10 Results from financial transactions
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Results from financial transactions comprise: |
2017 | 2016 | 2015 | |||||||||
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Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives |
232 | (42 | ) | (35 | ) | |||||||
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Realized gains and (losses) on financial investments |
431 | 327 | 349 | |||||||||
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Gains and (losses) on investments in real estate |
193 | 70 | 145 | |||||||||
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Net fair value change of derivatives |
(1,159 | ) | 239 | 123 | ||||||||
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Net fair value change on for account of policyholder financial assets at fair value through profit or loss |
20,524 | 15,121 | (110 | ) | ||||||||
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Net fair value change on investments in real estate for account of policyholders |
38 | (26 | ) | 67 | ||||||||
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Net foreign currency gains and (losses) |
(20 | ) | 41 | (29 | ) | |||||||
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Net fair value change on borrowings and other financial liabilities |
10 | 21 | 9 | |||||||||
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Realized gains and (losses) on repurchased debt |
1 | 1 | 2 | |||||||||
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Total |
20,250 | 15,753 | 521 |
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Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives comprise: |
2017 | 2016 | 2015 | |||||||||
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Shares |
25 | 4 | - | |||||||||
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Debt securities and money market investments |
127 | 8 | (24 | ) | ||||||||
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Other |
80 | (54 | ) | (12 | ) | |||||||
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Total |
232 | (42 | ) | (35 | ) | |||||||
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Other mainly includes net fair value changes of alternative investments. |
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| Realized gains and losses on financial investments comprise: | 2017 | 2016 | 2015 | |||||||||
|
Shares |
165 | 46 | 44 | |||||||||
|
Debt securities and money market investments |
242 | 211 | 346 | |||||||||
|
Loans |
20 | 16 | 20 | |||||||||
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Other |
3 | 54 | (60 | ) | ||||||||
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Total |
431 | 327 | 349 | |||||||||
| Realized gains and losses on financial investments comprise: | 2017 | 2016 | 2015 | |||||||||
|
Available-for-sale investments |
411 | 311 | 330 | |||||||||
|
Loans |
20 | 16 | 20 | |||||||||
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Total |
431 | 327 | 349 | |||||||||
| Net fair value change of derivatives comprise: | 2017 | 2016 | 2015 | |||||||||
|
Net fair value change on economic hedges where no hedge accounting is applied |
70 | 793 | (500 | ) | ||||||||
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Net fair value change on bifurcated embedded derivatives |
(1,231 | ) | (565 | ) | 614 | |||||||
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Ineffective portion of hedge transactions to which hedge accounting is applied |
2 | 12 | 8 | |||||||||
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Total |
(1,159 | ) | 239 | 123 | ||||||||
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The ineffective portion of hedge transactions to which hedge accounting is applied comprises: |
2017 | 2016 | 2015 | |||||||||
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Fair value change on hedging instruments in a fair value hedge |
(12 | ) | (29 | ) | (49 | ) | ||||||
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Fair value change on hedged items in a fair value hedge |
15 | 35 | 54 | |||||||||
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Ineffectiveness fair value hedge |
3 | 7 | 5 | |||||||||
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Ineffectiveness cash flow hedges |
- | 5 | 4 | |||||||||
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Total |
2 | 12 | 8 | |||||||||
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Net fair value change on for account of policyholder financial assets at fair value through profit or loss comprise: |
2017 | 2016 | 2015 | |||||||||
|
Shares |
2,372 | 2,462 | 706 | |||||||||
|
Debt securities and money market investments |
166 | 1,682 | (529 | ) | ||||||||
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Unconsolidated investment funds |
17,720 | 10,496 | (356 | ) | ||||||||
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Derivatives |
94 | 252 | 69 | |||||||||
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Other |
171 | 230 | - | |||||||||
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Total |
20,524 | 15,121 | (110 | ) | ||||||||
Net fair value change on for account of policyholder financial assets at fair value through profit or loss increased in 2017 compared to 2016, mainly from favorable equity markets results, which were partly offset by losses from interest rates movements. Net fair value changes on for account of policyholder financial assets at fair value through profit or loss are offset by changes in technical provisions reported as part of the lines Change in valuation of liabilities for insurance contracts and Change in valuation of liabilities for investment contracts in note 12 Policyholder claims and benefits.