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The closing balances of the revaluation reserve for available- for-sale investments relate to the following instruments: 

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The cash flow hedging reserve is made up of (un)realized gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the 

## NOTE 15.5 OTHER RESERVES 

gain or loss from the hedged cash flow. No amounts have been released from equity to be included in the initial measurement of non-financial assets or liabilities. 

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The foreign currency translation reserve includes the currency results from investments in non-euro denominated subsidiaries. The amounts are released to the income statement upon the sale of the subsidiary. 

The net foreign investment hedging reserve is made up of gains and losses on the effective portions of hedging instruments, 

net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the net foreign investment. 

The equity movements of associates reflect AEGON’s share of changes recognized directly in the associate’s equity. 

