7.2.1Consolidated balance sheet
Consolidated balance sheet
| (in € millions and before profit appropriation) | Note | 31 December 2024 | 31 December 2023 (restated) | 
|---|---|---|---|
| Intangible assets | 7.5.1 | 592 | 649 | 
| Property, plant and equipment | 7.5.2 | 676 | 732 | 
| Investment property | 7.5.3 | 3,364 | 3,051 | 
| Associates and joint ventures at equity method | 7.5.4 | 457 | 426 | 
| Investments | 7.5.5 | 80,593 | 90,006 | 
| Investments related to direct participating insurance contracts | 7.5.6 | 33,025 | 30,352 | 
| Derivatives | 7.5.7 | 11,767 | 12,907 | 
| Deferred tax assets | 7.5.8 | 101 | 636 | 
| Reinsurance contract assets | 7.5.13 | 485 | 501 | 
| Other assets | 7.5.9 | 3,342 | 3,598 | 
| Cash and cash equivalents | 7.5.10 | 4,194 | 7,910 | 
| Total assets |  | 138,595 | 150,768 | 
|  |  |  |  | 
| Share capital | 7.5.11.1 | 34 | 34 | 
| Share premium reserve | 7.5.11.2 | 4,070 | 4,070 | 
| Unrealised gains and losses | 7.5.11.3 | 432 | 383 | 
| Actuarial gains and losses | 7.5.11.4 | -175 | -288 | 
| Retained earnings |  | 4,528 | 4,147 | 
| Treasury shares | 7.5.11.5 | -109 | -7 | 
| Equity attributable to shareholders |  | 8,779 | 8,339 | 
|  |  |  |  | 
| Other equity instruments | 7.5.11.6 | 1,007 | 1,004 | 
| Equity attributable to holders of equity instruments |  | 9,786 | 9,342 | 
|  |  |  |  | 
| Non-controlling interests |  | 47 | 35 | 
| Total equity |  | 9,833 | 9,377 | 
|  |  |  |  | 
| Subordinated liabilities | 7.5.12 | 2,007 | 2,005 | 
| Insurance contract liabilities | 7.5.13 | 64,267 | 63,302 | 
| Liabilities arising from direct participating insurance contracts | 7.5.14 | 38,366 | 36,082 | 
| Employee benefits | 7.5.15 | 5,037 | 5,218 | 
| Provisions | 7.5.16 | 413 | 414 | 
| Borrowings | 7.5.17 | 3,135 | 5,451 | 
| Derivatives | 7.5.7 | 8,666 | 10,132 | 
| Savings deposits | 7.5.18 | - | 11,967 | 
| Due to banks | 7.5.19 | 5,550 | 5,445 | 
| Other liabilities | 7.5.20 | 1,322 | 1,376 | 
| Total liabilities |  | 128,762 | 141,391 | 
|  |  |  |  | 
| Total equity and liabilities |  | 138,595 | 150,768 | 
The numbers following the line items refer to the relevant sections in the notes.
The 31 December 2023 figures have been restated, see section 7.3.2.