7.6.5Net fair value gains and (losses)
See accounting policy D and E.
Net fair value gains and (losses) per category
| | 2023 | 2022 |
|---|---|---|
| Net fair value gains and (losses) on financial instruments measured at FVTPL | | |
| Investments | | |
| - Real estate equity funds | -200 | -12 |
| - Mortgage equity funds | -5 | -237 |
| - Government bonds | 814 | -3,226 |
| - Corporate bonds | 364 | -1,283 |
| - Asset-backed securities | -6 | -8 |
| - Rural property contracts | - | 12 |
| - Other investment funds | 81 | -197 |
| - Other equity funds | 30 | -2 |
| - Mortgage loans | 251 | -2,085 |
| - Private loans | 236 | -670 |
| Investments related to direct participating insurance contracts | 2,325 | -1,953 |
| Derivatives | 926 | -5,739 |
| Cash and cash equivalents | -4 | -1 |
| | 4,812 | -15,401 |
| | | |
| Net fair value gains and (losses) on financial instruments not measured at FVTPL | | |
| Net foreign exchange gains and losses | -2 | - |
| Derecognition of financial liabilities at amortised cost | -1 | - |
| | -2 | - |
| | | |
| Other net fair value gains and (losses) | | |
| Investment property, property for own use and plant | -91 | 117 |
| | -91 | 117 |
| | | |
| Total net fair value gains and (losses) | 4,718 | -15,284 |
Negative fair value gains and losses in 2022 were due to strongly increasing interest rates and widening of credit spreads during the period. In 2023, interest rates were more stable. Net fair value gains and losses are mainly due to movements in interest rates and includes fair value gains and losses on assets acquired through the acquisition of Aegon NL. Net fair value gains and losses for investments related to direct participating insurance contracts are mainly due to movements in interest rates as well as movements in stock prices.