027

85,514

0

Change in equity

Allocation not affecting income

Withdrawal1) due to disposals affecting income

Change in unrealised gains/losses

Figures in € thousand

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

1)

Withdrawals affecting the income statement due to disposals and impairments.

2)

Including reclassified securities.

Other securities – available for sale2)

 

 

 

 

 

 

Gross

–10,259

–90,086

–61,289

–67,425

–71,547

–157,511

Deferred tax

18,984

11,863

7,757

3,656

26,741

15,519

Deferred profit participation

–35,391

53,072

41,774

52,768

6,382

105,839

Minority interests

–5,366

5,980

1,638

3,880

–3,728

9,861

Net

–32,032

–19,171

–10,120

–7,121

–42,152

–26,292

Hierarchy for instruments that are reported in the balance sheet at current market value

The table below depicts the financial instruments for which subsequent valuation is performed at the current market value. These are divided into levels 1 to 3, depending on the extent to which the current market value can be observed.

Level 1 valuations at current market value are ones that result from listed prices (unadjusted) on the active markets for identical financial assets and liabilities.

Level 2 valuations at current market value are those based on parameters that do not correspond to listed prices for assets and liabilities as in level 1 (data) and are derived either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 valuations at current market value are those arising from models using parameters for the valuation of assets and liabilities that are not based on observable market data (unobservable prices, assumptions).

Investments at fair value

Level 1

Level 2

Level 3

Group total

Figures in € thousand

31 Dec. 2011

31 Dec. 2011

31 Dec. 2011

31 Dec. 2011

Securities available for sale

9,599,898

2,603,821

647,862

12,851,581

Shares in affiliated companies

83

21,762

0

21,845

Shares

410,997

160,942

308

572,247

Equity funds

275,275

179,595

1

454,871

Debenture bonds not capital-guaranteed

32,711

199,042

0

231,753

Other variable-yield securities

0

41,785

0

41,785

Participating interests and other investments

29

313,602

0

313,631

Fixed-interest securities

8,880,803

1,687,093

647,553

11,215,448

At fair value through profit and loss

159,731

768,940

10,269

938,941

Derivative financial instruments

–236

2,136

0

1,900

Total

9,759,393

3,374,898

658,131

13,792,422

No transfers between levels 1 and 2 took place during the reporting period. The entire portfolio of asset-backed securities was classified as level 3. No other level 3 assets existed as at 31 December 2011.

Transition of the level 3 valuations at current market value of financial assets:

Level 3 Investments at fair value

Securities available for sale

At fair value through profit and loss

Derivative financial instruments

Total

Figures in € thousand

31 Dec. 2011

31 Dec. 2011

31 Dec. 2011

31 Dec. 2011

As at 1 Jan. 2011

643,945

12,813

0

656,758

Exchange rate differences

22

0

0

22

Total gains or losses for the period recognised in profit or loss

8,312

–1,079

0

7,234

Total gains or losses for the period recognised in other comprehensive income (revaluation reserve)

36,407

0

0

36,407

Purchase

26,737

0

0

26,737

Sales

–16,021

–40

0

–16,061

Issues

0

0

0

0

Settlements

–51,541

–1,425

0

–52,966

Transfers

0

0

0

0

As at 31 Dec. 2011

647,862

10,269

0

658,131

Contractual remaining term

Acquisition costs

Market values

Figures in € thousand

31 Dec. 2011

31 Dec. 2010

31 Dec. 2011

31 Dec. 2010

Infinite

95,838

103,414

71,265

88,908

Up to 1 year

1,752,823

1,542,452

1,583,690

1,374,544

More than 1 year up to 5 years

4,164,715

3,731,367

3,940,069

3,634,209

More than 5 years up to 10 years

4,694,029

4,396,211

4,414,907

4,233,496

More than 10 years

1,968,691

2,464,720

1,479,056

2,139,685

Total

12,676,097

12,238,163

11,488,987

11,470,842

The remaining maturities stipulated by contract refer to fixed-interest securities, other variable-yield securities and bonds without capital guarantee.

Risk of default rating

31 Dec. 2011

Figures in € thousand

 

Fixed-interest securities

 

Rating AAA

3,257,974

Rating AA

1,415,136

Rating A

2,644,193

Rating BBB

2,288,974

Rating < BBB

1,431,621

Not assigned

451,089

Rating total of fixed-interest securities

11,488,987

 

 

Issuer countries

 

Share securities

 

IE, NL, UK, US

339,568

AT, BE, CH, DE, DK, FR, IT

590,531

ES, FI, NO, SE

16,254

Remaining EU

140,941

other countries

122,973

Issuer countries total of share securities

1,210,268

Other shareholdings

130,482

Total variable-yield securities

1,340,750

© 2012 BY UNIQA GROUP AUSTRIA