Annual Report 2021
Financial statements
6.5.6
Investments on behalf of policyholders

See accounting policy F.

Investments on behalf of policyholders at fair value through profit or loss
31 December 202131 December 2020
Government bonds1,6261,583
Corporate bonds787764
Equities8,6457,676
Real estate equity funds249-
Mortgage equity funds234-
Derivatives614
Cash and cash equivalents18112
Other investments95
Total investments on behalf of policyholders at fair value through profit or loss11,57410,154
Changes in investments on behalf of policyholders at fair value through profit or loss
20212020
At 1 January10,1549,571
Purchases1,1252,288
Disposal-1,237-2,329
Revaluation through profit or loss1,629437
Transfer between investments on behalf of policyholders and investments-34
Transfer between investments on behalf of policyholders and investment property-10
Other changes-98-36
Changes in the composition of the group-178
At 31 December11,57410,154

Investments on behalf of policyholders are managed on behalf of policyholders on a fair value basis. Although individual instruments may (or may not) have a maturity depending on their nature, this does not impact the liquidity position of a.s.r.

In 2020, changes in the composition of the group relates to the acquisition of VvAA life.