See accounting policy E.

2023 comparing figures are restated as a result of a reclassification of collateral paid to other assets of € 2.3 billion. See section 7.3.2 for further details.

7.5.5.1Investments at FVTPL

Investments at FVTPL mainly increased mainly the result of positive fair value gains and additional investments. Increase in Mortgage equity funds relates to the transfer of the SAM fund to Aegon Asset Management out of mortgage loans.

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 section 7.5.4.

a.s.r. has bonds amounting to € 3,427 million (2023: € 3,483 million), shares amounting to € 10 million (2023: € 24 million) and cash amounting to nil (2023: € 750 million) (see section 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 € 4,925 million (2023: € 5,067 million) consists of mortgage loans and corporate and government bonds. See accounting policy N about securities lending.

Private loans consists for € 2,199 million (2023: € 2,285 million) of savings-linked mortgage loans.

At year-end 2024 and 2023, debt instruments at FVTPL consisted entirely of investments mandatorily measured as such.

Based on their contractual maturity, an amount of € 58,171 million (2023: € 57,936 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 section 7.7.1.

7.5.5.2Investments at FVOCI

Investments at FVOCI mainly decreased due to the assets sold through the sale of Knab (see section 7.4.6). After the sale of Knab, a.s.r. no longer has debt securities measured at FVOCI.

a.s.r. sold equity instruments held at FVOCI for an amount of € 1,218 million (2023: € 953 million) in the ordinary course of business. The sales resulted in a gain of € 156 million (2023: gain € 85 million) which is directly recognised in retained earnings.

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.

7.5.5.3Investments at amortised cost

Investments at amortised costs decreased due to the assets sold through the sale of Knab (see section 7.4.6).

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 2024, this resulted in a higher carrying value of € 109 million (2023: € 289 million higher). None of the financial assets has been reclassified during the financial year.

Based on their contractual maturity, an amount of € 2,432 million (2023: 13,929 million) 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.