Additional information 320 management fee that Aegon earns on the asset balance in these products and prolonged investment under-performance may cause  existing customers to withdraw funds and potential customers not to grant investment mandates.  Some of Aegon´s insurance and investment contract businesses have minimum return or accumulation guarantees, which requires  Aegon to establish reserves to fund these future guaranteed benefits when equity market returns do not meet or exceed these  guarantee levels. Aegon´s reported results under International Financial Reporting Standards, as adopted by the European Union (IFRS),  are also at risk if returns are not sufficient to allow amortization of deferred policyholder acquisition costs (DPAC), which may impact  the reported net income as well as shareholders´ equity. Volatile or poor market conditions may also significantly reduce the demand  for some of Aegon’s savings and investment products, which may lead to lower sales and net income. Deteriorating general economic  conditions may again result in significant decreases in the value of Aegon´s equity investments. The equity market conditions  experienced through 2013 led to a recognized impairment loss on equity securities held in general account of EUR 3 million (2012:  EUR 8 million, 2011: EUR 10 million). Interest rate risk Interest rate volatility or sustained low interest rate levels may adversely affect Aegon’s profitability and shareholders´  equity. In periods of rapidly increasing interest rates, policy loans, surrenders and withdrawals may and usually do increase. Premiums in  flexible premium policies may decrease as policyholders seek investments with higher perceived returns. This activity may result in cash  payments by Aegon requiring the sale of invested assets at a time when the prices of those assets are affected adversely by the  increase in market interest rates. This may result in realized investment losses. These cash payments to policyholders also result in a  decrease in total invested assets and net income. Early withdrawals may also require accelerated amortization of DPAC, which in turn  reduces net income. During periods of sustained low interest rates, as experienced in recent years, Aegon may not be able to preserve margins as a result of  minimum interest rate guarantees and minimum guaranteed crediting rates provided in policies. Also, investment earnings may be lower  because the interest earnings on new fixed-income investments are likely to have declined with the market interest rates. A prolonged  low interest rate environment may result in a lengthening of maturities of the policyholder liabilities from initial estimates, primarily  due to lower policy lapses. Life insurance and annuity products may be relatively more attractive to consumers, resulting in increased premium payments on  products with flexible premium features and a higher percentage of insurance policies remaining in force year-to-year. The majority of  assets backing the insurance liabilities are invested in fixed income securities. Aegon manages its investments and derivative portfolio,  considering a variety of factors, including the relationship between the expected duration of its assets and liabilities. However, as  interest rates remain at low levels, Aegon may have to reinvest the cash it receives as interest or proceeds from investments that  mature or are sold at lower yields. Reinvestment at lower yields may reduce the spread between interest earned on investments and  interest credited to some of our products and accordingly net income may decline. In addition, borrowers may prepay or redeem fixed  maturity investments or mortgage loans in our investment portfolio in order to borrow at lower rates. Aegon can lower crediting rates  on certain products to offset the decrease in spread. However, its ability to lower these rates may be limited by contractually  guaranteed minimum rates or competition. In general, if interest rates rise, there will be unrealized losses on assets carried at fair value that will be recorded in other  comprehensive income (available-for-sale investments) or as negative income (investments at fair value through profit or loss) under  IFRS. This is inconsistent with the IFRS accounting on much of Aegon’s liabilities, where corresponding economic gains from higher  interest rates do not affect shareholders' equity or income in the shorter term. Over time, the short-term reduction in shareholder  equity and income due to rising interest rates would be offset in later years, all else being equal. Base interest rates set by central banks and government treasuries remained at the historically low levels initiated in response to the  worldwide recession and attempts to stimulate growth.  The profitability of Aegon’s spread-based businesses depends in large part upon the ability to manage interest rate spreads, credit  spread risk and other risks inherent in the investment portfolio. Aegon may not be able to successfully manage interest rate spreads,  credit spread risk and other risks in the investment portfolio or the potential negative impact of those risks. Investment income from  general account fixed income investments for the years 2011, 2012 and 2013 was EUR 5.6 billion, EUR 5.7 billion and EUR 5.6 billion,  Annual Report 2013