See accounting policy Q.

The amount of € 457 million (2023: € 426 million) consists of € 292 million (2023 : € 260 million) associates and € 165 million (2023: € 166 million) joint ventures.

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 joint ventures at equity method acquired through the acquisition of Aegon NL, see section 7.4.5, are the real estate companies Amvest Vastgoed B.V. and Amvest Development Fund B.V.

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, namely Amvest Residential Core Fund (Amvest RCF) and Amvest Living & Care Fund (Amvest LCF).

The mortgage equity funds consists of the ASR Mortgage Fund (ASR MF).

The other equity funds consists of five (2023: five) 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 section 7.5.5 and section 7.7.1.

Investments in associates and joint ventures generally have a duration of more than one year after the balance sheet date.

In 2023, changes in the composition of the group relates to the associates and joint ventures acquired through the acquisition of Aegon NL, see section 7.4.5.

During 2024, management of ASR MF and the Separate Account Mortgage Fund (SAM Fund) was transferred to Aegon Asset Management N.V., which is an affiliate of Aegon Ltd. The transfer is part of the business combination agreement in 2023. Given this transfer, the funds no longer qualify as subsidiary (SAM Fund) or associate (ASR MF) and are classified as investments in (external) mortgage equity funds. This transfer has no impact on the value of these funds. Following the transfer, the funds are renamed to AeAM Dutch Mortgage Fund 3 (ASR MF) and AeAM Dutch Mortgage Fund 4 (SAM Fund).

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 following tables 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.

The decrease of the assets and liabilities of the mortgage equity funds relates to the transfer of the ASR MF to Aegon Asset Management, after which these funds no longer qualified as investments in associate. The increase in assets and liabilities of the real estate equity funds and of the other equity funds mainly relates to the positive performance of these funds during 2024.

The total assets of the real estate equity funds consist primarily of investment property, € 11,287 million (2023: € 10,567 million) and € 9,750 million (2023: € 7,760 million) of the total assets of the other equity funds consist of equities.

The interest in the real estate equity funds are as follows: