7.6.4Direct investment income

See accounting policy W3.

Direct investment income
20242023
Interest income from investments at FVTPL2,1601,435
Interest income from derivatives3,4492,168
Interest income from debt instruments at amortised cost184107
Total interest income5,7933,710
Dividends received385283
Investment income related to direct participating insurance contracts1110
Rental income from investment property14491
Other direct investment income1844
Total dividend and other investment income558428
Total direct investment income6,3514,137

Interest income increased mainly due to the assets acquired through the acquisition of Aegon NL. In addition, more interest income from derivatives is recognised compared to last year due to increasing interest rates.

For equity instruments measured at FVOCI, dividends received during the year amount to 61 million (2023: 72 million), of which 8 million (2023: 19 million) relates to instruments derecognised during the year.

The effective interest method has been applied to an amount of 184 million (2023: 107 million) of the interest income from financial instruments measured at amortised cost. Included within interest income is nil (2023: nil) of interest received on impaired fixed-income securities.

The interest income from interest derivatives and interest expenses on interest derivatives (see section 7.6.8) is not netted in the income statement. However, the net interest result on interest derivatives amounts to 54 million (2023: 138 million).