See accounting policy P.
| | Interest | 31 December 2023 | 31 December 2022 |
|---|---|---|---|
| At equity method | | | |
| Associates and joint ventures | ranging between 10 % and 50 % | 298 | 79 |
| | | | |
| At fair value through profit or loss | | | |
| Real estate equity funds | ranging between 30 % and 85 % | 4,689 | 3,557 |
| Mortgage equity funds | ranging between 5 % and 20 % | 688 | 705 |
| Other equity funds | ranging between 1 % and 10 % | 247 | 67 |
The amount of € 298 million consists of € 254 million associates and € 44 million joint ventures.
The joint venture at equity method acquired through the acquisition of Aegon NL, see chapter 7.4.5, is the real estate company Amvest Vastgoed B.V.
The main associates at equity method acquired through the acquisition of Aegon NL are OB Capital Cooperatief U.A. and N.V. Levensverzekering-Maatschappij 'De Hoop'.
The real estate equity funds acquired through the acquisition of Aegon NL are Amvest Residential Core Fund (Amvest RCF), Amvest Living & Care Fund (Amvest LCF) and Amvest Development Fund (Amvest DF).
The real estate equity funds consist of the ASR Dutch Mobility Office Fund (ASR DMOF), ASR Dutch Prime Retail Fund (ASR DPRF), ASR Dutch Core Residential Fund (ASR DCRF), ASR Dutch Farmland Fund (DFLF), and the real estate equity funds acquired through the acquisition of Aegon NL.
The mortgage equity funds consists of the ASR Mortgage Fund (ASR MF).
The other equity funds consists of five (2022: two) equity funds managed by a.s.r.
The interests in these funds are classified and presented as an investment at FVTPL. For more information, see chapter 7.5.5 and chapter 7.7.1.
Investments in associates and joint ventures generally have a duration of more than one year after the balance sheet date.
| | 2023 | 2022 |
|---|---|---|
| At 1 January | 79 | 102 |
| Acquisition | 18 | - |
| Disposal | -8 | - |
| Share of profit/(loss) | 8 | -3 |
| Impairments | - | -1 |
| Dividend | -3 | -21 |
| Other changes | -3 | 2 |
| Changes in the composition of the group | 208 | - |
| | | |
| At 31 December | 298 | 79 |
Changes in the composition of the group relates to the associates and joint ventures acquired through the acquisition of Aegon NL, see chapter 7.4.5.
Some participating interests in which a.s.r. has an interest of less than 20% qualify as associates, because a.s.r. has significant influence as a result of contractual agreements. a.s.r. also has interests of 50% or more in associates at fair value through profit or loss. a.s.r. has no control over these entities as the ability to direct the relevant activities is limited by contractual agreements and therefore does not consolidate these entities.
The information disclosed in the tables below is based on the most recent financial information available from the associates and joint ventures. This is primarily based on the investee’s financial statements and their accounting policies. If these policies differ from a.s.r.'s accounting policies, carrying amounts in a.s.r.’s consolidated financial statements have been changed to be in line with a.s.r.’s policies.
| | 31 December 2023 | 31 December 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | Associates and joint ventures at equity method | Real estate equity funds | Mortgage equity funds | Other equity funds | Total | Associates and joint ventures at equity method | Real estate equity funds | Mortgage equity funds | Other equity funds | Total |
| Total assets | 491 | 11,276 | 8,457 | 7,815 | 28,039 | 318 | 6,021 | 7,885 | 4,124 | 18,348 |
| Total liabilities | 159 | 1,518 | 69 | 10 | 1,756 | 161 | 295 | 113 | - | 569 |
| Total income | 223 | 398 | 379 | 1,151 | 2,152 | 194 | 211 | -1,679 | -668 | -1,942 |
| Result | 19 | -313 | 343 | 1,145 | 1,194 | -8 | 241 | -1,714 | -670 | -2,151 |
| Total comprehensive income | 11 | -313 | 343 | 1,145 | 1,186 | -8 | 241 | -1,714 | -670 | -2,151 |
The increase in assets and liabilities of the real estate equity funds mainly relates to the additions as a result of the acquisition of Aegon NL. The increase in assets and liabilities of other equity funds mainly relates to the investment in three additional funds.
The total assets of the real estate equity funds consist primarily of investment property, € 10,723 million (2022: € 5,777 million). The total assets of the mortgage equity funds consist primarily of mortgages, € 8,279 million (2022: € 7,708 million) and € 7,760 million (2022: € 4,101 million) of the total assets of the other equity funds consist of equities.
The interest in the real estate equity funds are as follows:
| | 31 December 2023 | 31 December 2022 |
|---|---|---|
| ASR DPRF | 598 | 625 |
| ASR DCRF | 957 | 1,066 |
| ASR DMOF | 123 | 138 |
| ASR DFLF | 1,679 | 1,728 |
| Amvest RCF | 928 | - |
| Amvest LCF | 276 | - |
| Amvest DF | 127 | - |
| | | |
| Total | 4,689 | 3,557 |