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.