Investments
Property and casualty segment: investments
| (€ million) | 31/12/2015 | Composizione (%) | 31/12/2014 | Composizione (%) |
|---|---|---|---|---|
| Equity instruments | 2,489 | 6.3% | 3,346 | 8.7% |
| Fixed income instruments | 26,680 | 67.3% | 25,948 | 67.3% |
| Bonds | 23,793 | 60.0% | 23,654 | 61.3% |
| Other fixed income instruments | 2,887 | 7.3% | 2,294 | 5.9% |
| Land and buildings (investment properties) | 4,338 | 10.9% | 4,290 | 11.1% |
| Other investments | 1,524 | 3.8% | 1,203 | 3.1% |
| Investments in subsidiaries, associated companies and joint ventures | 1,541 | 3.9% | 1,267 | 3.3% |
| Derivatives | -72 | -0.2% | -77 | -0.2% |
| Other investments | 55 | 0.1% | 14 | 0.0% |
| Cash and cash equivalents | 4,593 | 11.6% | 3,772 | 9.8% |
| Total investments | 39,624 | 100.0% | 38,559 | 100.0% |
Total investments in the property&casualty segment rose from€ 38,559 million at 31 December 2014 to € 39,624 million (+ 2.8%).
With reference to the exposure to the various asset classes, against an increase in the absolute values, the percentage of the portfolio to fixed income remained stable at 67.3%. There was a fall in the exposure to equity instruments, which fell from 8.7% at 31 December 2014 to 6.3%, while the exposure to real estate investments was substantially stable at 10.9%. Finally, the percentage of cash and cash equivalents increased from 9.8% at 31 December 2014 to 11.6%.
With reference to the breakdown of the bond investment portfolio, exposure to government bonds increased, standing at € 10,317 million (€ 10,021 million at 31 December 2014), amounting to 43.4% of the portfolio (42.4% at 31 December 2014), against a reduction in the corporate component, of € 13,476 million (€ 13,633 million at 31 December 2014) with a ratio of 56.6% (57.6% at 31 December 2014).
Finally, the average duration of the bond portfolio was 5.0 years (4.6 years at 31 December 2014), in line with the ALM Group strategy.
Property&Casualty segment: return on investments
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Current return (*) | 3.2% | 3.5% |
| Harvesting rate | 1.4% | 1.0% |
| P&L return | 4.1% | 3.9% |
(*) Net of depreciations.
The net current return of total investments in the property& casualty segment fell slightly to 3.2% (3.5% at 31 December 2014), with related incomes amounting at € 1,267 million (€ 1,307 million at 31 December 2014).
The harvesting rate increased to 1.4% (1.0% at 31 December 2014) due to a decrease in the impairment losses.
Property and Casualty insurance provisions
Propery&Casualty: technical reserves
| (€ million) | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Net provisions for unearned premiums | 4.972 | 5.006 |
| Net provisions for outstanding claims | 25.036 | 24.651 |
| Other net provisions | 475 | 459 |
| Property&Casualty insurance provisions | 30.482 | 30.117 |
| of which Motor | 13.487 | 13.254 |
| of which Non Motor | 16.996 | 16.863 |