37 Investment contracts

37.1 Investment contracts for general account


	Without discretionary participation features		With discretionary participation features		Total
At January 1, 2018	16,665		278		16,943
Portfolio transfers and acquisitions	271		-		271
Deposits	10,308		-		10,308
Withdrawals	(10,101	)	-		(10,101	)
Investment contracts liabilities released	-		(53	)	(53	)
Interest credited	236		-		236
Net exchange differences	335		(2	)	332
Transfer to/from other headings	133		-		133
Other	(22	)	-		(22	)
At December 31, 2018	17,825		223		18,048

At January 1, 2017	19,217		355		19,572
Portfolio transfers and acquisitions	55		-		55
Deposits	8,432		-		8,432
Withdrawals	(8,455	)	-		(8,455	)
Investment contracts liabilities released	-		(64	)	(64	)
Interest credited	268		-		268
Net exchange differences	(1,102	)	(13	)	(1,114	)
Transfer to/from other headings	21		-		21
Other	(1,771	)	-		(1,771	)
At December 31, 2017	16,665		278		16,943


Investment contracts consist of the following:	2018	2017
Institutional guaranteed products	944	1,053
Fixed annuities	5,981	5,714
Savings accounts	10,586	9,568
Investment contracts with discretionary participation features	223	278
Other	314	331
At December 31	18,048	16,943

37.2 Investment contracts for account of policyholders


	Without discretionary participation features		With discretionary participation features		Total
At January 1, 2018	37,169		37,265		74,434
Additions	18,415		-		18,415
Gross premium and deposits – existing and new business	6,432		1,279		7,711
Withdrawals	(10,279	)	-		(10,279	)
Interest credited	(2,682	)	(1,475	)	(4,157	)
Investment contracts liabilities released	-		(6,506	)	(6,506	)
Fund charges released	(157	)	-		(157	)
Net exchange differences	1,084		(312	)	772
Transfers to disposal groups	-		-		-
Other	(135	)	-		(135	)
At December 31, 2018	49,847		30,250		80,097

At January 1, 2017	42,803		41,971		84,774
Gross premium and deposits – existing and new business	5,393		1,313		6,706
Withdrawals	(7,654	)	-		(7,654	)
Interest credited	4,589		4,558		9,147
Investment contracts liabilities released	-		(9,006	)	(9,006	)
Fund charges released	(176	)	-		(176	)
Net exchange differences	(4,272	)	(1,570	)	(5,842	)
Transfers to disposal groups	(3,498	)	-		(3,498	)
Other	(16	)	-		(16	)
At December 31, 2017	37,169		37,265		74,434

The value of investment contracts for account of policyholders increased in 2018 mainly due to the completion of BlackRock Part VII transfer on July 1, 2018, in the UK. This transaction has transferred into the Group’s portfolio GBP 16.3 billion (EUR 18.4 billion) unit linked defined contribution assets and liabilities. Refer to note 24 Investments for account of policyholders for the impact on assets.