Equity Investments
Investments in Venture Capital Funds
Fixed-income Investments
Real Estate Investments
Customer Loans
The return on Tapiola Life’s investment portfolio at current value in 2005 was 8.7% (7.8%). Equity investments in particular yielded a higher return than in the corresponding period last year. Investment assets at current value stood at EUR 1,708.6 million (EUR 1,611.8 million). Net investment income at current value was EUR 137.7 million (EUR 116.9 million). Equity allocation was increased during 2005 in the investment distribution. The amount of interest rate risk was decreased by hedging and reduced allocation.
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
|
| Loan receivables |
1.4 |
37.9 |
3.6 |
Bonds
*of which fixed-income funds |
39.4
1.7 |
823.8
38.1 |
4.8
4.4 |
Other money market instruments and deposits
*of which fixed-income funds |
1.4
0.2 |
63.4
6.1 |
2.2
2.5 |
| Shares and participations |
83.0 |
307.8 |
27.0 |
Real-estate investments
*of which mutual funds and collective investment undertakings |
15.2
0.1 |
351.4
0.5 |
4.3
16.1 |
| Investments, total |
140.4 |
1,584.2 |
8.9 |
| Income, costs and expenses unallocated to investment classes |
-2.7 |
|
|
| Net income from investment operations at current values 6) |
137.7 |
1,584.2 |
8.7 |
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 |
34.2 |
2.0 |
36.0 |
2.2 |
Bonds
*includes fixed-income funds |
857.9
40.0 |
50.2
2.3 |
824.9
37.8 |
51.2
2.3 |
Other financial market instruments and deposits
*includes fixed-income funds |
89.7
2.0 |
5.3
0.1 |
43.2
8.5 |
2.7
0.5 |
| Shares and participations |
369.8 |
21.6 |
328.5 |
20.4 |
Real-estate investments
*includes mutual funds and collective investment undertakings |
357.0
2.1 |
20.9
0.1 |
379.1
0.0 |
23.5
0.0 |
| Investments, total |
1,708.6 |
100.0 |
1,611.8 |
100.0 |
Five year review