Market value of policy loans is set equal to book value. The market value of receivables from share lease agreements and others amounts to EUR 2,595 million (2002: EUR 2,672 million). The provision for doubtful debts amounts to EUR 19 million (2002: EUR 17 million). Debentures related to reinsurance contracts that are not at free disposal. Market value amounts to EUR 33 million (2002: EUR 33 million).  $^{1 }$Including reallocation from investments for account of policyholders for an amount of EUR 1,278 million due to the final settlement of the Diversified Investment Advisors acquisition. $^{2 }$Of which a decrease of EUR 2.3 billion due to securitizations. The composition by industry categories of bonds, other fixed rate securities and private placements in an unrealized loss position at December 31 is presented in the table below. Carrying value of bonds, other fixed  rate securities and private placements with gross unrealized losses Gross unrealized losses 2003 2002 2003 2002 Asset backed securities - aircraft 289 432 (112) (107) Industries 3,098 2,220 (108) (290) Financials 3,768 2,197 (106) (218) Electric 1,933 2,154 (78) (552) Asset backed securities - CBOs 580 1,036 (49) (159) Asset backed securities - housing related 1,802 3,331 (45) (180) Non-cyclical consumer 1,419 895 (40) (102) Collateralized mortgage backed securities 2,079 1,052 (39) (45) Cyclical consumer 807 642 (29) (87) Asset backed securities - credit card receivables 384 1,318 (10) (122) Other 5,512 4,492 (127) (290) Total bonds, other fixed rate securities and private placements in an unrealized loss position 21,671 19,769 (743) (2,152) AEGON GROUP ANNUAL REPORT 2003 92 CHANGES IN INVESTMENTS Currency exchange rate Balance at Disposed differences Balance at January 1, and Revalu- and other December 2003 Acquired redeemed ations changes 31, 2003 Real estate 2,211 180 (243) 104 14 2,266 Group companies and participations 3,556 155 (635) 0 (192) 2,884 Shares 6,324 1,648 (1,441) 575 (561) 6,545 Bonds and other fixed rate securities 75,697 82,292 (76,085) 0 (10,328) 71,576 Loans guaranteed by mortgages 18,568 3,995 (3,717) 2 0 (2,098) 16,748 Other loans 21,632 9,113 (8,794) 0 (3,241) 18,710 Deposits with credit institutions 1,577 434 (655) 0 (7) 1,349 Other financial investments 4,566 1,071 (1,233) 0 (437) 3,967 Deposits with ceding undertakings 33 1 0 0 (1) 33 TOTAL 134,164 98,889 (92,803) 679 (16,851) 124,078 BALANCES AND CHANGES OF 2002 141,445 105,048 (94,064) (1,560) (16,705)$^{1}$134,164 4 DEPOSITS WITH CEDING UNDERTAKINGS 2003 2002 33 33 2003 2002 OTHER FINANCIAL INVESTMENTS Policy loans 1,369 1,636 Receivables from share lease agreements and others 2,598 2,930 3,967 4,566 NOTES TO THE CONSOLIDATED BALANCE SHEETS Amounts in EUR millions