Total capital investment portfolio and Total capital investment result

Total capital investment portfolio

Further details on financial instruments are included in the Note 2. Financial assets and liabilities as well as other balance sheet items evaluated according to IFRS 9 starting on page 117 in the notes to the to the consolidated financial statements.

The total capital investment portfolio as of the reporting date 31 December 2023 amounted to EUR 42,586.1 million (31 December 2022: EUR 41,062.2 million). The increase of 3.7% year-on-year is primarily due to the increased market values of the investments measured at fair value. The financial instruments for unit- and index-linked life insurance increased 2023 by 8.4% mainly due to market and interest rate development from EUR 7,164.4 million in 2022 to EUR 7,768.3 million.

In the notes to the consolidated financial statements the risk-bearing portfolio consists of cash and cash equivalents, financial assets, investments in associates, investment property as well as owner-occupied property. As of 31 December 2023 the portfolio amounted to EUR 35,288.7 million (31 December 2022: EUR 34,380.6 million) and corresponds to the total capital investment portfolio minus the financial instruments for unit- and index-linked life insurance plus owner-occupied property. As owner-occupied property a value of EUR 471.0 million was reported as of 31 December 2023 (31 December 2022: EUR 482.8 million).

Split of the capital investments held at own risk 2023

Total capital investment result

Details on the total capital investment result are included in Note 9. Notes to the consolidated income statement starting on page 139.

The two significant positions in the total capital investment result are the investment result in which the results of the assets evaluated according to IFRS 9 are shown and the insurance finance result in which primarily the discounting effect of the insurance assets and liabilities is shown. The total capital investment result increased in 2023 to EUR 284.3 million (2022: losses of EUR 12.2 million), whereby the investment result increased by EUR 2,702.8 million and the insurance finance result fell by EUR 2,398.5 million. This development is mainly attributable to the sharp rise in market interest rates during 2022.