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Allianz Annual Report 2012

fluctuations. In 2012, hedging of strategic equity invest- ments not designated for hedge accounting produced in- come of € 3 mn (2011: expenses of € 36 mn; 2010: expenses of € 16 mn). Financial derivatives related to investment strate- gies produced income of € 180  mn (2011: expenses of € 316 mn; 2010: income of € 68 mn). Expenses of € 126 mn (2011: income of € 32 mn; 2010: expenses of € 14 mn) from the hedges of share based compensation plans (restricted stock units) are also included. Income/(expenses) from financial assets and liabilities designated at fair value through income (net) For the year ended 31 December 2012, income/(expenses) from financial assets and liabilities designated at fair value through income (net) in the Life/Health segment include income from equity investments of € 273 mn (2011: expenses of € 217 mn; 2010: income of € 132 mn) and income of € 181 mn (2011: € 48 mn; 2010: € 735 mn) from debt investments. Foreign currency gains and losses (net) Foreign currency gains and losses are reported within in- come from financial assets and liabilities carried at fair value through income (net). These foreign currency gains and losses arise subsequent to initial recognition on all as- sets and liabilities denominated in a foreign currency, that are monetary items. This excludes exchange differences arising on financial assets and liabilities measured at fair value through profit or loss, which do not have to be dis- closed separately. The ­Allianz Group uses freestanding de- rivatives to hedge against foreign currency fluctuations, for which it recognized income of € 20 mn (2011: expenses of €  251 mn; 2010: expenses of €  267 mn) for the year ended 31 December 2012. 29 – Realized gains/losses (net) realized gains/losses (net) D 100 € mn 2012 2011 2010 Realized gains Available-for-sale investments Equity securities 2,524 2,303 2,587 Debt securities 2,325 1,935 1,834 Subtotal 4,849 4,238 4,421 Investments in associates and joint ventures 1 15 120 237 Real estate held for investment 221 285 277 Loans and advances to banks and customers 829 215 135 Non-current assets and assets and liabilities of disposal groups classified as held for sale 36 104 – Subtotal 5,950 4,962 5,070 Realized losses Available-for-sale investments Equity securities (377) (339) (204) Debt securities (1,230) (1,104) (1,052) Subtotal (1,607) (1,443) (1,256) Investments in associates and joint ventures 2 (8) (29) (21) Real estate held for investment (2) (8) (3) Loans and advances to banks and customers (6) (29) (82) Non-current assets and assets and liabilities of disposal groups classified as held for sale – (18) – Subtotal (1,623) (1,527) (1,362) Total 4,327 3,435 3,708 1 During the year ended 31 December 2012, includes realized gains from the disposal of sub- sidiaries and businesses of € 12 mn (2011: € 18 mn; 2010: € 224 mn). 2 During the year ended 31 December 2012, includes realized losses from the disposal of subsidiaries of € 8 mn (2011: € 27 mn; 2010: € 15 mn). Annual Report 2012    Allianz Group314

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