147 insurance liabilities, investment liabilities or equity based on asset liability management considerations) are not included in cash and  cash equivalents but are presented as investment or investment for account of policyholders.  An asset is impaired if the carrying amount exceeds the amount that would be recovered through its use or sale. For tangible and  intangible assets, financial assets and reinsurance assets, if not held at fair value through profit or loss, the recoverable amount of  the asset is estimated when there are indications that the asset may be impaired. Irrespective of the indications, goodwill and other  intangible assets with an indefinite useful life that are not amortized, are tested at least annually.  Assets are tested individually for impairment when there are indications that the asset may be impaired. For goodwill and intangible  assets with an undefined life, an impairment test is performed at least once a year. The impairment loss is calculated as the difference  between the carrying and the recoverable amount of the asset, which is the higher of an asset’s value in use and its net selling price.  The value in use represents the discounted future net cash flows from the continuing use and ultimate disposal of the asset and  reflects its known inherent risks and uncertainties.  Impairment losses are charged to shareholders’ equity to the extent that they offset a previously recorded revaluation reserve relating  to the same item. Any further losses are recognized directly in the income statement.  With the exception of goodwill, impairment losses are reversed when there is evidence that there has been a change in the estimates  used to determine the asset’s recoverable amount since the recognition of the last impairment loss. The reversal is recognized in  the income statement to the extent that it reverses impairment losses previously recognized in the income statement. The carrying  amount after reversal cannot exceed the amount that would have been recognized had no impairment taken place.  Non-financial assets that only generate cash flows in combination with other assets and liabilities are tested for impairment at  the level of the cash-generating unit. The goodwill acquired in a business combination, for the purpose of impairment testing,  is allocated to cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of  the combination. The allocation is based on the level at which goodwill is monitored internally and cannot be larger than an operating  segment. When impairing a cash-generating unit, any goodwill allocated to the unit is first written-off and recognized in the income  statement. The remaining impairment loss is allocated on a pro rata basis among the other assets, on condition that the resulting  carrying amounts do not fall below the individual assets’ recoverable amounts.  Debt instruments are impaired if there is objective evidence that a credit event has occurred after the initial recognition of the asset  that has a negative impact on the estimated future cash flows. A specific security is considered to be impaired when it is determined  that it is probable that not all amounts due (both principal and interest) will be collected as scheduled. Individually significant loans  and other receivables are first assessed separately. All non-impaired assets measured at amortized cost are then grouped by credit risk  characteristics and collectively tested for impairment.  For debt instruments carried at amortized cost, the carrying amount of impaired financial assets is reduced through an allowance  account. The impairment loss is calculated as the difference between the carrying and recoverable amount of the investment.  The recoverable amount is determined by discounting the estimated probable future cash flows at the original effective interest rate of  the asset. For variable interest debt instruments, the current effective interest rate under the contract is applied.  For debt instruments classified as available-for-sale, the asset is impaired to its fair value. Any unrealized loss previously recognized in  other comprehensive income is taken to the income statement in the impairment loss. After impairment the interest accretion on debt  instruments that are classified as available-for-sale is based on the rate of return that would be required by the market for similar rated  instruments at the date of impairment. Impairment losses recognized for debt instruments can be reversed if in subsequent periods the amount of the impairment loss  decreases and that decrease can be objectively related to a credit event occurring after the impairment was recognized. For debt  instruments carried at amortized cost, the carrying amount after reversal cannot exceed what the amortized cost would have been at  the reversal date, had the impairment not been recognized. 2.16 Impairment of assets a. Impairment of non-financial assets b. Impairment of debt instruments