See accounting policy D.
|At 1 January||1,973||1,924|
|Changes in value of investments, realised/unrealised gains and losses:|||||
|- Fair value gains and losses||91||70|
|Transferred between investments on behalf of policyholders and investment property||-||-10|
|Transfer between investment property and investments||-2||-|
|At 31 December||2,052||1,973|
The fair value of investment property increased due to positive revaluations of residential and rural property, partly offset by a negative revaluation of retail property.
Purchases in 2021 mainly relates to acquisitions of rural property (€ 25 million), parking (€ 11 million), and offices (€ 17 million). Sales in 2021 mainly relates to rural property (€ 53 million) and retail property (€ 10 million) .
Rental income is recognised as investment income. For details, see chapter 6.6.2. In 2021, rentals amounted to € 64 million (2020: € 60 million). The rental income increased due to the expansion of the investment portfolio and price indexation.