Investments, shareholders’ equity and underwriting provisions
A brief presentation of the investments is included in the notes to the consolidated financial statements starting on page 94.
Total investments, including cash and cash equivalents, were EUR 37,266.1 million as of 31 December 2021 (31 December 2020: EUR 36,646.3 million). The year-on-year increase was primarily due to an increase in cash and cash equivalents resulting from the issue of additional debt and hybrid capital.
The investments include property, shares in at equity consolidated companies and all financial assets, using the look-through approach for consolidated special funds, as well as other fund investments allocated to the asset classes. Financial instruments for unit- and index-linked life insurance are not included. These increased 7.0% from EUR 7,968.0 million in 2020 to EUR 8,525.3 million in 2021, mainly due to the positive performance achieved by the financial instruments for unit- and index-linked life insurance.
Shareholders’ equity increased 5.9% to EUR 5,597.9 million in 2021 (2020: EUR 5,285.8 million). The development was primarily due to the EUR 300 million issue of hybrid capital. The shareholders’ equity attributable to shareholders increased from EUR 5,162.7 million in 2020 to EUR 5,478.2 million in 2021 for the reason indicated above.
A detailed disclosure of underwriting provisions is included in Note 10. Underwriting provisions in the notes to the consolidated financial statements.
Underwriting provisions were EUR 32,546.2 million as of 31 December 2021. This represents an increase of 1.0% over the previous year (2020: EUR 32,230.1 million).