ING Direct 2009 Annual Report Download - page 116

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Investments for risk of policyholders by type
2009 2008
Equity securities 93,268 83,208
Debt securities 8,215 7,729
Loans and receivables 3,114 4,429
104,597 95,366
The change in the fair value of the loans and receivables included in Investments for risk of policyholders attributable to changes in the
credit risk of the financial assets during 2009 was nil (2008: nil) and nil (2008: nil) on a cumulative basis.
The fair value of credit derivatives included in investments for risk of policyholders and held to mitigate exposure to credit risk was nil
(2008: EUR –12 million), and the change in their fair value in the period was nil (2008: EUR –5 million).
The cost of investments for risk of policyholders as at 31 December 2009 was EUR 106,904 million (2008: EUR 115,929 million).
Investments in investment funds (with underlying investments in debt, equity securities, real estate and derivatives) are included under
equity securities.
Non-trading derivatives by type
2009 2008
Derivatives used in:
– fair value hedges 2,727 3,862
– cash flow hedges 5,521 5,771
– hedges of net investments in foreign operations 38 670
Other non-trading derivatives 3,346 6,181
11,632 16,484
The fair value of credit derivatives included in non-trading derivatives and held to mitigate exposure to credit risk was EUR 60 million
(2008: nil), and the change in their fair value in the period was EUR –121 million (2008: nil).
Other non-trading derivatives include mainly interest rate swaps for which no hedge accounting is applied.
Designated as at fair value through profit and loss by type
2009 2008
Equity securities 392 313
Debt securities 3,478 5,445
Loans and receivables 524 637
Other 1,123 1,882
5,517 8,277
The change in the fair value of the loans and receivables designated as at fair value through profit and loss attributable to changes in the
credit risk of the financial assets during 2009 was nil (2008: nil),and nil (2008: nil) on a cumulative basis.
Other includes investments in private equity funds, hedge funds, other non-traditional investment vehicles and limited partnerships.
2.1 Consolidated annual accounts
ING Group Annual Report 2009
114
Notes to the consolidated balance sheet of ING Group (continued)