Notes to the consolidated financial statements of Aegon N.V.  Note 50 270 50 Summary of total financial assets and financial liabilities at fair value through profit or loss Investments for general account Investments for account of policyholders Investment contracts for account of policyholders Derivatives Borrowings  The table that follows summarizes the carrying amounts of financial assets and financial liabilities that are classified as at fair value  through profit or loss, with appropriate distinction between those financial assets and financial liabilities held for trading and those  that, upon initial recognition, were designated as at fair value through profit or loss. The Group manages certain portfolios on a total return basis which have been designated at fair value through profit or loss.  This includes portfolios of investments in limited partnerships and limited liability companies (primarily hedge funds) for which  the performance is assessed internally on a total return basis. In addition, some investments that include an embedded derivative  that would otherwise have required bifurcation, such as convertible instruments, preferred shares and credit linked notes, have been  designated at fair value through profit or loss.  Investments for general account backing insurance and investment liabilities, that are carried at fair value with changes in the fair  value recognized in the income statement, are designated at fair value through profit or loss. The Group elected to designate these  investments at fair value through profit or loss, as a classification of financial assets as available-for-sale would result in accumulation  of unrealized gains and losses in a revaluation reserve within equity whilst changes to the liability would be reflected in net income  (accounting mismatch). Investments held for account of policyholders comprise assets that are linked to various insurance and investment contracts for  which the financial risks are borne by the customer. Under the Group’s accounting policies these insurance and investment liabilities  are measured at the fair value of the linked assets with changes in the fair value recognized in the income statement. To avoid an  accounting mismatch the linked assets have been designated as at fair value through profit or loss.  In addition, the investment for account of policyholders include with profit assets, where an insurer manages these assets together  with related liabilities on a fair value basis in accordance with a documented policy of asset and liability management. In accordance  with Group’s accounting policies, these assets have been designated as at fair value through profit or loss. With the exception of the financial liabilities with discretionary participating features that are not subject to the classification and  measurement requirements for financial instruments, all investment contracts for account of policyholders that are carried at fair value  or at the fair value of the linked assets are included in the table above. With the exception of derivatives designated as a hedging instrument, all derivatives held for general account and held for account of  policyholders are included in the table above. Borrowings designated as at fair value through profit or loss includes financial instruments that are managed on a fair value basis  together with related financial assets and financial derivatives (Refer to note 41). Annual Report 2013 2013 2012 Trading Designated Trading Designated Investments for general account 121 4,712 754 4,809 Investments for account of policyholders - 164,037 - 151,960 Derivatives with positive values not designated as hedges 12,651 - 19,348 - Total financial assets at fair value through profit or loss 12,771 168,749 20,102 156,769 Investment contracts for account of policyholders - 32,628 - 29,188 Derivatives with negative values not designated as hedges 11,248 - 17,042 - Borrowings - 1,017 - 1,050 Total financial liabilities at fair value through profit or loss 11,248 33,645 17,042 30,238