4.4 Legal risk - Scor

At 31 December 2012 and 2011, the unrealized gains and losses on available-for-sale investments can be analyzed as
follows:
2012 2011
In EUR million
Unrealized
gains
Unrealized
losses
Net
unrealized
gains
(losses)
Unrealized
gains
Unrealized
losses
Net
unrealized
gains
(losses)
Equities 34 (96) (62) 38 (208) (170)
Bonds 271 (74) 197 149 (197) (48)
Unrealized gains and losses
on available-for-sale
investments (gross of tax) (1) 305 (170) 135 187 (405) (218)
(1) Unrealized gains and losses on available for sale investments analyzed above exclude:
Gains and losses relating to foreign exchange of EUR 7 million (2011: EUR (12) million);
Shadow accounting of EUR 30 million (2011: EUR 38 million);
Non-controlling interest on mutual funds of EUR 3 million (2011: Nil); and
Tax effects on above stated items of EUR 29 million (2011: (66) million)
Total impairment losses recognised in 2012 amounted to EUR 72 million (2011: EUR 51 million), of which EUR 81 million
(2011: EUR 56 million) relate to the equity portfolio and EUR (9) million (2011: EUR (5) million) to fixed-income securities.
(b) Net unrealized gains (losses) – equity securities classified as available for sale
The Group analyses its unrealized gains / (losses) on equity securities as follows (amounts are stated net of impairment):
As at 31 December 2012
In EUR million
Duration of decline in months
Magnitude of decline 18 Total
31-40% - - (8) (8)
41-50% - (1) (26) (27)
≥ 50% - - - -
Total unrealized losses on available-for-sale equity
securities analyzed on a line-by-line basis - (1) (34) (35)
Unrealized losses < 30% (36)
Unrealized gains and other (1) 9
Net unrealized gains / (losses) (62)
As at 31 December 2011
In EUR million
Duration of decline in months
Magnitude of decline 18 Total
31-40% (21) - (7) (28)
41-50% (31) (4) (9) (44)
≥ 50% - - - -
Total unrealized losses on available-for-sale equity
securities analyzed on a line-by-line basis (52) (4) (16) (72)
Unrealized losses < 30% (136)
Unrealized gains and other (1) 38
Net unrealized gains / (losses) (170)
(1) Other also includes one listed investment with an unrealized loss/gain of EUR (11) million (2011: EUR 15 million) deemed not to be impaired given the strategic nature
of the investment
20.1.6.7 NOTE 7 - LOANS AND RECEIVABLES
In EUR million 2012 2011
Funds held by ceding companies 8,188 8,026
Short term investments 1,269 1,774
Loans secured against collateral 15 -
Other loans maturing in more than one year 33 43
Deposits 30 29
TOTAL 9,535 9,872
Loans and receivables include primarily receivables from cash deposits made at the request of ceding companies as
collateral for commitments (insurance contract liabilities), short term investments and related accrued interest. Short term
investments includes government bonds, certificates of deposit (CDs) and treasury bills (T-bills) maturing between 3 and 12
months from the date of purchase. CDs and T-bills maturing in more than 12 months from date of purchase are included in
“other loans maturing in more than one year”.
232