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## 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. 

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Refer to note 50 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 

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The investment property is leased out under operating leases. 

Rental income of EUR 59 million (2012: EUR 65 million; 2011: EUR 73 million) is reported as part of investment income in the income statement. Direct operating expenses relating to investments in real estate for account of policyholder amounted to EUR 8 million in 2013 (2012: EUR 7 million, 2011: EUR 14 million). There are no restrictions on the realizability of investment property or the remittance of income and proceeds of disposal. 

Refer to note 51 for a summary of contractual obligations to purchase investment property or for repairs, maintenance or enhancements. 

## 24 Derivatives 

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Refer to note 50 for a summary of all financial assets and financial liabilities at fair value through profit or loss. 

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