Total capital investment portfolio
Further details on financial instruments can be found in Note “2. Financial assets and liabilities as well as other balance sheet items evaluated according to IFRS 9”.
The total capital investment portfolio as of the reporting date 31 December 2025 amounted to EUR 47,151.6 million (31 December 2024: EUR 44,568.3 million). This corresponds to an increase of 5.8% year-on-year. The development is mainly due to the increased market values of the investments measured at fair value and to the high level of new investments. The financial instruments for unit- and index-linked life insurance increased by 12.0% from EUR 8,558.4 million in 2024 to EUR 9,583.2 million in 2025. This development is also due to the positive market value development.
The “risk-bearing portfolio” includes cash and cash equivalents, financial assets, investments in associates, investment property as well as owner-occupied property. As of 31 December 2025 the portfolio amounted to EUR 38,040.2 million (31 December 2024: EUR 36,476.8 million) and corresponds to the total capital investment portfolio minus the financial instruments for unit- and index-linked life insurance plus owner-occupied property. As owner-occupied property a value of EUR 471.8 million was reported as of 31 December 2025 (31 December 2024: EUR 466.8 million).
Split of the capital investments held at own risk 2025
Total capital investment result
Details on the investment result can be found in Note “9. Notes to the consolidated income statement”.
The total capital investment result consists of investment result, income and expenses from investment property, insurance finance result and result from associated consolidated companies. The two significant positions are the investment result in which the results of the assets evaluated according to IFRS 9 are shown and the insurance finance result, which primarily shows the interest effect of the underwriting liabilities and assets or the total financing effect of the Variable Fee Approach. The total capital investment result increased by 12.3% in 2025 to EUR 489.4 million (2024: EUR 435.6 million). The significant increase compared to the previous year is primarily due to higher interest revenues from the bond portfolio in Türkiye.