The impact of a movement (as indicated below) in the principal actuarial assumptions would be as follows:
|
Eurozone €m |
Switzerland €m |
United States €m |
Other €m |
Total Group €m |
||||||||||||||||||
|
Scheme liabilities at 31 December 2017 |
(1,384 | ) | (819 | ) | (540 | ) | (256 | ) | (2,999 | ) | ||||||||||||
|
Revised liabilities |
||||||||||||||||||||||
|
Discount rate |
Increase by 0.25% |
(1,325 | ) | (785 | ) | (524 | ) | (244 | ) | (2,878 | ) | |||||||||||
|
Decrease by 0.25% |
(1,448 | ) | (856 | ) | (556 | ) | (269 | ) | (3,129 | ) | ||||||||||||
|
Inflation rate |
Increase by 0.25% |
(1,441 | ) | (822 | ) | (542 | ) | (262 | ) | (3,067 | ) | |||||||||||
|
Decrease by 0.25% |
(1,330 | ) | (816 | ) | (538 | ) | (250 | ) | (2,934 | ) | ||||||||||||
|
Life expectancy |
Increase by 1 year |
(1,430 | ) | (846 | ) | (555 | ) | (263 | ) | (3,094 | ) | |||||||||||
|
Decrease by 1 year |
(1,338 | ) | (791 | ) | (527 | ) | (249 | ) | (2,905 | ) | ||||||||||||
The above sensitivity analysis are derived through changing the individual assumption while holding all other assumptions constant.
| Split of scheme assets | 2017 €m |
2016 €m |
||||||
|
Investments quoted in active markets |
||||||||
|
Equity instruments (i) |
828 | 802 | ||||||
|
Debt instruments (ii) |
1,413 | 1,191 | ||||||
|
Property |
120 | 112 | ||||||
|
Cash and cash equivalents |
26 | 37 | ||||||
|
Investment funds |
95 | 148 | ||||||
|
Unquoted investments |
||||||||
|
Equity instruments |
2 | 1 | ||||||
|
Debt instruments (iii) |
8 | 102 | ||||||
|
Property |
92 | 120 | ||||||
|
Cash and cash equivalents |
13 | 18 | ||||||
|
Assets held by insurance company |
25 | 25 | ||||||
|
Total assets |
2,622 | 2,556 | ||||||
| (i) | Equity instruments primarily relate to developed markets. |
| (ii) | Quoted debt instruments are made up of €831 million (2016: €687 million) and €582 million (2016: €504 million) of non-government and government instruments respectively. |
| (iii) | Unquoted debt instruments primarily relate to government debt instruments (2016: primarily non-government debt instruments). |