D _ Consolidated Financial Statements refer to note 34. The maximum credit risk exposure is represented by the carrying amount of the financial assets. 34 _ Fair values and carrying amounts of financial instruments Certain risk disclosure requirements of IFRS 7 are reflected in the following sections of the Risk and Opportunity Report within the Group Management Report: − Risk-based steering and risk management, − Internal risk capital framework, − Allianz risk profile and management assessment, − Market risk, credit risk, and liquidity risk in the section Quantifiable risks and opportunities by risk category. The following table compares the carrying amount and fair value of the Allianz Group’s financial assets and financial liabilities: Fair values and carrying amounts of financial instruments € mn As of 31 December 2021 2020 Carrying Carrying amount Fair value amount Fair value FINANCIAL ASSETS Cash and cash equivalents 24,214 24,214 22,443 22,443 Financial assets held for trading 11,961 11,961 16,107 16,107 Financial assets designated at fair value through income 7,643 7,643 5,084 5,084 Available-for-sale investments 625,250 625,250 621,777 621,777 Held-to-maturity investments 2,749 2,887 2,563 2,884 Investments in associates and joint ventures 15,416 20,149 14,570 17,706 Real estate held for investment 16,923 28,763 14,294 25,094 Loans and advances to banks and customers 124,079 138,234 116,576 138,198 Financial assets for unit-linked contracts 158,346 158,346 137,307 137,307 FINANCIAL LIABILITIES Financial liabilities held for trading 20,891 20,891 24,079 24,079 Liabilities to banks and customers 15,468 15,481 14,722 14,768 Financial liabilities for unit-linked contracts 158,346 158,346 137,307 137,307 Financial liabilities for puttable financial instruments 2,615 2,615 2,072 2,072 Certificated liabilities 10,788 11,611 9,206 10,409 Subordinated liabilities 10,956 11,547 14,034 15,039 As of 31 December 2021, fair values could not reliably be measured for equity investments with carrying amounts totaling € 110 mn (2020: € 98 mn). These investments are primarily investments in privately held corporations and partnerships. During the year ended 31 December 2021, such investments with carrying amounts of € 91 mn (2020: € 93 mn) were sold. The gains and losses from these disposals were immaterial. Annual Report 2021 − Allianz Group 167