See accounting policy E.
|||31 December 2022||31 December 2021|
|Available for sale||20,900||30,333|
|At fair value through profit or loss||4,740||3,216|
For changes in investments available for sale and changes in investments at fair value through profit or loss see chapter 18.104.22.168 and chapter 22.214.171.124 respectively.
|||31 December 2022||31 December 2021|
|||Available for sale||Fair value through profit or loss||Total||Available for sale||Fair value through profit or loss||Total|
|Fixed income investments|||||||||||||
|Rural property contracts||-||-||-||-||215||215|
|Equities and similar investments|||||||||||||
|Real estate equity funds||-||3,974||3,974||-||2,202||2,202|
|Mortgage equity funds||303||684||987||398||781||1,179|
|Other participating interests||6||-||6||7||-||7|
In 2022, government bonds decreased to € 9,227 million (2021: € 14,149 million) mostly due to negative revaluations due to increasing interest rates and the disposal of government bonds. Cash collateral received on derivative instruments was reinvested into government bonds, cash collateral decreased due to increasing interest rates, therefore government bonds were sold. For more information regarding cash collateral received see chapter 6.5.21.
The equities consist primarily of listed equities and investments in investment funds. Equities decreased mainly as a result of negative revaluations.
Real estate equity funds increased mainly due to the addition of ASR DFLF. During 2022, a.s.r. lost control of ASR DFLF when external participants invested in ASR DFLF. The rural property contracts are held by ASR DFLF, and therefore transferred to real estate equity funds.
For the real estate equity funds and mortgage equity funds for which a.s.r. has significant influence, being ASR DMOF, ASR DPRF, ASR DCRF, ASR DFLF and ASR MF, the exemption of IAS 28 was used, thereby measuring the investments at fair value through profit or loss and presenting them as a separate category within the investments at fair value through profit or loss. For a breakdown of the real estate equity funds ASR DMOF, ASR DPRF, ASR DCRF and ASR DFLF and ASR MF see chapter 6.5.4.
All investments at fair value through profit or loss are designated as such by a.s.r. upon initial recognition. For more detailed information about the fair value valuation of the investments, see chapter 6.7.1.
Based on their contractual maturity, an amount of € 13,868 million (2021: € 21,400 million) of fixed income investments is expected to be recovered after more than one year after the balance sheet date. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date.
|At 1 January||30,333||33,774|
|Realised gains and losses through profit or loss||-222||429|
|Revaluation recognised in equity||-4,918||-845|
|(Reversals of) Impairments||-110||-13|
|Exchange rate differences||54||46|
|At 31 December||20,900||30,333|
a.s.r. has bonds amounting to € 3.237 million (2021: € 3,524 million) and cash amounting to € 600 million (2021: € 1,000 million) (see chapter 6.5.12) that have been transferred, but do not qualify for derecognition. The majority of these investments are part of a securities lending programme whereby the investments are lent in exchange for a fee with collateral obtained as a security. The collateral furnished as security representing a fair value of € 4,914 million (2021: € 5,383 million) consists of mortgage loans and corporate and government bonds. See accounting policy S about securities lending.
|At 1 January||-300||-354|
|Increase in impairments through profit or loss||-133||-16|
|Reversal of impairments through profit or loss||23||3|
|Reversal of impairments due to disposal||43||68|
|At 31 December||-374||-300|
The increase in impairments through profit or loss is related to impairments on equities and investment funds. The reversal of impairments through profit or loss relates to government bonds. The reversal of impairments due to disposal is mainly related to equities.
|At 1 January||3,216||2,825|
|Revaluation through profit or loss||-167||117|
|Net transfer of real estate equity funds||1,457||-|
|At 31 December||4,740||3,216|
The net transfer of real estate equity funds relates to ASR DFLF. During 2022, a.s.r. lost control of ASR DFLF as a result of the entry of third party participants in ASR DFLF.