Investments for account of policyholders

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Investments for account of policyholders

23 Investments for account of policyholders

Investments for account of policyholders comprise financial assets at fair value through profit or loss, excluding derivatives, and investments in real estate.

	Note		2021		2020
Shares				29,539		25,288
Debt securities				19,821		19,885
Money market and other short-term investments				1,482		1,051
Deposits with financial institutions				4,105		4,185
Unconsolidated investment funds				191,950		168,777
Other				3,493		4,520
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives				250,390		223,705
Investments in real estate		23.1		563		467
Total investments for account of policyholders				250,953		224,172

Investments for account of policyholders in 2021 increased, compared to 2020, mainly due to positive market movements.

Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss.

23.1 Investments in real estate for account of policyholders

	2021			2020
At January 1		467			586
Additions		54			-
Subsequent expenditure capitalized		6			4
Disposals		(43	)		(56	)
Fair value gains / (losses)		46			(36	)
Net exchange differences		32			(31	)
At December 31		563			467

The investment properties are leased out under operating leases.
	2021		2020		2019
Rental income reported as part of investment income		30		27		42
Direct operating expenses from investment in real estate for account of policyholders		4		8		6

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.