Ita
EngProperty and casualty segment financial position
Investments
| (in € million) | 31/12/2014 | Impact (%) | 31/12/2013 | Impact (%) |
|---|---|---|---|---|
| Equity instruments | 3,346 | 8.7% | 3,348 | 9.3% |
| Fixed income instruments | 25,948 | 67.3% | 23,975 | 66.6% |
| Bonds | 23,654 | 61.3% | 22,149 | 61.5% |
| Other fixed income instruments | 2,294 | 5.9% | 1,826 | 5.1% |
| Land and buildings (investment properties) | 4,290 | 11.1% | 4,645 | 12.9% |
| Other investments | 1,203 | 3.1% | 1,079 | 3.0% |
| Investments in subsidiaries, associated companies and joint ventures | 1,267 | 3.3% | 1,188 | 3.3% |
| Derivatives | -77 | -0.2% | -135 | -0.4% |
| Other investments | 14 | 0.0% | 26 | 0.1% |
| Cash and cash equivalents | 3,772 | 9.8% | 2,947 | 8.2% |
| Total investments | 38,559 | 100.0% | 35,994 | 100.0% |
Total investments in the property&casualty segment went from € 35,994 million at 31 December 2013 to € 38,559 million (+ 7.1%).
With reference to the exposure to the various asset classes, despite an increase in the absolute values, the weight of the fixed income portfolio remained stable at 67.3% (66.6% at 31 December 2013). A downward trend is registered regarding the exposure to equity instruments equal to 9.3% at 31 December 2013 to 8.7%, and also the exposure to the real estate investments equal to 11.1% (12.9% at 31 December 2013). Finally, the weight of cash and cash equivalents increased from 8.2% at 31 December 2013 to 9.8%.
Government bonds amounted to € 10,021 million (€ 10,872 million at 31 December 2013), reducing their weight to 26% (30.2% at 31 December 2013).
Corporate bonds increased to € 13,611 million (€ 11,277 million at 31 December 2013), equal to 57.6% (50.9% at 31 December 2013).
Lastly the average duration of the bond portfolio is 4,6 years (4,1 years at 31 December 2013), consistently with ALM Group.
strategy.
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| Current return (*) | 3.5% | 3.9% |
| Harvesting rate | 1.0% | 1.4% |
| P&L return | 3.9% | 4.6% |
The current return of total investments in the property&casualty segment slightly decreased to 3.5% (3.9% at 31 December 2013), with the related incomes amounting at € 1,307 million.
The harvesting rate decreased to 1.0% (1.4% at 31 December 2013) due to an increase in the impairment losses.
Property and Casualty insurance provisions
| (€ million) | 31/12/2014 | 31/12/2013 |
|---|---|---|
| Net provisions for unearned premiums | 5,006 | 5,027 |
| Net provisions for outstanding claims | 24,651 | 24,076 |
| Other net provisions | 459 | 430 |
| Property&Casualty insurance provisions | 30,117 | 29,533 |
| of which Motor | 13,254 | 13,503 |
| of which Non Motor | 16,863 | 16,030 |