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## Impairment losses on shares 

The table below provides the length of time the shares held by Aegon Americas, Aegon the Netherlands and Aegon UK were below cost prior to the impairment in 2013. 

<img src='content_image/241523.jpg'>

## Equity market risk and other investments risk 

Fluctuations in the equity, real estate and capital markets have affected Aegon’s profitability, capital position and sales of equity related products in the past and may continue to do so. Exposure to equity, real estate and capital markets exists in both assets and liabilities. Asset exposure exists through direct equity investment, where Aegon bears all or most of the volatility in returns and investment performance risk. Equity market exposure is also present in insurance and investment contracts policyholder accounts where funds are invested in equities, backing variable annuities, unit-linked products and mutual funds. Although most of the risk remains with the policyholder, lower investment returns can reduce the asset management fee earned by Aegon on the asset balance in these products. In addition, some of this business has minimum return or accumulation guarantees. Aegon also operates an Investment and Counterparty Policy that limits the Group’s overall counterparty risk exposure. 

The general account equity, real estate and other non-fixed-income portfolio of Aegon is as follows: 

<img src='content_image/241522.jpg'>

1 Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR 10 million. 

<img src='content_image/241521.jpg'>

Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR 8 million. 

<img src='content_image/241525.jpg'>

<img src='content_image/241524.jpg'>

