86 ❏  CONSOLIDATED CASH FLOW STATEMENT OF AEGON N.V.  FOR THE YEAR ENDED DECEMBER 31 Amounts in EUR million Note 2010 2009 2008 Income / (loss) before tax 1,914 (464) (1,061) Results from fi nancial transactions (15,662) (14,937) 28,195  Amortization and depreciation 1,637 1,716 1,691 Impairment losses 701 1,369 1,113 Income from associates (41) (23) (24) Release of cash flow hedging reserve (8) (117) 306  Other  (5) 262 52 Adjustments of non-cash items (13,378) (11,730) 31,333 Insurance and investment liabilities (4,321) (4,811) 4,349  Insurance and investment liabilities for account of policyholders 14,274 18,925 (24,556) Accrued expenses and other liabilities  502 466 3,689 Accrued income and prepayments (2,299) (1,307) (1,792) Changes in accruals  8,156 13,273 (18,310) Purchase of investments (other than money market investments) (42,691) (49,022) (56,394) Purchase of derivatives (940) (1,255) (843) Disposal of investments (other than money market investments) 45,446 50,875 51,055 Disposal of derivatives 1,452 1,474 1,045 Net purchase of investments for account of policyholders (1,522) (3,837) (2,563) Net change in cash collateral 3,003 (4,979) (22) Net purchase of money market investments 39 (1,821) (2,658) Cash fl ow movements on operating items not refl ected in income 4,787 (8,565) (10,380) Tax paid (274) 345 (437) Other 58 136 178 NET CASH FLOWS FROM OPERATING ACTIVITIES 1,263 (7,005) 1,323 CONTINUATION >