Investments for account of policyholders

12 Months Ended

Dec. 31, 2022

Text block [abstract]

Investments for account of policyholders

23 Investments for account of policyholders

Investments for account of policyholders comprise financial assets at fair value through profit or loss, excluding derivatives, and investments in real estate.

	Note		2022		2021
Shares				15,505		29,539
Debt securities				5,694		19,821
Money market and other short-term investments				1,263		1,482
Deposits with financial institutions				2,360		4,105
Unconsolidated investment funds				154,741		191,950
Other				-		3,493
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives				179,563		250,390
Investments in real estate		23.1		443		563
Total investments for account of policyholders				180,006		250,953

The decrease in Investments for account of policyholder in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.

Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss.

23.1 Investments in real estate for account of policyholders

	2022			2021
At January 1		563			467
Additions		-			54
Subsequent expenditure capitalized		10			6
Disposals		(42	)		(43	)
Fair value gains / (losses)		(61	)		46
Net exchange differences		(27	)		32
At December 31		443			563

The investment properties are leased out under operating leases.

	2022		2021		2020
Rental income reported as part of investment income		34		30		27
Direct operating expenses from investment in real estate for account of policyholders		5		4		8

There are no restrictions on the realizability of investment property or the remittance of income and proceeds of disposal.

Refer to note 45 Commitments and contingencies for a summary of contractual obligations to purchase investment property.