See accounting policy E.

7.5.5.1 Investments at FVTPL

Investments at FVTPL mainly increased due to the assets acquired through the acquisition of Aegon NL (see chapter 7.4.5). Government bonds were sold to finance the acquisition of Aegon NL. Private loans increased mainly due to new reverse repurchase agreements.

Private loans consists for € 2,285 million (2022: € 2,293 million) of savings-linked mortgage loans. The claim related to cash collateral paid on derivative instruments, included in private loans, amounts to € 1,091 million (2022: € 1,633 million).

a.s.r. has bonds amounting to € 3,483 million (2022: € 3,237 million), shares amounting to € 24 million (2022: nil) and cash amounting to € 750 million (2022: € 600 million) (see chapter 7.5.10) that have been transferred, but do not qualify for derecognition. The majority of these investments are part of a securities lending programme whereby the investments are lent in exchange for a fee with collateral obtained as a security. The collateral furnished as security representing a fair value of € 5,067 million (2022: € 4,914 million) consists of mortgage loans and corporate and government bonds. See accounting policy M about securities lending.

For the real estate equity funds and mortgage equity funds for which a.s.r. has significant influence the exemption of IAS 28 was used, thereby measuring the investments at FVTPL and presenting them as a separate category within the investments at FVTPL. For a breakdown of the real estate equity funds and mortgage equity fund, see chapter 7.5.4.

At year-end 2023 and 2022, debt instruments at FVTPL consisted entirely of investments mandatorily measured as such.

Based on their contractual maturity, an amount of € 57,936 million (2022: € 26,993 million) of fixed income investments is expected to be recovered after more than one year after the balance sheet date. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date.

For more detailed information about the fair value valuation of the investments, see chapter 7.7.1.

7.5.5.2 Investments at FVOCI

Investments at FVOCI mainly increased due to the assets acquired through the acquisition of Aegon NL (see chapter 7.4.5).

a.s.r. sold equity instruments held at FVOCI for an amount of € 953 million (2022: € 772 million ) in the ordinary course of business. The sales resulted in a gain of € 85 million (2022: gain € 140 million).

Based on their contractual maturity, an amount of € 522 million (2022: nil) of debt instruments is expected to be recovered after more than one year after the balance sheet date. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date.

7.5.5.3 Investments at amortised cost

Investments at amortised costs increased due to the assets acquired through the acquisition of Aegon NL (see chapter 7.4.5).

Certain mortgage loans shown within the category investments at amortised cost are designated in portfolio fair value interest rate hedging relationships, and are fair valued with respect to the hedged interest rate. For 2023, this resulted in a higher carrying value of € 289 million (2022: nil). None of the financial assets has been reclassified during the financial year.

Based on their contractual maturity, an amount of € 13,929 million (2022: nil) of debt instruments is expected to be recovered after more than one year after the balance sheet date. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date.