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Investments | 12 Months Ended
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Dec. 31, 2019
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Investments | 22 Investments Investments for general account comprise financial assets, excluding derivatives, as well as investments in real estate.
|  | Note |  |  | 2019 |  |  | 2018 |
Available-for-sale (AFS) |  |  |  |  |  |  | 89,404 |  |  |  | 84,675 |
Loans |  |  |  |  |  |  | 44,591 |  |  |  | 42,653 |
Financial assets at fair value through profit or loss (FVTPL) |  |  |  |  |  |  | 9,080 |  |  |  | 8,597 |
Total financial assets, excluding derivatives |  |  | 22.1 |  |  |  | 143,075 |  |  |  | 135,925 |
Investments in real estate |  |  | 22.2 |  |  |  | 2,901 |  |  |  | 2,700 |
Total investments for general account |  |  |  |  |  |  | 145,976 |  |  |  | 138,625 |
22.1 Financial assets, excluding derivatives
|  | AFS |  |  | FVTPL |  |  | Loans |  |  | Total |  |  | Fair value |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares |  |  | 409 |  |  |  | 1,813 |  |  |  | - |  |  |  | 2,221 |  |  |  | 2,221 |
Debt securities |  |  | 82,918 |  |  |  | 3,934 |  |  |  | - |  |  |  | 86,853 |  |  |  | 86,853 |
Money market and other short-term investments |  |  | 5,169 |  |  |  | 158 |  |  |  | - |  |  |  | 5,327 |  |  |  | 5,327 |
Mortgage loans |  |  | - |  |  |  | - |  |  |  | 37,750 |  |  |  | 37,750 |  |  |  | 42,567 |
Private loans |  |  | - |  |  |  | - |  |  |  | 4,487 |  |  |  | 4,487 |  |  |  | 5,159 |
Deposits with financial institutions |  |  | - |  |  |  | - |  |  |  | 141 |  |  |  | 141 |  |  |  | 141 |
Policy loans |  |  | - |  |  |  | - |  |  |  | 2,024 |  |  |  | 2,024 |  |  |  | 2,024 |
Other |  |  | 908 |  |  |  | 3,175 |  |  |  | 188 |  |  |  | 4,272 |  |  |  | 4,272 |
At December 31, 2019 |  |  | 89,404 |  |  |  | 9,080 |  |  |  | 44,591 |  |  |  | 143,075 |  |  |  | 148,563 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares |  |  | 478 |  |  |  | 1,682 |  |  |  | - |  |  |  | 2,161 |  |  |  | 2,161 |
Debt securities |  |  | 77,340 |  |  |  | 3,913 |  |  |  | - |  |  |  | 81,253 |  |  |  | 81,253 |
Money market and other short-term investments |  |  | 5,955 |  |  |  | 352 |  |  |  | - |  |  |  | 6,307 |  |  |  | 6,307 |
Mortgage loans |  |  | - |  |  |  | - |  |  |  | 36,240 |  |  |  | 36,240 |  |  |  | 39,758 |
Private loans |  |  | - |  |  |  | - |  |  |  | 4,103 |  |  |  | 4,103 |  |  |  | 4,494 |
Deposits with financial institutions |  |  | - |  |  |  | - |  |  |  | 141 |  |  |  | 141 |  |  |  | 141 |
Policy loans |  |  | - |  |  |  | - |  |  |  | 1,973 |  |  |  | 1,973 |  |  |  | 1,973 |
Other |  |  | 902 |  |  |  | 2,649 |  |  |  | 196 |  |  |  | 3,747 |  |  |  | 3,747 |
At December 31, 2018 |  |  | 84,675 |  |  |  | 8,597 |  |  |  | 42,653 |  |  |  | 135,925 |  |  |  | 139,834 |
Of the debt securities, money market and other short-term investments, mortgage loans and private loans EUR 14,654 million is current (2018: EUR 13,287 million). Refer to note 44 Fair value for further detail on fair value measurement. Loan allowance Movement on the loan allowance account during the year were as follows:
|  | 2019 |  |  | 2018 |
At January 1 |  |  | (138 | ) |  |  | (165 | )
Addition charged to income statement |  |  | (76 | ) |  |  | (35 | )
Reversal to income statement |  |  | 5 |  |  |  | 3 |
Amounts written off |  |  | 44 |  |  |  | 40 |
Net exchange differences |  |  | - |  |  |  | (1 | )
Other |  |  | - |  |  |  | 20 |
At December 31 |  |  | (165 | ) |  |  | (138 | )
22.2 Investments in real estate
|  | 2019 |  |  | 2018 |
At January 1 |  |  | 2,700 |  |  |  | 2,147 |
Additions |  |  | 179 |  |  |  | 472 |
Subsequent expenditure capitalized |  |  | 16 |  |  |  | 3 |
Disposals |  |  | (331 | ) |  |  | (209 | )
Fair value gains / (losses) |  |  | 317 |  |  |  | 261 |
Net exchange differences |  |  | 9 |  |  |  | 27 |
Other |  |  | 11 |  |  |  | (1 | )
At December 31 |  |  | 2,901 |  |  |  | 2,700 |
100% of the value of Aegon’s properties, both for general account and for account of policyholders, were appraised (2018: 99%), of which 99% was performed by independent external appraisers (2018: 98%). Of the investments in real estate EUR 653 million (2018: EUR 530 million) is held by Aegon Americas and EUR 2,229 million (2018: EUR 2,150 million) is held by Aegon the Netherlands. Aegon Americas has invested in a commercial property portfolio, consisting of office, retail and industrial buildings. These non-cancellable leases have remaining lease terms up to 20 years. Most leases include a clause to enable upward revision of the rental charge on an annual basis according to either a fixed schedule or prevailing market conditions. Aegon the Netherlands has invested in long-term residential property leases that can be terminated subject to a short-term notice. Under Dutch law, the maximum annual rent increase on residential property rented in the affordable housing segment is specified by the Dutch national government and equals the annual inflation rate plus a small margin. Refer to note 45 Commitments and contingencies for a description of non-cancellable lease rights. Rental income of EUR 83 million (2018: EUR 82 million; 2017: EUR 71 million) is reported as part of investment income in the income statement. Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the period amounted to EUR 59 million (2018: EUR 63 million; 2017: EUR 71 million). In 2019, EUR 2 million of direct operating expenses is related to investment properties that did not generate rental income during the period (2018: EUR 2 million; 2017: EUR 1 million). 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.

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