2023 annual report
7.6.5Net fair value gains and (losses)

See accounting policy D and E.

Net fair value gains and (losses) per category
20232022
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 bonds814-3,226
- Corporate bonds364-1,283
- Asset-backed securities-6-8
- Rural property contracts-12
- Other investment funds81-197
- Other equity funds30-2
- Mortgage loans251-2,085
- Private loans236-670
Investments related to direct participating insurance contracts2,325-1,953
Derivatives926-5,739
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-91117
-91117
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.