212 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 47 - 48 AEGON N.V. is subject to legal restrictions on the amount of  dividends it can pay to its shareholders. Under Dutch law, the  amount that is available to pay dividends consists of total  shareholders’ equity less the issued and outstanding capital  and less the reserves required by law. The revaluation account  and legal reserves, foreign currency translation reserve and  other, cannot be freely distributed. In case of negative balances  for individual reserves legally to be retained, no distributions  can be made out of retained earnings to the level of these  negative amounts. Total distributable reserves under Dutch law  amount to EUR 7,271 million at December 31, 2010 (2009:  EUR 7,623 million).  OPTAS N.V., an indirect subsidiary of AEGON N.V., holds  statutory reserves of EUR 895 million (2009: EUR 861 million)  which are restricted. Included in AEGON N.V.’s legal reserves is  an amount of EUR 355 million (2009: EUR 321 million) related to  OPTAS N.V. which represents the increase in statutory reserves  since the acquisition of OPTAS N.V. by AEGON. 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. In addition, AEGON’s subsidiaries, principally insurance  companies, are subject to restrictions on the amounts of funds  they may transfer in the form of cash dividends or otherwise to  their parent companies. There can be no assurance that these  restrictions will not limit or restrict AEGON in its ability to pay  dividends in the future.  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 for account of  policyholders at fair value through profit or loss, a classification  In addition, the investment for account of policyholders include  with profit assets, where an insurer manages these assets  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.  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 FOR ACCOUNT OF POLICYHOLDERS INVESTMENTS FOR GENERAL ACCOUNT NOTE 47  SUMMARY OF TOTAL FINANCIAL ASSETS  AND FINANCIAL LIABILITIES AT FAIR VALUE  THROUGH PROFIT OR LOSS 2010 2009 Trading Designated Trading Designated Investments for general account 302 5,010 624 4,452 Investments for account of policyholders – 145,103 – 124,797 Derivatives with positive values not designated as hedges 5,231 – 4,103 – Total fi nancial assets at fair value through profi t or loss 5,533 150,113 4,727 129,249 Investment contracts for account of policyholders – 25,603 – 20,477 Derivatives with negative values not designated as hedges 4,789 – 4,618 – Borrowings – 987 – 959 Total fi nancial liabilities at fair value through profi t or loss 4,789 26,590 4,618 21,436