1. Financial instruments, investments and financial liabilities
The following table presents a comparison of the carrying amounts and fair values of financial instruments, investments and financial liabilities.
In € thousand |
At 31 December 2025 |
At 31 December 2024 |
||
|---|---|---|---|---|
Carrying amounts |
Fair values |
Carrying amounts |
Fair values |
|
Investments |
|
|
|
|
Investment property |
2,374,295 |
2,974,038 |
2,382,317 |
2,956,074 |
Financial assets accounted for using the equity method |
944,423 |
1,569,604 |
899,876 |
888,599 |
Other investments |
17,744,868 |
17,744,808 |
17,443,323 |
17,439,749 |
Financial assets at fair value through profit or loss |
4,012,029 |
4,012,029 |
3,762,511 |
3,762,511 |
Financial assets at fair value through other comprehensive income |
13,341,607 |
13,341,607 |
13,197,442 |
13,197,442 |
Financial assets at amortised cost |
391,232 |
391,172 |
483,369 |
479,795 |
Unit-linked and index-linked life insurance investments |
4,529,953 |
4,529,953 |
4,359,736 |
4,359,736 |
Cash |
659,789 |
659,789 |
637,149 |
637,149 |
|
|
|
|
|
Subordinated liabilities |
707,396 |
680,936 |
907,912 |
870,013 |
Financial liabilities |
690,047 |
645,864 |
696,330 |
648,053 |
Bond liabilities |
601,522 |
557,340 |
601,003 |
552,726 |
Derivative financial instruments |
51 |
51 |
12,721 |
12,721 |
Lease liabilities |
88,474 |
88,474 |
82,606 |
82,606 |
Financial assets and financial liabilities are recognised and measured in the statement of financial position according to the rules of IFRS 9. Financial assets are recognised for the first time on the settlement date. They are derecognised when the contractual rights to cash flows from an asset expire or the rights to receive the cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.