United States
Securities and Exchange Commission
Washington, D.C. 20549
Form6-K
Report of Foreign Private Issuer
Pursuant to Rule13a-16 or15d-16
Under the Securities Exchange Act of 1934
October 15, 2019
Commission FileNo. 1-10882
AEGON N.V.
Aegonplein 50
2591 TV THE HAGUE
The Netherlands
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form40-F.
☒ Form 20-F ☐ Form40-F
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule
101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule
101(b)(7): ☐
This document has been prepared for incorporation by reference in Aegon’s registration statement under the Securities Act of 1933 on FormF-3 filed on August 31, 2017.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AEGON N.V. | ||||||
(Registrant) | ||||||
| Date: October 15, 2019 | By | /s/ J.H.P.M. van Rossum | ||||
| J.H.P.M. van Rossum | ||||||
Executive Vice President and Head of Corporate Financial Center | ||||||
Effective January 1, 2019 Aegon adopted a voluntary accounting policy change related to the liability adequacy test (LAT) of Aegon the Netherlands, which is applied retrospectively.
The recognition of a LAT deficit in Aegon the Netherlands triggered a review and change of its existing accounting policy related to the LAT. The change relates to the period considered for the unrealized gains on financial assets that are accounted for at amortized cost which are taken into account in the LAT, specifically where they relate to intercompany transactions between insurance andnon-insurance entities.
The change does not impact other reporting units within Aegon as this change is specific to Aegon the Netherlands.
The impact of the voluntary accounting policy change resulted in a restatement of certain balances as of December 31, 2018 and for thesix-month period ended June 30, 2018. Refer to note 2 of the unaudited condensed consolidated interim financial statements as of June 30, 2019 and for thesix-month period then ended included in Aegon N.V.’sCurrent Report on Form6-K filed with the SEC on August 15, 2019.
The impact of the voluntary accounting policy change on comparative numbers for the financial years 2017 and 2016, which were not restated, is provided in the following tables, including references to the notes to the consolidated financial statements as published inAegon’s 2018 Annual Report on Form20-F.
| Impact of voluntary change in accounting policy on the consolidated statement of comprehensive income | ||||||||||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||||||||
| accounting | Change in | Change in | ||||||||||||||||||||||||||||||||||||
| policy | December | accounting | December | accounting | December | |||||||||||||||||||||||||||||||||
| December | related to | 31, 2018 | December | policy related | 31, 2017 | December | policy related | 31, 2016 | ||||||||||||||||||||||||||||||
| 31, 2018 | liability | (after | 31, 2017 | to liability | (after | 31, 2016 | to liability | (after | ||||||||||||||||||||||||||||||
| (as previously | adequacy | voluntary | (as previously | adequacy | voluntary | (as previously | adequacy | voluntary | ||||||||||||||||||||||||||||||
| EUR millions | reported) 1 | testing | change) | reported) 1 | testing | change) | reported) 1 | testing | change) | |||||||||||||||||||||||||||||
| Note | ||||||||||||||||||||||||||||||||||||||
Net income / (loss) | 711 | - | 711 | 2,469 | - | 2,469 | 438 | - | 438 | |||||||||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||||||||||||||||||||||||
Gains / (losses) on revaluation ofavailable-for-sale investments | (2,138 | ) | (4 | ) | (2,142 | ) | 1,283 | 93 | 1,376 | 854 | (123 | ) | 731 | |||||||||||||||||||||||||
Income tax relating to items that may be reclassified | 493 | 1 | 494 | 951 | (23 | ) | 927 | 225 | 31 | 256 | ||||||||||||||||||||||||||||
Net effect comprehensive income | (393 | ) | (3 | ) | (396 | ) | 431 | 70 | 501 | (863 | ) | (92 | ) | (956 | ) | |||||||||||||||||||||||
Total comprehensive income / (loss) attributable to: | ||||||||||||||||||||||||||||||||||||||
Owners of Aegon N.V. | (395 | ) | (3 | ) | (398 | ) | 435 | 70 | 505 | (878 | ) | (92 | ) | (970 | ) | |||||||||||||||||||||||
Non-controlling interests | 2 | - | 2 | (3 | ) | - | (3 | ) | 15 | - | 15 | |||||||||||||||||||||||||||
1As reported in Aegon’s Annual Report on Form20-F dated March 21, 2019.
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| Impact of voluntary change in accounting policy on the consolidated statement of financial position | ||||||||||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||||||||
| accounting | Change in | Change in | ||||||||||||||||||||||||||||||||||||
| policy | accounting | December | accounting | December | ||||||||||||||||||||||||||||||||||
| December | related to | December | December | policy related | 31, 2017 | December | policy related | 31, 2016 | ||||||||||||||||||||||||||||||
| 31, 2018 | liability | 31, 2018 | 31, 2017 | to liability | (after | 31, 2016 | to liability | (after | ||||||||||||||||||||||||||||||
| (as previously | adequacy | (after | (as previously | adequacy | voluntary | (as previously | adequacy | voluntary | ||||||||||||||||||||||||||||||
| EUR millions | reported) 1 | testing | restated)3 | reported) 1 | testing | change) | reported) 2 | testing | change) | |||||||||||||||||||||||||||||
| Note | ||||||||||||||||||||||||||||||||||||||
Equity and liabilities | ||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 32 | 19,225 | (26 | ) | 19,200 | 20,288 | (23 | ) | 20,266 | 20,520 | (92 | ) | 20,428 | |||||||||||||||||||||||||
Insurance contracts | 36 | 115,294 | 34 | 115,328 | 110,818 | 30 | 110,848 | 119,569 | 123 | 119,692 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 43 | 538 | (9 | ) | 529 | 1,029 | (8 | ) | 1,021 | 2,201 | (31 | ) | 2,170 | |||||||||||||||||||||||||
1As reported inAegon’s Annual Report on Form20-F dated March 21, 2019.
2 As reported inAegon’s Annual Report on Form20-F dated March 22, 2018.
3As reported in Aegon’s unaudited condensed consolidated interim financial statements as of June 30, 2019 onForm6-K dated August 15, 2019.
| Impact of voluntary change in accounting policy on the statement of changes in equity |
| |||||||||||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||||||||||
| accounting | Change in | Change in | ||||||||||||||||||||||||||||||||||||||
| policy | accounting | December | accounting | December | ||||||||||||||||||||||||||||||||||||
| December | related to | December | December | policy related | 31, 2017 | December | policy related | 31, 2016 | ||||||||||||||||||||||||||||||||
| 31, 2018 | liability | 31, 2018 | 31, 2017 | to liability | (after | 31, 2016 | to liability | (after | ||||||||||||||||||||||||||||||||
| (as previously | adequacy | (after | (as previously | adequacy | voluntary | (as previously | adequacy | voluntary | ||||||||||||||||||||||||||||||||
| EUR millions | reported) 1 | testing | restated) | reported)1 | testing | change) | reported)1 | testing | change) | |||||||||||||||||||||||||||||||
| Note | ||||||||||||||||||||||||||||||||||||||||
Share capital | 32.1 | 7,808 | - | 7,808 | 8,053 | - | 8,053 | 8,193 | - | 8,193 | ||||||||||||||||||||||||||||||
Retained earnings | 32 | 9,657 | - | 9,657 | 9,374 | - | 9,374 | 7,419 | - | 7,419 | ||||||||||||||||||||||||||||||
Revaluation reserves | 32.4 | 3,461 | (26 | ) | 3,436 | 4,920 | (23 | ) | 4,898 | 5,381 | (92 | ) | 5,289 | |||||||||||||||||||||||||||
Remeasurement of defined benefit plans | 32.5 | (1,850 | ) | - | (1,850 | ) | (1,669 | ) | - | (1,669 | ) | (1,820 | ) | - | (1,820 | ) | ||||||||||||||||||||||||
Other reserves | 32.6 | 149 | - | 149 | (390 | ) | - | (390 | ) | 1,347 | - | 1,347 | ||||||||||||||||||||||||||||
Shareholders’ equity | 19,225 | (26 | ) | 19,200 | 20,288 | (23 | ) | 20,266 | 20,520 | (92 | ) | 20,428 | ||||||||||||||||||||||||||||
1As reported in Aegon’s Annual Report onForm20-F dated March 21, 2019.