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Investments

Investments reach € 4,119.7 million

Developments in investments in the financial year just closed were marked mainly by the weakness and pronounced volatility of the stock markets. The carrying value of our investment portfolio – excluding deposits retained by ceding companies – increased by € 20.4 million to € 4,119.7 million. In 2001, in line with a recent change in the law relating to long-term forms of business such as insurance, we classed a limited number of securities as fixed assets for the first time, assess- ing their value on the basis of the moderated lower-of-cost-or-market principle. Depreciation worth € 36.2 million was thus avoided.

Depreciation of € 76.1 million was largely offset by net gains from retirements totalling € 66 million. Total net income from investments amounted to € 180.1 million, almost all of it due to current income of € 181.0 million. Current average interest according to the association’s formula was 4.4%.

Real property

There were no significant additions or sales of real property in the year under review. Property owned and managed by the Company itself is no longer considered a strategic investment.

Gerling-Konzern Globale Rückversicherungs-AG/Management Report 49

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