197 ANNUAL REPORT 2010 NOTE 34  RESULTS FROM FINANCIAL TRANSACTIONS  Results from fi nancial transactions comprise: 2010 2009 2008 Net fair value change of general account financial investments at fair value  through profit or loss, other than derivatives 257 193  (1,261) Realized gains and losses on fi nancial investments 564 475 99 Gains and (losses) on investments in real estate 135   (179)  (48) Net fair value change of derivatives  1,340  (582) 996 Net fair value change on for account of policyholder financial assets at fair value through  profit or loss 13,217 15,219  (27,490) Net fair value change on investments in real estate for account of policyholders 73   (37)  (557) Net foreign currency gains and (losses) 60   (25)  (39) Net fair value change on borrowings and other fi nancial liabilities  (2)  (138) 105 Realized gains and (losses) on repurchased debt  18 11 – TOTAL 15,662 14,937 (28,195) Net fair value change of general account fi nancial investments at fair  value through profi t or loss, other than derivatives comprise: 2010 2009 2008 Shares 95 113 (639) Debt securities and money market investments 49 188 (317) Other 113 (108) (305) TOTAL  257 193 (1,261) Realized gains and losses on fi nancial investments comprise: 2010 2009 2008 Shares 64 79 37 Debt securities and money market investments 553 473 140 Loans 13 (2) 9 Other (66) (75) (87) TOTAL 564 475 99 Realized gains and losses on fi nancial investments relate to: 2010 2009 2008 Available-for-sale investments 551 477 90 Loans 13 (2) 9 TOTAL 564 475 99 Net fair value change of derivatives comprise: 2010 2009 2008 Net fair value change on free standing derivatives 747 (1,795) 2,713 Net fair value change on embedded derivatives 713  1,102 (1,721) Ineffective portion of hedge transactions to which hedge accounting is applied (1) (41) 50 Fair value changes on economic hedges for which no hedge accounting is applied (119)  152 (46) TOTAL  1,340  (582)  996 SHARPENING OUR FOCUS