Equity Investments
Investments in Venture Capital Funds
Fixed-income Investments
Real Estate Investments
Customer Loans
The return on Tapiola General’s investment portfolio was 11.0% (8.5%). With the exception of fixed-income investments, all investment instruments yielded a higher return than during the corresponding period last year. Investment assets at the current value stood at EUR 2,260.7 million (EUR 1,971.2 million). Net investment income at the current value was EUR 224.7 million (EUR 157.9 million). The allocation on real estate in the investment distribution was reduced during 2005. The amount of fixed- income investments was increased during the year but interest rate risks were decreased by hedging.
Net income from investment operations at current values 01/01/2005-31/12/2005 |
Net investment income
1-12/2005
EUR million |
Capital employed
1-12/2005
EUR million |
Return (%) on capital employed
1-12/2005 |
| Loan receivables |
2.5 |
69.8 |
3.6 |
Bonds
* of which fixed-income funds |
43.9
1.8 |
958.4
48.9 |
4.6
3.7 |
Other money market instruments an deposits
*of which fixe-income funds |
2.4
0.0 |
97.4
1.2 |
2.5
2.1 |
| Shares and participations |
146.8 |
517.7 |
28.4 |
Real-estate investments
* of which mutual funds and collective investment undertakings |
30.8
0.2 |
392.6
1.3 |
7.9
17.6 |
| Investments, total |
226.5 |
2,035.8 |
11.1 |
| Income, costs and expenses unallocated to investment classes |
-1.7 |
|
|
| Net income from investment operations at current values |
224.7 |
2,035.8 |
11.0 |
Five year review
|
Distribution of investments
(at current values) |
31 December 2005
EUR million |
31 December 2005
% |
31 December 2004
EUR million |
31 December 2004
% |
| Loan receivables, other receivables |
79.7 |
3.5 |
77.2 |
3.9 |
Bonds
* includes fixed-income funds |
1 003.5
51.4 |
44.4
2.3 |
812.9
48.0 |
41.2
2.4 |
Other financial market instruments and deposits
* includes fixed-income funds |
119.9
1.0 |
5.3
0.0 |
74.7
1.5 |
3.8
|
| Shares and participations |
635.4 |
28.1 |
560.4 |
28.4 |
Real-estate investments
* includes mutual funds and collective undertakings |
422.2
5.7 |
18.7
0.3 |
446.0
|
22.6
|
| Investments, total |
2,260.7 |
100.0 |
1,971.2 |
100.0 |
Five year review