145 ventures net income is recognized as a separate line item in the consolidated income statement. The Group’s share in losses is  recognized until the investment in the joint ventures' equity and any other long-term interest that are part of the net investment are  reduced to nil, unless guarantees exist. Gains and losses on transactions between the Group and the joint ventures are eliminated to the extent of the Group’s interest in  the entity, with the exception of losses that are evidence of impairment which are recognized immediately. Own equity instruments of  Aegon N.V. that are held by the joint venture are not eliminated. On disposal of an interest in a joint venture, the difference between the net proceeds and the carrying amount is recognized in  the income statement and gains and losses previously recorded directly in the revaluation reserve are reversed and recorded through  the income statement. Entities over which the Group has significant influence through power to participate in financial and operating policy decisions, but  which do not meet the definition of a subsidiary, are accounted for using the equity method. Interests held by venture capital entities,  mutual funds and investment funds that qualify as an associate are accounted for as an investment held at fair value through profit or  loss. Interests held by the Group in venture capital entities, mutual funds and investment funds that are managed on a fair value basis,  are also accounted for as investments held at fair value through profit or loss. Interests in associates are initially recognized at cost, which includes positive goodwill arising on acquisition. Negative goodwill is  recognized in the income statement on the acquisition date. If associates are obtained in successive share purchases, each significant  transaction is accounted for separately. The carrying amount is subsequently adjusted to reflect the change in the Group’s share in the net assets of the associate and is  subject to impairment testing. The net assets are determined based on the Group’s accounting policies. Any gains and losses recorded  in other comprehensive income by the associate are reflected in other reserves in shareholders’ equity, while the share in the associate’s  net income is recognized as a separate line item in the consolidated income statement. The Group’s share in losses is recognized until  the investment in the associate’s equity and any other long-term interest that are part of the net investment are reduced to nil, unless  guarantees exist. Gains and losses on transactions between the Group and the associate are eliminated to the extent of the Group’s interest in the entity,  with the exception of losses that are evidence of impairment which are recognized immediately. Own equity instruments of Aegon N.V.  that are held by the associate are not eliminated. On disposal of an interest in an associate, the difference between the net proceeds and the carrying amount is recognized in the income  statement and gains and losses previously recorded directly in the revaluation reserve are reversed and recorded through the income  statement. Reinsurance contracts are contracts entered into by the Group in order to receive compensation for losses on contracts written by  the Group (outgoing reinsurance). For contracts transferring sufficient insurance risk, a reinsurance asset is recognized for the expected  future benefits, less expected future reinsurance premiums. Reinsurance contracts with insufficient insurance risk transfer are  accounted for as investment or service contracts, depending on the nature of the agreement. Reinsurance assets are measured consistently with the amounts associated with the underlying insurance contracts and in accordance  with the terms of each reinsurance contract. They are subject to impairment testing and are derecognized when the contractual rights  are extinguished or expire or when the contract is transferred to another party. Aegon is not relieved of its legal liabilities when entering into reinsurance transactions, therefore the reserves relating to the underlying  reinsured contracts will continue to be reported on the consolidated statement of financial position during the run-off period of  the underlying business. Reinsurance premiums are accounted for in the same way as the original contracts for which the reinsurance was concluded. 2.12 Reinsurance assets 2.11 Investments in associates