198 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 35 - 38 NOTE 35  OTHER INCOME  NOTE 36  POLICYHOLDER CLAIMS AND BENEFITS  Investments for account of policyholders comprise of financial  assets and investments in real estate. Refer to note 8 for  further information. Financial assets for account of  policyholders are classified as at fair value through profit or loss.  Investment income on investments for account of policyholders  is included in investment income. Refer to note 31 for further  information.  Other income primarily includes a gain of EUR 33 million  relating to the sale of the funeral insurance business in the  Netherlands. Refer note 50 for more details about this disposal. The change in valuation of liabilities for insurance and  investment contracts include gains of EUR 283 million  regarding fair value movements of guarantees and  EUR 60 million of gains (2009: gains of EUR 60 million;  2008: losses of EUR 17 million) related to policyholder tax  and other charges that are classified for segment reporting  purposes as non underlying earnings. 2010 2009 2008 Claims and benefits paid to policyholders 18,909 16,308 17,248 Gains / losses on separate accounts and investment funds 6,013 8,043 (14,020) Change in valuation of liabilities for insurance and investment contracts 13,159 12,548  (4,036)  TOTAL  38,081 36,899 (808)  2010 2009 2008 Other income 40 – 6 Net fair value change on for account of policyholder fi nancial  assets at fair value through profi t or loss comprise: 2010 2009 2008 Shares 5,018 5,090  (11,238) Debt securities and money market investments 905 1,246  (827) Deposits with fi nancial institutions  16 5 5 Separate accounts and unconsolidated investment funds 7,278 9,132  (15,481) Other – (254) 51 TOTAL  13,217  15,219  (27,490) The ineffective portion of hedge transactions to which hedge  accounting is applied comprises: 2010 2009 2008 Fair value change on hedging instruments in a fair value hedge 146 127 (164) Fair value change on hedged items in a fair valued hedge (152) (158) 202 Ineffectiveness fair value hedges (6) (31) 38 Ineffectiveness cash fl ow hedges 5 (10) 12 TOTAL (1) (41) 50