Total capital investment portfolio and Total capital investment result
Total capital investment portfolio
Further details on financial instruments can be found in Note 2. Financial assets and liabilities as well as other balance sheet items evaluated according to IFRS 9 from page 207 in the notes to the consolidated financial statements.
The total capital investment portfolio as of the reporting date 31 December 2024 amounted to EUR 44,568.3 million (31 December 2023: EUR 42,586.1 million). The increase of 4.7% year-on-year is primarily due to the increased market values of the investments measured at fair value. The financial instruments of unit- and index-linked life insurance also increased by 10.2% from EUR 7,768.3 million in 2023 to EUR 8,558.4 million in 2024 due to the positive market value development.
The “risk-bearing portfolio” includes cash and cash equivalents, financial assets, investments in associates, investment property and owner-occupied property. As of 31 December 2024 the portfolio amounted to EUR 36,476.8 million (31 December 2023: EUR 35,288.7 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 466.8 million was reported as of 31 December 2024 (31 December 2023: EUR 471.0 million).
Split of the capital investments held at own risk 2024
Total capital investment result
Details on the investment result can be found in Note 9. Notes to the consolidated income statement starting on page 224 in the notes.
The total capital investment result consists of investment result, income and expenses from investment property, insurance finance result and result from associated consolidated companies. The two significant positions are the investment result in which the results of the assets evaluated according to IFRS 9 are shown and the insurance finance result, which primarily shows the interest effect of the underwriting liabilities and assets or the total financing effect of the Variable Fee Approach.
The total capital investment result increased in 2024 to EUR 435.6 million (2023: EUR 284.3 million). The significant increase compared to the previous year is primarily due to higher interest revenues from the bond portfolio, which benefited from the general development of market interest rates. This improvement is not reflected in a higher allocation to direct participating contracts in the Variable Fee Approach portfolio, as the portfolio of underlying assets shows a significant decrease in unrealised gains.