3 Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss
| 2007 | 2006 | |
|---|---|---|
| Trading assets | 193,213 | 193,977 |
| Investments for risk of policyholders | 114,827 | 110,547 |
| Non-trading derivatives | 7,637 | 6,521 |
| Designated as at fair value through profit and loss | 11,453 | 6,425 |
| 327,130 | 317,470 |
Trading assets by type
| 2007 | 2006 | |
|---|---|---|
| Equity securities | 11,112 | 14,717 |
| Debt securities | 37,345 | 38,287 |
| Derivatives | 28,592 | 22,514 |
| Loans and receivables | 116,164 | 118,459 |
| 193,213 | 193,977 |
As at 31 December 2007, the balance sheet value included equity securities which were lent or sold in repurchase transactions amounting to EUR 4 million (2006: EUR 13 million) and nil (2006: nil), respectively. As at 31 December 2007, the balance sheet value included debt securities which were lent or sold in repurchase transactions amounting to EUR 386 million (2006: EUR 42 million) and EUR 629 million (2006: EUR 4,303 million), respectively.
Investments for risk of policyholders by type
| 2007 | 2006 | |
|---|---|---|
| Equity securities | 106,061 | 102,775 |
| Debt securities | 7,398 | 7,100 |
| Loans and receivables | 122 | 59 |
| Other | 1,246 | 613 |
| 114,827 | 110,547 |
In 2007 none of the changes in the fair value of the loans and receivables included in Investments for risk of policyholders are attributable to changes in the credit risk of the financial assets (2006: nil), or cumulatively (2006: nil).
The fair value of credit derivatives included in trading assets and held to mitigate exposure to credit risk was EUR –7 million (2006: nil), and the change in their fair value in the period was EUR –7 million (2006: nil).
The cost of investments for risk of policyholders as at 31 December 2007 was EUR 105,625 million (2006: EUR 98,863 million).
Investments in investment funds (with underlying investments in debt, equity securities, real estate and derivatives) are included under equity securities.
Non-trading derivatives by type
| 2007 | 2006 | |
|---|---|---|
| Derivatives used in: | ||
| – fair value hedges | 1,952 | 1,080 |
| – cash flow hedges | 3,417 | 3,617 |
| – hedges for net investments in foreign operations | 281 | 3 |
| Other non-trading derivatives | 1,987 | 1,821 |
| 7,637 | 6,521 |
Designated as at fair value through profit and loss by type
| 2007 | 2006 | |
|---|---|---|
| Equity securities | 306 | 193 |
| Debt securities | 8,774 | 4,744 |
| Loans and receivables | 428 | 306 |
| Other | 1,945 | 1,182 |
| 11,453 | 6,425 |
In 2007 none of the changes in the fair value of the loans and receivables designated as at fair value through profit and loss are attributable to changes in the credit risk of the financial assets (2006: nil), or cumulatively (2006: nil).
The fair value of credit derivatives included in non-trading derivatives and held to mitigate exposure to credit risk on debt securities was EUR –10 million (2006: EUR –2 million), and the change in their fair value in the period was nil (2006: nil).
As at 31 December 2007, trading assets include receivables of EUR 114,897 million (2006: EUR 118,053 million) with regard to reverse repurchase transactions.
Other includes alternative asset investments and limited partnerships.
