Investments for account of policyholders

12 Months Ended

Dec. 31, 2019

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		2019		2018
Shares				25,288		20,640
Debt securities				20,744		20,441
Money market and other short-term investments				1,805		1,578
Deposits with financial institutions				3,278		3,263
Unconsolidated investment funds				170,039		143,800
Other				4,634		4,020
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives				225,788		193,741

Investments in real estate		23.1		586		612
Total investments for account of policyholders				226,374		194,353

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


	2019			2018
At January 1		612			655
Subsequent expenditure capitalized		2			2
Disposals		(43	)		(43	)
Fair value gains / (losses)		(18	)		5

Net exchange differences		34			(7	)
At December 31		586			612

The investment properties are leased out under operating leases.

Rental income of EUR 42 million (2018: EUR 47 million; 2017: EUR 50 million) is reported as part of investment income in the income statement. Direct operating expenses relating to investments in real estate for account of policyholder amounted to EUR 6 million in 2019 (2018: EUR 4 million, 2017: EUR 4 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.