D _ Consolidated Financial Statements NOTES TO THE CONSOLIDATED BALANCE SHEET 5 _ Financial assets carried 6 _ Investments at fair value through income Investments € mn Financial assets carried at fair value through income As of 31 December 2021 2020 € mn As of 31 December 2021 2020 Available-for-sale investments 625,250 621,777 Held-to-maturity investments 2,749 2,563 Financial assets held for trading Funds held by others under reinsurance contracts assumed 838 770 Debt securities 708 599 Investments in associates and joint ventures 15,416 14,570 Equity securities 63 45 Real estate held for investment 16,923 14,294 Derivative financial instruments 11,190 15,463 Fixed assets from alternative investments 2,473 2,548 Subtotal 11,961 16,107 Total 663,649 656,522 Financial assets designated at fair value through income Debt securities 4,275 2,569 Equity securities 3,264 2,418 Loans 103 97 Subtotal 7,643 5,084 Total 19,604 21,191 Available-for-sale investments € mn As of 31 December 2021 2020 Unrealized Unrealized Unrealized Unrealized Amortized cost gains losses Fair value Amortized cost gains losses Fair value Debt securities Corporate bonds 260,903 18,761 (1,867) 277,797 253,234 29,655 (238) 282,651 Government and government agency bonds1 202,542 27,087 (2,882) 226,748 199,267 44,740 (187) 243,820 MBS/ABS 28,157 804 (149) 28,812 26,654 1,466 (98) 28,023 Other 9,493 2,671 (57) 12,106 7,542 1,279 (82) 8,740 2 Subtotal 501,094 49,323 (4,955) 545,462 486,697 77,141 (604) 563,234 Equity securities 53,609 26,626 (447) 79,788 43,053 15,891 (400) 58,543 Total 554,703 75,948 (5,402) 625,250 529,750 93,031 (1,004) 621,777 1_As of 31 December 2021, fair value and amortized cost of bonds from countries with a rating below AA amount to € 92,825 mn (2020: € 95,096 mn) and € 86,440 mn (2020: € 82,202 mn), respectively. 2_As of 31 December 2021, fair value and amortized cost of debt securities with a contractual maturity of less than one year amount to € 41,816 mn (2020: € 38,472 mn) and € 37,378 mn (2020: € 36,403 mn), respectively. Held-to-maturity investments € mn As of 31 December 2021 2020 Unrealized Unrealized Unrealized Unrealized Amortized cost gains losses Fair value Amortized cost gains losses Fair value Government and government agency bonds 2,546 171 (73) 2,644 2,322 273 (4) 2,591 Corporate bonds1 202 41 - 243 241 52 - 293 Total2 2,749 212 (73) 2,887 2,563 325 (4) 2,884 1_Also include corporate mortgage-backed securities. 2_As of 31 December 2021, fair value and amortized cost of debt securities with a contractual maturity of less than one year amount to € 202 mn (2020: € 116 mn) and € 200 mn (2020: € 114 mn), respectively. Annual Report 2021 − Allianz Group 145