227 Note 2013 2012 Shares 25,423 24,874 Debt securities 33,531 34,682 Money market and other short-term investments 850 1,480 Deposits with financial institutions 3,006 2,087 Unconsolidated investment funds 100,822 88,400 Other 404 437 Total investments for account of policyholders at fair value through profit or loss,  excluding derivatives  1) 164,037 151,960 Investments in real estate 23.1 996 1,008 Total investments for account of policyholders 165,032 152,968 2013 2012 At January 1 1,008 1,132 Additions 178 14 Subsequent expenditure capitalized 27 26 Disposals (180) (152) Fair value gains/(losses) (12) (46) Net exchange differences (25) 34 At December 31 996 1,008 Derivative asset Derivative liability 2013 2012 2013 2012 Derivatives for general account Derivatives not designated in a hedge 12,413 19,038 11,092 16,967 Derivatives designated as fair value hedges 322 422 134 451 Derivatives designated as cash flow hedges 421 1,164 310 370 Net foreign investment hedges 137 200 146 197 13,293 20,824 11,682 17,985 Derivatives for account of policyholders Derivatives not designated in a hedge 238 310 155 67 238 310 155 67 Total derivatives  1) 13,531 21,134 11,838 18,052 Refer to note 51 for a summary of contractual obligations to purchase investment property or for repairs, maintenance or  enhancements. Rental income of EUR 59 million (2012: EUR 65 million; 2011: EUR 73 million) is reported as part of investment income in the income  statement. Direct operating expenses relating to investments in real estate for account of policyholder amounted to EUR 8 million  in 2013 (2012: EUR 7 million, 2011: EUR 14 million). There are no restrictions on the realizability of investment property or  the remittance of income and proceeds of disposal. The investment property is leased out under operating leases. 24 Derivatives 1  Refer to note 50 for a summary of all financial assets and financial liabilities at fair value through profit or loss. 1  Refer to note 50 for a summary of all financial assets and financial liabilities at fair value through profit or loss. 23.1 Investments in real estate for account of policyholders 23 Investments for account of policyholders Investments for account of policyholders comprise financial assets at fair value through profit or loss, excluding derivatives, and  investments in real estate. 