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1 The investments for account of policyholders included in the table above represents those investments carried at fair value through profit or loss. 2 

Borrowings included in the table above contain those borrowings that are carried at fair value through profit or loss. Total borrowings on the balance sheet also contain borrowings carried at amortized cost that are not included in the above schedule. 

## SIGNIFICANT TRANSFERS BETWEEN LEVEL I AND II 

During 2010, the amount of assets transferred from Level I to Level II classification was EUR 469 million (2009: EUR 498 million). The reason for the change in level relates to changes in liquidity for specific debt securities. 

