Notes to the consolidated financial statements of Aegon N.V.  Note 4 178 The table that follows shows the Group’s maximum exposure to credit risk from investments in general account financial assets, as well  as general account derivatives and reinsurance assets, collateral held and net exposure. Please refer to note 51 and note 52 for further  information on capital commitments and contingencies, and on collateral given, which may expose the Group to credit risk. Annual Report 2013 2012 Maximum  exposure to  credit risk Cash Securities Letters of  credit /  guarantees Real  estate  property Master  netting  agree- ments Other Total  collateral Surplus  collateral (or  overcollater- alization) Net  exposure Shares 1,867 - - - - - - - - 1,867 Debt securities  - carried at fair  value 96,825 - - 805 - - - 805 - 96,020 Money market and  other short-term  investments  - carried at fair  value 9,771 - 718 - - - - 718 17 9,070 Mortgage loans  - carried at  amortized cost 28,350 1,513 - 1,652 37,224 - 2 40,391 13,066 1,025 Private loans -  carried at  amortized cost 1,012 - - - - - - - - 1,012 Other loans -  carried at  amortized cost 2,350 - - - - - 2,073 2,073 1,324 1,601 Other financial  assets - carried at  fair value 3,219 - 1 - - - - 1 - 3,218 Derivatives 20,824 5,241 655 - - 14,597 - 20,493 121 452 Reinsurance assets 11,869 - 6,516 201 - - - 6,717 - 5,152 At December 31 176,087 6,754 7,890 2,658 37,224 14,597 2,075 71,198 14,528 119,417 2013 Maximum  exposure to  credit risk Cash Securities Letters of  credit /  guarantees Real  estate  property Master  netting  agree- ments Other Total  collateral Surplus  collateral (or  overcollater- alization) Net  exposure Shares 2,036 - - - - - - - - 2,036 Debt securities  - carried at fair  value 89,511 - - 725 - - - 725 - 88,787 Money market and  other short-term  investments  - carried at fair  value 5,974 - 1,078 - - - - 1,078 31 4,926 Mortgage loans  - carried at  amortized cost 29,245 1,717 - 1,810 39,447 - 2 42,976 14,442 711 Private loans -  carried at  amortized cost 1,783 21 - - - - - 21 - 1,761 Other loans -  carried at  amortized cost 2,381 - - - - - 1,925 1,925 1,149 1,606 Other financial  assets - carried at  fair value 2,947 - - - - - - - - 2,947 Derivatives 13,293 2,898 416 - - 9,433 - 12,746 78 625 Reinsurance assets 10,255 - 5,327 165 - - - 5,492 - 4,763 At December 31 157,425 4,636 6,821 2,700 39,447 9,433 1,927 64,963 15,699 108,162