22.1 Financial assets, excluding derivatives


	AFS	FVTPL	Loans	Total	Fair value

2021

Shares	350	1,665	-	2,015	2,015

Debt securities	93,899	3,296	-	97,195	97,195

Money market and other short-term investments	4,790	120	-	4,910	4,910

Mortgage loans	-	-	39,991	39,991	44,366

Private loans	-	-	4,883	4,883	5,491

Deposits with financial institutions	-	-	52	52	52

Policy loans	-	-	1,893	1,893	1,893

Other	844	3,401	3	4,248	4,248

At December 31, 2021	99,884	8,481	46,823	155,188	160,171

2020

Shares	345	1,634	-	1,979	1,979

Debt securities	93,681	5,669	-	99,350	99,350

Money market and other short-term investments	4,558	109	-	4,667	4,667

Mortgage loans	-	-	38,244	38,244	43,258

Private loans	-	-	4,358	4,358	5,280

Deposits with financial institutions	-	-	92	92	92

Policy loans	-	-	1,801	1,801	1,801

Other	996	2,645	25	3,665	3,665

At December 31, 2020	99,580	10,057	44,519	154,156	160,093



	2021	2020
Current portion:

Debt securities, money market and other short-term investments, mortgage and private loans	12,924	14,671

Refer to note 44 Fair value for further details on fair value measurement.

Loan allowance

Movement on the loan allowance account during the year were as follows:



	2021	2020
At January 1	(188)	(165)

Addition charged to income statement	(40)	(87)

Reversal to income statement	55	2

Amounts written off	55	62

At December 31	(118)	(188)

22.2 Investments in real estate



	2021		2020
At January 1		2,385		2,901

Additions		47		148

Subsequent expenditure capitalized		1		2

Disposals		(60)		(726)

Transfer from real estate for own use and equipment		14		-

Fair value gains / (losses)		253		74

Net exchange differences		3		(14)

At December 31		2,643		2,385

Investments in real estate held by:

Americas		39		37

The Netherlands		2,588		2,331

Value of Aegon’s properties which were appraised in the current year		98%		99%

Appraisals performed by independent external appraisers		98%		99%

Aegon the Netherlands has invested in long-term residential property leases that can be terminated subject to a short-term notice. Under Dutch law, the maximum annual rent increase on residential property rented in the affordable housing segment is specified by the Dutch national government and equals the annual inflation rate plus a small margin.

Refer to note 45 Commitments and contingencies for a description of non-cancellable lease rights.



	2021		2020		2019
Rental income reported as part of investment income		68		87		83

Direct operating expenses (Including repairs and maintenance expenses):

- From investment property that generated rental income		32		47		59

- From investment property that did not generate rental income		2		2		2

There are no restrictions on the realizability of investment property or the remittance of income and proceeds of disposal.

Refer to note 45 Commitments and contingencies for a summary of contractual obligations to purchase investment property.