Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | AEG |
Entity Registrant Name | AEGON NV |
Entity Central Index Key | 0000769218 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Common shares |
Security Exchange Name | NYSE |
Document Annual Report | true |
Document Transition Report | false |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Address, Country | NL |
Document Shell Company Report | false |
Common shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,105,138,885 |
Common share B [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 585,022,160 |
Consolidated income statement o
Consolidated income statement of Aegon N.V. - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Statement [LineItems] | |||||
Premium income | € 18,138 | € 19,316 | € 22,826 | ||
Investment income | 7,531 | 7,035 | 7,338 | ||
Fee and commission income | 2,523 | 2,558 | 2,802 | ||
Other revenues | 6 | 5 | 7 | ||
Total revenues | 28,197 | 28,914 | 32,973 | ||
Income from reinsurance ceded | 3,532 | 3,740 | 4,288 | ||
Results from financial transactions | 35,386 | (11,701) | 20,250 | ||
Other income | 200 | 8 | 540 | ||
Total income | 67,316 | 20,961 | 58,052 | ||
Premiums paid to reinsurers | 2,434 | 2,663 | 3,431 | ||
Policyholder claims and benefits | 56,797 | 10,557 | 45,599 | ||
Profit sharing and rebates | 17 | 23 | 23 | ||
Commissions and expenses | 6,153 | 6,224 | 5,925 | ||
Impairment charges / (reversals) | 169 | 78 | 42 | ||
Interest charges and related fees | 513 | 507 | 435 | ||
Other charges | 1 | 375 | 235 | ||
Total charges | 66,084 | 20,427 | 55,689 | ||
Income before share in profit / (loss) of joint ventures, associates and tax | 1,231 | 535 | 2,363 | ||
Share in profit / (loss) of joint ventures | 214 | 210 | 161 | ||
Share in profit / (loss) of associates | 12 | 6 | 11 | ||
Income/(loss) before tax | 1,457 | 751 | 2,534 | ||
Income tax (expense)/benefit | (218) | (40) | (65) | ||
Net income / (loss) | 1,239 | 711 | [1] | 2,469 | [1] |
Net income / (loss) attributable to: | |||||
Owners of Aegon N.V. | € 1,239 | 710 | € 2,469 | ||
Non-controlling interests | € 1 | ||||
Earnings per share (EUR per share) | |||||
Basic earnings per common | € 0.56 | € 0.29 | € 1.14 | ||
Diluted earnings per common | € 0.56 | € 0.29 | € 1.14 | ||
Owners of Aegon N.V. | € 1,239 | € 710 | € 2,469 | ||
Common share B [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common | € 0.01 | € 0.01 | € 0.03 | ||
Diluted earnings per common | € 0.01 | € 0.01 | € 0.03 | ||
Aegon N.V [member] | |||||
Statement [LineItems] | |||||
Investment income | € 47 | € 77 | |||
Total revenues | 47 | 77 | |||
Results from financial transactions | (15) | (1) | |||
Total income | 32 | 76 | |||
Commissions and expenses | 74 | 82 | |||
Interest charges and related fees | 139 | 118 | |||
Total charges | 213 | 200 | |||
Income/(loss) before tax | (181) | (124) | |||
Income tax (expense)/benefit | (40) | (2) | |||
Net income / (loss) | (141) | (122) | € (42) | ||
Net income / (loss) attributable to: | |||||
Owners of Aegon N.V. | 1,239 | 710 | 2,469 | ||
Net income/(loss) group companies | 1,379 | 832 | 2,511 | ||
Earnings per share (EUR per share) | |||||
Owners of Aegon N.V. | € 1,239 | € 710 | € 2,469 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Consolidated statement of compr
Consolidated statement of comprehensive income of Aegon N.V. - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Statement of comprehensive income [abstract] | |||||
Net income/(loss) | € 1,239 | € 711 | € 2,469 | ||
Items that will not be reclassified to profit or loss: | |||||
Changes in revaluation reserve real estate held for own use | (4) | (32) | 8 | ||
Remeasurements of defined benefit plans | (612) | (134) | 224 | ||
Income tax relating to items that will not be reclassified | 92 | (8) | (166) | ||
Items that may be reclassified subsequently to profit or loss: | |||||
Gains/(losses) on revaluation of available-for-sale investments | 3,471 | (2,142) | 1,376 | ||
(Gains)/losses transferred to income statement on disposal and impairment of available-for- sale investments | (412) | 66 | (1,330) | ||
Changes in cash flow hedging reserve | (8) | 5 | (853) | ||
Movement in foreign currency translation and net foreign investment hedging reserves | 314 | 602 | (2,149) | ||
Equity movements of joint ventures | 8 | 9 | (15) | ||
Equity movements of associates | 4 | (1) | (5) | ||
Disposal of group assets | (1) | 36 | 7 | ||
Income tax relating to items that may be reclassified | (632) | 494 | 927 | ||
Other | 13 | (2) | 9 | ||
Total other comprehensive income / (loss) | 2,232 | (1,107) | (1,968) | ||
Total comprehensive income/(loss) | 3,471 | (396) | 501 | ||
Total comprehensive income/(loss) attributable to: | |||||
Owners of Aegon N.V. | 3,472 | (398) | 505 | ||
Non-controlling interests | € (1) | € 2 | € (3) | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Consolidated statement of finan
Consolidated statement of financial position of Aegon N.V. - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |||
Assets | ||||||
Cash and cash equivalents | € 12,263 | € 8,744 | [1] | € 10,768 | [1] | |
Assets held for sale | [1] | 5,249 | ||||
Investments | 145,976 | 138,625 | [1] | 136,804 | [1] | |
Investments for account of policyholders | 226,374 | 194,353 | [1] | 194,063 | [1] | |
Derivatives | 11,157 | 7,615 | [1] | 5,912 | [1] | |
Investments in joint ventures | 1,983 | 1,745 | [1] | 1,712 | [1] | |
Investments in associates | 363 | 327 | [1] | 308 | [1] | |
Reinsurance assets | 20,835 | 20,507 | [1] | 19,202 | [1] | |
Defined benefit assets | 1 | 55 | [1] | |||
Deferred tax assets | 193 | 125 | [1] | 79 | [1] | |
Deferred expenses | 10,804 | 10,910 | [1] | 10,135 | [1] | |
Other assets and receivables | 8,841 | 7,954 | [1] | 10,002 | [1] | |
Intangible assets | 1,559 | 1,727 | [1] | 1,633 | [1] | |
Assets | 440,348 | 392,633 | [1] | 395,923 | [1] | |
Financial fixed assets | ||||||
Cash and cash equivalents | 12,263 | 8,744 | [1] | 10,768 | [1] | |
Assets | 440,348 | 392,633 | [1] | 395,923 | [1] | |
Equity and liabilities | ||||||
Shareholders' Equity | 21,850 | 19,200 | [1] | 20,266 | [1] | |
Other equity instruments | 2,571 | 3,320 | [1] | 3,794 | [1] | |
Issued capital and reserves attributable to owners of Aegon N.V. | 24,421 | 22,520 | [1] | 24,059 | [1] | |
Non-controlling interests | 20 | 22 | [1] | 20 | [1] | |
Group equity | 24,441 | 22,542 | [2] | 24,079 | [1] | |
Subordinated borrowings | 2,207 | 1,389 | [1] | 764 | [1] | |
Trust pass-through securities | 136 | 133 | [1] | 133 | [1] | |
Insurance contracts | 123,454 | 115,328 | [1] | 110,848 | [1] | |
Insurance contracts for account of policyholders | 135,710 | 117,113 | [1] | 122,168 | [1] | |
Investment contracts | 18,594 | 18,048 | [1] | 16,943 | [1] | |
Investment contracts for account of policyholders | 93,826 | 80,097 | [1] | 74,434 | [1] | |
Derivatives | 11,616 | 7,230 | [1] | 7,130 | [1] | |
Borrowings | 9,307 | 12,061 | [1] | 13,635 | [1] | |
Provisions | 214 | 320 | [1] | 210 | [1] | |
Defined benefit liabilities | 4,360 | 3,989 | [1] | 4,005 | [1] | |
Deferred gains | 11 | 12 | [1] | 13 | [1] | |
Deferred tax liability | 1,227 | 529 | [1] | 1,021 | [1] | |
Liabilities held for sale | [1] | 5,003 | ||||
Other liabilities | 14,819 | 13,454 | [1] | 15,208 | [1] | |
Accruals | 426 | 388 | [1] | 329 | [1] | |
Total equity and liabilities | 440,348 | 392,633 | [1] | 395,923 | [1] | |
Shareholders' equity | ||||||
Share capital | 323 | 322 | ||||
Revaluation account | 5,868 | 3,436 | ||||
Group equity | 24,441 | 22,542 | [2] | 24,079 | [1] | |
Other equity instruments | 2,571 | 3,320 | [1] | 3,794 | [1] | |
Deferred tax liability | 1,227 | 529 | [1] | 1,021 | [1] | |
Subordinated borrowings | 2,207 | 1,389 | [1] | 764 | [1] | |
Long-term borrowings | 4,338 | 10,682 | ||||
Other current liabilities | 14,097 | 13,309 | ||||
Total liabilities | 415,907 | 370,091 | [1] | 371,844 | [1] | |
Total equity and liabilities | 440,348 | 392,633 | [1] | € 395,923 | [1] | |
Aegon N.V [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 1,032 | 1,231 | [3] | |||
Assets | 27,838 | 26,186 | [3] | |||
Financial fixed assets | ||||||
Shares in group companies | 25,045 | 22,143 | [3] | |||
Loans to group companies | 1,337 | 2,487 | [3] | |||
Investments, Total | 26,382 | 24,630 | [3] | |||
Receivables from group companies | 112 | 35 | [3] | |||
Other receivables | 175 | 137 | [3] | |||
Other current assets | 124 | 137 | [3] | |||
Accrued interest and rent | 13 | 16 | [3] | |||
Receivables | 424 | 325 | [3] | |||
Cash and cash equivalents | 1,032 | 1,231 | [3] | |||
Assets | 27,838 | 26,186 | [3] | |||
Equity and liabilities | ||||||
Other equity instruments | 2,571 | 3,320 | [3] | |||
Group equity | 21,850 | 19,200 | [3] | |||
Subordinated borrowings | 1,403 | 1,389 | [3] | |||
Borrowings | 1,257 | 1,292 | ||||
Provisions | 10 | |||||
Deferred tax liability | [3] | 10 | ||||
Total equity and liabilities | 27,838 | 26,186 | [3] | |||
Shareholders' equity | ||||||
Share capital | 323 | 322 | [3] | |||
Paid-in surplus | 7,213 | 7,486 | [3] | |||
Revaluation account | 6,116 | 3,540 | [3] | |||
Legal reserves - foreign currency translation reserve | 426 | 130 | [3] | |||
Legal reserves in respect of group companies | 1,703 | 1,326 | [3] | |||
Retained earnings, including treasury shares | 7,227 | 7,536 | [3] | |||
Remeasurement of defined benefit plans of group companies | (2,397) | (1,850) | [3] | |||
Net income / (loss) | 1,239 | 710 | [3] | |||
Group equity | 21,850 | 19,200 | [3] | |||
Other equity instruments | 2,571 | 3,320 | [3] | |||
Total equity | 24,421 | 22,520 | [3] | |||
Deferred tax liability | [3] | 10 | ||||
Total deferred tax liability | [3] | 10 | ||||
Subordinated borrowings | 1,403 | 1,389 | [3] | |||
Long-term borrowings | 1,257 | 1,292 | [3] | |||
Non-current liabilities | 2,660 | 2,681 | [3] | |||
Short term deposits | [3] | 82 | ||||
Loans from group companies | 6 | 9 | [3] | |||
Payables to group companies | 484 | 582 | [3] | |||
Other current liabilities | 236 | 271 | [3] | |||
Accruals and deferred income | 31 | 31 | [3] | |||
Current liabilities | 757 | 975 | [3] | |||
Total liabilities | 3,417 | 3,666 | [3] | |||
Total equity and liabilities | € 27,838 | € 26,186 | [3] | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | |||||
[2] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing | |||||
[3] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Consolidated statement of chang
Consolidated statement of changes in equity of Aegon N.V. - EUR (€) € in Millions | Total | Share capital [member] | Retained earnings [member] | Revaluation reserves [member] | Remeasurement of defined benefit plans [member] | Other reserves [member] | Other equity instruments [member] | Issued capital and reserves [member] | [2] | Non-controlling interests [member] | |||||||||
Beginning balance (Restated [member]) at Dec. 31, 2016 | € 24,249 | [1] | € 8,193 | [1] | € 7,419 | [1] | € 5,289 | [1] | € (1,820) | [1] | € 1,347 | [1] | € 3,797 | [1] | € 24,226 | € 23 | [1] | ||
Beginning balance at Dec. 31, 2016 | 24,341 | 8,193 | 7,419 | 5,381 | (1,820) | 1,347 | 3,797 | 24,318 | 23 | ||||||||||
Mandatory change in accounting policy | (92) | (92) | (92) | ||||||||||||||||
Net income/(loss) | 2,469 | [1] | 2,469 | 2,469 | |||||||||||||||
Items that will not be reclassified to profit or loss: | |||||||||||||||||||
Changes in revaluation reserve real estate held for own use | 8 | [1] | 8 | 8 | |||||||||||||||
Remeasurements of defined benefit plans | 224 | [1] | 224 | 224 | |||||||||||||||
Income tax relating to items that will not be reclassified | (166) | [1] | 9 | (175) | (166) | ||||||||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||||||||
Gains / (losses) on revaluation of available-for-sale investments | 1,376 | [1] | 1,376 | 1,376 | |||||||||||||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | (1,330) | [1] | (1,330) | (1,330) | |||||||||||||||
Changes in cash flow hedging reserve | (853) | [1] | (853) | (853) | |||||||||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | (2,149) | [1] | (452) | 102 | (1,800) | (2,149) | |||||||||||||
Equity movements of joint ventures | (15) | [1] | (15) | (15) | |||||||||||||||
Equity movements of associates | (5) | [1] | (5) | (5) | |||||||||||||||
Disposal of group assets | 7 | [1] | 7 | 7 | |||||||||||||||
Income tax relating to items that may be reclassified | 927 | [1] | 851 | 76 | 927 | ||||||||||||||
Other | 9 | [1] | 13 | 13 | (3) | ||||||||||||||
Total other comprehensive income / (loss) | (1,968) | [1] | 13 | (391) | 151 | (1,737) | (1,965) | (3) | |||||||||||
Total comprehensive income/(loss) | 501 | [1] | 2,482 | (391) | 151 | (1,737) | 505 | (3) | |||||||||||
Shares issued | 3 | 3 | 3 | ||||||||||||||||
Issuance and purchase of treasury shares | (105) | (105) | (105) | ||||||||||||||||
Dividends paid on common shares | (439) | (142) | (296) | (439) | |||||||||||||||
Dividend withholding tax reduction | 2 | 2 | 2 | ||||||||||||||||
Coupons on perpetual securities | (103) | (103) | (103) | ||||||||||||||||
Coupons on non-cumulative subordinated notes | (28) | (28) | (28) | ||||||||||||||||
Incentive plans | (1) | 4 | (4) | (1) | |||||||||||||||
Ending balance at Dec. 31, 2017 | [1] | 24,079 | 8,053 | 9,374 | 4,898 | (1,669) | (390) | 3,794 | 24,059 | 20 | |||||||||
Net income/(loss) | 711 | [1] | 710 | 710 | 1 | ||||||||||||||
Items that will not be reclassified to profit or loss: | |||||||||||||||||||
Changes in revaluation reserve real estate held for own use | (32) | [1] | (32) | (32) | |||||||||||||||
Remeasurements of defined benefit plans | (134) | [1] | (134) | (134) | |||||||||||||||
Income tax relating to items that will not be reclassified | (8) | [1] | 7 | (15) | (8) | ||||||||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||||||||
Gains / (losses) on revaluation of available-for-sale investments | (2,142) | [1] | (2,142) | (2,142) | |||||||||||||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 66 | [1] | 66 | 66 | |||||||||||||||
Changes in cash flow hedging reserve | 5 | [1] | 5 | 5 | |||||||||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | 602 | [1] | 119 | (32) | 515 | 602 | |||||||||||||
Equity movements of joint ventures | 9 | [1] | 9 | 9 | |||||||||||||||
Equity movements of associates | (1) | [1] | (1) | (1) | |||||||||||||||
Disposal of group assets | 36 | [1] | 36 | 36 | |||||||||||||||
Income tax relating to items that may be reclassified | 494 | [1] | 514 | (20) | 494 | ||||||||||||||
Other | (2) | [1] | (3) | (3) | 1 | ||||||||||||||
Total other comprehensive income / (loss) | (1,107) | [1] | (3) | (1,462) | (182) | 539 | (1,108) | 1 | |||||||||||
Total comprehensive income/(loss) | (396) | [1] | 707 | (1,462) | (182) | 539 | (398) | 2 | |||||||||||
Issuance and purchase of treasury shares | 14 | 14 | 14 | ||||||||||||||||
Issuance and redemption of other equity instruments | (468) | 2 | (471) | (468) | |||||||||||||||
Dividends paid on common shares | (573) | (244) | (329) | (573) | |||||||||||||||
Dividend withholding tax reduction | 1 | 1 | 1 | ||||||||||||||||
Coupons on perpetual securities | (102) | (102) | (102) | ||||||||||||||||
Coupons on non-cumulative subordinated notes | (11) | (11) | (11) | ||||||||||||||||
Incentive plans | (2) | (2) | (2) | ||||||||||||||||
Ending balance (Restated [member]) at Dec. 31, 2018 | 22,498 | 7,808 | 9,613 | 3,436 | (1,850) | 149 | 3,320 | 22,476 | 22 | ||||||||||
Ending balance at Dec. 31, 2018 | [3] | 22,542 | 7,808 | 9,657 | 3,436 | (1,850) | 149 | 3,320 | 22,520 | 22 | |||||||||
Mandatory change in accounting policy | (44) | (44) | (44) | ||||||||||||||||
Net income/(loss) | 1,239 | 1,239 | 1,239 | ||||||||||||||||
Items that will not be reclassified to profit or loss: | |||||||||||||||||||
Changes in revaluation reserve real estate held for own use | (4) | 32 | (36) | (4) | |||||||||||||||
Remeasurements of defined benefit plans | (612) | (612) | (612) | ||||||||||||||||
Income tax relating to items that will not be reclassified | 92 | (7) | 8 | 90 | 92 | ||||||||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||||||||
Gains / (losses) on revaluation of available-for-sale investments | 3,471 | 3,471 | 3,471 | ||||||||||||||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | (412) | (412) | (412) | ||||||||||||||||
Changes in cash flow hedging reserve | (8) | (8) | (8) | ||||||||||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | 314 | 37 | (25) | 302 | 314 | ||||||||||||||
Equity movements of joint ventures | 8 | 8 | 8 | ||||||||||||||||
Equity movements of associates | 4 | 4 | 4 | ||||||||||||||||
Disposal of group assets | (1) | (1) | (1) | ||||||||||||||||
Income tax relating to items that may be reclassified | (632) | (627) | (5) | (632) | |||||||||||||||
Other | 13 | 15 | 15 | (2) | |||||||||||||||
Total other comprehensive income / (loss) | 2,232 | 40 | 2,433 | (547) | 307 | 2,234 | (2) | ||||||||||||
Total comprehensive income/(loss) | 3,471 | 1,279 | 2,433 | (547) | 307 | 3,472 | (1) | ||||||||||||
Shares issued | 1 | 1 | 1 | ||||||||||||||||
Shares withdrawn | (30) | (30) | (30) | ||||||||||||||||
Issuance and purchase of treasury shares | (825) | (81) | (744) | (825) | |||||||||||||||
Dividends paid on common shares | (583) | (273) | (309) | (583) | |||||||||||||||
Coupons on perpetual securities | (88) | (88) | (88) | ||||||||||||||||
Coupons on non-cumulative subordinated notes | |||||||||||||||||||
Incentive plans | (3) | 2 | (5) | (3) | |||||||||||||||
Ending balance at Dec. 31, 2019 | € 24,441 | € 7,536 | € 10,386 | € 5,868 | € (2,397) | € 456 | € 2,571 | € 24,421 | € 20 | ||||||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | ||||||||||||||||||
[2] | Issued capital and reserves attributable to owners of Aegon N.V. | ||||||||||||||||||
[3] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing |
Consolidated cash flow statemen
Consolidated cash flow statement of Aegon N.V. - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Statement of cash flows [abstract] | |||||
Income / (loss) before tax | € 1,457 | € 751 | € 2,534 | ||
Results from financial transactions | (35,933) | 11,516 | (23,445) | ||
Amortization and depreciation | 1,185 | 1,315 | 781 | ||
Impairment losses | 160 | 68 | 84 | ||
Income from joint ventures | (214) | (210) | (161) | ||
Income from associates | (12) | (6) | (11) | ||
Release of cash flow hedging reserve | (97) | (80) | (739) | ||
Other | 26 | 145 | (620) | ||
Adjustments of non-cashitems | (34,885) | 12,749 | (24,112) | ||
Insurance and investment liabilities | 3,750 | 1,989 | (613) | ||
Insurance and investment liabilities for account of policyholders | 26,512 | (21,751) | 12,988 | ||
Accrued expenses and other liabilities | 352 | (2,384) | 309 | ||
Accrued income and prepayments | (1,056) | 709 | (1,797) | ||
Changes in accruals | 29,557 | (21,437) | 10,887 | ||
Purchase of investments (other than money market investments) | (40,014) | (31,279) | (32,057) | ||
Purchase of derivatives | (214) | (1,525) | 752 | ||
Disposal of investments (other than money market investments) | 40,187 | 29,192 | 35,512 | ||
Disposal of derivatives | 2,880 | (597) | (878) | ||
Net purchase of investments for account of policyholders | 7,605 | 10,819 | 8,869 | ||
Net change in cash collateral | (332) | 1,029 | (455) | ||
Net purchase of money market investments | 1,089 | 823 | (659) | ||
Cash flow movements on operating items not reflected in income | 11,200 | 8,462 | 11,082 | ||
Tax (paid)/ received | (18) | (9) | 173 | ||
Other | (9) | 1 | (12) | ||
Net cash flows from operating activities | 7,302 | 517 | 553 | ||
Purchase of individual intangible assets (other than VOBA and future servicing rights) | (46) | (42) | (34) | ||
Purchase of equipment and real estate for own use | (102) | (81) | (72) | ||
Acquisition of subsidiaries, net of cash | (1) | (89) | (52) | ||
Acquisition/capital contributions joint ventures and associates | (269) | (146) | (121) | ||
Disposal of intangible asset | 1 | 2 | 1 | ||
Disposal of equipment | 63 | 14 | 5 | ||
Disposal of subsidiaries and businesses, net of cash | 137 | (200) | (1,054) | ||
Disposal joint ventures and associates | 1 | 7 | 2 | ||
Dividend received from joint ventures and associates | 130 | 97 | 129 | ||
Net cash flows from investing activities | (86) | (438) | (1,196) | ||
Issuance of treasury shares | 1 | 2 | |||
Issuance of perpetuals | 496 | ||||
Purchase of treasury shares | (318) | (248) | (266) | ||
Proceeds from TRUPS, Subordinated borrowings and borrowings | 4,923 | 4,185 | [1] | 9,170 | [1] |
Repayment of TRUPS, Subordinated borrowings and borrowings | (7,014) | (5,211) | [1] | (7,918) | [1] |
Repayment of perpetuals | (1,343) | (200) | |||
Repayment of non-cumulative subordinated note | (443) | ||||
Dividends paid | (309) | (328) | (294) | ||
Coupons on perpetual securities | (112) | (136) | (138) | ||
Coupons on non-cumulative subordinated notes | (54) | (14) | (37) | ||
Net cash flows from financing activities | (3,730) | (2,395) | 519 | ||
Net increase / (decrease) in cash and cash equivalents | 3,486 | (2,317) | [2] | (125) | [2] |
Net cash and cash equivalents at the beginning of the year | 8,744 | 11,026 | 11,347 | ||
Effects of changes in exchange rate | 33 | 35 | (196) | ||
Net cash and cash equivalents at the end of the year | € 12,263 | € 8,744 | € 11,026 | ||
[1] | Trust pass-through securities. | ||||
[2] | Included in net increase/(decrease) in cash and cash equivalents are interest received (2018: EUR 5,914 million, 2017: EUR 6,215 million and 2016: EUR 6,691 million) dividends received (2018: EUR 1,222 million, 2017: EUR 1,292 million and 2016: EUR 1,387 million) and interest paid (2018: EUR 400 million, 2017: EUR 311 million and 2016: EUR 300 million). All included in operating activities except for dividend received from joint ventures and associates (2018: EUR 97 million, 2017: EUR 129 million and 2016: EUR 203 million). |
Consolidated cash flow statem_2
Consolidated cash flow statement of Aegon N.V. (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of cash flows [abstract] | |||
Interest received | € 5,999 | € 5,914 | € 6,215 |
Dividends received | 1,702 | 1,222 | 1,292 |
Interest paid | 407 | 400 | 311 |
Dividend received from joint ventures and associates | € 130 | € 97 | € 129 |
General information
General information | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
General information | 1 General information Aegon N.V., incorporated and domiciled in the Netherlands, is a public limited liability company organized under Dutch law and recorded in the Commercial Register of The Hague registered under number 27076669 and with its registered address at Aegonplein 50, 2591 TV, The Hague, the Netherlands. Aegon N.V. serves as the holding company for the Aegon Group and has listings of its common shares in Amsterdam and New York. Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Headquarters are located in The Hague, the Netherlands. The Group employs over 23,000 people worldwide (2018: over 26,000). Aegon Funding Company LLC Aegon Funding Company LLC (AFC) is an indirect wholly owned subsidiary of Aegon that was established as a financing vehicle to raise funds for the US subsidiaries of Aegon. AFC has been fully consolidated in the financial statements of Aegon under IFRS. If AFC issues debt securities, Aegon will fully and unconditionally guarantee the due and punctual payment of the principal, any premium and any interest on those debt securities when and as these payments become due and payable, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The guarantees of senior debt securities will constitute an unsecured, unsubordinated obligation of Aegon and will rank equally with all other unsecured and unsubordinated obligations of Aegon. The guarantees of subordinated debt securities will constitute an unsecured obligation of Aegon and will be subordinated in right of payment to all senior indebtedness of Aegon. |
Aegon N.V [member] | |
Statement [LineItems] | |
General information | 1 General information Aegon N.V., incorporated and domiciled in the Netherlands, is a public limited liability company organized under Dutch law and recorded in the Commercial Register of The Hague registered under number 27076669 and with its registered address at Aegonplein 50, 2591 TV, The Hague, the Netherlands. Aegon N.V. serves as the holding company for the Aegon Group and has listings of its common shares in Amsterdam and New York. Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Headquarters are located in The Hague, the Netherlands. The Group employs over 23,000 people worldwide (2018: over 26,000). |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Significant accounting policies | 2 Significant accounting policies 2.1 Basis of presentation Aegon prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) and with Part 9 of Book 2 of the Netherlands Civil Code for purposes of reporting with the U.S. Securities and Exchange Commission (‘SEC’), including financial information contained in this Annual Report on Form 20-F. The consolidated financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. Information on the standards and interpretations that were adopted in 2019 is provided below in note 2.1.1. Aegon also adopted voluntary changes in accounting policies, effective January 1, 2019, disclosed in note 2.1.2. The consolidated financial statements are presented in euro and all values are rounded to the nearest million unless otherwise stated. The consequence is that the rounded amounts may not add up to the rounded total in all cases. All ratios and variances are calculated using the underlying amount rather than the rounded amount. With regard to the income statements of Aegon N.V., article 402, Part 9 of Book 2 of the Netherlands Civil Code has been applied, allowing a simplified format. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts and disclosures that require extensive use of estimates are: fair value of certain invested assets and derivatives, deferred policy acquisition costs, value of business acquired and other purchased intangible assets, goodwill, policyholder claims and benefits, insurance guarantees, pension plans, income taxes and the potential effects of resolving litigation matters. The consolidated financial statements of Aegon N.V. were approved by the Executive Board and by the Supervisory Board on March 1 8 Other than for SEC reporting, Aegon prepares its Annual Accounts under International Financial Reporting Standards as adopted by the European Union, including the decisions Aegon made with regard to the options available under International Financial Reporting Standards as adopted by the EU (IFRS-EU). IFRS-EU Recognition and Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk. Under IFRS-EU, A reconciliation between IFRS and IFRS-EU Shareholders’ equity Net income 2019 2018 2017 2019 2018 2017 In accordance with IFRS 21,850 19,200 20,266 1,239 711 2,469 Adjustment of EU ‘IAS 39’ carve-out 774 399 368 375 31 (142) Tax effect of the adjustment (167) (81) (83) (86) 3 34 Effect of the adjustment after tax 607 318 285 289 34 (108) In accordance with IFRS-EU 22,457 19,518 20,550 1,528 744 2,361 2.1.1 Adoption of new IFRS accounting standards and amendments effective in 2019 New standards and amendments to standards become effective at the date specified by IFRS, but may allow companies to opt for an earlier adoption date. In 2019, the following standards and amendments to existing standards issued by the IASB became mandatory or early adopted: Accounting standard/ amendment/ interpretation IASB effective date Impact for Aegon IFRS 16 Leases January 1, 2019 See below for comments IFRIC 23 Uncertainty over Tax Treatments January 1, 2019 Low Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures January 1, 2019 Low Annual improvements 2015-2017 January 1, 2019 Low Amendments to IAS 19 Plan amendment, curtailment or settlement January 1, 2019 Low Early adopted Interest Rate Benchmark Reform January 1, 2020 See below for comments Except for IFRS 16 Leases and Interest Rate Benchmark Reform (early adopted by the Group), the new standards and amendments to existing standards are currently not relevant or do not significantly impact the financial position or financial statements (total adverse impact on the opening balance of retained earnings is EUR 3 million). IFRS 16 Leases IFRS 16 Leases was issued by the IASB in January 2016 and replaced IAS 17 Leases and IFRIC 4 on January 1, 2019. The most significant change of IFRS 16 is related to leases that were identified as operational leases held by a lessee under IAS 17. Under IAS 17 these leases were reported as (off-balance) (on-balance) The accounting policy for leases applicable from January 1, 2019 is included in note 2.33 Leases. Transitional disclosures The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. At transition, the cumulative effect of initial application was recognized as an adjustment to the opening balance of retained earnings on January 1, 2019. As a lessee The Group has adopted a number of key options and practical expedients allowed under IFRS 16, of which the following are the most significant: ◆ The Group has applied the modified retrospective approach and therefore has not restated the comparative amounts for the year prior to initial application. Under this approach, on a lease-by-lease (i) right-of-use (ii) right-of-use lease-by-lease ◆ The Group has applied the exemption not to recognize right-of-use ◆ The Group has elected to apply the ‘grandfather’ option, which means that all conclusions previously reached under IAS 17 (and IFRIC 4 Determining Whether an Arrangement Contains a Lease) are deemed compliant with IFRS 16; and ◆ The Group has elected to use hindsight in areas that involve judgment or estimation, such as in determining the lease term if the contract contains options to extend or terminate the lease. As a lessor The Group is not required to make any adjustments on transition to IFRS 16 for leases in which it acts as a lessor, except for a sublease. The Group accounted for its leases in accordance with IFRS 16 from the date of initial Impacts on financial statements At transition, the Group recognized EUR 235 million of right-of-use right-of-use right-of-use When measuring lease liabilities, the Group discounted lease payments using its incremental borrowing rate at January 1, 2019. The weighted-average rate applied is 3.46%. The reconciliation between operating lease commitments at December 31, 2018 and lease liabilities at January 1, 2019 is as follows: January 1, 2019 Operating lease commitments at December 31, 2018 as per the consolidated annual financial statements 386 Discounted using the incremental borrowing rate at January 1, 2019 302 Recognition exemption for: Short term leases (7) Extenstion and termination options reasonably certain to be exercised (4) Exclusion of non-lease (6) Lease liabilities recognized at January 1, 2019 285 Interest rate benchmark reform Aegon has elected to early adopt the ‘Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform’ issued in September 2019. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed on January 1, 2019 or were designated thereafter. The amendments provide temporary relief from applying specific hedge accounting requirements, thereby ensuring that uncertainty on the outcome of the Interest Rate Benchmark Reform (IBOR) reforms does not result in early termination of hedge accounting, notably because the retrospective effectiveness may fall outside of the required range due to the IBOR reform. Please refer to note 24 Derivatives for the required disclosures of the uncertainty arising from IBOR reform for hedging relationships for which the Group applied the reliefs. The IASB is currently working on additional amendments to IAS 39 and IFRS 9, which will include the accounting for contract modifications following IBOR reform. Aegon continues to follow the status of the IASB’s IBOR reform project, and will assess the impact for the Group when further information becomes available. 2.1.2 Voluntary change in accounting policy effective in 2019 Liability adequacy test (LAT) 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 for all periods presented. The recognition of a LAT deficit (refer to note 34 Insurance contracts) in Aegon the Netherlands triggered a review and change of its existing accounting policy related to the LAT. When assessing the adequacy of the insurance liabilities, Aegon the Netherlands takes into account any unrecognized gains on the investments backing the insurance liabilities measured at amortized cost. The subsequent sales of these assets can trigger a LAT deficiency, because previously unrecognized gains are realized and therefore no longer included in the LAT. Under the previous policy, unrealized gains on intercompany transferred assets which at balance sheet date are allocated to the insurance liabilities were taken into account. Under the new policy, the LAT takes into account the unrecognized gain on the transferred investments that are still held by the group, but only to the extent that these gains arose whilst the assets were backing the insurance liabilities. Consistently, for assets transferred to the insurer from another group company, the unrecognized gain that arose prior to transfer is not taken into account in the LAT. The change avoids that unrealized gains on assets that are still held by the group are not taken into account in the LAT. The change does not impact other reporting units within Aegon as this change is specific to Aegon the Netherlands. The impact of the change in accounting policy on full year 2019, is an increase in net income of EUR 19 million, an increase in shareholders’ equity of EUR 19 million, a decrease in insurance contracts of EUR 25 million and an increase in other liabilities of EUR 6 million. As a result, the basic and diluted earnings per common share increased with EUR 0.01. The basic and diluted earnings per common share B as disclosed on the face on the income statement remain unchanged. Impact of the adjustment on previous periods is provided in the following tables, including references to the notes that are impacted by the change in accounting policy. Impact of voluntary changes in Note December 1) Change in December December 1) Change in December Net income / (loss) 711 - 711 2,469 - 2,469 Items that may be reclassified to profit or loss: Gains / (losses) on revaluation of available-for-sale (2,138 ) (4 ) (2,142 ) 1,283 93 1,376 Income tax relating to items that may be reclassified 493 1 494 951 (23 ) 927 Net effect comprehensive income (393 ) (3 ) (396 ) 431 70 501 Total comprehensive income / (loss) attributable to: Owners of Aegon N.V. (395 ) (3 ) (398 ) 435 70 505 Non-controlling 2 - 2 (3 ) - (3) 1 As reported in Aegon’s Annual Report on Form 20-F Impact of voluntary changes in Note December reported) 1) Change in December December reported) 1) Change in December Equity and liabilities Shareholders’ equity 30 19,225 (26 ) 19,200 20,288 (23 ) 20,266 Insurance contracts 34 115,294 34 115,328 110,818 30 110,848 Deferred tax liabilities 40 538 (9 ) 529 1,029 (8 ) 1,021 1 As reported in Aegon’s Annual Report on Form 20-F Impact of voluntary changes in Note December reported) 1) Change in December December reported) 1) Change in December Share capital 30.1 7,808 - 7,808 8,053 - 8,053 Retained earnings 30 9,657 - 9,657 9,374 - 9,374 Revaluation reserves 30.4 3,461 (26 ) 3,436 4,920 (23 ) 4,898 Remeasurement of defined benefit plans 30.5 (1,850 ) - (1,850 ) (1,669 ) - (1,669 ) Other reserves 30.6 149 - 149 (390 ) - (390 ) Shareholders’ equity 19,225 (26 ) 19,200 20,288 (23 ) 20,266 1 As reported in Aegon’s Annual Report on Form 20-F 2.1.3 Future adoption of new IFRS accounting standards and amendments The following standards and amendments to existing standards, published prior to January 1, 2020, were not early adopted by the Group, but will be applied in future years: Accounting standard/ amendment/ interpretation IASB effective Early Aegon Impact for Aegon IFRS 17 Insurance contracts January 1, 2021 No See below for comments IFRS 9 Financial instruments January 1, 2018 1) No See below for comments Amendments to IFRS 9 Financial instruments on prepayment features with negative compensation January 1, 2019 1) No See below for comments Amendments to References to the Conceptual Framework in IFRS Standards January 1, 2020 No Low Amendments to IFRS 3 Business Combinations January 1, 2020 No Low Amendments to IAS 1 and IAS 8: Definition of Material January 1, 2020 No Low 1 The amendments to IFRS 4, Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts, issued in September 2016, allow entities that issue insurance contracts within the scope of IFRS 4 to defer the implementation of IFRS 9 (and linked amendments ‘Amendments to IFRS 9 Financial instruments on prepayment features with negative compensation’). The amendments to IFRS 4 are further explained below. IFRS 9 Financial Instruments The IASB issued the complete version of IFRS 9 Financial Instruments in July 2014. IFRS 9 combines classification and measurement, the expected credit loss impairment model and hedge accounting. The standard replaces IAS 39 and all previous versions of IFRS 9. Under IFRS 9 Classification and Measurement, financial assets are measured at amortized cost, fair value through profit or loss or fair value through other comprehensive income, based on both the entity’s business model for managing the financial assets and the financial asset’s contractual cash flow characteristics. The classification and measurement of financial liabilities is unchanged from existing requirements apart from own credit risk. For financial liabilities that are designated at fair value through profit or loss, the changes which are attributable to the change in an entity’s own credit risk are presented in other comprehensive income, unless doing so would enlarge or create an accounting mismatch. For the impairment component, the IASB included requirements for a credit loss allowance or provision which should be based on expected losses rather than incurred losses. Application of IFRS 9 is required for annual periods beginning on or after January 1, 2018. However, on May 18, 2017, the IASB published the final version of the IFRS 17 Insurance Contracts standard. Prior to its finalization, the IASB issued an amendment to IFRS 4 Insurance Contracts (the predecessor standard to IFRS 17) that provides for a qualifying insurer a temporary exemption that permits, but does not require, the insurer to apply IAS 39 Financial Instruments: Recognition and Measurement rather than IFRS 9 for annual periods beginning before January 1, 2021 (i.e., a temporary exemption of IFRS 9). The objective of the amendment is to address the temporary accounting consequences of the different effective dates of IFRS 9 and IFRS 17. However, in November 2018, the IASB agreed to start the process to amend IFRS 17, which could lead to the temporary exemption from IFRS 9 to be extended until January 1, 2022. As this decision is still subject to IASB due process, this could lead to another year of deferral. An entity is eligible to apply the temporary exemption if the carrying amount of its liabilities connected with insurance activities is ◆ Greater than 90% of the total carrying value of all liabilities; or ◆ Between 80% and 90% of the total carrying value of all its liabilities, and the insurer does not have significant activities unrelated to insurance. Aegon performed this analysis at December 31, 2015, and concluded that it meets the requirements for the temporary exception as 94% of its liabilities are connected with insurance activities. As a result, Aegon elected to make use of the temporary exemption of IFRS 9. As Aegon defers the application of IFRS 9 (including linked amendments as included in above table), the full impact of the standard is not yet clear, however an initial impact assessment resulted in the expectation that it will have a significant impact on shareholders’ equity, income and/or other comprehensive income and disclosures. An implementation project was started in 2017 and is combined with the implementation of IFRS 17 Insurance Contracts. By qualifying for and electing the temporary exemption, the IFRS 4 amendment requires certain additional disclosures; specifically, Aegon is required to disclose information to enable users of financial statements to compare insurers applying the temporary exemption with entities applying IFRS 9. This information is presented below: Fair value changes The table below presents an overview of the fair value of the classes of financial assets as of December 31, 2019, as well as the change in fair value during the reporting period. The asset classes are divided into two categories: ◆ SPPI: assets of which cash flows represent solely payments of principal and interest (SPPI) on an outstanding principal amount, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis; and ◆ Other: all financial assets other than those specified in SPPI: ◆ with contractual terms that do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; ◆ that meet the definition of held for trading in IFRS 9; or ◆ that are managed and whose performance are evaluated on a fair value basis. 2019 2018 Financial assets at fair value Fair value at Change in fair Fair value at Change in fair value during the reporting period Shares 1) SPPI 70 1 68 (2 ) Other 810 54 2,092 87 Debt securities SPPI 82,014 6,218 76,283 (2,997 ) Other 4,839 (770 ) 4,970 (123 ) Money Markets and other short-term investments SPPI 2,724 - 3,126 - Other 2,603 - 3,181 - Mortgage loans SPPI 42,567 930 39,758 (1,213 ) Other - - - - Private loans SPPI 5,152 284 4,452 (63 ) Other 200 (18 ) 42 (5 ) Deposits with financial institutions SPPI 142 - 141 - Other - - - - Policy loans SPPI - - - - Other 2,024 - 1,973 - Other financial assets SPPI 36 - 111 - Other 5,388 (100 ) 3,637 (210 ) At December 31 148,570 6,598 139,834 (4,525 ) 1 The SPPI-compliant shares include preferred equity instruments. Cash and cash equivalents, deposits with financial institutions, and receivables all pass the SPPI test and are held at amortized cost, whereby the amortized cost is assumed to approximate fair value due to the short-term nature of the assets. For movement schedules of these financial assets, refer to respective notes. The fair value at the end of the reporting period in the table reconciles back to the respective table in note 22.1 Financial assets, excluding derivatives. Credit Risk The table below details the credit risk rating grades, as of December 31, 2019, for financial assets with cash flows that are SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis. The tables show the carrying value of those financial assets applying IAS 39 (in the case of financial assets measured at amortized cost, before adjusting for any impairment allowances). SPPI compliant financial assets at AAA AA A BBB BB B CCC or Not Total 2019 Shares – Carried at fair value - - - 43 27 - - - 70 Debt securities – Carried at fair value 26,723 8,989 20,112 22,296 1,364 1,244 1,283 3 82,014 Money market and other short-term investments – carried at fair value 255 193 2,164 112 - - - - 2,724 Mortgage loans – Carried at amortized cost 1,311 3,671 3,580 369 15 4 - 29,574 38,524 Private loans – Carried at amortized cost 1,799 82 198 970 49 - - 1,383 4,479 Other financial assets – Carried at fair value - - 57 10 33 38 - 40 177 At December 31 30,088 12,933 26,111 23,800 1,487 1,285 1,283 31,000 127,988 2018 Shares – Carried at fair value - - - 42 9 17 - - 68 Debt securities – Carried at fair value 25,637 9,224 17,057 20,330 1,480 1,159 1,395 - 76,283 Money market and other short-term investments – carried at fair value 55 158 2,561 351 - - - - 3,126 Mortgage loans – Carried at amortized cost 941 3,204 3,567 266 15 - - 28,647 36,639 Private loans – Carried at amortized cost 1,611 83 261 924 52 - - 1,136 4,068 Other financial assets – Carried at fair value - - 64 12 44 61 1 70 252 At December 31 28,244 12,670 23,510 21,925 1,601 1,237 1,396 29,853 120,436 As no external ratings are available for residential mortgage loans, the residential portfolio is included under ‘Not rated’. For assets that do not have low credit risk (rated BB or below) and of which cash flows represent SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis, the table below provides the credit risk exposure from the financial assets held by Aegon 1 2019 2018 SPPI compliant financial assets with no low credit risk Carrying amount Fair value Carrying amount Fair value Shares – Carried at fair value 27 27 26 26 Debt securities – Carried at fair value 3,894 3,894 4,035 4,035 Mortgage loans – Carried at amortized cost 29,593 33,132 28,661 31,711 Private loans – Carried at amortized cost 1,431 1,488 1,189 1,225 Deposits with financial institutions – Carried at amortized cost 76 76 70 70 Other financial assets – Carried at fair value 35 35 106 106 At December 31 35,056 38,652 34,087 37,173 Investments in joint ventures and associates All Aegon’s equity accounted investments remain to apply IAS 39. Except AMVEST Vastgoed B.V. (AMVEST), Aegon does not hold any other individually material joint-venture nor associate. As most of AMVEST financial assets are measured at fair value through profit or loss, there is no material difference between the financial statements of AMVEST under IFRS 9 and IAS 39. As the remaining joint ventures and associates are not material on a consolidated level, the additional information required by IFRS 4 for electing the temporary exemption is not disclosed for these entities. Subsidiaries and joint ventures applying IFRS 9 in their statutory account s Information on the adoption of IFRS 9 by principal subsidiaries and joint ventures that for statutory purposes cannot elect to defer the effective date of IFRS 9 can be found in the publicly available statutory annual reports on www.aegon.nl and/or the Chamber of Commerce. This information is not part of the audited consolidated financial statements of Aegon N.V.. The related entities are: ◆ Aegon Bank N.V. ◆ Aegon Hypotheken B.V. ◆ Aegon Asset Management Holding B.V. ◆ Amvest Vastgoed B.V. 1 Mortgage loans with no low credit risk are defined as being more than 90 days past due, in line with regulatory guidelines. IFRS 17 Insurance Contracts The IASB issued IFRS 17 Insurance Contracts in May 2017. The Standard will replace IFRS 4, which was intended as an interim solution and allowed insurers to continue to use accounting principles that they had applied prior to the initial adoption of IFRS. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued, reinsurance contracts held and investment contracts with discretionary participating features issued. The objective of the Standard is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information should provide users of financial statements with a basis to assess the effects that the contracts have on the financial position, financial performance and cash flows of the insurer. The Standard also specifies presentation and disclosure requirements to enhance comparability between insurance companies. In November 2018, the IASB agreed to start the process to amend IFRS 17 to defer the mandatory effective date of IFRS 17 by one year (original effective date was January 1, 2021). Subject to IASB due process, entities will be required to apply IFRS 17 for annual periods beginning on or after January 1, 2022. The IASB noted that given the considerations of the proposed amendments to IFRS 17 of June 2019, and in light of the criteria for assessing them, any such potential amendments could take a year to finalize. A final Standard is expected by the IASB to be issued in June 2020. As a consequence of the IFRS 17 deferral, the IASB also agreed to revise the fixed expiry date of the temporary exemption from IFRS 9 in IFRS 4 to allow entities to continue applying the temporary exemption from IFRS 9 until January 1, 2022. As this decision is still subject to IASB due process, this could lead to another year of deferral. The Standard represents a fundamental change to current financial reporting and the implementation effort is expected to be significant. Early adoption of the standard is therefore not expected. An implementation project was started soon after the publication of the new Standard. Currently no final decisions have been made as to the accounting policy options provided in IFRS 17 as a consequence of awaiting the final amendments and the outcome of quantitative studies intended to be performed subsequently, however, it is expected that the impact of the initial application on Aegon’s financial statements is significant. 2.1.4 Future adoption of voluntary change in accounting policy Reinsurance accounting As of January 1, 2020, Aegon will voluntarily change its accounting policy for the deferred cost of reinsurance. A deferred cost of reinsurance is established when Aegon enters into a reinsurance transaction, except for reinsurance transactions that are entered into as part of a plan to exit a business. Until 2019, the amortization of the deferred cost of reinsurance is based solely on assumptions relating to the underlying insurance contracts. As of January 1, 2020, for products sold in the Americas and Asia where the amortization is based on expected gross profit margins (EGPs), these EGPs will be net of reinsurance (i.e. net of actual reinsurance cash flows that exceed expected reinsurance cash flows). Additionally, the reinsurance cash flows used to calculate the amortization rate will be unlocked prospectively. The accounting policy on the amortization of similar intangibles, such as deferred policy acquisition costs, will be updated accordingly. The new policy will be adopted because it better reflects the economics of Aegon’s reinsurance transactions and aligns to current market practice. The previous accounting policy would have resulted in significant income volatility in the event of incurred claims with large sums insured, despite the fact that a significant part of the losses is reinsured. As no recent death claims with large sum insured have occurred prior to 2020, the impact of this policy change on shareholders’ equity per January 1, 2020 is not significant. 2.2 Basis of consolidation Subsidiaries The consolidated financial statements include the financial statements of Aegon N.V. and its subsidiaries. Subsidiaries (including consolidated structured entities) are entities over which Aegon has control. Aegon controls an entity when Aegon is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The assessment of control is based on the substance of the relationship between the Group and the entity and, among other things, considers existing and potential voting rights that are substantive. For a right to be substantive, the holder must have the practical ability to exercise that right. The subsidiary’s assets, liabilities and contingent liabilities are measured at fair value on the acquisition date and are subsequently accounted for in accordance with the Group’s accounting policies, which is consistent with IFRS. Intra-group transactions, including Aegon N.V. shares held by subsidiaries, which are recognized as treasury shares in equity, are eliminated. Intra-group losses may indicate an impairment that requires recognition in the consolidated financial statements. Non-controlling at their share in the fair value of the net assets on the acquisition date and subsequently adjusted for the non-controlling The excess of the consideration paid to acquire the interest and the fair value of any interest already owned, over the Group’s share in the net fair value of assets, liabilities and contingent liabilities acquired is recognized as goodwill. Negative goodwill is recognized directly in the income statement. If the fair value of the assets, liabilities and contingent liabilities acquired in the business combination has been determined provisionally, adjustments to these values resulting from the emergence of new evidence within 12 months after the acquisition date are made against goodwill. Aegon recognized contingent considerations either as provision or as financial liability depending on the characteristics. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in the income statement. The identifiable assets, liabilities and contingent liabilities are stated at fair value when control is obtained. Subsidiaries are deconsolidated when control ceases to exist. Any difference between the net proceeds plus the fair value of any retained interest and the carrying amount of the subsidiary including non-controlling Transactions with non-controlling Transactions with non-controlling non-controlling non-controlling Investment funds Investment funds managed by the Group in which the Group holds an interest are consolidated in the financial statements if the Group has power over that investment fund and it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, all interests held by the Group in the fund are considered, regardless of whether the financial risk related to the investment is borne by the Group or by the policyholders (unless a direct link between the policyholder and the fund can be assumed). In determining whether Aegon has power over an investment fund all facts and circumstances are considered, including the following: ◆ Control structure of the asset manager (i.e. whether an Aegon subsidiary); ◆ The investment constraints posed by investment mandate; ◆ Legal rights held by the policyholder to the separate assets in the investment vehicle (e.g. policyholders could have the voting rights related to these investments); ◆ The governance structure, such as an independent board of directors, representing the policyholders, which has substantive rights (e.g. to elect or remove the asset manager); and ◆ Rights held by other parties (e.g. voting rights of policyholders that are substantive or not). Exposure or rights to variability of returns can be the result of, for example: ◆ General account investment of Aegon; ◆ Aegon’s investments held for policyholder; ◆ Guarantees provided by Aegon on return of policyholders in specific investment vehicles; ◆ Fees dependent on fund value (including, but not limited to, asset management fees); and ◆ Fees dependent on performance of the fund (including, but not limited to, performance fees). Investment funds where Aegon acts as an agent are not consolidated due to lack of control of the funds. In particular, for some separate accounts, the independent board of directors has substantive rights and therefore Aegon does not have power over these separate accounts but acts as an agent. For limited partnerships, the assessment takes into account Aegon’s legal position (i.e. limited partner or general partner) and any substantive removal rights held by other parties. Professional judgment is applied concerning the substantiveness of the removal rights and the magnitude of the exposure to variable returns, leading to the conclusion that |
Aegon N.V [member] | |
Statement [LineItems] | |
Significant accounting policies | 2 Significant accounting policies The financial statements have been prepared in accordance with accounting principles in the Netherlands as embodied in Part 9 of Book 2 of the Netherlands Civil Code. In accordance with 2:362.8 of the Dutch Civil Code, the Company’s financial statements are prepared based on the accounting principles of recognition, measurement and determination of profit, as applied in the consolidated financial statements. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities. The group companies are stated at their net asset value, determined on the basis of the consolidated accounting policies as applied in the consolidated financial statements of the Group. For details on the accounting policies applied for the group companies refer to the consolidated financial statements. Revaluation account includes unrealized gains and losses on available-for-sales Legal reserves in respect of group companies include net increases in net asset value of subsidiaries and associates since their first inclusion, less any amounts that can be distributed without legal restrictions. A reference is made to Note 2 Significant accounting policies of the consolidated financial statements for the description of the accounting policies applied. |
Critical accounting estimates a
Critical accounting estimates and judgment in applying accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Critical accounting estimates and judgment in applying accounting policies | 3 Critical accounting estimates and judgment in applying accounting policies Application of the accounting policies in the preparation of the financial statements requires management to apply judgment involving assumptions and estimates concerning future results or other developments, including the likelihood, timing or amount of future transactions or events. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts and disclosures that require extensive use of estimates are: fair value of certain invested assets and derivatives, deferred policy acquisition costs (please refer to paragraph 2.13), value of business acquired and other purchased intangible assets (please refer to paragraph 2.6), goodwill (please refer to paragraph 2.6), policyholder claims and benefits (please refer to paragraph 2.29), insurance guarantees (please refer to paragraph 2.19), pension plans (please refer to paragraph 2.22), income taxes (please refer to paragraph 2.24) and the potential effects of resolving litigation matters (please refer to paragraph 2.25). Accounting policies that are critical to the financial statement presentation and that require complex estimates or significant judgment are described in the following sections. Valuation of assets and liabilities arising from life insurance contracts The valuation of certain assets and liabilities arising from insurance contracts is developed using complex valuation models. The liability for life insurance contracts with guaranteed or fixed account terms is either based on current assumptions, on the assumptions established at inception of the contract, reflecting the best estimates at the time increased with a margin for adverse deviation, or on the valuation assumptions (historical cost), without risk margin. All contracts are subject to liability adequacy testing which reflects management’s current estimates of future cash flows (including investment returns). To the extent that the liability is based on current assumptions, a change in assumptions will have an immediate impact on the income statement. Also, if a change in assumption results in not passing the liability adequacy test, the entire deficiency is recognized in the income statement. To the extent that the deficiency relates to unrealized gains and losses on available-for-sale Aegon the Netherlands, as required locally, adjusts the outcome of the liability adequacy test for the difference between the fair value and the book value of the assets that are measured at amortized cost in the statement of financial position. Mortgage loans is the primary asset class for which the difference between the fair value and the book value of assets impacts the LAT. For details on the fair value (measurement) of Aegon’s assets and liabilities, please refer to note 44 Fair value. Some insurance contracts without a guaranteed or fixed contractual term contain guaranteed minimum benefits. Depending on the nature of the guarantee, it may either be bifurcated and presented as a derivative, or be reflected in the value of the insurance liability in accordance with local accounting principles. Given the dynamic and complex nature of these guarantees, stochastic techniques under a variety of market return scenarios are often used for measurement purposes. Such models require management to make numerous estimates based on historical experience and market expectations. Changes in these estimates will immediately affect the income statement. In addition, certain acquisition costs related to the sale of new policies and the purchase of policies already in force are recorded as DPAC and VOBA assets respectively, and are amortized to the income statement over time. If the assumptions relating to the future profitability of these policies are not realized, the amortization of these costs could be accelerated and may require write-offs due to unrecoverability. Actuarial and economic assumptions The main assumptions used in measuring DPAC, VOBA and the liabilities for life insurance contracts with fixed or guaranteed terms relate to mortality, morbidity, investment return and future expenses. Depending on local accounting principles, surrender, lapse, and utilization rates may be considered. Mortality tables applied are generally developed based on a blend of company experience and industry wide studies, taking into consideration product characteristics, own risk selection criteria, target market and past experience. Mortality experience is monitored through regular studies, the results of which are fed into the pricing cycle for new products and reflected in the liability calculation when appropriate. For contracts insuring survivorship or mortality, allowance may be made for further longevity or mortality improvements. Morbidity assumptions are based on own claims severity and frequency experience, adjusted where appropriate for industry information. Investment assumptions are prescribed by the local regulator, market observable or based on management’s future expectations. In the latter case, the anticipated future investment returns are set by management on a countrywide basis, considering available market information and economic indicators. A significant assumption related to estimated gross profits on variable annuities and variable life insurance products in the United States and some of the smaller countries, is the annual long-term growth rate of the underlying assets. The reconsideration of this assumption may affect the original DPAC or VOBA amortization schedule, referred to as DPAC or VOBA unlocking. The difference between the original DPAC or VOBA amortization schedule and the revised schedule, which is based on actual and estimates of future gross profits, is recognized in the income statement as an expense or a benefit in the period of determination. Assumptions on future expenses are based on the current level of expenses, adjusted for expected expense inflation if appropriate. In Aegon the Netherlands, the expense basis makes an allowance for planned future cost savings, which are included in the liability adequacy test. Surrender and lapse rates depend on product features, policy duration and external circumstances such as the interest rate environment and competitor behavior. For policies with account value guarantees based on equity market movements, a dynamic lapse assumption is utilized to reflect policyholder behavior based on whether the guarantee is in the money. Own experience, as well as industry published data, are used in establishing assumptions. Lapse experience is correlated to mortality and morbidity levels, as higher or lower levels of surrenders may indicate future claims will be higher or lower than anticipated. Such correlations are accounted for in the mortality and morbidity assumptions based on the emerging analysis of experience. Actuarial assumption and model updates Assumptions are reviewed periodically in the second quarter for the US and Asia and in the fourth quarter for Europe, based on historical experience, observable market data, including market transactions such as acquisitions and reinsurance transactions, anticipated trends and legislative changes. Similarly, the models and systems used for determining our liabilities are reviewed periodically and, if deemed necessary, updated based on emerging best practices and available technology. During 2019, Aegon implemented actuarial assumption and model updates resulting in a net EUR 196 million charge to income before tax (2018: EUR 121 million charge). Refer to note 5 Segment information for further details. For the years 2017 through 2019, Aegon kept its long-term equity market return assumption for the estimated gross profits on variable life and variable annuity products in the Americas at 8%. During the three year period, the long-term assumption for 10-year 90-day 90-day Sensitivities Please note that the sensitivities listed in the disclosures below represent sensitivities to Aegon’s position at the balance sheet date for the respective years. The sensitivities reflect single shocks where other elements remain unchanged. Real world market impacts (e.g. lower interest rates and declining equity markets) may happen simultaneously which can lead to more severe combined impacts and may not be equal to the sum of the individual sensitivities presented in the disclosure. Sensitivity on variable annuities and variable life insurance products in the United States A 1% decrease in the expected long-term equity growth rate with regard to Aegon’s variable annuities and variable life insurance products in the United States would result in a decrease in DPAC and VOBA balances and reserve strengthening of approximately EUR 111 million (2018: EUR 148 million). The DPAC and VOBA balances for these products in the United States amounted to EUR 2.7 billion at December 31, 2019 (2018: EUR 2.6 billion). A relative increase of 10% to the mortality assumption was used, dependent on product and characteristics of the block of business, would reduce net income by approximately EUR 204 million (2018: EUR 207 million). A relative 20% increase in the lapse rate assumption would increase net income by approximately EUR 126 million (2018: EUR 89 million). Any reasonably possible changes in the other assumptions Aegon uses to determine EGP margins (i.e. maintenance expenses) would reduce net income by less than EUR 13 million (2018: EUR 9 million). Sensitivity on long term care products (LTC) in the United States Sensitivities of significant product liability assumptions on the LTC IFRS after-tax A 5% increase in the incidence rates with regard to Aegon’s long term care products would result in a GPV increase of approximately EUR 178 million (2018: EUR 170 million). A 5% decrease in the incidence rates with regard to Aegon’s long term care products would result in a GPV decrease of approximately EUR 178 million (2018: EUR 170 million). Removing the morbidity improvement, which is a component of the incidence assumption, would result in a GPV increase of approximately EUR 535 million (2018: EUR 500 million), of which EUR 445 million (2018: EUR 425 million) relates to the loss recognition block. Reducing mortality 10% would result in a GPV increase of approximately EUR 89 million (2018: EUR 85 million). Increasing mortality 10% would result in a GPV decrease of approximately EUR 89 million (2018: EUR 85 million). Removing future mortality improvement would result in a GPV decrease of approximately EUR 89 million (2018: EUR 85 million). Sensitivity on liability adequacy test (LAT) in the Netherlands At December 31, 2019 the liability adequacy test (LAT) of Aegon the Netherlands resulted in a deficiency driven by market movements in 2019. The LAT assesses the adequacy of the insurance liabilities by comparing them to their fair value. Aegon the Netherlands adjusts the outcome of the LAT for certain unrealized gains in the bond portfolio and certain differences between the fair value and the book value of assets measured at amortized cost, mainly residential mortgages (shadow loss recognition). Please also refer to Note 2.19f Liability adequacy testing for further details on the accounting policy. The LAT deficit per December 31, 2019 in Aegon the Netherlands amounted to EUR 5.1 billion, which was partially offset by the shadow loss recognition of EUR 3.4 billion, resulting in a net deficit of EUR 1.7 billion. During 2019 the outcome of the liability adequacy test in Aegon the Netherlands triggered a review of the existing sensitivities. As a result, starting from 2019, Aegon discloses sensitivities on interest rate, bond credit spread, mortgage spread and liquidity premium assumptions to assess the impact on the LAT test, without taking into account the impact of shadow loss recognition. The results are indicated below: An increase of 100 bps in interest rate would result in a decrease in LAT deficit of EUR 3.5 billion. A decrease of 100 bps would result in an increase in LAT deficit of approximately EUR 4.7 billion. Increasing 50 bps in bond credit spread would lead to an increase in LAT deficit of EUR 0.2 billion. A decrease of 50 bps would result in a decrease in LAT deficit of EUR 0.2 billion. A 50 bps increase in mortgage spread would result in an increase in LAT deficit of EUR 0.6 billion. A 50 bps decrease would result in a decrease in LAT deficit of EUR 0.6 billion. A shift up or down by 5 bps in liquidity premium would not result in a significant movement in the LAT deficit . Given the LAT deficit at December 31, 2019, the above mentioned results would be reflected directly in the income statement. This impact on the income statement will be partially offset by the application of shadow loss recognition, triggered by the interest rate shock. Determination of fair value and fair value hierarchy The following is a description of Aegon’s methods of determining fair value, and a quantification of its exposure to assets and liabilities measured at fair value . Fair value is defined as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either: ◆ In the principal market for the asset or liability; or ◆ In the absence of a principal market, in the most advantageous market for the asset or liability. Aegon uses the following hierarchy for measuring and disclosing of the fair value of assets and liabilities: ◆ Level I: quoted prices (unadjusted) in active markets for identical assets or liabilities that Aegon can access at the measurement date; ◆ Level II: inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices of identical or similar assets and liabilities) using valuation techniques for which all significant inputs are based on observable market data; and ◆ Level III: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) using valuation techniques for which any significant input is not based on observable market data. The best evidence of fair value is a quoted price in an actively traded market. In the event that the market for a financial instrument is not active or quoted market prices are not available, a valuation technique is used. The degree of judgment used in measuring the fair value of assets and liabilities generally inversely correlates with the level of observable valuation inputs. Aegon maximizes the use of observable inputs and minimizes the use of unobservable valuation inputs when measuring fair value. Financial instruments, for example, with quoted prices in active markets generally have more pricing observability and therefore less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. The assets and liabilities categorization within the fair value hierarchy is based on the lowest input that is significant to the fair value measurement. An active market is one in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The judgment as to whether a market is active may include, although not necessarily determinative, lower transaction volumes, reduced transaction sizes and, in some cases, no observable trading activity for short periods. In inactive markets, assurance is obtained that the transaction price provides evidence of fair value or it is determined that adjustments to transaction prices are necessary to measure the fair value of the instrument. The majority of valuation techniques employ only observable market data, and so the reliability of the fair value measurement is high. However, certain assets and liabilities are valued on the basis of valuation techniques that feature one or more significant market inputs that are unobservable and, for such assets and liabilities, the derivation of fair value is more judgmental. An instrument is classified in its entirety as valued using significant unobservable inputs (Level III) if, in the opinion of management, a significant proportion of the instrument’s carrying amount is driven by unobservable inputs. ‘Unobservable’ in this context means that there is little or no current market data available from which to determine the price at which an at arm’s length transaction would be likely to occur. It generally does not mean that there is no market data available at all upon which to base a determination of fair value. Additional information is provided in the table headed ‘Effect of changes in significant unobservable assumptions to reasonably possible alternatives’ in note 44 Fair Value. While Aegon believes its valuation techniques are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain instruments (both financial and non-financial) The valuation techniques applied to financial instrument affected by IBOR reforms remain consistent with those of other market participants, and the uncertainty on the outcome of the reforms has not affected the classification of the instruments. To operationalize Aegon’s fair value hierarchy, individual instruments (both financial and non-financial) |
Financial risks
Financial risks | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial risks | 4 Financial risks General As an insurance group, Aegon is exposed to a variety of risks. Aegon’s largest exposures are to changes in financial markets (e.g. foreign currency, interest rate, credit and equity market risks) that affect the value of the investments, liabilities from products that Aegon sells, deferred expenses and value of business acquired. Other risks include insurance related risks, such as changes in mortality, morbidity, bond credit spread and liquidity premium, which are discussed in note 34 Insurance contracts. Aegon manages risk at local level where business is transacted, based on principles and policies established at the Group level. Aegon’s integrated approach to risk management involves similar measurement of risk and scope of risk coverage to allow for aggregation of the Group’s risk position. To manage its risk exposure, Aegon has risk policies in place. Many of these policies are group-wide while others are specific to the unique situation of local businesses. The Group level policies limit the Group’s exposure to major risks such as equity, interest rates, credit, and currency. The limits in these policies in aggregate remain within the Group’s overall tolerance for risk and the Group’s financial resources. Operating within this policy framework, Aegon employs risk management programs including asset liability management (ALM) processes and models and hedging programs (which are largely conducted via the use of financial derivative instruments). These risk management programs are in place in each country unit and are not only used to manage risk in each unit, but are also part of the Group’s overall risk strategy. Aegon operates a Derivative Use Policy to govern its usage of derivatives. This policy establishes the control, authorization, execution and monitoring requirements of the usage of such instruments. In addition, the policy stipulates necessary mitigation of credit risk created through derivatives management tools. For derivatives, counterparty credit risk is normally mitigated by requirements to post collateral via credit support annex agreements or through a central clearinghouse. As part of its risk management programs, Aegon takes inventory of its current risk position across risk categories. Aegon also measures the sensitivity of net income and shareholders’ equity under both deterministic and stochastic scenarios. Management uses the insight gained through these ‘what if?’ scenarios to manage the Group’s risk exposure and capital position. The models, scenarios and assumptions used are reviewed regularly and updated as necessary. Results of Aegon’s sensitivity analyses are presented throughout this section to show the estimated sensitivity of net income and shareholders’ equity to various scenarios. For each type of market risk, the analysis shows how net income and shareholders’ equity would have been affected by changes in the relevant risk variable that were reasonably possible at the reporting date. For each sensitivity test the impact of a reasonably possible change in a single factor is shown. Management action is taken into account to the extent that it is part of Aegon’s regular policies and procedures, such as established hedging programs. However, incidental management actions that would require a change in policies and procedures are not considered. Each sensitivity analysis reflects the extent to which the shock tested would affect management’s critical accounting estimates and judgment in applying Aegon’s accounting policies. Market-consistent assumptions underlying the measurement of non-listed The accounting mismatch inherent in IFRS is also apparent in the reported sensitivities. A change in interest rates has an immediate impact on the carrying amount of assets measured at fair value. However, the shock will not have a similar effect on the carrying amount of the related insurance liabilities that are measured based on locked-in ‘available-for-sale’, Unrealized gains and losses on these assets are not recognized in the income statement but are booked through other comprehensive income to the revaluation reserves in shareholders’ equity, unless impaired. As a result, economic sensitivities predominantly impact shareholders’ equity but leave net income unaffected. The effect of movements of the revaluation reserve on capitalization ratios and capital adequacy are minimal. Aegon’s target ratio for the composition of its capital base is based on shareholders’ equity excluding the revaluation reserve. The sensitivities do not reflect what the net income for the period would have been if risk variables had been different because the analysis is based on the exposures in existence at the reporting date rather than on those that actually occurred during the year. Nor are the results of the sensitivities intended to be an accurate prediction of Aegon’s future shareholders’ equity or earnings. The analysis does not take into account the impact of future new business, which is an important component of Aegon’s future earnings. It also does not consider all methods available to management to respond to changes in the financial environment, such as changing investment portfolio allocations or adjusting premiums and crediting rates. Furthermore, the results of the analyses cannot be extrapolated for wider variations since effects do not tend to be linear. Concentration risk for financial risks are measured and managed at the following levels: ◆ Concentration per risk type: Risk exposures are measured per risk type as part of Aegon’s internal economic framework. A risk tolerance framework is in place which sets risk limits per risk type to target desired risk balance and promote diversification across risk types; ◆ Concentration per counterparty: Risk exposure is measured and risk limits are in place per counterparty as part of the Counterparty Name Limit Policy; and ◆ Concentration per sector, geography and asset class: Aegon’s investment strategy is translated in investment mandates for its internal and external asset managers. Through these investment mandates limits on sector, geography and asset class are set. Compliance monitoring of the investment mandates is done by the insurance operating companies. Moreover, concentration of financial risks are measured in Aegon business planning cycle. As part of business planning, the resilience of Aegon’s business strategy is tested in several extreme event scenarios. In the Adverse Financial scenario, financial markets are stressed without assuming diversification across different market factors. Within the projection certain management actions may be implemented when management deems this necessary. Aegon’s significant financial risks and related financial information are explained in the order as follows: ◆ Credit risk ◆ Equity market risk and other investment risks ◆ Interest rate risk ◆ Currency exchange risk ◆ Liquidity risk Credit risk As premiums and deposits are received, these funds are invested to pay for future policyholder obligations. For general account products, Aegon typically bears the risk for investment performance which is equal to the return of principal and interest. Aegon is exposed to credit risk on its general account fixed-income portfolio (debt securities, mortgages and private placements), over-the-counter The table that follows shows the Group’s maximum exposure to credit risk from investments in general account financial assets, as well as general account derivatives and reinsurance assets, collateral held and net exposure. Please refer to note 45 and 46 for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk. 2019 Maximum Cash Securities Letters of Real Master Other Total Surplus Net Debt securities - carried at fair value 86,853 - - 267 - - - 267 - 86,586 Money market and other short-term investments - carried at fair value 5,327 - 363 - - - - 363 23 4,987 Mortgage loans - carried at amortized cost 37,750 2,648 - 65 61,159 - - 63,872 26,249 127 Private loans - carried at amortized cost 4,487 51 - - - - - 51 - 4,436 Other loans - carried at amortized cost 2,353 - - - - - 2,008 2,008 1,329 1,674 Other financial assets - carried at fair value 4,083 - - - - - - - - 4,083 Derivatives 10,658 2,666 47 31 - 8,186 - 10,930 283 10 Reinsurance assets 20,835 - 3,884 105 - - - 3,989 - 16,845 At December 31 172,346 5,365 4,294 468 61,159 8,186 2,008 81,481 27,884 118,749 2018 Maximum Cash Securities Letters of Real Master Other Total Surplus Net Debt securities - carried at fair value 81,253 - - 169 - - - 169 - 81,084 Money market and other short-term investments - carried at fair value 6,307 - 484 - - - - 484 29 5,852 Mortgage loans - carried at amortized cost 36,240 2,535 - 136 57,009 - - 59,680 23,589 149 Private loans - carried at amortized cost 4,103 45 - - - - - 45 - 4,058 Other loans - carried at amortized cost 2,310 - - - - - 1,960 1,960 1,238 1,589 Other financial assets - carried at fair value 3,551 - - - - - - - - 3,551 Derivatives 7,337 2,627 233 31 - 4,606 - 7,496 225 66 Reinsurance assets 20,505 - 4,035 104 - - - 4,139 - 16,366 At December 31 161,607 5,207 4,752 439 57,009 4,606 1,960 73,972 25,081 112,715 Debt securities Several bonds in Aegon’s Americas’ portfolio are guaranteed by Monoline insurers. This is shown in the table above in the column ‘Letters of credit / guarantees’. Further information on the Monoline insurers is provided below under ‘Monoline insurers’. Money market and short-term investments The collateral reported for the money market and short-term investments are related to tri-party tri-party Mortgage loans The real estate collateral for mortgages includes both residential and commercial properties. The collateral for commercial mortgage loans in Aegon Americas is measured at fair value. At a minimum on an annual basis, a fair value is estimated for each individual real estate property that has been pledged as collateral. When a loan is originally provided, an external appraisal is obtained to estimate the value of the property. In subsequent years, the value is typically estimated internally using various professionally accepted valuation methodologies. Internal appraisals are performed by qualified, professionally accredited personnel. International valuation standards are used and the most significant assumptions made during the valuation of real estate are the current cost of reproducing or replacing the property, the value that the property’s net earning power will support, and the value indicated by recent sales of comparable properties. Valuations are primarily supported by market evidence. For Aegon the Netherlands, collateral for the residential mortgages is measured as the foreclosure value which is indexed periodically. Cash collateral for mortgage loans includes the savings that have been received to redeem the underlying mortgage loans at redemption date. These savings are part of the credit side of the statement of financial position, but reduce the credit risk for the mortgage loan as a whole. A substantial part of Aegon’s Dutch residential mortgage loan portfolio benefits from guarantees by a Dutch government-backed trust (Stichting Waarborgfonds Eigen Woning) through the Dutch Mortgage loan Guarantee program (NHG). With exception of NHG-backed Derivatives The master netting agreements column in the table relates to derivative liability positions which are used in Aegon’s credit risk management. The offset in the master netting agreements column includes balances where there is a legally enforceable right of offset, but no intention to settle these balances on a net basis under normal circumstances. As a result, there is a net exposure for credit risk management purposes. However, as there is no intention to settle these balances on a net basis, they do not qualify for net presentation for accounting purposes. Reinsurance assets The collateral related to the reinsurance assets include assets in trust that are held by the reinsurer for the benefit of Aegon. The assets in trust can be accessed to pay policyholder benefits in the event the reinsurers fail to perform under the terms of their contract. Further information on the related reinsurance transactions is included in note 26 Reinsurance assets. Other loans The collateral included in the other column represents the policyholders account value for policy loans. The excess of the account value over the loan value is included in the surplus collateral column. For further information on the policy loans refer to note 22.1 Financial assets, excluding derivatives. The total collateral includes both under- and over-collateralized positions. To present a net exposure of credit risk, the over-collateralization, which is shown in the surplus collateral column, is extracted from the total collateral. Credit risk management Aegon manages credit risk exposure by individual counterparty, sector and asset class, including cash positions. Normally, Aegon mitigates credit risk in derivative contracts by entering into credit support agreement, where practical, and in ISDA master netting agreements for most of Aegon’s legal entities to facilitate Aegon’s right to offset credit risk exposure. Main counterparties to these transactions are investment banks which are typically rated ‘A’ or higher. The credit support agreement will normally dictate the threshold over which collateral needs to be pledged by Aegon or its counterparty. Transactions requiring Aegon or its counterparty to post collateral are typically the result of derivative trades, comprised mostly of interest rate swaps, equity swaps, currency swaps and credit swaps. Collateral received is mainly cash (USD and EUR). The credit support agreements that outline the acceptable collateral require high-quality instruments to be posted. Over the last three years, there was no default with any derivatives counterparty. The credit risk associated with financial assets subject to a master netting agreement is eliminated only to the extent that financial liabilities due to the same counterparty will be settled after the assets are realized. Eligible derivative transactions are traded via Central Clearing Houses as required by EMIR and the Dodd-Frank act. Credit risk in these transactions is mitigated through posting of initial and variation margins. Aegon may also mitigate credit risk in reinsurance contracts by including downgrade clauses that allow the recapture of business, retaining ownership of assets required to support liabilities ceded or by requiring the reinsurer to hold assets in trust. For the resulting net credit risk exposure, Aegon employs deterministic and stochastic credit risk modeling in order to assess the Group’s credit risk profile, associated earnings and capital implications due to various credit loss scenarios. Aegon operates a Credit Name Limit Policy (CNLP) under which limits are placed on the aggregate exposure that it has to any one counterparty. Limits are placed on the exposure at both group level and individual country units. The limits also vary by a rating system, which is a composite of the main rating agencies (S&P, Moody’s and Fitch) and Aegon’s internal rating of the counterparty. If an exposure exceeds the stated limit, then the exposure must be reduced to the limit for the country unit and rating category as soon as possible. Exceptions to these limits can only be made after explicit approval from Aegon’s Group Risk and Capital Committee (GRCC). The policy is reviewed regularly. At December 31, 2019, there were two violations of the Credit Name Limit Policy at Group level (December 31, 2018: nil). These related to Bank of America and Republic of Turkey. The Bank of America violation was addressed in early 2020 and the Turkey violation is being monitored. At December 31, 2019, Aegon’s largest corporate credit exposures are to Wilton Re Holdings Ltd, American United Mutual Insurance, SCOR and Reinsurance Group of America. Aegon had large government exposures, the largest being in the Americas, the Netherlands and Germany. Highly rated government bonds and government exposure domestically issued and owned in local currency are excluded from the Credit Name Limit Policy. Aegon group level long-term counterparty exposure limits are as follows: Group limits per credit rating Amounts in EUR million 2019 2018 AAA 900 900 AA 900 900 A 675 675 BBB 450 450 BB 250 250 B 125 125 CCC or lower 50 50 Credit rating The ratings distribution of general account portfolios of Aegon’s major reporting units, excluding reinsurance assets, are presented in the table that follows, organized by rating category and split by assets that are valued at fair value and assets that are valued at amortized cost. Aegon uses a composite rating based on a combination of the external ratings of S&P, Moody’s, Fitch and National Association of Insurance Commissioners (NAIC which is for US only) and internal ratings. The rating used is the lower of the external rating and the internal rating. Credit rating general account investments, excluding reinsurance assets 2019 Americas The Netherlands United Kingdom Southern & Eastern Amortized Amortized Amortized Amortized cost Fair value cost Fair value cost Fair value cost Fair value AAA 1,311 14,664 1,799 13,342 - 91 - 15 AA 3,671 4,162 82 7,625 - 624 - 101 A 3,580 19,752 47 8,271 - 307 61 592 BBB 275 19,062 970 1,758 - 120 5 572 BB 15 1,314 49 97 - 1 - 10 B 4 926 - 2 - - 36 212 CCC or lower - 677 - - - - - 1 Assets not rated 1,971 4,028 30,306 1,493 - 959 16 72 Total 10,827 64,584 33,251 32,589 - 2,103 118 1,574 Past due and / or impaired assets 95 1,051 210 19 - - - - At December 31 10,922 65,635 33,460 32,609 - 2,103 118 1,574 Credit rating general account investments, excluding reinsurance assets 2019 Asia Asset Management Total 2019 1) Amortized Amortized Amortized Total carrying cost Fair value cost Fair value cost Fair value value AAA - 1,032 - 164 3,110 29,322 32,431 AA - 500 - 2 3,752 13,014 16,766 A - 2,260 - 11 3,688 31,206 34,895 BBB - 2,530 - 15 1,249 24,058 25,307 BB - 158 - 27 64 1,678 1,742 B - 100 - 34 40 1,274 1,314 CCC or lower - 13 - 9 - 699 699 Assets not rated 42 17 - 5 32,383 6,789 39,172 Total 42 6,611 - 266 44,286 108,040 152,327 Past due and / or impaired assets - 9 - - 305 1,101 1,406 At December 31 42 6,620 - 266 44,591 109,142 153,732 1 Includes investments of Holding and other activities. Credit rating general account investments, excluding reinsurance assets 2018 Americas The Netherlands United Kingdom Southern & Eastern Amortized Amortized Amortized Amortized cost Fair value cost Fair value cost Fair value cost Fair value AAA 941 15,338 1,611 12,956 - 84 - 10 AA 3,104 3,855 83 6,704 - 594 - 100 A 3,567 17,428 55 2,482 - 291 54 505 BBB 266 17,609 924 1,299 - 95 3 682 BB 7 1,393 52 39 - 1 9 22 B - 1,013 - - - - 64 105 CCC or lower - 741 - - - - 1 1 Assets not rated 1,952 4,126 29,534 4,423 - 1,085 13 70 Total 9,837 61,501 32,259 27,905 - 2,149 143 1,496 Past due and / or impaired assets 108 1,346 277 25 - - - 1 At December 31 9,945 62,847 32,536 27,930 - 2,149 143 1,497 Asia Asset Management Total 2018 1) Credit rating general account investments, Amortized Fair Amortized Fair Amortized Fair value Total carrying AAA - 987 - 136 2,552 29,518 32,070 AA - 372 - - 3,188 11,626 14,813 A - 1,823 - 5 3,675 22,542 26,218 BBB - 2,186 - 1 1,193 21,871 23,064 BB - 140 - 9 68 1,653 1,721 B - 132 - 17 64 1,267 1,331 CCC or lower - 22 - 9 1 773 774 Assets not rated 16 14 - 5 31,527 9,960 41,488 Total 16 5,676 - 181 42,268 99,210 141,478 Past due and / or impaired assets - 27 - - 385 1,399 1,784 At December 31 16 5,704 - 181 42,653 100,609 143,263 1 Includes investments of Holding and other activities. The following table shows the credit quality of the gross positions in the statement of financial position for general account reinsurance assets specifically: Carrying value 2019 Carrying value 2018 AAA - - AA 10,477 9,150 A 10,002 11,041 Below A 40 30 Not rated 316 284 At December 31 20,835 20,505 Credit risk concentration The tables that follow present specific credit risk concentration information for general account financial assets. Credit risk concentrations – debt Americas The United Southern Asia Asset Total 1 ) Of which Residential mortgage-backed securities (RMBSs) 2,289 311 - - 128 - 2,729 909 Commercial mortgage-backed securities (CMBSs) 3,428 13 128 - 584 1 4,154 8 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 519 1,050 - - 73 - 1,642 4 ABSs – Other 1,724 73 72 6 384 - 2,258 1 Financial - Banking 6,561 2,684 154 224 928 3 10,554 4 Financial - Other 8,885 191 38 71 742 154 10,096 4 Industrial 23,158 2,243 234 176 2,966 57 28,835 61 Utility 3,760 136 67 45 402 1 4,411 52 Government bonds 9,558 16,072 449 975 401 44 27,500 2 At December 31 59,882 22,773 1,143 1,497 6,609 260 92,180 1,046 1 Includes investments of Holding and other activities. Credit risk concentrations – Government Americas The United Southern & Asia Asset Total 1) United States 8,893 1 - 4 309 2 9,210 Netherlands - 6,316 - - - - 6,316 United Kingdom - - 362 - - 18 380 Austria - 1,227 - 4 - - 1,230 Belgium - 1,097 21 5 - - 1,123 Finland - 135 - - - - 135 France - 1,512 35 3 - - 1,551 Germany - 4,649 - - - - 4,649 Hungary 2 - - 345 - - 348 Luxembourg - 807 - - - - 807 Spain - 95 - 273 - - 368 Rest of Europe 85 216 - 336 6 3 646 Rest of world 576 17 32 5 85 22 737 Supranational 1 - - - - - 1 At December 31 9,558 16,072 449 975 401 44 27,500 1 Includes investments of Holding and other activities. Credit risk concentrations – Credit rating 2019 2) Government Corporate RMBSs Other Total 1) AAA 20,324 719 6,344 1,861 29,248 AA 4,903 3,514 1,429 2 9,848 A 899 22,416 1,378 - 24,693 BBB 949 22,137 284 - 23,371 BB 110 1,292 122 - 1,524 B 297 956 27 - 1,280 CCC or lower 18 309 1,197 - 1,524 Assets not rated - 3 3 686 691 At December 31 27,500 51,347 10,783 2,549 92,180 1 Includes investments of Holding and other activities. 2 CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. Credit risk concentrations – debt Americas The United Southern Asia Asset Total 1) Of which Residential mortgage-backed securities (RMBSs) 2,138 395 - - 52 - 2,585 918 Commercial mortgage-backed securities (CMBSs) 3,314 35 127 - 537 - 4,013 14 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 717 1,669 - - 61 - 2,447 3 ABSs – Other 1,915 247 61 6 323 - 2,552 40 Financial - Banking 6,423 1,473 132 210 815 6 9,059 29 Financial - Other 8,863 188 33 116 595 121 9,924 19 Industrial 21,060 1,515 213 148 2,486 33 25,457 187 Utility 3,572 115 60 51 370 - 4,169 144 Government bonds 9,607 15,948 438 889 457 17 27,356 8 At December 31 57,609 21,586 1,064 1,419 5,696 176 87,560 1,362 1 Includes investments of Holding and other activities. Credit risk concentrations – Government Americas The United Southern & Asia Asset Total 1) United States 8,891 - - - 362 - 9,253 Netherlands - 6,040 - - - - 6,040 United Kingdom - - 356 1 - 17 374 Austria - 1,102 - 4 - - 1,106 Belgium - 1,000 21 6 - - 1,027 Finland - 949 - - - - 949 France - 1,292 33 5 - - 1,329 Germany - 4,397 - - - - 4,397 Hungary 3 - - 410 - - 413 Luxembourg - 786 - 1 - - 787 Spain - 89 - 209 - - 298 Rest of Europe 103 264 - 247 9 - 623 Rest of world 580 30 28 5 86 - 730 Supranational 30 - - - - - 30 At December 31 9,607 15,948 438 889 457 17 27,356 1 Includes investments of Holding and other activities. Credit risk concentrations – Credit rating 2018 2) Government Corporate RMBSs Other Total 1) AAA 20,479 772 6,505 1,753 29,511 AA 4,949 3,264 1,721 - 9,934 A 614 18,482 1,490 1 20,587 BBB 961 20,360 349 1 21,670 BB 215 1,279 144 - 1,638 B 136 1,003 69 - 1,207 CCC or lower 1 302 1,318 - 1,621 Assets not rated - - - 1,391 1,391 At December 31 27,356 45,462 11,596 3,147 87,560 1 Includes investments of Holding and other activities. 2 CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. Credit risk concentrations – Americas The United Southern Asia Asset Total 1) Of which past due Agricultural 69 - - - - - 69 - Apartment 4,383 - - - - - 4,383 94 Industrial 1,266 - - - - - 1,266 - Office 1,395 - - - - - 1,395 - Retail 1,575 8 - - - - 1,583 1 Other commercial 258 43 - - - - 302 1 Residential 9 28,742 - 1 - - 28,752 163 At December 31 8,956 28,793 - 1 - - 37,750 259 1 Includes investments of Holding and other activities. Credit risk concentrations – mortgage loans 2018 Americas The United Southern Asia Asset Total 1) Of which past due Agricultural 69 - - - - - 69 15 Apartment 3,993 - - - - - 3,993 92 Industrial 871 - - - - - 871 - Office 1,342 - - - - - 1,343 - Retail 1,457 9 - - - - 1,466 1 Other commercial 258 35 - - - - 292 2 Residential 12 28,193 - 1 - - 28,207 227 At December 31 8,002 28,237 - 1 - - 36,240 337 1 Includes investments of Holding and other activities. The fair value of Aegon Americas commercial and agricultural mortgage loan portfolio as per December 31, 2019, amounted to EUR 9,447 million (2018: EUR 8,059 million). The loan to value (LTV) amounted to approximately 53% (2018: 54%). Of the portfolio 1.06% (2018: 1.25%) is in delinquency (defined as 60 days in arrears). In 2019, Aegon Americas recognized EUR 0 million of net recoveries (2018: EUR 1 million net impairments) on this portfolio. In 2019, there were no foreclosures (2018: EUR 0 million) and no impairments or recoveries associated with foreclosed loans (2018: EUR 0 million). The fair value of Aegon the Netherlands mortgage loan portfolio as per December 31, 2019, amounted to EUR 33,111 million (2018: EUR 31,686 million). The LTV amounted to approximately 67% (2018: 70%). A significant part of the portfolio 4 9 Unconsolidated structured entities Aegon’s investments in unconsolidated structured entities such as RMBSs, CMBSs and ABSs and investment funds are presented in the line item ‘Investments’ of the statement of financial position. Aegon’s interests in these unconsolidated structured entities can be characterized as basic interests, Aegon does not have loans, derivatives, guarantees or other interests related to these investments. Any existing commitments such as future purchases of interests in investment funds are disclosed in note 45 Commitments and contingencies. For debt instruments, specifically for RMBSs, CMBSs and ABSs, the maximum exposure to loss is equal to the carrying amount which is reflected in the credit risk concentration table regarding debt securities and money market investments. To manage credit risk Aegon invests primarily in senior notes of RMBSs, CMBSs and ABSs. Additional information on credit ratings for Aegon’s investments in RMBSs, CMBSs and ABSs are disclosed in the sections that describe per category of debt securities the composition and impairment assessments. The composition of the RMBSs, CMBSs and ABSs portfolios of Aegon are widely dispersed looking at the individual amount per entity, therefore Aegon only has non-controlling Except for commitments as noted in note 45 Commitments and contingencies, Aegon did not provide, nor is required to provide financial or other support to unconsolidated structured entities. Nor does Aegon have intentions to provide financial or other support to unconsolidated structured entities in which Aegon has an interest or previously had an interest. For RMBSs, CMBSs and ABSs in which Aegon has an interest at reporting date, the following table presents total income received from those interests. The Investments column reflects the carrying values recognized in the statement of financial position of Aegon’s interests in RMBSs, CMBSs and ABSs. Total income 2019 December 31, 2019 2019 Interest income Total gains and Total Investments Residential mortgage-backed securities 140 97 237 2,729 Commercial mortgage-backed securities 138 182 320 4,153 Asset-backed securities 47 (1 ) 45 1,642 ABSs - Other 87 81 168 2,258 Total 412 358 769 10,782 Total income 2018 December 31, 2018 2018 Interest income Total gains and losses on Total Investments Residential mortgage-backed securities 140 (3 ) 137 2,585 Commercial mortgage-backed securities 139 (41 ) 98 4,013 Asset-backed securities 54 - 54 2,447 ABSs - Other 84 15 99 2,552 Total 417 (28 ) 389 11,596 Monoline insurers EUR 272 million (2018: EUR 178 million) of the bonds in Aegon Americas’ and Asia’s portfolios are insured by Monoline insurers. An insolvency by one of the Monolines could create significant market price volatility for the affected holdings. Of the EUR 272 million indirect exposure on the Monoline insurers, 6% relates to Municipal Bond Insurance Association, Inc. (MBIA), 54% to Ambac Financial Group, Inc. (AMBAC), and 27% to Assured Guaranty Corporation (AGC) (2018: 15% related to MBIA, 13% to AMBAC, and 52% to AGC). Additional information on credit risk, unrealized losses and impairments Debt instruments The amortized cost and fair value of debt securities, money market investments and other, included in Aegon’s available-for-sale 2019 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other United States government 7,443 1,377 (8 ) 8,812 8,478 335 Dutch government 4,869 1,448 - 6,316 6,267 49 Other government 8,901 2,989 (17 ) 11,872 11,662 210 Mortgage-backed securities 6,366 470 (25 ) 6,811 5,773 1,037 Asset-backed securities 3,776 103 (9 ) 3,869 2,881 989 Corporate 40,552 4,853 (167 ) 45,238 42,801 2,437 Money market investments 5,169 - - 5,169 4,702 467 Other 976 49 (117 ) 908 628 280 Total 78,052 11,289 (345 ) 88,995 83,192 5,803 Of which held by Aegon Americas and NL 69,012 10,493 (327 ) 79,178 74,025 5,153 2018 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other United States government 6,973 603 (127 ) 7,449 4,772 2,676 Dutch government 4,908 1,136 (3 ) 6,040 6,002 38 Other government 11,327 684 (54 ) 11,957 11,105 852 Mortgage-backed securities 6,275 366 (84 ) 6,557 3,700 2,857 Asset-backed securities 4,948 65 (55 ) 4,958 1,825 3,133 Corporate 39,770 1,748 (1,138 ) 40,379 21,441 18,939 Money market investments 5,955 - - 5,955 5,701 254 Other 919 71 (88 ) 902 707 194 Total 81,073 4,673 (1,550 ) 84,196 55,253 28,943 Of which held by Aegon Americas and NL 72,520 4,336 (1,352 ) 75,504 50,976 24,528 Unrealized bond losses by sector The composition by industry category of Aegon’s available-for-sale December 31, 2019 December 31, 2018 Unrealized losses - debt securities, money market investments and other Carrying value of Unrealized losses Carrying value of Unrealized losses Residential mortgage-backed securities (RMBSs) 413 (18 ) 446 (30 ) Commercial mortgage-backed securities (CMBSs) 494 (6 ) 2,012 (45 ) Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 662 (5 ) 2,088 (42 ) ABSs - Other 242 (4 ) 829 (10 ) Financial Industry - Banking 349 (20 ) 2,522 (106 ) Financial Industry - Insurance 104 (5 ) 646 (36 ) Financial Industry - Other 615 (15 ) 1,523 (69 ) Industrial 1,293 (105 ) 10,073 (684 ) Utility 249 (10 ) 1,258 (78 ) Government 453 (23 ) 2,935 (164 ) Other 279 (117 ) 194 (88 ) Total held by Aegon Americas and NL 5,153 (327 ) 24,528 (1,352 ) Held by other segments 650 (18 ) 4,415 (197 ) Total 5,803 (345 ) 28,943 (1,550 ) As of December 31, 2019, there are EUR 10,493 million (December 31, 2018: EUR 4,370 million) of gross unrealized gains and EUR 327 million (December 31, 2018: EUR 1,352 million) of gross unrealized losses in the AFS debt securities, money markets and other portfolio of Aegon Americas and Aegon the Netherlands. US credit and equity market returns were strong during 2019, rebounding from sharp sell-offs at the end of 2018. Credit spreads tightened dramatically, and US equity markets rose throughout the year. Developed-world economic growth was steady and positive, though somewhat lack-luster, with the US generally outperforming most other developed economies. Outside of US, global equity markets were also very strong. The dollar was modestly stronger versus the Euro, and little-changed versus the yen. The US Federal Reserve paused its tightening cycle at the beginning of 2019, and began easing in July, ultimately reducing the Fed Funds rate target by 75 basis points. US Treasury rates declined sharply. Corporate default rates remained low. Oil prices ended the year higher than the very low levels at the end of 2018, but low |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Segment information | 5 Segment information Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the Executive Board which is regarded as the chief operating decision maker. All reportable segments are involved in insurance or reinsurance business, asset management or services related to these activities. The reportable segments are: ◆ Americas: one operating segment which covers business units in the United States, Brazil and Mexico, including any of the units’ activities located outside these countries; ◆ The Netherlands; ◆ United Kingdom; ◆ Southern and Eastern Europe; ◆ Asia: one operating segment which covers businesses operating in Hong Kong, Singapore, China, Japan, India and Indonesia including any of the units’ activities located outside these countries; ◆ Asset Management: one operating segment which covers business activities from Aegon Asset Management; ◆ Holding and other activities: one operating segment which includes financing, reinsurance activities, employee and other administrative expenses of holding companies. Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies. Change in operating segments Aegon has changed the grouping of the operating segments included in the performance measure as of 2019. Previously, the operating segments ‘Spain & Portugal’ and ‘Central & Eastern Europe’ were disclosed separately in the segment information whilst as of 2019 these are disclosed combined under the operating segment ‘Southern & Eastern Europe’. The tables presented in this note have been updated to reflect this change. Performance Measure Aegon uses the non-IFRS Aegon believes that its performance measure underlying earnings before tax provides meaningful information about the underlying results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business. Among other things, Aegon’s senior management is compensated based in part on Aegon’s results against targets using underlying earnings before tax. While many other insurers in Aegon’s peer group present substantially similar performance measures, the performance measures presented in this document may nevertheless differ from the performance measures presented by other insurers. The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the tables in this note. The items that are excluded from underlying earnings before tax as described further below are: fair value items, realized gains or losses on investments, impairment charges/reversals, other income or charges, run-off Included in underlying earnings before tax is management’s best estimate expected return on these products. Any over- or underperformance compared to management’s expected return is excluded from underlying earnings before tax. Fair value items Fair value items include the over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in underlying earnings before tax. In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items. Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products. Underlying earnings before tax exclude any over- or underperformance compared to management’s best estimate investment return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 3-10%, In addition, certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and guarantees on variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of Aegon’s businesses in the Netherlands and Japan are excluded from underlying earnings before tax, because management’s best estimate expected return for these guarantees is set at zero. In addition, fair value items include market related results on our loyalty bonus reserves in the United Kingdom. The value of these reserves are directly related to policyholder investments which value is directly impacted by movements in equity and bond markets. Holding and other activities include certain issued bonds that are held at fair value through profit or loss (FVTPL). The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in Aegon’s credit spread used in the valuation of these bonds are excluded from underlying earnings before tax and reported under fair value items. Realized gains or losses on investments Realized gains or losses on investments includes realized gains and losses on available-for-sale Impairment charges/(reversals) Impairment charges/(reversals) include impairments on available-for-sale available-for-sale non-underlying Other income or charges Other income or charges includes the following: ◆ Items which cannot be directly allocated to a specific line of business; ◆ The impact of actuarial and economic assumption and model updates used to support calculations of our liabilities for insurance and investment contracts sold to policyholders and related assets (refer to note 3 Critical accounting estimates and judgement in applying accounting policies); and ◆ Items that are outside the normal course of business, including restructuring charges. In the Consolidated income statement, these restructuring charges are included in operating expenses. Actuarial assumption and model updates are recorded in ‘Policyholder claims and benefits’ in the Consolidated income statement. Run-off Run-off run-off run-off Share in earnings of joint ventures and associates Earnings from Aegon’s joint ventures in China, India, Japan, Mexico, the Netherlands, Spain and Portugal, and Aegon’s associates in Brazil, France, the Netherlands and United Kingdom are reported on an underlying earnings before tax basis. The following table presents Aegon’s segment results. Income statement - Underlying Americas The United Southern & Asia Asset Holding and Eliminations Segment Joint ventures and Consolidated 2019 Underlying earnings before tax 1,124 648 139 88 62 139 (228 ) 1 1,973 50 2,023 Fair value items 272 (741 ) (131 ) 7 (4 ) - (4 ) - (601 ) (88 ) (689 ) Realized gains / (losses) on investments 125 240 3 27 9 - 1 - 405 (2 ) 403 Impairment charges (54 ) (30 ) - - (1 ) - (10 ) - (95 ) - (95 ) Impairment reversals 68 5 - - 1 - - - 73 - 73 Other income / (charges) (156 ) (1 ) (38 ) 33 (18 ) (7 ) (95 ) - (281 ) - (281 ) Run-off businesses 23 - - - - - - - 23 - 23 Income / (loss) before tax 1,401 121 (27 ) 155 48 133 (335 ) 1 1,497 (40 ) 1,457 Income tax (expense) / benefit (220 ) (27 ) (7 ) (19 ) (14 ) (36 ) 65 - (258 ) 40 (218 ) Net income / (loss) 1,182 94 (34 ) 136 33 97 (270 ) 1 1,239 - 1,239 Inter-segment underlying earnings (61 ) (105 ) (87 ) (16 ) (4 ) 193 79 Revenues 2019 Life insurance gross premiums 7,279 1,765 6,282 552 737 - 11 (8 ) 16,617 (691 ) 15,926 Accident and health insurance 1,416 228 28 110 91 - - - 1,872 (50 ) 1,823 General insurance - 130 - 382 - - 1 (1 ) 512 (122 ) 390 Total gross premiums 8,694 2,123 6,309 1,044 828 - 12 (9 ) 19,002 (864 ) 18,138 Investment income 3,172 2,224 1,830 76 303 5 269 (284 ) 7,595 (64 ) 7,531 Fee and commission income 1,757 237 197 50 59 627 - (187 ) 2,740 (218 ) 2,523 Other revenues 8 - - - 1 1 5 - 16 (10 ) 6 Total revenues 13,631 4,583 8,337 1,171 1,191 633 286 (480 ) 29,352 (1,155 ) 28,197 Inter-segment 1 12 - - - 187 280 Income statement - Underlying Americas The United Southern & Asia Asset Holding and Eliminations Segment Joint ventures and Consolidated 2018 Underlying earnings before tax 1,216 615 128 96 55 151 (189 ) 1 2,074 72 2,146 Fair value items (613 ) 250 59 6 3 - 5 - (291 ) (119 ) (409 ) Realized gains / (losses) on investments (204 ) 46 83 - (8 ) 2 4 - (77 ) (2 ) (79 ) Impairment charges (46 ) 4 - (2 ) (5 ) - (9 ) - (58 ) - (58 ) Impairment reversals 37 2 - 1 - - - - 39 - 39 Other income / (charges) (397 ) (132 ) (252 ) (26 ) (7 ) (5 ) (57 ) - (875 ) 1 (874 ) Run-off businesses (14 ) - - - - - - - (14 ) - (14 ) Income / (loss) before tax (20 ) 784 19 76 36 149 (247 ) 1 798 (47 ) 751 Income tax (expense) / benefit 71 (136 ) 20 (19 ) (25 ) (44 ) 46 - (87 ) 47 (40 ) Net income / (loss) 51 648 38 57 11 105 (201 ) 1 711 - 711 Inter-segment (73 ) (101 ) (82 ) (18 ) (5 ) 198 80 Revenues 2018 Life insurance gross premiums 7,004 1,632 7,509 622 779 - 9 (7 ) 17,548 (579 ) 16,969 Accident and health insurance 1,571 219 29 102 94 - - - 2,015 (36 ) 1,979 General insurance - 136 - 343 - - 1 (1 ) 479 (112 ) 367 Total gross premiums 8,575 1,987 7,539 1,067 873 - 10 (8 ) 20,042 (727 ) 19,316 Investment income 3,125 2,265 1,346 83 268 5 286 (284 ) 7,095 (59 ) 7,035 Fee and commission income 1,826 211 198 63 58 632 - (206 ) 2,782 (224 ) 2,558 Other revenues 5 - - - 2 1 4 - 12 (6 ) 5 Total revenues 13,530 4,463 9,083 1,213 1,201 638 300 (499 ) 29,930 (1,016 ) 28,914 Inter-segment 1 2 - - - 206 290 Income statement - Underlying Americas The United Southern & Asia Asset Holding and Eliminations Segment Joint ventures and Consolidated 2017 Underlying earnings before tax 1,381 557 116 71 49 136 (170 ) - 2,140 61 2,200 Fair value items 170 (31 ) (82 ) - - - 24 - 81 (97 ) (16 ) Realized gains / (losses) on investments 157 184 62 1 4 3 - - 413 (5 ) 408 Impairment charges (37 ) (3 ) - (2 ) (1 ) - (3 ) - (46 ) - (46 ) Impairment reversals 22 10 - - - - - - 32 - 32 Other income / (charges) (353 ) 296 40 - (19 ) (49 ) 16 - (68 ) (4 ) (72 ) Run-off businesses 30 - - - - - - - 30 - 30 Income / (loss) before tax 1,370 1,013 137 70 33 90 (134 ) - 2,580 (45 ) 2,536 Income tax (expense) / benefit 198 (196 ) (56 ) (15 ) (28 ) (42 ) 29 - (110 ) 44 (65 ) Net income / (loss) 1,568 818 81 56 5 48 (105 ) - 2,470 (0 ) 2,470 Inter-segment (78 ) (111 ) (87 ) (12 ) (1 ) 214 73 Revenues 2017 Life insurance gross premiums 7,437 1,857 9,603 619 983 - 7 (9 ) 20,498 (546 ) 19,952 Accident and health insurance 2,115 203 32 84 97 - - - 2,531 (20 ) 2,511 General insurance - 148 - 319 - - 1 (1 ) 466 (103 ) 363 Total gross premiums 9,553 2,208 9,635 1,022 1,080 - 8 (10 ) 23,496 (670 ) 22,826 Investment income 3,368 2,172 1,517 85 246 4 295 (291 ) 7,396 (58 ) 7,338 Fee and commission income 1,919 326 235 60 63 609 - (222 ) 2,990 (188 ) 2,802 Other revenues 5 - - 3 1 - 4 - 13 (5 ) 7 Total revenues 14,844 4,706 11,387 1,170 1,390 613 308 (523 ) 33,895 (921 ) 32,973 Inter-segment - (1 ) - - 3 222 298 The Group uses underlying earnings before tax in its segment reporting as an important indicator of its financial performance. The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table. Aegon believes that underlying earnings before tax, together with the other information included in this report, provides a meaningful measure for the investing public to evaluate Aegon’s business relative to the businesses of its peers. Note 2019 2018 2017 Underlying earnings before tax 1,973 2,074 2,140 Elimination of share in earnings of joint ventures and associates 50 72 61 Rental income 7 (76 ) (72 ) (61 ) Dividend income 7 9 30 - Recovered claims and benefits 9 - 2 - Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 10 (17 ) (295 ) (437 ) Net fair value change on borrowings and other financial liabilities 10 7 6 - Realized gains and losses on financial investments 10 399 (92 ) 431 Gains and (losses) on investments in real estate 10 317 261 193 Net fair value change of derivatives 10 163 (67 ) (134 ) Net foreign currency gains and (losses) 10 - (2 ) 5 Realized gains and (losses) on repurchased debt 10 - 1 1 Other income 11 200 8 540 Change in valuation of liabilities for insurance contracts 12 (1,231 ) (341 ) (254 ) Change in valuation of liabilities for investment contracts 12 (13 ) 13 (19 ) Benefits and claims paid life 12 7 - - Policyholder claims and benefits - Other 12 50 (9 ) 34 Commissions and expenses 14 (319 ) (428 ) 256 Impairment (charges) reversals 15 (105 ) (20 ) (16 ) Interest charges and related fees 16 21 - - Other charges 17 (1 ) (375 ) (235 ) Run-off businesses 5 23 (14 ) 30 Income / (loss) before tax 1,457 751 2,534 ◆ Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives is reported as part of the respective line in note 10 and reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings before tax. ◆ Net fair value change of derivatives is reported as part of the respective line in note 10 and includes: 1) the over- or underperformance of derivatives of EUR 34 million gain (2018: EUR 3 million gain, 2017: EUR 9 million gain) for which the expected long-term return is included in underlying earnings before tax; 2) Net fair value change on economic hedges where no hedge accounting is applied of EUR 130 million gain (2018: EUR 77 million loss, 2017: EUR 145 million loss); 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 1 million gain (2018: EUR 7 million gain, 2017: EUR 2 million gain). ◆ Net foreign currency gains and (losses) are reported as part of the respective line in note 10. ◆ Change in valuation of liabilities for insurance contracts is reported as part of the respective line in note 12. ◆ Change in valuation of liabilities for investment contracts is reported as part of the respective line in note 12. ◆ Policyholder claims and benefits - Other are reported as part of the ‘Other’ line in note 12 and is related to policyholder tax. ◆ Commissions and expenses include: 1) Restructuring charges of EUR 220 million (2018: EUR 279 million charge, 2017: EUR 116 million charge) which are reported as part of Employee and Administration expenses lines in note 14; 2) Amortization of deferred expenses of EUR 32 million income (2018: charge of EUR 67 million, 2017: income of EUR 285 million) which is reported as part of the respective line in note 14. This is offset against realized gains and losses and impairments on financial investments; 3) Amortization of VOBA and future servicing rights of EUR 5 million charge (2018: charge of EUR 20 million; 2017: income of EUR 94 million) which is reported as part of the respective line in note 14. Commissions and expenses include a DPAC/ VOBA fair value adjustment of EUR 151 million gain (2018: loss of EUR 88 million; 2017: gain of EUR 135 million). ◆ Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 60 million charge (2018: EUR charge of 41 million, 2017: charge of EUR 42 million) as shown in note 15; 2) Impairment charges and reversals on non-financial assets and receivables of EUR 109 million charge (2018: EUR 19 million charge; 2017: EUR 1 million reversal) reported as part of the respective line in note 15. ◆ There are no interest charges and related fees that are classified for segment reporting purposes as non-underlying earnings. Impact from assumption and model updates The 2019 assumption changes and model updates amounted to a negative impact of EUR 196 million and mainly relates to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 64 million mainly driven by updates to Universal Life products for surrender, lapse and mortality to reflect actual experience, partially offset by gains driven by updates to the annuitization of Variable Deferred Annuities Guaranteed Minimum Income Benefit and to the returns on Equity-Index Universal Life. In the second half of 2019, a negative impact of EUR 75 million resulted mostly from expense assumption updates in the Americas. Assumption changes and model updates in the Netherlands led to negative impact of EUR 57 million mainly related to model enhancements and expense assumption updates which more than offset favorable longevity assumption changes. In 2018, the pre-tax charge of EUR 121 million has been recorded in other income/(charges) in respect of assumption changes and model updates. The impact is mainly attributable to Aegon’s business in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 6 million, which includes charges of EUR 164 million, mainly driven by Americas Life mortality updates to reflect actual experience, partially offset by gains of EUR 158 million, mainly driven by the positive impact from new expense allocation methodology within Retirement plans and Variable and Fixed annuities lines of business, Universal Life model update using results from AXIS model and a Variable Annuities (WB) modelling enhancement in discount curve upon account exhaustion. In the Netherlands, assumption changes and model updates led to a net loss of EUR 111 million, which includes charges of EUR 219 million mainly related to the population mortality best estimate update to reflect latest available data and an improvement in the modelling of policyholder behavior (lapses) and the lowering of IFRS ultimate forward rate from 4.25% to 3.65%. This was partly offset by EUR 108 million gains driven by the TKP/UL model conversion. Other selected income statement Americas The United Southern & Asia Asset Holding and Eliminations Total 2019 Amortization of deferred expenses, VOBA and future servicing rights 685 4 117 37 32 - - - 876 Depreciation 44 18 12 11 1 1 2 - 87 Impairment charges / (reversals) on financial assets, excluding receivables (12 ) 72 - - - - - - 60 Impairment charges / (reversals) on non-financial assets and receivables 3 94 - 3 - - 10 - 109 2018 Amortization of deferred expenses, VOBA and future servicing rights 852 25 119 52 24 - - - 1,072 Depreciation 38 12 14 12 1 1 2 - 80 Impairment charges / (reversals) on financial assets, excluding receivables (9 ) 34 - 1 5 - 9 - 41 Impairment charges / (reversals) on non-financial assets and receivables 19 15 1 - 1 - - - 36 2017 Amortization of deferred expenses, VOBA and future servicing rights 336 27 134 55 33 - - - 586 Depreciation 44 16 28 11 1 3 2 - 105 Impairment charges / (reversals) on financial assets, excluding receivables 19 17 - 2 - - 3 - 42 Impairment charges / (reversals) on non-financial assets and receivables (2 ) 3 - - - - - - - Number of employees Americas The Netherlands United Southern & Asia Asset Management Holding and other Total 2019 Number of employees - headcount 8,570 3,582 2,261 2,853 4,540 1,535 416 23,757 Of which Aegon’s share of employees in joint ventures and associates 651 - 62 104 4,172 173 - 5,162 2018 Number of employees - headcount 8,824 3,548 3,135 2,837 6,344 1,464 390 26,543 Of which Aegon’s share of employees in joint ventures and associates 559 - 58 86 5,983 168 - 6,854 2017 Number of employees - headcount 10,951 3,089 3,435 2,947 6,025 1,500 371 28,318 Of which Aegon’s share of employees in joint ventures and associates 549 - - 83 5,702 163 - 6,497 Summarized assets and Americas The United Southern & Asia Asset Holding and Eliminations Total 2019 Assets Cash and Cash equivalents 822 9,627 305 152 91 166 1,100 - 12,263 Investments 75,076 59,983 2,034 1,711 6,662 266 244 - 145,976 Investments for account of policyholders 107,963 25,491 91,848 994 82 - - (4 ) 226,374 Investments in joint ventures - 1,159 - 476 192 153 3 - 1,983 Investments in associates 79 106 9 - 28 129 21 (10 ) 363 Deferred expenses 8,999 360 913 45 487 - - - 10,804 Other assets 27,078 11,996 2,546 271 1,905 126 31,511 (32,848 ) 42,585 Total assets 220,017 108,722 97,655 3,648 9,448 840 32,879 (32,862 ) 440,348 Liabilities Insurance contracts 73,784 40,554 1,518 1,411 7,825 - 17 (1,655 ) 123,454 Insurance contracts for account of policyholders 77,988 25,328 31,559 815 20 - - - 135,710 Investment contracts 6,662 11,716 211 2 2 - - - 18,594 Investment contracts for account of policyholders 29,976 2,301 61,305 181 62 - - - 93,826 Other liabilities 15,468 22,636 1,459 323 229 322 8,421 (4,534 ) 44,324 Total liabilities 203,877 102,535 96,052 2,733 8,138 322 8,438 (6,189 ) 415,907 Summarized assets and liabilities per segment Americas The United Southern & Asia Asset Holding and Eliminations Total 2018 Assets Cash and Cash equivalents 683 6,004 315 148 90 213 1,290 - 8,744 Investments 71,056 57,738 2,114 1,660 5,720 181 157 - 138,625 Investments for account of policyholders 95,343 23,767 73,958 1,187 103 - - (5 ) 194,353 Investments in joint ventures 1 1,001 - 472 152 119 - - 1,745 Investments in associates 72 85 8 5 17 131 8 - 327 Deferred expenses 9,209 66 896 74 665 - - - 10,910 Other assets 1) 27,782 7,421 1,893 272 1,907 123 27,258 (28,727 ) 37,928 Total assets 204,145 96,083 79,184 3,819 8,654 767 28,713 (28,732 ) 392,632 Liabilities Insurance contracts 71,584 34,878 1,435 1,339 7,726 - 15 (1,648 ) 115,328 Insurance contracts for account of policyholders 68,126 23,855 24,086 1,022 24 - - - 117,113 Investment contracts 6,943 10,795 223 85 2 - - - 18,048 Investment contracts for account of policyholders 27,217 2,101 50,532 169 79 - - - 80,097 Other liabilities 17,055 17,499 1,047 400 67 293 6,156 (3,012 ) 39,505 Total liabilities 190,924 89,127 77,322 3,015 7,898 293 6,171 (4,660 ) 370,091 1 Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures. Amounts included in the tables on investments are presented on an IFRS basis, which means that investments in joint ventures and associates are not consolidated on a proportionate basis. Instead, these investments are included on a single line using the equity method of accounting. Investments Americas The United Kingdom Southern & Asia Asset Holding and Eliminations Total 2019 Shares 499 1,443 17 74 11 5 173 - 2,221 Debt securities 54,970 22,773 1,055 1,497 6,465 93 1 - 86,853 Loans 10,922 33,460 - 118 42 - 48 - 44,591 Other financial assets 8,032 78 962 3 145 168 21 - 9,410 Investments in real estate 653 2,229 - 19 - - - - 2,901 Investments general account 75,076 59,983 2,034 1,711 6,662 266 244 - 145,976 Shares - 8,490 16,583 218 - - - (4 ) 25,288 Debt securities 877 11,652 8,043 173 - - - - 20,744 Unconsolidated investment funds 106,926 695 61,738 598 82 - - - 170,039 Other financial assets 161 4,653 4,898 4 - - - - 9,716 Investments in real estate - - 586 - - - - - 586 Investments for account of policyholders 107,963 25,491 91,848 994 82 - - (4 ) 226,374 Investments on balance sheet 183,039 85,474 93,882 2,704 6,745 266 244 (4 ) 372,350 Off-balance sheet investments third parties 220,039 4,802 123,904 5,461 1,001 170,158 - (818 ) 524,547 Total revenue-generating investments 403,078 90,276 217,786 8,166 7,746 170,424 244 (822 ) 896,897 Investments Available-for-sale 59,899 19,591 1,556 1,570 6,602 153 32 - 89,404 Loans 10,922 33,460 - 118 42 - 48 - 44,591 Financial assets at fair value through profit or loss 111,565 30,193 91,740 997 100 113 164 (4 ) 234,867 Investments in real estate 653 2,229 586 19 - - - - 3,487 Total investments on balance sheet 183,039 85,474 93,882 2,704 6,745 266 244 (4 ) 372,350 Investments in joint ventures - 1,159 - 476 192 153 3 - 1,983 Investments in associates 79 106 9 - 28 129 21 (10 ) 363 Other assets 36,899 21,983 3,764 468 2,483 292 32,611 (32,848 ) 65,652 Consolidated total assets 220,017 108,722 97,655 3,648 9,448 840 32,879 (32,862 ) 440,348 1 Due to the announced divestment of Aegon’s 50% stake in the joint venture with Sony Life, Revenue Generating Investments of Japan are no longer included in 2019. Off-balance Investments Americas The Netherlands United Southern & Asia Asset Management Holding and Eliminations Total 2018 Shares 532 1,412 3 74 7 4 128 - 2,161 Debt securities 51,681 21,586 1,005 1,417 5,526 36 3 - 81,253 Loans 9,945 32,536 - 143 16 - 12 - 42,653 Other financial assets 8,367 54 1,105 5 170 142 14 - 9,858 Investments in real estate 530 2,150 - 21 - - - - 2,700 Investments general account 71,056 57,738 2,114 1,660 5,720 181 157 - 138,625 Shares - 7,403 13,044 198 - - - (5 ) 20,640 Debt securities 1,716 11,283 7,259 183 - - - - 20,441 Unconsolidated investment funds 93,548 1,059 48,296 795 103 - - - 143,800 Other financial assets 79 4,022 4,748 11 - - - - 8,861 Investments in real estate - - 612 - - - - - 612 Investments for account of policyholders 95,343 23,767 73,958 1,187 103 - - (5 ) 194,353 Investments on balance sheet 166,399 81,505 76,072 2,847 5,823 181 157 (5 ) 332,979 Off-balance sheet investments third parties 204,184 3,339 106,347 5,851 2,818 149,197 - (774 ) 470,963 Total revenue-generating investments 370,583 84,844 182,419 8,698 8,641 149,378 157 (778 ) 803,942 Investments Available-for-sale 55,921 19,974 1,459 1,483 5,686 131 21 - 84,675 Loans 9,945 32,536 - 143 16 - 12 - 42,653 Financial assets at fair value through profit or loss 100,002 26,846 74,001 1,200 121 50 123 (5 ) 202,339 Investments in real estate 530 2,150 612 21 - - - - 3,312 Total investments on balance sheet 166,399 81,505 76,072 2,847 5,823 181 157 (5 ) 332,979 Investments in joint ventures 1 1,001 - 472 152 119 - - 1,745 Investments in associates 72 85 8 5 17 131 8 - 327 Other assets 1) 37,674 13,491 3,104 494 2,662 336 28,548 (28,727 ) 57,582 Consolidated total assets 204,145 96,083 79,184 3,819 8,654 767 28,713 (28,732 ) 392,633 1 Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures. |
Premium income and premiums pai
Premium income and premiums paid to reinsurers | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Premium income and premiums paid to reinsurers | 6 Premium income and premiums paid to reinsurers 2019 2018 2017 Life insurance 15,926 16,969 19,952 Non-life insurance 2,212 2,346 2,874 Total premium income 18,138 19,316 22,826 - Accident and health insurance 1,823 1,979 2,511 - General insurance 390 367 363 Non-life insurance premium income 2,212 2,346 2,874 Premium income decreased by EUR 1,178 million in 2019 (2018: EUR 3,510 million) m a u r e 2019 2018 2017 Life insurance 2,276 2,500 3,214 Non-life insurance 158 163 217 Total premiums paid to reinsurers 2,434 2,663 3,431 - Accident and health insurance 138 152 205 - General insurance 19 11 13 Non-life insurance paid to reinsurers 158 163 217 |
Investment income
Investment income | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Investment income | 7 Investment income 2019 2018 2017 Interest income 5,835 5,783 6,052 Dividend income 1,571 1,124 1,164 Rental income 125 129 121 Total investment income 7,531 7,035 7,338 Investment income related to general account 5,291 5,268 5,394 Investment income for account of policyholders 2,240 1,767 1,944 Total 7,531 7,035 7,338 Included in interest income is EUR 146 million (2018: EUR 160 million; 2017: EUR 190 million) in respect of in t n h r Lease income is included within rental income. Please refer to note 45 Commitments and Contingencies for future lease payments (lease rights). Total investment income from: 2019 2018 2017 Shares 1,571 1,124 1,164 Debt securities and money market instruments 3,959 3,899 4,248 Loans 1,779 1,704 1,686 Real estate 125 129 121 Other 97 181 119 Total 7,531 7,035 7,338 Investment income from financial assets held for general account: 2019 2018 2017 Available-for-sale 3,267 3,180 3,467 Loans 1,779 1,704 1,686 Financial assets designated at fair value through profit or loss 125 212 148 Real estate 83 82 71 Derivatives 39 72 31 Other (2 ) 18 (10 ) Total 5,291 5,268 5,394 |
Aegon N.V [member] | |
Statement [LineItems] | |
Investment income | 3 Investment income 2019 2018 Interest income from intercompany loans 51 66 Interest income from derivatives (4 ) 11 Total Investment Income 47 77 |
Fee and commission income
Fee and commission income | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Fee and commission income | 8 Fee and commission income 2019 2018 2017 Fee income from asset management 1,824 1,853 2,126 Commission income 585 594 535 Other 114 112 140 Total fee and commission income 2,523 2,558 2,802 Included in fee and commission income is EUR 225 million of fees on trust and fiduciary activities (2018: EUR 215 million; 2017: EUR 190 million). |
Income from reinsurance ceded
Income from reinsurance ceded | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income from reinsurance ceded | 9 Income from reinsurance ceded 2019 2018 2017 Recovered claims and benefits 3,367 3,127 3,669 Change in technical provisions (53 ) 372 497 Commissions 218 241 122 Total 3,532 3,740 4,288 The decrease in income from reinsurance ceded in 2018 reflects the completion of the BlackRock Part VII transfer on July 1, 2018, in the UK. Refer to note 48 Business combinations for more details on these transactions. |
Results from financial transact
Results from financial transactions | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Results from financial transactions | 10 Results from financial transactions Results from financial transactions comprise: 2019 2018 2017 Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 279 (79 ) 232 Realized gains and (losses) on financial investments 399 (92 ) 431 Gains and (losses) on investments in real estate 317 261 193 Net fair value change of derivatives 1,130 (545 ) (1,159 ) Net fair value change on account of policyholder financial assets at fair value through profit or loss 33,188 (11,326 ) 20,524 Net fair value change on investments in real estate for account of policyholders (18 ) 5 38 Net foreign currency gains and (losses) 77 44 (20 ) Net fair value change on borrowings and other financial liabilities 15 29 10 Realized gains and (losses) on repurchased debt - 1 1 Total 35,386 (11,701 ) 20,250 Net fair value change of general account financial investments at fair value 2019 2018 2017 Shares 99 69 25 Debt securities and money market investments 85 (143 ) 127 Other 95 (5 ) 80 Total 279 (79 ) 232 Other mainly includes net fair value changes of limited partnerships such as hedge and private equity funds. Realized gains and losses on financial investments comprise: 2019 2018 2017 Shares 11 25 165 Debt securities and money market investments 372 (147 ) 242 Loans 32 16 20 Other (16 ) 14 3 Total 399 (92 ) 431 Realized gains and losses on financial investments comprise: 2019 2018 2017 Available-for-sale investments 368 (108 ) 411 Loans 32 16 20 Total 399 (92 ) 431 Net fair value change of derivatives comprise: 2019 2018 2017 Net fair value change on economic hedges where no hedge accounting is applied 2,281 272 70 Net fair value change on bifurcated embedded derivatives (1,153 ) (824 ) (1,231 ) Ineffective portion of hedge transactions to which hedge accounting is applied 1 7 2 Total 1,130 (545 ) (1,159 ) The ineffective portion of hedge transactions to which hedge accounting is applied 2019 2018 2017 Fair value change on hedging instruments in a fair value hedge (1 ) 13 (12 ) Fair value change on hedged items in a fair value hedge 2 (8 ) 15 Ineffectiveness fair value hedge 1 5 3 Ineffectiveness cash flow hedges - 2 - Total 1 7 2 Net fair value change on for account of policyholder financial assets at fair value 2019 2018 1) 2017 1) Shares 4,591 (2,318 ) 2,372 Debt securities and money market investments 863 (421 ) 166 Unconsolidated investment funds 26,450 (8,158 ) 17,720 Derivatives 1,284 (429 ) 265 Total 33,188 (11,326 ) 20,524 1 Net fair value change on for account of policyholder financial assets at fair value through profit or loss increased in 2019 compared to 2018, mainly from favorable equity markets and decreasing interest rates. Net fair value changes on for account of policyholder financial assets at fair value through profit or loss are offset by changes in technical provisions reported as part of the lines Change in valuation of liabilities for insurance contracts and Change in valuation of liabilities for investment contracts in note 12 Policyholder claims and benefits. Net fair value change on borrowings and other financial liabilities 2019 2018 2017 Borrowings 8 23 10 Other financial liabilities 7 6 - Total 15 29 10 |
Aegon N.V [member] | |
Statement [LineItems] | |
Results from financial transactions | 4 Results from financial transactions 2019 2018 Results from financial transactions comprise: Net fair value change of derivatives (22 ) (8 ) Net foreign currency gains and (losses) 3 3 Net fair value change on borrowings and other financial liabilities 4 4 Total (15 ) (1 ) Net fair value change of derivatives mostly comprises of Fair value changes on derivatives that are designated as economic hedges for which no hedge accounting is applied. |
Other income
Other income | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other income | 11 Other income 2019 2018 2017 Other income 200 8 540 Other income of EUR 200 million for 2019 includes a gain of EUR 101 million on pension plan amendments in the Netherlands following the move from a defined benefit plan to a defined contribution plan, as well as a book gain of EUR 70 million on the divestment of the business in Slovakia and Czech Republic. Refer to note 48 Business combinations for more details on this divestment. Other income in 2017 of EUR 540 million mainly related to a book gain of EUR 231 million (USD 250 million) from the divestment of the payout annuity and the BOLI/COLI businesses in the Americas and a book gain of EUR 208 million on the sale of the Unirobe Meeùs Groep. Furthermore, a release of an expense reserve of EUR 82 million (GBP 71 million) was recorded that was embedded in the liabilities for insurance contracts following the completion of the Part VII transfer to Rothesay Life. Also EUR 17 million (GBP 14 million) related to the completion of the Part VII transfer of annuities reinsured to Legal & General in 2016 was included. An insurance business transfer scheme under Part VII of the United Kingdom Financial Services and Markets Act 2000 allows an insurer to transfer policies as at a fixed time and date to another insurer, along with related contracts with other parties. For more details refer to note 48 Business combinations. |
Policyholder claims and benefit
Policyholder claims and benefits | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Policyholder claims and benefits | 12 Policyholder claims and benefits 2019 2018 2017 Benefits and claims paid life 18,824 19,673 23,634 Benefits and claims paid non-life 1,635 1,658 1,903 Change in valuation of liabilities for insurance contracts 30,620 (2,639 ) 22,741 Change in valuation of liabilities for investment contracts 5,768 (8,143 ) (2,644 ) Other (50 ) 9 (34 ) Total 56,797 10,557 45,599 Policyholder claims and benefits includes claims and benefits in excess of account value for products for which deposit accounting is applied and the change in valuation of liabilities for insurance and investment contracts. The lines ‘‘Change in valuation of liabilities for insurance contracts’’ and ‘‘Change in valuation of liabilities for investment contracts’’ reflect movements in technical provisions resulting from “Net fair value change on for account of policyholder financial assets at fair value through profit or loss” included in note 10 Results from financial transactions of EUR 33,188 million positive (2018: EUR 11,326 million negative, 2017: EUR 20,524 million positive). In addition, the line ‘‘Change in valuation of liabilities for insurance contracts’’ includes an increase of technical provisions for life insurance contracts of EUR 2,431 million (2018: increase of EUR 1,403 million, 2017: increase of EUR 601 million). |
Profit sharing and rebates
Profit sharing and rebates | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Profit sharing and rebates | 13 Profit sharing and rebates 2019 2018 2017 Surplus interest bonuses 2 2 2 Profit appropriated to policyholders 15 21 21 Total 17 23 23 |
Commissions and expenses
Commissions and expenses | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Commissions and expenses | 14 Commissions and expenses 2019 2018 2017 Commissions 2,423 2,445 2,661 Employee expenses 2,149 2,061 2,234 Administration expenses 1,537 1,477 1,424 Deferred expenses (832 ) (831 ) (980 ) Amortization of deferred expenses 755 928 543 Amortization of VOBA and future servicing rights 120 144 43 Total 6,153 6,224 5,925 Included in administration expenses is an amount of EUR 87 million of depreciation and amortization that relates to equipment, software and real estate held for own use (2018: EUR 80 million; 2017: EUR 105 million). Employee expenses 2019 2018 2017 Salaries 1,321 1,261 1,470 Post-employment benefit costs 287 277 318 Social security charges 127 120 151 Other personnel costs 378 367 267 Shares 36 36 28 Total 2,149 2,061 2,234 An amount of EUR 43 million is included in employee expenses relating to defined contributions (2018: EUR 44 million; 2017: EUR 46 million). Long Term Incentive Plans Selected senior employees within Aegon, who have not been classified as ‘Material Risk Takers’, can be granted the conditional right to receive Aegon shares at the start of a performance year. The grant price for these shares is equal to the volume weighted average price (VWAP) on the Euronext stock exchange in Amsterdam during the period between December 15 preceding a plan year and January 15 of a plan year. The actual allocation of these shares to eligible employees depends on Aegon Group performance, the employee’s unit performance and individual performance on predefined financial and non-financial performance indicators and targets, as well as the continued employment of the employee. Once allocated, the shares are deferred and cliff-vest two years after allocation. In specific circumstances Aegon’s Supervisory Board can reclaim variable compensation that has already been allocated (but still unvested) or vested (claw back). Variable Compensation Material Risk Takers Members of the Executive Board and the Management Board as well as other senior employees are classified as ‘Material Risk Takers’ in accordance with the Solvency II Legal Framework (up to 2018 these employees were classified as ‘Identified Staff’ in accordance with Capital Requirements Directives). In line with these rules, variable compensation awards for Material Risk Takers is partially paid out directly after allocation and partly deferred, as well as split into cash and Aegon shares. The shares are conditionally granted at the start of the performance year. The grant price of these shares is equal to the volume weighted average price (VWAP) on the Euronext stock exchange in Amsterdam during the period between December 15 preceding a plan year and January 15 of the plan year. The actual allocation of these shares to eligible employees depends on Aegon Group performance, the employee’s unit performance and individual performance against predefined financial and non-financial performance indicators and targets, as well as the continued employment of the employee. The deferred shares of the variable compensation award cliff-vest three years after allocation, while the deferred parts for members of the Executive Board tranche-vest during a three-year period after allocation. The latter vesting schedule also applied to variable compensation of Identified Staff in the Netherlands up to 2018). Before each vesting moment, the Supervisory Board can decide to adjust an award downwards based on the annual ex-post risk assessment, which takes into account significant and exceptional circumstances which were not (sufficiently) reflected in the initial performance assessment. For the Members of the Executive Board, the shares are subject to an additional holding period of three years. During this holding period it is not allowed to sell the vested shares, with the exception of shares withheld or sold to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares. In specific circumstances Aegon’s Supervisory Board can reclaim variable compensation that has already vested (claw back). The following overview contains the cumulative number of shares and their status in relation to active Long Term Incentive Plans and variable compensation allocated to Material Risk Takers. Number of shares per plan year 2015 2016 2017 2018 2019 Total Conditionally granted 1) 5,178,633 6,809,814 6,722,418 6,513,984 7,378,113 32,602,962 Allocated 2) 4,942,275 7,155,420 7,461,564 6,123,546 - 25,682,805 1 The at target number of shares which were conditionally granted for the plan year. 2 The allocated number of shares based on the actual performance during the plan year. Number of shares per plan year 2015 2016 2017 2018 2019 Total Unvested at January 1, 2018 4,314,494 6,591,429 7,679,628 - - 18,585,551 Conditionally granted 1) - - - 6,513,984 - 6,513,984 Allocated 2) - 11,471 739,146 166,371 - 916,988 Forfeited (102,383 ) (169,629 ) (364,515 ) - - (636,527 ) Vested (1,831,944 ) (189,300 ) (810,028 ) - - (2,831,272 ) Unvested at December 31, 2018 2,380,167 6,243,971 7,244,231 6,680,355 - 22,548,724 Conditionally granted 1) - - - - 7,378,113 7,378,113 Allocated 2) - 22,580 30,730 (390,438 ) 958,501 621,373 Forfeited (3,912 ) (44,746 ) (331,606 ) (169,383 ) - (549,647 ) Vested (2,376,255 ) (2,530,968 ) (426,360 ) (457,079 ) (6,600 ) (5,797,262 ) Unvested at December 31, 2019 - 3,690,837 6,516,995 5,663,455 8,330,014 24,201,301 Grant price (in EUR) 3) 6.106 5.128 5.246 5.405 4.162 5.159 to 3.990 to 4.040 to 4.143 to 2.741 to Fair value of shares at grant date (in EUR) 6.018 4.898 4.933 5.054 3.737 1 The at target number of shares which were conditionally granted for the plan year. 2 The allocated number of shares based on the actual performance during the plan year. Per 2017 sign-on shares are not allocated anymore to the plan year(s) in which the vesting takes place. Instead, sign-on shares are allocated in the calendar year of commencement. Allocation to a previous plan year concerns backdated corrections to the administration (e.g. the allocation to the 2016 plan year, during the 2018 calendar year). 3 This is the volume weighted average price (VWAP) of Aegon on the Euronext Amsterdam stock exchange for the period December 15 to January 15. For instance for the 2019 plan year, this is the VWAP for the period December 15, 2018 to January 15, 2019. Aegon applies a net settlement option for participants in order to meet their income tax obligations when their shares vest. This means that Aegon will not sell shares on the market, but hold these shares within Aegon and settle directly with the tax authorities in cash rather than selling shares first. |
Aegon N.V [member] | |
Statement [LineItems] | |
Commissions and expenses | 5 Commissions and expenses 2019 2018 Employee expenses 88 83 Administration expenses 77 79 Cost sharing to group companies (91 ) (80 ) Total 74 82 |
Impairment charges _ (reversals
Impairment charges / (reversals) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Impairment charges / (reversals) | 15 Impairment charges / (reversals) Impairment charges / (reversals) comprise: 2019 2018 2017 Impairment charges on financial assets, excluding receivables 133 71 70 Impairment reversals on financial assets, excluding receivables (73 ) (39 ) (32 ) Impairment charges and reversals on non-financial assets and receivables 109 46 4 Total 169 78 42 Impairment charges on financial assets, excluding receivables, from: 2019 2018 2017 Shares 7 5 2 Debt securities and money market instruments 50 30 17 Loans 76 35 50 Total 133 71 70 Impairment reversals on financial assets, excluding receivables, from: 2019 2018 2017 Debt securities and money market instruments (67 ) (34 ) (17 ) Loans (5 ) (3 ) (13 ) Other (1 ) (2 ) (2 ) Total (73 ) (39 ) (32 ) Impairment charges/(reversals) on non-financial assets and receivables amount to EUR 109 million and are mainly related to a write-off of VOBA and DPAC amounting to EUR 76 million as a result of a liability adequacy test (LAT) deficit in Aegon the Netherlands. Refer to note 34 “Insurance contracts” for further details on the LAT impact. In addition, 2019 includes the dilution of the capital injections in India (ALIC) of EUR 10 million and impairments to software in the Netherlands of EUR 9 million. Impairment charges/(reversals) on non-financial assets and receivables in 2018 amounted to EUR 46 million mainly due to updated valuations on various real estate properties in the Americas and impairments to software in the Netherlands. For more details on impairments on financial assets, excluding receivables, refer to note 4 Financial risks. |
Interest charges and related fe
Interest charges and related fees | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Interest charges and related fees | 16 Interest charges and related fees 2019 2018 2017 Subordinated loans 88 62 34 Trust pass-through securities 8 8 9 Borrowings 252 300 283 Other 164 136 108 Total 513 507 435 Other includes interest charges on short term borrowings and bank fees. The interest charges accrued on financial assets and liabilities that are not carried at fair value through profit or loss amounted to EUR 298 million (2018: EUR 143 million; 2017: EUR 162 million). |
Aegon N.V [member] | |
Statement [LineItems] | |
Interest charges and related fees | 6 Interest charges and related fees 2019 2018 Subordinated borrowings 80 63 Borrowings 57 55 Other 2 - Total 139 118 |
Other charges
Other charges | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other charges | 17 Other charges 2019 2018 2017 Other charges 1 375 235 Other charges in 2018 of EUR 375 million include the gross settlement amount of a class action lawsuit regarding certain monthly deduction rate adjustments on universal life insurance policies and other related plaintiff and administration fees. The settlement relates to a block of around 70,000 universal life policies on which Transamerica raised the monthly deduction rates in 2015 and 2016. These adjustments were necessitated by, among other factors, low long-term interest rates and changes in future mortality experience, and were in accordance with the contractual terms of the policies. Nonetheless, the increases were challenged by policyholders in several court cases. To remove the uncertainty of ongoing litigation for Aegon and its customers, the decision was made to settle with the plaintiffs. In January 2019, a court approved the aforementioned settlement with universal life policyholders. Resolution of this class action ended a number of other related cases, including other related class actions. Over 99% of affected policyholders participated in the settlement. While less than 1% of policyholders opted out of the settlement, they represented approximately 43% of the value of the settlement fund. The settlement fund was reduced proportionally for opt outs, although Aegon continues to hold a provision for these policyholders. The charge to the income statement for 2018 was EUR 140 million (USD 166 million). Included in the charge is a release of the technical provision (USD 38 million) and a reduction of the amortization of other intangible assets (USD 6 million). Other charges in 2018 also include a loss of EUR 93 million (USD 110 million) related to the divestment of the last substantial block of its life reinsurance business to SCOR Global Life. Under the terms of the agreement, Aegon’s Transamerica life subsidiaries reinsured approximately USD 700 million of liabilities through SCOR Global Life. The transaction covered the last substantial block of life reinsurance business that Transamerica retained after it divested the vast majority of its reinsurance business to SCOR Global Life in 2011 and 2017. Furthermore, other charges in 2018 include a loss of EUR 93 million (GBP 81 million) from the divestment of Aegon Ireland Plc. For more details on the divestment of Aegon Ireland Plc. refer to note 48 Business combinations. Other charges in 2017 of EUR 235 million mainly relate to the book loss of EUR 105 million (USD 119 million) regarding the divestment of a block of life reinsurance business in the Americas and a charge of EUR 85 million (USD 100 million), regarding a provision in anticipation of a possible settlement in connection with an investigation by the SEC. In addition, an impairment of deferred transaction costs of EUR 36 million (GBP 32 million) was recorded as a result of the agreed sale of Aegon Ireland plc. For more details on the divestment of a block of US reinsurance run off business and Aegon Ireland plc. refer to note 48 Business combinations. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Income tax | 18 Income tax Note 2019 2018 2017 Current tax Current year 118 54 220 Adjustments to prior years (14) (36 ) 47 104 18 267 Deferred tax 40 Origination / (reversal) of temporary differences 69 23 397 Changes in tax rates / bases 33 (30 ) (550 ) Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences 4 (35 ) (45 ) Non-recognition of deferred tax assets 17 17 41 Adjustments to prior years (8) 48 (45 ) 114 22 (201 ) Income tax for the period (income) / charge 218 40 65 Adjustments to prior years include shifts between current and deferred tax. Reconciliation between standard and effective income tax: 2019 2018 2017 Income before tax 1,457 751 2,534 Income tax calculated using weighted average applicable statutory tax rates 293 178 745 Difference due to the effects of: Non-taxable income (76) (80 ) (157 ) Non-tax deductible expenses 22 28 28 Changes in tax rate/base 33 (30 ) (550 ) Different tax rates on overseas earnings (1) - (1 ) Tax credits (67) (68 ) (67 ) Other taxes 57 29 67 Adjustments to prior years (22) 11 2 Origination and change in contingencies - 2 9 Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences 4 (35 ) (45 ) Non-recognition of deferred tax assets 17 17 41 Tax effect of (profit) / losses from joint ventures and associates (11) (9 ) (7 ) Other (31) (3 ) (1 ) (76) (138 ) (680 ) Income tax for the period (income) / charge 218 40 65 The weighted average applicable statutory tax rate for 2019 is 20.1% (2018: 23.7%; 2017: 29.4%). The decrease in the weighted average applicable statutory tax rate compared to 2018 is mainly due to the relatively high contribution of income before tax in the United States versus the negative income before tax in the Netherlands and the United Kingdom. Non-taxable income in 2019 comprises of the regular non-taxable items such as the Dividend Received Deduction in the US and the Participation Exemption in the Netherlands. Compared to 2017 the non-taxable income decreased because of the decrease of the US corporate income tax rate from 35% to 21% as from January 1, 2018. Non-taxable income in 2017 includes the tax exempt sale proceeds of the Dutch Unirobe Meeùs Group. Changes in tax rate/base in 2017 highly benefited by the decrease of the US corporate income tax rate from 35% to 21% as from January 1, 2018. In the Netherlands, the corporate income tax rate will decrease from 25% to 21.7% as from January 1, 2021. The beneficial impact of the previous enacted tax rate change in the Netherlands is included in the 2018 change in tax rate/base. In 2019 part of this beneficial impact is reversed due to the new enacted tax rate. In the UK, the corporate income tax rate will decrease from 19% to 17% with effect from April 1, 2020. Tax credits include tax benefits from US investments that provide affordable housing to individuals and families that meet median household income requirements. Adjustments to prior year consists of one time tax benefit in the Netherlands in respect of the 2017 and 2018 tax returns filed. Other mainly relates to the one off tax benefit in the UK due to the release of the historic deferred tax balances held in respect of the pension scheme deficit when the Defined Benefit pension scheme moved to surplus. The following tables present income tax related to components of other comprehensive income and retained earnings. 2019 2018 2017 Items that will not be reclassified to profit and loss: Changes in revaluation reserve real estate held for own use 1 7 9 Remeasurements of defined benefit plans 90 (15 ) (175 ) 92 (8 ) (166 ) Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of available-for-sale investments (724) 531 (157 ) (Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments 94 (17 ) 441 Changes in cash flow hedging reserve 3 1 567 Movement in foreign currency translation and net foreign investment hedging reserve (5) (20 ) 76 (632) 494 927 Total income tax related to components of other comprehensive income (541) 486 762 In 2017, the income tax related to components of OCI included a deferred tax benefit of EUR 479 million caused by the decrease of the US corporate income tax rate from 35% to 21% as from January 1, 2018. 2019 2018 2017 Income tax related to equity instruments and other Income tax related to equity instruments 31 51 38 44 Other (1) (12 ) 14 Total income tax recognized directly in retained earnings 50 26 58 |
Aegon N.V [member] | |
Statement [LineItems] | |
Income tax | 7 Income tax 2019 2018 Current Tax Current Tax 40 2 Income tax for the period (income) / charge 40 2 Reconciliation between standard and effective tax Income before tax (181 ) (124 ) Tax on income on Dutch corporate income tax rate 45 31 Differences due to the effect of: Non deductible expenses (6 ) (5 ) Adjustments prior year - (24 ) Total 40 2 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Earnings per share | 19 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the net income attributable to owners, after deduction of coupons on perpetual securities and non-cumulative subordinated notes by the weighted average number of common shares, excluding common shares purchased by the Company and held as treasury shares (refer to note 30.1 Share capital – par value and 30.3 Treasury shares respectively). 2019 2018 2017 Net income / (loss) attributable to owners 1,239 710 2,469 Coupons on perpetual securities (88) (102 ) (103 ) Coupons on non-cumulative subordinated notes - (11 ) (28 ) Net income / (loss) attributable to owners for basic earnings per share calculation 1,151 597 2,338 Net income / (loss) attributable to common shareholders 1,143 593 2,321 Net income / (loss) attributable to common shareholders B 8 4 16 Weighted average number of common shares outstanding (in million) 2,042 2,036 2,042 Weighted average number of common shares B outstanding (in million) 572 571 575 Basic earnings per common share (EUR per share) 0.56 0.29 1.14 Basic earnings per common share B (EUR per share) 0.01 0.01 0.03 Diluted earnings per share The diluted earnings per share equaled the basic earnings per share for all years disclosed since there were no Long Term Incentive Plans which were considered dilutive. |
Dividend per common share
Dividend per common share | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Dividend per common share | 20 Dividend per common share Final dividend 2019 At the Annual General Meeting of Shareholders currently scheduled for May 15, 2020, the Executive Board will, in line with its earlier announcement and absent a further significant deterioration of market circumstances, propose a final dividend for the year 2019 of EUR 0.16 per common share and EUR 0.004 per common share B, which has financial rights attached to it of 1/40th of a common share. After taking into account the interim dividend 2019 of EUR 0.15 per common share, this will result in a total 2019 dividend of EUR 0.31 per common share. After taking the interim dividend 2019 of EUR 0.00375 per common share B into account, this will result in a total 2019 dividend of EUR 0.00775 per common share B. Interim dividend 2019 The interim dividend 2019 was paid in cash or stock at the election of the shareholder. Approximately 55% of holders of common shares elected to receive the cash dividend. The remaining 45% opted for stock dividend. The cash dividend amounted to EUR 0.15 per common share, the stock dividend amounted to one new Aegon common share for every 25 common shares held. The stock dividend and cash dividend are approximately equal in value. The interim dividend was payable as of September 20, 2019. The interim dividend 2019 for common shares B amounted to 1/40 th To neutralize the dilutive effect of the 2019 interim dividend paid in shares, Aegon executed a program to repurchase 43,149,667 common shares. Between October 1, 2019, and November 8, 2019, these common shares were repurchased at an average price of EUR 3.89 per share. These shares will be held as treasury shares and will be used to cover future stock dividends. Final dividend 2018 At the Annual General Meeting of Shareholders on May 17, 2019 a final dividend was approved for the year 2018 of EUR 0.15 per common share payable in either cash or stock. After taking into account the interim dividend 2018 of EUR 0.14 per common share, which results in a total 2018 dividend of EUR 0.29 per common share. With respect to the common shares B, each of which has financial rights attached to it of 1/40 th To neutralize the dilutive effect of the 2018 final dividend paid in shares, Aegon executed a share buyback program to repurchase 32,873,805 common shares. Between July 1, 2019 and August 2, 2019, these common shares were repurchased at an average price of EUR 4.52 per share. These shares will be held as treasury shares and will be used to cover future stock dividends. Interim dividend 2018 The interim dividend 2018 was paid in cash or stock at the election of the shareholder. Approximately 56% of holders of common shares elected to receive the cash dividend. The remaining 44% have opted for stock dividend. The cash dividend amounted to EUR 0.14 per common share, the stock dividend amounted to one new Aegon common share for every 37 common shares held. The stock dividend and cash dividend are approximately equal in value. The interim dividend was payable as of September 21, 2018. The interim dividend 2018 for common shares B amounted to 1/40th of the dividend paid on common shares. To neutralize the dilutive effect of the 2018 interim dividend paid in shares, Aegon executed a program to repurchase 24,133,950 common shares. Between October 1, 2018, and November 9, 2018, these common shares were repurchased at an average price of EUR 5.43 per share. These shares will be held as treasury shares and will be used to cover future stock dividends. Final dividend 2017 The Annual General Meeting of Shareholders on May 18, 2018, a final dividend was approved over the year 2017 of EUR 0.14 per common share payable in either cash or stock, related to the second half of 2017. Approximately 58% of holders of common shares elected to receive the cash dividend. The remaining 42% opted for stock dividend. The final dividend was payable as of June 22, 2018. The stock dividend amounted to one new Aegon common share for every 39 common shares held. The stock dividend and cash dividend are approximately equal. To neutralize the dilutive effect of the 2017 final dividend paid in shares, Aegon executed a program to repurchase 21,954,140 common shares. Between July 2, 2018, and August 10, 2018, these common shares were repurchased at an average price of EUR 5.34 per share. These shares will be held as treasury shares and will be used to cover future stock dividends. Interim dividend 2017 The interim dividend 2017 was paid in cash or stock at the election of the shareholder. Approximately 57% of holders of common shares elected to receive the cash dividend. The remaining 43% have opted for stock dividend. The cash dividend amounted to EUR 0.13 per common share, the stock dividend amounted to one new Aegon common share for every 36 common shares held. The stock dividend and cash dividend are approximately equal in value. The interim dividend was payable as of September 15, 2017. The interim dividend 2017 for common shares B amounted to 1/40th of the dividend paid on common shares. To neutralize the dilutive effect of the 2016 final and 2017 interim dividend paid in shares, Aegon executed a program to repurchase 51,864,626 common shares. Between October 2, 2017, and December 15, 2017, these common shares were repurchased at an average price of EUR 5.0950 per share. These shares will be held as treasury shares and will be used to cover future stock dividends. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Cash and cash equivalents | 21 Cash and cash equivalents 2019 2018 2017 Cash at bank and in hand 4,619 3,725 3,720 Short-term deposits 2,518 2,524 2,544 Money market investments 5,116 2,493 4,496 Short-term collateral 11 2 7 At December 31 12,263 8,744 10,768 The carrying amounts disclosed reasonably approximate the fair values as at the year-end. EUR 7.2 billion (2018: EUR 6.2 billion) of cash collateral is received related to securities lending, repurchase agreements and margins on derivatives transactions. A corresponding liability to repay the cash is recognized in other liabilities (refer to note 41 Other liabilities). Refer to note 46 Transfer of financial assets for details on collateral received and paid. Investment of cash collateral received is restricted through limitations on credit worthiness, duration, approved investment categories and borrower limits. EUR 11 million (2018: EUR 2 million) of the cash collateral received is included in cash and cash equivalents and the remainder is included in other asset classes as that collateral is typically reinvested. Aegon earns a share of the spread between the collateral earnings and the rebate paid to the borrower of the securities. Income from securities lending programs was approximately EUR 6 million (2018: EUR 8 million; 2017: EUR 11 million). The weighted effective interest rate on short-term deposits in 2019 was 0.38% negative (2018: 0.39% negative) and these deposits have an average maturity of 19 days (2018: 28 days). For the purposes of the cash flow statement, cash and cash equivalents comprise the following: Note 2019 2018 2017 Cash and cash equivalents 12,263 8,744 10,768 Cash classified as Assets held for sale - - 260 Bank overdrafts 41 - - (2 ) Bank overdrafts classified as Liabilities held for sale - - (1 ) Net cash and cash equivalents 12,263 8,744 11,026 Cash and cash equivalents include cash and demand balances held at the Dutch Central Bank. The Dutch Central Bank requires Aegon Bank N.V. to place 1% of their deposits with agreed maturity or the savings accounts (without restrictions to withdraw their money) in an account with the Dutch Central Bank. This deposit is renewed every 42-49 days, based on an updated valuation of total assets. The interest paid on this deposit is equal to the ECB deposit rate which was -50bp as from 18 September 2019 (-40bp throughout 2018 up to 18 September 2019). The year-end minimum required balance on deposit by the Dutch Central Bank was EUR 79 million (2018: EUR 70 million). These deposits are therefore not freely available. Summary cash flow statement 2019 2018 2017 Net cash flows from operating activities 7,302 517 553 Net cash flows from investing activities (86) (438 ) (1,196 ) Net cash flows from financing activities (3,730) (2,395 ) 519 Net increase in cash and cash equivalents 3,486 (2,317 ) (125 ) Net cash and cash equivalents at December 31, 2019, are positively impacted by effects of changes in exchange rates of EUR 33 million (2018: EUR 35 million positive; 2017: EUR 196 million negative). Analysis of cash flows 2019 compared to 2018 Net cash flows from operating activities Total net cash flow from operating activities increased by EUR 6,785 million to a EUR 7,302 million inflow (2018: EUR 517 million inflow). The main movements are the cash inflows regarding insurance and investment liabilities general account and for account of policyholder (refer to note 34 Insurance contracts and note 35 Investment contracts), cash inflows from disposal of derivatives (refer to note 24 Derivatives) and net purchase of investments for account of policyholder (refer to note 23 Investments for account of policyholders) partially offset by outflow from results from financial transactions (refer to note 10 Results from financial transactions). Net cash flows from investing activities Net cash flows from investing activities increased by EUR 352 million to a EUR 86 million outflow (2018: EUR 438 million outflow). The total consideration paid for acquisitions/capital contributions in joint ventures and associates, was EUR 269 million. The total consideration received for disposals, excluding transferred assets and reinsurance assets from reinsurance transactions, was EUR 155 million. Transferred cash and cash equivalents amounts to an outflow of EUR 17 million as a result of disposal of entities over which control is lost. The outflow in 2019 is mainly driven by the expansion of the joint venture arrangement with Banco Santander in Spain and capital injections to support growth in Amvest, offset by the sale off the businesses in Czech Republic and Slovakia (refer to note 48 Business combinations). Net cash flows from financing activities Net cash flow from financing activities decreased by EUR 1,312 million to a EUR 3,707 million outflow (2018: EUR 2,395 million outflow). The decrease is a result of proceeds and repayments of borrowings (refer to the table below and note 37 Borrowings) and other equity instruments redeemed (refer to note 31 Other equity instruments). 2018 compared to 2017 Net cash flows from operating activities Total net cash flow from operating activities decreased slightly by EUR 36 million to a EUR 517 million inflow (2017: EUR 553 million inflow). The main movements are the inflow from results from financial transactions (refer to note 10 Result from financial transactions) offset by cash outflows regarding insurance and investment liabilities for account of policyholder (refer to note 34 Insurance contracts and note 35 Investment contracts). Net cash flows from investing activities Net cash flows from investing activities increased by EUR 758 million to a EUR 438 million outflow (2017: EUR 1,196 million outflow). The total consideration paid for acquisitions, including cash in acquired entities, was EUR 89 million. The total consideration received for disposals, excluding transferred assets and reinsurance assets from reinsurance transactions, was EUR 214 million. Total consideration received in cash and cash equivalents amounted to EUR 202 million, as an earn-out of EUR 2 million was part of the total consideration. Transferred cash and cash equivalents amounts to an outflow of EUR 416 million as a result of reinsurance transactions and disposal of entities over which control is lost. The outflow in 2018 is mainly driven by the acquisition of Robidus, the divestment of Aegon Ireland plc and the divestment of the last substantial block of US Life reinsurance business (refer to note 48 Business combinations). Net cash flows from financing activities Net cash flow from financing activities decreased by EUR 2,914 million to a EUR 2,395 million outflow (2017: EUR 519 million inflow). The decrease is a result of proceeds and repayments of borrowings (refer to the table below and note 37 Borrowings) and other equity instruments redeemed (refer to note 31 Other equity instruments). Reconciliation of liabilities arising from financing activities The table below shows the reconciliation between the net cash flows from financing activities and the liabilities as included in the consolidated statement of financial position. Cash flows Non-cash changes Reconciliation of debt from financing At January 1, Addition Repayment Disposal of Realized gains / income Movements Amortization Transfer to/ Other Net At December 31, Subordinated borrowings 1,389 806 - - - - 1 - - 11 2,207 Trust pass-through securities 133 - - - - 1 (1 ) - - 2 136 Borrowings 12,061 4,117 (7,014 ) - (8 ) - 1 - - 149 9,307 Assets held to hedge Trust pass-through securities 10 - - - 1 - - - - - 11 Cash flows Non-cash changes Reconciliation of debt from financing At January 1, Addition Repayment Disposal of Realized gains / income Movements Amortization Transfer to/ Other Net At December 31, Subordinated borrowings 764 640 - - - - 2 (68 ) - 52 1,389 Trust pass-through securities 133 - - - - (6 ) - - - 6 133 Borrowings 13,635 3,545 (5,211 ) (151 ) (23 ) - 2 - - 263 12,061 Assets held to hedge Trust pass-through securities 15 - - - (6 ) - - - - 1 10 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Investments | 22 Investments Investments for general account comprise financial assets, excluding derivatives, as well as investments in real estate. Note 2019 2018 Available-for-sale (AFS) 89,404 84,675 Loans 44,591 42,653 Financial assets at fair value through profit or loss (FVTPL) 9,080 8,597 Total financial assets, excluding derivatives 22.1 143,075 135,925 Investments in real estate 22.2 2,901 2,700 Total investments for general account 145,976 138,625 22.1 Financial assets, excluding derivatives AFS FVTPL Loans Total Fair value 2019 Shares 409 1,813 - 2,221 2,221 Debt securities 82,918 3,934 - 86,853 86,853 Money market and other short-term investments 5,169 158 - 5,327 5,327 Mortgage loans - - 37,750 37,750 42,567 Private loans - - 4,487 4,487 5,159 Deposits with financial institutions - - 141 141 141 Policy loans - - 2,024 2,024 2,024 Other 908 3,175 188 4,272 4,272 At December 31, 2019 89,404 9,080 44,591 143,075 148,563 2018 Shares 478 1,682 - 2,161 2,161 Debt securities 77,340 3,913 - 81,253 81,253 Money market and other short-term investments 5,955 352 - 6,307 6,307 Mortgage loans - - 36,240 36,240 39,758 Private loans - - 4,103 4,103 4,494 Deposits with financial institutions - - 141 141 141 Policy loans - - 1,973 1,973 1,973 Other 902 2,649 196 3,747 3,747 At December 31, 2018 84,675 8,597 42,653 135,925 139,834 Of the debt securities, money market and other short-term investments, mortgage loans and private loans EUR 14,654 million is current (2018: EUR 13,287 million). Refer to note 44 Fair value for further detail on fair value measurement. Loan allowance Movement on the loan allowance account during the year were as follows: 2019 2018 At January 1 (138 ) (165 ) Addition charged to income statement (76 ) (35 ) Reversal to income statement 5 3 Amounts written off 44 40 Net exchange differences - (1 ) Other - 20 At December 31 (165 ) (138 ) 22.2 Investments in real estate 2019 2018 At January 1 2,700 2,147 Additions 179 472 Subsequent expenditure capitalized 16 3 Disposals (331 ) (209 ) Fair value gains / (losses) 317 261 Net exchange differences 9 27 Other 11 (1 ) At December 31 2,901 2,700 100% of the value of Aegon’s properties, both for general account and for account of policyholders, were appraised (2018: 99%), of which 99% was performed by independent external appraisers (2018: 98%). Of the investments in real estate EUR 653 million (2018: EUR 530 million) is held by Aegon Americas and EUR 2,229 million (2018: EUR 2,150 million) is held by Aegon the Netherlands. Aegon Americas has invested in a commercial property portfolio, consisting of office, retail and industrial buildings. These non-cancellable leases have remaining lease terms up to 20 years. Most leases include a clause to enable upward revision of the rental charge on an annual basis according to either a fixed schedule or prevailing market conditions. Aegon the Netherlands has invested in long-term residential property leases that can be terminated subject to a short-term notice. Under Dutch law, the maximum annual rent increase on residential property rented in the affordable housing segment is specified by the Dutch national government and equals the annual inflation rate plus a small margin. Refer to note 45 Commitments and contingencies for a description of non-cancellable lease rights. Rental income of EUR 83 million (2018: EUR 82 million; 2017: EUR 71 million) is reported as part of investment income in the income statement. Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the period amounted to EUR 59 million (2018: EUR 63 million; 2017: EUR 71 million). In 2019, EUR 2 million of direct operating expenses is related to investment properties that did not generate rental income during the period (2018: EUR 2 million; 2017: EUR 1 million). There are no restrictions on the realizability of investment property or the remittance of income and proceeds of disposal. Refer to note 45 Commitments and contingencies for a summary of contractual obligations to purchase investment property. |
Investments for account of poli
Investments for account of policyholders | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Investments for account of policyholders | 23 Investments for account of policyholders Investments for account of policyholders comprise financial assets at fair value through profit or loss, excluding derivatives, and investments in real estate. Note 2019 2018 Shares 25,288 20,640 Debt securities 20,744 20,441 Money market and other short-term investments 1,805 1,578 Deposits with financial institutions 3,278 3,263 Unconsolidated investment funds 170,039 143,800 Other 4,634 4,020 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 225,788 193,741 Investments in real estate 23.1 586 612 Total investments for account of policyholders 226,374 194,353 Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss. 23.1 Investments in real estate for account of policyholders 2019 2018 At January 1 612 655 Subsequent expenditure capitalized 2 2 Disposals (43 ) (43 ) Fair value gains / (losses) (18 ) 5 Net exchange differences 34 (7 ) At December 31 586 612 The investment properties are leased out under operating leases. Rental income of EUR 42 million (2018: EUR 47 million; 2017: EUR 50 million) is reported as part of investment income in the income statement. Direct operating expenses relating to investments in real estate for account of policyholder amounted to EUR 6 million in 2019 (2018: EUR 4 million, 2017: EUR 4 million). There are no restrictions on the realizability of investment property or the remittance of income and proceeds of disposal. Refer to note 45 Commitments and contingencies for a summary of contractual obligations to purchase investment property. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Derivatives | 24 Derivatives Derivative asset Derivative liability 2019 2018 2019 2018 Derivatives for general account Derivatives not designated in a hedge 10,134 6,904 11,060 6,879 Derivatives designated as fair value hedges 21 30 26 29 Derivatives designated as cash flow hedges 390 289 320 151 Derivatives designated as Net foreign investment hedges 112 115 96 114 10,658 7,337 11,501 7,174 Derivatives for account of policyholders Derivatives not designated in a hedge 499 278 114 56 Total derivatives 1) 11,157 7,615 11,616 7,230 1 Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss. The fair value of derivatives on the asset and liability side of the consolidated statement of financial position increased during 2019 mainly due to changes in interest rates and changes in the credit spread, as well as purchases, disposals and maturities. Refer to note 44 Fair value for details on fair value measurement of derivatives. Of the derivatives EUR 581 million (2018: EUR 1,643 million) and EUR 2,300 million (2018: EUR 1,886 million) are current derivative assets and liabilities respectively. Aegon the Netherlands partially hedges the risk of future longevity increases in the Netherlands related to a part of its insurance liabilities. These longevity derivatives are constructed to pay out if the mortality rates in future years have decreased more than a predetermined percentage compared with the base scenario at the moment of signing the contract. The above mentioned transactions are used to enhance Aegon’s risk-return profile and to improve capital efficiency. The derivatives are measured at fair value through profit or loss in accordance with IAS 39. The value of the longevity derivatives are calculated using an internal model as there is no active market for this type of derivatives. For more details refer to the paragraph on underwriting risk included in note 34 Insurance contracts and the paragraph on derivatives included in note 44 Fair value. Use of derivatives Derivatives not designated in a hedge - general account Derivative asset Derivative liability Derivatives not designated in a hedge – general account 2019 2018 2019 2018 Derivatives held as an economic hedge 10,118 6,808 7,854 4,278 Bifurcated embedded derivatives 16 5 3,197 2,588 Other - 91 9 12 Total 10,134 6,904 11,060 6,879 Aegon utilizes derivative instruments as a part of its asset liability risk management practices. The derivatives held for risk management purposes are classified as economic hedges to the extent that they do not qualify for hedge accounting, or that Aegon has elected not to apply hedge accounting. The economic hedges of certain exposures relate to an existing asset, liability or future reinvestment risk. In all cases, these are in accordance with internal risk guidelines and are closely monitored for continuing compliance. Bifurcated embedded derivatives that are not closely related to the host contracts have been bifurcated and recorded at fair value in the consolidated statement of financial position. These bifurcated embedded derivatives are embedded in various institutional products, modified coinsurance and unit-linked insurance contracts in the form of guarantees for minimum benefits. Please refer to note 36 Guarantees in insurance contracts for more disclosures about these guarantees. CDSs Aegon has entered into free-standing credit derivative transactions. The positions outstanding at the end of the year were: 2019 2018 Credit derivative disclosure by quality Notional Fair value Notional Fair value AAA 10 - 16 - AA 106 3 97 1 A 915 13 764 10 BBB 3,258 70 3,201 45 BB 97 3 226 5 B or lower 58 - 54 (3 ) Total 4,444 89 4,358 57 Certain derivatives are used to add risk by selling protection in the form of single name and index based credit default swaps. This involves the purchase of high quality, low risk assets and the sale of credit derivatives. The table above provides a breakdown in credit quality of these credit derivatives. Derivatives designated as fair value hedges Aegon’s fair value hedges consist mainly of interest rate swaps, swaptions, equity and fixed income total return swaps, equity options, equity futures, bond futures and variance swaps that are used to protect against changes in the fair value of interest rate and equity sensitive instruments or liabilities. Gains and losses on derivatives designated under fair value hedge accounting are recognized in the income statement. The effective portion of the fair value change on the hedged item is also recognized in the income statement. As a result, only the net accounting ineffectiveness has an impact on the net result. Aegon has entered into interest rate swap agreements that effectively convert certain fixed-rate assets and liabilities to a floating-rate basis (generally to six months or less LIBOR). These hedges are used for portfolio management to better match assets to liabilities or to protect the value of the hedged item from interest rate movements. These agreements involve the payment or receipt of fixed-rate interest amounts in exchange for floating-rate interest amounts over the life of the agreement without the exchange of the underlying principal amounts. Some of the arrangements use forward starting swaps to better match the duration of assets and liabilities. Aegon has entered into cross-currency interest rate swap agreements that effectively convert certain foreign currency fixed-rate and floating-rate assets and liabilities to US dollar floating-rate assets and liabilities. These agreements involve the exchange of the underlying principal amounts. For the years ended December 31, 2019, 2018 and 2017, Aegon recognized gains and (losses) related to the ineffectiveness portion of designated fair value hedges of EUR 22 million, EUR (9) million and EUR (6) million respectively. No portion of derivatives was excluded when assessing hedge effectiveness. Derivatives designated as cash flow hedges Aegon has entered primarily into interest rate swap agreements that effectively convert certain variable-rate assets and liabilities to a fixed-rate basis in order to match the cash flows of the assets and liabilities within Aegon’s portfolio more closely. These agreements involve the payment or receipt of variable-rate interest amounts in exchange for fixed-rate interest amounts over the life of the agreement without the exchange of the underlying principal amounts. Aegon hedges its exposure to the variability of future cash flows from the interest rate movements for terms up to 25 years for hedges converting existing floating-rate assets and liabilities to fixed-rate assets. Aegon uses forward starting interest rate swap agreements to hedge the variability in future cash flows associated with the forecasted purchase of fixed-income assets. These agreements reduce the impact of future interest rate changes on the forecasted transaction. Fair value adjustments for these interest rate swaps are deferred and recorded in equity until the occurrence of the forecasted transaction at which time the interest rate swaps will be terminated. The accumulated gain or loss in equity will be amortized into investment income as the acquired asset affects income. Aegon hedges its exposure to the variability of future cash flows from interest rate movements for terms up to 24 years. The cash flows from these hedging instruments are expected to affect the profit and loss for approximately the next 33 years. For the year ended December 31, 2019, the contracts for which cash flow hedge accounting was terminated resulted in deferred gains of EUR 112 million (2018: EUR 57 million) that are recognized directly in equity to be reclassified into net income during the period when the cash flows occur of the underlying hedged items. During the year ended December 31, 2019, none of Aegon’s cash flow hedges were discontinued as it was highly probable that the original forecasted transactions would occur by the end of the originally specified time period documented at the inception of the hedging relationship. Aegon projects investment needs many years into the future in order to support the insurance liabilities and pay all contractual obligations arising from the policies in force today. In addition, Aegon also makes use of cross currency swaps to convert variable or fixed foreign currency cash flows into fixed cash flows in local currencies. The cash flows from these hedging instruments are expected to occur over the next 31 years. These agreements involve the exchange of the underlying principal amounts. For the year ended December 31, 2019, Aegon recognized EUR 0 million of hedge ineffectiveness on cash flow hedges (2018: EUR 2 million loss; 2017: EUR 0 million). In 2019, EUR 51 million gain was reclassified from equity into the income statement (2018: EUR 62 million loss, 2017: EUR 113 million loss). The amount of deferred gains or losses to be reclassified from equity into net income during the next 12 months is expected to be EUR 89 million gain. The periods when the cash flows are expected to occur are as follows: < 1 year 1 – 5 years 5 – 10 years > 10 years 2019 Total Cash inflows 597 928 875 5,764 8,165 Cash outflows - 1 3 - 4 Net cash flows 597 927 872 5,764 8,160 < 1 year 1 – 5 years 5 – 10 years > 10 years 2018 Total Cash inflows 95 321 301 5,582 6,299 Cash outflows - 1 3 - 5 Net cash flows 95 320 297 5,582 6,294 Effect of uncertainty of IBOR reform on derivatives designated as fair value and cash flows hedges The future of IBORs (Interbank Offered Rates) such as Euribor, Eonia and LIBOR has been a major topic on the global agenda since the G20 asked the Financial Stability Board (FSB) to undertake a fundamental review of leading interest rate benchmarks in 2013. The FSB proposed new standards to reform interest rate benchmarks and the use of transaction-based input data instead of non-transactional/panel input data. In the EU this is adopted in the new Benchmark Regulation (BMR) which stipulates that from January 2020 only BMR compliant benchmarks may be used within the EU. Despite current uncertainties on how the transition from IBORs to alternative benchmarks will be managed, it is widely acknowledged that IBOR benchmarks impact financial products and contracts, including among others derivatives, corporate bonds, structured debt products, deposits and mortgages. Aegon recognizes that IBOR transitions potentially have implications for all reporting units, including its insurance, asset management and banking activities. In order to facilitate an orderly transition from the different IBORs to the new risk free rates Aegon has established for each region a project group led by the local CFO. Transition plans have been prepared by each unit covering the impact on the business- and operating models and include among others project solutions and actions, timelines and ownership to ensure timely preparation and implementation. Aegon has identified a number of legal, financial, pricing, operational and conduct risks and are in the process of addressing these. Aegon continues to analyze these risks and their evolution over the course of the transition. In addition Aegon will continue to engage with industry participants on the transition while monitoring further transition guidance and insights from the different market working groups and regulators. The majority of the fair value and cash flow hedges are directly exposed to changes in benchmark rates (predominantly Eonia, Euribor, and USD Libor), as it is not clear until when these benchmark rates will be continued and how they will transition to alternative rates. For example, the majority of financial instruments designated as fair value or cash flow hedges have a maturity date beyond December 31, 2021 (Net notional amount: EUR 1,594 million). Aegon applies the reliefs offered in IAS 39 to ensure that this uncertainty does not result in the early termination of hedge accounting, whilst also assuming for measurement purposes that, owing to the general principle of equivalence, transitions to alternative rates will not result in significant contract modifications. Net foreign investment hedges Aegon funds its investments in insurance subsidiaries with a mixture of debt and equity. Aegon aims to denominate debt funding in the same currency as the functional currency of the investment. Investments outside the Eurozone, the United States and the United Kingdom are funded in euros. When the debt funding of investments is not in the functional currency of the investment, Aegon uses derivatives to swap the currency exposure of the debt instrument to the appropriate functional currency. This policy will ensure that total capital will reflect currency movements without distorting debt to shareholders’ equity ratios. Aegon utilizes various financial instruments as designated hedging instruments of its foreign investments. These instruments include long-term and short-term borrowings, short-term debts to credit institutions, cross currency swap contracts and forward foreign exchange contracts. |
Investments in joint ventures a
Investments in joint ventures and associates | 12 Months Ended |
Dec. 31, 2019 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |
Disclosure Of Investments In Associates Subsidaries And Joint Venture | 25 Investments in joint ventures and associates Joint ventures Associates 2019 2018 2019 2018 At January 1 1,745 1,712 327 308 Additions 151 120 39 23 Disposals (1 ) (211 ) - (1 ) Share in net income 214 210 12 6 Share in changes in equity (note 30.6) 8 8 4 2 Impairment losses - - (7 ) (1 ) Dividends (120 ) (94 ) (10 ) (3 ) Net exchange difference 2 4 (1 ) (8 ) Other (16 ) (5 ) - - At December 31 1,983 1,745 363 327 In 2018, one of the Amvest funds with a carrying value of EUR 211 million was liquidated. Based on the termination agreement, Aegon received a distribution of its share of the assets and liabilities. As a result, the investment properties, being the main asset class in the fund, were recognized as part of investments in real estate of Aegon. With the exception of a limited number of immaterial venture capital entities, all joint ventures and associates are unlisted and are accounted for using the equity method and are considered to be non-current. The investments in joint ventures and associates include interest in insurance companies that are required to maintain a minimum solvency margin based on local directives. Such restrictions can affect the ability of these joint ventures and associates to transfer funds in the form of cash dividends, or repayment of loans or advances, and therefore, there can be no assurance that these restrictions will not become a limitation in the future. Refer to note 45 Commitments and contingencies for any commitments and contingencies related to investments in joint ventures. There are no unrecognized shares of losses in joint ventures and associates. The financial statements of the principal joint ventures and associates have the same reporting date as the Group. Refer to note 49 Group companies for a listing of the investments in joint ventures and associates and the Group’s percentage holding. Summarized financial information of joint ventures The summarized financial information presented in the following table presents the joint ventures on a 100% basis. Aegon considers its investment in AMVEST Vastgoed B.V. (AMVEST) a material joint venture and is therefore presented separately. AMVEST Other Joint ventures 2019 2018 2019 2018 Summarized statement of financial position Cash and cash equivalents 124 132 525 511 Other current assets 42 157 1,261 896 Total current assets 166 289 1,786 1,407 Non-current assets 4,319 3,304 7,451 6,723 Total assets 4,486 3,593 9,236 8,130 Current financial liabilities excluding trade payables and other provisions - - 17 27 Other current liabilities 175 154 661 590 Total current liabilities 175 154 678 617 Non-current financial liabilities excluding trade payables and other provisions 709 590 439 416 Other non-current liabilities - - 6,883 6,040 Total non-current financial liabilities 709 590 7,321 6,456 Total liabilities 884 745 8,000 7,073 Net assets 3,602 2,848 1,237 1,057 Summarized statement of comprehensive income Revenue 111 89 1,846 1,599 Results from financial transactions 299 349 1 (1 ) Depreciation and amortization - - (12 ) (14 ) Interest income - - 56 51 Interest expense (8 ) (6 ) (4 ) (4 ) Profit or loss 406 438 244 226 Income tax (expense) or income (9 ) (6 ) (62 ) (82 ) Post-tax profit or (loss) 398 432 183 144 Other comprehensive income - - 13 12 Total comprehensive income 398 432 196 156 Dividends received 55 24 64 70 An overview of the summarized financial information of the carrying amount of the joint ventures is as follows: AMVEST Other Joint ventures 2019 2018 2019 2018 Net assets of joint venture as presented above 3,602 2,848 1,237 1,057 Net assets of joint venture excluding goodwill 3,602 2,848 857 681 Group share of net assets of joint venture, excluding goodwill 1,159 1,001 445 352 Goodwill on acquisition - - 380 376 Carrying amount 1,159 1,001 824 728 In 2018, the difference in the carrying value of investments in joint ventures of EUR 1,745 million and the total of the carrying value of joint ventures presented above of EUR 1,729 million relates to joint ventures with a negative carrying value of EUR 16 million which have been reclassified to Provisions. Aegon’s group share of net assets of joint ventures, as presented in the table above, is less than Aegon’s share of the net assets as presented in the summarized financial information on a 100% basis, due to the inclusion of third parties in the joint ventures. The following table includes the summarized financial information of the joint ventures based on the Group’s relative holding. AMVEST Other Joint ventures 2019 2018 2019 2018 Post-tax profit or loss 125 144 88 66 Other comprehensive income - - 7 5 Total comprehensive income 125 144 95 71 Summarized financial information of associates 2019 2018 Post-tax profit or loss 7 6 Other comprehensive income (7 ) 2 Total comprehensive income - 9 Carrying amount 350 327 The summarized financial information of associates presented above is based on the Group’s relative holding. |
Reinsurance assets
Reinsurance assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Reinsurance assets | 26 Reinsurance assets Assets arising from reinsurance contracts related to: 2019 2018 Life insurance general account 19,046 18,712 Life insurance for account of policyholders - 2 Non-life insurance 1,376 1,356 Investment contracts 412 437 At December 31 20,835 20,507 Amounts due from reinsurers in respect of claims already paid by the Group are included in note 28 Other assets and receivables. Of the reinsurance assets EUR 13 million is current (2018: EUR 12 million). Movements during the year in reinsurance assets relating to life insurance: Life insurance Life insurance Total life At January 1, 2019 18,712 2 18,714 Gross premium and deposits – existing and new business 2,170 - 2,170 Unwind of discount / interest credited 887 - 887 Insurance liabilities released (3,028 ) - (3,028 ) Fund charges released (85 ) - (85 ) Changes to valuation of expected future benefits (16 ) - (16 ) Net exchange differences 369 - 369 Disposal of a business - (2 ) (2 ) Transfer to/from insurance contracts 22 - 22 Other movements 16 - 16 At December 31, 2019 19,046 - 19,046 At January 1, 2018 17,419 2 17,421 Gross premium and deposits – existing and new business 2,038 3 2,041 Unwind of discount / interest credited 860 - 860 Insurance liabilities released (2,518 ) (3 ) (2,521 ) Fund charges released (82 ) - (82 ) Changes to valuation of expected future benefits 109 - 109 Policy transfers 25 - 25 Net exchange differences 858 - 858 Other movements 2 - 2 At December 31, 2018 18,712 2 18,714 Movements during the year in reinsurance assets relating to non-life insurance: 2019 2018 At January 1 1,356 1,327 Gross premium and deposits – existing and new business 99 84 Unwind of discount / interest credited 88 84 Insurance liabilities released (127 ) (123 ) Changes in unearned premiums (30 ) (28 ) Incurred related to current year 80 77 Incurred related to prior years 56 36 Release for claims settled current year (23 ) (18 ) Release for claims settled prior years (124 ) (130 ) Change in IBNR (19 ) 12 Shadow accounting adjustment - (24 ) Net exchange differences 25 65 Other movements (4 ) (8 ) At December 31 1,376 1,356 Assets arising from reinsurance contracts related to: 2019 2018 Normal course of business 7,101 6,900 Exit of a business 13,734 13,606 At December 31 20,835 20,507 |
Deferred expenses
Deferred expenses | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Deferred expenses | 27 Deferred expenses 2019 2018 DPAC for insurance contracts and investment contracts with discretionary participation features 9,972 10,457 Deferred cost of reinsurance 389 23 Deferred transaction costs for investment management services 442 431 At December 31 10,804 10,910 Current 882 957 Non-current 9,921 9,953 2019 2018 DPAC Deferred costs of Deferred transaction costs DPAC Deferred Deferred transaction costs At January 1 10,457 23 431 9,688 41 406 Costs deferred during the year 807 360 24 802 - 29 Amortization through income statement (754 ) 17 (22) (914 ) (19 ) (23) Shadow accounting adjustments (656 ) (11) - 455 - - Impairments (65 ) - - - - - Net exchange differences 223 - 9 433 1 18 Disposal of group assets (35 ) - - - - - Other (5 ) - - (7 ) - - At December 31 9,972 389 442 10,457 23 431 In December 2019, Aegon the Netherlands entered into a longevity reinsurance contract with Canada Life Reinsurance. The contract reinsures a specified portfolio of insurance contracts against possible future mortality developments. The reinsurer will pay benefits as long as the participants live and receive fixed payments from Aegon the Netherlands. EUR 360 million is recognized as deferred cost of reinsurance with regard to this reinsurance contract, which will be amortized over the duration of the underlying insurance contracts. |
Other assets and receivables
Other assets and receivables | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other assets and receivables | 28 Other assets and receivables Note 2019 2018 Real estate held for own use and equipment 28.1 489 498 Receivables 28.2 6,655 6,019 Accrued income 28.3 1,442 1,436 Right-of-use 28.4 255 - At December 31 8,841 7,954 28.1 Real estate held for own use and equipment Net book value General account real Equipment Total At January 1, 2018 307 223 530 At December 31, 2018 263 235 498 At December 31, 2019 208 281 489 Cost At January 1, 2019 363 538 901 Additions - 105 106 Capitalized subsequent expenditure (4 ) - (4 ) Disposals (94 ) (24 ) (118 ) Unrealized gains/(losses) through equity (4 ) - (4 ) Realized gains/(losses) through income statement 10 - 10 Net exchange differences 4 9 13 Other - (5 ) (5 ) At December 31, 2019 276 624 900 Accumulated depreciation and impairment losses At January 1, 2019 100 303 403 Depreciation through income statement 5 60 64 Disposals (32 ) (22 ) (54 ) Impairment losses reversed (6 ) - (6 ) Net exchange differences 2 5 7 Other - (3 ) (3 ) At December 31, 2019 68 343 411 Cost At January 1, 2018 396 488 885 Additions 1 63 64 Acquired through business combinations - 1 1 Capitalized subsequent expenditure 18 - 18 Disposals (26 ) (26 ) (52 ) Unrealized gains/(losses) through equity (32 ) - (32 ) Transfer to investments in real estate (1 ) - (1 ) Realized gains/(losses) through income statement (4 ) - (4 ) Net exchange differences 11 12 23 At December 31, 2018 363 538 901 Accumulated depreciation and impairment losses At January 1, 2018 90 265 355 Depreciation through income statement 4 54 58 Disposals (16 ) (22 ) (38 ) Impairment losses 18 - 18 Transfer to investments in real estate (1 ) - (1 ) Net exchange differences 4 5 9 At December 31, 2018 100 303 403 General account real estate held for own use are mainly held by Aegon Americas and Aegon the Netherlands, with relatively smaller holdings at Aegon Hungary and Aegon Spain. The carrying value under a historical cost model amounted to EUR 231 million (2018: EUR 301 million). 51% of the value of the general account real estate held for own use was last revalued in 2019 (2018: 57%), based on market value appraisals by qualified internal and external appraisers. 99% of the appraisals in 2019 were performed by independent external appraisers (2018: 99%). General account real estate held for own use has not been pledged as security for liabilities, nor are there any restrictions on title. Depreciation expenses are recorded in Commissions and expenses in the income statement. The useful lives of buildings range between 40 and 50 years. None of the equipment is held for lease (2018: none). Equipment has not been pledged as security for liabilities, nor are there any restrictions on title. Depreciation expenses have been recorded in Commissions and expenses in the income statement. Equipment is generally depreciated over a period of three to five years. 28.2 Receivables 2019 Loans to associates 16 12 Loans to joint ventures - 18 Receivables from policyholders 945 969 Receivables from brokers and agents 288 396 Receivables from reinsurers 777 1,129 Cash outstanding from assets sold 320 116 Trade receivables 1,484 1,321 Cash collateral 1,383 616 Reverse repurchase agreements 76 - Income tax receivable 102 102 Other 1,300 1,382 Provision for doubtful debts (34) (41) At December 31 6,655 6,019 Current 6,611 5,989 Non-current 43 30 With the exception of receivables from reinsurers, the receivables balances presented above are mostly not externally rated. The movements in the provision for doubtful debts during the year were as follows: 2019 2018 At January 1 (41) (48) Additions charged to earnings (9) (7) Unused amounts reversed through the income statement 8 4 Disposal of business 4 - Used during the year 5 10 At December 31 (34 ) (41 ) 28.3 Accrued income 2019 Accrued interest 1,436 1,415 Other 6 21 At December 31 1,442 1,436 Of accrued income EUR 1,442 million is current (2018: EUR 1,421 million). 28.4 Right-of-use Net book value Real estate for Equipment Other Total At December 31, 2019 227 25 3 255 Cost At January 1, 2019 213 18 5 235 Additions 40 19 1 59 Modification of lease contracts 2 - - 3 Net exchange differences 8 - - 8 At December 31, 2019 262 37 5 305 Accumulated depreciation and impairment losses At January 1, 2019 - - - - Depreciation through income statement 35 13 2 50 At December 31, 2019 36 13 2 50 Right-of-use For information on the Lease liabilities and respective maturity analysis, please refer to note 41 Other liabilities and note 4 Financial risks, respectively. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Intangible assets | 29 Intangible assets Net book value Goodwill VOBA Future Software Other Total At December 31, 2019 392 952 84 69 61 1,559 At December 31, 2018 384 1,123 91 64 64 1,727 At January 1, 2018 293 1,153 99 51 36 1,633 Cost At January 1, 2019 554 6,858 361 327 166 8,265 Additions - - - 35 4 39 Capitalized subsequent expenditure - - - 7 - 7 Disposals - - - (9 ) - (9 ) Net exchange differences 13 145 5 11 3 178 At December 31, 2019 567 7,003 366 371 173 8,479 Accumulated amortization, depreciation and impairment losses At January 1, 2019 169 5,735 270 263 101 6,538 Amortization through income statement - 112 8 16 7 143 Shadow accounting adjustments - 72 - - - 72 Disposals - - - (7 ) - (7 ) Impairment losses 3 11 - 20 - 34 Net exchange differences 3 121 4 9 3 140 At December 31, 2019 175 6,051 282 301 111 6,920 Cost At January 1, 2018 462 6,565 359 294 128 7,808 Additions - - - 45 2 47 Acquisitions through business combinations 85 - - 7 33 126 Capitalized subsequent expenditure - - - 5 - 5 Disposals - - - (19 ) - (19 ) Net exchange differences 6 293 2 (6 ) 2 298 At December 31, 2018 554 6,858 361 327 166 8,265 Accumulated amortization, depreciation and impairment losses At January 1, 2018 169 5,412 260 243 92 6,176 Amortization through income statement - 135 8 16 6 165 Shadow accounting adjustments - (56 ) - - - (56 ) Disposals - - - (6 ) - (6 ) Impairment losses - - - 15 - 15 Net exchange differences - 244 2 (5 ) 3 243 At December 31, 2018 169 5,735 270 263 101 6,538 Amortization and depreciation through income statement is included in Commissions and expenses. None of the intangible assets have titles that are restricted or have been pledged as security for liabilities. With the exception of goodwill, all intangible assets have a finite useful life and are amortized accordingly. VOBA and future servicing rights are amortized over the term of the related insurance contracts, which can vary significantly depending on the maturity of the acquired portfolio. The amortization is based on either the expected future premiums, revenues or the expected gross profit margins, which for the most significant blocks of business ranges between 50 and 80 years. Future servicing rights are amortized over a period of 10 to 30 years of which 15 years remain at December 31, 2019 (2018: 13 years). Software is generally depreciated over an average period of 3 to 5 years of which 4 years remain at December 31, 2019 (2018: 4 years). In 2018, Goodwill and Other increased by EUR 85 million and EUR 33 million respectively following the acquisition of Robidus in September 2018. For details of the acquisition, refer to note 48 Business combinations. Goodwill The goodwill balance has been allocated across the cash-generating units which are expected to benefit from the synergies inherent in the goodwill. Goodwill is tested for impairment both annually and when there are specific indicators of a potential impairment. The recoverable amount is the higher of the value in use and fair value less costs of disposal for a cash-generating unit. The operating assumptions used in all the calculations are best estimate assumptions and based on historical data where available. The economic assumptions used in all the calculations are based on observable market data and projections of future trends. All the cash-generating units tested showed that the recoverable amounts were higher than their carrying values, including goodwill. A reasonably possible change in any key assumption is not expected to cause the carrying value of the cash-generating units to exceed its recoverable amount. A geographical summary of the cash-generating units to which the goodwill is allocated is as follows: Goodwill 2019 2018 Americas 183 182 Southern & Eastern Europe 29 30 Asset Management 34 33 United Kingdom 57 54 The Netherlands 89 85 At December 31 392 384 Goodwill in Aegon Americas is allocated to groups of cash-generating units including variable annuities, fixed annuities and the retirement plans cash-generating unit. Value in use calculations of Aegon Americas have been actuarially determined based on business plans covering a period of typically three years and pre-tax 4-10 pre-tax To determine the recoverable amounts of the cash generating units of Aegon Southern and Eastern Europe (SEE), value in use was calculated, and compared to the carrying amounts. Value in use has been determined based on a business plan covering a period of typically 3 years, that, in certain instances was further extrapolated to 20 years where the new business levels for years 4-20 pre-tax 8.6%-25.2% 9.1%-28.5%), As of 2018, goodwill that was provisionally allocated to the cash-generating unit – Cofunds Ltd., is allocated to Aegon UK, whose value in use exceeded its carrying value. Assessment of value in use at this level is considered to reflect the expected benefit flowing to Aegon UK from the synergies arising from the acquisition of Cofunds. The value in use of Scottish Equitable plc (SE plc) is the most material part of the Aegon UK value in use calculation, and it is determined using SE plc’s Solvency II own funds value with adjustments for contract boundaries, risk margin and SE plc’s share of the defined benefit pension scheme liability. An allowance has also been made for the present value of the next 3 years profits, from expected new business. This is considered a key assumption which if it does not arise would reduce the value in use, however a headroom would still remain. For Aegon the Netherlands, goodwill was allocated to Robidus - a cash generating unit whose value in use exceeds its carrying value. The value in use calculations were based on business plans covering a period of five years, pre-tax post-tax VOBA The movement in VOBA over 2019 can be summarized and compared to 2018 as follows: 2019 2018 At January 1 1,123 1,153 Amortization / depreciation through income statement (112 ) (135 ) Shadow accounting adjustments (72 ) 56 Impairment losses (11 ) - Net exchange differences 24 49 At December 31 952 1,123 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Shareholders' equity | 30 Shareholders’ equity Issued share capital and reserves attributable to shareholders of Aegon N.V. Note 2019 2018 2017 Share capital – par value 30.1 323 322 322 Share premium 30.2 7,213 7,487 7,731 Total share capital 7,536 7,808 8,053 Retained earnings 10,667 9,995 9,699 Treasury shares 30.3 (281 ) (337 ) (325 ) Total retained earnings 10,386 9,657 9,374 Revaluation reserves 30.4 5,868 3,436 4,898 Remeasurement of defined benefit plans 30.5 (2,397 ) (1,850 ) (1,669 ) Other reserves 30.6 456 149 (390 ) Total shareholders’ equity 21,850 19,200 20,266 Share capital transactions relating to common shares 2019 2018 2017 Number of shares (thousands) Number of shares (thousands) Number of shares (thousands) Transactions in 2019: Final dividend 2018 1) (32,874 ) Share buyback program (final divi d 32,874 Interim dividend 2019 1) (35,370 ) Share buyback program (interim dividend 2019) 43,150 Transactions in 2018: Final dividend 2017 1) (21,954 ) Share buyback program (final dividend 2017) 21,954 Interim dividend 2018 1) (24,134 ) Share buyback program (interim dividend 2018) 24,134 Transactions in 2017: Final dividend 2016 1) (26,916 ) Interim dividend 2017 2) (24,948 ) Issuance of common shares with a par value of EUR 0.12 21,099 Share buyback program (final dividend 2016 and interim dividend 2017) 51,865 1 Dividend distribution paid from treasury shares (note 30.3) 2 Dividend distribution paid from treasury shares (note 30.3) and issuance of common shares performed in the year. 30.1 Share capital – par value 2019 2018 2017 Common shares 253 251 251 Common shares B 70 70 70 At December 31 323 322 322 Common shares 2019 2018 2017 Authorized share capital 720 720 720 Number of authorized shares (in million) 6,000 6,000 6,000 Par value in cents per share 12 12 12 Common shares B 2019 2018 2017 Authorized share capital 360 360 360 Number of authorized shares (in million) 3,000 3,000 3,000 Par value in cents per share 12 12 12 Common shares Common shares B Number of shares (thousands) Total amount Number of shares (thousands) Total amount At January 1, 2017 2,074,549 249 585,022 70 Dividend 21,099 3 - - At December 31, 2017 2,095,648 251 585,022 70 Dividend - - - - At December 31, 2018 2,095,648 251 585,022 70 Dividend 9,491 1 - - At December 31, 2019 2,105,139 253 585,022 70 The table below represents weighted average number of c o Weighted average number of common shares (thousands) Weighted average number of common shares B (thousands) 2017 2,080,792 585,022 2018 2,095,648 585,022 2019 2,098,326 585,022 All issued common shares and common shares B each have a nominal value of EUR 0.12 and are fully paid up. Repayment of capital can only be initiated by the Executive Board, is subject to approval of the Supervisory Board and must be resolved by the General Meeting of Shareholders. Moreover, repayment on common shares B needs approval of the related shareholders. Refer to ‘Other information’ for further information on dividend rights. Vereniging Aegon, based in The Hague, the Netherlands, holds all of the issued and outstanding common shares B. Under the terms of the 1983 Amended Merger Agreement, dated May 2013, Vereniging Aegon has a call option relating to common shares B. Vereniging Aegon may exercise its call option at fair value of a common share B (being 1/40 th 30.2 Share premium 2019 2018 2017 At January 1 7,487 7,731 7,873 Share dividend (273 ) (244 ) (142 ) At December 31 7,213 7,487 7,731 Share premium relating to: - Common shares 5,560 5,834 6,078 - Common shares B 1,653 1,653 1,653 Total share premium 7,213 7,487 7,731 The share premium account reflects the balance of paid-in 30.3 Treasury shares On the reporting date, Aegon N.V. and its subsidiaries held 66,583,671 (2018: 62,562,070) of its own common shares and 25,309,920 (2018: 13,856,480) own common shares B with a par value of EUR 0.12 each. Movements in the number of treasury common shares held by Aegon N.V. were as follows: 2019 2018 2017 Number of shares Amount Number of shares Amount Number of shares Amount At January 1 61,418 326 64,488 314 47,473 178 Transactions in 2019: Sale: transactions, average price 5.10 (3,657 ) (19 ) Sale: 1 transaction, average price 5.25 (32,874 ) (173 ) Purchase: 1 transaction average price 4.52 32,874 149 Sale: 1 transaction, average price 5.16 (35,370 ) (183 ) Purchase: 1 transaction average price 3.89 43,150 168 Transactions in 2018: Sale: transactions, average price 3.76 (3,070 ) (12 ) Sale: 1 transaction, average price 4.62 (21,954 ) (101 ) Purchase: 1 transaction average price 5.34 21,954 117 Sale: 1 transaction, average price 5.09 (24,134 ) (123 ) Purchase: 1 transaction average price 5.43 24,134 131 Transactions in 2017: Sale: transactions, average price EUR 3.44 (4,085 ) (14 ) Sale: 1 transaction, average price EUR 3.68 (26,916 ) (99 ) Sale: 1 transaction, average price EUR 3.77 (3,849 ) (14 ) Purchase: 1 transaction, average price EUR 5.09 51,865 263 At December 31 65,540 269 61,418 326 64,488 314 Movements in the number of treasury common shares B held by Aegon N.V. were as follows: 2019 2018 2017 Number of shares (thousands) Amount Number of shares (thousands) Amount Number of shares (thousands) Amount At January 1 13,856 2 15,346 2 17,325 2 Transactions in 2019: Sale: 1 transaction, average price 0.12 (1,774 ) - Purchase: 1 transaction average price 0.10 13,227 1 Transactions in 2018: Sale: 1 transaction, average price EUR 0.11 (1,489 ) - Transactions in 2017: Sale: 1 transaction, average price EUR 0.11 (1,979 ) - Sale: 1 transaction, average price EUR 0.11 (13,043 ) (1 ) Purchase: 1 transaction, average price EUR 0.13 13,043 2 At December 31 25,310 3 13,856 2 15,346 2 As part of their insurance and investment operations, subsidiaries within the Group also hold Aegon N.V. common shares, both for their own account and for account of policyholders. These shares have been treated as treasury shares and are (de)recognized at the consideration paid or received. 2019 2018 2017 Number of shares Total Number of shares (thousands) Total Number of shares (thousands) Total Common shares Held by Aegon N.V. 65,540 269 61,418 326 64,488 314 Held by subsidiaries 1,043 9 1,144 9 1,162 9 Common shares B Held by Aegon N.V. 25,310 3 13,856 2 15,346 2 At December 31 91,893 281 76,419 337 80,996 325 Weighted average number of treasury shares, including treasury shares held by subsidiaries (thousands) Weighted average number of treasury shares B (thousands) 2017 38,490 9,841 2018 60,129 14,415 2019 56,467 13,070 30.4 Revaluation reserves Available-for-sale investments Real estate held for own use Cash flow hedging reserve Total At January 1, 2019 1,910 46 1,479 3,436 Gross revaluation 3,470 (4 ) 89 3,556 Net (gains) / losses transferred to income statement (412 ) - (97 ) (509 ) Net (gains) / losses transferred to retained earnings - (32 ) - (32 ) Foreign currency translation differences 8 1 27 37 Tax effect (630 ) 8 3 (619 ) At December 31, 2019 4,348 19 1,502 5,868 At January 1, 2018 3,427 68 1,402 4,898 Gross revaluation (2,142 ) (32 ) 85 (2,090 ) Net (gains) / losses transferred to income statement 66 - (80 ) (14 ) Foreign currency translation differences 46 2 71 119 Tax effect 514 7 1 522 Other - - - 1 At December 31, 2018 1,910 46 1,479 3,436 At January 1, 2017 3,326 59 1,904 5,289 Gross revaluation 1,403 8 (115 ) 1,296 Net (gains) / losses transferred to income statement (1,330 ) - (738 ) (2,069 ) Foreign currency translation differences (228 ) (8 ) (216 ) (452 ) Tax effect 285 9 567 860 Other (28 ) - 1 (27 ) At December 31, 2017 3,427 68 1,402 4,898 The revaluation accounts for both available-for-sale available-for-sale The closing balances of the revaluation reserve for available-for-sale 2019 2018 2017 Shares 25 22 40 Debt securities 4,348 1,911 3,401 Other (26 ) (23 ) (14 ) Revaluation reserve for available-for-sale 4,348 1,910 3,427 The cash flow hedging reserve includes (un)realized gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the hedged cash flow. No amounts have been released from equity to be included in the initial measurement of non-financial 30.5 Remeasurement of defined benefit plans 2019 2018 2017 At January 1 (1,850 ) (1,669 ) (1,820 ) Remeasurements of defined benefit plans (612 ) (134 ) 224 Tax effect 90 (15 ) (175 ) Net exchange differences (25 ) (32 ) 102 Total remeasurement of defined benefit plans (2,397 ) (1,850 ) (1,669 ) 30.6 Other reserves Foreign currency translation reserve Net foreign investment hedging reserve Equity movements of joint ventures and associates Total At January 1, 2019 499 (370 ) 19 149 Movement in foreign currency translation and net foreign investment hedging reserves 312 (10 ) - 302 Disposal of a business (1 ) - - (1 ) Tax effect (10 ) 5 - (5 ) Equity movements of joint ventures - - 8 8 Equity movements of associates - - 4 4 At December 31, 2019 800 (374 ) 31 456 At January 1, 2018 (80 ) (321 ) 11 (390 ) Movement in foreign currency translation and net foreign investment hedging reserves 562 (46 ) (3 ) 513 Disposal of a business 50 (14 ) - 36 Tax effect (32 ) 12 - (20 ) Equity movements of joint ventures - - 8 8 Equity movements of associates - - 2 2 Other - - 1 1 At December 31, 2018 499 (370 ) 19 149 At January 1, 2017 1,734 (418 ) 31 1,347 Movement in foreign currency translation and net foreign investment hedging reserves (1,929 ) 129 - (1,800 ) Disposal of a business 7 - - 7 Tax effect 108 (32 ) - 76 Equity movements of joint ventures - - (15 ) (15 ) Equity movements of associates - - (5 ) (5 ) At December 31, 2017 (80 ) (321 ) 11 (390 ) The foreign currency translation reserve includes the currency results from investments in non-euro The net foreign investment hedging reserve is made up of gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the net foreign investment. The equity movements of joint ventures and associates reflect Aegon’s share of changes recognized directly in the joint venture’s and associate’s equity. |
Aegon N.V [member] | |
Statement [LineItems] | |
Shareholders' equity | 13 Shareholders’ equity Share capital Paid - surplus Revaluation account Legal Legal Retained Remeasurement of defined benefit plans of group companies Treasury Net Total At January 1, 2019 1) 322 7,486 3,540 130 1,326 7,872 (1,850 ) (337 ) 710 19,200 Mandatory change in accounting policy - - - - - (44 ) - - - (44 ) At January 1, 2019 (restated) 322 7,486 3,540 130 1,326 7,828 (1,850 ) (337 ) 710 19,156 Net income 2018 retained - - - - - 710 - - (710 ) - Net income 2019 - - - - - - - - 1,239 1,239 Total net income / (loss) - - - - - 710 - - 529 1,239 Foreign currency translation differences and movement in foreign investment hedging reserves - - 296 - - (25 ) - - 271 Changes in revaluation subsidiaries - - 2,460 - - - - - - 2,460 Changes in revaluation reserve real estate held for own use - - (28 ) - - 25 (3 ) Remeasurement of defined benefit plans of group companies - - - - - - (522 ) - - (522 ) Changes and transfer to legal reserve - - 143 - 377 (509 ) - - - 11 Other - - - - - 15 - - - 15 Other comprehensive income / (loss) - - 2,576 296 377 (469 ) (547 ) - - 2,234 Shares issued 1 - - - - - - - - 1 Dividends paid on common shares - (273 ) - - - (309 ) - - - (583 ) Issuance and purchase of treasury shares - - - - - (86 ) - 56 - (30 ) Issuance and redemption of other equity instruments - - - - - (81 ) - - - (81 ) Coupons on perpetual securities - - - - - (88 ) - - - (88 ) Incentive plans - - - - - 2 - - - 2 At December 31, 2019 323 7,213 6,116 426 1,703 7,508 (2,397 ) (281 ) 1,239 21,850 1 See in consolidated financial statements note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing Share capital Paid - surplus Revaluation account Legal Legal Retained Remeasurement of defined benefit plans of group companies Treasury Net Total At January 1, 2018 322 7,731 5,017 (401 ) 1,122 6,022 (1,669 ) (325 ) 2,469 20,287 Changes in accounting policies related to liability adequancy testing - - (22 ) - - - - - - (22 ) At January 1, 2018 (restated) 1) 322 7,731 4,995 (401 ) 1,122 6,022 (1,669 ) (325 ) 2,469 20,265 Net income 2017 retained - - - - - 2,469 - - (2,469 ) - Net income 2018 - - - - - - - - 710 710 Total net income / (loss) - - - - - 2,469 - - (1,759 ) 710 Foreign currency translation differences and movement in foreign investment hedging reserves - - - 531 - - (32 ) - - 499 Changes in revaluation subsidiaries - - (1,462 ) - - - - - - (1,462 ) Remeasurement of defined benefit plans of group companies - - - - - - (150 ) - - (150 ) Changes and transfer to legal reserve - - 7 - 204 (202 ) - - - 9 Other - - - - - (3 ) - - - (3 ) Other comprehensive income / (loss) - - (1,455 ) 531 204 (205 ) (182 ) - - (1,108 ) Dividend common shares - (244 ) - - - (329 ) - - - (573 ) Dividend withholding tax reduction - - - - - 1 - - - 1 Treasury shares - - - - - 26 - (12 ) - 14 Coupons and premium on convertible core capital securities and coupon on perpetual securities, net of tax - - - - - (113 ) - - - (113 ) At December 31, 2018 322 7,486 3,540 130 1,326 7,872 (1,850 ) (337 ) 710 19,200 1 See in consolidated financial statements note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing The balance of the revaluation account, which includes revaluation reserves for real estate and investments that do not have a frequent market listing, consisted of EUR 6,438 million (2018: EUR 4,434 million) of items with positive revaluation and of EUR 323 million (2018: EUR 895 million) of items with negative revaluation. The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the revaluation reserves, 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. Certain of 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. On the reporting date, Aegon N.V., and its subsidiaries held 66,583,671 of its own common shares (2018: 62,562,070) with a par value of EUR 0.12 each. Most of the shares have been purchased to neutralize the dilution effect of issued share dividend and to hedge share based payment plans for executives and employees. Aegon N.V. held 25,309,920 of its own common shares B (2018:13,856,480) with a par value of EUR 0.12 each. Movements in the number of treasury common shares held by Aegon N.V. were as follows: 2019 2018 Number of shares Number of shares (thousands) Amount (thousands) Amount At January 1 61,418 326 64,488 314 Transactions in 2019: Sale: transactions, average price EUR 5.10 (3,657 ) (19 ) Sale: 1 transaction, average price EUR 5.25 (32,874 ) (173 ) Purchase: 1 transaction, average price EUR 4.52 32,874 149 Sale: 1 transaction, average price EUR 5.16 (35,370 ) (183 ) Purchase: 1 transaction, average price EUR 3.89 43,150 168 Transactions in 2018: Sale: transactions, average price EUR 3,76 (3,070 ) (12 ) Sale: 1 transaction, average price EUR 4.62 (21,954 ) (101 ) Purchase: 1 transaction, average price EUR 5.34 21,954 117 Sale: 1 transaction, average price EUR 5.09 (24,134 ) (123 ) Purchase: 1 transaction, average price EUR 5.43 24,134 131 At December 31 65,540 269 61,418 326 Movements in the number of treasury common shares B held by Aegon N.V. were as follows: 2019 2018 Number of shares Number of shares (thousands) Amount (thousands) Amount At January 1 13,856 2 15,346 2 Transactions in 2019: Sale: 1 transaction, average price EUR 0.12 (1,774 ) - Buy: 1 transaction, average price EUR 0.10 13,227 1 Transactions in 2018: Sale: 1 transaction, average price EUR 0.11 (1,489 ) - At December 31 25,310 3 13,856 2 As part of their insurance and investment operations, subsidiaries within the Group also hold Aegon N.V. common shares, both for their own account and for account of policyholders. These shares have been treated as treasury shares and are included at their consideration paid or received. 2019 2018 Number of shares Total amount Number of shares Total amount Common shares Held by Aegon N.V. 65,540 269 61,418 326 Held by subsidiaries 1,043 9 1,144 9 Common shares B Held by Aegon N.V. 25,310 3 13,856 2 At December 31 91,893 281 76,419 337 The consideration for the related shares is deducted from or added to the retained earnings. |
Other equity instruments
Other equity instruments | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Other equity instruments | 31 Other equity instruments Perpetual Junior Perpetual Non-cumulative Long Term 1) Total At January 1, 2019 - 2,808 454 - 58 3,320 Shares granted - - - - 21 21 Shares vested - - - - (26 ) (26 ) Securities issued 500 - - - - 500 Securities redeemed - (1,244 ) - - - (1,244 ) At December 31, 2019 500 1,564 454 - 53 2,571 At January 1, 2018 - 3,008 454 271 61 3,794 Shares granted - - - - 16 16 Shares vested - - - - (19 ) (19 ) Securities redeemed - (200 ) - (271 ) - (471 ) At December 31, 2018 - 2,808 454 - 58 3,320 At January 1, 2017 - 3,008 454 271 65 3,797 Shares granted - - - - 26 26 Shares vested - - - - (30 ) (30 ) Securities redeemed - - - - - - At December 31, 2017 - 3,008 454 271 61 3,794 1 Long Term Incentive Plans include the shares granted to personnel which are not yet vested. Perpetual contingent convertible securities Coupon rate Coupon date Year of next call 2019 2018 2017 EUR 500 million 5.625 % Semi-annually, April 15 2029 500 - - At December 31 500 - - The perpetual contingent convertible securities of EUR 500 million issued on April 4, 2019 have a fixed coupon of 5.625% until the first call date and reset thereafter to 5 year mid swap plus a margin of 5.207%. The securities have been issued at par and have subordination provisions, rank junior to all other liabilities and senior to shareholders’ equity only. The conditions of the securities contain certain provisions for optional and required coupon payment cancelation. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time between April 15, 2029 and October 15, 2029 and every reset date (October 15, with five year intervals) thereafter. Upon breach of certain regulatory capital requirement levels, the securities convert into common shares. Junior perpetual capital securities Coupon rate Coupon date, as of Year of next call 2019 2018 2017 USD 500 million 6.50 % Quarterly, December 15 Called in 2019 - 424 424 USD 250 million floating LIBOR rate 1) Quarterly, December 15 2020 212 212 212 USD 500 million floating CMS rate 2) Quarterly, July 15 2020 402 402 402 USD 1 billion 6.375 % Quarterly, June 15 Called in 2019 - 821 821 EUR 950 million floating DSL rate 3) Quarterly, July 15 2020 950 950 950 EUR 200 million 6.0 % Annually, July 21 Called in 2018 - - 200 At December 31 1,564 2,808 3,008 1 The coupon of the USD 250 million junior perpetual capital securities is reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%. 2 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year 3 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year The interest rate exposure on some of these securities has been swapped to a three-month LIBOR and/or EURIBOR based yield. With effect on June 15, 2019, Aegon has exercised its right to redeem USD 500 million 6.5% perpetual capital securities issued in 2005. The securities had no stated maturity, however Aegon had the right to call the securities for redemption and exercised this right with effect on June 15, 2019. With effect on December 15, 2019, Aegon has exercised its right to redeem USD 1 billion 6.375% perpetual capital securities issued in 2005. The securities had no stated maturity, however Aegon had the right to call the securities for redemption and exercised this right with effect on December 15, 2019. The securities have been issued at par. The securities have subordination provisions, rank junior to all other liabilities and senior to shareholders’ equity only. The conditions of the securities contain certain provisions for optional and required coupon payment deferral and, in situations under Aegon’s control, mandatory coupon payment events. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time on the coupon date in the years as specified, or on any coupon payment date thereafter. Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next 2019 2018 2017 EUR 203 million 4.260% 1), 4) Annually, March 4 2021 203 203 203 EUR 114 million 1.506% 2), 4) Annually, June 8 2025 114 114 114 EUR 136 million 1.425% 3), 4) Annually, October 14 2028 136 136 136 At December 31 454 454 454 1 The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until March 4, 2021. 2 The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until June 8, 2015 and 1.506% until June 8, 2025. 3 The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until October 14, 2018 and 1.425% until October 14, 2028. 4 If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year The bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain provisions for interest deferral. Although the bonds have no stated maturity, Aegon has the right to call the bonds for redemption at par for the first time on the coupon date in the year of next call. Non-cumulative Coupon rate Coupon date Year of next 2019 2018 2017 USD 525 million 8% Quarterly, February 15 Called in 2018 - - 271 At December 31 - - 271 With effect on May 15, 2018, Aegon has exercised its right to redeem USD 525 million non-cumulative The non-cumulative |
Aegon N.V [member] | |
Statement [LineItems] | |
Other equity instruments | 14 Other equity instruments Perpetual Junior Perpetual Non-cumulative Long Term Plans 1) Total At January 1, 2019 - 2,808 454 - 58 3,320 Shares granted - - - - 21 21 Shares vested - - - - (26 ) (26 ) Securities issued 500 - - - - 500 Securities redeemed - (1,244 ) - - - (1,244 ) At December 31, 2019 500 1,564 454 - 53 2,571 At January 1, 2018 - 3,008 454 271 61 3,794 Shares granted - - - - 16 16 Shares vested - - - - (19 ) (19 ) Securities redeemed - (200 ) - (271 ) - (471 ) At December 31, 2018 - 2,808 454 - 58 3,320 1 Long Term Incentive Plans include the shares granted to personnel which are not yet vested. Perpetual contingent convertible securities Coupon rate Coupon date Year of next call 2019 2018 EUR 500 million 5.625% Semi-annually, April 15 2029 500 - At December 31 500 - The perpetual contingent convertible securities of EUR 500 million issued on April 4, 2019 have a fixed coupon of 5.625% until the first call date and reset thereafter to 5 year mid swap plus a margin of 5.207%. The securities have been issued at par and have subordination provisions, rank junior to all other liabilities and senior to shareholders’ equity only. The conditions of the securities contain certain provisions for optional and required coupon payment cancelation. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time between April 15, 2029 and October 15, 2029 and every reset date (October 15, with five year intervals) thereafter. Upon breach of certain regulatory capital requirement levels, the securities convert into common shares. Junior perpetual capital securities Coupon rate Coupon date, as of Year of next call 2019 2018 USD 500 million 6.50% Quarterly, December 15 Called in 2019 - 424 USD 250 million floating LIBOR rate 1) Quarterly, December 15 2020 212 212 USD 500 million floating CMS rate 2) Quarterly, July 15 2020 402 402 USD 1 billion 6.375% Quarterly, June 15 Called in 2019 - 821 EUR 950 million floating DSL rate 3) Quarterly, July 15 2020 950 950 At December 31 1,564 2,808 1 The coupon of the USD 250 million junior perpetual capital securities is reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%. 2 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year 3 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year The interest rate exposure on some of these securities has been swapped to a three-month LIBOR and/or EURIBOR based yield. With effect on June 15, 2019, Aegon has exercised its right to redeem USD 500 million 6.5% perpetual capital securities issued in 2005. The securities had no stated maturity, however Aegon had the right to call the securities for redemption and exercised this right with effect on June 15, 2019. With effect on December 15, 2019, Aegon has exercised its right to redeem USD 1 billion 6.375% perpetual capital securities issued in 2005. The securities had no stated maturity, however Aegon had the right to call the securities for redemption and exercised this right with effect on December 15, 2019. The securities have been issued at par. The securities have subordination provisions, rank junior to all other liabilities and senior to shareholders’ equity only. The conditions of the securities contain certain provisions for optional and required coupon payment deferral and, in situations under Aegon’s control, mandatory coupon payment events. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time on the coupon date in the years as specified, or on any coupon payment date thereafter. Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next call 2019 2018 EUR 203 million 4.260% 1), 4) Annually, March 4 2021 203 203 EUR 114 million 1.506% 2), 4) Annually, June 8 2025 114 114 EUR 136 million 1.425% 3), 4) Annually, October 14 2028 136 136 At December 31 454 454 1 The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until March 4, 2021. 2 The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until June 8, 2015 and 1.506% until June 8, 2025. 3 The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until October 14, 2018 and 1.425% until October 14, 2028. 4 If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year The bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain provisions for interest deferral. Although the bonds have no stated maturity, Aegon has the right to call the bonds for redemption at par for the first time on the coupon date in the year of next call. |
Subordinated borrowings
Subordinated borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Subordinated borrowings | 32 Subordinated borrowings Coupon rate Coupon date Year of next call 2019 2018 Fixed to floating subordinated notes EUR 700 million 4% Annually, April 25 2024 697 696 USD 800 million 5.5% Semi-annually, April 11 2028 707 693 Fixed subordinated notes USD 925 million 1) 5.1% Quarterly, March 15 2024 804 - At December 31 2,207 1,389 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. The subordinated debt securities of USD 925 million issued on October 22, 2019 have a fixed coupon of 5.1%. The securities are first callable on December 15, 2024 and maturing on December 15, 2049. The subordinated debt securities of USD 800 million issued on April 11, 2018 have a fixed coupon of 5.5% until the first call date and floating thereafter with a margin including a 100 basis points step-up. These securities are subordinated and rank senior to the junior perpetual capital securities and the perpetual contingent convertible securities, equally with the perpetual cumulative subordinated bonds and junior to all other liabilities. The conditions of the securities contain certain provisions for optional and required deferral of interest payments. There have been no defaults or breaches of conditions during the period. The fair value of these loans amounted to EUR 2,416 million (2018: EUR 1,355 million). |
Aegon N.V [member] | |
Statement [LineItems] | |
Subordinated borrowings | 15 Subordinated borrowings Coupon rate Coupon date Year of next call 2019 2018 Fixed to floating subordinated notes EUR 700 million 4% Annually, April 25 2024 697 696 USD 800 million 5.5% Semi-annually, April 11 2028 707 693 At December 31 1,403 1,389 The subordinated debt securities of USD 800 million issued on April 11, 2018 have a fixed coupon of 5.5% until the first call date and floating thereafter with a margin including a 100 basis points step-up. These securities are subordinated and rank senior to the junior perpetual capital securities, equally with the perpetual cumulative subordinated bonds and junior to all other liabilities. The conditions of the securities contain certain provisions for optional and required deferral of interest payments. There have been no defaults or breaches of conditions during the period. The fair value of these loans amounted to EUR 1,560 million (2018: EUR 1,355 million). |
Trust pass-through securities
Trust pass-through securities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Trust pass-through securities | 33 Trust pass-through securities Coupon rate Coupon date Year of issue Year of maturity Year of next call 2019 2018 USD 225 million 1) 7.65% Semi-annually, December 1 1996 2026 n.a. 92 90 USD 190 million 1) 7.625% Semi-annually, November 15 1997 2037 n.a. 44 43 At December 31 136 133 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. Trust pass-through securities are securities through which the holder participates in a trust. The assets of these trusts consist of junior subordinated deferrable interest debentures issued by Transamerica Corporation. The trust pass-through securities carry provisions with regard to deferral of distributions for extension periods up to a maximum of 10 consecutive semi-annual periods. The trust pass-through securities are subordinated to all other unsubordinated borrowings and liabilities of Transamerica Corporation. There were no defaults or breaches of conditions during the period. The fair value of these loans amounted to EUR 144 million (2018: EUR 128 million). |
Insurance contracts
Insurance contracts | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Insurance contracts | 34 Insurance contracts 34.1 Underwriting risk Aegon’s earnings depend significantly upon the extent to which actual claims experience differs from the assumptions used in setting the prices for products and establishing the technical liabilities and liabilities for claims. To the extent that actual claims experience is less favorable than the underlying assumptions used in establishing such liabilities, income would be reduced. Furthermore, if these higher claims were part of a permanent trend, Aegon may be required to change best estimate assumptions for future claims which could increase the required reserves for these future claims, which could reduce income. In addition, certain acquisition costs related to the sale of new policies and the purchase of policies already in force have been recorded as assets on the statement of financial position and are being amortized into the income statement over time. If the assumptions relating to the future profitability of these policies (such as future claims, investment income and expenses) are not realized, the amortization of these costs could be accelerated and may even require write offs should there be an expectation of unrecoverability. This could have a materially adverse effect on Aegon’s business, results of operations and financial condition. Sources of underwriting risk include policyholder behavior (such as lapses, surrender of policies or partial withdrawals), policy claims (such as mortality, longevity or morbidity) and expenses. For some product lines, Aegon is at risk if policy lapses increase as sometimes Aegon is unable to fully recover upfront expenses in selling a product despite the presence of commission recoveries or surrender charges and fees. There are also products where Aegon is at risk if lapses decrease, for example where this would result in a higher utilization rate of product guarantees. For mortality and morbidity risk, Aegon sells certain types of policies that are at risk if mortality or morbidity increases, such as term life insurance and accident insurance, Aegon also sells certain types of policies that are at risk if mortality decreases (longevity risk) such as annuity products. Aegon is also at risk if expenses are higher than the expenses assumed beforehand by management and that were priced into the products. Aegon monitors and manages its underwriting risk by underwriting risk type. Attribution analysis is performed on earnings and reserve movements in order to understand the source of any material variation in actual results from what was expected. Aegon’s units also perform experience studies for underwriting risk assumptions, comparing Aegon’s experience to industry experience as well as combining Aegon’s experience and industry experience based on the depth of the history of each source to Aegon’s underwriting assumptions. Where policy charges are flexible in products, Aegon uses these analyses as the basis for modifying these charges, with a view to maintain a balance between policyholder and shareholder interests. Aegon also has the ability to reduce expense levels over time, thus mitigating unfavorable expense variation. Sensitivity analysis of net income and shareholders’ equity to various underwriting risks is shown in the table that follows. Aegon’s best estimate assumptions already include expected future developments and the sensitivities represent an increase or decrease of lapse rates, mortality rates and morbidity rates, compared to Aegon’s best estimate assumptions. These underwriting sensitivities were run using a permanent shock applied to all of Aegon’s products, exposed to an increase and to a decrease in the rates. The table below indicates that the morbidity sensitivity has the largest impact and in aggregate, Aegon is exposed to a decrease in mortality rates. Sensitivity analysis of net income and shareholders’ equity to changes in various underwriting risks 2019 2018 Estimated approximate effect On shareholders’ equity On net income On shareholders’ equity On net income 20% increase in lapse rates 152 143 94 109 20% decrease in lapse rates (169 ) (156 ) (139 ) (154 ) 5% increase in mortality rates 261 192 252 63 5% decrease in mortality rates (322 ) (240 ) (418 ) (210 ) 10% increase in morbidity rates (370 ) (376 ) (525 ) (446 ) 10% decrease in morbidity rates 191 196 183 125 Aegon the Netherlands partially hedges and reinsures the risk of future longevity increases in the Netherlands related to a part of its insurance liabilities. 34.2 Insurance contracts for general account 2019 2018 Life insurance 109,879 102,452 Non-life - Unearned premiums and unexpired risks 6,002 5,341 - Outstanding claims 2,417 2,338 - Incurred but not reported claims 772 820 Incoming reinsurance 4,385 4,377 At December 31 123,454 115,328 2019 2018 Non-life - Accident and health insurance 8,955 8,247 - General insurance 235 252 Total non-life 9,190 8,499 Movements during the year in life insurance: 2019 2018 At January 1 102,452 98,452 Disposals (44 ) - Portfolio transfers and acquisitions (8 ) 95 Gross premium and deposits – existing and new business 6,913 6,293 Unwind of discount / interest credited 3,795 3,711 Insurance liabilities released (9,921 ) (9,582 ) Changes in valuation of expected future benefits 800 617 Loss recognized as a result of liability adequacy testing 1,587 49 Shadow accounting adjustments 1,948 (299 ) Net exchange differences 1,271 3,087 Transfer (to) / from reinsurance assets 18 - Transfer (to) / from insurance contracts for account of policyholders 1,050 27 Other 17 1 At December 31 109,879 102,452 The LAT deficit per December 31, 2019 in Aegon the Netherlands amounted to EUR 5.1 billion, which was partially offset by the shadow loss recognition of EUR 3.4 billion, resulting in a net deficit of EUR 1.7 billion. The LAT deficit of EUR 1.7 billion for December 31, 2019 is recorded in the income statement and led to the recognition of an increase in insurance contracts liabilities as at December 31, 2019. The positive LAT headroom of Aegon the Netherlands at the end of 2018 of EUR 0.6 billion was negatively impacted by adverse credit spread movements (widening mortgage spreads, tightened liquidity premium) of EUR 0.8 billion and the impact of lower interest rate of EUR 1.1 billion. The LAT deficit was partly recorded as an impairment of DPAC and VOBA balances (EUR 76 million) (refer to note 15 “Impairment charges/(reversals)”) and for the remainder by increasing the insurance liability by EUR 1.8 billion. Due to the positive LAT headroom of Aegon the Netherlands at the end of 2018, changes in the LAT margin triggered by up or down interest shocks could be absorbed by the revaluation reserves on available for sale assets (shadow accounting). However, due to the current deficit, changes in the LAT margin of Aegon the Netherlands, triggered by up or down interest shocks, will now be directly recognized in the income statement. As a result, the IFRS income statement of Aegon the Netherlands is now less sensitive for interest movements as the interest risk was, and is, economically hedged using derivatives largely offsetting the impact of a changed LAT margin. Please refer to note 4 Financial risks for the updated Group sensitivities on interest rate risk. Furthermore, as a result of the current negative LAT headroom position, future results will become more volatile due to changes in credit spreads as these are not hedged. Please find below the estimated sensitivities on shareholders’ equity and on net income, for up and down shocks for credit spreads, mortgage spreads for the bond and mortgage portfolio and liquidity premium shocks for general account insurance liabilities. Movements during the year in non-life 2019 2018 At January 1 8,499 8,484 Gross premiums – existing and new business 1,594 1,563 Unwind of discount / interest credited 481 450 Insurance liabilities released (1,087 ) (1,052 ) Changes in valuation of expected future claims (7 ) (8 ) Change in unearned premiums (720 ) (742 ) Change in unexpired risks 2 2 Incurred related to current year 718 747 Incurred related to prior years 316 195 Release for claims settled current year (292 ) (278 ) Release for claims settled prior years (788 ) (704 ) Shadow accounting adjustments 422 (459 ) Change in IBNR (73 ) (51 ) Net exchange differences 131 354 Other (5 ) (2 ) At December 31 9,191 8,499 Movements during the year in incoming reinsurance: 2019 2018 At January 1 4,377 3,913 Gross premium and deposits – existing and new business 1,397 1,441 Unwind of discount / interest credited 211 199 Insurance liabilities released (1,668 ) (1,557 ) Changes in valuation of expected future benefits (30 ) 190 Shadow accounting adjustments 12 (11 ) Loss recognized as a result of liability adequacy 3 (4 ) Net exchange differences 81 205 Other 2 2 At December 31 4,385 4,377 Sensitivity analysis of net income and shareholders’ equity Estimated approximate Estimated approximate effects on shareholders’ equity 2019 Shift up 50 basis points - Bond credit spreads (205 ) (2,386 ) Shift down 50 basis points - Bond credit spreads 198 2,117 Shift up 50 basis points - Mortgage spreads (440 ) (440 ) Shift down 50 basis points - Mortgage spreads 467 467 Shift up 5 basis points - Liquidity premium 104 101 Shift down 5 basis points - Liquidity premium (105 ) (103 ) 1 The sensitivities shown above were collected for the first time in 2019, therefore we do not provide comparatives. 34.3 Insurance contracts for account of policyholders Insurance contracts for account of policyholders 2019 2018 At January 1 117,113 122,168 Disposal of a business (196 ) - Portfolio transfers and acquisitions (10 ) (140 ) Gross premium and deposits – existing and new business 9,122 9,716 Unwind of discount / interest credited 19,780 (5,311 ) Insurance liabilities released (11,103 ) (10,471 ) Fund charges released (1,677 ) (1,671 ) Changes in valuation of expected future benefits 861 (245 ) Transfer (to) / from insurance contracts (1,050 ) (27 ) Net exchange differences 2,868 3,092 Other 2 2 At December 31 135,710 117,113 |
Investment contracts
Investment contracts | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Investment contracts | 35 Investment contracts 35.1 Investment contracts for general account Without discretionary With discretionary Total At January 1, 2019 17,825 223 18,048 Deposits 13,234 - 13,234 Withdrawals (13,768 ) - (13,768 ) Investment contracts liabilities released - (23 ) (23 ) Interest credited 247 - 247 Net exchange differences 128 12 140 Transfer to/from other headings 724 - 724 Other (7 ) - (7 ) At December 31, 2019 18,382 211 18,594 At January 1, 2018 16,665 278 16,943 Portfolio transfers and acquisitions 271 - 271 Deposits 10,308 - 10,308 Withdrawals (10,101 ) - (10,101 ) Investment contracts liabilities released - (53 ) (53 ) Interest credited 236 - 236 Net exchange differences 335 (2 ) 332 Transfer to/from other headings 133 - 133 Other (22 ) - (22 ) At December 31, 2018 17,825 223 18,048 Investment contracts consist of the following: 2019 2018 Institutional guaranteed products 339 944 Fixed annuities 6,237 5,981 Savings accounts 11,517 10,586 Investment contracts with discretionary participation features 211 223 Other 289 314 At December 31 18,594 18,048 35.2 Investment contracts for account of policyholders Without discretionary participation features With discretionary participation features Total At January 1, 2019 49,847 30,250 80,097 Gross premium and deposits – existing and new business 10,545 1,066 11,610 Withdrawals (10,228 ) - (10,228 ) Interest credited 9,244 5,511 14,755 Investment contracts liabilities released - (4,815 ) (4,815 ) Fund charges released (142 ) - (142 ) Net exchange differences 1,898 1,858 3,755 Transfer to/from other headings (1,210 ) - (1,210 ) Other 1 - 1 At December 31, 2019 59,956 33,870 93,826 At January 1, 2018 37,169 37,265 74,434 Additions 18,415 - 18,415 Gross premium and deposits – existing and new business 6,432 1,279 7,711 Withdrawals (10,279 ) - (10,279 ) Interest credited (2,682 ) (1,475 ) (4,157 ) Investment contracts liabilities released - (6,506 ) (6,506 ) Fund charges released (157 ) - (157 ) Net exchange differences 1,084 (312 ) 772 Transfer to/from other headings (137 ) - (137 ) Other 2 - 2 At December 31, 2018 49,847 30,250 80,097 The addition in investment contracts for account of policyholders in 2018 of EUR 18.4 billion (GBP 16.3 billion) reflects the completion of the BlackRock Part VII transfer on July 1, 2018, in the UK. |
Guarantees in insurance contrac
Guarantees in insurance contracts | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Guarantees in insurance contracts | 36 Guarantees in insurance contracts For financial reporting purposes Aegon distinguishes between the following types of minimum guarantees: a. Financial guarantees: these guarantees are treated as bifurcated embedded derivatives, valued at fair value and presented as derivatives (refer to note 2.9 and note 44 Fair value); b. Total return annuities: these guarantees are not bifurcated from their host contracts because they are presented and valued at fair value together with the underlying insurance contracts (refer to note 2.19); c. Life contingent guarantees in the United States: these guarantees are not bifurcated from their host contracts, presented and valued in accordance with insurance accounting together with the underlying insurance contracts (refer to note 2.19); and d. Minimum investment return guarantees in the Netherlands: these guarantees are not bifurcated from their host contracts, valued at fair value and presented together with the underlying insurance contracts (refer to note 2.19 and note 44 Fair value). In addition to the guarantees mentioned above, Aegon has traditional life insurance contracts that include minimum guarantees that are not valued explicitly; however, the adequacy of all insurance liabilities, net of VOBA and DPAC, and including all guarantees, are assessed periodically (refer to note 2.19). a. Financial guarantees In the United States and in the United Kingdom, a guaranteed minimum withdrawal benefit (GMWB) is offered directly on some variable annuity products Aegon issues and is also assumed from a ceding company. Additionally, Aegon offers guarantees on variable annuities sold through its joint venture in Japan. Variable annuities allow a customer to provide for the future on a tax-deferred In the Netherlands, individual variable unit-linked products have a minimum benefit guarantee if premiums are invested in certain funds. The sum insured at maturity or upon the death of the beneficiary has a minimum guaranteed return (in the range of 3% to 4%) if the premium has been paid for a consecutive period of at least ten years and is invested in a mixed fund and/or fixed-income funds. No guarantees are given if invested is in equity only. The following table provides information on the liabilities for financial guarantees for minimum benefits, net of present value of the expected future premiums that are received to cover these guarantees: 2019 2018 United States 1) The Netherlands 2) Total 3) United States 1) The Netherlands 2) Total 3) At January 1 766 1,678 2,445 247 1,547 1,794 Incurred guarantee benefits 4) 518 57 575 491 131 622 Paid guarantee benefits (1 ) - (1 ) (1 ) - (1 ) Net exchange differences 13 - 13 29 - 29 At December 31 1,296 1,735 3,031 766 1,678 2,445 Account value 5) 34,503 8,626 43,130 30,788 8,175 38,963 Net amount at risk 6) 236 2,002 2,239 235 2,004 2,239 1 Guaranteed minimum accumulation and withdrawal benefits. 2 Fund plan and unit-linked guarantees. 3 Balances are included in the derivatives liabilities on the face of the statement of financial position; refer to note 24 Derivatives. 4 Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money 5 Account value reflects the actual fund value for the policyholders. 6 The net amount at risk represents the sum of the positive differences between the discounted maximum amount payable under the guarantees and the account value. The increase of incurred guarantee benefits mainly relates to decreasing interest rates and credit spreads movements offset by rising equity markets in 2019. The decreasing interest rates and rising equity markets also increased the account value in 2019. Aegon Americas mitigates the exposure from the elective guaranteed minimum withdrawal benefit rider issued with a ceding company’s variable annuity contracts. The rider is essentially a return of premium guarantee, which is payable over a period of at least 14 years from the date that the policyholder elects to start withdrawals. At contract inception, the guaranteed remaining balance is equal to the premium payment. The periodic withdrawal is paid by the ceding company until the account value is insufficient to cover additional withdrawals. Once the account value is exhausted, Aegon pays the periodic withdrawals until the guaranteed remaining balance is exhausted. At December 31, 2019, the reinsured account value was EUR 1.8 billion (2018: EUR 1.7 billion) and the guaranteed remaining balance was EUR 1.1 billion (2018: EUR 1.1 billion). The GMWB rider Aegon assumed from the ceding company is accounted for as a derivative and is carried in Aegon’s statement of financial position at fair value. At December 31, 2019, the contract had a value of EUR 37 million (2018: EUR 36 million). Aegon entered into a derivative program to mitigate the overall exposure to equity market and interest rate risks associated with the reinsurance contract. This program involves selling equity futures contracts and equity total return swap contracts (S&P 500, Midcap, Russell 2000, and the MCSI EAFE index in accordance with Aegon’s exposure) to mitigate the effect of equity market movement on the reinsurance contract and the purchase of interest rate swaps, treasury futures and treasury forwards to mitigate the effect of movements in interest rates on the reinsurance contracts. Aegon the Netherlands provides guarantees to its customers on expiry date for certain insurance contracts. In order to mitigate the risks related to the guarantees Aegon the Netherlands has setup a hedging program. Aegon the Netherlands does not use reinsurance in order to mitigate risks related to insurance contracts with a guarantee component. The net amount at risk represents the sum of the positive differences between the discounted maximum amount payable under the guarantees and the account value, which is the actual fund value of the policyholder. b. Total return annuities Total Return Annuity (TRA) is an annuity product in the United States which provides customers with a pass-through of the total return on an underlying portfolio of investment securities (typically a mix of corporate and convertible bonds) subject to a cumulative minimum guarantee. Both the assets and liabilities are carried at fair value, however, due to the minimum guarantee not all of the changes in the market value of the asset will be offset in the valuation of the liability. This product exists for the fixed annuity line of business and represents a closed block. The fixed annuities product balance as of December 31, 2019, amounted to EUR 234 million (2018: EUR 243 million). c. Life contingent guarantees in the United States Certain variable insurance contracts in the United States also provide guaranteed minimum death benefits (GMDB) and guaranteed minimum income benefits (GMIB). Under a GMDB, the beneficiaries receive the greater of the account balance or the guaranteed amount upon the death of the insured. The net amount at risk for GMDB contracts is defined as the current GMDB in excess of the capital account balance at the reporting date. The GMIB feature provides for minimum payments if the contract holder elects to convert to an immediate payout annuity. The guaranteed amount is calculated using the total deposits made by the contract holder, less any withdrawals and sometimes includes a roll-up step-up The additional liability for guaranteed minimum benefits that are not bifurcated are determined each period by estimating the expected value of benefits in excess of the projected account balance and recognizing the excess over the accumulation period based on total expected assessments. The estimates are reviewed regularly and any resulting adjustment to the additional liability is recognized in the income statement. The benefits used in calculating the liabilities are based on the average benefits payable over a range of stochastic scenarios. Where applicable, the calculation of the liability incorporates a percentage of the potential annuitizations that may be elected by the contract holder. The following table provides information on the liabilities for guarantees for minimum benefits that are included in the valuation of the host contracts: 2019 2018 GMDB 1) GMIB 2) Total 4) GMDB 1) GMIB 2) Total 4) At January 1 519 906 1,425 364 608 972 Incurred guarantee benefits 5) (27 ) (210 ) (238 ) 197 282 479 Paid guarantee benefits (53 ) (27 ) (81 ) (65 ) (23 ) (88 ) Net exchange differences 10 17 27 23 39 62 At December 31 448 686 1,133 519 906 1,425 GMDB 1) 3) GMIB 2) 3) GMDB 1) 3) GMIB 2) 3) Account value 6) 54,411 5,331 48,174 4,770 Net amount at risk 7) 1,268 688 2,839 888 Average attained age of contract holders 70 71 70 71 1 Guaranteed minimum death benefit in the United States. 2 Guaranteed minimum income benefit in the United States. 3 Note that the variable annuity contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. 4 Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 34 Insurance contracts. 5 Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money 6 Account value reflects the actual fund value for the policyholders. 7 The net amount at risk is defined as the present value of the minimum guaranteed annuity payments available to the contract holder determined in accordance with the terms of the contract in excess of the current account balance. d. Minimum investment return guarantees in the Netherlands The traditional life and pension products offered by Aegon in the Netherlands include various products that accumulate a cash value. Premiums are paid by customers at inception or over the term of the contract. The accumulation products pay benefits on the policy maturity date, subject to survival of the insured. In addition, most policies also pay death benefits if the insured dies during the term of the contract. The death benefits may be stipulated in the policy or depend on the gross premiums paid to date. Premiums and amounts insured are established at inception of the contract. The amount insured can be increased as a result of profit sharing, if provided for under the terms and conditions of the product. Minimum interest guarantees exist for all generations of traditional accumulation products written. Older generations contain a 4% guarantee; in 1999 the guarantee decreased to 3% and in 2013 the guarantee decreased to 0%. The traditional group pension contracts offered by Aegon in the Netherlands include large group insurance contracts that have an individually determined asset investment strategy underlying the pension contract. The guarantee given is that the profit sharing is the maximum of 0% and the realized return on an asset portfolio specified in the policy conditions, adjusted for technical interest rates ranging from 3% to 4%. If the adjusted return is negative, the 0% minimum is effective, but the loss in any given year is carried forward to be offset against any future surpluses within the contract period. In general, a guarantee is given for the life of the underlying employees so that their pension benefit is guaranteed. Large group contracts also share technical results (mortality risk and disability risk). The contract period is typically five years and the premiums are fixed over this period. These guarantees are valued at fair value and are included as part of insurance liabilities with the underlying host insurance contracts in note 34 Insurance contracts. The following table provides information on the liabilities for guarantees that are included in the valuation of the host contracts, net of the present value of the expected future premiums that are received to cover these guarantees: 2019 2018 GMI 1), 2) GMI 1), 2) At January 1 5,063 4,719 Incurred guarantee benefits 3) 1,358 344 At December 31 6,422 5,063 Account value 4) 19,985 18,346 Net amount at risk 5) 6,335 4,933 1 Guaranteed minimum investment return in the Netherlands. 2 Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 34 Insurance contracts. 3 Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money 4 Account value reflects the liability value of the insurance contracts as a whole. 5 The net amount at risk represents the sum of the differences between the guaranteed and actual amount that is credited to the policyholders. For Individual policies only positive differences are included, for Group pensions contracts carry forwards of negative differences are recognized. Fair value measurement of guarantees in insurance contracts The fair values of guarantees mentioned above (with the exception of life contingent guarantees in the United States) are calculated as the present value of future expected payments to policyholders less the present value of assessed rider fees attributable to the guarantees. For further details refer to note 44 Fair value. For equity volatility, Aegon uses a term structure assumption with market-based implied volatility inputs for the first five years and a long-term forward rate assumption of 25% thereafter. The volume of observable option trading from which volatilities are derived generally declines as the contracts’ term increases, therefore, the volatility curve grades from implied volatilities for five years to the ultimate rate. The resulting volatility assumption in year 20 for the S&P 500 index (expressed as a spot rate) was 21.1% at December 31, 2019, and 23.3% at December 31, 2018. Correlations of market returns across underlying indices are based on historical market returns and their inter-relationships over a number of years preceding the valuation date. Assumptions regarding policyholder behavior, such as lapses, included in the models are derived in the same way as the assumptions used to measure insurance liabilities. These assumptions are reviewed at each valuation date, and updated based on historical experience and observable market data, including market transactions such as acquisitions and reinsurance transactions. Disclosure on interest rate risk, including interest rate risk sensitivity is included in note 4 Financial risks. Aegon utilizes different risk management strategies to mitigate the financial impact of the valuation of these guarantees on the results including asset and liability management and derivative hedging strategies to hedge certain aspects of the market risks embedded in these guarantees. Guarantees valued at fair value contributed a net gain before tax of EUR 424 million (2018: loss of EUR 56 million) to earnings. The main drivers of this gain before tax are a gain of EUR 1,585 million related to an increase in equity markets (2018: EUR 532 million loss), a gain of EUR 12 million related to increases in equity volatility (2018: EUR 8 million loss), a fair value gain on hedges related to the guarantee reserves of EUR 1,840 million (2018: EUR 527 million gain), a gain of EUR 42 million related to widening own credit spread (2018: EUR 148 million gain) and other and DPAC offset contributed a gain of EUR 273 million (2018: EUR 233 million loss). These gains are partly offset by negative results related to decreases in risk free rates of EUR 3,281 million (2018: EUR 32 million gain). Guarantee reserves increased by EUR 1,937 million in 2019 (2018: increase of EUR 1,081 million) to EUR 9,645 million (2018: EUR 7,708 million). |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Borrowings | 37 Borrowings 2019 2018 Capital funding 1,745 1,774 Operational funding 7,562 10,287 At December 31 9,307 12,061 Current 4,969 1,379 Non-current 4,338 10,682 Fair value of borrowings 9,783 12,421 Aegon’s borrowings are defined separately as capital funding and operational funding. Capital funding includes debt securities that are issued for general corporate purposes and for capitalizing its business units. Capital funding is part of the Company’s total capitalization that is used for financing its subsidiaries and the cash held at the holding company. Operational funding includes debt securities that are issued for financing of dedicated pools of assets. These assets are either legally segregated or tracked as separate portfolios. Capital funding A detailed composition of capital funding is included in the following table: (sorted at maturity) Coupon rate Coupon date Issue / Maturity 2019 2018 EUR 75 million Medium-Term Notes 1) 4.625% December 9 2004 / 19 - 78 USD 500 million Senior Notes 1), 2) 5.75% Semi-annually 2005 / 20 461 457 EUR 500 million Senior Unsecured Notes 1.00% December 8 2016 / 23 497 496 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 293 277 GBP 400 million Senior Unsecured Notes 6.625% Semi-annually 2009 / 39 467 440 Other 26 26 At December 31 1,745 1,774 1 Measured at fair value. 2 Issued by subsidiaries of, and guaranteed by, Aegon N.V. These loans are considered senior debt in calculating financial leverage in note 43 Capital management and solvency. Operational funding During 2019, the operational funding decreased by EUR 2.7 billion mainly due to the early redemption of a USD 1.54 billion Variable Funding Surplus Note (EUR 1.4 billion), following a restructuring of this financing transaction in the US. In addition, a further decrease was driven by the redemption of ‘SAECURE 14’ of EUR 0.9 billion and the pay down of FHLB advances of EUR 1.7 billion. This was partly offset by an increase in other mortgage loan funding of EUR 0.5 billion, the issuance of EUR 500 million senior non-preferred During 2018, the operational funding decreased by EUR 1.1 billion mainly due to the redemption of ‘SAECURE 13’ of EUR 0.7 billion, paydown of FHLB advances of EUR 0.7 billion and a decrease in other mortgage funding of EUR 0.5 billion. This was partly offset by a transaction under the Dutch SAECURE program (‘SAECURE 16’) to sell Class A mortgage backed securities (RMBS). ‘SAECURE 16’ consists of EUR 875 million of class A notes with an expected weighted average life of 4.1 years and a coupon of 3 month Euribor plus 40bps. Coupon rate Coupon date Issue / Maturity 2019 2018 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - / 2020-22 817 375 EUR 1,367 million “SAECURE 14” RMBS Note 1), 2) Floating Quarterly 2014 / 19 - 874 EUR 1,443 million “SAECURE 15” RMBS Note 1), 3) Floating Quarterly 2014 / 20 917 1,038 EUR 875 million “SAECURE 16” RMBS Note 1), 4) Floating Quarterly 2018 / 23 820 875 EUR 512 million “SAECURE 18” RMBS Note 1), 5) Floating Quarterly 2019/25 491 - EUR 750 million Conditional Pass-Through Covered Bond 1), 6) 0.267% Annual 2015 / 20 749 748 EUR 500 million Conditional Pass-Through Covered Bond 1), 7) 0.250% Annual 2016 / 23 498 497 EUR 500 million Conditional Pass-Through Covered Bond 1), 8) 0.750% Annual 2017 / 27 489 488 EUR 500 million Conditional Pass-Through Covered Bond 1), 9) 0.375% Annual 2017 / 24 498 497 USD 1.54 billion Variable Funding Surplus Note 10), 11) Floating Quarterly 2006 / 36 - 1,388 FHLB Secured borrowings 1) Floating Quarterly 2016 / 46 1,777 3,495 Aegon Bank Senior Non-Preferred 1) Fixed Annual 2019/24 497 - Other 8 12 At December 31 7,562 10,287 1 Issued by a subsidiary of Aegon N.V. 2 The first optional redemption date is January 30, 2019; the final maturity date is January 30, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 3 The first optional redemption date is January 30, 2020; the final maturity date is January 30, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 4 The first optional redemption date is October 30, 2023; the final legal maturity date is October 30, 2091. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 5 The first optional redemption date is July 28, 2025; the final legal maturity date is April 28, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 6 The maturity date is December 1, 2020; the extended due for payment date is December 1, 2052. 7 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 8 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 9 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 10 Outstanding amounts can vary up to the maximum stated nominal amount. 11 This debenture is issued by a wholly owned captive that is consolidated in the Aegon N.V. consolidated financial statements. A guarantee has been provided by Aegon N.V. - refer to note 45 Commitments and contingencies. Other Included in borrowings is EUR 461 million relating to borrowings measured at fair value (2018: EUR 536 million). For the year 2019, Aegon’s credit spread had a negative impact of EUR 1 million on income before tax (2018: positive impact of EUR 1 million) and a positive impact of EUR 1 million on shareholders’ equity (2018: negative impact of EUR 3 million). The cumulative negative impact of Aegon’s credit spread for borrowings in portfolio at year-end, The difference between the contractually required payment at maturity date and the carrying amount of the borrowings amounted to EUR 40 million negative (2018: EUR 8 million negative). Undrawn committed borrowing facilities: 2019 2018 Floating-rate - Expiring within one year 516 260 - Expiring beyond one year 2,887 3,420 At December 31 3,403 3,680 There were no defaults or breaches of conditions during the period. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Provisions | 38 Provisions 2019 2018 At January 1 320 210 Additional provisions 42 231 Disposals (60 ) (94 ) Unused amounts reversed through the income statement (3 ) (1 ) Used during the year (90 ) (34 ) Net exchange differences 5 8 At December 31 214 320 Current 137 275 Non-current 77 45 The provisions as at December 31, 2019 mainly consist of litigation provisions of EUR 90 million (2018: EUR 198 million) mainly related to a settlement in the US relating to increases in monthly deduction rates on universal life products (refer to note 45 Commitments and contingencies), restructuring provisions of EUR 43 million (2018: EUR 30 million), provisions regarding fees payable upon purchase and surrender of unit-linked policies in the Polish Life Insurance portfolio of EUR 14 million (2018: EUR 17 million) and other provisions of EUR 66 million (2018: EUR 76 million) including the remaining provision related to the harbor workers’ former pension fund Optas. |
Defined benefit plans
Defined benefit plans | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Defined benefit plans | 39 Defined benefit plans 2019 2018 Retirement benefit plans 4,076 3,714 Other post-employment benefit plans 283 275 Total defined benefit plans 4,359 3,989 - Retirement benefit plans in surplus 1 - Other post-employment benefit plans in surplus - - Total defined benefit assets 1 - - Retirement benefit plans in deficit 4,077 3,714 Other post-employment benefit plans in deficit 283 275 Total defined benefit liabilities 4,360 3,989 2019 2018 Movements during the year in defined Retirement Other post- Total Retirement Other post- Total At January 1 3,714 275 3,989 3,657 293 3,950 Defined benefit expenses 227 17 244 192 13 206 Remeasurements of defined benefit plans 607 5 612 157 (23 ) 134 Contributions paid (298 ) - (298 ) (234 ) - (234 ) Benefits paid (100 ) (18 ) (118 ) (99 ) (19 ) (118 ) Net exchange differences 14 4 18 37 11 47 Other 1) (89 ) - (88 ) 5 - 5 At December 31 4,076 283 4,359 3,714 275 3,989 1 In 2019, ‘Other’ mainly relates to the plan amendment from The Netherlands as described in the section on ‘Aegon the Netherlands’ in this note. The amounts recognized in the statement of financial position are determined as follows: 2019 2018 Retirement Other post- Total Retirement Other post- Total Present value of wholly or partly funded obligations 4,807 - 4,807 4,027 - 4,027 Fair value of plan assets (4,420 ) - (4,420 ) (3,525 ) - (3,525 ) 386 - 386 502 - 502 Present value of wholly unfunded obligations 1) 3,690 283 3,973 3,212 275 3,487 At December 31 4,076 283 4,359 3,714 275 3,989 1 As all pension obligations are insured at subsidiary Aegon Levensverzekering almost all assets held by Aegon Nederland backing retirement benefits of EUR 2,736 millions (2018: EUR 2,568 million) do not meet the definition of plan assets and as such were not deducted in calculating this amount. Instead, these assets are recognized as general account assets. Consequently, the return on these assets does not form part of the calculation of defined benefit expenses. The fair value of Aegon’s own transferable financial instruments included in plan assets and the fair value of other assets used by Aegon included in plan assets was nil in both 2019 and 2018. 2019 2018 Defined benefit expenses Retirement Other post- Total Retirement Other post- Total Current year service cost 148 8 157 121 10 131 Net interest on the net defined benefit liability (asset) 80 9 89 87 8 96 Past service cost (1 ) - (1 ) (16 ) (5 ) (21 ) Total defined benefit expenses 227 17 244 192 13 206 2017 Retirement Other post- Total Current year service cost 148 11 158 Net interest on the net defined benefit liability (asset) 99 10 109 Past service cost (5 ) (1 ) (6 ) Total defined benefit expenses 242 19 262 Defined benefit expenses are included in ‘Commissions and expenses’ in the income statement. Movements during the year of the present value of the defined benefit obligations 2019 2018 At January 1 7,514 7,572 Current year service cost 157 131 Interest expense 221 213 Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions 40 (28 ) - Actuarial gains and losses arising from changes in financial assumptions 1,126 (102 ) Past service cost (1 ) (21 ) Contributions by plan participants 8 11 Benefits paid (353 ) (409 ) Net exchange differences 144 144 Other 1) (76 ) 5 At December 31 8,779 7,514 1 In 2019, ‘Other’ mainly relates to the plan amendment from Aegon the Netherlands as described in the section on ‘Aegon the Netherlands’ in this note. Movements during the year in plan assets for retirement benefit plans 2019 2018 At January 1 3,525 3,622 Interest income (based on discount rate) 133 117 Remeasurements of the net defined liability (asset) 566 (264 ) Contributions by employer 306 245 Benefits paid (235 ) (291 ) Net exchange differences 126 96 At December 31 4,420 3,525 2019 2018 Breakdown of plan assets for retirement benefit plans Quoted Unquoted Total in % of total plan assets Quoted Unquoted Total in % of total plan assets Equity instruments 160 3 164 4% 106 5 111 3% Debt instrument 465 361 826 19% 369 343 712 20% Real estate - 119 119 3% - 111 111 3% Derivatives - 57 57 1% - 149 149 4% Investment funds 3 2,484 2,487 56% 11 1,945 1,956 55% Other 15 752 767 17% 14 471 484 14% At December 31 644 3,776 4,420 100% 500 3,025 3,525 100% Defined benefit plans are mainly operated by Aegon USA, Aegon the Netherlands and Aegon UK. The following sections contain a general description of the plans in each of these subsidiaries and a summary of the principal actuarial assumptions applied in determining the value of defined benefit plans. Aegon USA Aegon USA has defined benefit plans covering substantially all its employees that are qualified under the Internal Revenue Service Code, including all requirements for minimum funding levels. The defined benefit plans are governed by the Board of Directors of Transamerica Corporation. The Board of Directors has the full power and discretion to administer the plan and to apply all of its provisions, including such responsibilities as, but not limited to, developing the investment policy and managing assets for the plan, maintaining required funding levels for the plan, deciding questions related to eligibility and benefit amounts, resolving disputes that may arise from plan participants and for complying with the plan provisions, and legal requirements related to the plan and its operation. The benefits are based on years of service and the employee’s eligible annual compensation. The plans provide benefits based on a traditional final average formula or a cash balance formula (which defines the accrued benefit in terms of a stated account balance), depending on the age and service of the plan participant. The defined benefit plans have a deficit of EUR 388 million at December 31, 2019 (2018: EUR 450 million deficit). Investment strategies are established based on asset and liability studies by actuaries which are updated as they consider appropriate. These studies, along with the investment policy, assist to develop the appropriate investment criteria for the plan, including asset allocation mix, return objectives, investment risk and time horizon, benchmarks and performance standards, and restrictions and prohibitions. The overall goal is to maximize total investment returns to provide sufficient funding for the present and anticipated future benefit obligations within the constraints of a prudent level of portfolio risk and diversification. Aegon believes that the asset allocation is an important factor in determining the long-term performance of the plan. The plan uses multiple asset classes as well as sub-classes Aegon USA maintains minimum required funding levels as set forth by the Internal Revenue Code. If contributions are required, the funding would be provided from the Company’s general account assets. Pension plan contributions were not required for Aegon USA in 2019 or 2018. However, with the Aegon N.V. Management Board approval of a proposal from Transamerica Corporation, Transamerica Corporation made a pension plan contribution of EUR 223 million in September 2019 (EUR 190 million in September 2018) that was over and above the minimum required funding levels as set forth by the Internal Revenue Code. Aegon USA also sponsors supplemental retirement plans to provide senior management with benefits in excess of normal retirement benefits. The plans are unfunded and are not qualified under the Internal Revenue Code. The supplemental retirement plans are governed by either Transamerica Corporation, or the Compensation Committee of the Board of Directors of Transamerica Corporation. Transamerica Corporation, or the Compensation Committee of the Board of Directors has the full power and discretion to apply all of the plan’s provisions, including such responsibilities as, but not limited to, interpret the plan provisions, to make factual determinations under the plan, to determine plan benefits, and to comply with any statutory reporting and disclosure requirements. The benefits are based on years of service and the employee’s eligible annual compensation. The plans provide benefits based on a traditional final average formula or a cash balance formula (which defines the accrued benefit in terms of a stated account balance), depending on the age and service of the plan participant. The company funds the benefit payments of the supplemental retirement plans from its general account assets. The unfunded amount related to these plans, for which a liability has been recorded, was EUR 272 million (2018: EUR 241 million unfunded). Aegon USA provides health care benefits to retired employees through continuation of coverage primarily in self funded plans, and partly in fully insured plans, which are classified as unfunded per IAS 19 financial guidance. The postretirement health care benefits under the Plans are administered by Transamerica Corporation, which has delegated the claims administration to third-party administrators. Aegon USA maintains two plans which provide continuation of coverage for retiree medical benefits. For each plan, Aegon USA has the fiduciary responsibility to administer the plan in accordance with its terms, and decides questions related to eligibility and determines plan provisions and benefit amounts. Under the Employee Retirement Income Security Act (ERISA), Aegon USA has the fiduciary responsibility to monitor the quality of services provided by the third-party claims administrator and to replace the third-party administrator if needed. In addition, Aegon USA has the fiduciary obligation to interpret the provisions of the plans, and to comply with any statutory reporting and disclosure requirements. Finally, Aegon USA reviews the terms of the plans and makes changes to the plans if and when appropriate. Aegon USA funds the benefit payments or premium payments of the post-retirement health care plans from its general account assets. The post-retirement health benefit liability amounted to EUR 217 million (2018: EUR 210 million). The weighted average duration of the defined benefit obligation is 12.6 years (2018: 12.2 years). The principal actuarial assumptions that apply for the year ended December 31 are as follows: Actuarial assumptions used to determine defined benefit obligations at year-end 2019 2018 Demographic actuarial assumptions Mortality US mortality table 1) US mortality table 2) Financial actuarial assumptions Discount rate 3) 3.23%/3.02% 4.22% / 4.05% Salary increase rate 4.00% 3.85% Health care trend rate 6.60% 7.00% 1 2019 assumption- PRI-2012 2 2018 Assumption- RP2014 Employee and Health Annuitant Tables projected with Scale MP - 2018 3 Aegon USA has separate discount rates beginning with 2018 – 3.23% for all pension plans and 3.02% for post retirement welfare plan 2019. The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end: Estimated approximate effects on the defined benefit obligation 2019 2018 Demographic actuarial assumptions 10% increase in mortality rates (83 ) (70 ) 10% decrease in mortality rates 92 77 Financial actuarial assumptions 100 basis points increase in discount rate (417 ) (351 ) 100 basis points decrease in discount rate 514 430 100 basis points increase in salary increase rate 29 29 100 basis points decrease in salary increase rate (27 ) (26 ) 100 basis points increase in health care trend rate 12 12 100 basis points decrease in health care trend rate (11 ) (11 ) The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized within the statement of financial position. Target allocation of plan assets for retirement benefit plans for the next annual period is: Equity instruments 19-28 % Debt instruments 47-58 % Other 20-28 % Aegon the Netherlands Aegon the Netherlands has a number of defined benefit plans and a small number of defined contribution plans. The defined benefit plans are subject to Dutch Pension regulations and governed by the Board of Directors of Aegon the Netherlands. The Board of Directors has the full power and discretion to administer the plan including developing investment policy and managing assets for the plans (although these assets do not qualify as ‘plan assets’ as defined by IFRS), deciding questions related to eligibility and benefit amounts, and any disputes that may arise from plan participants and for complying with the plan provisions, and legal requirements related to the plan and its operation. Aegon the Netherlands runs, in principle, full actuarial and investment risk regarding the defined benefit plans. This includes the risks of low interest rates, low returns and increased longevity. A part of this risk can be attributed to plan participants by lowering indexation or by increasing employee contributions. Furthermore, the specific statutory requirements governing the administration of group pension schemes have been laid down in the Pension Act (Pensioenwet / Pw). Insurers are subject to prudential supervision pursuant to the Financial Supervision Act (Wet op het financieel toezicht / Wft). Investment strategies are established based on asset and liability studies. The overall goal is to maximize total investment returns to provide sufficient funding for the present and anticipated future benefit obligations within the constraints of a prudent level of portfolio risk. These studies use for example return objectives and various investment instruments. Investment restrictions are updated regularly and they result in asset allocation mix and hedges. The contributions to the retirement benefit plan of Aegon the Netherlands are paid by both the employees and the employer, with the employer contribution being variable 1 Aegon the Netherlands also has a post-retirement medical plan that contributes to the health care coverage of employees and beneficiaries after retirement. For this plan, Aegon the Netherlands has the responsibility to administer the plan in accordance with its terms, and decides on questions related to eligibility and determines plan provisions and benefit amounts. In addition, Aegon 1 Aegon Nederland deducts employee contributions from the total pension expenses. the Netherlands has the obligation to interpret the provisions of the plans, and to comply with any statutory reporting and disclosure requirements. Finally, Aegon the Netherlands reviews the terms of the plans and makes changes to the plans if and when appropriate. The liabilities related to these other post-employment benefit plans are fully unfunded and amount to EUR 65 million at December 31, 2019 (2018: EUR 65 million). The weighted average duration of the other post-employment benefit plans is 12.4 years (2018: 11.7 years). Plan amendments In 2019, Aegon the Netherlands amended the current defined pension plans for their own employees. The entitlements build up under the existing defined benefit scheme will continue to exist and will remain insured at Aegon Levensverzekering, but is closed to new entrants. All contributions after January 1, 2020, will be made to a new individual defined contribution pension scheme. The new Aegon Pension Plan will be between Aegon the Netherlands and Aegon Cappital and comes into effect on January 1, 2020. The plan amendment resulted in a release of EUR 101 million in 2019 which is included in note 11 ‘Other income’. This release is driven by the effect of no longer taking into account future salary increases under the new defined contribution pension scheme. The minimum tax-qualified tax-qualified The principal actuarial assumptions that apply for the year-ended December 31 are as follows: Actuarial assumptions used to determine defined benefit obligations at year-end 2019 2018 Demographic actuarial assumptions Mortality NL mortality table 1) NL mortality table 1) Financial actuarial assumptions Discount rate 0.94% 1.74% Salary increase rate 2) Curve 2019 Curve 2018 Indexation 3) 59.2 % of Curve 2019 57.75% of Curve 2018 1 Based on prospective mortality table of the Dutch Actuarial Society with minor methodology adjustments. 2 Based on Dutch Consumer Price Index. 3 Based on Dutch Consumer Price Index. The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions of the retirement benefit plan would have the following effects per year-end: Estimated approximate effects on the defined benefit obligation 2019 2018 Demographic actuarial assumptions 10% increase in mortality rates (100 ) (81 ) 10% decrease in mortality rates 112 90 Financial actuarial assumptions 100 basis points increase in discount rate (645 ) (534 ) 100 basis points decrease in discount rate 893 733 100 basis points increase in salary increase rate 1 18 100 basis points decrease in salary increase rate - (18 ) 25 basis points increase in indexation 194 167 25 basis points decrease in indexation (177 ) (152 ) The above sensitivity analysis is based on a change in one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit obligation recognized within the statement of financial position. Aegon UK Aegon UK operated a defined benefit pension scheme providing benefits for staff based on final pensionable salary and years of service. The scheme closed to new entrants a number of years ago and closed to future accrual on March 31, 2013. Aegon UK now offers a defined contribution pension scheme to all employees. The pension scheme is administered separately from Aegon UK and is governed by Trustees, who are required to act in the best interests of the pension scheme members. The pension scheme Trustees are required to carry out triennial valuations on the scheme’s funding position, with the latest valuation being as at March 31, 2019. As part of this triennial valuation process, a schedule of contributions is agreed between the Trustees and Aegon UK in accordance with UK pensions legislation and guidance issued by the Pensions Regulator in the UK. The schedule of contributions includes deficit reduction contributions to clear any scheme deficit. Under IAS 19, the defined benefit plan has a surplus of EUR 1.5 million at December 31, 2019 (2018: EUR 51 million deficit). During 2019, EUR 83 million (2018: EUR 55 million) of contributions were paid into the scheme. The 2019 contributions included a one off payment of EUR 29 million in addition to the schedule of contributions. The investment strategy for the scheme is determined by the trustees in consultation with Aegon UK. Currently 30% of assets are invested in growth assets (i.e. primarily equities) and 70% are liability driven investments where the investments are a portfolio of fixed interest and inflation-linked bonds and related derivatives, selected to broadly match the interest rate and inflation profile of liabilities. Under the scheme rules, pensions in payment increase in line with the UK Retail Price Index, and deferred benefits increase in line with the UK Consumer Price Index. The pension scheme is therefore exposed to UK inflation changes as well as interest rate risks, investment returns and changes in the life expectancy of pensioners. During 2019, the scheme purchased a buy-in The weighted average duration of the defined benefit obligation is 21.6 years (2018: 21.6 years). The principal actuarial assumptions that apply for the year ended December 31 are as follows: Actuarial assumptions used to determine defined benefit obligations at year-end 2019 2018 Demographic actuarial assumptions Mortality UK mortality table 1) UK mortality table 2) Financial actuarial assumptions Discount rate 2.08% 2.94 % Price inflation 3.08% 3.32 % 1 Club Vita tables based on analysis of Scheme membership CMI 2017 1.5%/1.25% p.a. (males/females) 2 Club Vita tables based on analysis of Scheme membership CMI 2017 1.5%/1.25% p.a. (males/females) The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end: Estimated approximate effects on the defined benefit obligation 2019 2018 Demographic actuarial assumptions 10% increase in mortality rates (48 ) (34 ) 10% decrease in mortality rates 54 38 Financial actuarial assumptions 100 basis points increase in discount rate (306 ) (235 ) 100 basis points decrease in discount rate 414 313 100 basis points increase in price inflation 130 119 100 basis points decrease in price inflation (281 ) (192 ) The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized within the statement of financial position. Target allocation of plan assets for retirement benefit plans for the next annual period is: Equity instruments 32% Debt instruments 68% All other operating segments Businesses included in all other operating segments mostly operate defined contribution plans. Please refer to note 14 Commissions and expenses for the employee expenses regarding these contribution plans. |
Deferred tax
Deferred tax | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Deferred tax | 40 Deferred tax 2019 2018 Deferred tax assets 193 125 Deferred tax liabilities 1,227 529 Total net deferred tax liability / (asset) 1,035 404 Deferred tax assets comprise temporary differences on: 2019 2018 Real Estate (520 ) - Financial assets 76 (7 ) Insurance and investment contracts 440 - Deferred expenses, VOBA and other intangible assets (112 ) (125 ) Defined benefit plans 7 12 Tax losses and credits carried forward 183 167 Other 119 79 At December 31 193 125 Deferred tax liabilities comprise temporary differences on: 2019 2018 Real estate 124 520 Financial assets 1,549 807 Insurance and investment contracts (1,031 ) (1,433 ) Deferred expenses, VOBA and other intangible assets 1,663 1,788 Defined benefit plans (249 ) (257 ) Tax losses and credits carried forward (551 ) (147 ) Other (279 ) (748 ) At December 31 1,227 529 The following table provides a movement schedule of net deferred tax broken-down by those items for which a deferred tax asset or liability has been recognized. Real estate Financial assets Insurance and investment contracts Deferred expenses, VOBA and other intangible assets Defined benefit plans Tax losses and credits carried forward Other Total At January 1, 2019 519 814 (1,434 ) 1,914 (269 ) (314 ) (837 ) 394 Charged to income statement 125 25 (20 ) (176 ) 108 63 (11 ) 114 Charged to OCI (8 ) 628 - - (90 ) - (9 ) 520 Net exchange differences 1 9 (17 ) 37 (5 ) (9 ) (17 ) (2 ) Disposal of a business - - - - - - 2 2 Transfer to/from other headings - - - - - (473 ) 473 - Other 7 (3 ) - - - - 3 7 At December 31, 2019 644 1,473 (1,471 ) 1,775 (256 ) (734 ) (398 ) 1,035 At January 1, 2018 554 1,737 (1,787 ) 1,892 (295 ) (296 ) (863 ) 942 Acquisitions / Additions - - - 9 - - - 9 Charged to income statement (31 ) (451 ) 401 (63 ) 23 (1 ) 143 22 Charged to OCI (7 ) (514 ) 2 - 17 (2 ) 12 (494 ) Net exchange differences 4 46 (51 ) 82 (14 ) (4 ) (38 ) 25 Transfer to/from other headings - (3 ) - (6 ) - - 9 - Other - - - - - (11 ) (90 ) (101 ) At December 31, 2018 519 814 (1,434 ) 1,914 (269 ) (314 ) (827 ) 404 The position as per January 1, 2019 has been adjusted due to the initial application of IFRS 16. Reference is made to note 2.1.1 for details. In 2019, the increase of deferred tax liability primarily related to an increase of unrealized profits in respect of financial assets mainly driven by a decrease in interest rates. In 2018, the movement in other of EUR 90 million is caused by the redemption of the non-cumulative Transfer to/from other headings in 2019 includes the transfer between the columns “other” and “tax losses and credits carried forward”, in relation to credits carried forward for an amount of EUR 473 million. Deferred corporate income tax assets are recognized for tax losses and credits carried forward to the extent that the realization of the related tax benefit through future taxable profits is probable. For an amount of gross EUR 1,379 million; tax EUR 236 million related to tax losses carried forward (2018: gross EUR 1,317 million; tax EUR 225 million) and an amount of tax EUR 391 million related to tax credits carried forward (2018; tax EUR 473 million) the realization of the deferred tax asset is dependent on the projection of future taxable profits as well as foreign income from existing business in excess of the profits arising from the reversal of existing taxable temporary differences. For comparative purposes the figures relating to the gross amount and tax amount for 2018 have been adjusted since several entities with deferred tax assets dependent on future taxable profits reported profits and were therefore not required to be included. For the following amounts, arranged by loss carry forward periods, the deferred corporate income tax asset is not recognized: Gross amounts 1) Not recognized deferred tax assets 2019 2018 2019 2018 < 5 years 79 65 20 15 ³ 18 21 4 5 ³ 27 20 51 36 ³ 1 - - - Indefinitely 488 385 107 86 At December 31 613 490 182 142 1 The gross value of state tax loss carry forward is not summarized in the disclosure, due to the fact that the United States files in different state jurisdictions with various applicable tax rates and apportionment rules Deferred corporate income tax assets in respect of deductible temporary differences are recognized to the extent that the realization of the related tax benefit through future taxable profits is probable. For an amount of gross EUR 406 million; tax EUR 99 million (2018: gross EUR 162 million; tax EUR 29 million) the realization of the deferred corporate income tax asset is dependent on future taxable profits in excess of the profits arising from the reversal of existing taxable temporary differences. Aegon did not recognize deferred corporate income tax assets in respect of deductible temporary differences relating to Financial assets and Other items for the amount of gross EUR 32 million; tax EUR 6 million (2018: gross EUR 40 million; tax EUR 8 million). Deferred corporate income tax liabilities have not been recognized for withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries. The unremitted earnings totaled gross EUR 1,774 million; tax EUR 383 million (2018: gross EUR 1,770 million; tax EUR 361 million). All deferred corporate income taxes are non-current |
Current liabilities
Current liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Current liabilities | 41 Other liabilities 2019 2018 Payables due to policyholders 1,363 1,172 Payables due to brokers and agents 296 373 Payables out of reinsurance 1,597 1,327 Social security and taxes payable 117 108 Income tax payable 3 2 Investment creditors 940 1,195 Cash collateral on derivative transactions 4,243 3,396 Cash collateral on securities lended 2,146 2,480 Cash collateral - other 59 49 Repurchase agreements 719 322 Commercial paper 58 82 Lease liabilities 311 - Other creditors 2,968 2,947 At December 31 14,819 13,454 Current 14,097 13,309 Non-current 722 146 The carrying amounts disclosed reasonably approximate the fair values at year-end, |
Aegon N.V [member] | |
Statement [LineItems] | |
Current liabilities | 17 Current liabilities Loans from and payables to group companies have a maturity of less than one year. Other current liabilities includes derivatives with negative fair values of EUR 165 million (2018: EUR 164 million). |
Accruals
Accruals | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Accruals | 42 Accruals 2019 2018 Accrued interest 292 237 Accrued expenses 134 151 At December 31 426 388 The carrying amounts disclosed reasonably approximate the fair values as at the year-end. |
Capital management and solvency
Capital management and solvency | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Capital management and solvency | 43 Capital management and solvency Strategic importance Aegon’s approach towards capital management plays a vital role in supporting the execution of its strategy. The key capital management priority is to ensure adequate capitalization to cover Aegon’s obligations towards its policyholders and debtholders while providing sustainable dividends to shareholders. This priority is accomplished by allocating capital to products that offer high growth and return prospects. Furthermore, a priority for capital management for several years has been to shift the product portfolio from focusing mostly on capital intensive spread business to diversifying the portfolio to include more capital light fee business. Management of capital Disciplined risk and capital management support Aegon’s decisions in deploying the capital that is generated in the Company’s businesses and that is provided for by investors. Aegon balances the funding of new business growth with the funding required to ensure that its obligations towards policyholders and debtholders are always adequately met, and providing for a sustainable dividend to shareholders. Aegon’s goal for both its operating units and for the Aegon group as a whole is to maintain a strong financial position and to be able to sustain losses from extreme business and market conditions. The company’s overall capital management strategy is based on adequate solvency capital, capital quality, and the use of leverage. Aegon’s ERM framework ensures that the Aegon Group and its operating companies are adequately capitalized and that obligations towards policyholders are always adequately met. Firmly embedded in this larger framework, Aegon’s capital management framework builds on a set of key pillars: the use of internal target capital management zones, an internal target range for the use of gross financial leverage and, supported by robust risk and capital monitoring processes that timely trigger and escalate interventions if needed to ensure that capital is always being managed towards these internal target ranges, and is prevented from falling below the regulatory minimum capital requirements. Capital adequacy The capitalization of the Aegon Group and its operating units is managed in relation to the most stringent of local regulatory requirements, rating agency requirements and/or self-imposed criteria. Aegon manages its Solvency II capital in relation to the required capital. Under Aegon’s capital management framework the own funds are managed such that the Group Solvency II ratio remains within the target range of 150% - 200% even in an adverse event. The Solvency contribution of Aegon US insurance entities under Deduction & Aggregation (D&A) involves converting 150% Risk-Based Capital Company Action Level into Solvency Capital Requirement (SCR) and reducing own funds by a 100% RBC Company Action Level requirement to reflect transferability restrictions. The methodology is subject to annual review. Minimum solvency requirements Insurance laws and regulations in local regulatory jurisdictions often contain minimum regulatory capital requirements. For insurance companies in the European Union, Solvency II formally defines a lower capital requirement, being the Minimum Capital Requirement (MCR). An irreparable breach of the MCR would lead to a withdrawal of the Company’s insurance license. Similarly, for the US insurance entities the withdrawal of the insurance license is triggered by a breach of the 100% Authorized Control Level (ACL), which is set at 50% of the Company Action Level (CAL). With the introduction of Solvency II for EEA countries, Aegon views the higher capital requirement, 100% of the SCR, as the level around which EU supervisors will formally require management to provide regulatory recovery plans. For the US insurance entities this is viewed at 100% Company Action Level (CAL). During 2019, the Aegon Group and the regulated entities within the Aegon Group that are subject to regulatory capital requirements on a solo-level continued to comply with such requirements, except for Aegon España, S.A.U. de Seguros y Reaseguros (Aegon Spain). Aegon Spain used to apply a transitional arrangement related to its technical provisions and applied the Solvency II matching adjustment. At the instruction of the Spanish Insurance Regulator (DGSFP), Aegon Spain no longer applies the matching adjustment and the transitional arrangements. As a consequence of this, the Solvency II ratio of Aegon Spain dropped below the 100% and Aegon Group contributed with a capital injection in Aegon Spain to restore the Solvency II position. Capital quality Aegon’s capital consists of 3 Tiers as an indication of its quality, with Tier 1 capital ranking highest. It is to be noted that the Group own funds do not include any contingent liability potentially arising from unit-linked products sold, issued or advised on by Aegon in the Netherlands in the past as the potential liability cannot be reliably quantified at this point. Further, the available own funds is an estimate, has not been filed with the regulator and is subject to supervisory review. The below table provides the composition of Aegon’s available own funds across Tiers: Available own funds December 31, 2019 Available own funds December 31, 2018 Available own funds Unrestricted Tier 1 12,724 12,204 Restricted Tier 1 2,614 3,406 Tier 2 2,370 1,487 Tier 3 762 505 Total available own funds 18,470 17,602 As at December 31, 2019, Tier 1 capital accounted for 83% of own funds (2018: 89%), including EUR 1,617 million of junior perpetual capital securities (2018: EUR 2,931 million) and EUR 479 million of perpetual cumulative subordinated bonds (2018: EUR 476 million) which are both classified as grandfathered restricted Tier 1 capital. In addition, Aegon issued EUR 500 million perpetual contingent convertible security in 2019, which is Solvency II compliant capital contributing EUR 518 million to restricted Tier 1 capital. The decrease in Tier 1 capital is mainly due to the redemptions of USD 1 billion perpetual capital securities issued in 2005, partly offset by the issuance of perpetual contingent convertible security during 2019. As at December 31, 2019, Tier 2 capital accounted for 13% of own funds (2018: 8%), including USD 925 million subordinated notes issued by Aegon Funding Corporate LLC (AFC) during 2019 contributing EUR 823 million to Tier 2 capital, EUR 773 million of subordinated liabilities which are classified as Solvency II compliant Tier 2 capital (2018: EUR 716 million), EUR 774 million of fixed floating subordinated notes (2018: EUR 771 million) which are classified as grandfathered Tier 2 capital. Changes in Tier 2 capital compared to previous year is mainly related to the issuance of subordinated notes by AFC. The grandfathered restricted Tier 1 and Tier 2 capital instruments are grandfathered such that they are considered as capital under the Solvency II framework for up to 10 years. For the terms and conditions of these grandfathered instruments refer to note 31 Other equity instruments and note 32 Subordinated borrowings. It is to be noted that the difference between the amounts mentioned above for junior perpetual capital securities and perpetual cumulative subordinated bonds, and those in note 31 Other equity instruments and note 32 Subordinated borrowings, stem from valuation differences between Solvency II (market value) and IFRS rules (refer to related accounting policies in note 2, paragraphs 2.17 and 2.18). Tier 3 capital as of December 31, 2019 is comprised of deferred tax assets balances related to Solvency II entities. IFRS equity compares to Solvency II own funds as follows: December 31, 2019 December 31, 2018 Shareholders’ Equity 21,850 19,200 IFRS adjustments for Other Equity instruments and non controlling interests 2,591 3,342 Group Equity 24,441 22,542 Solvency II revaluations & reclassifications (7,607 ) (6,593 ) Transferability restrictions 1) (1,973 ) (1,884 ) Excess of Assets over Liabilities 14,861 14,065 Availability adjustments 4,446 4,326 Fungibility adjustments 2) (838 ) (789 ) Available own funds 18,470 17,602 1 This includes the transferability restriction related to the RBC CAL conversion methodology. 2 Amongst others, this contains the exclusion of Aegon Bank. The Solvency II revaluations and reclassification of EUR 7,607 million negative (2018: EUR 6,593 million negative) stem from the difference in valuation between IFRS and Solvency II frameworks. The change in Solvency II revaluations per December 31, 2019 compared to December 31, 2018 is mainly driven by lower interest rates during 2019, increasing the revaluation reserves in Aegon US. The Solvency II revaluations and reclassification can be grouped into four categories: ◆ Items that are not recognized under Solvency II. The most relevant examples of this category for Aegon include Goodwill, DPAC and other intangible assets (EUR 1,932 million negative, 2018: EUR 2,024 million negative); ◆ Items that have a different valuation treatment between IFRS and Solvency II. Solvency II is a market consistent framework hence all assets and liabilities are to be presented at fair value while IFRS also includes other valuation treatments in addition to fair value. The most relevant examples of this category for Aegon Group include Loans and Mortgages, Reinsurance Recoverables and Technical provisions. The revaluation difference stemming from this category amounted to EUR 3,360 million positive (2018: EUR 2,789 million positive) compared to the IFRS Statement of Financial Position; ◆ The Net Asset Value of subsidiaries that are included under the Deduction & Aggregation method (on provisional equivalence or Standard Formula basis) in the Group Solvency II results. The revaluation difference stemming from this category amounted to EUR 5,663 million negative (2018: EUR 4,095 million negative) compared to the IFRS Statement of Financial Position, which is mainly driven by lower interest rates during 2019; ◆ Reclassification of subordinated liabilities of EUR 3,372 million negative (2018: EUR 3,262 negative). The movement of subordinated liabilities mainly stem from the redemption of perpetual capital securities, the issuance Restricted Tier 1 perpetual contingent convertible securities, and the issuance of Tier 2 subordinated notes during 2019. The transferability restrictions reflect the restrictions on US Life Companies DTA and capping of Tier 1 unrestricted own funds as a consequence of the RBC CAL conversion methodology as described above. The availability adjustments are changes to the availability of own funds of Aegon Group in accordance with Solvency II requirements. Examples include the adjustments for subordinated liabilities, ring-fenced fund, treasury shares and foreseeable dividend. Finally, the fungibility restrictions limit the availability of own funds on Aegon Group level as prescribed by Supervisory Authorities. These limitations refer to charitable trusts in the Americas for which the local Supervisory Authority could limit the upstream of capital to the Group and Aegon Bank which is under a different regulatory regime but under the same Supervisory Authority and therefore excluded for Solvency II purposes. Capital leverage Aegon’s total capitalization reflects the capital employed in the business units and consists of shareholders’ capital and total gross financial leverage. Aegon’s gross financial leverage ratio is calculated by dividing total financial leverage by total capitalization. Aegon aims to keep total gross financial leverage within a range of 26% to 30% of total capitalization as measured by the gross financial leverage ratio, and a fixed charge coverage in the range of 6-8x Aegon defines total financial leverage as debt or debt-like funding issued for general corporate purposes and for capitalizing Aegon’s business units. Total financial leverage includes hybrid instruments, in addition to both subordinated and senior debt. Aegon’s total capitalization comprises the following components: ◆ Shareholders’ equity excluding revaluation reserves based on IFRS; ◆ Non-controlling ◆ Total financial leverage. The following table shows the composition of Aegon’s total capitalization, the calculation of the gross financial leverage ratio and its fixed charge coverage: Note 2019 2018 Total shareholders’ equity - based on IFRS as adopted by the EU 2 22,457 19,518 Non-controlling 31, SOFP 2) 73 80 Revaluation reserves 30 (5,868 ) (3,436 ) Adjusted shareholders’ equity 16,662 16,162 Perpetual contingent convertible securities 31 500 - Junior perpetual capital securities 31 1,564 2,808 Perpetual cumulative subordinated bonds 31 454 454 Fixed floating subordinated notes 32 1,404 1,389 Fixed subordinated notes 32 804 - Trust pass-through securities 33 136 133 Currency revaluation other equity instruments 1) 54 110 Hybrid leverage 4,916 4,895 Senior debt 3) 37 1,738 1,774 Senior leverage 1,738 1,774 Total gross financial leverage 6,653 6,669 Total capitalization 23,316 22,831 Gross financial leverage ratio 4) 28.5% 29.2% Fixed Charge Coverage 7.7x 8.2x 1 Other equity instruments that are denominated in foreign currencies are, for purpose of calculating hybrid leverage, revalued to the period-end 2 Non-controlling 3 Senior debt for the gross financial leverage calculation also contains swaps for an amount of EUR (7) million (2018: EUR (1) million). 4 To align closer to definitions used by peers and rating agencies, Aegon has retrospectively changed the definition of adjusted shareholders’ equity used in calculating the gross financial leverage ratio. Shareholders’ equity will no longer be adjusted for the remeasurement of defined benefit plans. All figures, including comparatives, are based on the new definition, unless stated otherwise. Aegon N.V. is subject to legal restrictions with regard to 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 the reserves required by law. The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the revaluation reserves, 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 items under Dutch law amounted to EUR 13,569 million as at December 31, 2019 (2018: EUR 13,307 million). The following table shows the composition of the total distributable items: Distributable items 1) 2019 2018 Equity attributable to shareholders based on IFRS as adopted by the EU 22,457 19,518 Non-distributable Share capital (323 ) (322 ) Legal reserves 2) (8,565 ) (5,890 ) At December 31 13,569 13,307 1 Distributable items under Dutch law; note that Solvency II ratios also possibly restricts the distribution of dividends. 2 The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the positive revaluations in the revaluation reserves, cannot be freely distributed. The ability of Aegon’s subsidiaries, principally insurance companies, to pay dividends to the holding company is constrained by the requirement for these subsidiaries to remain adequately capitalized to the levels set by local insurance regulations and governed by local insurance supervisory authorities. Based on the capitalization level of the local subsidiary, local insurance supervisors are able to restrict and/or prohibit the transfer of dividends to the holding company. In addition, the ability of subsidiaries to pay dividends to the holding company can be constrained by the requirement for these subsidiaries to hold sufficient shareholders’ equity as determined by law. The capitalization level and shareholders’ equity of the subsidiaries can be impacted by various factors (e.g. general economic conditions, capital market risks, underwriting risk factors, changes in government regulations, and legal and arbitrational proceedings). To mitigate the impact of such factors on the ability to pay dividends, the subsidiaries hold additional capital in excess of the levels required by local insurance regulations, as reflected in Aegon’s target capitalization ranges. |
Fair value
Fair value | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Fair value | 44 Fair value The estimated fair values of Aegon’s assets and liabilities correspond with the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When available, Aegon uses quoted market prices in active markets to determine the fair value of investments and derivatives. In the absence of an active market, the fair value of investments in financial assets is estimated by using other market observable data, such as corroborated external quotes and present value or other valuation techniques. An active market is one in which transactions are taking place regularly on an arm’s length basis. Fair value is not determined based upon a forced liquidation or distressed sale. Valuation techniques are used when Aegon determines the market is inactive or quoted market prices are not available for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). Therefore, unobservable inputs reflect Aegon’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available. Aegon employs an oversight structure over valuation of financial instruments that includes appropriate segregation of duties. Senior management, independent of the investing functions, is responsible for the oversight of control and valuation policies and for reporting the results of these policies. For fair values determined by reference to external quotation or evidenced pricing parameters, independent price determination or validation is utilized to corroborate those inputs. Further details of the validation processes are set out below. Valuation of assets and liabilities is based on a pricing hierarchy, in order to maintain a controlled process that will systematically promote the use of prices from sources in which Aegon has the most confidence, where the least amount of manual intervention exists and to embed consistency in the selection of price sources. Depending on asset type the pricing hierarchy consists of a waterfall that starts with making use of market prices from indices and follows with making use of third-party pricing services or brokers. Fair value hierarchy The table below provides an analysis of assets and liabilities recorded at fair value on a recurring basis by level of the fair value hierarchy: Level I Level II Level III Total 2019 Assets carried at fair value Available-for-sale Shares 92 160 157 409 Debt securities 25,528 56,317 1,074 82,918 Money market and other short-term instruments 1,255 3,914 - 5,169 Other investments at fair value - 426 482 908 26,875 60,817 1,712 89,404 Fair value through profit or loss Shares 106 306 1,401 1,813 Debt securities 204 3,727 4 3,934 Money market and other short-term instruments 19 139 - 158 Other investments at fair value 1 1,125 2,049 3,175 Investments for account of policyholders 1) 120,271 103,712 1,805 225,788 Derivatives 96 11,006 56 11,157 Investments in real estate - - 2,901 2,901 Investments in real estate for policyholders - - 586 586 120,696 120,014 8,802 249,512 Revalued amounts Real estate held for own use - - 208 208 - - 208 208 Total assets at fair value 147,571 180,831 10,722 339,124 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 59,759 197 59,956 Borrowings 3) - 461 - 461 Derivatives 59 8,476 3,081 11,616 Total liabilities at fair value 59 68,696 3,278 72,033 1 The investments for account of policyholders included in the table above only include investments carried at fair value through profit or loss. 2 The investment contracts for account of policyholders included in the table above represents only those investment contracts carried at fair value. 3 Total borrowings on the statement of financial position contain borrowings carried at amortized cost that are not included in the above schedule. Level I Level II Level III Total 2018 Assets carried at fair value Available-for-sale Shares 82 155 241 478 Debt securities 24,652 51,446 1,242 77,340 Money market and other short-term instruments 1,427 4,528 - 5,955 Other investments at fair value - 409 493 902 26,160 56,538 1,976 84,675 Fair value through profit or loss Shares 217 239 1,226 1,682 Debt securities 1,868 2,028 17 3,913 Money market and other short-term instruments 17 335 - 352 Other investments at fair value 1 1,272 1,376 2,649 Investments for account of policyholders 1) 103,977 87,893 1,871 193,741 Derivatives 53 7,527 35 7,615 Investments in real estate - - 2,700 2,700 Investments in real estate for policyholders - - 612 612 106,134 99,295 7,837 213,266 Revalued amounts Real estate held for own use - - 263 263 - - 263 263 Total assets at fair value 132,294 155,833 10,077 298,204 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 49,641 206 49,847 Borrowings 3) - 536 - 536 Derivatives 93 4,648 2,489 7,230 Total liabilities at fair value 93 54,824 2,695 57,613 1 The investments for account of policyholders included in the table above only include investments carried at fair value through profit or loss. 2 The investment contracts for account of policyholders included in the table above represents only those investment contracts carried at fair value. 3 Total borrowings on the statement of financial position contain borrowings carried at amortized cost that are not included in the above schedule. Significant transfers between Level I, Level II and Level III Aegon’s policy is to record transfers of assets and liabilities between Level I, Level II and Level III at their fair values as of the beginning of each reporting period. The table below shows transfers between Level I and Level II for financial assets and financial liabilities recorded at fair value on a recurring basis. Total 2019 Total 2018 Transfers Level I to Level II Transfers Level II to Level I Transfers Level I to Level II Transfers Level II to Level I Assets carried at fair value Available-for-sale Debt securities 12 3 - - 12 3 - - Fair value through profit or loss Shares 8 8 3 1 Investments for account of policyholders - 8 - (4 ) 8 16 3 (3 ) Total assets at fair value 20 19 3 (3 ) Total Liabilities carried at fair value - - - - Transfers are identified based on transaction volume and frequency, which are indicative of an active market. Movements in Level III financial instruments measured at fair value The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level III), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period. Assets carried at fair value At January 1, 2019 Acquisitions through business combinations Disposal of a business Total gains / losses in income statement 1 Total gains / losses in OCI 2 Purchases Sales Settlements Net exchange difference Reclassification Transfers from levels I and II Transfers to levels I and II Transfers to disposal groups At December 31, 2019 Total unrealized gains and (losses) for the period recorded in the P&L for instruments held at December 31, 2019 3 Available-for-sale Shares 241 - - - (5 ) 22 (100 ) - 4 2 - (7 ) - 157 - Debt securities 1,242 - - 3 21 319 (317 ) (68 ) 19 (2 ) 52 (195 ) - 1,074 - Money markets and other short-term instruments - - - - - 1,061 (855 ) (103 ) - - 126 (229 ) - - - Other investments at fair value 493 - - (100 ) (56 ) 183 (25 ) (23 ) 9 - - - - 482 - 1,976 - - (97 ) (40 ) 1,584 (1,297 ) (194 ) 32 1 178 (431 ) - 1,712 - Fair value through profit or loss Shares 1,226 - - 72 - 368 (266 ) - 1 - - - - 1,401 62 Debt securities 17 - - (1 ) - 1 (12 ) (1 ) - (1 ) - - - 4 - Other investments at fair value 1,376 - - 34 - 884 (268 ) - 23 - 85 (86 ) - 2,049 36 Investments for account of policyholders 1,871 - - 45 - 435 (567 ) - 20 - - - - 1,805 86 Derivatives 35 - - 19 - 35 (33 ) - - - - - - 56 20 Investments in real estate 2,700 - - 317 - 206 (331 ) - 9 - - - - 2,901 2 Investments in real estate for policyholders 612 - - (18) - 2 (43 ) - 34 - - - - 586 (27) 7,837 - - 468 - 1,931 (1,521 ) (1 ) 88 (1 ) 85 (86 ) - 8,802 179 Revalued amounts Real estate held for own use 263 - - 7 3 (5 ) (62 ) - 3 - - - - 208 - 263 - - 7 3 (5 ) (62 ) - 3 - - - - 208 - Total assets at fair value 10,077 - - 379 (37 ) 3,509 (2,880 ) (194 ) 122 - 263 (517 ) - 10,722 179 Liabilities carried at fair value Investment contracts for account of policyholders 206 - - 9 - 4 (23 ) - 1 - - - - 197 (10) Derivatives 2,489 - - 597 4 - (22 ) - 13 - - - - 3,081 84 2,695 - - 605 4 4 (46 ) - 15 - - - - 3,278 75 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items: Gains / (losses) on revaluation of available-for-sale available-for-sale 3 Total gains / (losses) for the period during which the financial instrument was in Level III. Assets carried at fair value At January 1, 2018 Acquisitions through business combinations Disposal of a business Total gains / losses in statement 1 Total gains / losses in OCI 2 Purchases Sales Settlements Net exchange difference Reclassification Transfers from levels I and II Transfers to levels I and II Transfers to disposal groups At December 31, 2018 Total unrealized gains and (losses) for the period recorded in the P&L for instruments held at December 31, 2018 3 Available-for-sale Shares 288 - - 21 (12 ) 9 (77 ) - 10 2 - - - 241 - Debt securities 1,447 - - 26 2 494 (76 ) (452 ) 51 1 58 (310 ) - 1,242 - Other investments at fair value 583 - - (83 ) (38 ) 125 (102 ) (21 ) 25 3 - - - 493 - 2,318 - - (36 ) (48 ) 629 (255 ) (473 ) 87 6 58 (310 ) - 1,976 - Fair value through profit or loss Shares 604 - - 104 - 541 (61 ) 1 1 36 - - - 1,226 105 Debt securities 4 - - (25 ) - 37 - - - - - - - 17 (24 ) Other investments at fair value 1,255 - - 11 - 332 (307 ) - 64 - 94 (72 ) - 1,376 3 Investments for account of policyholders 1,784 130 - 76 - 537 (660 ) - 3 - - - - 1,871 35 Derivatives 57 - - 57 - - (80 ) - - - - - - 35 59 Investments in real estate 2,147 - - 261 - 474 (209 ) - 27 - - - - 2,700 202 Investments in real estate for policyholders 655 - - 5 - 2 (43 ) - (7 ) - - - - 612 4 6,506 130 - 490 - 1,924 (1,360 ) - 90 36 94 (72 ) - 7,837 383 Revalued amounts Real estate held for own use 307 - (1 ) (19 ) (39 ) 17 (10 ) - 7 - - - - 263 5 307 - (1 ) (19 ) (39 ) 17 (10 ) - 7 - - - - 263 5 Total assets at fair value 9,130 130 (1 ) 435 (87 ) 2,570 (1,624 ) (472 ) 185 42 151 (382 ) - 10,077 388 Liabilities carried at fair value Investment contracts for account of policyholders 219 - - (10 ) - 7 (14 ) - 4 - - - - 206 - Derivatives 1,845 - - 613 - - - - 31 - - - - 2,489 613 2,064 - - 604 - 7 (14 ) - 35 - - - - 2,695 614 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items: Gains / (losses) on revaluation of available-for-sale available-for-sale 3 Total gains / (losses) for the period during which the financial instrument was in Level III. During 2019, Aegon transferred certain financial instruments from Level II to Level III of the fair value hierarchy. The reason for the change in level was that the market liquidity for these securities decreased, which led to a change in market observability of prices. Prior to transfer, the fair value for the Level II securities was determined using observable market transactions or corroborated broker quotes respectively for the same or similar instruments. The amount of assets and liabilities transferred to Level III was EUR 263 million (2018: EUR 151 million). Since the transfer, all such assets have been valued using valuation models incorporating significant non market-observable inputs or uncorroborated broker quotes. Similarly, during 2019, Aegon transferred EUR 517 million (2018: EUR 382 million) of financial instruments from Level III to other levels of the fair value hierarchy. The change in level was mainly the result of a return of activity in the market for these securities and that for these securities the fair value could be determined using observable market transactions or corroborated broker quotes for the same or similar instruments. Valuation techniques and significant unobservable inputs The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level III financial instruments. Valuation technique 1) Significant unobservable input 2) December Range (weighted average) December Range (weighted average) Assets carried at fair value Available-for-sale Shares Net asset value 3) n.a. 119 n.a. 205 n.a. Other n.a. 38 n.a. 36 n.a. 157 241 Debt securities Broker quote n.a. 818 n.a. 985 n.a. Discounted cash flow Credit spread 25 3.24% 17 3.38% Discounted cash flow Constant Prepayment Rate 7 25.00% - - Discounted cash flow Constant Prepayment Rate 30 7.82% - - Other n.a. 193 n.a. 240 n.a. 1,074 1,242 Other investments at fair value Tax credit investments Discounted cash flow Discount rate 435 6.5% 435 6.8% Investment funds Net asset value 3) n.a. 14 n.a. 24 n.a. Other Other n.a. 33 n.a. 34 n.a. 482 493 At December 31 1,712 1,976 Fair value through profit or loss Shares Other n.a. 1,401 n.a. 1,226 n.a. Debt securities Other n.a. 4 n.a. 17 n.a. 1,405 1,243 Other investments at fair value Investment funds Net asset value 3) n.a. 1,984 n.a. 1,334 n.a. Other Other n.a. 65 n.a. 42 n.a. 2,049 1,376 Derivatives Longevity swap Discounted cash flow Mortality 55 n.a. 33 n.a. Other Other n.a. - n.a. - n.a. 55 33 Real estate Direct capitalization 4.25% - 5.5% 4.25% - 7.5% Investments in real estate technique Capitalization rate 580 (3.3%) 427 (4.4%) Appraisal value n.a. 2,229 n.a. 2,150 n.a. Other n.a. 92 n.a. 123 n.a. 2,901 2,700 At December 31 6,410 5,352 Revalued amounts Direct capitalization 7.75% - 9.50% 8.25% - 9.50% Real estate held for own use technique Capitalization rate 54 (9.0%) 53 (8.9%) Appraisal value n.a. 108 n.a. 101 n.a. Other n.a. 46 n.a. 108 n.a. At December 31 208 263 Total assets at fair value 4) 8,330 7,592 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 3,072 0.2% - 0.3% (0.24%) 2,484 0.25% - 0.40% (0.30%) Longevity swap Discounted cash flow Mortality 9 n.a. 5 n.a. Other Other n.a. - n.a. - n.a. Total liabilities at fair value 3,081 2,489 1 Other in the table above (column Valuation technique) includes investments for which the fair value is uncorroborated and no broker quote is received. 2 Not applicable (n.a.) has been included when the unobservable inputs are not developed by the Group and are not reasonably available. Refer to the section Fair value measurement in this note for a detailed description of Aegon’s methods of determining fair value and the valuation techniques. 3 Net asset value is considered the best approximation to the fair value of these financial instruments. 4 Investments for account of policyholders are excluded from the table above and from the disclosure regarding reasonably possible alternative assumptions. Policyholder assets, and their returns, belong to policyholders and do not impact Aegon’s net income or equity. The effect on total assets is offset by the effect on total liabilities. Derivatives exclude derivatives for account of policyholders amounting to EUR 1 million (2018: EUR 2 million). For reference purposes, the valuation techniques included in the table above are described in more detail on the following pages. Effect of changes in significant unobservable assumptions to reasonably possible alternatives From all significant unobservable inputs, own credit spread as included in the discount rate for embedded derivatives in insurance contracts is considered significant. It is estimated that changing the other significant unobservable inputs to reflect reasonable possible alternatives in valuation would have no significant impact for the Group. An increase in own credit spread results in lower valuation, while a decrease results in a higher valuation of the embedded derivatives. The table below presents the impact on a fair value measurement of a change in the own credit spread by 20 basis points included in the discount rate. December 31, 2019 Effect of reasonably possible alternative assumptions (+/-) December 31, 2018 Effect of reasonably possible alternative assumptions (+/-) Increase Decrease Increase Decrease Financial liabilities carried at fair value Embedded derivatives in insurance contracts 3,072 158 (152 ) 2,484 131 (126 ) Fair value information about assets and liabilities not measured at fair value The following table presents the carrying values and estimated fair values of assets and liabilities, excluding assets and liabilities which are carried at fair value on a recurring basis. 2019 Carrying amount December 31, 2019 Estimated fair value hierarchy Total estimated fair value December 31, Level I Level II Level III Assets Mortgage loans - held at amortized cost 37,750 - 1 42,566 42,567 Private loans - held at amortized cost 4,487 - 65 5,094 5,159 Other loans - held at amortized cost 2,353 45 2,080 228 2,353 Liabilities Subordinated borrowings - held at amortized cost 2,207 1,560 855 - 2,416 Trust pass-through securities - held at amortized cost 136 - 144 - 144 Borrowings – held at amortized cost 8,845 1,728 30 7,565 9,322 Investment contracts - held at amortized cost 18,382 - - 18,964 18,964 2018 Carrying amount December 31, 2018 Estimated fair value hierarchy Total estimated fair value December 31, 2018 Level I Level II Level III Assets Mortgage loans - held at amortized cost 36,240 - 1 39,757 39,758 Private loans - held at amortized cost 4,103 - 42 4,452 4,494 Other loans - held at amortized cost 2,310 13 2,064 233 2,310 Liabilities Subordinated borrowings - held at amortized cost 1,389 1,355 - - 1,355 Trust pass-through securities - held at amortized cost 133 - 128 - 128 Borrowings – held at amortized cost 11,525 1,570 28 10,287 11,885 Investment contracts - held at amortized cost 17,825 - - 18,028 18,028 Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities, and accrued liabilities. These instruments are not included in the table above. Fair value measurement The description of Aegon’s methods of determining fair value and the valuation techniques are described on the following pages. Shares When available, Aegon uses quoted market prices in active markets to determine the fair value of its investments in shares. For Level III unquoted shares, the net asset value can be considered the best approximation to the fair value. Net asset value is the value of an entity’s assets minus the value of its liabilities and may be the same as the book value or the equity value of the entity. Also for unquoted shares, the fair value may be estimated using other methods, such as observations of the price/earnings or price/ cash flow ratios of quoted companies considered comparable to the companies being valued. Valuations are adjusted to account for company-specific issues and the lack of liquidity inherent in an unquoted investment. Adjustments for lack of liquidity are generally based on available market evidence. In addition, a variety of other factors are reviewed by management, including, but not limited to, current operating performance, changes in market outlook and the third-party financing environment. Available-for-sale Debt securities The fair values of debt securities are determined by management after taking into consideration several sources of data. When available, Aegon uses quoted market prices in active markets to determine the fair value of its debt securities. As stated previously, Aegon’s valuation policy utilizes a pricing hierarchy which dictates that publicly available prices are initially sought from indices and third-party pricing services. In the event that pricing is not available from these sources, those securities are submitted to brokers to obtain quotes, the majority of which are non-binding. When broker quotes are not available, securities are priced using internal cash flow modeling techniques. These valuation methodologies commonly use the following inputs: reported trades, bids, offers, issuer spreads, benchmark yields, estimated prepayment speeds, issue specific credit adjustments, indicative quotes from market makers and/or estimated cash flows. To understand the valuation methodologies used by third-party pricing services Aegon reviews and monitors the applicable methodology documents of the third-party pricing services. Any changes to their methodologies are noted and reviewed for reasonableness. In addition, Aegon performs in-depth Third-party pricing services will often determine prices using recently reported trades for identical or similar securities. The third-party pricing service makes adjustments for the elapsed time from the trade date to the reporting date to take into account available market information. Lacking recently reported trades, third-party pricing services and brokers will use modeling techniques to determine a security price where expected future cash flows are developed based on the performance of the underlying collateral and discounted using an estimated market rate. Periodically, Aegon performs an analysis of the inputs obtained from third-party pricing services and brokers to ensure that the inputs are reasonable and produce a reasonable estimate of fair value. Aegon’s asset specialists and investment valuation specialists consider both qualitative and quantitative factors as part of this analysis. Several examples of analytical procedures performed include, but are not limited to, recent transactional activity for similar debt securities, review of pricing statistics and trends and consideration of recent relevant market events. Other controls and procedures over pricing received from indices, third-party pricing services, or brokers include validation checks such as exception reports which highlight significant price changes, stale prices or unpriced securities. Additionally, Aegon performs back testing on a sample basis. Back testing involves selecting a sample of securities trades and comparing the prices in those transactions to prices used for financial reporting. Significant variances between the price used for financial reporting and the transaction price are investigated to explain the cause of the difference. Credit ratings are also an important consideration in the valuation of securities and are included in the internal process for determining Aegon’s view of the risk associated with each security. However, Aegon does not rely solely on external credit ratings and there is an internal process, based on market observable inputs, for determining Aegon’s view of the risks associated with each security. Aegon’s portfolio of private placement securities (held at fair value under the classification of available-for-sale Aegon’s portfolio of debt securities can be subdivided into Residential mortgage-backed securities (RMBS), Commercial mortgage-backed securities (CMBS), Asset-backed securities (ABS), Corporate bonds and Government debt. Below relevant details of the valuation methodologies for these specific types of debt securities are described. Residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities Valuations of RMBS, CMBS and ABS are monitored and reviewed on a monthly basis. Valuations per asset type are based on a pricing hierarchy which uses a waterfall approach that starts with market prices from indices and follows with third-party pricing services or brokers. The pricing hierarchy is dependent on the possibilities of corroboration of the market prices. If no market prices are available, Aegon uses internal models to determine fair value. Significant inputs included in the internal models are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Market standard models may be used to model the specific collateral composition and cash flow structure of each transaction. The most significant unobservable input is liquidity premium which is embedded in the discount rate. Corporate bonds Valuations of corporate bonds are monitored and reviewed on a monthly basis. The pricing hierarchy is dependent on the possibility of corroboration of market prices when available. If no market prices are available, valuations are determined by a discounted cash flow methodology using an internally calculated yield. The yield is comprised of a credit spread over a given benchmark. In all cases the benchmark is an observable input. The credit spread contains both observable and unobservable inputs. Aegon starts by taking an observable credit spread from a similar bond of the given issuer, and then adjust this spread based on unobservable inputs. These unobservable inputs may include subordination, liquidity and maturity differences. The weighted average credit spread used in valuation of corporate bonds has decreased to 2.5% (December 31, 2018: 3.4%). Government debt When available, Aegon uses quoted market prices in active markets to determine the fair value of its government debt investments. When Aegon cannot make use of quoted market prices, market prices from indices or quotes from third-party pricing services or brokers are used. Money market and other short-term investments and deposits with financial institutions The fair value of assets maturing within a year is assumed to be approximated by their carrying amount adjusted for credit risk where appropriate. Credit risk adjustments are based on market observable credit spreads if available, or management’s estimate if not market observable. Tax credit investments The Level III fair value of tax credit investments is determined by using a discounted cash flow valuation technique. This valuation technique takes into consideration projections of future capital contributions and distributions, as well as future tax credits and the tax benefits of future operating losses. The present value of these cash flows is calculated by applying a discount rate. In general, the discount rate is determined based on the cash outflows for the investments and the cash inflows from the tax credits and/or tax benefits (and the timing of these cash flows). These inputs are unobservable in the market place. The discount rate used in valuation of tax credit investments has decreased to 6.5% (December 31, 2018: 6.8%). Investment funds: Real estate funds, private equity funds and hedge funds The fair values of investments held in non-quoted Mortgage loans, policy loans and private loans (held at amortized cost) For private loans, fixed interest mortgage loans and other loans originated by the Group, the fair value used for disclosure purposes is estimated by discounting expected future cash flows using a current market rate applicable to financial instruments with similar yield and maturity characteristics. For fixed interest mortgage loans, the market rate is adjusted for expenses, prepayment rates, lapse assumptions (unobservable inputs), liquidity and credit risk (market observable inputs). An increase in expense spread, prepayment rates and/or prepayment assumptions, would decrease the fair value of the mortgage loan portfolio. The fair value of floating interest rate mortgage loans, policy loans and private placements used for disclosure purposes is assumed to be approximated by their carrying amount, adjusted for changes in credit risk. Credit risk adjustments are based on market observable credit spreads if available, or management’s estimate if not market observable. Derivatives Where quoted market prices are not available, other valuation techniques, such as option pricing or stochastic modeling, are applied. The valuation techniques incorporate all factors that a typical market participant would consider and are based on observable market data when available. Models are validated before they are used and calibrated to ensure that outputs reflect actual experience and comparable market prices. Fair values for exchange-traded derivatives, principally futures and certain options, are based on quoted market prices in active markets. Fair values for over-the-counter Some OTC derivatives are so-called cost-of-capital Aegon normally mitigates counterparty credit risk in derivative contracts by entering into collateral agreements where practical and in ISDA master netting agreements for each of the Group’s legal entities to facilitate Aegon’s right to offset credit risk exposure. Changes in the fair value of derivatives attributable to changes in counterparty credit risk were not significant. Embedded derivatives in insurance contracts including guarantees Bifurcated guarantees for minimum benefits in insurance and investment contracts are carried at fair value. These guarantees include Guaranteed minimum withdrawal benefits (GMWB) in the United States and United Kingdom which are offered on some variable annuity products and are also assumed from a ceding company; minimum investment return guarantees on insurance products offered in the Netherlands, including group pension and traditional products; variable annuities sold in Europe. Additionally, Aegon offers guarantees on variable annuities sold through its joint venture in Japan. Since the price of these guarantees is not quoted in any market, the fair values of these guarantees are based on discounted cash flows calculated as the present value of future expected payments to policyholders less the present value of assessed rider fees attributable to the guarantees. Given the complexity and long-term nature of these guarantees which are unlike instruments available in financial markets, their fair values are determined by using stochastic models under a variety of market return scenarios. A variety of factors are considered, including own credit spread, expected market rates of return, equity and interest rate volatility, correlations of market returns, discount rates and actuarial assumptions. The most significant unobservable factor is own credit spread. The weighted average own credit spread used in the valuations of embedded derivatives in insurance contracts decreased to 0.2% (2018: 0.3%). The expected returns are based on risk-free rates. Aegon added a premium to reflect the credit spread as required. The credit spread is set by using the Credit default swap (CDS) spreads of a reference portfolio of life insurance companies (including Aegon), adjusted to reflect the subordination of senior debt holders at the holding company level to the position of policyholders at the operating company level (who have priority in payments over other creditors). Aegon’s assumptions are set by region to reflect differences in the valuation of the guarantee embedded in the insurance contracts. Aegon extrapolates yield curves beyond market observable maturities. The discount rates converge linearly in 10 years to an Ultimate Forward Rate of 3.65% in the Netherlands and 4.25% in the US from the last liquid point. The uniform last liquid point for all Aegon’s major currencies (EUR, USD and GBP) is set at 30 years. Since many of the assumptions are unobservable and are considered to be significant inputs to the liability valuation, the liability included in future policy benefits has been reflected within Level III of the fair value hierarchy. Refer to note 36 Guarantees in insurance contracts for more details about Aegon’s guarantees. Real estate Valuations of Level III investments |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Commitments and contingencies | 45 Commitments and contingencies Investments contracted In the normal course of business, the Group has committed itself through purchase and sale transactions of investments, mostly to be executed in the course of 2020. The amounts represent the future outflow and inflow, respectively, of cash related to these investment transactions that are not reflected in the consolidated statement of financial position. 2018 Sale Purchase Sale Real estate 168 3 156 66 Mortgage loans 859 79 3,187 67 Private loans 394 - 1,224 - Other 1,824 - 2,222 - Aegon has committed itself, through certain subsidiaries, to invest in real estate, private loans, mortgage loans and receivables and investment funds. Real estate commitments represent the committed pipeline of investments in real estate projects. The sale of real estate relates to properties that are under contract to be sold as per December 31, 2019. Mortgage loans commitments represent undrawn mortgage loan facility provided and outstanding proposals on mortgages. The sale of mortgage loans relates to pre-announced Future lease payments < 1 year amounts 1 < 2 years amounts 2 < 3 years 3 < 4 years 4 < 5 years amounts > 5 years amounts 2019 Operating lease rights 49 42 32 26 19 47 < 1 year 1 - 5 years > 5 years 2018 Operating lease obligations 73 144 169 Operating lease rights 50 127 52 The operating lease rights relate to non-cancellable Other commitments and contingencies 2019 2018 Guarantees 380 437 Standby letters of credit 12 12 Share of contingent liabilities incurred in relation to interests in joint ventures 14 49 Other guarantees 13 14 Other commitments and contingent liabilities 7 7 Guarantees include those guarantees associated with the sale of investments in low-income Contractual obligations In March 2019, affiliates of Transamerica Corporation entered into a series of agreements with Long Term Care Group (LTCG), an independent third party administrator, to transfer the administration and claims management of its long term care insurance business line. The transaction enables Transamerica to accelerate the enhancement of its digital capabilities and the modernization of its long term care insurance platform. Over the course of the multi-year contract, Transamerica will pay approximately USD 390 million to LTCG. These fees represents compensation for administering Transamerica’s long term care product line including new business, policyholder service, claims processing and care management. The agreement also contains a termination clause in which case Transamerica – subject to certain limitations – agrees to compensate LTCG, on a specified schedule, for early termination. In April 2018, affiliates of Transamerica Corporation entered into a series of agreements with affiliates of Tata Consultancy Services Limited (‘TCS’) to administer the Company’s US life insurance, voluntary benefits, and annuity business lines. The collaboration enables Transamerica to accelerate the enhancement of its digital capabilities and the modernization of its platforms to service its customers in all lines of business. Over the course of the multi-year contract, Transamerica will pay more than USD 2 billion to TCS. These fees represent compensation for administering Transamerica’s over 10 million policies and are driven by both new business and policies already in force. In addition, this commitment includes remaining transition and conversion charges of approximately USD 107 million (period 2020-2022) as well as administrative, IT and finance service fees which are contingent on TCS meeting specified milestones in the underlying agreement with Transamerica. The agreement also contains a termination clause in which case Transamerica – subject to certain limitations – agrees to compensate TCS, on a specified schedule, for early termination. Transamerica Corporation, a wholly-owned subsidiary of Aegon N.V., previously had a parental guarantee to TLIC Riverwood Reinsurance, Inc. (TRRI), an affiliated captive reinsurer, for the cash payments required fulfilling reinsurance payments to Transamerica Life Insurance Company, to the extent that the assets in the captive (TRRI) are not sufficient to cover reinsurance obligations. As of December 31, 2018, this amounted to EUR 1,892 million (2017 EUR: 1,793 million). In 2019, the parental guarantee was cancelled resulting in a EUR 0 balance. In November 2018, Aegon UK announced an extended partnership with Atos BPS Ltd (Atos) to service and administer its Existing Business (non-Platform 15-year year-end On October 31, 2017 Aegon the Netherlands sold its shares in Unirobe Meeùs Groep (UMG) for EUR 295 million to Aon Groep Nederland. Under the share purchase agreement between Aegon Nederland and the buyer, Aegon the Netherlands indemnifies and holds the buyer and its group (including UMG) harmless for and against any damage suffered or incurred which is the result of the Unit Linked Insurances Claims until 2027 with respect to Unit Linked Policies in the portfolio of UMG prior to 1 January 2017. The aggregate liability for Aegon the Netherlands is maximized at an amount equal to the purchase price. An Aegon N.V. indirect US life subsidiary has a net worth maintenance agreement with its subsidiary Transamerica Life (Bermuda) Ltd, pursuant to which Transamerica Life Insurance Company, a US life insurance subsidiary, will provide capital sufficient to maintain a S&P ‘AA’ financial strength rating and capital sufficient to comply with the requirements of the countries in which its branches are located. Aegon N.V. has guaranteed and is severally liable for the following: ◆ Due and punctual payment of payables under letter of credit agreements applied for by Aegon N.V. as co-applicant ◆ Due and punctual payment of payables under letter of credit agreements or guarantees provided for subsidiaries of Transamerica Corporation at December 31, 2019 amounted to EUR 1,666 million (2018: EUR 3,164 million). As of that date no amounts had been drawn, or were due under letter of credit facilities. ◆ Due and punctual payment of payables by the consolidated group companies Transamerica Corporation, Aegon Funding Company LLC and Commonwealth General Corporation with respect to fixed subordinated notes, bonds, capital trust pass-through securities and notes issued under commercial paper programs amounting to EUR 1,449 million (2018: EUR 614 million); and ◆ Due and punctual payment of any amounts owed to third parties by the consolidated group company Aegon Derivatives N.V. in connection with derivative transactions. Aegon Derivatives N.V. only enters into derivative transactions with counterparties with which ISDA master netting agreements, including collateral support annex agreements, have been agreed. Net (credit) exposure on derivative transactions with these counterparties was therefore limited as of December 31, 2019. Legal and arbitration proceedings, regulatory investigations and actions Aegon faces significant risks of litigation as well as regulatory investigations and actions relating to its and its subsidiaries’ insurance, pensions, retirement administration, securities, investment management, investment advisory and annuities businesses as well as Aegon’s corporate compliance, including compliance with employment, sanctions, anti-corruption and tax regulations. Aegon subsidiaries regularly receive inquiries from local regulators and policyholder advocates in various jurisdictions, including the United States, the Netherlands, Poland and the United Kingdom. In some cases, Aegon subsidiaries have modified business practices in response to inquiries or findings of inquiries. Regulators may seek fines or penalties, or changes to the way Aegon operates. Due to the geographic spread of its business, Aegon Group may be subject to tax audits or litigation in various jurisdictions. Although uncertainties are provided for adequately in the tax position, the ultimate outcome of the tax audits of litigation may result in an outcome that differs from the amounts provided for. Insurance companies and their affiliated regulated entities are routinely subject to litigation, investigation and regulatory activity by various governmental and enforcement authorities, individual claimants and policyholder advocate groups involving issues such as, but not limited to, product fees and costs, including transparency and adequacy of disclosure of initial costs, ongoing costs, and costs due on policy surrender as well as changes to costs over time; employment or distribution relationships; operational and internal controls and processes; environmental matters; competition and antitrust matters; data privacy; information security; intellectual property; and anti-money laundering, anti-bribery and economic sanctions compliance. Government and regulatory investigations may result in the institution of administrative, injunctive or other proceedings and/ or the imposition of monetary fines, penalties and/or disgorgement as well as other remedies, sanctions, damages and restitutionary amounts. There can be no assurance that government and regulatory investigations will not have a material and adverse effect on Aegon’s reputation, financial position, results of operations or liquidity. Many of Aegon’s products are affected by fluctuations in equity markets as well as interest rate movements, which may prove to be volatile or disappointing to customers. Significant investment risks are often borne by the customer. Disputes and investigations initiated by governmental entities and private parties may lead to orders or settlements including payments or changes to business practices even if Aegon believes the underlying claims are without merit. The existence of potential claims may remain unknown for long periods of time after the events giving rise to such claims. Determining the likelihood of exposure to Aegon and the extent of any such exposure may not be possible for long periods of time after Aegon becomes aware of such potential claims. Once litigation is initiated, it may be protracted and subject to multiple levels of appeal. Aegon cannot predict the effect of litigation, investigations or other actions on its businesses or the insurance industry. In some jurisdictions, plaintiffs may seek recovery of very large or indeterminate amounts under claims of bad faith, resulting in punitive or treble damages. Damages alleged may not be quantifiable or supportable, or may have no relationship to economic losses or final awards. Separate from financial loss, litigation, regulatory action, legislative changes or changes in public opinion may require Aegon to change its business practices, which could have a material adverse impact on Aegon’s businesses, results of operations, cash flows and financial position. Aegon has defended and will continue to defend itself when it believes claims are without merit. Aegon has also settled and will seek to settle certain claims, including through policy modifications, as it believes appropriate. While Aegon intends to resist claims, there can be no assurance that claims brought against Aegon will not have a material adverse impact on its businesses, results of operations, and financial position. Proceedings in which Aegon is involved Several US insurers, including Aegon subsidiaries, have been named in class actions as well as individual litigation relating to increases in monthly deduction rates (‘‘MDR’’) on universal life products. Plaintiffs generally allege that the increases were made to recoup past losses rather than to cover the future costs of providing insurance coverage. In one such class action against Aegon’s subsidiary pending in the US federal district court for the Central District of California, the parties agreed to settle the case which resulted in a net charge to the income statement for 2018 of USD 166 million. In January 2019, a court approved the aforementioned settlement. Over 99% of affected policyholders participated in the settlement. While less than 1% of policyholders opted out, they represent approximately 43% of the value of the settlement fund. The settlement fund was reduced proportionally for opt outs, although Aegon continues to hold a provision for these policyholders. Resolution of this class action ended a number of other related cases, including several other class actions. At this time it is impracticable for Aegon to quantify a range or maximum liability or the timing of the financial impact, if any, of the remaining MDR increase related litigation, as the potential financial impacts are dependent both on the outcomes of court proceedings and future developments in financial markets and mortality. If decided adversely to Aegon, these claims could have a material adverse effect on Aegon’s business, results of operations, and financial position. Unclaimed property administrators and state insurance regulators performed examinations and multi-state examinations of the life insurance industry in the United States, including certain of Aegon’s subsidiaries. Aegon subsidiaries, like other major US insurers, entered into resolutions with state treasurers and insurance regulators regarding unclaimed property and claims settlement practices. As of December 2019, there remained a provision of USD 25 million for unclaimed property obligations, which is management’s best estimate of the still-outstanding exposure. The final amount may vary based on subsequent regulatory review. Aegon’s US-based US-based A former subsidiary of Transamerica Corporation was involved in a contractual dispute with a Nigerian travel broker that arose in 1976. That dispute was resolved in Delaware court for USD 235 thousand plus interest in 2010. The plaintiff took the Delaware judgment relating to the 1976 dispute to a Nigerian court and alleged that it was entitled to approximately the same damages for 1977 through 1984 despite the absence of any contract relating to those years. The Nigerian trial court issued a judgment in favor of the plaintiff of the alleged actual damages as well as pre-judgment In Poland, owners of unit-linked policies continue to file claims in civil court against Aegon over fees payable upon purchase or surrender of the product. Plaintiffs claim that these fees are not contractually supported. Aegon faces a significant number of these cases. For reasons of commercial necessity as well as at the instigation of the regulatory authorities, Aegon decided to modify the fee structure. As of 2019, a provision of EUR 14 million remains, which represents management’s best estimate of the exposure. The final amount may vary based on regulatory developments and the outcome of litigation. In the Netherlands, unit linked products (‘beleggingsverzekeringen’) have been controversial and the target of litigation since at least 2005. Allegations include excessive cost, unfair terms, inadequate disclosure, and failure to perform as illustrated. Consumer groups have formed to address these issues and initiate mass claims against insurers. Regulators as well as the Dutch Parliament have been involved ever since, with the principal goal of achieving an equitable resolution. Aegon has made improvements across its product lines, including after settlements reached in 2009 with Stichting Woekerpolis and Stichting Verliespolis. In 2013 Aegon took a charge of EUR 25 million after the Dutch Supreme Court ruled adversely in litigation concerning premium amounts charged in the KoersPlan product. Some of the unit linked products are still involved in ongoing litigation. In September 2014, consumer interest group Vereniging Woekerpolis.nl filed a claim against Aegon in court. The claim related to a range of unit linked products that Aegon sold in the past, including Aegon products involved in the earlier litigation. The claim challenges a variety of elements of these products, on multiple legal grounds, including allegations made previously. In June 2017, the court issued a verdict which upheld the principle that disclosures must be evaluated according to the standards at the time when the relevant products were placed in-force. Securities leasing products (‘aandelenlease producten’) have also been the subject of litigation in the Netherlands. Although sales of securities leasing products ended more than a decade ago, litigation relating to these products has resurfaced. In 2016, the Dutch Supreme Court ruled on a case involving a securities leasing product sold by one of Aegon’s competitors. It decided that the financial institution was liable if a broker (‘remisier’) that advised on the sale of the institution’s products was not properly licensed. In July 2016, consumer interest group Platform Aandelenlease filed a claim against Aegon Bank regarding securities leasing product Sprintplan. Allegations include, among other things, a lack of a proper license of the brokers involved. In October 2017, the district court of The Hague ruled in favor of Aegon that the Sprintplan liability had been conclusively determined in earlier proceedings and there were no grounds to hold further collective proceedings. The plaintiff appealed. In February 2020, the Court of Appeal rejected all claims filed by Platform Aandelenlease against Aegon Bank. Platform Aandelenlease may appeal in cassation against this ruling. In addition, Aegon is involved in claims for compensation and the cancellation or nullification of contracts concerning the Vliegwiel product, a variation on securities leasing products. Currently, proceedings are pending before the Dutch courts and the Complaint Institute for Financial Services (‘Klachteninstituut Financiële Dienstverlening’), with numerous cases having been initiated by Leaseproces B.V. At this time, Aegon is unable to estimate the range or potential maximum liability. There can be no assurances that this matter will not ultimately result in a material adverse effect on Aegon’s business, results of operations and financial position. |
Aegon N.V [member] | |
Statement [LineItems] | |
Commitments and contingencies | 18 Commitments and contingencies Aegon N.V. has guaranteed and is severally liable for the following: ◆ Due and punctual payment of payables due under letter of credit agreements applied for by Aegon N.V. as co-applicant ◆ Due and punctual payment of payables due under letter of credit agreements or guarantees provided for subsidiaries of Transamerica Corporation at December 31, 2019 amounted to EUR 1,666 million (2018: EUR 3,164 million) as of that date no amounts had been drawn, or were due under letter of credit facilities; ◆ Due and punctual payment of payables by the consolidated group companies Transamerica Corporation, Aegon Funding Company LLC and Commonwealth General Corporation with respect to fixed subordinated notes, bonds, capital trust pass-through securities and notes issued under commercial paper programs amounted to EUR 1,449 million (2018: EUR 614 million); and ◆ Due and punctual payment of any amounts owed to third parties by the consolidated group company Aegon Derivatives N.V. in connection with derivative transactions. Aegon Derivatives N.V. only enters into derivative transactions with counterparties with which ISDA master netting agreements including collateral support annex agreements have been agreed; net (credit) exposure on derivative transactions with these counterparties was therefore limited as of December 31, 2019. |
Transfers of financial assets
Transfers of financial assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Transfers of financial assets | 46 Transfers of financial assets Transfers of financial assets occur when Aegon transfers contractual rights to receive cash flows of financial assets or when Aegon retains the contractual rights to receive the cash flows of the transferred financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in that arrangement. In the normal course of business Aegon is involved in the following transactions: ◆ Transferred financial assets that are not derecognized in their entirety: ◆ Securities lending; whereby Aegon legally (but not economically) transfers assets and receives cash and non-cash non-cash ◆ Repurchase activities; whereby Aegon receives cash for the transferred assets. The financial assets are legally (but not economically) transferred, but are not derecognized. The obligation to repay the cash received is recognized as a liability. ◆ Transferred financial assets that are derecognized in their entirety and Aegon does not have a continuing involvement (normal sale); ◆ Transferred financial assets that are derecognized in their entirety, but where Aegon has a continuing involvement; ◆ Collateral accepted in the case of securities lending, reverse repurchase agreement and derivative transactions; and ◆ Collateral pledged in the case of (contingent) liabilities, repurchase agreements, securities borrowing and derivative transactions. The following disclosures provide details for transferred financial assets that are not derecognized in their entirety, transferred financial asset that are derecognized in their entirety, but where Aegon has a continuing involvement and assets accepted and pledged as collateral. 46.1 Transferred financial assets that have not been derecognized in their entirety The following table reflects the carrying amount of financial assets that have been transferred to another party in such a way that part or all of the transferred financial assets do not qualify for derecognition. Furthermore, it reflects the carrying amounts of the associated liabilities. 2019 Financial assets at fair Available-for-sale financial assets value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets 144 3,127 20 161 Carrying amount of associated liabilities 155 3,304 21 4 2018 Available-for-sale financial assets Financial assets at fair value through profit or loss Investments for account Shares Debt securities Debt securities of policyholders Carrying amount of transferred assets 81 3,310 404 249 Carrying amount of associated liabilities 91 3,396 416 69 Securities lending and repurchase activities The table above includes financial assets that have been transferred to another party under securities lending and repurchase activities. Aegon retains substantially all risks and rewards of those transferred assets, this includes credit risk, settlement risk, country risk and market risk. The assets are transferred in return for cash collateral or other financial assets. Non-cash pre-designated non-cash 46.2 Transferred financial assets that are derecognized in their entirety, but where Aegon has continuing involvement Aegon has no transferred financial assets with continuing involvement that are derecognized in their entirety as per year-end 46.3 Assets accepted Aegon receives collateral related to securities lending, reverse repurchase activities and derivative transactions. Non-cash The following tables present the fair value of the assets received in relation to securities lending and reverse repurchase activities: Securities lending 2019 2018 Carrying amount of transferred financial assets 2,734 3,718 Fair value of cash collateral received 2,146 2,480 Fair value of non-cash 780 1,356 Net exposure (192) (117) Non-cash 618 1,171 Non-cash - - Reverse repurchase agreements 2019 2018 Cash paid for reverse repurchase agreements 4,980 2,195 Fair value of non-cash 5,003 2,224 Net exposure (23) (29) Non-cash 4,640 1,740 Non-cash - - The above items are conducted under terms that are usual and customary to standard securities lending activities, as well as requirements determined by exchanges where the bank acts as intermediary. In addition, Aegon can receive collateral related to derivative transactions that it enters into. The credit support agreement will normally dictate the threshold over which collateral needs to be pledged by Aegon or its counterparty. Transactions requiring Aegon or its counterparty to post collateral are typically the result of over-the-counter 46.4 Assets pledged Aegon pledges assets that are on its statement of financial position in securities borrowing transactions, in repurchase transactions, in derivative transactions and against long-term borrowings. In addition, in order to trade derivatives on the various exchanges, Aegon posts margin as collateral. These transactions are conducted under terms that are usual and customary to standard long-term borrowing, derivative and securities borrowing activities, as well as requirements determined by exchanges where the bank acts as intermediary. Non-cash To the extent that cash collateral is paid, a receivable is recognized for the corresponding amount. If other non-cash The following tables present the carrying amount of collateral pledged and the corresponding amounts. Assets pledged for general account and contingent liabilities 2019 2018 General account (contingent) liabilities 2,664 4,844 Collateral pledged 3,726 6,694 Net exposure (1,061) (1,849) Non-cash - - Assets pledged for repurchase agreements 2019 2018 Cash received on repurchase agreements 719 322 Collateral pledged (transferred financial assets) 718 325 Net exposure - (3) As part of Aegon’s mortgage loan funding program in the Netherlands, EUR 5.5 billion (2018: EUR 6 billion) has been pledged as security for notes issued (refer to note 37 Borrowings). In addition, in order to trade derivatives on the various exchanges, Aegon posts margin as collateral. The amount of collateral pledged for derivative transactions was EUR 2.4 billion (2018: EUR 1.4 billion). |
Offsetting, enforceable master
Offsetting, enforceable master netting arrangements and similar agreements | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Offsetting, enforceable master netting arrangements and similar agreements | 47 Offsetting, enforceable master netting arrangements and similar agreements The following table only includes financial positions for which there is a recognized corresponding position that could be offset under a legally enforceable master netting arrangement or similar agreement. Aegon also enters into collateralized (reverse) repo or security lending and borrowing transaction, for which the collateral is not recognized on the balance sheet. For further information on the financial positions resulting from such transactions please refer to note 46. The table provides details relating to the effect, or potential effect, of netting arrangements, including rights to set-off, Financial assets subject Gross amounts of Net amounts of Related amounts not set off in the to offsetting, enforce- recognized financial financial assets statements of financial position able master netting Gross amounts of liabilities set off in presented in the Cash collateral arrangements and recognized the statement of statement of Financial received (excluding Net similar agreements financial assets financial position financial position instruments surplus collateral) amount 2019 Derivatives 11,220 - 11,220 8,261 2,837 122 At December 31 11,220 - 11,220 8,261 2,837 122 2018 Derivatives 7,650 - 7,650 4,840 2,689 120 At December 31 7,650 - 7,650 4,840 2,689 120 Financial liabilities Gross amounts of Net amounts of Related amounts not set off in the subject to offsetting, recognized financial financial liabilities statements of financial position enforceable master Gross amounts of assets set off in the presented in the Cash collateral netting arrangements recognized statement of statement of Financial pledged (excluding Net and similar agreements financial liabilities financial position financial position instruments surplus collateral) amount 2019 Derivatives 8,556 - 8,556 8,433 43 80 At December 31 8,556 - 8,556 8,433 43 80 2018 Derivatives 4,734 - 4,734 4,705 7 22 At December 31 4,734 - 4,734 4,705 7 22 Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to offset and has the intention to settle the asset and liability on a net basis, or to realize the asset and settle the liability simultaneously. As shown in the second column there are no financial assets and liabilities offset in 2019 and 2018. The line Derivatives includes derivatives for general account and for account of policyholder. Aegon mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and in ISDA master netting agreements for each of the Aegon’s legal entities to facilitate Aegon’s right to offset credit risk exposure. The credit support agreement will normally dictate the threshold over which collateral needs to be pledged by Aegon or its counterparty. Transactions requiring Aegon or its counterparty to post collateral are typically the result of over-the-counter |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Business combinations | 48 Business combinations Acquisitions 2019 There were no significant acquisitions in 2019. 2018 On July 1, 2018, the legal transfer of the BlackRock Life Limited’s Defined Contribution and investment platform business to Scottish Equitable plc., a subsidiary of Aegon NV, was completed following the approval of the High Court on June 21, 2018, in accordance with Part VII of the Financial Services and Markets Act 2000. On July 3, 2018, Aegon agreed to expand its joint venture arrangement with Banco Santander in Spain and will pay an upfront consideration of EUR 215 million and an additional amount of up to EUR 75 million to be paid after 5 years, depending on the performance of the partnership. The consideration will be funded from Holding excess cash. The final terms (including closing and date of payment) of the transaction are subject to due diligence, regulatory approval, several other conditions and to the process of terminating the existing alliances of Banco Popular. On September 10, 2018, Aegon completed the acquisition of Robidus, a leading income protection service provider in the Netherlands. Under the terms of the agreement, Aegon acquired 94.4% and voting interests of the company with the remainder to be retained by Robidus’ management team. The total consideration of the acquisition amounted to EUR 103 million. Based on the purchase price allocation the fair value of the net assets amounted to EUR 18 million, resulting in a goodwill of EUR 85 million. 2017 On January 1, 2017, Aegon completed the acquisition of Cofunds Ltd., following regulatory approval. The purchase of the Cofunds Ltd. business was done through a sale and purchase agreement to acquire all the shares and platform assets. The total consideration of the acquisition amounted to GBP 147 million (EUR 171 million). The fair value of the net assets amounted to GBP 99 million (EUR 116 million), of which GBP 25 million (EUR 29 million) related to “customer intangibles”, resulting in goodwill of GBP 48 million (EUR 56 million). The value of the transferred customer investments under management as per January 1, 2017 amounted to approximately GBP 82 billion (EUR 96 billion) and is not recognized on Aegon’s statement of financial position. On August 2, 2017, Aegon Poland has received approval by the Polish Financial Supervision Authority to take over the management of the Nordea second-pillar pension fund. The value of the transferred net assets of Nordea to Aegon Poland as per June 30, 2017 amounted to approximately PLN 8.1 billion (EUR 1.9 billion). Divestments/Disposals 2019 On January 29, 2020, Aegon completed the sale of its 50% stake in the variable annuity joint ventures in Japan. The sale was announced on May 17, 2019. The total cash proceeds are EUR 153 million (JPY 18.75 billion). The divestment will not have a material impact on Aegon’s capital position and is expected to lead to an IFRS gain of EUR 51 million. This divestment has no material impact on underlying earnings before tax going forward. On January 8, 2019, Aegon completed the sale of its businesses in Czech Republic and Slovakia. The businesses consisted mainly of unit linked life insurance coverage, term life products and pension reserves. The proceeds of the sale amount to EUR 155 million and the book gain amounts to approximately EUR 70 million, which were reflected in other income. As a consequence of the transaction, annual income before tax and underlying earnings before tax have decreased. In 2018, the underlying earnings before tax of the combined operations amounted to EUR 17 million. 2018 On April 3, 2018, Aegon completed the sale of Aegon Ireland plc to Athora Holding Ltd. agreed to on August 9, 2017. The net proceeds of the transaction amounted to GBP 177 million (EUR 202 million). The divestment led to a book loss of GBP 81 million (EUR 93 million), reported in note 17 Other charges. This divestment had no material impact on underlying earnings before tax going forward. Upon disposal, an amount of GBP 31 million (EUR 36 million) related to the foreign currency translation and net foreign investment hedging reserve has been reclassified from Other Comprehensive Income into the income statement. On August 7, 2018, Aegon agreed to divest the last substantial block of its US life reinsurance business to SCOR Global Life. Under the terms of the agreement, Aegon’s Transamerica life subsidiaries reinsured approximately USD 700 million of liabilities through SCOR. The transaction covered the block of life reinsurance business that Transamerica retained after it divested the vast majority of its life reinsurance business to SCOR in 2011 and 2017. The transaction had a one-time On August 15, 2018, Aegon has agreed to sell its business in Czech Republic and Slovakia for EUR 155 million to NN Group. The business consists mainly of unit linked life insurance coverage, term life products and pension services. Based on the book value as of December 31, 2018, the book gain is expected to amount to approximately EUR 80 million and will be reported in Other income upon completion. As a consequence of this transaction, annual income before tax and underlying earnings before tax will decrease. In 2018, the underlying earnings before tax of the combined operations amounted to EUR 17 million. The transaction has closed early 2019. Aegon entered into a series of agreements under which it disposed of its Hungarian mortgage business, captured in a separate legal entity. The sale was completed on October 2018, and the result on the sale was not material. This divestment has no material impact on underlying earnings before tax going forward. 2017 On June 28, 2017, Aegon completed its transaction to divest its two largest run-off The loss on the reinsurance transaction amounted to USD 1,813 million (EUR 1,675 million) being the difference of the reinsurance premium paid and the reinsurance asset received related to the insurance liabilities. Upon disposal an amount of USD 979 million (EUR 905 million) and USD 1,018 million (EUR 941 million) respectively related to revaluation reserves and cash flow hedging reserves has been reclassified from Other Comprehensive Income into the income statement. Gains on sale of certain assets carried at amortized cost backing the insurance liabilities amount to USD 94 million (EUR 87 million). Other expenses related to the transaction, including cost of sale, amounted to USD 28 million (EUR 26 million). On June 30, 2017, following court approval on the Part VII transfer, the sale of the annuity portfolio to Rothesay Life has been completed. On September 22, 2017, following court approval on the Part VII transfer, the sale of the annuity portfolio to Legal & General has been completed. On November 1, 2017, Aegon completed the sale of Unirobe Meeùs Groep (UMG), an independent financial advisory group, for a total consideration of EUR 295 million. The divestment led to a book gain of EUR 208 million, which was reported in Other income in the fourth quarter. As a consequence of this transaction annual income before tax and underlying earnings before tax will decrease by approximately EUR 20 million going forward from the 2017 level. On December 28, 2017, Aegon agreed to divest a block of life reinsurance business and to dissolve a related captive insurance company. Under the terms of the agreement, Aegon’s Transamerica life subsidiaries reinsured approximately USD 750 million of liabilities. The transaction covers approximately half of the life reinsurance business that Transamerica retained after it divested the vast majority of its life reinsurance business to SCOR in 2011. |
Group companies
Group companies | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Group companies | 49 Group companies Subsidiaries The principal subsidiaries of the parent company Aegon N.V. are listed by geographical segment. All are wholly owned, directly or indirectly, unless stated otherwise, and are involved in insurance or reinsurance business, pensions, asset management or services related to these activities. The voting power in these subsidiaries held by Aegon is equal to the shareholdings. Americas ◆ Transamerica Corporation, Wilmington, Delaware (United States); ◆ Transamerica Casualty Insurance Company, Columbus, Ohio (United States); ◆ Transamerica Financial Life Insurance Company, Harrison, New York (United States); ◆ Transamerica Life Insurance Company, Cedar Rapids, Iowa (United States); ◆ Transamerica Premier Life Insurance Company, Cedar Rapids, Iowa (United States). The Netherlands ◆ Aegon Bank N.V., The Hague; ◆ Aegon Hypotheken B.V., The Hague; ◆ Aegon Levensverzekering N.V., The Hague; ◆ Aegon Schadeverzekering N.V., The Hague; ◆ Aegon Spaarkas N.V., The Hague; ◆ Aegon Cappital B.V., Groningen ◆ Salus Holding B.V., Zaandam; ◆ TKP Pensioen B.V., Groningen; ◆ Nedasco B.V., Amersfoort; United Kingdom ◆ Aegon Investment Solutions Ltd., Edinburgh; ◆ Aegon Investments Ltd., London; ◆ Scottish Equitable plc, Edinburgh; ◆ Cofunds Limited, London. Southern and Eastern Europe ◆ Aegon Magyarország Általános Biztosító Zártkörűen Működő Részvénytársaság, Budapest (Aegon Hungary Composite Insurance Co.); ◆ Aegon Towarzystwo Ubezpieczeñ na Życie Spółka Akcyjna, Warsaw (Aegon Poland Life); ◆ Aegon Powszechne Towarzystwo Emerytaine Spólka Akcyjna, Warsaw (Aegon Poland Pension Fund Management Co.); ◆ Aegon Emeklilik ve Hayat A.Ş., Istanbul (Aegon Turkey); ◆ Aegon Pensii Societate de Administrare a Fondurilor de Pensii Private S.A., Cluj (Aegon Romania Pension Administrator Co.); ◆ Aegon España S.A.U. de Seguros y Reaseguros, Madrid (Spain); ◆ Aegon Administracion y Servicios A.I.E., Madrid (Spain); ◆ Aegon Activos A.V., S.A., Madrid (Spain); ◆ Aegon Mediacion, S.L.U, Madrid (Spain). Asia ◆ Transamerica Life (Bermuda) Ltd., Hamilton (Bermuda). Asset Management ◆ Aegon Asset Management Holding B.V., The Hague (The Netherlands); ◆ Aegon Custody B.V., The Hague (The Netherlands); ◆ Aegon Asset Management Pan-Europe ◆ Kames Capital plc, Edinburgh (United Kingdom); ◆ Aegon USA Investment Management, LLC, Cedar Rapids (United States); ◆ Aegon USA Realty Advisors, LLC, Des Moines (United States); ◆ Aegon Magyarország Befektetési Alapkezelő Zártkörűen Működő Részvénytársaság (Aegon Hungary Asset Management Company ZrtA), Budapest (Hungary); ◆ Aegon Investment Management B.V, The Hague (The Netherlands); The legally required list of participations as set forth in articles 379 and 414 of Book 2 of the Dutch Civil Code has been registered with the Trade Register in The Hague. Aegon N.V. has issued a statement of liability as meant in article 403 of Book 2 of the Dutch Civil Code for its subsidiary company Aegon Derivatives N.V. Joint ventures The principal joint ventures are listed by geographical segment. The voting power in these joint ventures is equal to the shareholdings. Americas ◆ Akaan-Aegon, S.A.P.I. de C.V., Mexico City (Mexico) (50%). The Netherlands ◆ AMVEST Vastgoed B.V., Utrecht (50%). Southern and Eastern Europe ◆ Santander Generales Seguros y Reaseguros, S.A., Madrid (Spain) (51%); ◆ Santander Vida Seguros y Reaseguros, S.A., Madrid (Spain) (51%); ◆ Liberbank Vida y Pensiones, Seguros y Reaseguros, S.A., Oviedo (Spain) (50%); ◆ Aegon Santander Portugal Não Vida – Companhia de Seguros S.A., Lisbon (Portugal) (51%); ◆ Aegon Santander Portugal Vida – Companhia de Seguros de Vida S.A., Lisbon (Portugal) (51%). Asia ◆ Aegon Sony Life Insurance Co., Tokyo (Japan) (50%); (Sold as of January 29, 2020) ◆ Aegon THTF Life Insurance Co., Ltd., Shanghai (China) (50%); ◆ SA Reinsurance Ltd, Hamilton (Bermuda) (50%); ◆ Aegon Life Insurance Co. ltd (India) (49%). Asset Management ◆ Aegon Industrial Fund Management Co., Ltd, Shanghai (China) (49%). Refer to note 25 Investments in joint ventures and associates for further details on these investments. Investments in associates The principal investments in associates are listed by geographical segment. The voting power in these associates is equal to the shareholdings. Americas ◆ Mongeral Aegon, Seguros e Previdencia S.A., Rio de Janeiro (Brazil) (50%). Asset Management ◆ La Banque Postale Asset Management, Paris (France) (25%). Refer to note 25 Investments in joint ventures and associates for further details on these investments. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Related party transactions | 50 Related party transactions In the normal course of business, Aegon enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Related parties of Aegon include, amongst others, its associates, joint ventures, key management personnel and the defined benefit and contribution plans. Transactions between related parties have taken place on an arm’s length basis. Transactions between Aegon and its subsidiaries that are deemed related parties have been eliminated in the consolidation and are not disclosed in the notes. Related party transactions include, among others, transactions between Aegon N.V. and Vereniging Aegon. On December 23, 2019 Aegon N.V. repurchased 13,227,120 common shares B from Vereniging Aegon for the amount of EUR 1,384,046 based on 1/40th of the Value Weight Average Price of the common shares on the five trading days preceding this transaction. The repurchase of common shares B was executed to align the shareholding of Vereniging Aegon in Aegon N.V. with its special cause voting rights of 32.6%. On May 17, 2019, Vereniging Aegon exercised its options rights to purchase 1,773,680 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused by the issuance of shares on May 17, 2019, in connection with the Long Term Incentive Plans for senior management. On May 18, 2018, Vereniging Aegon exercised its options rights to purchase 1,489,200 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused the issuance of shares on May 18, 2018, in connection with the Long Term Incentive Plans for senior management. On December 19, 2017 Aegon N.V. repurchased 13,042,592 common shares B from Vereniging Aegon for the amount of EUR 1,725,169 based on 1/40th of the Value Weight Average Price of the common shares of the five trading days preceding this transaction. The repurchase of common shares B was executed to align the aggregate shareholding of Vereniging Aegon in Aegon N.V. with its special cause voting rights of 32.6% following the completion of the Share Buy Back Program, initiated by Aegon N.V. in October 2017 to neutralize the dilutive effect of the distribution of final dividend 2016 in stock and interim dividend 2017 in stock. On June 23, 2017, Vereniging Aegon exercised its options rights to purchase in aggregate 13,042,612 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused by Aegon’s issuance of shares on June 23, 2017, being the final dividend 2016 in the form of stock dividend. On May 19, 2017, Vereniging Aegon exercised its options rights to purchase in aggregate 1,979,260 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused the issuance of shares on May 19, 2017, in connection with the Long Term Incentive Plans for senior management. Remuneration of members of the Supervisory Board, Executive Board and Key Management The following table includes the expenses for remuneration, with amounts reflective of time spent on the Board. Remuneration expenses 2019 2018 2017 Supervisory Board 1.0 1.0 1.1 Executive Board 5.8 6.3 5.3 Key Management 26.4 21.5 19.4 In fixed compensation 14.5 9.4 8.5 In cash based variable compensation 3.6 3.6 3.1 In share based variable compensation 3.2 3.3 3.1 In pension contributions 3.9 4.3 3.7 In other benefits 1.2 0.9 0.9 In 2019 the fixed compensation amount of the Key Management included EUR 717 thousand in severance payments. The Key Management consists of all members of the Supervisory Board, Executive Board and Management Board (see the chapter Composition of the Boards for more details). Additional information on the remuneration and share-based compensation of members of the Executive Board and the remuneration of the Supervisory Board is disclosed in the Remuneration report. Interests in Aegon N.V. held by active members of the Executive Board Shares held in Aegon at December 31, 2019 by Mr. Wynaendts amount to 544,914 (2018: 494,779) and by Mr. Rider to 42,972 (2018: 20,462). The shares held in Aegon mentioned above do not exceed 1% of total outstanding share capital at the reporting date. At the reporting date no loans with Aegon or outstanding balances such as guarantees or advanced payments exist for either Mr. Wynaendts or Mr. Rider. Common shares held by Supervisory Board members Shares held in Aegon at December 31 2019 2018 Robert W. Dineen (up to October 11, 2019) - 10,000 Ben J. Noteboom 23,500 23,500 Ben van der Veer 1,450 1,450 Dona D. Young 13,260 13,260 Total 38,210 48,210 Shares held by Supervisory Board members are only disclosed for the period for which they have been part of the Supervisory Board. At the reporting date no loans with Aegon or outstanding balances such as guarantees or advanced payments exist for the members of the Supervisory Board. |
Shares in group companies
Shares in group companies | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Shares in group companies | 8 Shares in group companies 2019 2018 At January 1 22,143 23,117 Restated opening balance 1) (44 ) (22 ) At January 1 (restated) 22,099 23,095 Capital contributions and acquisitions 231 97 Divestments and capital repayments (6 ) (23 ) Dividend received (872 ) (702 ) Net income / (loss) for the financial year 1,379 831 Revaluations 2,214 (1,157 ) At December 31 25,045 22,143 1 See in consolidated financial statements note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing For a list of names and locations of the most important group companies, refer to note 49 Group companies of the consolidated financial statements of the Group. The legally required list of participations as set forth in article 379 of Book 2 of the Netherlands Civil Code has been registered with the Commercial Register of The Hague. |
Loans to group companies
Loans to group companies | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Loans to group companies | 9 Loans to group companies 2019 2018 At January 1 2,487 2,690 Additions / (repayments) (1,194 ) (333 ) Other changes 45 131 At December 31 1,337 2,487 Current 957 2,427 Non-current 380 60 The other changes in Loans to group companies mainly relate to currency exchange rate fluctuations. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Receivables | 10 Receivables Receivables from group companies and other receivables have a maturity of less than one year. Other receivables include an income tax receivable of EUR 134 million (2018: EUR 88 million). Aegon N.V., together with certain of its subsidiaries, is part of a tax grouping for Dutch corporate income tax purposes. The members of the fiscal unit are jointly and severally liable for any taxes receivable or payable by the Dutch tax grouping. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N V [member] | |
Statement [LineItems] | |
Other current assets | 11 Other current assets Other current assets include derivatives with positive fair values of EUR 120 million (2018: EUR 134 million). |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Share capital | 12 Share capital Issued and outstanding capital 2019 2018 Common shares 253 251 Common shares B 70 70 Total share capital 323 322 Common shares 2019 2018 Authorized share capital 720 720 Number of authorized shares (in million) 6,000 6,000 Par value in cents per share 12 12 Common shares B 2019 2018 Authorized share capital 360 360 Number of authorized shares (in million) 3,000 3,000 Par value in cents per share 12 12 All issued common shares and common shares B each have a nominal value of EUR 0.12 and are fully paid up. Repayment of capital can only be initiated by the Executive Board, is subject to approval of the Supervisory Board and must be resolved by the General Meeting of Shareholders. Moreover, repayment on common shares B needs approval of the related shareholders. Refer to Other information for further information on dividend rights. Vereniging Aegon, based in The Hague, the Netherlands, holds all of the issued and outstanding common shares B. On December 23, 2019 Aegon N.V. repurchased 13,227,120 common shares B from Vereniging Aegon for the amount of EUR 1,384,046 based on 1/40 th On May 17, 2019, Vereniging Aegon exercised its options rights to purchase 1,773,680 common shares B at fair value of a common share B (being 1/40 th On May 18, 2018, Vereniging Aegon exercised its options rights to purc h th The following table shows the movement during the year in the number of common shares and common shares B: Common shares Common shares B Number of shares Number of shares (thousands) Total amount (thousands) Total amount At January 1, 2018 2,095,648 251 585,022 70 Dividend - - - - At December 31, 2018 2,095,648 251 585,022 70 Dividend 9,491 1 - - At December 31, 2019 2,105,139 253 585,022 70 The following table shows the weighted average number of common shares and common shares B: Weighted average number of Weighted average number of common shares (thousands) common shares B (thousands) 2018 2,095,648 585,022 2019 2,098,326 585,022 The shares repurchased by Aegon N.V. during the share-buy-back Long-term incentive plans For detailed information on the Long Term Incentive Plans refer to note 14 Commissions and expenses to the consolidated financial statements of the Group. Board remuneration Detailed information on remuneration of active and retired members of the Executive Board including their share plans, remuneration of active and retired members of the Supervisory Board along with information about shares held in Aegon by the members of the Boards is included in note 50 Related party transactions to the consolidated financial statements of the Group and in the remuneration report on page 54. |
Long-term borrowings
Long-term borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Long-term borrowings | 16 Long-term borrowings 2019 2018 Remaining terms less than 1 year - 78 Remaining terms 1 - 5 years 497 496 Remaining terms 5 - 10 years - - Remaining terms over 10 years 760 717 At December 31 1,257 1,292 The repayment periods of borrowings vary from 4 years up to 19 years. The interest rates vary from 1.000% to 6.625% per annum. The market value of the long-term borrowings amounted to EUR 1,728 million (2018: EUR 1,649 million). |
Number of employees
Number of employees | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Number of employees | 19 Number of employees There were no employees employed by Aegon N.V. in 2019 (2018: nil). |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Auditor's remuneration | 20 Auditor’s remuneration Total remuneration of the group Of which PricewaterhouseCoopers 2019 2018 2019 2018 Audit fees 32 37 9 12 Audit-related fees 6 2 1 - Total 38 39 11 12 |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Events after the reporting period | 51 Events after the reporting period On January 29, 2020, Aegon announced the completion of the sale of its 50% stake in the Japanese variable annuity joint ventures, Aegon Sony Life Insurance Co. and SA Reinsurance Ltd., to partner Sony Life. The proceeds of the sale amounted to EUR 153 million and the book gain amounted to EUR 51 million. On February 3, 2020, Aegon’s subsidiary in the Americas, Transamerica accepted an offer to sell the Transamerica Pyramid property in San Francisco for a consideration of EUR 635 million (USD 711 million). The sale is expected to close in the second quarter of 2020. Since January 2020, the Coronavirus disease (COVID-19) outbreak is causing significant disruption to society, impacting Aegon, its employees, suppliers and customers worldwide. Financial markets have been severely impacted by significant decreases in interest rates, equity markets and commodity prices and by credit spreads widening. Governments and central banks worldwide are responding to this crisis with aid packages and further quantitative easing. At the date of this report the depth and length of this crisis is unknown. The Company is continuously monitoring the market and economic turbulence that has arisen as a consequence of the COVID-19 outbreak, and its impact on Aegon. The most significant risks Aegon faces are related to financial markets (particularly credit, equity and interest rates), and underwriting risks (particularly related to mortality, morbidity and policyholder behavior). The notes to Aegon’s financial statements include elaborate descriptions and related financial market sensitivities. Aegon continues to monitor claim activity, including mortality and morbidity claims, and policyholder behavior. At the date of this report it is too early to tell what the impact of the COVID-19 crisis is on Aegon’s underwritings results and Aegon’s long term underwriting and economic assumptions, if any. Because of the far-reaching measures governments around the world are taking to control the impact of this pandemic we expect the sale of new business to be impacted by these measures. At the date of this report it remains too early to tell what the impact of these measures will be on Aegon’s sales. Lower interest rates are also likely to impact the profitability of Aegon’s sales depending on the market response. Aegon has invoked its business continuity plans to help ensure the safety and well-being of its staff, as well as its capability to support its customers and maintain its business operations, while maintaining our financial and operational resilience. |
Aegon N.V [member] | |
Statement [LineItems] | |
Events after the reporting period | 21 Events after the reporting period On January 29, 2020, Aegon announced the completion of the sale of its 50% stake in the Japanese variable annuity joint ventures, Aegon Sony Life Insurance Co. and SA Reinsurance Ltd., to partner Sony Life. The proceeds of the sale amount to EUR 153 million and the book gain amounts to EUR 51 million. On February 3, 2020, Aegon’s subsidiary in the Americas, Transamerica accepted an offer to sell the Transamerica Pyramid property in San Francisco for a consideration of EUR 635 million (USD 711 million). The sale is expected to close in the second quarter of 2020. Since January 2020, the Coronavirus disease (COVID-19) outbreak is causing significant disruption to society, impacting Aegon, its employees, suppliers and customers worldwide. Financial markets have been severely impacted by significant decreases in interest rates, equity markets and commodity prices and credit spreads widening. Governments and central banks worldwide are responding to this crisis with aid packages and further quantitative easing. At the date of this report the depth and length of this crisis is unknown. The Company is continuously monitoring the market and economic turbulence that has arisen as a consequence of the COVID-19 outbreak, and its impact on Aegon. The most significant risks Aegon N.V.is facing, directly or indirectly through its subsidiaries are related to financial markets (particularly credit, equity and interest rates), and underwriting risks (particularly related to mortality, morbidity and policyholder behavior). The notes to Aegon’s consolidated financial statements include elaborate descriptions and related financial market sensitivities. Aegon N.V.’s subsidiaries continue to monitor claim activity, including mortality and morbidity claims, and policyholder behavior. At the date of this report it is too early to tell what the impact of the COVID-19 crisis is on Aegon N.V. ‘s subsidiaries’ underwritings results and Aegon N.V.’s subsidiaries’ long term underwriting and economic assumptions, if any, affecting the value of Aegon N.V.. Because of the far-reaching measures governments around the world are taking to control the impact of this pandemic we expect the sale of new business to be impacted by these measures. At the date of this report it is too early to tell what the impact of these measures will be on Aegon’s subsidiaries’ sales. Lower interest rates are also likely to impact the profitability of Aegon’s subsidiaries’ sales depending on the market response. Aegon has invoked its business continuity plans to help ensure the safety and well-being of its staff, as well as its capability to support its customers and maintain its business operations, while maintaining our financial and operational resilience. |
Proposal for profit appropriati
Proposal for profit appropriation | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Proposal for profit appropriation | 22 Proposal for profit appropriation At the Annual General Meeting of Shareholders currently scheduled for May 15, 2020, the Executive Board will, in line with its earlier announcement and absent a further significant deterioration of market circumstances, propose a final dividend for 2019 of EUR 0.16 per common share and EUR 0.004 per common share B. The final dividend will be paid in cash or stock at the election of the shareholder. The value of the stock dividend will be approximately equal to the cash dividend. If the proposed dividend is approved by shareholders, Aegon shares will be quoted ex-dividend In order to reflect the prevailing market price of Aegon N.V. common shares fully within the indication provided, the number of dividend coupons that give entitlement to a new common share of EUR 0.12 (nominal value) will be determined on June 12, 2020 after 5.30 p.m. (CET), based on the average share price on Euronext Amsterdam in the five trading days from June 8, 2020 up to and including June 12, 2020. 2019 2018 Final dividend on common shares 329 307 Earnings to be retained 910 403 Net income attributable to owners of Aegon N.V. 1,239 710 |
Summary of investments other th
Summary of investments other than investments in related parties | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of investments other than investments in related parties | Schedule I Summary of investments other than investments in related parties As at December 31, 2019 Amounts in million EUR Cost 1) Fair value Book value Shares: Available-for-sale 377 409 409 Fair value through profit or loss 1,661 1,813 1,813 Bonds: Available-for-sale held-to-maturity: US government 7,443 8,812 8,812 Dutch government 4,869 6,316 6,316 Other government 8,901 11,872 11,872 Mortgage backed 6,366 6,811 6,811 Asset backed 3,776 3,869 3,869 Corporate 40,552 45,238 45,238 Money market investments 5,169 5,169 5,169 Other 976 908 908 Subtotal 78,052 88,995 88,995 Bonds: Fair value through profit or loss 3,892 3,934 3,934 Other investments at fair value through profit or loss 2,849 3,333 3,333 Mortgages 37,750 42,567 37,750 Private loans 4,487 5,159 4,487 Deposits with financial institutions 141 141 141 Policy loans 2,024 2,024 2,024 Other 188 188 188 Subtotal 44,591 50,079 44,591 Real estate: Investments in real estate - 2,901 2,901 Total 131,421 151,464 145,976 1 Cost is defined as original cost for available-for-sale available-for-sale held-to-maturity |
Condensed financial information
Condensed financial information of registrant | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | Schedule II Condensed financial information of registrant Statement of financial position of Aegon N.V. As at December 31 Before profit appropriation, amounts in EUR million 2019 2018 Non-current Financial fixed assets Shares in group companies 25,045 22,143 Loans to group companies 1,337 2,487 26,382 24,630 Current assets Receivables Receivables from group companies 112 35 Other receivables 175 137 Other current assets 124 137 Accrued interest and rent 13 16 424 325 Cash and cash equivalents Cash and cash equivalents 1,032 1,231 Total assets 27,838 26,186 Shareholders’ equity Share capital 323 322 Paid-in 7,213 7,486 Revaluation account 6,116 3,540 Legal reserves – foreign currency translation reserve 426 130 Legal reserves in respect of group companies 1,703 1,326 Retained earnings, including treasury shares 7,227 7,536 Remeasurement of defined benefit plans of group companies (2,397 ) (1,850 ) Net income / (loss) 1,239 710 21,850 19,200 Other equity instruments 2,571 3,320 Total equity 24,421 22,520 Provisions Deferred tax liability - 10 - 10 Non-current Subordinated borrowings 1,403 1,389 Long-term borrowings 1,257 1,292 2,660 2,681 Current liabilities Short term deposits - 82 Loans from group companies 6 9 Payables to group companies 484 582 Other current liabilities 236 271 Accruals and deferred income 31 31 757 975 Total liabilities 3,417 3,666 Total equity and liabilities 27,838 26,186 Condensed income statement of Aegon N.V. For the year ended December 31 Amounts in EUR million 2019 2018 2017 Net income / (loss) group companies 1,379 832 2,511 Other income / (loss) (141 ) (122 ) (42 ) Net income / (loss) 1,239 710 2,469 Condensed cash flow statement of Aegon N.V. For the year ended December 31 Amounts in EUR million 2019 2018 2017 Income / (loss) before tax 1,199 708 2,468 Adjustments (1,529 ) (291 ) (3,676 ) Net cash flows from operating activities (330 ) 418 (1,208 ) Dividends and capital repayments of subsidiaries, associates and joint ventures 647 824 700 Other (1 ) (1 ) (1 ) Net cash flows from investing activities 646 822 700 Issuance of perpetuals 497 - - Issuance of treasury shares 1 - 2 Purchase of treasury shares (318 ) (248 ) (266 ) Issuance and repurchase of borrowings 1,074 294 1,429 Repayment of perpetuals (1,343 ) (200 ) - Repayment of non-cumulative - (443 ) - Dividends paid (309 ) (328 ) (294 ) Coupons on perpetual securities (112 ) (136 ) (138 ) Coupons on non-cumulative - (14 ) (37 ) Net cash flows from financing activities (512 ) (1,076 ) 696 Net increase / (decrease) in cash and cash equivalents (196 ) 165 188 Five-year schedule of maturities of debt As at December 31 2019 2018 Amounts in million EUR Subordinated Long-term Subordinated Long-term Remaining terms less than 1 year - - - 78 Remaining terms 1 - 2 years - - - - Remaining terms 2 - 3 years - - - - Remaining terms 3 - 4 years - 497 - - Remaining terms 4 - 5 years - - - 496 Remaining terms longer than 5 years 1,403 760 1,389 717 At December 31 1,403 1,257 1,389 1,292 Dividends from and capital contributions to business units Aegon received EUR 1.2 billion of dividends from its business units during 2019 from the Americas, United Kingdom, asset management, Southern & Eastern Europe and Asia. Aegon spent EUR 0.4 billion on capital contributions, mainly on Spain and the Netherlands. Aegon received EUR 1.4 billion of dividends from its business units during 2018, mainly from Americas, the Netherlands, United Kingdom, Asset Management and Southern & Eastern Europe. Aegon spent EUR 0.1 billion on capital contributions. Aegon received EUR 1.8 billion of dividends from its business units during 2017, mainly from Americas, United Kingdom, Asset Management and Southern & Eastern Europe. Capital contributions of EUR 1.1 billion were paid to Aegon’s businesses, mainly to the Netherlands. |
Supplementary insurance informa
Supplementary insurance information | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary insurance information | Schedule III Supplementary insurance information Column A Column B Column C Column D Column E Column F Segment Amounts in million EUR Deferred Future policy Unearned Other policy Premium 2019 Americas 8,592 180,522 5,770 2,117 8,515 The Netherlands 360 67,382 56 944 2,123 United Kingdom 878 94,570 18 5 6,309 Southern & Eastern Europe 45 2,271 35 104 728 Asia 487 7,770 121 18 460 Holding and other activities - 16 1 - 3 Eliminations 1) - (1,655 ) - - - Total 10,362 350,876 6,002 3,188 18,138 2018 Americas 8,816 166,644 5,125 2,100 8,403 The Netherlands 66 60,046 62 934 1,987 United Kingdom 859 76,255 16 5 7,539 Southern & Eastern Europe 74 2,483 31 102 785 Asia 665 7,709 106 16 600 Holding and other activities - 12 2 - 2 Eliminations 1) - (1,648 ) - - - Total 10,480 311,501 5,341 3,158 19,316 2017 Americas 8,188 171,122 5,241 1,982 9,383 The Netherlands 76 62,476 61 932 2,208 United Kingdom 903 65,053 14 6 9,635 Southern & Eastern Europe 71 2,707 23 101 783 Asia 490 6,582 100 15 816 Holding and other activities - 16 8 - 1 Eliminations 1) - (1,615 ) - - - Total 9,729 306,341 5,447 3,036 22,826 1 Comparative figures have been reclassified. The intercompany eliminations have been removed from the individual reporting units and included in a separate line as ‘Eliminations’. This reclassification is not considered material as there is no effect on consolidated group figures. The numbers included in Schedule III are based on IFRS and excludes the proportionate share in Aegon’s joint ventures and Aegon’s associates. Deferred policy acquisition costs also include deferred costs of reinsurance. Column G Column H Column I Column J Column K Amounts in million EUR Net Benefits, Amortization Other Premiums 2019 Americas 3,166 8,484 582 3,181 6,360 The Netherlands 2,224 3,416 3 880 2,090 United Kingdom 1,830 7,722 100 607 6,120 Southern & Eastern Europe 71 497 34 288 710 Asia 254 337 36 88 413 Asset Management - - - 388 - Holding and other activities - 5 - 153 12 Eliminations 1) (15 ) (3 ) - (187 ) - Total 7,531 20,459 754 5,399 15,704 2018 Americas 3,121 7,767 720 3,219 6,069 The Netherlands 2,265 3,547 20 792 1,960 United Kingdom 1,346 9,221 101 604 7,299 Southern & Eastern Europe 77 562 49 314 765 Asia 225 233 24 91 550 Asset Management - - - 371 - Holding and other activities 6 6 - 127 10 Eliminations 1) (4 ) (5 ) - (206 ) - Total 7,035 21,331 914 5,311 16,653 2017 Americas 3,362 8,585 552 2,953 6,387 The Netherlands 2,172 4,430 19 911 2,192 United Kingdom 1,517 11,798 111 646 9,266 Southern & Eastern Europe 80 569 54 301 764 Asia 203 155 33 96 778 Asset Management - - - 394 - Holding and other activities 8 5 - 76 8 Eliminations 1) (4 ) (4 ) - (221 ) - Total 7,338 25,537 770 5,155 19,395 1 Comparative figures have been reclassified. The intercompany eliminations have been removed from the individual reporting units and included in a separate line as ‘Eliminations’. This reclassification is not considered material as there is no effect on consolidated group figures. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Reinsurance | Schedule IV Reinsurance Amounts in million EUR Gross amount Ceded to Assumed Net amount % of amount For the year ended December 31, 2019 Life insurance in force 955,451 699,005 480,723 737,170 65% Premiums Life insurance 14,524 2,276 1,402 13,650 10% Non-life 2,199 158 13 2,055 1% Total premiums 16,723 2,434 1,415 15,704 9% For the year ended December 31, 2018 Life insurance in force 874,423 708,242 512,735 678,915 76% Premiums Life insurance 15,526 2,500 1,443 14,470 10% Non-life 2,330 163 16 2,183 1% Total premiums 17,856 2,663 1,459 16,653 9% For the year ended December 31, 2017 Life insurance in force 863,686 709,326 525,201 679,561 77% Premiums Life insurance 18,324 3,214 1,628 16,738 10% Non-life 2,849 217 25 2,657 1% Total premiums 21,174 3,431 1,653 19,395 9% |
Valuation and qualifying accoun
Valuation and qualifying accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and qualifying accounts | Schedule V Valuation and qualifying accounts Amounts in million EUR 2019 2018 2017 Balance at January 1 179 213 215 Addition charged to earnings 72 35 40 Amounts written off and other changes (53 ) (70 ) (37 ) Currency translation - 1 (5 ) Balance at December 31 199 179 213 The provisions can be analyzed as follows: Mortgages 6 19 48 Other loans 159 118 116 Receivables 34 41 48 Total 199 179 213 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of presentation | 2.1 Basis of presentation Aegon prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) and with Part 9 of Book 2 of the Netherlands Civil Code for purposes of reporting with the U.S. Securities and Exchange Commission (‘SEC’), including financial information contained in this Annual Report on Form 20-F. The consolidated financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. Information on the standards and interpretations that were adopted in 2019 is provided below in note 2.1.1. Aegon also adopted voluntary changes in accounting policies, effective January 1, 2019, disclosed in note 2.1.2. The consolidated financial statements are presented in euro and all values are rounded to the nearest million unless otherwise stated. The consequence is that the rounded amounts may not add up to the rounded total in all cases. All ratios and variances are calculated using the underlying amount rather than the rounded amount. With regard to the income statements of Aegon N.V., article 402, Part 9 of Book 2 of the Netherlands Civil Code has been applied, allowing a simplified format. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts and disclosures that require extensive use of estimates are: fair value of certain invested assets and derivatives, deferred policy acquisition costs, value of business acquired and other purchased intangible assets, goodwill, policyholder claims and benefits, insurance guarantees, pension plans, income taxes and the potential effects of resolving litigation matters. The consolidated financial statements of Aegon N.V. were approved by the Executive Board and by the Supervisory Board on March 1 8 Other than for SEC reporting, Aegon prepares its Annual Accounts under International Financial Reporting Standards as adopted by the European Union, including the decisions Aegon made with regard to the options available under International Financial Reporting Standards as adopted by the EU (IFRS-EU). IFRS-EU Recognition and Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk. Under IFRS-EU, A reconciliation between IFRS and IFRS-EU Shareholders’ equity Net income 2019 2018 2017 2019 2018 2017 In accordance with IFRS 21,850 19,200 20,266 1,239 711 2,469 Adjustment of EU ‘IAS 39’ carve-out 774 399 368 375 31 (142) Tax effect of the adjustment (167) (81) (83) (86) 3 34 Effect of the adjustment after tax 607 318 285 289 34 (108) In accordance with IFRS-EU 22,457 19,518 20,550 1,528 744 2,361 2.1.1 Adoption of new IFRS accounting standards and amendments effective in 2019 New standards and amendments to standards become effective at the date specified by IFRS, but may allow companies to opt for an earlier adoption date. In 2019, the following standards and amendments to existing standards issued by the IASB became mandatory or early adopted: Accounting standard/ amendment/ interpretation IASB effective date Impact for Aegon IFRS 16 Leases January 1, 2019 See below for comments IFRIC 23 Uncertainty over Tax Treatments January 1, 2019 Low Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures January 1, 2019 Low Annual improvements 2015-2017 January 1, 2019 Low Amendments to IAS 19 Plan amendment, curtailment or settlement January 1, 2019 Low Early adopted Interest Rate Benchmark Reform January 1, 2020 See below for comments Except for IFRS 16 Leases and Interest Rate Benchmark Reform (early adopted by the Group), the new standards and amendments to existing standards are currently not relevant or do not significantly impact the financial position or financial statements (total adverse impact on the opening balance of retained earnings is EUR 3 million). IFRS 16 Leases IFRS 16 Leases was issued by the IASB in January 2016 and replaced IAS 17 Leases and IFRIC 4 on January 1, 2019. The most significant change of IFRS 16 is related to leases that were identified as operational leases held by a lessee under IAS 17. Under IAS 17 these leases were reported as (off-balance) (on-balance) The accounting policy for leases applicable from January 1, 2019 is included in note 2.33 Leases. Transitional disclosures The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. At transition, the cumulative effect of initial application was recognized as an adjustment to the opening balance of retained earnings on January 1, 2019. As a lessee The Group has adopted a number of key options and practical expedients allowed under IFRS 16, of which the following are the most significant: ◆ The Group has applied the modified retrospective approach and therefore has not restated the comparative amounts for the year prior to initial application. Under this approach, on a lease-by-lease (i) right-of-use (ii) right-of-use lease-by-lease ◆ The Group has applied the exemption not to recognize right-of-use ◆ The Group has elected to apply the ‘grandfather’ option, which means that all conclusions previously reached under IAS 17 (and IFRIC 4 Determining Whether an Arrangement Contains a Lease) are deemed compliant with IFRS 16; and ◆ The Group has elected to use hindsight in areas that involve judgment or estimation, such as in determining the lease term if the contract contains options to extend or terminate the lease. As a lessor The Group is not required to make any adjustments on transition to IFRS 16 for leases in which it acts as a lessor, except for a sublease. The Group accounted for its leases in accordance with IFRS 16 from the date of initial Impacts on financial statements At transition, the Group recognized EUR 235 million of right-of-use right-of-use right-of-use When measuring lease liabilities, the Group discounted lease payments using its incremental borrowing rate at January 1, 2019. The weighted-average rate applied is 3.46%. The reconciliation between operating lease commitments at December 31, 2018 and lease liabilities at January 1, 2019 is as follows: January 1, 2019 Operating lease commitments at December 31, 2018 as per the consolidated annual financial statements 386 Discounted using the incremental borrowing rate at January 1, 2019 302 Recognition exemption for: Short term leases (7) Extenstion and termination options reasonably certain to be exercised (4) Exclusion of non-lease (6) Lease liabilities recognized at January 1, 2019 285 Interest rate benchmark reform Aegon has elected to early adopt the ‘Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform’ issued in September 2019. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed on January 1, 2019 or were designated thereafter. The amendments provide temporary relief from applying specific hedge accounting requirements, thereby ensuring that uncertainty on the outcome of the Interest Rate Benchmark Reform (IBOR) reforms does not result in early termination of hedge accounting, notably because the retrospective effectiveness may fall outside of the required range due to the IBOR reform. Please refer to note 24 Derivatives for the required disclosures of the uncertainty arising from IBOR reform for hedging relationships for which the Group applied the reliefs. The IASB is currently working on additional amendments to IAS 39 and IFRS 9, which will include the accounting for contract modifications following IBOR reform. Aegon continues to follow the status of the IASB’s IBOR reform project, and will assess the impact for the Group when further information becomes available. 2.1.2 Voluntary change in accounting policy effective in 2019 Liability adequacy test (LAT) 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 for all periods presented. The recognition of a LAT deficit (refer to note 34 Insurance contracts) in Aegon the Netherlands triggered a review and change of its existing accounting policy related to the LAT. When assessing the adequacy of the insurance liabilities, Aegon the Netherlands takes into account any unrecognized gains on the investments backing the insurance liabilities measured at amortized cost. The subsequent sales of these assets can trigger a LAT deficiency, because previously unrecognized gains are realized and therefore no longer included in the LAT. Under the previous policy, unrealized gains on intercompany transferred assets which at balance sheet date are allocated to the insurance liabilities were taken into account. Under the new policy, the LAT takes into account the unrecognized gain on the transferred investments that are still held by the group, but only to the extent that these gains arose whilst the assets were backing the insurance liabilities. Consistently, for assets transferred to the insurer from another group company, the unrecognized gain that arose prior to transfer is not taken into account in the LAT. The change avoids that unrealized gains on assets that are still held by the group are not taken into account in the LAT. The change does not impact other reporting units within Aegon as this change is specific to Aegon the Netherlands. The impact of the change in accounting policy on full year 2019, is an increase in net income of EUR 19 million, an increase in shareholders’ equity of EUR 19 million, a decrease in insurance contracts of EUR 25 million and an increase in other liabilities of EUR 6 million. As a result, the basic and diluted earnings per common share increased with EUR 0.01. The basic and diluted earnings per common share B as disclosed on the face on the income statement remain unchanged. Impact of the adjustment on previous periods is provided in the following tables, including references to the notes that are impacted by the change in accounting policy. Impact of voluntary changes in Note December 1) Change in December December 1) Change in December Net income / (loss) 711 - 711 2,469 - 2,469 Items that may be reclassified to profit or loss: Gains / (losses) on revaluation of available-for-sale (2,138 ) (4 ) (2,142 ) 1,283 93 1,376 Income tax relating to items that may be reclassified 493 1 494 951 (23 ) 927 Net effect comprehensive income (393 ) (3 ) (396 ) 431 70 501 Total comprehensive income / (loss) attributable to: Owners of Aegon N.V. (395 ) (3 ) (398 ) 435 70 505 Non-controlling 2 - 2 (3 ) - (3) 1 As reported in Aegon’s Annual Report on Form 20-F Impact of voluntary changes in Note December reported) 1) Change in December December reported) 1) Change in December Equity and liabilities Shareholders’ equity 30 19,225 (26 ) 19,200 20,288 (23 ) 20,266 Insurance contracts 34 115,294 34 115,328 110,818 30 110,848 Deferred tax liabilities 40 538 (9 ) 529 1,029 (8 ) 1,021 1 As reported in Aegon’s Annual Report on Form 20-F Impact of voluntary changes in Note December reported) 1) Change in December December reported) 1) Change in December Share capital 30.1 7,808 - 7,808 8,053 - 8,053 Retained earnings 30 9,657 - 9,657 9,374 - 9,374 Revaluation reserves 30.4 3,461 (26 ) 3,436 4,920 (23 ) 4,898 Remeasurement of defined benefit plans 30.5 (1,850 ) - (1,850 ) (1,669 ) - (1,669 ) Other reserves 30.6 149 - 149 (390 ) - (390 ) Shareholders’ equity 19,225 (26 ) 19,200 20,288 (23 ) 20,266 1 As reported in Aegon’s Annual Report on Form 20-F 2.1.3 Future adoption of new IFRS accounting standards and amendments The following standards and amendments to existing standards, published prior to January 1, 2020, were not early adopted by the Group, but will be applied in future years: Accounting standard/ amendment/ interpretation IASB effective Early Aegon Impact for Aegon IFRS 17 Insurance contracts January 1, 2021 No See below for comments IFRS 9 Financial instruments January 1, 2018 1) No See below for comments Amendments to IFRS 9 Financial instruments on prepayment features with negative compensation January 1, 2019 1) No See below for comments Amendments to References to the Conceptual Framework in IFRS Standards January 1, 2020 No Low Amendments to IFRS 3 Business Combinations January 1, 2020 No Low Amendments to IAS 1 and IAS 8: Definition of Material January 1, 2020 No Low 1 The amendments to IFRS 4, Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts, issued in September 2016, allow entities that issue insurance contracts within the scope of IFRS 4 to defer the implementation of IFRS 9 (and linked amendments ‘Amendments to IFRS 9 Financial instruments on prepayment features with negative compensation’). The amendments to IFRS 4 are further explained below. IFRS 9 Financial Instruments The IASB issued the complete version of IFRS 9 Financial Instruments in July 2014. IFRS 9 combines classification and measurement, the expected credit loss impairment model and hedge accounting. The standard replaces IAS 39 and all previous versions of IFRS 9. Under IFRS 9 Classification and Measurement, financial assets are measured at amortized cost, fair value through profit or loss or fair value through other comprehensive income, based on both the entity’s business model for managing the financial assets and the financial asset’s contractual cash flow characteristics. The classification and measurement of financial liabilities is unchanged from existing requirements apart from own credit risk. For financial liabilities that are designated at fair value through profit or loss, the changes which are attributable to the change in an entity’s own credit risk are presented in other comprehensive income, unless doing so would enlarge or create an accounting mismatch. For the impairment component, the IASB included requirements for a credit loss allowance or provision which should be based on expected losses rather than incurred losses. Application of IFRS 9 is required for annual periods beginning on or after January 1, 2018. However, on May 18, 2017, the IASB published the final version of the IFRS 17 Insurance Contracts standard. Prior to its finalization, the IASB issued an amendment to IFRS 4 Insurance Contracts (the predecessor standard to IFRS 17) that provides for a qualifying insurer a temporary exemption that permits, but does not require, the insurer to apply IAS 39 Financial Instruments: Recognition and Measurement rather than IFRS 9 for annual periods beginning before January 1, 2021 (i.e., a temporary exemption of IFRS 9). The objective of the amendment is to address the temporary accounting consequences of the different effective dates of IFRS 9 and IFRS 17. However, in November 2018, the IASB agreed to start the process to amend IFRS 17, which could lead to the temporary exemption from IFRS 9 to be extended until January 1, 2022. As this decision is still subject to IASB due process, this could lead to another year of deferral. An entity is eligible to apply the temporary exemption if the carrying amount of its liabilities connected with insurance activities is ◆ Greater than 90% of the total carrying value of all liabilities; or ◆ Between 80% and 90% of the total carrying value of all its liabilities, and the insurer does not have significant activities unrelated to insurance. Aegon performed this analysis at December 31, 2015, and concluded that it meets the requirements for the temporary exception as 94% of its liabilities are connected with insurance activities. As a result, Aegon elected to make use of the temporary exemption of IFRS 9. As Aegon defers the application of IFRS 9 (including linked amendments as included in above table), the full impact of the standard is not yet clear, however an initial impact assessment resulted in the expectation that it will have a significant impact on shareholders’ equity, income and/or other comprehensive income and disclosures. An implementation project was started in 2017 and is combined with the implementation of IFRS 17 Insurance Contracts. By qualifying for and electing the temporary exemption, the IFRS 4 amendment requires certain additional disclosures; specifically, Aegon is required to disclose information to enable users of financial statements to compare insurers applying the temporary exemption with entities applying IFRS 9. This information is presented below: Fair value changes The table below presents an overview of the fair value of the classes of financial assets as of December 31, 2019, as well as the change in fair value during the reporting period. The asset classes are divided into two categories: ◆ SPPI: assets of which cash flows represent solely payments of principal and interest (SPPI) on an outstanding principal amount, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis; and ◆ Other: all financial assets other than those specified in SPPI: ◆ with contractual terms that do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; ◆ that meet the definition of held for trading in IFRS 9; or ◆ that are managed and whose performance are evaluated on a fair value basis. 2019 2018 Financial assets at fair value Fair value at Change in fair Fair value at Change in fair value during the reporting period Shares 1) SPPI 70 1 68 (2 ) Other 810 54 2,092 87 Debt securities SPPI 82,014 6,218 76,283 (2,997 ) Other 4,839 (770 ) 4,970 (123 ) Money Markets and other short-term investments SPPI 2,724 - 3,126 - Other 2,603 - 3,181 - Mortgage loans SPPI 42,567 930 39,758 (1,213 ) Other - - - - Private loans SPPI 5,152 284 4,452 (63 ) Other 200 (18 ) 42 (5 ) Deposits with financial institutions SPPI 142 - 141 - Other - - - - Policy loans SPPI - - - - Other 2,024 - 1,973 - Other financial assets SPPI 36 - 111 - Other 5,388 (100 ) 3,637 (210 ) At December 31 148,570 6,598 139,834 (4,525 ) 1 The SPPI-compliant shares include preferred equity instruments. Cash and cash equivalents, deposits with financial institutions, and receivables all pass the SPPI test and are held at amortized cost, whereby the amortized cost is assumed to approximate fair value due to the short-term nature of the assets. For movement schedules of these financial assets, refer to respective notes. The fair value at the end of the reporting period in the table reconciles back to the respective table in note 22.1 Financial assets, excluding derivatives. Credit Risk The table below details the credit risk rating grades, as of December 31, 2019, for financial assets with cash flows that are SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis. The tables show the carrying value of those financial assets applying IAS 39 (in the case of financial assets measured at amortized cost, before adjusting for any impairment allowances). SPPI compliant financial assets at AAA AA A BBB BB B CCC or Not Total 2019 Shares – Carried at fair value - - - 43 27 - - - 70 Debt securities – Carried at fair value 26,723 8,989 20,112 22,296 1,364 1,244 1,283 3 82,014 Money market and other short-term investments – carried at fair value 255 193 2,164 112 - - - - 2,724 Mortgage loans – Carried at amortized cost 1,311 3,671 3,580 369 15 4 - 29,574 38,524 Private loans – Carried at amortized cost 1,799 82 198 970 49 - - 1,383 4,479 Other financial assets – Carried at fair value - - 57 10 33 38 - 40 177 At December 31 30,088 12,933 26,111 23,800 1,487 1,285 1,283 31,000 127,988 2018 Shares – Carried at fair value - - - 42 9 17 - - 68 Debt securities – Carried at fair value 25,637 9,224 17,057 20,330 1,480 1,159 1,395 - 76,283 Money market and other short-term investments – carried at fair value 55 158 2,561 351 - - - - 3,126 Mortgage loans – Carried at amortized cost 941 3,204 3,567 266 15 - - 28,647 36,639 Private loans – Carried at amortized cost 1,611 83 261 924 52 - - 1,136 4,068 Other financial assets – Carried at fair value - - 64 12 44 61 1 70 252 At December 31 28,244 12,670 23,510 21,925 1,601 1,237 1,396 29,853 120,436 As no external ratings are available for residential mortgage loans, the residential portfolio is included under ‘Not rated’. For assets that do not have low credit risk (rated BB or below) and of which cash flows represent SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis, the table below provides the credit risk exposure from the financial assets held by Aegon 1 2019 2018 SPPI compliant financial assets with no low credit risk Carrying amount Fair value Carrying amount Fair value Shares – Carried at fair value 27 27 26 26 Debt securities – Carried at fair value 3,894 3,894 4,035 4,035 Mortgage loans – Carried at amortized cost 29,593 33,132 28,661 31,711 Private loans – Carried at amortized cost 1,431 1,488 1,189 1,225 Deposits with financial institutions – Carried at amortized cost 76 76 70 70 Other financial assets – Carried at fair value 35 35 106 106 At December 31 35,056 38,652 34,087 37,173 Investments in joint ventures and associates All Aegon’s equity accounted investments remain to apply IAS 39. Except AMVEST Vastgoed B.V. (AMVEST), Aegon does not hold any other individually material joint-venture nor associate. As most of AMVEST financial assets are measured at fair value through profit or loss, there is no material difference between the financial statements of AMVEST under IFRS 9 and IAS 39. As the remaining joint ventures and associates are not material on a consolidated level, the additional information required by IFRS 4 for electing the temporary exemption is not disclosed for these entities. Subsidiaries and joint ventures applying IFRS 9 in their statutory account s Information on the adoption of IFRS 9 by principal subsidiaries and joint ventures that for statutory purposes cannot elect to defer the effective date of IFRS 9 can be found in the publicly available statutory annual reports on www.aegon.nl and/or the Chamber of Commerce. This information is not part of the audited consolidated financial statements of Aegon N.V.. The related entities are: ◆ Aegon Bank N.V. ◆ Aegon Hypotheken B.V. ◆ Aegon Asset Management Holding B.V. ◆ Amvest Vastgoed B.V. 1 Mortgage loans with no low credit risk are defined as being more than 90 days past due, in line with regulatory guidelines. IFRS 17 Insurance Contracts The IASB issued IFRS 17 Insurance Contracts in May 2017. The Standard will replace IFRS 4, which was intended as an interim solution and allowed insurers to continue to use accounting principles that they had applied prior to the initial adoption of IFRS. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued, reinsurance contracts held and investment contracts with discretionary participating features issued. The objective of the Standard is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information should provide users of financial statements with a basis to assess the effects that the contracts have on the financial position, financial performance and cash flows of the insurer. The Standard also specifies presentation and disclosure requirements to enhance comparability between insurance companies. In November 2018, the IASB agreed to start the process to amend IFRS 17 to defer the mandatory effective date of IFRS 17 by one year (original effective date was January 1, 2021). Subject to IASB due process, entities will be required to apply IFRS 17 for annual periods beginning on or after January 1, 2022. The IASB noted that given the considerations of the proposed amendments to IFRS 17 of June 2019, and in light of the criteria for assessing them, any such potential amendments could take a year to finalize. A final Standard is expected by the IASB to be issued in June 2020. As a consequence of the IFRS 17 deferral, the IASB also agreed to revise the fixed expiry date of the temporary exemption from IFRS 9 in IFRS 4 to allow entities to continue applying the temporary exemption from IFRS 9 until January 1, 2022. As this decision is still subject to IASB due process, this could lead to another year of deferral. The Standard represents a fundamental change to current financial reporting and the implementation effort is expected to be significant. Early adoption of the standard is therefore not expected. An implementation project was started soon after the publication of the new Standard. Currently no final decisions have been made as to the accounting policy options provided in IFRS 17 as a consequence of awaiting the final amendments and the outcome of quantitative studies intended to be performed subsequently, however, it is expected that the impact of the initial application on Aegon’s financial statements is significant. 2.1.4 Future adoption of voluntary change in accounting policy Reinsurance accounting As of January 1, 2020, Aegon will voluntarily change its accounting policy for the deferred cost of reinsurance. A deferred cost of reinsurance is established when Aegon enters into a reinsurance transaction, except for reinsurance transactions that are entered into as part of a plan to exit a business. Until 2019, the amortization of the deferred cost of reinsurance is based solely on assumptions relating to the underlying insurance contracts. As of January 1, 2020, for products sold in the Americas and Asia where the amortization is based on expected gross profit margins (EGPs), these EGPs will be net of reinsurance (i.e. net of actual reinsurance cash flows that exceed expected reinsurance cash flows). Additionally, the reinsurance cash flows used to calculate the amortization rate will be unlocked prospectively. The accounting policy on the amortization of similar intangibles, such as deferred policy acquisition costs, will be updated accordingly. The new policy will be adopted because it better reflects the economics of Aegon’s reinsurance transactions and aligns to current market practice. The previous accounting policy would have resulted in significant income volatility in the event of incurred claims with large sums insured, despite the fact that a significant part of the losses is reinsured. As no recent death claims with large sum insured have occurred prior to 2020, the impact of this policy change on shareholders’ equity per January 1, 2020 is not significant. |
Basis of consolidation | 2.2 Basis of consolidation Subsidiaries The consolidated financial statements include the financial statements of Aegon N.V. and its subsidiaries. Subsidiaries (including consolidated structured entities) are entities over which Aegon has control. Aegon controls an entity when Aegon is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The assessment of control is based on the substance of the relationship between the Group and the entity and, among other things, considers existing and potential voting rights that are substantive. For a right to be substantive, the holder must have the practical ability to exercise that right. The subsidiary’s assets, liabilities and contingent liabilities are measured at fair value on the acquisition date and are subsequently accounted for in accordance with the Group’s accounting policies, which is consistent with IFRS. Intra-group transactions, including Aegon N.V. shares held by subsidiaries, which are recognized as treasury shares in equity, are eliminated. Intra-group losses may indicate an impairment that requires recognition in the consolidated financial statements. Non-controlling at their share in the fair value of the net assets on the acquisition date and subsequently adjusted for the non-controlling The excess of the consideration paid to acquire the interest and the fair value of any interest already owned, over the Group’s share in the net fair value of assets, liabilities and contingent liabilities acquired is recognized as goodwill. Negative goodwill is recognized directly in the income statement. If the fair value of the assets, liabilities and contingent liabilities acquired in the business combination has been determined provisionally, adjustments to these values resulting from the emergence of new evidence within 12 months after the acquisition date are made against goodwill. Aegon recognized contingent considerations either as provision or as financial liability depending on the characteristics. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in the income statement. The identifiable assets, liabilities and contingent liabilities are stated at fair value when control is obtained. Subsidiaries are deconsolidated when control ceases to exist. Any difference between the net proceeds plus the fair value of any retained interest and the carrying amount of the subsidiary including non-controlling Transactions with non-controlling Transactions with non-controlling non-controlling non-controlling Investment funds Investment funds managed by the Group in which the Group holds an interest are consolidated in the financial statements if the Group has power over that investment fund and it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, all interests held by the Group in the fund are considered, regardless of whether the financial risk related to the investment is borne by the Group or by the policyholders (unless a direct link between the policyholder and the fund can be assumed). In determining whether Aegon has power over an investment fund all facts and circumstances are considered, including the following: ◆ Control structure of the asset manager (i.e. whether an Aegon subsidiary); ◆ The investment constraints posed by investment mandate; ◆ Legal rights held by the policyholder to the separate assets in the investment vehicle (e.g. policyholders could have the voting rights related to these investments); ◆ The governance structure, such as an independent board of directors, representing the policyholders, which has substantive rights (e.g. to elect or remove the asset manager); and ◆ Rights held by other parties (e.g. voting rights of policyholders that are substantive or not). Exposure or rights to variability of returns can be the result of, for example: ◆ General account investment of Aegon; ◆ Aegon’s investments held for policyholder; ◆ Guarantees provided by Aegon on return of policyholders in specific investment vehicles; ◆ Fees dependent on fund value (including, but not limited to, asset management fees); and ◆ Fees dependent on performance of the fund (including, but not limited to, performance fees). Investment funds where Aegon acts as an agent are not consolidated due to lack of control of the funds. In particular, for some separate accounts, the independent board of directors has substantive rights and therefore Aegon does not have power over these separate accounts but acts as an agent. For limited partnerships, the assessment takes into account Aegon’s legal position (i.e. limited partner or general partner) and any substantive removal rights held by other parties. Professional judgment is applied concerning the substantiveness of the removal rights and the magnitude of the exposure to variable returns, leading to the conclusion that Aegon controls some, but not all, of the limited partnerships in which it participates. Upon consolidation of an investment fund, a liability is recognized to the extent that the Group is legally obliged to buy back participations held by third parties. The liability is presented in the consolidated financial statements as investment contracts for account of policyholders. Where no repurchase obligation exists, the participations held by third parties are presented as non-controlling Equity instruments issued by the Group that are held by investment funds are eliminated on consolidation. However, the elimination is reflected in equity and not in the measurement of the related financial liabilities towards policyholders or other third parties. Structured entities A structured entity is defined in IFRS 12 as “An entity that has been designed so that voting rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.” In these instances the tests and indicators to assess control provided by IFRS 10 have more focus on the purpose and design of the investee (with relation to the relevant activities that most significantly affect the structured entity) and the exposure to variable returns, which for structured entities lies in interests through e.g. derivatives, and will not be focused on entities that are controlled by voting rights. Structured entities that are consolidated include certain mortgage backed securitization deals, where Aegon was involved in the design of the structured entities and also has the ability to use its power to affect the amount of the investee’s returns. Other factors that contribute to the conclusion that consolidation of these entities is required includes consideration of whether Aegon fully services the investees and can therefore influence the defaults of the mortgage portfolios and the fact that in these cases the majority of risks are maintained by Aegon. Structured entities that are not consolidated include general account investments in non-affiliated Non-current Disposal groups are classified as held for sale if they are available for immediate sale in their present condition, subject only to the customary sales terms of such assets and disposal groups and their sale is considered highly probable. Management must be committed to the sale, which is expected to occur within one year from the date of classification as held for sale. Upon classification as held for sale, the carrying amount of the disposal group (or group of assets) is compared to their fair value less cost to sell. If the fair value less cost to sell is lower than the carrying value, this expected loss is recognized through a reduction of the carrying value of any goodwill related to the disposal group or the carrying value of certain other non-current, non-financial Classification into or out of held for sale does not result in restating comparative amounts in the statement of financial position. |
Foreign exchange translation | 2.3 Foreign exchange translation a. Translation of foreign currency transactions The Group’s consolidated financial statements are presented in euros. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Transactions in foreign currencies are initially recorded at the exchange rate prevailing at the date of the transaction. At the reporting date, monetary assets and monetary liabilities in foreign currencies are translated to the functional currency at the closing rate of exchange prevailing on that date, except for own equity instruments in foreign currencies which are translated using historical exchange rates. Non-monetary Exchange differences on monetary items are recognized in the income statement when they arise, except when they are deferred in other comprehensive income as a result of a qualifying cash flow or net investment hedge. Exchange differences on non-monetary b. Translation of foreign currency operations On consolidation, the financial statements of group entities with a foreign functional currency are translated to euro, the currency in which the consolidated financial statements are presented. Assets and liabilities are translated at the closing rates on the reporting date. Income, expenses and capital transactions (such as dividends) are translated at average exchange rates or at the prevailing rates on the transaction date, if more appropriate. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are translated at the closing rates on the reporting date. The resulting exchange differences are recognized in the ‘foreign currency translation reserve’, which is part of shareholders’ equity. On disposal of a foreign entity the related cumulative exchange differences included in the reserve are recognized in the income statement. |
Segment reporting | 2.4 Segment reporting Reporting segments and segment measures are explained and disclosed in note 5 Segment information. |
Offsetting of assets and liabilities | 2.5 Offsetting of assets and liabilities Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to offset and has the intention to settle the asset and liability on a net basis or simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterpart. |
Intangible assets | 2.6 Intangible assets a. Goodwill Goodwill is recognized as an intangible asset for interests in subsidiaries and is measured as the positive difference between the acquisition cost and the Group’s interest in the net fair value of the entity’s identifiable assets, liabilities and contingent liabilities. Subsequently, goodwill is carried at cost less accumulated impairment charges. It is derecognized when the interest in the subsidiary is disposed. b. Value of business acquired When a portfolio of insurance contracts is acquired, whether directly from another insurance company or as part of a business combination, the difference between the fair value and the carrying amount of the insurance liabilities is recognized as value of business acquired (VOBA). The Group also recognizes VOBA when it acquires a portfolio of investment contracts with discretionary participation features. VOBA is amortized over the useful life of the acquired contracts, based on either the expected future premiums, revenues or the expected gross profit margins. The amortization period and pattern are reviewed at each reporting date; any change in estimates is recorded in the income statement. For all products, VOBA, in conjunction with deferred policy acquisition costs (DPAC) where appropriate, is assessed for recoverability using aggregation levels on a geographical jurisdiction basis or at the level of portfolio of contracts that are subject to broadly similar risks and managed together as a single portfolio. The portion determined not to be recoverable is charged to the income statement. VOBA is considered in the liability adequacy test for each reporting period, for more details refer to 2.19. f Liability adequacy testing. When unrealized gains or losses arise on available-for-sale c. Future servicing rights On the acquisition of a portfolio of investment contracts without discretionary participation features under which Aegon will render investment management services, the present value of future servicing rights is recognized as an intangible asset. Future servicing rights can also be recognized on the sale of a loan portfolio or the acquisition of insurance agency activities. The present value of the future servicing rights is amortized over the servicing period and is subject to impairment testing. It is derecognized when the related contracts are settled or disposed. Where applicable, Aegon recognizes other intangibles on the acquisition of a business combination such as those related to customer relationships. This can include customer contracts, distribution agreements and client portfolios. For these intangibles the present value of future cash flows are recognized and amortized in the period when future economic benefits arise from these intangibles. These intangible assets are also presented under future servicing rights. d. Software and other intangible assets Software and other intangible assets are recognized to the extent that the assets can be identified, are controlled by the Group, are expected to provide future economic benefits and can be measured reliably. The Group does not recognize internally generated intangible assets arising from research or internally generated goodwill, brands, customer lists and similar items. Software and other intangible assets are carried at cost less accumulated depreciation and impairment losses. Depreciation of the asset is over its useful life as the future economic benefits emerge and is recognized in the income statement as an expense. The depreciation period and pattern are reviewed at each reporting date, with any changes recognized in the income statement. An intangible asset is derecognized when it is disposed of or when no future economic benefits are expected from its use or disposal. |
Investments | 2.7 Investments General account investments comprise financial assets, excluding derivatives, as well as investments in real estate. a. Financial assets, excluding derivatives Financial assets are recognized at trade date (except for Private placements that are recognized at settlement date) when the Group becomes a party to the contractual provisions of the instruments. All financial assets are classified for accounting purposes depending on the characteristics of the instruments and the purpose for which they were purchased. Classification The following financial assets are measured at fair value through profit or loss: financial assets held for trading, financial assets managed on a fair value basis in accordance with the Group’s investment strategy and financial assets containing an embedded derivative that is not closely related and that cannot be reliably bifurcated. In addition, in certain instances the Group designates financial assets to this category when by doing so a potential accounting mismatch in the financial statements is eliminated or significantly reduced. Financial assets with fixed or determinable payments, that are not quoted in an active market and that the Group does not intend to sell in the near future are classified as loans. Those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, are accounted for as available-for-sale. All remaining non-derivative available-for-sale. Measurement Financial assets are initially recognized at fair value plus, in the case of a financial asset not at fair value through profit or loss, any directly attributable incremental transaction costs. Loans and financial assets held-to-maturity Available-for-sale Amortized cost The amortized cost of a debt instrument is the amount at which it is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization of any difference between the initial amount and the maturity amount, and minus any reduction for impairment. The effective interest rate method is a method of calculating the amortized cost and of allocating the interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the debt instrument or, when appropriate, a shorter period to the net carrying amount of the instrument. When calculating the effective interest rate, all contractual terms are considered. Possible future credit losses are not taken into account. Charges and interest paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts are included in the calculation. Fair value The consolidated financial statements provide information on the fair value of all financial assets, including those carried at amortized cost where the values are provided in the notes to the financial statements. Fair value is defined as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). For quoted financial assets for which there is an active market, the fair value is the bid price at the reporting date. In the absence of an active market, fair value is estimated by using present value based or other valuation techniques. Where discounting techniques are applied, the discount rate is based on current market rates applicable to financial instruments with similar characteristics. The valuation techniques that include unobservable inputs can result in a different outcome than the actual transaction price at which the asset was acquired. Such differences are not recognized in the income statement immediately but are deferred. They are released over time to the income statement in line with the change in factors (including time) that market participants would consider in setting a price for the asset. Interest accrued to date is not included in the fair value of the financial asset. Derecognition A financial asset is derecognized when the contractual rights to the asset’s cash flows expire or when the Group retains the right to receive cash flows from the asset but has an obligation to pay any received cash flows in full without delay to a third party and either: has transferred the asset and substantially all the risks and rewards of ownership, or has neither transferred nor retained all the risks and rewards but has transferred control of the asset. Financial assets of which the Group has neither transferred nor retained significantly all the risk and rewards and retained control are recognized to the extent of the Group’s continuing involvement. If significantly all risks are retained, the assets are not derecognized. On derecognition, the difference between the disposal proceeds and the carrying amount is recognized in the income statement as a realized gain or loss. Any cumulative unrealized gain or loss previously recognized in the revaluation reserve in shareholders’ equity is also recognized in the income statement. Security lending and repurchase agreements Financial assets that are lent to a third party or that are transferred subject to a repurchase agreement at a fixed price are not derecognized as the Group retains substantially all the risks and rewards of the asset. A liability is recognized for cash (collateral) received, on which interest is accrued. A security that has been received under a borrowing or reverse repurchase agreement is not recognized as an asset. A receivable is recognized for any related cash (collateral) paid by Aegon. The difference between sale and repurchase price is treated as investment income. If the Group subsequently sells that security, a liability to repurchase the asset is recognized and initially measured at fair value. Collateral With the exception of cash collateral, assets received as collateral are not separately recognized as an asset until the financial asset they secure defaults. When cash collateral is recognized, a liability is recorded for the same amount. b. Real estate Investments in real estate include property held to earn rentals or for capital appreciation, or both. Investments in real estate are presented as ‘Investments’. Property that is occupied by the Group and that is not intended to be sold in the near future is classified as real estate held for own use and is presented in ‘Other assets and receivables’. All property is initially recognized at cost. Such cost includes the cost of replacing part of the real estate and borrowing cost for long-term construction projects if recognition criteria are met. Subsequently, investments in real estate are measured at fair value with the changes in fair value recognized in the income statement. Real estate held for own use is carried at its revalued amount, which is the fair value at the date of revaluation less subsequent accumulated depreciation and impairment losses. Depreciation is calculated on a straight line basis over the useful life of a building. Land is not depreciated. Revaluation of real estate for own use is recognized in OCI and accumulated in revaluation reserve in equity. On revaluation the accumulated depreciation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount. On disposal of an asset, the difference between the net proceeds received and the carrying amount is recognized in the income statement. Any remaining surplus attributable to real estate in own use in the revaluation reserve is transferred to retained earnings. Maintenance costs and other subsequent expenditure Expenditure incurred after initial recognition of the asset is capitalized to the extent that the level of future economic benefits of the asset is increased. Costs that restore or maintain the level of future economic benefits are recognized in the income statement as incurred. |
Investments for account of policyholders | 2.8 Investments for account of policyholders Investments held for account of policyholders consist of investments in financial assets as well as investments in real estate. Investment return on these assets is passed on to the policyholder. Also included are the assets held by consolidated investment funds that are backing liabilities towards third parties. Investments for account of policyholders are valued at fair value through profit or loss. |
Derivatives | 2.9 Derivatives a. Definition Derivatives are financial instruments of which the value changes in response to an underlying variable, that require little or no net initial investment and are settled at a future date. Assets and liabilities may include derivative-like terms and conditions. With the exception of features embedded in contracts held at fair value through profit or loss, embedded derivatives that are not considered closely related to the host contract are bifurcated, carried at fair value and presented as derivatives. In assessing whether a derivative-like feature is closely related to the contract in which it is embedded, the Group considers the similarity of the characteristics of the embedded derivative and the host contract. Embedded derivatives that transfer significant insurance risk are accounted for as insurance contracts. Derivatives with positive values are reported as assets and derivatives with negative values are reported as liabilities. Derivatives for which the contractual obligation can only be settled by exchanging a fixed amount of cash for a fixed amount of Aegon N.V. equity instruments are accounted for in shareholders’ equity. b. Measurement All derivatives recognized on the statement of financial position are carried at fair value. The fair value is calculated net of the interest accrued to date and is based on market prices, when available. When market prices are not available, other valuation techniques, such as option pricing or stochastic modeling, are applied. The valuation techniques incorporate all factors that market participants would consider and are based on observable market data, to the extent possible. c. Hedge accounting As part of its asset liability management, the Group enters into economic hedges to limit its risk exposure. These transactions are assessed to determine whether hedge accounting can and should be applied. To qualify for hedge accounting, the hedge relationship is designated and formally documented at inception, detailing the particular risk management objective and strategy for the hedge (which includes the item and risk that is being hedged), the derivative that is being used and how hedge effectiveness is being assessed. A derivative has to be highly effective in accomplishing the objective of offsetting either changes in fair value or cash flows for the risk being hedged. The effectiveness of the hedging relationship is evaluated on a prospective and retrospective basis using qualitative and quantitative measures of correlation. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Quantitative methods include a comparison of the changes in the fair value or discounted cash flow of the hedging instrument to the hedged item. A hedging relationship is considered highly effective if the results of the hedging instrument are within a ratio of 80% to 125% of the results of the hedged item. For hedge accounting purposes, a distinction is made between fair value hedges, cash flow hedges and hedges of a net investment in a foreign operation. Following the financial crisis, the reform and replacement of benchmark interest rates such as LIBOR and other interbank offered rates (‘IBORs’) has become a priority for global regulators. There is currently uncertainty around the timing and precise nature of these changes, in light of which the following assumptions have been made with respect to hedge accounting: ◆ When considering the ‘highly probable’ requirement, it is assumed that the current benchmark interest rate on which the hedged positions is based will not change as a result of IBOR reform. ◆ In assessing whether the hedge is expected to be ‘highly effective’ on a forward-looking basis, it is assumed that the current benchmark interest rate on which the cash flows of the hedged item and the derivative that hedges it are based is not altered as a result of the IBOR reform. ◆ Hedge accounting is not discontinued during the period of IBOR-related uncertainty solely because the retrospective effectiveness falls outside the required 80-125% ◆ The cash flows hedge reserve relating to the period after the IBOR reform is expected to take effect, is not recycled solely because cash flows are expected to change. d. Brexit Since January 31, 2020, the United Kingdom (UK) is no longer a member of the European Union. The UK has until the end of 2020 to negotiate a trade deal with the EU and prevent a hard Brexit (no deal) scenario. A hard Brexit will have consequences for the derivatives contracts Aegon holds with UK counterparties as they may lose their eligibility under European regulation. Aegon transferred part of its derivatives with UK counterparties, clearing members and part of its derivatives that were held at the London Clearing House (LCH) to non-UK Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in the profit and loss account, together with fair value adjustments to the hedged item attributable to the hedged risk. If the hedge relationship no longer meets the criteria for hedge accounting, the cumulative adjustment of the hedged item is, in the case of interest bearing instruments, amortized through the profit and loss account over the remaining term of the original hedge or recognized directly when the hedged item is derecognized. Cash flow hedges Cash flow hedges are hedges of the exposure to variability in cash flows that is attributable to a particular risk of a forecasted transaction or a recognized asset or liability and could affect profit or loss. To the extent that the hedge is effective, the change in the fair value of the derivative is recognized in the related revaluation reserve in shareholders’ equity. Any ineffectiveness is recognized directly in the income statement. The amount recorded in shareholders’ equity is released to the income statement to coincide with the hedged transaction, except when the hedged transaction is an acquisition of a non-financial Net investment hedges Net investment hedges are hedges of currency exposures on a net investment in a foreign operation. To the extent that the hedge is effective, the change in the fair value of the hedging instrument is recognized in the net foreign investment hedging reserve in shareholders’ equity. Any ineffectiveness is recognized in the income statement. The amount in shareholders’ equity is released to the income statement when the foreign operation is disposed of. Hedge accounting is discontinued prospectively for hedges that are no longer considered effective. When hedge accounting is discontinued for a fair value hedge, the derivative continues to be carried on the statement of financial position with changes in its fair value recognized in the income statement. When hedge accounting is discontinued for a cash flow hedge because the cash flow is no longer expected to occur, the accumulated gain or loss in shareholders’ equity is recognized immediately in the income statement. In other situations where hedge accounting is discontinued for a cash flow hedge, including those where the derivative is sold, terminated or exercised, accumulated gains or losses in shareholders’ equity are amortized into the income statement when the income statement is impacted by the variability of the cash flow from the hedged item. |
Investments in joint arrangements | 2.10 Investments in joint arrangements In general, joint arrangements are contractual agreements whereby the Group undertakes, with other parties, an economic activity that is subject to joint control. Joint control exists when it is contractually agreed to share control over an economic activity. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. Aegon has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures 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 joint ventures 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 joint venture 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 joint venture are recognized in OCI and reflected in other reserves in shareholders’ equity, while the share in the joint 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. |
Investments in associates | 2.11 Investments in associates 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 assets | 2.12 Reinsurance assets Reinsurance contracts are contracts entered into by the Group in order to receive compensation for claims/benefits incurred on contracts written by the Group (outgoing reinsurance). Reinsurance assets are also held as part of exiting the business. 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 assumptions 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 insurance contracts will continue to be reported on the consolidated statement of financial position during the contractual term of the underlying contracts. Reinsurance premiums, commissions and claim settlements are accounted for in the same way as the original contracts for which the reinsurance was concluded. The insurance premiums for the original contracts are presented gross of reinsurance premiums paid. |
Deferred expenses | 2.13 Deferred expenses a. Deferred policy acquisition costs (DPAC) DPAC relates to all insurance contracts as well as investment contracts with discretionary participation features and represents directly attributable costs that are related to the selling, underwriting and initiating of these insurance contracts. DPAC are deferred to the extent that they are recoverable and are subsequently amortized based on factors such as expected gross profit margins. For products sold in the United States and Asia with amortization based on expected gross profit margins or revenues, the amortization period and pattern are reviewed at each reporting date and any change in estimates is recognized in the income statement. Estimates include, but are not limited to: an economic perspective in terms of future returns on bond and equity instruments, mortality, morbidity and lapse assumptions, maintenance expenses and expected inflation rates. For all products, DPAC, in conjunction with VOBA where appropriate, is assessed for recoverability at least annually as part of the liability adequacy test for each reporting period. If appropriate, the assumptions included in the determination of estimated gross profits or revenues are adjusted. The portion of DPAC that is determined not to be recoverable is charged to the income statement. For products sold in the United States and Asia, when unrealized gains or losses arise on available-for-sale DPAC is derecognized when the related contracts are settled or disposed. b. Deferred cost of reinsurance A deferred cost of reinsurance is established when Aegon enters into a reinsurance transaction, except for reinsurance transactions that are entered into as part of a plan to exit a business. When Aegon enters into a reinsurance contract as part of a plan to exit a business, an immediate loss is recognized in the income statement. Upon reinsurance, Aegon is not relieved of its legal liabilities, so the reserves relating to the underlying reinsured contracts will continue to be reported in the consolidated statement of financial position during the contractual term of the underlying contracts. The difference, if any, between amounts paid in a reinsurance transaction and the amount of the liabilities relating to the underlying reinsured contracts is part of the deferred cost of reinsurance. When losses on buying reinsurance are deferred, the amortization is based on the assumptions of the underlying insurance contracts. In the Netherlands, the amortization is based on the percentage of premium paid on the reinsurance contract. The amortization is recognized in the income statement. c. Deferred transaction costs Deferred transaction costs relate to investment contracts without discretionary participation features under which Aegon will render investment management services. Incremental costs that are directly attributable to securing these investment management contracts are recognized as an asset if they can be identified separately and measured reliably and if it is probable that they will be recovered. For contracts involving both the origination of a financial liability and the provision of investment management services, only the transaction costs allocated to the servicing component are deferred. The other transaction costs are included in the carrying amount of the financial liability. The deferred transaction costs are amortized in line with fee income, unless there is evidence that another method better represents the provision of services under the contract. The amortization is recognized in the income statement. Deferred transaction costs are subject to impairment testing at least annually. Deferred transaction costs are derecognized when the related contracts are settled or disposed. |
Other assets and receivables | 2.14 Other assets and receivables Other assets include trade and other receivables, prepaid expenses, equipment and real estate held for own use. Trade and other receivables are initially recognized at fair value and are subsequently measured at amortized cost. Equipment is initially carried at cost, depreciated on a straight line basis over its useful life to its residual value and is subject to impairment testing. The accounting for real estate held for own use is described in note 2.7 Investments. |
Cash and cash equivalents | 2.15 Cash and cash equivalents Cash comprises cash at banks and in-hand. |
Impairment of assets | 2.16 Impairment of assets 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. There are a number of significant risks and uncertainties inherent in the process of monitoring investments and determining if impairment exists. These risks and uncertainties include the risk that the Group’s assessment of an issuer’s ability to meet all of its contractual obligations will change based on changes in the credit characteristics of that issuer and the risk that the economic outlook will be worse than expected or have more of an impact on the issuer than anticipated. Any of these situations could result in a charge against the income statement to the extent of the impairment charge recorded. a. Impairment of non-financial 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 or more frequently as a result of an event or change in circumstances that would indicate an impairment charge may be necessary. 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 fair value less cost of disposal. 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. The valuation utilizes the best available information, including assumptions and projections considered reasonable and supportable by management. The assumptions used in the valuation involve significant judgments and estimates. Refer to note 29 Intangible assets for more details. Impairment losses are charged to other comprehensive income 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. Impairment of deferred policy acquisition costs is included in note 15 Impairment charges/(reversals). 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 written-off b. Impairment of debt instruments 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. Individually significant loans and other receivables are first assessed separately. All non-impaired 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, After impairment the interest accretion on debt instruments is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. 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. c. Impairment of equity instruments For equity instruments, objective evidence of impairment of an investment in an equity instrument classified as available-for-sale available-for-sale Impairment losses on equity instruments cannot be reversed. d. Impairment of reinsurance assets Reinsurance assets are impaired if there is objective evidence, as a result of an event that occurred after initial recognition of the reinsurance asset, that not all amounts due under the terms of the contract may be received. In such a case, the value of the reinsurance asset recoverable is determined based on the best estimate of future cash flows, taking into consideration the reinsurer’s current and expected future financial conditions plus any collateral held in trust for Aegon’s benefit. The carrying value is reduced to this calculated recoverable value, and the impairment loss recognized in the income statement. |
Equity | 2.17 Equity Financial instruments that are issued by the Group are classified as equity if they represent a residual interest in the assets of the Group after deducting all of its liabilities and the Group has an unconditional right to avoid delivering cash or another financial asset to settle its contractual obligation. In addition to common shares, the Group has issued perpetual securities. Perpetual securities have no final maturity date, repayment is at the discretion of Aegon and for junior perpetual capital securities, Aegon has the option to defer coupon payments at its discretion. The perpetual capital securities are classified as equity rather than debt, are measured at par and those that are denominated in US dollars are translated into euro using historical exchange rates. Non-cumulative non-cumulative non-cumulative using historical exchange rates. With effect on May 15, 2018, Aegon has exercised its right to redeem USD 525 million non-cumulative non-cumulative Incremental external costs that are directly attributable to the issuing or buying back of own equity instruments are recognized in equity, net of tax. For compound instruments incremental external costs that were directly attributable to the issuing or buying back of the compound instruments were recognized proportionate to the equity component and liability component, net of tax. The Group recognizes the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where it originally recognized the past transactions or events that generated the distributable profits. A liability for non-cumulative Treasury shares are shares issued by Aegon N.V. that are held by Aegon, one of its subsidiaries or by another entity controlled by Aegon. Treasury shares are deducted from Group equity, regardless of the objective of the transaction. No gain or loss is recognized in the income statement on the purchase, sale, issue or cancellation of the instruments. If sold, the difference between the carrying amount and the proceeds is reflected in retained earnings. The consideration paid or received is recognized directly in shareholders’ equity. All treasury shares are eliminated in the calculation of earnings per share and dividend per common share. |
Trust pass-through securities and (subordinated) borrowings | 2.18 Trust pass-through securities and (subordinated) borrowings A financial instrument issued by the Group is classified as a liability if the contractual obligation must be settled in cash or another financial asset or through the exchange of financial assets and liabilities at potentially unfavorable conditions for the Group. Trust pass-through securities and (subordinated) borrowings are initially recognized at their fair value including directly attributable transaction costs and are subsequently carried at amortized cost using the effective interest rate method, with the exception of specific borrowings that are designated as at fair value through profit or loss to eliminate, or significantly reduce, an accounting mismatch, or specific borrowings which are carried as at fair value through profit or loss as they are managed and evaluated on a fair value basis. The liability is derecognized when the Group’s obligation under the contract expires, is discharged or is cancelled. Subordinated borrowings include the liability component of non-cumulative non-cumulative non-cumulative |
Insurance contracts | 2.19 Insurance contracts Insurance contracts are accounted for under IFRS 4 Insurance Contracts . non-uniform Insurance contracts are contracts under which the Group accepts a significant risk – other than a financial risk – from a policyholder by agreeing to compensate the beneficiary on the occurrence of an uncertain future event by which he or she will be adversely affected. Contracts that do not meet this definition are accounted for as investment contracts. The Group reviews homogeneous books of contracts to assess whether the underlying contracts transfer significant insurance risk on an individual basis. This is considered the case when at least one scenario with commercial substance can be identified in which the Group has to pay significant additional benefits to the policyholder. Contracts that have been classified as insurance are not reclassified subsequently. Insurance liabilities are recognized when the contract is entered into and the premiums are charged. The liability is derecognized when the contract expires, is discharged, disposed or cancelled. Within the United States, the Netherlands and the United Kingdom, substantially modified contracts are accounted for as an extinguishment of the original liability and the recognition of a new liability. Insurance assets and liabilities are valued in accordance with the accounting principles that were applied by the Group prior to the transition to IFRS and with consideration of standards effective subsequent to the date of transition to IFRS, as further described in the following paragraphs. In order to reflect the specific nature of the products written, subsidiaries are allowed to apply local accounting principles to the measurement of insurance contracts. All valuation methods used by the subsidiaries are based on the general principle that the carrying amount of the net liability must be sufficient to meet any reasonably foreseeable obligation resulting from the insurance contracts. a. Life insurance contracts Life insurance contracts are insurance contracts with life-contingent benefits. The measurement of the liability for life insurance contracts varies depending on the nature of the product. Liabilities arising from traditional life insurance products that are offered by Aegon, particularly those with fixed and guaranteed account terms, are typically measured using the net premium method. Under this method the liability is determined as the sum of the discounted value of the expected benefits and future administration expenses directly related to the contract, less the discounted value of the expected theoretical premiums that would be required to meet the future cash outflows based on the valuation assumptions used. The liability is either based on current assumptions or calculated using the assumptions established at the time the contract was issued, in which case a margin for risk and adverse deviation is generally included. Furthermore, the liability for life insurance comprises reserves for unearned premiums and accrued annuity benefits payable. Depending on local accounting principles, the liability may include amounts for future services on contracts where the policy administration charges are higher in the initial years than in subsequent years. Terms and conditions, including participation features, are considered when establishing the insurance liabilities. Where the Group has discretion over the amount or timing of the bonuses distributed resulting from participation features, a liability is recognized equal to the amount that is available at the reporting date for future distribution to policyholders. In establishing the liability, guaranteed minimum benefits issued to the policyholder are measured as described in note 2.19. c Embedded derivatives or, if bifurcated from the host contract, as described in note 2.9 Derivatives. b. Life insurance contracts for account of policyholders Life insurance contracts under which the policyholder bears the risks associated with the underlying investments are classified as insurance contracts for account of policyholders. The liability for the insurance contracts for account of policyholders is measured at the policyholder account balance. Contracts with unit-denominated payments are measured at current unit values, which reflect the fair values of the assets of the fund. If applicable, the liability representing the nominal value of the policyholder unit account is amortized over the term of the contract so that interest on actuarial funding is at an expected rate of return. c. Embedded derivatives Life insurance contracts may include derivative-like terms and conditions. With the exception of policyholder options to surrender the contract at a fixed amount, contractual features that are not closely related to the insurance contract and that do not themselves meet the definition of insurance contracts are accounted for as derivatives. Guaranteed minimum benefits Certain life insurance contracts, issued by the Group, contain guaranteed minimum benefits. Bifurcated guaranteed minimum benefits are classified as derivatives. In the United States, the additional liability for guaranteed minimum benefits that are not bifurcated is determined each period by estimating the expected value of benefits in excess of the projected account balance and recognizing the excess over the accumulation period based on total expected assessments. The estimates are reviewed regularly and any resulting adjustment to the additional liability is recognized in the income statement. The benefits used in calculating the liabilities are commonly based on the average benefits payable over a range of stochastic scenarios. Where applicable, the calculation of the liability incorporates a percentage of the potential annuitizations that may be elected by the contract holder. In the Netherlands, an additional liability is established for guaranteed minimum investment returns on group pension plans with profit sharing and on traditional insurance contracts, with profit sharing based on an external interest index, that are not bifurcated. These guarantees are measured at fair value. d. Shadow accounting Shadow accounting allows that all gains and losses on investments affect the measurement of the insurance assets and liabilities in the same way, regardless of whether they are realized or unrealized and regardless of whether the unrealized gains and losses are recognized in the income statement or through other comprehensive income in the revaluation reserve. In some instances, realized gains or losses on investments have a direct effect on the measurement of the insurance assets and liabilities. For example, some insurance contracts include benefits that are contractually based on the investment returns realized by the insurer. In addition, realization of gains or losses on available-for-sale Some profit sharing schemes issued by the Group entitle the policyholder to a bonus which is based on the actual total return on specific assets held. To the extent that the bonus relates to gains or losses on available-for-sale e. Non-life Non-life non-life The reserve for unearned premiums includes premiums received for risks that have not yet expired. Generally, the reserve is released over the coverage period of the premium and is recognized as premium income. The liability for outstanding claims and benefits is established for claims that have not been settled and any related cash flows, such as claims handling costs. It includes claims that have been incurred but have not been reported to the Group. The liability is calculated at the reporting date using statistical methods based on empirical data and current assumptions that may include a margin for adverse deviation. Liabilities for claims subject to periodic payment are calculated using actuarial methods consistent with those applied to life insurance contracts. Discounting is applied if allowed by the local accounting principles used to measure the insurance liabilities. Discounting of liabilities is generally applied when there is a high level of certainty concerning the amount and settlement term of the cash outflows. f. Liability adequacy testing At each reporting date, the adequacy of the life insurance liabilities (including life insurance contracts for account of policyholders), net of VOBA and DPAC, is assessed using a liability adequacy test. All tests performed within the Group are based on current estimates of all contractual future cash flows, including related cash flows from policyholder options and guarantees. A number of valuation methods are applied, including discounted cash flow methods, option pricing models and stochastic modeling. Aggregation levels are set either on geographical jurisdiction or at the level of portfolio of contracts that are subject to broadly similar risks and managed together as a single portfolio. Specifically, in the Netherlands the liability adequacy test is performed on a consolidated basis for all life and non-life To the extent that the account balances are insufficient to meet future benefits and expenses, any resulting deficiency is recognized in the income statement, initially by impairing the DPAC and VOBA and subsequently by establishing an insurance liability for the remaining loss, unless shadow loss recognition has taken place. In the Netherlands, in situations where market interest rates for the valuation of debt securities leads to a change in the revaluation reserve, and where the result of using the same assumptions for the liabilities could lead to a deficiency in the liability adequacy test that should be recognized in the income statement, shadow loss recognition is applied. Shadow loss recognition is applied to the extent that the deficiency of the insurance liabilities relates to the revaluation of debt securities as a result of movements in interest rates, the addition to the insurance liabilities is then offset against the revaluation reserve. If in subsequent periods such a deficiency of the insurance liability is no longer applicable, shadow loss recognition is reversed via the revaluation reserve. The adequacy of the non-life |
Investment contracts | 2.20 Investment contracts Aegon conducts its operations through the following type of investment contracts: Contracts issued by the Group that do not transfer significant insurance risk, but do transfer financial risk from the policyholder to the Group are accounted for as investment contracts. Depending on whether the Group or the policyholder runs the risks associated with the investments allocated to the contract, the liabilities are classified as investment contracts or as investment contracts for account of policyholders. Investment contract liabilities are recognized when the contract is entered into and are derecognized when the contract expires, is discharged, cancelled or substantially modified. a. Investment contracts with discretionary participation features Some investment contracts have participation features whereby the policyholder has the right to receive potentially significant additional benefits which are based on the performance of a specified pool of investment contracts, specific investments held by the Group or on the issuer’s net income. If the Group has discretion over the amount or timing of the distribution of the returns to policyholders, the investment contract liability is measured based on the accounting principles that apply to insurance contracts with similar features. Some unitized investment contracts provide policyholders with the option to switch between funds with and without discretionary participation features. The entire contract is accounted for as an investment contract with discretionary participation features if there is evidence of actual switching resulting in discretionary participation benefits that are a significant part of the total contractual benefits. b. Investment contracts without discretionary participation features At inception, investment contracts without discretionary participation features are carried at amortized cost. Investment contracts without discretionary participation features are carried at amortized cost based on the expected cash flows and using the effective interest rate method. The expected future cash flows are re-estimated The consolidated financial statements provide information on the fair value of all financial liabilities, including those carried at amortized cost. As these contracts are not quoted in active markets, their value is determined by using valuation techniques, such as discounted cash flow methods and stochastic modeling. For investment contracts without discretionary participation features that can be cancelled by the policyholder, the fair value cannot be less than the surrender value. c. Investment contracts for account of policyholders Investment contracts for account of policyholders are investment contracts for which the actual return on investments allocated to the contract is passed on to the policyholder. Also included are participations held by third parties in consolidated investment funds that meet the definition of a financial liability. Investment contracts for account of policyholders are designated at fair value through profit or loss. Contracts with unit-denominated payments are measured at current unit values, which reflect the fair values of the assets of the fund. For unit-linked contracts without discretionary participation features and subject to actuarial funding, the Group recognizes a liability at the funded amount of the units. The difference between the gross value of the units and the funded value is treated as an initial fee paid by the policyholder for future asset management services and recognized as a deferred revenue liability, refer to note 2.23 Deferred gains. |
Provisions | 2.21 Provisions A provision is recognized for present legal or constructive obligations arising from past events, when it is probable that it will result in an outflow of economic benefits and the amount can be reliably estimated. Management exercises judgment in evaluating the probability that a loss will be incurred. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the reporting date, considering all its inherent risks and uncertainties, as well as the time value of money. The estimate of the amount of a loss requires management judgment in the selection of a proper calculation model and the specific assumptions related to the particular exposure. The unwinding of the effect of discounting is recorded in the income statement as an interest expense. Onerous contracts With the exception of insurance contracts and investment contracts with discretionary participation features for which potential future losses are already considered in establishing the liability, a provision is recognized for onerous contracts in which the unavoidable costs of meeting the resulting obligations exceed the expected future economic benefits. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfill it. |
Assets and liabilities relating to employee benefits | 2.22 Assets and liabilities relating to employee benefits a. Short-term employee benefits A liability is recognized for the undiscounted amount of short-term employee benefits expected to be settled within one year after the end of the period in which the service was rendered. Accumulating short-term absences are recognized over the period in which the service is provided. Benefits that are not service-related are recognized when the event that gives rise to the obligation occurs. b. Post-employment benefits The Group has issued defined contribution plans and defined benefit plans. A plan is classified as a defined contribution plan when the Group has no further obligation than the payment of a fixed contribution. All other plans are classified as defined benefit plans. Defined contribution plans The contribution payable to a defined contribution plan for services provided is recognized as an expense in the income statement. An asset is recognized to the extent that the contribution paid exceeds the amount due for services provided. Defined benefit plans Measurement The defined benefit obligation is based on the terms and conditions of the plan applicable on the reporting date. In measuring the defined benefit obligation the Group uses the projected unit credit method and actuarial assumptions that represent the best estimate of future variables. The benefits are discounted using an interest rate based on the market yield for high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity that approximate the terms of the related pension liability. Actuarial assumptions used in the measurement of the liability include the discount rate, estimated future salary increases, mortality rates and price inflation. To the extent that actual experience deviates from these assumptions, the valuation of defined benefit plans and the level of pension expenses recognized in the future may be affected. Plan improvements (either vested or unvested) are recognized in the income statement at the date when the plan improvement occurs. Plan assets are qualifying insurance policies and assets held by long-term employee benefit funds that can only be used to pay the employee benefits under the plan and are not available to the Group’s creditors. They are measured at fair value and are deducted from the defined benefit obligation in determining the amount recognized on the statement of financial position. Profit or loss recognition The cost of the defined benefit plans are determined at the beginning of the year and comprise the following components: ◆ Current year service cost which is recognized in profit or loss; and ◆ Net interest on the net defined benefit liability (asset) which is recognized in profit or loss. Remeasurements of the net defined benefit liability (asset) which is recognized in other comprehensive income are revisited quarterly and shall not be reclassified to profit or loss in a subsequent period. Deducted from current year service cost are discretionary employee contributions and employee contributions that are linked to service (those which are independent of the number of years of service). Net interest on the net defined benefit liability (asset) shall be determined by multiplying the net defined benefit liability (asset) by the applicable discount rate. Net interest on the net defined benefit liability (asset) comprises interest income on plan assets and interest cost on the defined benefit obligation. Whereby interest income on plan assets is a component of the return on plan assets and is determined by multiplying the fair value of the plan assets by the applicable discount rate. The difference between the interest income on plan assets and the actual return on plan assets is included in the remeasurement of the net defined benefit liability (asset). Remeasurements of the net defined benefit liability (asset) comprise of: ◆ Actuarial gains and losses; ◆ The return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and ◆ Any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). Past service cost and gains or losses on settlements Past service cost is the change in the present value of the defined benefit obligation for employee service, resulting from a plan amendment or curtailment. Gains or losses on curtailments or settlements of a defined benefit plan comprise of the difference between: ◆ The present value of the defined benefit obligation being settled, as determined on the date of settlement; and ◆ The settlement price, including any plan assets transferred and any payments made directly by Aegon in connection with the settlement. Aegon recognizes (in the income statement) gains or losses on the curtailment or settlement of a defined benefit plan when the curtailment or settlement occurs. c. Share-based payments The Group has issued share-based plans that entitle selected employees to receive Aegon N.V. common shares, subject to pre-defined The expenses recognized for these plans are based on the fair value on the grant date of the shares. The fair value is measured at the market price of Aegon N.V. common shares, adjusted to take into account the non-vesting The cost for long term incentive plans are recognized in the income statement, together with a corresponding increase in shareholders’ equity, as the services are rendered. During this period the cumulative expense recognized at the reporting date reflects management’s best estimate of the number of shares expected to vest ultimately. The withholding of shares to fund the payment to the tax authority in respect of the employee’s withholding tax obligation associated with the share-based payment is accounted for as a deduction from equity for the shares withheld, except to the extent that the payment exceeds the fair value at the net settlement date of the equity instruments withheld. |
Deferred gains | 2.23 Deferred gains Initial fees and front-end |
Tax assets and liabilities | 2.24 Tax assets and liabilities a. Current tax receivables and payables Tax receivables and payables for current and prior periods are measured at the amount that is expected to be received from or paid to the taxation authorities. The tax treatment of transactions or events requires judgement and is often complex and may lead to discussions with tax authorities. Consequently, in a number of jurisdictions, prior year tax returns remain open and subject to tax authority approval or pending litigation for a number of years. The tax assets and liabilities reported are based on the best available information, supported by external advice if necessary, and are reflecting uncertainties. Differences between the final outcome and the estimates originally made are accounted for in the current and deferred tax assets and liabilities in the period in which reasonable certainty is obtained. Measurement is done using the tax rates that have been enacted or substantively enacted by the reporting date. b. Deferred tax assets and liabilities Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the carrying value of an item and its tax value, with the exception of differences arising from the initial recognition of goodwill and of assets and liabilities that do not impact taxable or accounting profits. A tax asset is recognized for tax loss carryforwards to the extent that it is probable at the reporting date that future taxable profits will be available against which the unused tax losses and unused tax credits can be utilized. Deferred tax liabilities relating to investments in subsidiaries, associates and joint ventures are not recognized if the Group is able to control the timing of the reversal of the temporary difference and it is probable that the difference will not be reversed in the foreseeable future. Deferred tax assets and liabilities are reviewed at each reporting period and are measured at tax rates that are expected to apply when the asset is realized or the liability is settled. Since there is no absolute assurance that these assets will ultimately be realized, management reviews Aegon’s deferred tax positions at each reporting period to determine if it is probable that the assets will be realized. These reviews include, among other things, the nature and amount of the taxable income and deductible expenses, the expected timing when certain assets will be used or liabilities will be required to be reported and the reliability of historical profitability of businesses expected to provide future earnings. Furthermore, management considers tax-planning Deferred tax assets and liabilities are recognized in relation to the underlying transaction either in profit and loss, other comprehensive income or directly in equity. |
Contingent assets and liabilities | 2.25 Contingent assets and liabilities Contingent assets are disclosed in the notes if the inflow of economic benefits is probable, but not virtually certain. When the inflow of economic benefits becomes virtually certain, the asset is no longer contingent and its recognition is appropriate. A provision is recognized for present legal or constructive obligations arising from past events, when it is probable that it will result in an outflow of economic benefits and the amount can be reliably estimated. If the outflow of economic benefits is not probable, a contingent liability is disclosed, unless the possibility of an outflow of economic benefits is remote. |
Premium income | 2.26 Premium income Gross premiums, including recurring and single premiums, from life and non-life Premium loadings for installment payments and additional payments by the policyholder towards costs borne by the insurer are included in the gross premiums. Rebates that form part of the premium rate, such as no-claim |
Investment income | 2.27 Investment income For interest-bearing assets, interest is recognized as it accrues and is calculated using the effective interest rate method. Fees and commissions that are an integral part of the effective yield of the financial assets or liabilities are recognized as an adjustment to the effective interest rate of the instrument. Investment income includes the interest income and dividend income on financial assets carried at fair value through profit or loss. Investment income also includes rental income due. |
Fee and commission income | 2.28 Fee and commission income Fees and commissions from investment management services and mutual funds are performed on an ongoing basis evenly throughout the year and are accounted for monthly (1/12 of the contractual agreement). Performance fees may be charged to policyholders in the event of outperformance in the investments compared to predefined benchmark levels. They are accounted for only when specified hurdles for generating performance fees are achieved i.e. when the full performance obligation is met. Aegon acts also as an insurance broker selling insurance contracts of other insurance companies to policyholders and receiving direct sales commission as well as commissions over time when the same policyholders renew their contracts. These commissions are recognized only when received as policyholders’ renewals are not certain enough to be recorded upfront. |
Policyholder claims and benefits | 2.29 Policyholder claims and benefits Policyholder claims and benefits consist of claims and benefits paid to policyholders, including benefits in excess of account value for products for which deposit accounting is applied and the change in the valuation of liabilities for insurance and investment contracts. It includes internal and external claims handling costs that are directly related to the processing and settlement of claims. Amounts receivable in respect of salvage and subrogation are also considered. |
Results from financial transactions | 2.30 Results from financial transactions Results from financial transactions include: Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives include fair value changes of financial assets carried at fair value through profit or loss. The net gains and losses do not include interest or dividend income. Realized gains and losses on financial investments Gains and losses on financial investments include realized gains and losses on general account financial assets, other than those classified as at fair value through profit or loss. Net fair value change of derivatives All changes in fair value are recognized in the income statement, unless the derivative has been designated as a hedging instrument in a cash flow hedge or a hedge of a net investment in a foreign operation. Fair value movements of fair value hedge instruments are offset by the fair value movements of the hedged item, and the resulting hedge ineffectiveness, if any, is included in this line. In addition, the fair value movements of bifurcated embedded derivatives are included in this line. Net fair value change on for account of policyholder financial assets at fair value through profit or loss Net fair value change on for account of policyholder financial assets at fair value through profit or loss includes fair value movements of investments held for account of policyholders (refer to note 2.8 Investments for account of policyholders). The net fair value change does not include interest or dividend income. Other In addition, results from financial transactions include gains/losses on real estate (general account and account of policyholders), net foreign currency gains/(losses) and net fair value change on borrowings and other financial liabilities and realized gains on repurchased debt. |
Impairment charges/(reversals) | 2.31 Impairment charges/(reversals) Impairment charges and reversals include impairments and reversals on investments in financial assets, impairments and reversals on the valuation of insurance assets and other non-financial |
Interest charges and related fees | 2.32 Interest charges and related fees Interest charges and related fees includes interest expense on trust pass-through securities and other borrowings. Interest expense on trust pass-through securities and other borrowings carried at amortized cost is recognized in profit or loss using the effective interest method. |
Leases | 2.33 Leases The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. For further information on the revised Leases standard refer to note 2.1.1. Adoption of new IFRS accounting standards and amendments effective in 2019. Policy applicable from January 1, 2019 As a lessee The Group recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. The Group presents right-of-use Short-term leases and leases of low-value The Group has elected not to recognize right-of-use low-value As a lessor Where the Group is the lessor under an operating lease, the assets subject to the operating lease arrangement are presented in the statement of financial position according to the nature of the asset. Income from these leases are recognized in the income statement on a straight line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. Policy applicable before January 1, 2019 As a lessee Arrangements that do not take the form of a lease but convey a right to use an asset in return for a payment are assessed at inception to determine whether they are, or contain, a lease. This involves an assessment of whether fulfillment of the arrangement is dependent on the use of a specific asset and whether the purchaser (lessee) has the right to control the use of the underlying asset. Leases that do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Payments made under operating leases, where the Group is the lessee, are charged to the income statement on a straight line basis over the period of the lease. As a lessor Where the Group is the lessor under an operating lease, the assets subject to the operating lease arrangement are presented in the statement of financial position according to the nature of the asset. Income from these leases are recognized in the income statement on a straight line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. |
Events after the reporting period | 2.34 Events after the reporting period The financial statements are adjusted to reflect events that occurred between the reporting date and the date when the financial statements are authorized for issue, provided they give evidence of conditions that existed at the reporting date. Events that are indicative of conditions that arose after the reporting date are disclosed, but do not result in an adjustment of the financial statements themselves. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Reconciliation Between IFRS and IFRS-EU | Shareholders’ equity Net income 2019 2018 2017 2019 2018 2017 In accordance with IFRS 21,850 19,200 20,266 1,239 711 2,469 Adjustment of EU ‘IAS 39’ carve-out 774 399 368 375 31 (142) Tax effect of the adjustment (167) (81) (83) (86) 3 34 Effect of the adjustment after tax 607 318 285 289 34 (108) In accordance with IFRS-EU 22,457 19,518 20,550 1,528 744 2,361 |
Disclosure Detail Of Lease Commitments Reconciliation With Lease Liabilities | The reconciliation between operating lease commitments at December 31, 2018 and lease liabilities at January 1, 2019 is as follows: January 1, 2019 Operating lease commitments at December 31, 2018 as per the consolidated annual financial statements 386 Discounted using the incremental borrowing rate at January 1, 2019 302 Recognition exemption for: Short term leases (7) Extenstion and termination options reasonably certain to be exercised (4) Exclusion of non-lease (6) Lease liabilities recognized at January 1, 2019 285 |
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement | Impact of the adjustment on previous periods is provided in the following tables, including references to the notes that are impacted by the change in accounting policy. Impact of voluntary changes in Note December 1) Change in December December 1) Change in December Net income / (loss) 711 - 711 2,469 - 2,469 Items that may be reclassified to profit or loss: Gains / (losses) on revaluation of available-for-sale (2,138 ) (4 ) (2,142 ) 1,283 93 1,376 Income tax relating to items that may be reclassified 493 1 494 951 (23 ) 927 Net effect comprehensive income (393 ) (3 ) (396 ) 431 70 501 Total comprehensive income / (loss) attributable to: Owners of Aegon N.V. (395 ) (3 ) (398 ) 435 70 505 Non-controlling 2 - 2 (3 ) - (3) 1 As reported in Aegon’s Annual Report on Form 20-F Impact of voluntary changes in Note December reported) 1) Change in December December reported) 1) Change in December Equity and liabilities Shareholders’ equity 30 19,225 (26 ) 19,200 20,288 (23 ) 20,266 Insurance contracts 34 115,294 34 115,328 110,818 30 110,848 Deferred tax liabilities 40 538 (9 ) 529 1,029 (8 ) 1,021 1 As reported in Aegon’s Annual Report on Form 20-F Impact of voluntary changes in Note December reported) 1) Change in December December reported) 1) Change in December Share capital 30.1 7,808 - 7,808 8,053 - 8,053 Retained earnings 30 9,657 - 9,657 9,374 - 9,374 Revaluation reserves 30.4 3,461 (26 ) 3,436 4,920 (23 ) 4,898 Remeasurement of defined benefit plans 30.5 (1,850 ) - (1,850 ) (1,669 ) - (1,669 ) Other reserves 30.6 149 - 149 (390 ) - (390 ) Shareholders’ equity 19,225 (26 ) 19,200 20,288 (23 ) 20,266 1 As reported in Aegon’s Annual Report on Form 20-F |
Summary of Change in Fair Value | The table below presents an overview of the fair value of the classes of financial assets as of December 31, 2019, as well as the change in fair value during the reporting period. The asset classes are divided into two categories: ◆ SPPI: assets of which cash flows represent solely payments of principal and interest (SPPI) on an outstanding principal amount, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis; and ◆ Other: all financial assets other than those specified in SPPI: ◆ with contractual terms that do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; ◆ that meet the definition of held for trading in IFRS 9; or ◆ that are managed and whose performance are evaluated on a fair value basis. 2019 2018 Financial assets at fair value Fair value at Change in fair Fair value at Change in fair value during the reporting period Shares 1) SPPI 70 1 68 (2 ) Other 810 54 2,092 87 Debt securities SPPI 82,014 6,218 76,283 (2,997 ) Other 4,839 (770 ) 4,970 (123 ) Money Markets and other short-term investments SPPI 2,724 - 3,126 - Other 2,603 - 3,181 - Mortgage loans SPPI 42,567 930 39,758 (1,213 ) Other - - - - Private loans SPPI 5,152 284 4,452 (63 ) Other 200 (18 ) 42 (5 ) Deposits with financial institutions SPPI 142 - 141 - Other - - - - Policy loans SPPI - - - - Other 2,024 - 1,973 - Other financial assets SPPI 36 - 111 - Other 5,388 (100 ) 3,637 (210 ) At December 31 148,570 6,598 139,834 (4,525 ) 1 The SPPI-compliant shares include preferred equity instruments. |
Summary of Credit Risk Rating Grades | Credit Risk The table below details the credit risk rating grades, as of December 31, 2019, for financial assets with cash flows that are SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis. The tables show the carrying value of those financial assets applying IAS 39 (in the case of financial assets measured at amortized cost, before adjusting for any impairment allowances). SPPI compliant financial assets at AAA AA A BBB BB B CCC or Not Total 2019 Shares – Carried at fair value - - - 43 27 - - - 70 Debt securities – Carried at fair value 26,723 8,989 20,112 22,296 1,364 1,244 1,283 3 82,014 Money market and other short-term investments – carried at fair value 255 193 2,164 112 - - - - 2,724 Mortgage loans – Carried at amortized cost 1,311 3,671 3,580 369 15 4 - 29,574 38,524 Private loans – Carried at amortized cost 1,799 82 198 970 49 - - 1,383 4,479 Other financial assets – Carried at fair value - - 57 10 33 38 - 40 177 At December 31 30,088 12,933 26,111 23,800 1,487 1,285 1,283 31,000 127,988 2018 Shares – Carried at fair value - - - 42 9 17 - - 68 Debt securities – Carried at fair value 25,637 9,224 17,057 20,330 1,480 1,159 1,395 - 76,283 Money market and other short-term investments – carried at fair value 55 158 2,561 351 - - - - 3,126 Mortgage loans – Carried at amortized cost 941 3,204 3,567 266 15 - - 28,647 36,639 Private loans – Carried at amortized cost 1,611 83 261 924 52 - - 1,136 4,068 Other financial assets – Carried at fair value - - 64 12 44 61 1 70 252 At December 31 28,244 12,670 23,510 21,925 1,601 1,237 1,396 29,853 120,436 |
Summary of Credit Risk Exposure | 2019 2018 SPPI compliant financial assets with no low credit risk Carrying amount Fair value Carrying amount Fair value Shares – Carried at fair value 27 27 26 26 Debt securities – Carried at fair value 3,894 3,894 4,035 4,035 Mortgage loans – Carried at amortized cost 29,593 33,132 28,661 31,711 Private loans – Carried at amortized cost 1,431 1,488 1,189 1,225 Deposits with financial institutions – Carried at amortized cost 76 76 70 70 Other financial assets – Carried at fair value 35 35 106 106 At December 31 35,056 38,652 34,087 37,173 |
Financial risks (Tables)
Financial risks (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Schedule of Maximum Exposure to Credit Risk | The table that follows shows the Group’s maximum exposure to credit risk from investments in general account financial assets, as well as general account derivatives and reinsurance assets, collateral held and net exposure. Please refer to note 45 and 46 for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk. 2019 Maximum Cash Securities Letters of Real Master Other Total Surplus Net Debt securities - carried at fair value 86,853 - - 267 - - - 267 - 86,586 Money market and other short-term investments - carried at fair value 5,327 - 363 - - - - 363 23 4,987 Mortgage loans - carried at amortized cost 37,750 2,648 - 65 61,159 - - 63,872 26,249 127 Private loans - carried at amortized cost 4,487 51 - - - - - 51 - 4,436 Other loans - carried at amortized cost 2,353 - - - - - 2,008 2,008 1,329 1,674 Other financial assets - carried at fair value 4,083 - - - - - - - - 4,083 Derivatives 10,658 2,666 47 31 - 8,186 - 10,930 283 10 Reinsurance assets 20,835 - 3,884 105 - - - 3,989 - 16,845 At December 31 172,346 5,365 4,294 468 61,159 8,186 2,008 81,481 27,884 118,749 2018 Maximum Cash Securities Letters of Real Master Other Total Surplus Net Debt securities - carried at fair value 81,253 - - 169 - - - 169 - 81,084 Money market and other short-term investments - carried at fair value 6,307 - 484 - - - - 484 29 5,852 Mortgage loans - carried at amortized cost 36,240 2,535 - 136 57,009 - - 59,680 23,589 149 Private loans - carried at amortized cost 4,103 45 - - - - - 45 - 4,058 Other loans - carried at amortized cost 2,310 - - - - - 1,960 1,960 1,238 1,589 Other financial assets - carried at fair value 3,551 - - - - - - - - 3,551 Derivatives 7,337 2,627 233 31 - 4,606 - 7,496 225 66 Reinsurance assets 20,505 - 4,035 104 - - - 4,139 - 16,366 At December 31 161,607 5,207 4,752 439 57,009 4,606 1,960 73,972 25,081 112,715 |
Summary of Credit Risk Rating Grades | Aegon group level long-term counterparty exposure limits are as follows: Group limits per credit rating Amounts in EUR million 2019 2018 AAA 900 900 AA 900 900 A 675 675 BBB 450 450 BB 250 250 B 125 125 CCC or lower 50 50 |
Schedule of Ratings Distribution of General Account Portfolios | The ratings distribution of general account portfolios of Aegon’s major reporting units, excluding reinsurance assets, are presented in the table that follows, organized by rating category and split by assets that are valued at fair value and assets that are valued at amortized cost. Aegon uses a composite rating based on a combination of the external ratings of S&P, Moody’s, Fitch and National Association of Insurance Commissioners (NAIC which is for US only) and internal ratings. The rating used is the lower of the external rating and the internal rating. Credit rating general account investments, excluding reinsurance assets 2019 Americas The Netherlands United Kingdom Southern & Eastern Amortized Amortized Amortized Amortized cost Fair value cost Fair value cost Fair value cost Fair value AAA 1,311 14,664 1,799 13,342 - 91 - 15 AA 3,671 4,162 82 7,625 - 624 - 101 A 3,580 19,752 47 8,271 - 307 61 592 BBB 275 19,062 970 1,758 - 120 5 572 BB 15 1,314 49 97 - 1 - 10 B 4 926 - 2 - - 36 212 CCC or lower - 677 - - - - - 1 Assets not rated 1,971 4,028 30,306 1,493 - 959 16 72 Total 10,827 64,584 33,251 32,589 - 2,103 118 1,574 Past due and / or impaired assets 95 1,051 210 19 - - - - At December 31 10,922 65,635 33,460 32,609 - 2,103 118 1,574 Credit rating general account investments, excluding reinsurance assets 2019 Asia Asset Management Total 2019 1) Amortized Amortized Amortized Total carrying cost Fair value cost Fair value cost Fair value value AAA - 1,032 - 164 3,110 29,322 32,431 AA - 500 - 2 3,752 13,014 16,766 A - 2,260 - 11 3,688 31,206 34,895 BBB - 2,530 - 15 1,249 24,058 25,307 BB - 158 - 27 64 1,678 1,742 B - 100 - 34 40 1,274 1,314 CCC or lower - 13 - 9 - 699 699 Assets not rated 42 17 - 5 32,383 6,789 39,172 Total 42 6,611 - 266 44,286 108,040 152,327 Past due and / or impaired assets - 9 - - 305 1,101 1,406 At December 31 42 6,620 - 266 44,591 109,142 153,732 1 Includes investments of Holding and other activities. Credit rating general account investments, excluding reinsurance assets 2018 Americas The Netherlands United Kingdom Southern & Eastern Amortized Amortized Amortized Amortized cost Fair value cost Fair value cost Fair value cost Fair value AAA 941 15,338 1,611 12,956 - 84 - 10 AA 3,104 3,855 83 6,704 - 594 - 100 A 3,567 17,428 55 2,482 - 291 54 505 BBB 266 17,609 924 1,299 - 95 3 682 BB 7 1,393 52 39 - 1 9 22 B - 1,013 - - - - 64 105 CCC or lower - 741 - - - - 1 1 Assets not rated 1,952 4,126 29,534 4,423 - 1,085 13 70 Total 9,837 61,501 32,259 27,905 - 2,149 143 1,496 Past due and / or impaired assets 108 1,346 277 25 - - - 1 At December 31 9,945 62,847 32,536 27,930 - 2,149 143 1,497 Asia Asset Management Total 2018 1) Credit rating general account investments, Amortized Fair Amortized Fair Amortized Fair value Total carrying AAA - 987 - 136 2,552 29,518 32,070 AA - 372 - - 3,188 11,626 14,813 A - 1,823 - 5 3,675 22,542 26,218 BBB - 2,186 - 1 1,193 21,871 23,064 BB - 140 - 9 68 1,653 1,721 B - 132 - 17 64 1,267 1,331 CCC or lower - 22 - 9 1 773 774 Assets not rated 16 14 - 5 31,527 9,960 41,488 Total 16 5,676 - 181 42,268 99,210 141,478 Past due and / or impaired assets - 27 - - 385 1,399 1,784 At December 31 16 5,704 - 181 42,653 100,609 143,263 1 Includes investments of Holding and other activities. |
Summary of Credit Quality of Gross Positions of Reinsurance Assets | The following table shows the credit quality of the gross positions in the statement of financial position for general account reinsurance assets specifically: Carrying value 2019 Carrying value 2018 AAA - - AA 10,477 9,150 A 10,002 11,041 Below A 40 30 Not rated 316 284 At December 31 20,835 20,505 |
Schedule of Credit Risk Concentration | The tables that follow present specific credit risk concentration information for general account financial assets. Credit risk concentrations – debt Americas The United Southern Asia Asset Total 1 ) Of which Residential mortgage-backed securities (RMBSs) 2,289 311 - - 128 - 2,729 909 Commercial mortgage-backed securities (CMBSs) 3,428 13 128 - 584 1 4,154 8 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 519 1,050 - - 73 - 1,642 4 ABSs – Other 1,724 73 72 6 384 - 2,258 1 Financial - Banking 6,561 2,684 154 224 928 3 10,554 4 Financial - Other 8,885 191 38 71 742 154 10,096 4 Industrial 23,158 2,243 234 176 2,966 57 28,835 61 Utility 3,760 136 67 45 402 1 4,411 52 Government bonds 9,558 16,072 449 975 401 44 27,500 2 At December 31 59,882 22,773 1,143 1,497 6,609 260 92,180 1,046 1 Includes investments of Holding and other activities. Credit risk concentrations – Government Americas The United Southern & Asia Asset Total 1) United States 8,893 1 - 4 309 2 9,210 Netherlands - 6,316 - - - - 6,316 United Kingdom - - 362 - - 18 380 Austria - 1,227 - 4 - - 1,230 Belgium - 1,097 21 5 - - 1,123 Finland - 135 - - - - 135 France - 1,512 35 3 - - 1,551 Germany - 4,649 - - - - 4,649 Hungary 2 - - 345 - - 348 Luxembourg - 807 - - - - 807 Spain - 95 - 273 - - 368 Rest of Europe 85 216 - 336 6 3 646 Rest of world 576 17 32 5 85 22 737 Supranational 1 - - - - - 1 At December 31 9,558 16,072 449 975 401 44 27,500 1 Includes investments of Holding and other activities. Credit risk concentrations – Credit rating 2019 2) Government Corporate RMBSs Other Total 1) AAA 20,324 719 6,344 1,861 29,248 AA 4,903 3,514 1,429 2 9,848 A 899 22,416 1,378 - 24,693 BBB 949 22,137 284 - 23,371 BB 110 1,292 122 - 1,524 B 297 956 27 - 1,280 CCC or lower 18 309 1,197 - 1,524 Assets not rated - 3 3 686 691 At December 31 27,500 51,347 10,783 2,549 92,180 1 Includes investments of Holding and other activities. 2 CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. Credit risk concentrations – debt Americas The United Southern Asia Asset Total 1) Of which Residential mortgage-backed securities (RMBSs) 2,138 395 - - 52 - 2,585 918 Commercial mortgage-backed securities (CMBSs) 3,314 35 127 - 537 - 4,013 14 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 717 1,669 - - 61 - 2,447 3 ABSs – Other 1,915 247 61 6 323 - 2,552 40 Financial - Banking 6,423 1,473 132 210 815 6 9,059 29 Financial - Other 8,863 188 33 116 595 121 9,924 19 Industrial 21,060 1,515 213 148 2,486 33 25,457 187 Utility 3,572 115 60 51 370 - 4,169 144 Government bonds 9,607 15,948 438 889 457 17 27,356 8 At December 31 57,609 21,586 1,064 1,419 5,696 176 87,560 1,362 1 Includes investments of Holding and other activities. Credit risk concentrations – Government Americas The United Southern & Asia Asset Total 1) United States 8,891 - - - 362 - 9,253 Netherlands - 6,040 - - - - 6,040 United Kingdom - - 356 1 - 17 374 Austria - 1,102 - 4 - - 1,106 Belgium - 1,000 21 6 - - 1,027 Finland - 949 - - - - 949 France - 1,292 33 5 - - 1,329 Germany - 4,397 - - - - 4,397 Hungary 3 - - 410 - - 413 Luxembourg - 786 - 1 - - 787 Spain - 89 - 209 - - 298 Rest of Europe 103 264 - 247 9 - 623 Rest of world 580 30 28 5 86 - 730 Supranational 30 - - - - - 30 At December 31 9,607 15,948 438 889 457 17 27,356 1 Includes investments of Holding and other activities. Credit risk concentrations – Credit rating 2018 2) Government Corporate RMBSs Other Total 1) AAA 20,479 772 6,505 1,753 29,511 AA 4,949 3,264 1,721 - 9,934 A 614 18,482 1,490 1 20,587 BBB 961 20,360 349 1 21,670 BB 215 1,279 144 - 1,638 B 136 1,003 69 - 1,207 CCC or lower 1 302 1,318 - 1,621 Assets not rated - - - 1,391 1,391 At December 31 27,356 45,462 11,596 3,147 87,560 1 Includes investments of Holding and other activities. 2 CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. Credit risk concentrations – Americas The United Southern Asia Asset Total 1) Of which past due Agricultural 69 - - - - - 69 - Apartment 4,383 - - - - - 4,383 94 Industrial 1,266 - - - - - 1,266 - Office 1,395 - - - - - 1,395 - Retail 1,575 8 - - - - 1,583 1 Other commercial 258 43 - - - - 302 1 Residential 9 28,742 - 1 - - 28,752 163 At December 31 8,956 28,793 - 1 - - 37,750 259 1 Includes investments of Holding and other activities. Credit risk concentrations – mortgage loans 2018 Americas The United Southern Asia Asset Total 1) Of which past due Agricultural 69 - - - - - 69 15 Apartment 3,993 - - - - - 3,993 92 Industrial 871 - - - - - 871 - Office 1,342 - - - - - 1,343 - Retail 1,457 9 - - - - 1,466 1 Other commercial 258 35 - - - - 292 2 Residential 12 28,193 - 1 - - 28,207 227 At December 31 8,002 28,237 - 1 - - 36,240 337 1 Includes investments of Holding and other activities. |
Summary of Income Received From Investments in RMBSs, SMBSs and ABSs | Total income 2019 December 31, 2019 2019 Interest income Total gains and Total Investments Residential mortgage-backed securities 140 97 237 2,729 Commercial mortgage-backed securities 138 182 320 4,153 Asset-backed securities 47 (1 ) 45 1,642 ABSs - Other 87 81 168 2,258 Total 412 358 769 10,782 Total income 2018 December 31, 2018 2018 Interest income Total gains and losses on Total Investments Residential mortgage-backed securities 140 (3 ) 137 2,585 Commercial mortgage-backed securities 139 (41 ) 98 4,013 Asset-backed securities 54 - 54 2,447 ABSs - Other 84 15 99 2,552 Total 417 (28 ) 389 11,596 |
Summary of Amortized Cost and Fair Value of Debt Securities | The amortized cost and fair value of debt securities, money market investments and other, included in Aegon’s available-for-sale 2019 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other United States government 7,443 1,377 (8 ) 8,812 8,478 335 Dutch government 4,869 1,448 - 6,316 6,267 49 Other government 8,901 2,989 (17 ) 11,872 11,662 210 Mortgage-backed securities 6,366 470 (25 ) 6,811 5,773 1,037 Asset-backed securities 3,776 103 (9 ) 3,869 2,881 989 Corporate 40,552 4,853 (167 ) 45,238 42,801 2,437 Money market investments 5,169 - - 5,169 4,702 467 Other 976 49 (117 ) 908 628 280 Total 78,052 11,289 (345 ) 88,995 83,192 5,803 Of which held by Aegon Americas and NL 69,012 10,493 (327 ) 79,178 74,025 5,153 2018 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other United States government 6,973 603 (127 ) 7,449 4,772 2,676 Dutch government 4,908 1,136 (3 ) 6,040 6,002 38 Other government 11,327 684 (54 ) 11,957 11,105 852 Mortgage-backed securities 6,275 366 (84 ) 6,557 3,700 2,857 Asset-backed securities 4,948 65 (55 ) 4,958 1,825 3,133 Corporate 39,770 1,748 (1,138 ) 40,379 21,441 18,939 Money market investments 5,955 - - 5,955 5,701 254 Other 919 71 (88 ) 902 707 194 Total 81,073 4,673 (1,550 ) 84,196 55,253 28,943 Of which held by Aegon Americas and NL 72,520 4,336 (1,352 ) 75,504 50,976 24,528 |
Summary of Composition by Industry Category of Available-for-Sale (AFS) Debt Securities, Money Market Investments and Other in an Unrealized Loss Position | The composition by industry category of Aegon’s available-for-sale December 31, 2019 December 31, 2018 Unrealized losses - debt securities, money market investments and other Carrying value of Unrealized losses Carrying value of Unrealized losses Residential mortgage-backed securities (RMBSs) 413 (18 ) 446 (30 ) Commercial mortgage-backed securities (CMBSs) 494 (6 ) 2,012 (45 ) Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 662 (5 ) 2,088 (42 ) ABSs - Other 242 (4 ) 829 (10 ) Financial Industry - Banking 349 (20 ) 2,522 (106 ) Financial Industry - Insurance 104 (5 ) 646 (36 ) Financial Industry - Other 615 (15 ) 1,523 (69 ) Industrial 1,293 (105 ) 10,073 (684 ) Utility 249 (10 ) 1,258 (78 ) Government 453 (23 ) 2,935 (164 ) Other 279 (117 ) 194 (88 ) Total held by Aegon Americas and NL 5,153 (327 ) 24,528 (1,352 ) Held by other segments 650 (18 ) 4,415 (197 ) Total 5,803 (345 ) 28,943 (1,550 ) |
Summary of Breakdown of RMBS Available-for-Sale (AFS) Portfolio | The following table shows the breakdown of Aegon America’s RMBS available-for-sale AFS RMBS by quality AAA AA A BBB <BBB Total Total fair GSE guaranteed 735 43 - - - 778 782 Prime jumbo 6 16 1 2 32 56 62 Alt-A 48 59 15 10 242 373 462 Negative amortization floaters - 2 - 9 382 394 468 Other housing 2 9 2 7 317 337 449 At December 31, 2019 790 129 18 28 973 1,938 2,222 Of which insured - - 16 4 88 109 100 AFS RMBS by quality AAA AA A BBB <BBB Total Total fair GSE guaranteed 450 149 - - - 599 599 Prime jumbo - 16 1 5 98 120 124 Alt-A - 59 17 5 221 301 397 Negative amortization floaters - 1 - 11 438 450 533 Other housing - 13 4 16 333 366 450 At December 31, 2018 450 238 22 36 1,089 1,836 2,102 Of which insured - - 20 5 99 124 113 |
Summary of Credit Quality of Available-For-Sale (AFS) CMBS Portfolio | The tables below summarize the credit quality of Aegon Americas’ available-for-sale CMBS by quality AAA AA A BBB <BBB Total Total fair CMBS 2,540 639 109 7 29 3,323 3,427 At December 31, 2019 2,540 639 109 7 29 3,323 3,427 CMBS by quality AAA AA A BBB <BBB Total Total fair CMBS 2,635 567 65 3 57 3,326 3,310 CMBS and CRE CDOs - - - - 5 5 4 At December 31, 2018 2,635 567 65 3 62 3,331 3,314 |
Summary of Breakdown of Quality of Available-for-Sale (AFS) ABS Portfolio | The breakdown by quality of the available-for-sale ABS US and NL AAA AA A BBB <BBB Total Total fair Credit cards 66 1 - - - 67 77 Autos 147 - 72 2 - 220 222 Small business loans - - 2 6 13 21 21 CDOs backed by ABS, Corp. bonds, Bank loans 1,201 229 45 42 49 1,567 1,569 Other ABS 429 98 760 104 9 1,400 1,444 At December 31, 2019 1,843 329 878 154 71 3,274 3,332 ABS US and NL AAA AA A BBB <BBB Total Total fair Credit cards 174 19 - - - 193 201 Autos 230 - 58 2 - 290 289 Small business loans - - 2 12 46 60 63 CDOs backed by ABS, Corp. bonds, Bank loans 1,535 479 216 146 46 2,423 2,386 Other ABS 525 151 774 88 8 1,547 1,563 At December 31, 2018 2,464 649 1,051 248 100 4,512 4,503 |
Summary of Composition by Maturity of all Available-for-Sale Debt Securities in an Unrealized Loss Position | The table below shows the composition by maturity of all available-for-sale December 31, 2019 December 31, 2018 Debt securities Carrying value of Gross unrealized Carrying value of Gross unrealized One year or less 247 (1 ) 643 (18 ) Over 1 through 5 years 983 (26 ) 5,545 (120 ) Over 5 through 10 years 1,175 (47 ) 9,575 (446 ) Over 10 years 2,002 (135 ) 8,317 (680 ) Total 4,407 (210 ) 24,080 (1,264 ) |
Summary of Composition by Credit Quality of Debt Securities, Available-for-Sale, in an Unrealized Loss Position | The table below shows the composition by credit quality of debt securities, available-for-sale, December 31, 2019 December 31, 2018 Debt securities Carrying value of Unrealized losses Carrying value of Unrealized losses AAA 1,340 (10 ) 6,318 (186 ) AA 452 (8 ) 1,468 (48 ) A 662 (13 ) 5,345 (181 ) BBB 1,345 (58 ) 8,881 (578 ) BB 181 (17 ) 920 (90 ) B 186 (25 ) 742 (87 ) Below B 240 (78 ) 407 (95 ) Total 4,407 (210 ) 24,080 (1,264 ) |
Summary of Available-for-Sale Debt Securities With Unrealized Losses by Investment and Length of Time Individual Securities | The table below provides the length of time an available-for-sale At December 31, 2019 Debt securities Investment grade Below investment Investment grade Below investment 0 – 6 months 2,178 132 (35 ) (7 ) 6 – 12 months 128 45 (2 ) (4 ) > 12 months 1,493 432 (52 ) (110 ) Total 3,799 608 (89 ) (121 ) At December 31, 2018 Debt securities Investment grade Below investment Investment grade Below investment 0 – 6 months 8,354 977 (227 ) (58 ) 6 – 12 months 9,976 609 (504 ) (96 ) > 12 months 3,681 483 (261 ) (119 ) Total 22,012 2,069 (992 ) (272 ) The unrealized loss increased during 2019 due mainly to widening credit spreads and increasing US Treasury rates. Aging and severity unrealized losses The table below provides the length of time a below investment grade security has been in an unrealized loss and the percentage of carrying value (CV) to amortized cost in Aegon Americas and Aegon the Netherlands. 2019 2018 Aging and severity unrealized losses debt securities Carrying value Unrealized Carrying value Unrealized losses CV 70-100% 131 (6 ) 970 (53 ) CV 40-70% 1 (1 ) 7 (5 ) CV < 40% of amortized cost - - - - 0-6 132 (7 ) 977 (58 ) CV 70-100% 43 (3 ) 577 (76 ) CV 40-70% 1 (1 ) 31 (18 ) CV < 40% of amortized cost - - - (1 ) 6-12 45 (4 ) 609 (96 ) CV 70-100% 175 (21 ) 143 (21 ) CV 40-70% 33 (22 ) 8 (5 ) CV < 40% of amortized cost 4 (9 ) 1 (2 ) 12-24 213 (52 ) 151 (28 ) CV 70-100% 192 (24 ) 265 (34 ) CV 40-70% 13 (9 ) 58 (43 ) CV < 40% of amortized cost 14 (25 ) 8 (13 ) > 24 months 219 (58 ) 331 (90 ) Total 608 (121 ) 2,069 (272 ) |
Summary of Realized Gains and Losses on Debt Securities | The following table provides the realized gains and losses on the debt securities of Aegon Americas and Aegon the Netherlands for the twelve months ended December 31, 2019, and December 31, 2018. Gross realized gains and (losses) Gross realized gains Gross realized losses December 31, 2019 Debt securities 405 (66 ) December 31, 2018 Debt securities 156 (378 ) |
Summary of Length of Time Security and Respective Realized Loss | The table below provides the length of time the security was below cost prior to the sale and the respective realized loss for assets not considered impaired. Gross realized losses 0 -12 months >12 months Total December 31, 2019 Debt securities (32 ) (34 ) (66 ) December 31, 2018 Debt securities (145 ) (233 ) (378 ) |
Summary of Composition of Impairment Losses and Recoveries | The composition of Aegon Americas and Aegon the Netherlands’ bond impairment losses and recoveries by issuer for the periods ended December 31, 2019, and December 31, 2018, is presented in the table below. Those issuers with impairments or recoveries above EUR 25 million are specifically noted. 2019 2018 (Impairment) / (Impairment) / Impairments: Other (none individually greater than EUR 25 million) (49 ) (24 ) Subtotal (49 ) (24 ) Recoveries: Total recoveries 66 34 Sub-total 66 34 Net (impairments) and recoveries 17 10 |
Summary of Financial Assets that are Either Past Due or Impaired | 2019 2018 Past due but not impaired assets 0-6 months 6-12 > 1 year Total 0-6 6-12 > 1 year Total Debt securities - carried at fair value 70 21 10 101 108 121 48 277 Mortgage loans 198 3 - 201 192 22 2 215 Other loans 35 4 4 43 41 2 2 45 Accrued interest 1 - 1 2 3 3 - 6 Other financial assets - carried at fair value 22 - - 22 - - - - At December 31 326 28 16 370 344 148 52 544 Impaired financial assets Carrying amount 2019 Carrying amount 2018 Shares 30 33 Debt securities - carried at fair value 945 1,085 Mortgage loans 58 122 Other loans 3 3 Other financial assets - carried at fair value 4 5 At December 31 1,039 1,247 |
Summary of Unrealized Gains and Losses on Share Positions | The table below represents the unrealized gains and losses on share positions held by Aegon Americas and Aegon the Netherlands. Cost basis Carrying Net unrealized Carrying value Gross Carrying value Gross December 31, 2019 Shares 290 312 23 254 47 58 (24 ) December 31, 2018 Shares 371 391 20 304 40 86 (20 ) |
Summary of Composition of Shares by Industry Sector in Unrealized Loss Position | The composition of shares by industry sector in an unrealized loss position held by Aegon Americas and Aegon the Netherlands at December 31, 2019, and December 31, 2018 is presented in the following table. 2019 2018 Unrealized losses on shares Carrying value of Unrealized losses Carrying value of Unrealized losses Financials 28 (10 ) 49 (15 ) Other 30 (14 ) 37 (6 ) Total 58 (24 ) 86 (20 ) |
Summary of Shares Cost Prior to Impairment | The table below provides the length of time the shares held by Aegon Americas and Aegon the Netherlands were below cost prior to their impairment in 2019 and 2018. In million EUR 0- 6 months 2019 Shares (2 ) 2018 Shares (5 ) |
Summary of General Account Equity Real Estate and Other Non-fixed-income Portfolio | The general account equity, real estate and other non-fixed-income Equity, real estate and non-fixed Americas The United Southern Asia Asset Holding Total Equity funds 161 35 - 63 - - - 259 Common shares 1) 130 - 17 4 11 2 94 258 Preferred shares 208 - - - - - 70 279 Investments in real estate 653 2,229 - 19 - - - 2,901 Hedge funds 699 - - - - 2 - 702 Other alternative investments 1,366 405 - - - - 17 1,787 Other financial assets 1,055 1,080 874 10 - 1 - 3,020 At December 31 4,272 3,750 891 96 11 6 181 9,205 1 Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR nil million. Equity, real estate and non-fixed Americas The United Southern Asia Asset Holding Total Equity funds 141 196 - 63 - - - 401 Common shares 1) 203 - 3 6 7 1 66 287 Preferred shares 187 - - - - - 46 233 Investments in real estate 530 2,150 - 21 - - - 2,700 Hedge funds 678 1 - - - 2 - 681 Other alternative investments 1,206 438 - - - - 22 1,666 Other financial assets 555 832 1,046 9 - 1 - 2,443 At December 31 3,501 3,617 1,050 99 7 5 134 8,412 1 Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR nil million. |
Summary of Market Risk Concentrations in Shares | Market risk concentrations – shares Americas The United Southern Asia Asset Total 1) Of which Communication 26 - - - - - 32 - Consumer 7 - - - - - 9 2 Financials 416 3 - 3 11 2 455 1 Funds - 1,440 17 63 - - 1,616 19 Industries 21 - - - - 1 22 4 Other 29 - - 7 - 2 88 2 At December 31 499 1,443 17 74 11 5 2,221 30 1 Includes investments of Holding and other activities. Market risk concentrations – shares Americas The United Southern Asia Asset Total 1) Of which Communication 26 - - - - - 32 - Consumer 6 - - - - - 7 - Financials 466 3 - 3 7 - 491 3 Funds - 1,410 3 69 - - 1,558 26 Industries 19 - - - - - 19 - Other 15 - - 2 - 4 54 3 At December 31 532 1,412 3 74 7 4 2,161 33 1 Includes investments of Holding and other activities. |
Summary of Closing Levels of Certain Major Indices | The table that follows sets forth the closing levels of certain major indices at the end of the last five years. 2019 2018 2017 2016 2015 S&P 500 3,231 2,507 2,674 2,239 2,044 Nasdaq 8,973 6,635 6,903 5,383 5,007 FTSE 100 7,542 6,728 7,688 7,143 6,242 AEX 605 488 545 483 442 |
Summary of Sensitivity Analysis of Net Income and Shareholders' Equity to Equity Markets | Immediate change of Estimated approximate effects on net income Estimated approximate effects 2019 Equity increase 10% 307 450 Equity decrease 10% (374 ) (525 ) Equity increase 25% 721 1,083 Equity decrease 25% (456 ) (837 ) 2018 Equity increase 10% 293 405 Equity decrease 10% (273 ) (379 ) Equity increase 25% 789 1,069 Equity decrease 25% (308 ) (562 ) |
Schedule of Interest Rate | The following table shows interest rates at the end of each of the last five years. 2019 2018 2017 2016 2015 3-month 1.91 % 2.81 % 1.69 % 1.00 % 0.61 % 3-month (0.38 %) (0.31 %) (0.33 %) (0.32 %) (0.13 %) 10-year 1.91 % 2.69 % 2.41 % 2.43 % 2.27 % 10-year (0.06 %) 0.39 % 0.53 % 0.35 % 0.79 % |
Schedule of Parallel Movement of Yield Curve | Parallel movement of yield curve Estimated approximate effects Estimated approximate effects 2019 Shift up 100 basis points 945 (2,688 ) Shift down 100 basis points (1,236 ) 1,847 2018 Shift up 100 basis points (677 ) (3,892 ) Shift down 100 basis points 1,188 2,819 |
Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity | Information on Aegon’s three year historical net income/(loss) and shareholders’ equity in functional currency are shown in the table below: 2019 2018 2017 Net income Americas (in USD) 1,323 61 1,762 United Kingdom (in GBP) (29 ) 35 71 Equity in functional currency Americas (in USD) 1) 18,117 15,111 17,617 United Kingdom (in GBP) 1,358 1,671 1,905 |
Summary of Exchange Rates of US Dollar and UK Pound per Euro | The exchange rates for US dollar and UK pound per euro for each of the last five year ends are set forth in the table below: Closing rates 2019 2018 2017 2016 2015 USD 1.12 1.14 1.20 1.05 1.09 GBP 0.85 0.90 0.89 0.85 0.74 |
Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity | Sensitivity analysis of net income and shareholders’ equity to translation risk Movement of currency exchange rates 1) Estimated approximate effects Estimated approximate effects 2019 Increase by 15% of USD currencies relative to the euro 203 2,528 Increase by 15% of GBP currencies relative to the euro (11 ) 241 Increase by 15% of non-euro 211 2,906 Decrease by 15% of USD currencies relative to the euro (158 ) (1,830 ) Decrease by 15% of GBP currencies relative to the euro 9 (163 ) Decrease by 15% of non-euro (150 ) (2,094 ) 2018 Increase by 15% of USD currencies relative to the euro 1 1,909 Increase by 15% of GBP currencies relative to the euro 4 269 Increase by 15% of non-euro 20 2,301 Decrease by 15% of USD currencies relative to the euro 3 (1,389 ) Decrease by 15% of GBP currencies relative to the euro (2 ) (179 ) Decrease by 15% of non-euro (9 ) (1,659 ) |
Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows | Maturity analysis – gross undiscounted tives) On demand < 1 yr 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2019 Trust pass-through securities - 9 36 106 67 218 Subordinated loans - 109 437 347 3,077 3,971 Borrowings - 3,967 4,202 1,109 1,119 10,397 Investment contracts 1) 14,281 1,930 1,888 1,001 795 19,895 Investment contracts for account of policyholders 1) 32,463 26,298 6 3 2 58,772 Lease liabilities - 51 120 66 92 331 Other financial liabilities 4,867 2,713 313 96 257 8,245 Total financial liabilities (excluding investment/insurance contracts) 4,867 6,798 4,988 1,658 4,520 22,831 2018 Trust pass-through securities - 9 36 110 69 223 Subordinated loans - 66 266 201 1,400 1,933 Borrowings - 1,713 8,136 1,499 2,825 14,174 Investment contracts 1) 13,305 1,439 1,831 985 1,517 19,077 Investment contracts for account of policyholders 1) 29,360 19,670 20 26 91 49,166 Other financial liabilities 5,849 2,445 81 45 38 8,457 Total financial liabilities (excluding investment/ insurance contracts) 5,849 4,234 8,519 1,854 4,332 24,787 |
Summary of Financial Liabilities Relating to Insurance and Investment Contracts | The cash benefit payments are presented on an undiscounted basis and are before deduction of tax and before reinsurance. Financial liabilities relating to insurance and investment contracts 1) On demand < 1 yr 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2019 Insurance contracts - 3,500 13,003 15,668 119,044 151,216 Insurance contracts for account of policyholders - 9,666 36,782 36,571 130,299 213,318 Investment contracts - 8,857 5,837 2,503 4,347 21,544 Investment contracts for account of policyholders 181 10,311 28,244 31,766 81,024 151,527 181 32,335 83,868 86,508 334,714 537,605 2018 Insurance contracts - 5,255 17,147 17,891 126,514 166,807 Insurance contracts for account of policyholders - 8,382 35,238 36,455 130,475 210,550 Investment contracts - 6,679 6,985 2,739 5,087 21,490 Investment contracts for account of policyholders 169 8,839 23,185 28,747 64,185 125,125 169 29,155 82,556 85,831 326,261 523,972 1 The liability amount in the consolidated financial statements reflects the discounting for interest as well as adjustments for the timing of other factors as described above. As a result, the sum of the cash benefit payments shown for all years in the table exceeds the corresponding liability amounts included in notes 34 Insurance contracts and 35 Investments contracts. |
Summary Of Maturity Analysis For Derivative Financial Instruments | The following table details the Group’s liquidity analysis for its derivative financial instruments, based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis, and the undiscounted gross inflows and outflows on those derivatives that require gross settlement. Maturity analysis relating to derivatives 1) (Contractual cash flows) On demand < 1 yr 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2019 Gross settled Cash inflows - 17,162 3,098 4,470 11,628 36,357 Cash outflows - (17,056 ) (2,922 ) (3,570 ) (10,071 ) (33,619 ) Net settled Cash inflows - 865 3,091 3,537 6,798 14,292 Cash outflows - (983 ) (2,594 ) (2,832 ) (7,716 ) (14,126 ) 2018 Gross settled Cash inflows - 23,453 8,092 11,323 21,233 64,101 Cash outflows - (23,143 ) (7,351 ) (10,832 ) (20,816 ) (62,141 ) Net settled Cash inflows - 156 709 982 2,230 4,078 Cash outflows - (66 ) (288 ) (516 ) (5,743 ) (6,614 ) 1 Derivatives includes all financial derivatives regardless whether they have a positive or a negative value. It does not include bifurcated embedded derivatives. These are presented together with the host contract. For interest rate derivatives only, cash flows related to the pay leg are taken into account for determining the gross undiscounted cash flows. |
Life insurance general account [member] | |
Statement [LineItems] | |
Summary of Financial Liabilities Relating to Insurance and Investment Contracts | Movements during the year in reinsurance assets relating to life insurance: Life insurance Life insurance Total life At January 1, 2019 18,712 2 18,714 Gross premium and deposits – existing and new business 2,170 - 2,170 Unwind of discount / interest credited 887 - 887 Insurance liabilities released (3,028 ) - (3,028 ) Fund charges released (85 ) - (85 ) Changes to valuation of expected future benefits (16 ) - (16 ) Net exchange differences 369 - 369 Disposal of a business - (2 ) (2 ) Transfer to/from insurance contracts 22 - 22 Other movements 16 - 16 At December 31, 2019 19,046 - 19,046 At January 1, 2018 17,419 2 17,421 Gross premium and deposits – existing and new business 2,038 3 2,041 Unwind of discount / interest credited 860 - 860 Insurance liabilities released (2,518 ) (3 ) (2,521 ) Fund charges released (82 ) - (82 ) Changes to valuation of expected future benefits 109 - 109 Policy transfers 25 - 25 Net exchange differences 858 - 858 Other movements 2 - 2 At December 31, 2018 18,712 2 18,714 |
Non-life insurance [member] | |
Statement [LineItems] | |
Summary of Financial Liabilities Relating to Insurance and Investment Contracts | Movements during the year in reinsurance assets relating to non-life insurance: 2019 2018 At January 1 1,356 1,327 Gross premium and deposits – existing and new business 99 84 Unwind of discount / interest credited 88 84 Insurance liabilities released (127 ) (123 ) Changes in unearned premiums (30 ) (28 ) Incurred related to current year 80 77 Incurred related to prior years 56 36 Release for claims settled current year (23 ) (18 ) Release for claims settled prior years (124 ) (130 ) Change in IBNR (19 ) 12 Shadow accounting adjustment - (24 ) Net exchange differences 25 65 Other movements (4 ) (8 ) At December 31 1,376 1,356 |
Financial assets at amortised cost, class [member] | |
Statement [LineItems] | |
Summary of Credit Risk Rating Grades | The table below details the credit risk rating grades, as of December 31, 2019, for financial assets with cash flows that are SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis. The tables show the carrying value of those financial assets applying IAS 39 (in the case of financial assets measured at amortized cost, before adjusting for any impairment allowances). SPPI compliant financial assets at AAA AA A BBB BB B CCC or Not Total 2019 Shares – Carried at fair value - - - 43 27 - - - 70 Debt securities – Carried at fair value 26,723 8,989 20,112 22,296 1,364 1,244 1,283 3 82,014 Money market and other short-term investments – carried at fair value 255 193 2,164 112 - - - - 2,724 Mortgage loans – Carried at amortized cost 1,311 3,671 3,580 369 15 4 - 29,574 38,524 Private loans – Carried at amortized cost 1,799 82 198 970 49 - - 1,383 4,479 Other financial assets – Carried at fair value - - 57 10 33 38 - 40 177 At December 31 30,088 12,933 26,111 23,800 1,487 1,285 1,283 31,000 127,988 2018 Shares – Carried at fair value - - - 42 9 17 - - 68 Debt securities – Carried at fair value 25,637 9,224 17,057 20,330 1,480 1,159 1,395 - 76,283 Money market and other short-term investments – carried at fair value 55 158 2,561 351 - - - - 3,126 Mortgage loans – Carried at amortized cost 941 3,204 3,567 266 15 - - 28,647 36,639 Private loans – Carried at amortized cost 1,611 83 261 924 52 - - 1,136 4,068 Other financial assets – Carried at fair value - - 64 12 44 61 1 70 252 At December 31 28,244 12,670 23,510 21,925 1,601 1,237 1,396 29,853 120,436 |
Transfers of financial assets (
Transfers of financial assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Schedule of Fair Values of Available-for-Sale (AFS) Instruments | Securities lending 2019 2018 Carrying amount of transferred financial assets 2,734 3,718 Fair value of cash collateral received 2,146 2,480 Fair value of non-cash 780 1,356 Net exposure (192) (117) Non-cash 618 1,171 Non-cash - - |
Summary of Carrying Amount of Financial Assets | The following table reflects the carrying amount of financial assets that have been transferred to another party in such a way that part or all of the transferred financial assets do not qualify for derecognition. Furthermore, it reflects the carrying amounts of the associated liabilities. 2019 Financial assets at fair Available-for-sale financial assets value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets 144 3,127 20 161 Carrying amount of associated liabilities 155 3,304 21 4 2018 Available-for-sale financial assets Financial assets at fair value through profit or loss Investments for account Shares Debt securities Debt securities of policyholders Carrying amount of transferred assets 81 3,310 404 249 Carrying amount of associated liabilities 91 3,396 416 69 |
Summary of Reverse Repurchase Agreements | Reverse repurchase agreements 2019 2018 Cash paid for reverse repurchase agreements 4,980 2,195 Fair value of non-cash 5,003 2,224 Net exposure (23) (29) Non-cash 4,640 1,740 Non-cash - - |
Summary of Carrying Amount of Collateral Pledged and the Corresponding Amounts | The following tables present the carrying amount of collateral pledged and the corresponding amounts. Assets pledged for general account and contingent liabilities 2019 2018 General account (contingent) liabilities 2,664 4,844 Collateral pledged 3,726 6,694 Net exposure (1,061) (1,849) Non-cash - - Assets pledged for repurchase agreements 2019 2018 Cash received on repurchase agreements 719 322 Collateral pledged (transferred financial assets) 718 325 Net exposure - (3) |
Residential mortgage- backed securities [member] | |
Statement [LineItems] | |
Schedule of Fair Values of Available-for-Sale (AFS) Instruments | The fair values of Aegon Americas’ available-for-sale Level II Level III Total 2019 Level II Level III Total 2018 RMBS 2,188 34 2,222 2,060 42 2,102 |
Commercial mortgage- backed securities (CMBSs) [member] | |
Statement [LineItems] | |
Schedule of Fair Values of Available-for-Sale (AFS) Instruments | The fair values of Aegon Americas’ available-for-sale Level II Level III Total 2019 Level II Level III Total 2018 CMBS 3,427 - 3,427 3,310 4 3,314 |
Asset backed securities [member] | |
Statement [LineItems] | |
Schedule of Fair Values of Available-for-Sale (AFS) Instruments | The fair values of Aegon Americas and Aegon the Netherlands available-for-sale Level II Level III Total 2019 Level II Level III Total 2018 ABSs 2,668 664 3,332 3,650 853 4,503 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Segment Results | The following table presents Aegon’s segment results. Income statement - Underlying Americas The United Southern & Asia Asset Holding and Eliminations Segment Joint ventures and Consolidated 2019 Underlying earnings before tax 1,124 648 139 88 62 139 (228 ) 1 1,973 50 2,023 Fair value items 272 (741 ) (131 ) 7 (4 ) - (4 ) - (601 ) (88 ) (689 ) Realized gains / (losses) on investments 125 240 3 27 9 - 1 - 405 (2 ) 403 Impairment charges (54 ) (30 ) - - (1 ) - (10 ) - (95 ) - (95 ) Impairment reversals 68 5 - - 1 - - - 73 - 73 Other income / (charges) (156 ) (1 ) (38 ) 33 (18 ) (7 ) (95 ) - (281 ) - (281 ) Run-off businesses 23 - - - - - - - 23 - 23 Income / (loss) before tax 1,401 121 (27 ) 155 48 133 (335 ) 1 1,497 (40 ) 1,457 Income tax (expense) / benefit (220 ) (27 ) (7 ) (19 ) (14 ) (36 ) 65 - (258 ) 40 (218 ) Net income / (loss) 1,182 94 (34 ) 136 33 97 (270 ) 1 1,239 - 1,239 Inter-segment underlying earnings (61 ) (105 ) (87 ) (16 ) (4 ) 193 79 Revenues 2019 Life insurance gross premiums 7,279 1,765 6,282 552 737 - 11 (8 ) 16,617 (691 ) 15,926 Accident and health insurance 1,416 228 28 110 91 - - - 1,872 (50 ) 1,823 General insurance - 130 - 382 - - 1 (1 ) 512 (122 ) 390 Total gross premiums 8,694 2,123 6,309 1,044 828 - 12 (9 ) 19,002 (864 ) 18,138 Investment income 3,172 2,224 1,830 76 303 5 269 (284 ) 7,595 (64 ) 7,531 Fee and commission income 1,757 237 197 50 59 627 - (187 ) 2,740 (218 ) 2,523 Other revenues 8 - - - 1 1 5 - 16 (10 ) 6 Total revenues 13,631 4,583 8,337 1,171 1,191 633 286 (480 ) 29,352 (1,155 ) 28,197 Inter-segment 1 12 - - - 187 280 Income statement - Underlying Americas The United Southern & Asia Asset Holding and Eliminations Segment Joint ventures and Consolidated 2018 Underlying earnings before tax 1,216 615 128 96 55 151 (189 ) 1 2,074 72 2,146 Fair value items (613 ) 250 59 6 3 - 5 - (291 ) (119 ) (409 ) Realized gains / (losses) on investments (204 ) 46 83 - (8 ) 2 4 - (77 ) (2 ) (79 ) Impairment charges (46 ) 4 - (2 ) (5 ) - (9 ) - (58 ) - (58 ) Impairment reversals 37 2 - 1 - - - - 39 - 39 Other income / (charges) (397 ) (132 ) (252 ) (26 ) (7 ) (5 ) (57 ) - (875 ) 1 (874 ) Run-off businesses (14 ) - - - - - - - (14 ) - (14 ) Income / (loss) before tax (20 ) 784 19 76 36 149 (247 ) 1 798 (47 ) 751 Income tax (expense) / benefit 71 (136 ) 20 (19 ) (25 ) (44 ) 46 - (87 ) 47 (40 ) Net income / (loss) 51 648 38 57 11 105 (201 ) 1 711 - 711 Inter-segment (73 ) (101 ) (82 ) (18 ) (5 ) 198 80 Revenues 2018 Life insurance gross premiums 7,004 1,632 7,509 622 779 - 9 (7 ) 17,548 (579 ) 16,969 Accident and health insurance 1,571 219 29 102 94 - - - 2,015 (36 ) 1,979 General insurance - 136 - 343 - - 1 (1 ) 479 (112 ) 367 Total gross premiums 8,575 1,987 7,539 1,067 873 - 10 (8 ) 20,042 (727 ) 19,316 Investment income 3,125 2,265 1,346 83 268 5 286 (284 ) 7,095 (59 ) 7,035 Fee and commission income 1,826 211 198 63 58 632 - (206 ) 2,782 (224 ) 2,558 Other revenues 5 - - - 2 1 4 - 12 (6 ) 5 Total revenues 13,530 4,463 9,083 1,213 1,201 638 300 (499 ) 29,930 (1,016 ) 28,914 Inter-segment 1 2 - - - 206 290 Income statement - Underlying Americas The United Southern & Asia Asset Holding and Eliminations Segment Joint ventures and Consolidated 2017 Underlying earnings before tax 1,381 557 116 71 49 136 (170 ) - 2,140 61 2,200 Fair value items 170 (31 ) (82 ) - - - 24 - 81 (97 ) (16 ) Realized gains / (losses) on investments 157 184 62 1 4 3 - - 413 (5 ) 408 Impairment charges (37 ) (3 ) - (2 ) (1 ) - (3 ) - (46 ) - (46 ) Impairment reversals 22 10 - - - - - - 32 - 32 Other income / (charges) (353 ) 296 40 - (19 ) (49 ) 16 - (68 ) (4 ) (72 ) Run-off businesses 30 - - - - - - - 30 - 30 Income / (loss) before tax 1,370 1,013 137 70 33 90 (134 ) - 2,580 (45 ) 2,536 Income tax (expense) / benefit 198 (196 ) (56 ) (15 ) (28 ) (42 ) 29 - (110 ) 44 (65 ) Net income / (loss) 1,568 818 81 56 5 48 (105 ) - 2,470 (0 ) 2,470 Inter-segment (78 ) (111 ) (87 ) (12 ) (1 ) 214 73 Revenues 2017 Life insurance gross premiums 7,437 1,857 9,603 619 983 - 7 (9 ) 20,498 (546 ) 19,952 Accident and health insurance 2,115 203 32 84 97 - - - 2,531 (20 ) 2,511 General insurance - 148 - 319 - - 1 (1 ) 466 (103 ) 363 Total gross premiums 9,553 2,208 9,635 1,022 1,080 - 8 (10 ) 23,496 (670 ) 22,826 Investment income 3,368 2,172 1,517 85 246 4 295 (291 ) 7,396 (58 ) 7,338 Fee and commission income 1,919 326 235 60 63 609 - (222 ) 2,990 (188 ) 2,802 Other revenues 5 - - 3 1 - 4 - 13 (5 ) 7 Total revenues 14,844 4,706 11,387 1,170 1,390 613 308 (523 ) 33,895 (921 ) 32,973 Inter-segment - (1 ) - - 3 222 298 |
Summary of Reconciliation from Underlying Earnings Before Tax to Income Before Tax | The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the table below. Note 2019 2018 2017 Underlying earnings before tax 1,973 2,074 2,140 Elimination of share in earnings of joint ventures and associates 50 72 61 Rental income 7 (76 ) (72 ) (61 ) Dividend income 7 9 30 - Recovered claims and benefits 9 - 2 - Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 10 (17 ) (295 ) (437 ) Net fair value change on borrowings and other financial liabilities 10 7 6 - Realized gains and losses on financial investments 10 399 (92 ) 431 Gains and (losses) on investments in real estate 10 317 261 193 Net fair value change of derivatives 10 163 (67 ) (134 ) Net foreign currency gains and (losses) 10 - (2 ) 5 Realized gains and (losses) on repurchased debt 10 - 1 1 Other income 11 200 8 540 Change in valuation of liabilities for insurance contracts 12 (1,231 ) (341 ) (254 ) Change in valuation of liabilities for investment contracts 12 (13 ) 13 (19 ) Benefits and claims paid life 12 7 - - Policyholder claims and benefits - Other 12 50 (9 ) 34 Commissions and expenses 14 (319 ) (428 ) 256 Impairment (charges) reversals 15 (105 ) (20 ) (16 ) Interest charges and related fees 16 21 - - Other charges 17 (1 ) (375 ) (235 ) Run-off businesses 5 23 (14 ) 30 Income / (loss) before tax 1,457 751 2,534 |
Summary of Other Selected Income Statement Items | Other selected income statement Americas The United Southern & Asia Asset Holding and Eliminations Total 2019 Amortization of deferred expenses, VOBA and future servicing rights 685 4 117 37 32 - - - 876 Depreciation 44 18 12 11 1 1 2 - 87 Impairment charges / (reversals) on financial assets, excluding receivables (12 ) 72 - - - - - - 60 Impairment charges / (reversals) on non-financial assets and receivables 3 94 - 3 - - 10 - 109 2018 Amortization of deferred expenses, VOBA and future servicing rights 852 25 119 52 24 - - - 1,072 Depreciation 38 12 14 12 1 1 2 - 80 Impairment charges / (reversals) on financial assets, excluding receivables (9 ) 34 - 1 5 - 9 - 41 Impairment charges / (reversals) on non-financial assets and receivables 19 15 1 - 1 - - - 36 2017 Amortization of deferred expenses, VOBA and future servicing rights 336 27 134 55 33 - - - 586 Depreciation 44 16 28 11 1 3 2 - 105 Impairment charges / (reversals) on financial assets, excluding receivables 19 17 - 2 - - 3 - 42 Impairment charges / (reversals) on non-financial assets and receivables (2 ) 3 - - - - - - - |
Summary of Number of Employees | Number of employees Americas The Netherlands United Southern & Asia Asset Management Holding and other Total 2019 Number of employees - headcount 8,570 3,582 2,261 2,853 4,540 1,535 416 23,757 Of which Aegon’s share of employees in joint ventures and associates 651 - 62 104 4,172 173 - 5,162 2018 Number of employees - headcount 8,824 3,548 3,135 2,837 6,344 1,464 390 26,543 Of which Aegon’s share of employees in joint ventures and associates 559 - 58 86 5,983 168 - 6,854 2017 Number of employees - headcount 10,951 3,089 3,435 2,947 6,025 1,500 371 28,318 Of which Aegon’s share of employees in joint ventures and associates 549 - - 83 5,702 163 - 6,497 |
Summary of Assets and Liabilities Per Segment | Summarized assets and Americas The United Southern & Asia Asset Holding and Eliminations Total 2019 Assets Cash and Cash equivalents 822 9,627 305 152 91 166 1,100 - 12,263 Investments 75,076 59,983 2,034 1,711 6,662 266 244 - 145,976 Investments for account of policyholders 107,963 25,491 91,848 994 82 - - (4 ) 226,374 Investments in joint ventures - 1,159 - 476 192 153 3 - 1,983 Investments in associates 79 106 9 - 28 129 21 (10 ) 363 Deferred expenses 8,999 360 913 45 487 - - - 10,804 Other assets 27,078 11,996 2,546 271 1,905 126 31,511 (32,848 ) 42,585 Total assets 220,017 108,722 97,655 3,648 9,448 840 32,879 (32,862 ) 440,348 Liabilities Insurance contracts 73,784 40,554 1,518 1,411 7,825 - 17 (1,655 ) 123,454 Insurance contracts for account of policyholders 77,988 25,328 31,559 815 20 - - - 135,710 Investment contracts 6,662 11,716 211 2 2 - - - 18,594 Investment contracts for account of policyholders 29,976 2,301 61,305 181 62 - - - 93,826 Other liabilities 15,468 22,636 1,459 323 229 322 8,421 (4,534 ) 44,324 Total liabilities 203,877 102,535 96,052 2,733 8,138 322 8,438 (6,189 ) 415,907 Summarized assets and liabilities per segment Americas The United Southern & Asia Asset Holding and Eliminations Total 2018 Assets Cash and Cash equivalents 683 6,004 315 148 90 213 1,290 - 8,744 Investments 71,056 57,738 2,114 1,660 5,720 181 157 - 138,625 Investments for account of policyholders 95,343 23,767 73,958 1,187 103 - - (5 ) 194,353 Investments in joint ventures 1 1,001 - 472 152 119 - - 1,745 Investments in associates 72 85 8 5 17 131 8 - 327 Deferred expenses 9,209 66 896 74 665 - - - 10,910 Other assets 1) 27,782 7,421 1,893 272 1,907 123 27,258 (28,727 ) 37,928 Total assets 204,145 96,083 79,184 3,819 8,654 767 28,713 (28,732 ) 392,632 Liabilities Insurance contracts 71,584 34,878 1,435 1,339 7,726 - 15 (1,648 ) 115,328 Insurance contracts for account of policyholders 68,126 23,855 24,086 1,022 24 - - - 117,113 Investment contracts 6,943 10,795 223 85 2 - - - 18,048 Investment contracts for account of policyholders 27,217 2,101 50,532 169 79 - - - 80,097 Other liabilities 17,055 17,499 1,047 400 67 293 6,156 (3,012 ) 39,505 Total liabilities 190,924 89,127 77,322 3,015 7,898 293 6,171 (4,660 ) 370,091 1 Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures. |
Summary of Investments | Investments Americas The United Kingdom Southern & Asia Asset Holding and Eliminations Total 2019 Shares 499 1,443 17 74 11 5 173 - 2,221 Debt securities 54,970 22,773 1,055 1,497 6,465 93 1 - 86,853 Loans 10,922 33,460 - 118 42 - 48 - 44,591 Other financial assets 8,032 78 962 3 145 168 21 - 9,410 Investments in real estate 653 2,229 - 19 - - - - 2,901 Investments general account 75,076 59,983 2,034 1,711 6,662 266 244 - 145,976 Shares - 8,490 16,583 218 - - - (4 ) 25,288 Debt securities 877 11,652 8,043 173 - - - - 20,744 Unconsolidated investment funds 106,926 695 61,738 598 82 - - - 170,039 Other financial assets 161 4,653 4,898 4 - - - - 9,716 Investments in real estate - - 586 - - - - - 586 Investments for account of policyholders 107,963 25,491 91,848 994 82 - - (4 ) 226,374 Investments on balance sheet 183,039 85,474 93,882 2,704 6,745 266 244 (4 ) 372,350 Off-balance sheet investments third parties 220,039 4,802 123,904 5,461 1,001 170,158 - (818 ) 524,547 Total revenue-generating investments 403,078 90,276 217,786 8,166 7,746 170,424 244 (822 ) 896,897 Investments Available-for-sale 59,899 19,591 1,556 1,570 6,602 153 32 - 89,404 Loans 10,922 33,460 - 118 42 - 48 - 44,591 Financial assets at fair value through profit or loss 111,565 30,193 91,740 997 100 113 164 (4 ) 234,867 Investments in real estate 653 2,229 586 19 - - - - 3,487 Total investments on balance sheet 183,039 85,474 93,882 2,704 6,745 266 244 (4 ) 372,350 Investments in joint ventures - 1,159 - 476 192 153 3 - 1,983 Investments in associates 79 106 9 - 28 129 21 (10 ) 363 Other assets 36,899 21,983 3,764 468 2,483 292 32,611 (32,848 ) 65,652 Consolidated total assets 220,017 108,722 97,655 3,648 9,448 840 32,879 (32,862 ) 440,348 1 Due to the announced divestment of Aegon’s 50% stake in the joint venture with Sony Life, Revenue Generating Investments of Japan are no longer included in 2019. Off-balance Investments Americas The Netherlands United Southern & Asia Asset Management Holding and Eliminations Total 2018 Shares 532 1,412 3 74 7 4 128 - 2,161 Debt securities 51,681 21,586 1,005 1,417 5,526 36 3 - 81,253 Loans 9,945 32,536 - 143 16 - 12 - 42,653 Other financial assets 8,367 54 1,105 5 170 142 14 - 9,858 Investments in real estate 530 2,150 - 21 - - - - 2,700 Investments general account 71,056 57,738 2,114 1,660 5,720 181 157 - 138,625 Shares - 7,403 13,044 198 - - - (5 ) 20,640 Debt securities 1,716 11,283 7,259 183 - - - - 20,441 Unconsolidated investment funds 93,548 1,059 48,296 795 103 - - - 143,800 Other financial assets 79 4,022 4,748 11 - - - - 8,861 Investments in real estate - - 612 - - - - - 612 Investments for account of policyholders 95,343 23,767 73,958 1,187 103 - - (5 ) 194,353 Investments on balance sheet 166,399 81,505 76,072 2,847 5,823 181 157 (5 ) 332,979 Off-balance sheet investments third parties 204,184 3,339 106,347 5,851 2,818 149,197 - (774 ) 470,963 Total revenue-generating investments 370,583 84,844 182,419 8,698 8,641 149,378 157 (778 ) 803,942 Investments Available-for-sale 55,921 19,974 1,459 1,483 5,686 131 21 - 84,675 Loans 9,945 32,536 - 143 16 - 12 - 42,653 Financial assets at fair value through profit or loss 100,002 26,846 74,001 1,200 121 50 123 (5 ) 202,339 Investments in real estate 530 2,150 612 21 - - - - 3,312 Total investments on balance sheet 166,399 81,505 76,072 2,847 5,823 181 157 (5 ) 332,979 Investments in joint ventures 1 1,001 - 472 152 119 - - 1,745 Investments in associates 72 85 8 5 17 131 8 - 327 Other assets 1) 37,674 13,491 3,104 494 2,662 336 28,548 (28,727 ) 57,582 Consolidated total assets 204,145 96,083 79,184 3,819 8,654 767 28,713 (28,732 ) 392,633 1 Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures. |
Premium income and premiums p_2
Premium income and premiums paid to reinsurers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Premium Income | 2019 2018 2017 Life insurance 15,926 16,969 19,952 Non-life insurance 2,212 2,346 2,874 Total premium income 18,138 19,316 22,826 - Accident and health insurance 1,823 1,979 2,511 - General insurance 390 367 363 Non-life insurance premium income 2,212 2,346 2,874 |
Summary of Premiums Paid to Reinsurers | 2019 2018 2017 Life insurance 2,276 2,500 3,214 Non-life insurance 158 163 217 Total premiums paid to reinsurers 2,434 2,663 3,431 - Accident and health insurance 138 152 205 - General insurance 19 11 13 Non-life insurance paid to reinsurers 158 163 217 |
Investment income (Tables)
Investment income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Investment Income | 2019 2018 2017 Interest income 5,835 5,783 6,052 Dividend income 1,571 1,124 1,164 Rental income 125 129 121 Total investment income 7,531 7,035 7,338 Investment income related to general account 5,291 5,268 5,394 Investment income for account of policyholders 2,240 1,767 1,944 Total 7,531 7,035 7,338 |
Summary of Investment Income | Total investment income from: 2019 2018 2017 Shares 1,571 1,124 1,164 Debt securities and money market instruments 3,959 3,899 4,248 Loans 1,779 1,704 1,686 Real estate 125 129 121 Other 97 181 119 Total 7,531 7,035 7,338 Investment income from financial assets held for general account: 2019 2018 2017 Available-for-sale 3,267 3,180 3,467 Loans 1,779 1,704 1,686 Financial assets designated at fair value through profit or loss 125 212 148 Real estate 83 82 71 Derivatives 39 72 31 Other (2 ) 18 (10 ) Total 5,291 5,268 5,394 |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Investment Income | 2019 2018 Interest income from intercompany loans 51 66 Interest income from derivatives (4 ) 11 Total Investment Income 47 77 |
Fee and commission income (Tabl
Fee and commission income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Fee and Commission Income | 2019 2018 2017 Fee income from asset management 1,824 1,853 2,126 Commission income 585 594 535 Other 114 112 140 Total fee and commission income 2,523 2,558 2,802 |
Income from reinsurance ceded (
Income from reinsurance ceded (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Income From Reinsurance Ceded | 2019 2018 2017 Recovered claims and benefits 3,367 3,127 3,669 Change in technical provisions (53 ) 372 497 Commissions 218 241 122 Total 3,532 3,740 4,288 |
Results from financial transa_2
Results from financial transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Financial Transactions Results | Results from financial transactions comprise: 2019 2018 2017 Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 279 (79 ) 232 Realized gains and (losses) on financial investments 399 (92 ) 431 Gains and (losses) on investments in real estate 317 261 193 Net fair value change of derivatives 1,130 (545 ) (1,159 ) Net fair value change on account of policyholder financial assets at fair value through profit or loss 33,188 (11,326 ) 20,524 Net fair value change on investments in real estate for account of policyholders (18 ) 5 38 Net foreign currency gains and (losses) 77 44 (20 ) Net fair value change on borrowings and other financial liabilities 15 29 10 Realized gains and (losses) on repurchased debt - 1 1 Total 35,386 (11,701 ) 20,250 |
Summary of Net Fair Value Changes of Financial Investments at Fair Value Through Profit or Loss, Other Than Derivatives | Net fair value change of general account financial investments at fair value 2019 2018 2017 Shares 99 69 25 Debt securities and money market investments 85 (143 ) 127 Other 95 (5 ) 80 Total 279 (79 ) 232 |
Summary of Realized Gains and Losses on Financial Investments | Realized gains and losses on financial investments comprise: 2019 2018 2017 Shares 11 25 165 Debt securities and money market investments 372 (147 ) 242 Loans 32 16 20 Other (16 ) 14 3 Total 399 (92 ) 431 Realized gains and losses on financial investments comprise: 2019 2018 2017 Available-for-sale investments 368 (108 ) 411 Loans 32 16 20 Total 399 (92 ) 431 |
Summary of Net Fair Value Change of Derivatives | Net fair value change of derivatives comprise: 2019 2018 2017 Net fair value change on economic hedges where no hedge accounting is applied 2,281 272 70 Net fair value change on bifurcated embedded derivatives (1,153 ) (824 ) (1,231 ) Ineffective portion of hedge transactions to which hedge accounting is applied 1 7 2 Total 1,130 (545 ) (1,159 ) |
Summary of Ineffective Portion of Hedge Transactions | The ineffective portion of hedge transactions to which hedge accounting is applied 2019 2018 2017 Fair value change on hedging instruments in a fair value hedge (1 ) 13 (12 ) Fair value change on hedged items in a fair value hedge 2 (8 ) 15 Ineffectiveness fair value hedge 1 5 3 Ineffectiveness cash flow hedges - 2 - Total 1 7 2 |
Summary of Net Fair Value Change on for Account of Policyholder Financial Assets at Fair Value Through Profit or Loss | Net fair value change on for account of policyholder financial assets at fair value 2019 2018 1) 2017 1) Shares 4,591 (2,318 ) 2,372 Debt securities and money market investments 863 (421 ) 166 Unconsolidated investment funds 26,450 (8,158 ) 17,720 Derivatives 1,284 (429 ) 265 Total 33,188 (11,326 ) 20,524 |
Summary of Net Fair Value on Borrowings and Other Financial Liabilities | Net fair value change on borrowings and other financial liabilities 2019 2018 2017 Borrowings 8 23 10 Other financial liabilities 7 6 - Total 15 29 10 |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Financial Transactions Results | 2019 2018 Results from financial transactions comprise: Net fair value change of derivatives (22 ) (8 ) Net foreign currency gains and (losses) 3 3 Net fair value change on borrowings and other financial liabilities 4 4 Total (15 ) (1 ) |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Income | 2019 2018 2017 Other income 200 8 540 |
Policyholder claims and benef_2
Policyholder claims and benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Policyholder Claims and Benefits | 2019 2018 2017 Benefits and claims paid life 18,824 19,673 23,634 Benefits and claims paid non-life 1,635 1,658 1,903 Change in valuation of liabilities for insurance contracts 30,620 (2,639 ) 22,741 Change in valuation of liabilities for investment contracts 5,768 (8,143 ) (2,644 ) Other (50 ) 9 (34 ) Total 56,797 10,557 45,599 |
Profit sharing and rebates (Tab
Profit sharing and rebates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Profit Sharing and Rebates | 2019 2018 2017 Surplus interest bonuses 2 2 2 Profit appropriated to policyholders 15 21 21 Total 17 23 23 |
Commissions and expenses (Table
Commissions and expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Commissions and Expenses | 2019 2018 2017 Commissions 2,423 2,445 2,661 Employee expenses 2,149 2,061 2,234 Administration expenses 1,537 1,477 1,424 Deferred expenses (832 ) (831 ) (980 ) Amortization of deferred expenses 755 928 543 Amortization of VOBA and future servicing rights 120 144 43 Total 6,153 6,224 5,925 |
Summary of Employee Expenses | Employee expenses 2019 2018 2017 Salaries 1,321 1,261 1,470 Post-employment benefit costs 287 277 318 Social security charges 127 120 151 Other personnel costs 378 367 267 Shares 36 36 28 Total 2,149 2,061 2,234 |
Summary of Cumulative Number of Shares and Their Status in Relation to Active Long Term Incentive Plans and Allocated Variable Compensation to Identified Staff | The following overview contains the cumulative number of shares and their status in relation to active Long Term Incentive Plans and variable compensation allocated to Material Risk Takers. Number of shares per plan year 2015 2016 2017 2018 2019 Total Conditionally granted 1) 5,178,633 6,809,814 6,722,418 6,513,984 7,378,113 32,602,962 Allocated 2) 4,942,275 7,155,420 7,461,564 6,123,546 - 25,682,805 1 The at target number of shares which were conditionally granted for the plan year. 2 The allocated number of shares based on the actual performance during the plan year. Number of shares per plan year 2015 2016 2017 2018 2019 Total Unvested at January 1, 2018 4,314,494 6,591,429 7,679,628 - - 18,585,551 Conditionally granted 1) - - - 6,513,984 - 6,513,984 Allocated 2) - 11,471 739,146 166,371 - 916,988 Forfeited (102,383 ) (169,629 ) (364,515 ) - - (636,527 ) Vested (1,831,944 ) (189,300 ) (810,028 ) - - (2,831,272 ) Unvested at December 31, 2018 2,380,167 6,243,971 7,244,231 6,680,355 - 22,548,724 Conditionally granted 1) - - - - 7,378,113 7,378,113 Allocated 2) - 22,580 30,730 (390,438 ) 958,501 621,373 Forfeited (3,912 ) (44,746 ) (331,606 ) (169,383 ) - (549,647 ) Vested (2,376,255 ) (2,530,968 ) (426,360 ) (457,079 ) (6,600 ) (5,797,262 ) Unvested at December 31, 2019 - 3,690,837 6,516,995 5,663,455 8,330,014 24,201,301 Grant price (in EUR) 3) 6.106 5.128 5.246 5.405 4.162 5.159 to 3.990 to 4.040 to 4.143 to 2.741 to Fair value of shares at grant date (in EUR) 6.018 4.898 4.933 5.054 3.737 1 The at target number of shares which were conditionally granted for the plan year. 2 The allocated number of shares based on the actual performance during the plan year. Per 2017 sign-on shares are not allocated anymore to the plan year(s) in which the vesting takes place. Instead, sign-on shares are allocated in the calendar year of commencement. Allocation to a previous plan year concerns backdated corrections to the administration (e.g. the allocation to the 2016 plan year, during the 2018 calendar year). 3 This is the volume weighted average price (VWAP) of Aegon on the Euronext Amsterdam stock exchange for the period December 15 to January 15. For instance for the 2019 plan year, this is the VWAP for the period December 15, 2018 to January 15, 2019. |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Commissions and Expenses | 2019 2018 Employee expenses 88 83 Administration expenses 77 79 Cost sharing to group companies (91 ) (80 ) Total 74 82 |
Impairment charges _ (reversa_2
Impairment charges / (reversals) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Impairment Charges / (Reversals) | Impairment charges / (reversals) comprise: 2019 2018 2017 Impairment charges on financial assets, excluding receivables 133 71 70 Impairment reversals on financial assets, excluding receivables (73 ) (39 ) (32 ) Impairment charges and reversals on non-financial assets and receivables 109 46 4 Total 169 78 42 |
Summary of Impairment Charges on Financial Assets, Excluding Receivables | Impairment charges on financial assets, excluding receivables, from: 2019 2018 2017 Shares 7 5 2 Debt securities and money market instruments 50 30 17 Loans 76 35 50 Total 133 71 70 |
Summary of Impairment Reversals on Financial Assets, Excluding Receivables | Impairment reversals on financial assets, excluding receivables, from: 2019 2018 2017 Debt securities and money market instruments (67 ) (34 ) (17 ) Loans (5 ) (3 ) (13 ) Other (1 ) (2 ) (2 ) Total (73 ) (39 ) (32 ) |
Interest charges and related _2
Interest charges and related fees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Interest charges and related fees | 2019 2018 2017 Subordinated loans 88 62 34 Trust pass-through securities 8 8 9 Borrowings 252 300 283 Other 164 136 108 Total 513 507 435 |
Aegon N.V [member] | |
Statement [LineItems] | |
Interest charges and related fees | 2019 2018 Subordinated borrowings 80 63 Borrowings 57 55 Other 2 - Total 139 118 |
Other charges (Tables)
Other charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Charges | 2019 2018 2017 Other charges 1 375 235 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Components of Income Tax for Period (Income) / Charge | Note 2019 2018 2017 Current tax Current year 118 54 220 Adjustments to prior years (14) (36 ) 47 104 18 267 Deferred tax 40 Origination / (reversal) of temporary differences 69 23 397 Changes in tax rates / bases 33 (30 ) (550 ) Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences 4 (35 ) (45 ) Non-recognition of deferred tax assets 17 17 41 Adjustments to prior years (8) 48 (45 ) 114 22 (201 ) Income tax for the period (income) / charge 218 40 65 |
Summary of Reconciliation Between Standard and Effective Income Tax | Adjustments to prior years include shifts between current and deferred tax. Reconciliation between standard and effective income tax: 2019 2018 2017 Income before tax 1,457 751 2,534 Income tax calculated using weighted average applicable statutory tax rates 293 178 745 Difference due to the effects of: Non-taxable income (76) (80 ) (157 ) Non-tax deductible expenses 22 28 28 Changes in tax rate/base 33 (30 ) (550 ) Different tax rates on overseas earnings (1) - (1 ) Tax credits (67) (68 ) (67 ) Other taxes 57 29 67 Adjustments to prior years (22) 11 2 Origination and change in contingencies - 2 9 Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences 4 (35 ) (45 ) Non-recognition of deferred tax assets 17 17 41 Tax effect of (profit) / losses from joint ventures and associates (11) (9 ) (7 ) Other (31) (3 ) (1 ) (76) (138 ) (680 ) Income tax for the period (income) / charge 218 40 65 |
Summary of Income Tax Related to Components of Other Comprehensive Income and Retained Earning | The following tables present income tax related to components of other comprehensive income and retained earnings. 2019 2018 2017 Items that will not be reclassified to profit and loss: Changes in revaluation reserve real estate held for own use 1 7 9 Remeasurements of defined benefit plans 90 (15 ) (175 ) 92 (8 ) (166 ) Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of available-for-sale investments (724) 531 (157 ) (Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments 94 (17 ) 441 Changes in cash flow hedging reserve 3 1 567 Movement in foreign currency translation and net foreign investment hedging reserve (5) (20 ) 76 (632) 494 927 Total income tax related to components of other comprehensive income (541) 486 762 2019 2018 2017 Income tax related to equity instruments and other Income tax related to equity instruments 31 51 38 44 Other (1) (12 ) 14 Total income tax recognized directly in retained earnings 50 26 58 |
Aegon N.V [member] | |
Statement [LineItems] | |
Components of Income Tax for Period (Income) / Charge | 2019 2018 Current Tax Current Tax 40 2 Income tax for the period (income) / charge 40 2 Reconciliation between standard and effective tax Income before tax (181 ) (124 ) Tax on income on Dutch corporate income tax rate 45 31 Differences due to the effect of: Non deductible expenses (6 ) (5 ) Adjustments prior year - (24 ) Total 40 2 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Basic Earnings Per Share | 2019 2018 2017 Net income / (loss) attributable to owners 1,239 710 2,469 Coupons on perpetual securities (88) (102 ) (103 ) Coupons on non-cumulative subordinated notes - (11 ) (28 ) Net income / (loss) attributable to owners for basic earnings per share calculation 1,151 597 2,338 Net income / (loss) attributable to common shareholders 1,143 593 2,321 Net income / (loss) attributable to common shareholders B 8 4 16 Weighted average number of common shares outstanding (in million) 2,042 2,036 2,042 Weighted average number of common shares B outstanding (in million) 572 571 575 Basic earnings per common share (EUR per share) 0.56 0.29 1.14 Basic earnings per common share B (EUR per share) 0.01 0.01 0.03 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Detailed Information about Cash and Cash Equivalents | 2019 2018 2017 Cash at bank and in hand 4,619 3,725 3,720 Short-term deposits 2,518 2,524 2,544 Money market investments 5,116 2,493 4,496 Short-term collateral 11 2 7 At December 31 12,263 8,744 10,768 |
Disclosure of Cash and Cash Equivalents | For the purposes of the cash flow statement, cash and cash equivalents comprise the following: Note 2019 2018 2017 Cash and cash equivalents 12,263 8,744 10,768 Cash classified as Assets held for sale - - 260 Bank overdrafts 41 - - (2 ) Bank overdrafts classified as Liabilities held for sale - - (1 ) Net cash and cash equivalents 12,263 8,744 11,026 |
Disclosure of Detailed Information of Cash Flow Statement | Summary cash flow statement 2019 2018 2017 Net cash flows from operating activities 7,302 517 553 Net cash flows from investing activities (86) (438 ) (1,196 ) Net cash flows from financing activities (3,730) (2,395 ) 519 Net increase in cash and cash equivalents 3,486 (2,317 ) (125 ) |
Summary of Reconciliation of Liabilities Arising from Financing Activities | The table below shows the reconciliation between the net cash flows from financing activities and the liabilities as included in the consolidated statement of financial position. Cash flows Non-cash changes Reconciliation of debt from financing At January 1, Addition Repayment Disposal of Realized gains / income Movements Amortization Transfer to/ Other Net At December 31, Subordinated borrowings 1,389 806 - - - - 1 - - 11 2,207 Trust pass-through securities 133 - - - - 1 (1 ) - - 2 136 Borrowings 12,061 4,117 (7,014 ) - (8 ) - 1 - - 149 9,307 Assets held to hedge Trust pass-through securities 10 - - - 1 - - - - - 11 Cash flows Non-cash changes Reconciliation of debt from financing At January 1, Addition Repayment Disposal of Realized gains / income Movements Amortization Transfer to/ Other Net At December 31, Subordinated borrowings 764 640 - - - - 2 (68 ) - 52 1,389 Trust pass-through securities 133 - - - - (6 ) - - - 6 133 Borrowings 13,635 3,545 (5,211 ) (151 ) (23 ) - 2 - - 263 12,061 Assets held to hedge Trust pass-through securities 15 - - - (6 ) - - - - 1 10 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Investments for General Accounts Comprise Financial Assets Excluding Derivatives And Investments in Real Estate | Note 2019 2018 Available-for-sale (AFS) 89,404 84,675 Loans 44,591 42,653 Financial assets at fair value through profit or loss (FVTPL) 9,080 8,597 Total financial assets, excluding derivatives 22.1 143,075 135,925 Investments in real estate 22.2 2,901 2,700 Total investments for general account 145,976 138,625 |
Summary of Financial Assets Excluding Derivatives | AFS FVTPL Loans Total Fair value 2019 Shares 409 1,813 - 2,221 2,221 Debt securities 82,918 3,934 - 86,853 86,853 Money market and other short-term investments 5,169 158 - 5,327 5,327 Mortgage loans - - 37,750 37,750 42,567 Private loans - - 4,487 4,487 5,159 Deposits with financial institutions - - 141 141 141 Policy loans - - 2,024 2,024 2,024 Other 908 3,175 188 4,272 4,272 At December 31, 2019 89,404 9,080 44,591 143,075 148,563 2018 Shares 478 1,682 - 2,161 2,161 Debt securities 77,340 3,913 - 81,253 81,253 Money market and other short-term investments 5,955 352 - 6,307 6,307 Mortgage loans - - 36,240 36,240 39,758 Private loans - - 4,103 4,103 4,494 Deposits with financial institutions - - 141 141 141 Policy loans - - 1,973 1,973 1,973 Other 902 2,649 196 3,747 3,747 At December 31, 2018 84,675 8,597 42,653 135,925 139,834 |
Summary of Movement on Loan Allowance Account | Movement on the loan allowance account during the year were as follows: 2019 2018 At January 1 (138 ) (165 ) Addition charged to income statement (76 ) (35 ) Reversal to income statement 5 3 Amounts written off 44 40 Net exchange differences - (1 ) Other - 20 At December 31 (165 ) (138 ) |
Summary of Investments in Real Estate | 2019 2018 At January 1 2,700 2,147 Additions 179 472 Subsequent expenditure capitalized 16 3 Disposals (331 ) (209 ) Fair value gains / (losses) 317 261 Net exchange differences 9 27 Other 11 (1 ) At December 31 2,901 2,700 |
Investments for account of po_2
Investments for account of policyholders (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Investments for Account of Policyholders | Note 2019 2018 Shares 25,288 20,640 Debt securities 20,744 20,441 Money market and other short-term investments 1,805 1,578 Deposits with financial institutions 3,278 3,263 Unconsolidated investment funds 170,039 143,800 Other 4,634 4,020 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 225,788 193,741 Investments in real estate 23.1 586 612 Total investments for account of policyholders 226,374 194,353 |
Summary of Investments in Real Estate for Account of Policyholders | 2019 2018 At January 1 612 655 Subsequent expenditure capitalized 2 2 Disposals (43 ) (43 ) Fair value gains / (losses) (18 ) 5 Net exchange differences 34 (7 ) At December 31 586 612 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Derivative Asset and Liability | Derivative asset Derivative liability 2019 2018 2019 2018 Derivatives for general account Derivatives not designated in a hedge 10,134 6,904 11,060 6,879 Derivatives designated as fair value hedges 21 30 26 29 Derivatives designated as cash flow hedges 390 289 320 151 Derivatives designated as Net foreign investment hedges 112 115 96 114 10,658 7,337 11,501 7,174 Derivatives for account of policyholders Derivatives not designated in a hedge 499 278 114 56 Total derivatives 1) 11,157 7,615 11,616 7,230 1 Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss. |
Derivatives Not Designated In Hedge - General Account | Derivative asset Derivative liability Derivatives not designated in a hedge – general account 2019 2018 2019 2018 Derivatives held as an economic hedge 10,118 6,808 7,854 4,278 Bifurcated embedded derivatives 16 5 3,197 2,588 Other - 91 9 12 Total 10,134 6,904 11,060 6,879 |
Credit Derivative Disclosure By Quality | 2019 2018 Credit derivative disclosure by quality Notional Fair value Notional Fair value AAA 10 - 16 - AA 106 3 97 1 A 915 13 764 10 BBB 3,258 70 3,201 45 BB 97 3 226 5 B or lower 58 - 54 (3 ) Total 4,444 89 4,358 57 |
Summary of Cash Flows are Expected to Occur | The periods when the cash flows are expected to occur are as follows: < 1 year 1 – 5 years 5 – 10 years > 10 years 2019 Total Cash inflows 597 928 875 5,764 8,165 Cash outflows - 1 3 - 4 Net cash flows 597 927 872 5,764 8,160 < 1 year 1 – 5 years 5 – 10 years > 10 years 2018 Total Cash inflows 95 321 301 5,582 6,299 Cash outflows - 1 3 - 5 Net cash flows 95 320 297 5,582 6,294 |
Investments in joint ventures_2
Investments in joint ventures and associates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments In Associates Subsidaries And Joint Venture | Joint ventures Associates 2019 2018 2019 2018 At January 1 1,745 1,712 327 308 Additions 151 120 39 23 Disposals (1 ) (211 ) - (1 ) Share in net income 214 210 12 6 Share in changes in equity (note 30.6) 8 8 4 2 Impairment losses - - (7 ) (1 ) Dividends (120 ) (94 ) (10 ) (3 ) Net exchange difference 2 4 (1 ) (8 ) Other (16 ) (5 ) - - At December 31 1,983 1,745 363 327 |
Summary of Financial Information of Joint Ventures | The summarized financial information presented in the following table presents the joint ventures on a 100% basis. Aegon considers its investment in AMVEST Vastgoed B.V. (AMVEST) a material joint venture and is therefore presented separately. AMVEST Other Joint ventures 2019 2018 2019 2018 Summarized statement of financial position Cash and cash equivalents 124 132 525 511 Other current assets 42 157 1,261 896 Total current assets 166 289 1,786 1,407 Non-current assets 4,319 3,304 7,451 6,723 Total assets 4,486 3,593 9,236 8,130 Current financial liabilities excluding trade payables and other provisions - - 17 27 Other current liabilities 175 154 661 590 Total current liabilities 175 154 678 617 Non-current financial liabilities excluding trade payables and other provisions 709 590 439 416 Other non-current liabilities - - 6,883 6,040 Total non-current financial liabilities 709 590 7,321 6,456 Total liabilities 884 745 8,000 7,073 Net assets 3,602 2,848 1,237 1,057 Summarized statement of comprehensive income Revenue 111 89 1,846 1,599 Results from financial transactions 299 349 1 (1 ) Depreciation and amortization - - (12 ) (14 ) Interest income - - 56 51 Interest expense (8 ) (6 ) (4 ) (4 ) Profit or loss 406 438 244 226 Income tax (expense) or income (9 ) (6 ) (62 ) (82 ) Post-tax profit or (loss) 398 432 183 144 Other comprehensive income - - 13 12 Total comprehensive income 398 432 196 156 Dividends received 55 24 64 70 |
Summary of Overview of Summarized Financial Information to Carrying Amount of Joint Ventures | An overview of the summarized financial information of the carrying amount of the joint ventures is as follows: AMVEST Other Joint ventures 2019 2018 2019 2018 Net assets of joint venture as presented above 3,602 2,848 1,237 1,057 Net assets of joint venture excluding goodwill 3,602 2,848 857 681 Group share of net assets of joint venture, excluding goodwill 1,159 1,001 445 352 Goodwill on acquisition - - 380 376 Carrying amount 1,159 1,001 824 728 |
Summary of Reconciliation of Summarized Financial Information to Carrying Amount of Joint Ventures | The following table includes the summarized financial information of the joint ventures based on the Group’s relative holding. AMVEST Other Joint ventures 2019 2018 2019 2018 Post-tax profit or loss 125 144 88 66 Other comprehensive income - - 7 5 Total comprehensive income 125 144 95 71 |
Schedule Of Financial Information Of Associates | 2019 2018 Post-tax profit or loss 7 6 Other comprehensive income (7 ) 2 Total comprehensive income - 9 Carrying amount 350 327 |
Reinsurance assets (Tables)
Reinsurance assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Assets Arising From Reinsurance Contracts | Assets arising from reinsurance contracts related to: 2019 2018 Life insurance general account 19,046 18,712 Life insurance for account of policyholders - 2 Non-life insurance 1,376 1,356 Investment contracts 412 437 At December 31 20,835 20,507 |
Summary of Reinsurance Assets Relating to Life Insurance | Movements during the year in reinsurance assets relating to life insurance: Life insurance Life insurance Total life At January 1, 2019 18,712 2 18,714 Gross premium and deposits – existing and new business 2,170 - 2,170 Unwind of discount / interest credited 887 - 887 Insurance liabilities released (3,028 ) - (3,028 ) Fund charges released (85 ) - (85 ) Changes to valuation of expected future benefits (16 ) - (16 ) Net exchange differences 369 - 369 Disposal of a business - (2 ) (2 ) Transfer to/from insurance contracts 22 - 22 Other movements 16 - 16 At December 31, 2019 19,046 - 19,046 At January 1, 2018 17,419 2 17,421 Gross premium and deposits – existing and new business 2,038 3 2,041 Unwind of discount / interest credited 860 - 860 Insurance liabilities released (2,518 ) (3 ) (2,521 ) Fund charges released (82 ) - (82 ) Changes to valuation of expected future benefits 109 - 109 Policy transfers 25 - 25 Net exchange differences 858 - 858 Other movements 2 - 2 At December 31, 2018 18,712 2 18,714 |
Summary of Reinsurance Assets Relating to Non-life Insurance | Movements during the year in reinsurance assets relating to non-life insurance: 2019 2018 At January 1 1,356 1,327 Gross premium and deposits – existing and new business 99 84 Unwind of discount / interest credited 88 84 Insurance liabilities released (127 ) (123 ) Changes in unearned premiums (30 ) (28 ) Incurred related to current year 80 77 Incurred related to prior years 56 36 Release for claims settled current year (23 ) (18 ) Release for claims settled prior years (124 ) (130 ) Change in IBNR (19 ) 12 Shadow accounting adjustment - (24 ) Net exchange differences 25 65 Other movements (4 ) (8 ) At December 31 1,376 1,356 |
Assets Arising from Reinsurance Contracts | Assets arising from reinsurance contracts related to: 2019 2018 Normal course of business 7,101 6,900 Exit of a business 13,734 13,606 At December 31 20,835 20,507 |
Deferred expenses (Tables)
Deferred expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Amounts Arising From Insurance Contracts | 2019 2018 DPAC for insurance contracts and investment contracts with discretionary participation features 9,972 10,457 Deferred cost of reinsurance 389 23 Deferred transaction costs for investment management services 442 431 At December 31 10,804 10,910 Current 882 957 Non-current 9,921 9,953 |
Summary of Deferred Costs Arising From Insurance Contracts | 2019 2018 DPAC Deferred costs of Deferred transaction costs DPAC Deferred Deferred transaction costs At January 1 10,457 23 431 9,688 41 406 Costs deferred during the year 807 360 24 802 - 29 Amortization through income statement (754 ) 17 (22) (914 ) (19 ) (23) Shadow accounting adjustments (656 ) (11) - 455 - - Impairments (65 ) - - - - - Net exchange differences 223 - 9 433 1 18 Disposal of group assets (35 ) - - - - - Other (5 ) - - (7 ) - - At December 31 9,972 389 442 10,457 23 431 |
Other assets and receivables (T
Other assets and receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Assets and Receivables | Note 2019 2018 Real estate held for own use and equipment 28.1 489 498 Receivables 28.2 6,655 6,019 Accrued income 28.3 1,442 1,436 Right-of-use 28.4 255 - At December 31 8,841 7,954 |
Summary of Real Estate Held for Own Use and Equipment | 28.1 Real estate held for own use and equipment Net book value General account real Equipment Total At January 1, 2018 307 223 530 At December 31, 2018 263 235 498 At December 31, 2019 208 281 489 Cost At January 1, 2019 363 538 901 Additions - 105 106 Capitalized subsequent expenditure (4 ) - (4 ) Disposals (94 ) (24 ) (118 ) Unrealized gains/(losses) through equity (4 ) - (4 ) Realized gains/(losses) through income statement 10 - 10 Net exchange differences 4 9 13 Other - (5 ) (5 ) At December 31, 2019 276 624 900 Accumulated depreciation and impairment losses At January 1, 2019 100 303 403 Depreciation through income statement 5 60 64 Disposals (32 ) (22 ) (54 ) Impairment losses reversed (6 ) - (6 ) Net exchange differences 2 5 7 Other - (3 ) (3 ) At December 31, 2019 68 343 411 Cost At January 1, 2018 396 488 885 Additions 1 63 64 Acquired through business combinations - 1 1 Capitalized subsequent expenditure 18 - 18 Disposals (26 ) (26 ) (52 ) Unrealized gains/(losses) through equity (32 ) - (32 ) Transfer to investments in real estate (1 ) - (1 ) Realized gains/(losses) through income statement (4 ) - (4 ) Net exchange differences 11 12 23 At December 31, 2018 363 538 901 Accumulated depreciation and impairment losses At January 1, 2018 90 265 355 Depreciation through income statement 4 54 58 Disposals (16 ) (22 ) (38 ) Impairment losses 18 - 18 Transfer to investments in real estate (1 ) - (1 ) Net exchange differences 4 5 9 At December 31, 2018 100 303 403 |
Summary of Receivables | 28.2 Receivables 2019 Loans to associates 16 12 Loans to joint ventures - 18 Receivables from policyholders 945 969 Receivables from brokers and agents 288 396 Receivables from reinsurers 777 1,129 Cash outstanding from assets sold 320 116 Trade receivables 1,484 1,321 Cash collateral 1,383 616 Reverse repurchase agreements 76 - Income tax receivable 102 102 Other 1,300 1,382 Provision for doubtful debts (34) (41) At December 31 6,655 6,019 Current 6,611 5,989 Non-current 43 30 |
Summary of Movements in Provision for Doubtful Debts | The movements in the provision for doubtful debts during the year were as follows: 2019 2018 At January 1 (41) (48) Additions charged to earnings (9) (7) Unused amounts reversed through the income statement 8 4 Disposal of business 4 - Used during the year 5 10 At December 31 (34 ) (41 ) |
Summary of Accrued Income | 28.3 Accrued income 2019 Accrued interest 1,436 1,415 Other 6 21 At December 31 1,442 1,436 |
Summary of information about right of use assets | 28.4 Right-of-use Net book value Real estate for Equipment Other Total At December 31, 2019 227 25 3 255 Cost At January 1, 2019 213 18 5 235 Additions 40 19 1 59 Modification of lease contracts 2 - - 3 Net exchange differences 8 - - 8 At December 31, 2019 262 37 5 305 Accumulated depreciation and impairment losses At January 1, 2019 - - - - Depreciation through income statement 35 13 2 50 At December 31, 2019 36 13 2 50 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Intangible Assets | Net book value Goodwill VOBA Future Software Other Total At December 31, 2019 392 952 84 69 61 1,559 At December 31, 2018 384 1,123 91 64 64 1,727 At January 1, 2018 293 1,153 99 51 36 1,633 Cost At January 1, 2019 554 6,858 361 327 166 8,265 Additions - - - 35 4 39 Capitalized subsequent expenditure - - - 7 - 7 Disposals - - - (9 ) - (9 ) Net exchange differences 13 145 5 11 3 178 At December 31, 2019 567 7,003 366 371 173 8,479 Accumulated amortization, depreciation and impairment losses At January 1, 2019 169 5,735 270 263 101 6,538 Amortization through income statement - 112 8 16 7 143 Shadow accounting adjustments - 72 - - - 72 Disposals - - - (7 ) - (7 ) Impairment losses 3 11 - 20 - 34 Net exchange differences 3 121 4 9 3 140 At December 31, 2019 175 6,051 282 301 111 6,920 Cost At January 1, 2018 462 6,565 359 294 128 7,808 Additions - - - 45 2 47 Acquisitions through business combinations 85 - - 7 33 126 Capitalized subsequent expenditure - - - 5 - 5 Disposals - - - (19 ) - (19 ) Net exchange differences 6 293 2 (6 ) 2 298 At December 31, 2018 554 6,858 361 327 166 8,265 Accumulated amortization, depreciation and impairment losses At January 1, 2018 169 5,412 260 243 92 6,176 Amortization through income statement - 135 8 16 6 165 Shadow accounting adjustments - (56 ) - - - (56 ) Disposals - - - (6 ) - (6 ) Impairment losses - - - 15 - 15 Net exchange differences - 244 2 (5 ) 3 243 At December 31, 2018 169 5,735 270 263 101 6,538 |
Summary of Geographically Cash-generating Units to Goodwill | A geographical summary of the cash-generating units to which the goodwill is allocated is as follows: Goodwill 2019 2018 Americas 183 182 Southern & Eastern Europe 29 30 Asset Management 34 33 United Kingdom 57 54 The Netherlands 89 85 At December 31 392 384 |
Summary of Movement in VOBA | The movement in VOBA over 2019 can be summarized and compared to 2018 as follows: 2019 2018 At January 1 1,123 1,153 Amortization / depreciation through income statement (112 ) (135 ) Shadow accounting adjustments (72 ) 56 Impairment losses (11 ) - Net exchange differences 24 49 At December 31 952 1,123 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Issued Share Capital and Reserves Attributable to Shareholders | Note 2019 2018 2017 Share capital – par value 30.1 323 322 322 Share premium 30.2 7,213 7,487 7,731 Total share capital 7,536 7,808 8,053 Retained earnings 10,667 9,995 9,699 Treasury shares 30.3 (281 ) (337 ) (325 ) Total retained earnings 10,386 9,657 9,374 Revaluation reserves 30.4 5,868 3,436 4,898 Remeasurement of defined benefit plans 30.5 (2,397 ) (1,850 ) (1,669 ) Other reserves 30.6 456 149 (390 ) Total shareholders’ equity 21,850 19,200 20,266 |
Schedule of Share Capital Transactions Relating To Common Shares A | Share capital transactions relating to common shares 2019 2018 2017 Number of shares (thousands) Number of shares (thousands) Number of shares (thousands) Transactions in 2019: Final dividend 2018 1) (32,874 ) Share buyback program (final divi d 32,874 Interim dividend 2019 1) (35,370 ) Share buyback program (interim dividend 2019) 43,150 Transactions in 2018: Final dividend 2017 1) (21,954 ) Share buyback program (final dividend 2017) 21,954 Interim dividend 2018 1) (24,134 ) Share buyback program (interim dividend 2018) 24,134 Transactions in 2017: Final dividend 2016 1) (26,916 ) Interim dividend 2017 2) (24,948 ) Issuance of common shares with a par value of EUR 0.12 21,099 Share buyback program (final dividend 2016 and interim dividend 2017) 51,865 1 Dividend distribution paid from treasury shares (note 30.3) 2 Dividend distribution paid from treasury shares (note 30.3) and issuance of common shares performed in the year. |
Summary of Share Capital - Par Value | Share capital – par value 2019 2018 2017 Common shares 253 251 251 Common shares B 70 70 70 At December 31 323 322 322 Common shares 2019 2018 2017 Authorized share capital 720 720 720 Number of authorized shares (in million) 6,000 6,000 6,000 Par value in cents per share 12 12 12 Common shares B 2019 2018 2017 Authorized share capital 360 360 360 Number of authorized shares (in million) 3,000 3,000 3,000 Par value in cents per share 12 12 12 Common shares Common shares B Number of shares (thousands) Total amount Number of shares (thousands) Total amount At January 1, 2017 2,074,549 249 585,022 70 Dividend 21,099 3 - - At December 31, 2017 2,095,648 251 585,022 70 Dividend - - - - At December 31, 2018 2,095,648 251 585,022 70 Dividend 9,491 1 - - At December 31, 2019 2,105,139 253 585,022 70 The table below represents weighted average number of c o Weighted average number of common shares (thousands) Weighted average number of common shares B (thousands) 2017 2,080,792 585,022 2018 2,095,648 585,022 2019 2,098,326 585,022 |
Summary of Share Premium | 2019 2018 2017 At January 1 7,487 7,731 7,873 Share dividend (273 ) (244 ) (142 ) At December 31 7,213 7,487 7,731 Share premium relating to: - Common shares 5,560 5,834 6,078 - Common shares B 1,653 1,653 1,653 Total share premium 7,213 7,487 7,731 |
Summary of Movements in the Number of Treasury Common Shares | Movements in the number of treasury common shares held by Aegon N.V. were as follows: 2019 2018 2017 Number of shares Amount Number of shares Amount Number of shares Amount At January 1 61,418 326 64,488 314 47,473 178 Transactions in 2019: Sale: transactions, average price 5.10 (3,657 ) (19 ) Sale: 1 transaction, average price 5.25 (32,874 ) (173 ) Purchase: 1 transaction average price 4.52 32,874 149 Sale: 1 transaction, average price 5.16 (35,370 ) (183 ) Purchase: 1 transaction average price 3.89 43,150 168 Transactions in 2018: Sale: transactions, average price 3.76 (3,070 ) (12 ) Sale: 1 transaction, average price 4.62 (21,954 ) (101 ) Purchase: 1 transaction average price 5.34 21,954 117 Sale: 1 transaction, average price 5.09 (24,134 ) (123 ) Purchase: 1 transaction average price 5.43 24,134 131 Transactions in 2017: Sale: transactions, average price EUR 3.44 (4,085 ) (14 ) Sale: 1 transaction, average price EUR 3.68 (26,916 ) (99 ) Sale: 1 transaction, average price EUR 3.77 (3,849 ) (14 ) Purchase: 1 transaction, average price EUR 5.09 51,865 263 At December 31 65,540 269 61,418 326 64,488 314 Movements in the number of treasury common shares B held by Aegon N.V. were as follows: 2019 2018 2017 Number of shares (thousands) Amount Number of shares (thousands) Amount Number of shares (thousands) Amount At January 1 13,856 2 15,346 2 17,325 2 Transactions in 2019: Sale: 1 transaction, average price 0.12 (1,774 ) - Purchase: 1 transaction average price 0.10 13,227 1 Transactions in 2018: Sale: 1 transaction, average price EUR 0.11 (1,489 ) - Transactions in 2017: Sale: 1 transaction, average price EUR 0.11 (1,979 ) - Sale: 1 transaction, average price EUR 0.11 (13,043 ) (1 ) Purchase: 1 transaction, average price EUR 0.13 13,043 2 At December 31 25,310 3 13,856 2 15,346 2 |
Summary of Treasury Shares | 2019 2018 2017 Number of shares Total Number of shares (thousands) Total Number of shares (thousands) Total Common shares Held by Aegon N.V. 65,540 269 61,418 326 64,488 314 Held by subsidiaries 1,043 9 1,144 9 1,162 9 Common shares B Held by Aegon N.V. 25,310 3 13,856 2 15,346 2 At December 31 91,893 281 76,419 337 80,996 325 |
Summary of Weighted Average Number of Treasury Shares | Weighted average number of treasury shares, including treasury shares held by subsidiaries (thousands) Weighted average number of treasury shares B (thousands) 2017 38,490 9,841 2018 60,129 14,415 2019 56,467 13,070 |
Summary of Revaluation Reserves | Revaluation reserves Available-for-sale investments Real estate held for own use Cash flow hedging reserve Total At January 1, 2019 1,910 46 1,479 3,436 Gross revaluation 3,470 (4 ) 89 3,556 Net (gains) / losses transferred to income statement (412 ) - (97 ) (509 ) Net (gains) / losses transferred to retained earnings - (32 ) - (32 ) Foreign currency translation differences 8 1 27 37 Tax effect (630 ) 8 3 (619 ) At December 31, 2019 4,348 19 1,502 5,868 At January 1, 2018 3,427 68 1,402 4,898 Gross revaluation (2,142 ) (32 ) 85 (2,090 ) Net (gains) / losses transferred to income statement 66 - (80 ) (14 ) Foreign currency translation differences 46 2 71 119 Tax effect 514 7 1 522 Other - - - 1 At December 31, 2018 1,910 46 1,479 3,436 At January 1, 2017 3,326 59 1,904 5,289 Gross revaluation 1,403 8 (115 ) 1,296 Net (gains) / losses transferred to income statement (1,330 ) - (738 ) (2,069 ) Foreign currency translation differences (228 ) (8 ) (216 ) (452 ) Tax effect 285 9 567 860 Other (28 ) - 1 (27 ) At December 31, 2017 3,427 68 1,402 4,898 |
Summary of Revaluation Reserve for Available-for-sale Investments | The closing balances of the revaluation reserve for available-for-sale 2019 2018 2017 Shares 25 22 40 Debt securities 4,348 1,911 3,401 Other (26 ) (23 ) (14 ) Revaluation reserve for available-for-sale 4,348 1,910 3,427 |
Summary of Remeasurement of Defined Benefit Plans | Remeasurement of defined benefit plans 2019 2018 2017 At January 1 (1,850 ) (1,669 ) (1,820 ) Remeasurements of defined benefit plans (612 ) (134 ) 224 Tax effect 90 (15 ) (175 ) Net exchange differences (25 ) (32 ) 102 Total remeasurement of defined benefit plans (2,397 ) (1,850 ) (1,669 ) |
Summary of Other Reserves | Other reserves Foreign currency translation reserve Net foreign investment hedging reserve Equity movements of joint ventures and associates Total At January 1, 2019 499 (370 ) 19 149 Movement in foreign currency translation and net foreign investment hedging reserves 312 (10 ) - 302 Disposal of a business (1 ) - - (1 ) Tax effect (10 ) 5 - (5 ) Equity movements of joint ventures - - 8 8 Equity movements of associates - - 4 4 At December 31, 2019 800 (374 ) 31 456 At January 1, 2018 (80 ) (321 ) 11 (390 ) Movement in foreign currency translation and net foreign investment hedging reserves 562 (46 ) (3 ) 513 Disposal of a business 50 (14 ) - 36 Tax effect (32 ) 12 - (20 ) Equity movements of joint ventures - - 8 8 Equity movements of associates - - 2 2 Other - - 1 1 At December 31, 2018 499 (370 ) 19 149 At January 1, 2017 1,734 (418 ) 31 1,347 Movement in foreign currency translation and net foreign investment hedging reserves (1,929 ) 129 - (1,800 ) Disposal of a business 7 - - 7 Tax effect 108 (32 ) - 76 Equity movements of joint ventures - - (15 ) (15 ) Equity movements of associates - - (5 ) (5 ) At December 31, 2017 (80 ) (321 ) 11 (390 ) |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Shareholders' Equity | Share capital Paid - surplus Revaluation account Legal Legal Retained Remeasurement of defined benefit plans of group companies Treasury Net Total At January 1, 2019 1) 322 7,486 3,540 130 1,326 7,872 (1,850 ) (337 ) 710 19,200 Mandatory change in accounting policy - - - - - (44 ) - - - (44 ) At January 1, 2019 (restated) 322 7,486 3,540 130 1,326 7,828 (1,850 ) (337 ) 710 19,156 Net income 2018 retained - - - - - 710 - - (710 ) - Net income 2019 - - - - - - - - 1,239 1,239 Total net income / (loss) - - - - - 710 - - 529 1,239 Foreign currency translation differences and movement in foreign investment hedging reserves - - 296 - - (25 ) - - 271 Changes in revaluation subsidiaries - - 2,460 - - - - - - 2,460 Changes in revaluation reserve real estate held for own use - - (28 ) - - 25 (3 ) Remeasurement of defined benefit plans of group companies - - - - - - (522 ) - - (522 ) Changes and transfer to legal reserve - - 143 - 377 (509 ) - - - 11 Other - - - - - 15 - - - 15 Other comprehensive income / (loss) - - 2,576 296 377 (469 ) (547 ) - - 2,234 Shares issued 1 - - - - - - - - 1 Dividends paid on common shares - (273 ) - - - (309 ) - - - (583 ) Issuance and purchase of treasury shares - - - - - (86 ) - 56 - (30 ) Issuance and redemption of other equity instruments - - - - - (81 ) - - - (81 ) Coupons on perpetual securities - - - - - (88 ) - - - (88 ) Incentive plans - - - - - 2 - - - 2 At December 31, 2019 323 7,213 6,116 426 1,703 7,508 (2,397 ) (281 ) 1,239 21,850 1 See in consolidated financial statements note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing Share capital Paid - surplus Revaluation account Legal Legal Retained Remeasurement of defined benefit plans of group companies Treasury Net Total At January 1, 2018 322 7,731 5,017 (401 ) 1,122 6,022 (1,669 ) (325 ) 2,469 20,287 Changes in accounting policies related to liability adequancy testing - - (22 ) - - - - - - (22 ) At January 1, 2018 (restated) 1) 322 7,731 4,995 (401 ) 1,122 6,022 (1,669 ) (325 ) 2,469 20,265 Net income 2017 retained - - - - - 2,469 - - (2,469 ) - Net income 2018 - - - - - - - - 710 710 Total net income / (loss) - - - - - 2,469 - - (1,759 ) 710 Foreign currency translation differences and movement in foreign investment hedging reserves - - - 531 - - (32 ) - - 499 Changes in revaluation subsidiaries - - (1,462 ) - - - - - - (1,462 ) Remeasurement of defined benefit plans of group companies - - - - - - (150 ) - - (150 ) Changes and transfer to legal reserve - - 7 - 204 (202 ) - - - 9 Other - - - - - (3 ) - - - (3 ) Other comprehensive income / (loss) - - (1,455 ) 531 204 (205 ) (182 ) - - (1,108 ) Dividend common shares - (244 ) - - - (329 ) - - - (573 ) Dividend withholding tax reduction - - - - - 1 - - - 1 Treasury shares - - - - - 26 - (12 ) - 14 Coupons and premium on convertible core capital securities and coupon on perpetual securities, net of tax - - - - - (113 ) - - - (113 ) At December 31, 2018 322 7,486 3,540 130 1,326 7,872 (1,850 ) (337 ) 710 19,200 1 See in consolidated financial statements note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing |
Summary of Treasury Stock | 2019 2018 Number of shares Total amount Number of shares Total amount Common shares Held by Aegon N.V. 65,540 269 61,418 326 Held by subsidiaries 1,043 9 1,144 9 Common shares B Held by Aegon N.V. 25,310 3 13,856 2 At December 31 91,893 281 76,419 337 |
Aegon N.V [member] | Common Share [member] | |
Statement [LineItems] | |
Summary of Movements in the Number of Treasury Common Shares | Movements in the number of treasury common shares held by Aegon N.V. were as follows: 2019 2018 Number of shares Number of shares (thousands) Amount (thousands) Amount At January 1 61,418 326 64,488 314 Transactions in 2019: Sale: transactions, average price EUR 5.10 (3,657 ) (19 ) Sale: 1 transaction, average price EUR 5.25 (32,874 ) (173 ) Purchase: 1 transaction, average price EUR 4.52 32,874 149 Sale: 1 transaction, average price EUR 5.16 (35,370 ) (183 ) Purchase: 1 transaction, average price EUR 3.89 43,150 168 Transactions in 2018: Sale: transactions, average price EUR 3,76 (3,070 ) (12 ) Sale: 1 transaction, average price EUR 4.62 (21,954 ) (101 ) Purchase: 1 transaction, average price EUR 5.34 21,954 117 Sale: 1 transaction, average price EUR 5.09 (24,134 ) (123 ) Purchase: 1 transaction, average price EUR 5.43 24,134 131 At December 31 65,540 269 61,418 326 |
Aegon N.V [member] | Common Share B [member] | |
Statement [LineItems] | |
Summary of Movements in the Number of Treasury Common Shares | Movements in the number of treasury common shares B held by Aegon N.V. were as follows: 2019 2018 Number of shares Number of shares (thousands) Amount (thousands) Amount At January 1 13,856 2 15,346 2 Transactions in 2019: Sale: 1 transaction, average price EUR 0.12 (1,774 ) - Buy: 1 transaction, average price EUR 0.10 13,227 1 Transactions in 2018: Sale: 1 transaction, average price EUR 0.11 (1,489 ) - At December 31 25,310 3 13,856 2 |
Other equity instruments (Table
Other equity instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Disclosure - Other Equity Instruments - Summary of Other Equity Instruments | Perpetual Junior Perpetual Non-cumulative Long Term 1) Total At January 1, 2019 - 2,808 454 - 58 3,320 Shares granted - - - - 21 21 Shares vested - - - - (26 ) (26 ) Securities issued 500 - - - - 500 Securities redeemed - (1,244 ) - - - (1,244 ) At December 31, 2019 500 1,564 454 - 53 2,571 At January 1, 2018 - 3,008 454 271 61 3,794 Shares granted - - - - 16 16 Shares vested - - - - (19 ) (19 ) Securities redeemed - (200 ) - (271 ) - (471 ) At December 31, 2018 - 2,808 454 - 58 3,320 At January 1, 2017 - 3,008 454 271 65 3,797 Shares granted - - - - 26 26 Shares vested - - - - (30 ) (30 ) Securities redeemed - - - - - - At December 31, 2017 - 3,008 454 271 61 3,794 1 Long Term Incentive Plans include the shares granted to personnel which are not yet vested. |
Perpetual contingent convertible securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual contingent convertible securities Coupon rate Coupon date Year of next call 2019 2018 2017 EUR 500 million 5.625 % Semi-annually, April 15 2029 500 - - At December 31 500 - - |
Junior perpetual capital securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Junior perpetual capital securities Coupon rate Coupon date, as of Year of next call 2019 2018 2017 USD 500 million 6.50 % Quarterly, December 15 Called in 2019 - 424 424 USD 250 million floating LIBOR rate 1) Quarterly, December 15 2020 212 212 212 USD 500 million floating CMS rate 2) Quarterly, July 15 2020 402 402 402 USD 1 billion 6.375 % Quarterly, June 15 Called in 2019 - 821 821 EUR 950 million floating DSL rate 3) Quarterly, July 15 2020 950 950 950 EUR 200 million 6.0 % Annually, July 21 Called in 2018 - - 200 At December 31 1,564 2,808 3,008 1 The coupon of the USD 250 million junior perpetual capital securities is reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%. 2 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year 3 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year |
Perpetual cumulative subordinated bonds [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next 2019 2018 2017 EUR 203 million 4.260% 1), 4) Annually, March 4 2021 203 203 203 EUR 114 million 1.506% 2), 4) Annually, June 8 2025 114 114 114 EUR 136 million 1.425% 3), 4) Annually, October 14 2028 136 136 136 At December 31 454 454 454 1 The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until March 4, 2021. 2 The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until June 8, 2015 and 1.506% until June 8, 2025. 3 The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until October 14, 2018 and 1.425% until October 14, 2028. 4 If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year |
Non-cumulative subordinated notes [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Non-cumulative Coupon rate Coupon date Year of next 2019 2018 2017 USD 525 million 8% Quarterly, February 15 Called in 2018 - - 271 At December 31 - - 271 |
Aegon N.V [member] | |
Statement [LineItems] | |
Disclosure - Other Equity Instruments - Summary of Other Equity Instruments | Perpetual Junior Perpetual Non-cumulative Long Term Plans 1) Total At January 1, 2019 - 2,808 454 - 58 3,320 Shares granted - - - - 21 21 Shares vested - - - - (26 ) (26 ) Securities issued 500 - - - - 500 Securities redeemed - (1,244 ) - - - (1,244 ) At December 31, 2019 500 1,564 454 - 53 2,571 At January 1, 2018 - 3,008 454 271 61 3,794 Shares granted - - - - 16 16 Shares vested - - - - (19 ) (19 ) Securities redeemed - (200 ) - (271 ) - (471 ) At December 31, 2018 - 2,808 454 - 58 3,320 1 Long Term Incentive Plans include the shares granted to personnel which are not yet vested. |
Aegon N.V [member] | Perpetual contingent convertible securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual contingent convertible securities Coupon rate Coupon date Year of next call 2019 2018 EUR 500 million 5.625% Semi-annually, April 15 2029 500 - At December 31 500 - |
Aegon N.V [member] | Junior perpetual capital securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Junior perpetual capital securities Coupon rate Coupon date, as of Year of next call 2019 2018 USD 500 million 6.50% Quarterly, December 15 Called in 2019 - 424 USD 250 million floating LIBOR rate 1) Quarterly, December 15 2020 212 212 USD 500 million floating CMS rate 2) Quarterly, July 15 2020 402 402 USD 1 billion 6.375% Quarterly, June 15 Called in 2019 - 821 EUR 950 million floating DSL rate 3) Quarterly, July 15 2020 950 950 At December 31 1,564 2,808 1 The coupon of the USD 250 million junior perpetual capital securities is reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%. 2 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year 3 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year |
Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next call 2019 2018 EUR 203 million 4.260% 1), 4) Annually, March 4 2021 203 203 EUR 114 million 1.506% 2), 4) Annually, June 8 2025 114 114 EUR 136 million 1.425% 3), 4) Annually, October 14 2028 136 136 At December 31 454 454 1 The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until March 4, 2021. 2 The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until June 8, 2015 and 1.506% until June 8, 2025. 3 The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until October 14, 2018 and 1.425% until October 14, 2028. 4 If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year |
Subordinated borrowings (Tables
Subordinated borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Subordinated Borrowings | Coupon rate Coupon date Year of next call 2019 2018 Fixed to floating subordinated notes EUR 700 million 4% Annually, April 25 2024 697 696 USD 800 million 5.5% Semi-annually, April 11 2028 707 693 Fixed subordinated notes USD 925 million 1) 5.1% Quarterly, March 15 2024 804 - At December 31 2,207 1,389 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Subordinated Borrowings | Coupon rate Coupon date Year of next call 2019 2018 Fixed to floating subordinated notes EUR 700 million 4% Annually, April 25 2024 697 696 USD 800 million 5.5% Semi-annually, April 11 2028 707 693 At December 31 1,403 1,389 |
Trust pass-through securities (
Trust pass-through securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trust Pass-through Securities | Coupon rate Coupon date Year of issue Year of maturity Year of next call 2019 2018 USD 225 million 1) 7.65% Semi-annually, December 1 1996 2026 n.a. 92 90 USD 190 million 1) 7.625% Semi-annually, November 15 1997 2037 n.a. 44 43 At December 31 136 133 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. |
Insurance contracts (Tables)
Insurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of types of insurance contracts [line items] | |
Summary of Sensitivity Analysis of Net Income and Shareholders' Equity to Changes in Various Underwriting Risks | Sensitivity analysis of net income and shareholders’ equity to changes in various underwriting risks 2019 2018 Estimated approximate effect On shareholders’ equity On net income On shareholders’ equity On net income 20% increase in lapse rates 152 143 94 109 20% decrease in lapse rates (169 ) (156 ) (139 ) (154 ) 5% increase in mortality rates 261 192 252 63 5% decrease in mortality rates (322 ) (240 ) (418 ) (210 ) 10% increase in morbidity rates (370 ) (376 ) (525 ) (446 ) 10% decrease in morbidity rates 191 196 183 125 |
Summary of Insurance Contracts for General Account | 2019 2018 Life insurance 109,879 102,452 Non-life - Unearned premiums and unexpired risks 6,002 5,341 - Outstanding claims 2,417 2,338 - Incurred but not reported claims 772 820 Incoming reinsurance 4,385 4,377 At December 31 123,454 115,328 2019 2018 Non-life - Accident and health insurance 8,955 8,247 - General insurance 235 252 Total non-life 9,190 8,499 Movements during the year in life insurance: 2019 2018 At January 1 102,452 98,452 Disposals (44 ) - Portfolio transfers and acquisitions (8 ) 95 Gross premium and deposits – existing and new business 6,913 6,293 Unwind of discount / interest credited 3,795 3,711 Insurance liabilities released (9,921 ) (9,582 ) Changes in valuation of expected future benefits 800 617 Loss recognized as a result of liability adequacy testing 1,587 49 Shadow accounting adjustments 1,948 (299 ) Net exchange differences 1,271 3,087 Transfer (to) / from reinsurance assets 18 - Transfer (to) / from insurance contracts for account of policyholders 1,050 27 Other 17 1 At December 31 109,879 102,452 |
Summary of Movements in Insurance | Movements during the year in non-life 2019 2018 At January 1 8,499 8,484 Gross premiums – existing and new business 1,594 1,563 Unwind of discount / interest credited 481 450 Insurance liabilities released (1,087 ) (1,052 ) Changes in valuation of expected future claims (7 ) (8 ) Change in unearned premiums (720 ) (742 ) Change in unexpired risks 2 2 Incurred related to current year 718 747 Incurred related to prior years 316 195 Release for claims settled current year (292 ) (278 ) Release for claims settled prior years (788 ) (704 ) Shadow accounting adjustments 422 (459 ) Change in IBNR (73 ) (51 ) Net exchange differences 131 354 Other (5 ) (2 ) At December 31 9,191 8,499 Movements during the year in incoming reinsurance: 2019 2018 At January 1 4,377 3,913 Gross premium and deposits – existing and new business 1,397 1,441 Unwind of discount / interest credited 211 199 Insurance liabilities released (1,668 ) (1,557 ) Changes in valuation of expected future benefits (30 ) 190 Shadow accounting adjustments 12 (11 ) Loss recognized as a result of liability adequacy 3 (4 ) Net exchange differences 81 205 Other 2 2 At December 31 4,385 4,377 Insurance contracts for account of policyholders 2019 2018 At January 1 117,113 122,168 Disposal of a business (196 ) - Portfolio transfers and acquisitions (10 ) (140 ) Gross premium and deposits – existing and new business 9,122 9,716 Unwind of discount / interest credited 19,780 (5,311 ) Insurance liabilities released (11,103 ) (10,471 ) Fund charges released (1,677 ) (1,671 ) Changes in valuation of expected future benefits 861 (245 ) Transfer (to) / from insurance contracts (1,050 ) (27 ) Net exchange differences 2,868 3,092 Other 2 2 At December 31 135,710 117,113 |
Insurances Contracts [Member] | |
Disclosure of types of insurance contracts [line items] | |
Summary of Movements in Insurance | Sensitivity analysis of net income and shareholders’ equity Estimated approximate Estimated approximate effects on shareholders’ equity 2019 Shift up 50 basis points - Bond credit spreads (205 ) (2,386 ) Shift down 50 basis points - Bond credit spreads 198 2,117 Shift up 50 basis points - Mortgage spreads (440 ) (440 ) Shift down 50 basis points - Mortgage spreads 467 467 Shift up 5 basis points - Liquidity premium 104 101 Shift down 5 basis points - Liquidity premium (105 ) (103 ) 1 The sensitivities shown above were collected for the first time in 2019, therefore we do not provide comparatives. |
Investment contracts (Tables)
Investment contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Investment Contracts for General Account | Without discretionary With discretionary Total At January 1, 2019 17,825 223 18,048 Deposits 13,234 - 13,234 Withdrawals (13,768 ) - (13,768 ) Investment contracts liabilities released - (23 ) (23 ) Interest credited 247 - 247 Net exchange differences 128 12 140 Transfer to/from other headings 724 - 724 Other (7 ) - (7 ) At December 31, 2019 18,382 211 18,594 At January 1, 2018 16,665 278 16,943 Portfolio transfers and acquisitions 271 - 271 Deposits 10,308 - 10,308 Withdrawals (10,101 ) - (10,101 ) Investment contracts liabilities released - (53 ) (53 ) Interest credited 236 - 236 Net exchange differences 335 (2 ) 332 Transfer to/from other headings 133 - 133 Other (22 ) - (22 ) At December 31, 2018 17,825 223 18,048 Investment contracts consist of the following: 2019 2018 Institutional guaranteed products 339 944 Fixed annuities 6,237 5,981 Savings accounts 11,517 10,586 Investment contracts with discretionary participation features 211 223 Other 289 314 At December 31 18,594 18,048 |
Summary of Investment Contracts for Account of Policy Holders | Without discretionary participation features With discretionary participation features Total At January 1, 2019 49,847 30,250 80,097 Gross premium and deposits – existing and new business 10,545 1,066 11,610 Withdrawals (10,228 ) - (10,228 ) Interest credited 9,244 5,511 14,755 Investment contracts liabilities released - (4,815 ) (4,815 ) Fund charges released (142 ) - (142 ) Net exchange differences 1,898 1,858 3,755 Transfer to/from other headings (1,210 ) - (1,210 ) Other 1 - 1 At December 31, 2019 59,956 33,870 93,826 At January 1, 2018 37,169 37,265 74,434 Additions 18,415 - 18,415 Gross premium and deposits – existing and new business 6,432 1,279 7,711 Withdrawals (10,279 ) - (10,279 ) Interest credited (2,682 ) (1,475 ) (4,157 ) Investment contracts liabilities released - (6,506 ) (6,506 ) Fund charges released (157 ) - (157 ) Net exchange differences 1,084 (312 ) 772 Transfer to/from other headings (137 ) - (137 ) Other 2 - 2 At December 31, 2018 49,847 30,250 80,097 |
Guarantees in insurance contr_2
Guarantees in insurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Liabilities for Financial Guarantees for Minimum Benefits, Net of Present Value of Expected Future Premiums | The following table provides information on the liabilities for financial guarantees for minimum benefits, net of present value of the expected future premiums that are received to cover these guarantees: 2019 2018 United States 1) The Netherlands 2) Total 3) United States 1) The Netherlands 2) Total 3) At January 1 766 1,678 2,445 247 1,547 1,794 Incurred guarantee benefits 4) 518 57 575 491 131 622 Paid guarantee benefits (1 ) - (1 ) (1 ) - (1 ) Net exchange differences 13 - 13 29 - 29 At December 31 1,296 1,735 3,031 766 1,678 2,445 Account value 5) 34,503 8,626 43,130 30,788 8,175 38,963 Net amount at risk 6) 236 2,002 2,239 235 2,004 2,239 1 Guaranteed minimum accumulation and withdrawal benefits. 2 Fund plan and unit-linked guarantees. 3 Balances are included in the derivatives liabilities on the face of the statement of financial position; refer to note 24 Derivatives. 4 Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money 5 Account value reflects the actual fund value for the policyholders. 6 The net amount at risk represents the sum of the positive differences between the discounted maximum amount payable under the guarantees and the account value. |
Summary of Liabilities for Guarantees for Minimum Benefits | The following table provides information on the liabilities for guarantees for minimum benefits that are included in the valuation of the host contracts: 2019 2018 GMDB 1) GMIB 2) Total 4) GMDB 1) GMIB 2) Total 4) At January 1 519 906 1,425 364 608 972 Incurred guarantee benefits 5) (27 ) (210 ) (238 ) 197 282 479 Paid guarantee benefits (53 ) (27 ) (81 ) (65 ) (23 ) (88 ) Net exchange differences 10 17 27 23 39 62 At December 31 448 686 1,133 519 906 1,425 GMDB 1) 3) GMIB 2) 3) GMDB 1) 3) GMIB 2) 3) Account value 6) 54,411 5,331 48,174 4,770 Net amount at risk 7) 1,268 688 2,839 888 Average attained age of contract holders 70 71 70 71 1 Guaranteed minimum death benefit in the United States. 2 Guaranteed minimum income benefit in the United States. 3 Note that the variable annuity contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. 4 Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 34 Insurance contracts. 5 Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money 6 Account value reflects the actual fund value for the policyholders. 7 The net amount at risk is defined as the present value of the minimum guaranteed annuity payments available to the contract holder determined in accordance with the terms of the contract in excess of the current account balance. |
Summary of Liabilities for Guarantees That are Included in Valuation of Host Contracts, Net of Present Value of Expected Future Premiums | The following table provides information on the liabilities for guarantees that are included in the valuation of the host contracts, net of the present value of the expected future premiums that are received to cover these guarantees: 2019 2018 GMI 1), 2) GMI 1), 2) At January 1 5,063 4,719 Incurred guarantee benefits 3) 1,358 344 At December 31 6,422 5,063 Account value 4) 19,985 18,346 Net amount at risk 5) 6,335 4,933 1 Guaranteed minimum investment return in the Netherlands. 2 Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 34 Insurance contracts. 3 Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money 4 Account value reflects the liability value of the insurance contracts as a whole. 5 The net amount at risk represents the sum of the differences between the guaranteed and actual amount that is credited to the policyholders. For Individual policies only positive differences are included, for Group pensions contracts carry forwards of negative differences are recognized. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Borrowings | 2019 2018 Capital funding 1,745 1,774 Operational funding 7,562 10,287 At December 31 9,307 12,061 Current 4,969 1,379 Non-current 4,338 10,682 Fair value of borrowings 9,783 12,421 |
Summary of Undrawn Committed Borrowings Facilities | The difference between the contractually required payment at maturity date and the carrying amount of the borrowings amounted to EUR 40 million negative (2018: EUR 8 million negative). Undrawn committed borrowing facilities: 2019 2018 Floating-rate - Expiring within one year 516 260 - Expiring beyond one year 2,887 3,420 At December 31 3,403 3,680 |
Capital funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | A detailed composition of capital funding is included in the following table: (sorted at maturity) Coupon rate Coupon date Issue / Maturity 2019 2018 EUR 75 million Medium-Term Notes 1) 4.625% December 9 2004 / 19 - 78 USD 500 million Senior Notes 1), 2) 5.75% Semi-annually 2005 / 20 461 457 EUR 500 million Senior Unsecured Notes 1.00% December 8 2016 / 23 497 496 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 293 277 GBP 400 million Senior Unsecured Notes 6.625% Semi-annually 2009 / 39 467 440 Other 26 26 At December 31 1,745 1,774 1 Measured at fair value. 2 Issued by subsidiaries of, and guaranteed by, Aegon N.V. |
Operational funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | Coupon rate Coupon date Issue / Maturity 2019 2018 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - / 2020-22 817 375 EUR 1,367 million “SAECURE 14” RMBS Note 1), 2) Floating Quarterly 2014 / 19 - 874 EUR 1,443 million “SAECURE 15” RMBS Note 1), 3) Floating Quarterly 2014 / 20 917 1,038 EUR 875 million “SAECURE 16” RMBS Note 1), 4) Floating Quarterly 2018 / 23 820 875 EUR 512 million “SAECURE 18” RMBS Note 1), 5) Floating Quarterly 2019/25 491 - EUR 750 million Conditional Pass-Through Covered Bond 1), 6) 0.267% Annual 2015 / 20 749 748 EUR 500 million Conditional Pass-Through Covered Bond 1), 7) 0.250% Annual 2016 / 23 498 497 EUR 500 million Conditional Pass-Through Covered Bond 1), 8) 0.750% Annual 2017 / 27 489 488 EUR 500 million Conditional Pass-Through Covered Bond 1), 9) 0.375% Annual 2017 / 24 498 497 USD 1.54 billion Variable Funding Surplus Note 10), 11) Floating Quarterly 2006 / 36 - 1,388 FHLB Secured borrowings 1) Floating Quarterly 2016 / 46 1,777 3,495 Aegon Bank Senior Non-Preferred 1) Fixed Annual 2019/24 497 - Other 8 12 At December 31 7,562 10,287 1 Issued by a subsidiary of Aegon N.V. 2 The first optional redemption date is January 30, 2019; the final maturity date is January 30, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 3 The first optional redemption date is January 30, 2020; the final maturity date is January 30, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 4 The first optional redemption date is October 30, 2023; the final legal maturity date is October 30, 2091. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 5 The first optional redemption date is July 28, 2025; the final legal maturity date is April 28, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 6 The maturity date is December 1, 2020; the extended due for payment date is December 1, 2052. 7 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 8 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 9 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 10 Outstanding amounts can vary up to the maximum stated nominal amount. 11 This debenture is issued by a wholly owned captive that is consolidated in the Aegon N.V. consolidated financial statements. A guarantee has been provided by Aegon N.V. - refer to note 45 Commitments and contingencies. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Provisions | 2019 2018 At January 1 320 210 Additional provisions 42 231 Disposals (60 ) (94 ) Unused amounts reversed through the income statement (3 ) (1 ) Used during the year (90 ) (34 ) Net exchange differences 5 8 At December 31 214 320 Current 137 275 Non-current 77 45 |
Defined benefit plans (Tables)
Defined benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Defined Benefit Plans | 2019 2018 Retirement benefit plans 4,076 3,714 Other post-employment benefit plans 283 275 Total defined benefit plans 4,359 3,989 - Retirement benefit plans in surplus 1 - Other post-employment benefit plans in surplus - - Total defined benefit assets 1 - - Retirement benefit plans in deficit 4,077 3,714 Other post-employment benefit plans in deficit 283 275 Total defined benefit liabilities 4,360 3,989 |
Summary of Movements of Defined Benefit Plans | 2019 2018 Movements during the year in defined Retirement Other post- Total Retirement Other post- Total At January 1 3,714 275 3,989 3,657 293 3,950 Defined benefit expenses 227 17 244 192 13 206 Remeasurements of defined benefit plans 607 5 612 157 (23 ) 134 Contributions paid (298 ) - (298 ) (234 ) - (234 ) Benefits paid (100 ) (18 ) (118 ) (99 ) (19 ) (118 ) Net exchange differences 14 4 18 37 11 47 Other 1) (89 ) - (88 ) 5 - 5 At December 31 4,076 283 4,359 3,714 275 3,989 1 In 2019, ‘Other’ mainly relates to the plan amendment from The Netherlands as described in the section on ‘Aegon the Netherlands’ in this note. |
Summary of Amounts Recognized in Statement of Financial Positions | The amounts recognized in the statement of financial position are determined as follows: 2019 2018 Retirement Other post- Total Retirement Other post- Total Present value of wholly or partly funded obligations 4,807 - 4,807 4,027 - 4,027 Fair value of plan assets (4,420 ) - (4,420 ) (3,525 ) - (3,525 ) 386 - 386 502 - 502 Present value of wholly unfunded obligations 1) 3,690 283 3,973 3,212 275 3,487 At December 31 4,076 283 4,359 3,714 275 3,989 1 As all pension obligations are insured at subsidiary Aegon Levensverzekering almost all assets held by Aegon Nederland backing retirement benefits of EUR 2,736 millions (2018: EUR 2,568 million) do not meet the definition of plan assets and as such were not deducted in calculating this amount. Instead, these assets are recognized as general account assets. Consequently, the return on these assets does not form part of the calculation of defined benefit expenses. |
Summary of Fair Value of Plan Assets | The fair value of Aegon’s own transferable financial instruments included in plan assets and the fair value of other assets used by Aegon included in plan assets was nil in both 2019 and 2018. 2019 2018 Defined benefit expenses Retirement Other post- Total Retirement Other post- Total Current year service cost 148 8 157 121 10 131 Net interest on the net defined benefit liability (asset) 80 9 89 87 8 96 Past service cost (1 ) - (1 ) (16 ) (5 ) (21 ) Total defined benefit expenses 227 17 244 192 13 206 2017 Retirement Other post- Total Current year service cost 148 11 158 Net interest on the net defined benefit liability (asset) 99 10 109 Past service cost (5 ) (1 ) (6 ) Total defined benefit expenses 242 19 262 |
Summary of Breakdown of Plan Assets for Retirement of Benefit Plans | 2019 2018 Breakdown of plan assets for retirement benefit plans Quoted Unquoted Total in % of total plan assets Quoted Unquoted Total in % of total plan assets Equity instruments 160 3 164 4% 106 5 111 3% Debt instrument 465 361 826 19% 369 343 712 20% Real estate - 119 119 3% - 111 111 3% Derivatives - 57 57 1% - 149 149 4% Investment funds 3 2,484 2,487 56% 11 1,945 1,956 55% Other 15 752 767 17% 14 471 484 14% At December 31 644 3,776 4,420 100% 500 3,025 3,525 100% |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | Actuarial assumptions used to determine defined benefit obligations at year-end 2019 2018 Demographic actuarial assumptions Mortality US mortality table 1) US mortality table 2) Financial actuarial assumptions Discount rate 3) 3.23%/3.02% 4.22% / 4.05% Salary increase rate 4.00% 3.85% Health care trend rate 6.60% 7.00% 1 2019 assumption- PRI-2012 2 2018 Assumption- RP2014 Employee and Health Annuitant Tables projected with Scale MP - 2018 3 Aegon USA has separate discount rates beginning with 2018 – 3.23% for all pension plans and 3.02% for post retirement welfare plan 2019. The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end: Estimated approximate effects on the defined benefit obligation 2019 2018 Demographic actuarial assumptions 10% increase in mortality rates (83 ) (70 ) 10% decrease in mortality rates 92 77 Financial actuarial assumptions 100 basis points increase in discount rate (417 ) (351 ) 100 basis points decrease in discount rate 514 430 100 basis points increase in salary increase rate 29 29 100 basis points decrease in salary increase rate (27 ) (26 ) 100 basis points increase in health care trend rate 12 12 100 basis points decrease in health care trend rate (11 ) (11 ) |
Commissions and expenses [member] | |
Statement [LineItems] | |
Summary of Movements of Defined Benefit Plans | Movements during the year of the present value of the defined benefit obligations 2019 2018 At January 1 7,514 7,572 Current year service cost 157 131 Interest expense 221 213 Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions 40 (28 ) - Actuarial gains and losses arising from changes in financial assumptions 1,126 (102 ) Past service cost (1 ) (21 ) Contributions by plan participants 8 11 Benefits paid (353 ) (409 ) Net exchange differences 144 144 Other 1) (76 ) 5 At December 31 8,779 7,514 1 In 2019, ‘Other’ mainly relates to the plan amendment from Aegon the Netherlands as described in the section on ‘Aegon the Netherlands’ in this note. Movements during the year in plan assets for retirement benefit plans 2019 2018 At January 1 3,525 3,622 Interest income (based on discount rate) 133 117 Remeasurements of the net defined liability (asset) 566 (264 ) Contributions by employer 306 245 Benefits paid (235 ) (291 ) Net exchange differences 126 96 At December 31 4,420 3,525 |
Aegon United Kingdom [member] | |
Statement [LineItems] | |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | The principal actuarial assumptions that apply for the year ended December 31 are as follows: Actuarial assumptions used to determine defined benefit obligations at year-end 2019 2018 Demographic actuarial assumptions Mortality UK mortality table 1) UK mortality table 2) Financial actuarial assumptions Discount rate 2.08% 2.94 % Price inflation 3.08% 3.32 % 1 Club Vita tables based on analysis of Scheme membership CMI 2017 1.5%/1.25% p.a. (males/females) 2 Club Vita tables based on analysis of Scheme membership CMI 2017 1.5%/1.25% p.a. (males/females) The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end: Estimated approximate effects on the defined benefit obligation 2019 2018 Demographic actuarial assumptions 10% increase in mortality rates (48 ) (34 ) 10% decrease in mortality rates 54 38 Financial actuarial assumptions 100 basis points increase in discount rate (306 ) (235 ) 100 basis points decrease in discount rate 414 313 100 basis points increase in price inflation 130 119 100 basis points decrease in price inflation (281 ) (192 ) |
Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period | Target allocation of plan assets for retirement benefit plans for the next annual period is: Equity instruments 32% Debt instruments 68% |
Aegon United States of America [member] | |
Statement [LineItems] | |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | Target allocation of plan assets for retirement benefit plans for the next annual period is: Equity instruments 19-28 % Debt instruments 47-58 % Other 20-28 % |
Aegon Nederland N.V. [member] | |
Statement [LineItems] | |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | The principal actuarial assumptions that apply for the year-ended December 31 are as follows: Actuarial assumptions used to determine defined benefit obligations at year-end 2019 2018 Demographic actuarial assumptions Mortality NL mortality table 1) NL mortality table 1) Financial actuarial assumptions Discount rate 0.94% 1.74% Salary increase rate 2) Curve 2019 Curve 2018 Indexation 3) 59.2 % of Curve 2019 57.75% of Curve 2018 1 Based on prospective mortality table of the Dutch Actuarial Society with minor methodology adjustments. 2 Based on Dutch Consumer Price Index. 3 Based on Dutch Consumer Price Index. The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions of the retirement benefit plan would have the following effects per year-end: Estimated approximate effects on the defined benefit obligation 2019 2018 Demographic actuarial assumptions 10% increase in mortality rates (100 ) (81 ) 10% decrease in mortality rates 112 90 Financial actuarial assumptions 100 basis points increase in discount rate (645 ) (534 ) 100 basis points decrease in discount rate 893 733 100 basis points increase in salary increase rate 1 18 100 basis points decrease in salary increase rate - (18 ) 25 basis points increase in indexation 194 167 25 basis points decrease in indexation (177 ) (152 ) |
Deferred tax (Tables)
Deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Deferred Tax | 2019 2018 Deferred tax assets 193 125 Deferred tax liabilities 1,227 529 Total net deferred tax liability / (asset) 1,035 404 Deferred tax assets comprise temporary differences on: 2019 2018 Real Estate (520 ) - Financial assets 76 (7 ) Insurance and investment contracts 440 - Deferred expenses, VOBA and other intangible assets (112 ) (125 ) Defined benefit plans 7 12 Tax losses and credits carried forward 183 167 Other 119 79 At December 31 193 125 Deferred tax liabilities comprise temporary differences on: 2019 2018 Real estate 124 520 Financial assets 1,549 807 Insurance and investment contracts (1,031 ) (1,433 ) Deferred expenses, VOBA and other intangible assets 1,663 1,788 Defined benefit plans (249 ) (257 ) Tax losses and credits carried forward (551 ) (147 ) Other (279 ) (748 ) At December 31 1,227 529 |
Schedule of NetDeferred Tax Assets and Liabilities has been Recognized | The following table provides a movement schedule of net deferred tax broken-down by those items for which a deferred tax asset or liability has been recognized. Real estate Financial assets Insurance and investment contracts Deferred expenses, VOBA and other intangible assets Defined benefit plans Tax losses and credits carried forward Other Total At January 1, 2019 519 814 (1,434 ) 1,914 (269 ) (314 ) (837 ) 394 Charged to income statement 125 25 (20 ) (176 ) 108 63 (11 ) 114 Charged to OCI (8 ) 628 - - (90 ) - (9 ) 520 Net exchange differences 1 9 (17 ) 37 (5 ) (9 ) (17 ) (2 ) Disposal of a business - - - - - - 2 2 Transfer to/from other headings - - - - - (473 ) 473 - Other 7 (3 ) - - - - 3 7 At December 31, 2019 644 1,473 (1,471 ) 1,775 (256 ) (734 ) (398 ) 1,035 At January 1, 2018 554 1,737 (1,787 ) 1,892 (295 ) (296 ) (863 ) 942 Acquisitions / Additions - - - 9 - - - 9 Charged to income statement (31 ) (451 ) 401 (63 ) 23 (1 ) 143 22 Charged to OCI (7 ) (514 ) 2 - 17 (2 ) 12 (494 ) Net exchange differences 4 46 (51 ) 82 (14 ) (4 ) (38 ) 25 Transfer to/from other headings - (3 ) - (6 ) - - 9 - Other - - - - - (11 ) (90 ) (101 ) At December 31, 2018 519 814 (1,434 ) 1,914 (269 ) (314 ) (827 ) 404 |
Schedule of Loss Carryforward period and Deferred Corporate Income Tax Assets Not Recognized | For the following amounts, arranged by loss carry forward periods, the deferred corporate income tax asset is not recognized: Gross amounts 1) Not recognized deferred tax assets 2019 2018 2019 2018 < 5 years 79 65 20 15 ³ 18 21 4 5 ³ 27 20 51 36 ³ 1 - - - Indefinitely 488 385 107 86 At December 31 613 490 182 142 1 The gross value of state tax loss carry forward is not summarized in the disclosure, due to the fact that the United States files in different state jurisdictions with various applicable tax rates and apportionment rules |
Current liabilities (Tables)
Current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Liabilities | 2019 2018 Payables due to policyholders 1,363 1,172 Payables due to brokers and agents 296 373 Payables out of reinsurance 1,597 1,327 Social security and taxes payable 117 108 Income tax payable 3 2 Investment creditors 940 1,195 Cash collateral on derivative transactions 4,243 3,396 Cash collateral on securities lended 2,146 2,480 Cash collateral - other 59 49 Repurchase agreements 719 322 Commercial paper 58 82 Lease liabilities 311 - Other creditors 2,968 2,947 At December 31 14,819 13,454 Current 14,097 13,309 Non-current 722 146 |
Accruals (Tables)
Accruals (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Accruals | 2019 2018 Accrued interest 292 237 Accrued expenses 134 151 At December 31 426 388 |
Capital management and solven_2
Capital management and solvency (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Composition of Available Own Funds Across Tiers | The below table provides the composition of Aegon’s available own funds across Tiers: Available own funds December 31, 2019 Available own funds December 31, 2018 Available own funds Unrestricted Tier 1 12,724 12,204 Restricted Tier 1 2,614 3,406 Tier 2 2,370 1,487 Tier 3 762 505 Total available own funds 18,470 17,602 |
Summary of Equity Compares to Solvency II Own Funds | IFRS equity compares to Solvency II own funds as follows: December 31, 2019 December 31, 2018 Shareholders’ Equity 21,850 19,200 IFRS adjustments for Other Equity instruments and non controlling interests 2,591 3,342 Group Equity 24,441 22,542 Solvency II revaluations & reclassifications (7,607 ) (6,593 ) Transferability restrictions 1) (1,973 ) (1,884 ) Excess of Assets over Liabilities 14,861 14,065 Availability adjustments 4,446 4,326 Fungibility adjustments 2) (838 ) (789 ) Available own funds 18,470 17,602 1 This includes the transferability restriction related to the RBC CAL conversion methodology. 2 Amongst others, this contains the exclusion of Aegon Bank. |
Summary of Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio | The following table shows the composition of Aegon’s total capitalization, the calculation of the gross financial leverage ratio and its fixed charge coverage: Note 2019 2018 Total shareholders’ equity - based on IFRS as adopted by the EU 2 22,457 19,518 Non-controlling 31, SOFP 2) 73 80 Revaluation reserves 30 (5,868 ) (3,436 ) Adjusted shareholders’ equity 16,662 16,162 Perpetual contingent convertible securities 31 500 - Junior perpetual capital securities 31 1,564 2,808 Perpetual cumulative subordinated bonds 31 454 454 Fixed floating subordinated notes 32 1,404 1,389 Fixed subordinated notes 32 804 - Trust pass-through securities 33 136 133 Currency revaluation other equity instruments 1) 54 110 Hybrid leverage 4,916 4,895 Senior debt 3) 37 1,738 1,774 Senior leverage 1,738 1,774 Total gross financial leverage 6,653 6,669 Total capitalization 23,316 22,831 Gross financial leverage ratio 4) 28.5% 29.2% Fixed Charge Coverage 7.7x 8.2x 1 Other equity instruments that are denominated in foreign currencies are, for purpose of calculating hybrid leverage, revalued to the period-end 2 Non-controlling 3 Senior debt for the gross financial leverage calculation also contains swaps for an amount of EUR (7) million (2018: EUR (1) million). 4 To align closer to definitions used by peers and rating agencies, Aegon has retrospectively changed the definition of adjusted shareholders’ equity used in calculating the gross financial leverage ratio. Shareholders’ equity will no longer be adjusted for the remeasurement of defined benefit plans. All figures, including comparatives, are based on the new definition, unless stated otherwise. |
Schedule of Total Distributable Items | The following table shows the composition of the total distributable items: Distributable items 1) 2019 2018 Equity attributable to shareholders based on IFRS as adopted by the EU 22,457 19,518 Non-distributable Share capital (323 ) (322 ) Legal reserves 2) (8,565 ) (5,890 ) At December 31 13,569 13,307 1 Distributable items under Dutch law; note that Solvency II ratios also possibly restricts the distribution of dividends. 2 The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the positive revaluations in the revaluation reserves, cannot be freely distributed. |
Fair value (Tables)
Fair value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of the Analysis of Assets and Liabilities Recorded at Fair Value on a Recurring Basis by Level of the Fair Value Hierarchy | The table below provides an analysis of assets and liabilities recorded at fair value on a recurring basis by level of the fair value hierarchy: Level I Level II Level III Total 2019 Assets carried at fair value Available-for-sale Shares 92 160 157 409 Debt securities 25,528 56,317 1,074 82,918 Money market and other short-term instruments 1,255 3,914 - 5,169 Other investments at fair value - 426 482 908 26,875 60,817 1,712 89,404 Fair value through profit or loss Shares 106 306 1,401 1,813 Debt securities 204 3,727 4 3,934 Money market and other short-term instruments 19 139 - 158 Other investments at fair value 1 1,125 2,049 3,175 Investments for account of policyholders 1) 120,271 103,712 1,805 225,788 Derivatives 96 11,006 56 11,157 Investments in real estate - - 2,901 2,901 Investments in real estate for policyholders - - 586 586 120,696 120,014 8,802 249,512 Revalued amounts Real estate held for own use - - 208 208 - - 208 208 Total assets at fair value 147,571 180,831 10,722 339,124 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 59,759 197 59,956 Borrowings 3) - 461 - 461 Derivatives 59 8,476 3,081 11,616 Total liabilities at fair value 59 68,696 3,278 72,033 1 The investments for account of policyholders included in the table above only include investments carried at fair value through profit or loss. 2 The investment contracts for account of policyholders included in the table above represents only those investment contracts carried at fair value. 3 Total borrowings on the statement of financial position contain borrowings carried at amortized cost that are not included in the above schedule. Level I Level II Level III Total 2018 Assets carried at fair value Available-for-sale Shares 82 155 241 478 Debt securities 24,652 51,446 1,242 77,340 Money market and other short-term instruments 1,427 4,528 - 5,955 Other investments at fair value - 409 493 902 26,160 56,538 1,976 84,675 Fair value through profit or loss Shares 217 239 1,226 1,682 Debt securities 1,868 2,028 17 3,913 Money market and other short-term instruments 17 335 - 352 Other investments at fair value 1 1,272 1,376 2,649 Investments for account of policyholders 1) 103,977 87,893 1,871 193,741 Derivatives 53 7,527 35 7,615 Investments in real estate - - 2,700 2,700 Investments in real estate for policyholders - - 612 612 106,134 99,295 7,837 213,266 Revalued amounts Real estate held for own use - - 263 263 - - 263 263 Total assets at fair value 132,294 155,833 10,077 298,204 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 49,641 206 49,847 Borrowings 3) - 536 - 536 Derivatives 93 4,648 2,489 7,230 Total liabilities at fair value 93 54,824 2,695 57,613 1 The investments for account of policyholders included in the table above only include investments carried at fair value through profit or loss. 2 The investment contracts for account of policyholders included in the table above represents only those investment contracts carried at fair value. 3 Total borrowings on the statement of financial position contain borrowings carried at amortized cost that are not included in the above schedule. |
Schedule of Transfers between Level 1 and Level II for Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis | The table below shows transfers between Level I and Level II for financial assets and financial liabilities recorded at fair value on a recurring basis. Total 2019 Total 2018 Transfers Level I to Level II Transfers Level II to Level I Transfers Level I to Level II Transfers Level II to Level I Assets carried at fair value Available-for-sale Debt securities 12 3 - - 12 3 - - Fair value through profit or loss Shares 8 8 3 1 Investments for account of policyholders - 8 - (4 ) 8 16 3 (3 ) Total assets at fair value 20 19 3 (3 ) Total Liabilities carried at fair value - - - - |
Disclosures of Changes in Level 3 Assets | The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level III), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period. Assets carried at fair value At January 1, 2019 Acquisitions through business combinations Disposal of a business Total gains / losses in income statement 1 Total gains / losses in OCI 2 Purchases Sales Settlements Net exchange difference Reclassification Transfers from levels I and II Transfers to levels I and II Transfers to disposal groups At December 31, 2019 Total unrealized gains and (losses) for the period recorded in the P&L for instruments held at December 31, 2019 3 Available-for-sale Shares 241 - - - (5 ) 22 (100 ) - 4 2 - (7 ) - 157 - Debt securities 1,242 - - 3 21 319 (317 ) (68 ) 19 (2 ) 52 (195 ) - 1,074 - Money markets and other short-term instruments - - - - - 1,061 (855 ) (103 ) - - 126 (229 ) - - - Other investments at fair value 493 - - (100 ) (56 ) 183 (25 ) (23 ) 9 - - - - 482 - 1,976 - - (97 ) (40 ) 1,584 (1,297 ) (194 ) 32 1 178 (431 ) - 1,712 - Fair value through profit or loss Shares 1,226 - - 72 - 368 (266 ) - 1 - - - - 1,401 62 Debt securities 17 - - (1 ) - 1 (12 ) (1 ) - (1 ) - - - 4 - Other investments at fair value 1,376 - - 34 - 884 (268 ) - 23 - 85 (86 ) - 2,049 36 Investments for account of policyholders 1,871 - - 45 - 435 (567 ) - 20 - - - - 1,805 86 Derivatives 35 - - 19 - 35 (33 ) - - - - - - 56 20 Investments in real estate 2,700 - - 317 - 206 (331 ) - 9 - - - - 2,901 2 Investments in real estate for policyholders 612 - - (18) - 2 (43 ) - 34 - - - - 586 (27) 7,837 - - 468 - 1,931 (1,521 ) (1 ) 88 (1 ) 85 (86 ) - 8,802 179 Revalued amounts Real estate held for own use 263 - - 7 3 (5 ) (62 ) - 3 - - - - 208 - 263 - - 7 3 (5 ) (62 ) - 3 - - - - 208 - Total assets at fair value 10,077 - - 379 (37 ) 3,509 (2,880 ) (194 ) 122 - 263 (517 ) - 10,722 179 Liabilities carried at fair value Investment contracts for account of policyholders 206 - - 9 - 4 (23 ) - 1 - - - - 197 (10) Derivatives 2,489 - - 597 4 - (22 ) - 13 - - - - 3,081 84 2,695 - - 605 4 4 (46 ) - 15 - - - - 3,278 75 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items: Gains / (losses) on revaluation of available-for-sale available-for-sale 3 Total gains / (losses) for the period during which the financial instrument was in Level III. Assets carried at fair value At January 1, 2018 Acquisitions through business combinations Disposal of a business Total gains / losses in statement 1 Total gains / losses in OCI 2 Purchases Sales Settlements Net exchange difference Reclassification Transfers from levels I and II Transfers to levels I and II Transfers to disposal groups At December 31, 2018 Total unrealized gains and (losses) for the period recorded in the P&L for instruments held at December 31, 2018 3 Available-for-sale Shares 288 - - 21 (12 ) 9 (77 ) - 10 2 - - - 241 - Debt securities 1,447 - - 26 2 494 (76 ) (452 ) 51 1 58 (310 ) - 1,242 - Other investments at fair value 583 - - (83 ) (38 ) 125 (102 ) (21 ) 25 3 - - - 493 - 2,318 - - (36 ) (48 ) 629 (255 ) (473 ) 87 6 58 (310 ) - 1,976 - Fair value through profit or loss Shares 604 - - 104 - 541 (61 ) 1 1 36 - - - 1,226 105 Debt securities 4 - - (25 ) - 37 - - - - - - - 17 (24 ) Other investments at fair value 1,255 - - 11 - 332 (307 ) - 64 - 94 (72 ) - 1,376 3 Investments for account of policyholders 1,784 130 - 76 - 537 (660 ) - 3 - - - - 1,871 35 Derivatives 57 - - 57 - - (80 ) - - - - - - 35 59 Investments in real estate 2,147 - - 261 - 474 (209 ) - 27 - - - - 2,700 202 Investments in real estate for policyholders 655 - - 5 - 2 (43 ) - (7 ) - - - - 612 4 6,506 130 - 490 - 1,924 (1,360 ) - 90 36 94 (72 ) - 7,837 383 Revalued amounts Real estate held for own use 307 - (1 ) (19 ) (39 ) 17 (10 ) - 7 - - - - 263 5 307 - (1 ) (19 ) (39 ) 17 (10 ) - 7 - - - - 263 5 Total assets at fair value 9,130 130 (1 ) 435 (87 ) 2,570 (1,624 ) (472 ) 185 42 151 (382 ) - 10,077 388 Liabilities carried at fair value Investment contracts for account of policyholders 219 - - (10 ) - 7 (14 ) - 4 - - - - 206 - Derivatives 1,845 - - 613 - - - - 31 - - - - 2,489 613 2,064 - - 604 - 7 (14 ) - 35 - - - - 2,695 614 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items: Gains / (losses) on revaluation of available-for-sale available-for-sale 3 Total gains / (losses) for the period during which the financial instrument was in Level III. |
Information about Significant Unobservable Inputs | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level III financial instruments. Valuation technique 1) Significant unobservable input 2) December Range (weighted average) December Range (weighted average) Assets carried at fair value Available-for-sale Shares Net asset value 3) n.a. 119 n.a. 205 n.a. Other n.a. 38 n.a. 36 n.a. 157 241 Debt securities Broker quote n.a. 818 n.a. 985 n.a. Discounted cash flow Credit spread 25 3.24% 17 3.38% Discounted cash flow Constant Prepayment Rate 7 25.00% - - Discounted cash flow Constant Prepayment Rate 30 7.82% - - Other n.a. 193 n.a. 240 n.a. 1,074 1,242 Other investments at fair value Tax credit investments Discounted cash flow Discount rate 435 6.5% 435 6.8% Investment funds Net asset value 3) n.a. 14 n.a. 24 n.a. Other Other n.a. 33 n.a. 34 n.a. 482 493 At December 31 1,712 1,976 Fair value through profit or loss Shares Other n.a. 1,401 n.a. 1,226 n.a. Debt securities Other n.a. 4 n.a. 17 n.a. 1,405 1,243 Other investments at fair value Investment funds Net asset value 3) n.a. 1,984 n.a. 1,334 n.a. Other Other n.a. 65 n.a. 42 n.a. 2,049 1,376 Derivatives Longevity swap Discounted cash flow Mortality 55 n.a. 33 n.a. Other Other n.a. - n.a. - n.a. 55 33 Real estate Direct capitalization 4.25% - 5.5% 4.25% - 7.5% Investments in real estate technique Capitalization rate 580 (3.3%) 427 (4.4%) Appraisal value n.a. 2,229 n.a. 2,150 n.a. Other n.a. 92 n.a. 123 n.a. 2,901 2,700 At December 31 6,410 5,352 Revalued amounts Direct capitalization 7.75% - 9.50% 8.25% - 9.50% Real estate held for own use technique Capitalization rate 54 (9.0%) 53 (8.9%) Appraisal value n.a. 108 n.a. 101 n.a. Other n.a. 46 n.a. 108 n.a. At December 31 208 263 Total assets at fair value 4) 8,330 7,592 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 3,072 0.2% - 0.3% (0.24%) 2,484 0.25% - 0.40% (0.30%) Longevity swap Discounted cash flow Mortality 9 n.a. 5 n.a. Other Other n.a. - n.a. - n.a. Total liabilities at fair value 3,081 2,489 1 Other in the table above (column Valuation technique) includes investments for which the fair value is uncorroborated and no broker quote is received. 2 Not applicable (n.a.) has been included when the unobservable inputs are not developed by the Group and are not reasonably available. Refer to the section Fair value measurement in this note for a detailed description of Aegon’s methods of determining fair value and the valuation techniques. 3 Net asset value is considered the best approximation to the fair value of these financial instruments. 4 Investments for account of policyholders are excluded from the table above and from the disclosure regarding reasonably possible alternative assumptions. Policyholder assets, and their returns, belong to policyholders and do not impact Aegon’s net income or equity. The effect on total assets is offset by the effect on total liabilities. Derivatives exclude derivatives for account of policyholders amounting to EUR 1 million (2018: EUR 2 million). |
Effect of Changes in Significant Unobservable Assumptions to Reasonably Possible Alternatives | The table below presents the impact on a fair value measurement of a change in the own credit spread by 20 basis points included in the discount rate. December 31, 2019 Effect of reasonably possible alternative assumptions (+/-) December 31, 2018 Effect of reasonably possible alternative assumptions (+/-) Increase Decrease Increase Decrease Financial liabilities carried at fair value Embedded derivatives in insurance contracts 3,072 158 (152 ) 2,484 131 (126 ) |
Carrying Values and Estimated Fair Values of Assets and Liabilities | The following table presents the carrying values and estimated fair values of assets and liabilities, excluding assets and liabilities which are carried at fair value on a recurring basis. 2019 Carrying amount December 31, 2019 Estimated fair value hierarchy Total estimated fair value December 31, Level I Level II Level III Assets Mortgage loans - held at amortized cost 37,750 - 1 42,566 42,567 Private loans - held at amortized cost 4,487 - 65 5,094 5,159 Other loans - held at amortized cost 2,353 45 2,080 228 2,353 Liabilities Subordinated borrowings - held at amortized cost 2,207 1,560 855 - 2,416 Trust pass-through securities - held at amortized cost 136 - 144 - 144 Borrowings – held at amortized cost 8,845 1,728 30 7,565 9,322 Investment contracts - held at amortized cost 18,382 - - 18,964 18,964 2018 Carrying amount December 31, 2018 Estimated fair value hierarchy Total estimated fair value December 31, 2018 Level I Level II Level III Assets Mortgage loans - held at amortized cost 36,240 - 1 39,757 39,758 Private loans - held at amortized cost 4,103 - 42 4,452 4,494 Other loans - held at amortized cost 2,310 13 2,064 233 2,310 Liabilities Subordinated borrowings - held at amortized cost 1,389 1,355 - - 1,355 Trust pass-through securities - held at amortized cost 133 - 128 - 128 Borrowings – held at amortized cost 11,525 1,570 28 10,287 11,885 Investment contracts - held at amortized cost 17,825 - - 18,028 18,028 |
Carrying Values and Estimated Fair Values of Assets and Liabilities | Summary of total financial assets and financial liabilities at fair value through profit or loss 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. 2018 Trading Designated Trading Designated Investments for general account 277 8,803 174 8,424 Investments for account of policyholders - 225,788 - 193,741 Derivatives with positive values not designated as hedges 10,634 - 7,181 - Total financial assets at fair value through profit or loss 10,910 234,591 7,355 202,165 Investment contracts for account of policyholders - 59,956 - 49,847 Derivatives with negative values not designated as hedges 11,175 - 6,935 - Borrowings - 461 - 536 Total financial liabilities at fair value through profit or loss 11,175 60,417 6,935 50,383 |
Summary of Gains and losses recognized in the income statement on financial assets and financial liabilities | Gains and losses recognized in the income statement on financial assets and financial liabilities classified as at fair value through profit or loss can be summarized as follows: 2018 Designated Trading Designated Net gains and (losses) 21,020 13,574 (4,584) (7,356) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Commitments through Purchase and Sale Transactions of Investments | 2018 Sale Purchase Sale Real estate 168 3 156 66 Mortgage loans 859 79 3,187 67 Private loans 394 - 1,224 - Other 1,824 - 2,222 - |
Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases | Future lease payments < 1 year amounts 1 < 2 years amounts 2 < 3 years 3 < 4 years 4 < 5 years amounts > 5 years amounts 2019 Operating lease rights 49 42 32 26 19 47 < 1 year 1 - 5 years > 5 years 2018 Operating lease obligations 73 144 169 Operating lease rights 50 127 52 |
Summary of Other Commitments and Contingencies | Other commitments and contingencies 2019 2018 Guarantees 380 437 Standby letters of credit 12 12 Share of contingent liabilities incurred in relation to interests in joint ventures 14 49 Other guarantees 13 14 Other commitments and contingent liabilities 7 7 |
Offsetting, enforceable maste_2
Offsetting, enforceable master netting arrangements and similar agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Instruments Set Off in Statement of Financial Position | The following table only includes financial positions for which there is a recognized corresponding position that could be offset under a legally enforceable master netting arrangement or similar agreement. Aegon also enters into collateralized (reverse) repo or security lending and borrowing transaction, for which the collateral is not recognized on the balance sheet. For further information on the financial positions resulting from such transactions please refer to note 46. The table provides details relating to the effect, or potential effect, of netting arrangements, including rights to set-off, Financial assets subject Gross amounts of Net amounts of Related amounts not set off in the to offsetting, enforce- recognized financial financial assets statements of financial position able master netting Gross amounts of liabilities set off in presented in the Cash collateral arrangements and recognized the statement of statement of Financial received (excluding Net similar agreements financial assets financial position financial position instruments surplus collateral) amount 2019 Derivatives 11,220 - 11,220 8,261 2,837 122 At December 31 11,220 - 11,220 8,261 2,837 122 2018 Derivatives 7,650 - 7,650 4,840 2,689 120 At December 31 7,650 - 7,650 4,840 2,689 120 Financial liabilities Gross amounts of Net amounts of Related amounts not set off in the subject to offsetting, recognized financial financial liabilities statements of financial position enforceable master Gross amounts of assets set off in the presented in the Cash collateral netting arrangements recognized statement of statement of Financial pledged (excluding Net and similar agreements financial liabilities financial position financial position instruments surplus collateral) amount 2019 Derivatives 8,556 - 8,556 8,433 43 80 At December 31 8,556 - 8,556 8,433 43 80 2018 Derivatives 4,734 - 4,734 4,705 7 22 At December 31 4,734 - 4,734 4,705 7 22 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Remuneration Explanatory | The following table includes the expenses for remuneration, with amounts reflective of time spent on the Board. Remuneration expenses 2019 2018 2017 Supervisory Board 1.0 1.0 1.1 Executive Board 5.8 6.3 5.3 Key Management 26.4 21.5 19.4 In fixed compensation 14.5 9.4 8.5 In cash based variable compensation 3.6 3.6 3.1 In share based variable compensation 3.2 3.3 3.1 In pension contributions 3.9 4.3 3.7 In other benefits 1.2 0.9 0.9 |
Common shares held by Supervisory Board members | Common shares held by Supervisory Board members Shares held in Aegon at December 31 2019 2018 Robert W. Dineen (up to October 11, 2019) - 10,000 Ben J. Noteboom 23,500 23,500 Ben van der Veer 1,450 1,450 Dona D. Young 13,260 13,260 Total 38,210 48,210 |
Shares in group companies (Tabl
Shares in group companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Shares in Group Companies | 2019 2018 At January 1 22,143 23,117 Restated opening balance 1) (44 ) (22 ) At January 1 (restated) 22,099 23,095 Capital contributions and acquisitions 231 97 Divestments and capital repayments (6 ) (23 ) Dividend received (872 ) (702 ) Net income / (loss) for the financial year 1,379 831 Revaluations 2,214 (1,157 ) At December 31 25,045 22,143 1 See in consolidated financial statements note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing |
Loans to group companies (Table
Loans to group companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Loans to Group Companies | 2019 2018 At January 1 2,487 2,690 Additions / (repayments) (1,194 ) (333 ) Other changes 45 131 At December 31 1,337 2,487 Current 957 2,427 Non-current 380 60 |
Share capital (Tables)
Share capital (Tables) - Aegon N.V [member] | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Detailed Information of Issued and outstanding Capital | Issued and outstanding capital 2019 2018 Common shares 253 251 Common shares B 70 70 Total share capital 323 322 Common shares 2019 2018 Authorized share capital 720 720 Number of authorized shares (in million) 6,000 6,000 Par value in cents per share 12 12 Common shares B 2019 2018 Authorized share capital 360 360 Number of authorized shares (in million) 3,000 3,000 Par value in cents per share 12 12 |
Movement of Common Shares | The following table shows the movement during the year in the number of common shares and common shares B: Common shares Common shares B Number of shares Number of shares (thousands) Total amount (thousands) Total amount At January 1, 2018 2,095,648 251 585,022 70 Dividend - - - - At December 31, 2018 2,095,648 251 585,022 70 Dividend 9,491 1 - - At December 31, 2019 2,105,139 253 585,022 70 The following table shows the weighted average number of common shares and common shares B: Weighted average number of Weighted average number of common shares (thousands) common shares B (thousands) 2018 2,095,648 585,022 2019 2,098,326 585,022 |
Long-term borrowings (Tables)
Long-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Long-term Borrowings | 2019 2018 Remaining terms less than 1 year - 78 Remaining terms 1 - 5 years 497 496 Remaining terms 5 - 10 years - - Remaining terms over 10 years 760 717 At December 31 1,257 1,292 |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Accountants Remuneration | Total remuneration of the group Of which PricewaterhouseCoopers 2019 2018 2019 2018 Audit fees 32 37 9 12 Audit-related fees 6 2 1 - Total 38 39 11 12 |
Proposal for profit appropria_2
Proposal for profit appropriation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Proposal for Profit Appropriation | 2019 2018 Final dividend on common shares 329 307 Earnings to be retained 910 403 Net income attributable to owners of Aegon N.V. 1,239 710 |
General Information - Additiona
General Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019EmployeesCountry | Dec. 31, 2018Employees | Dec. 31, 2017Employees | |
Disclosure of general information [Line Items] | |||
Country of Incorporation | Netherlands | ||
Address of entity | Aegonplein 50, 2591 TV, The Hague, the Netherlands. | ||
Description of nature operations and principal activities | Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. | ||
Name of parent entity | Aegon N.V. | ||
Number of employees | 23,757 | 26,543 | 28,318 |
Aegon N.V [member] | |||
Disclosure of general information [Line Items] | |||
Country of Incorporation | Netherlands​​​​​​​ | ||
Address of entity | Aegonplein 50, 2591 TV, The Hague, the Netherlands. | ||
Description of nature operations and principal activities | Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. | ||
Name of parent entity | Aegon N.V. | ||
Number of employees | 0 | 0 | |
Domicile of entity | Netherlands | ||
Bottom of range [member] | |||
Disclosure of general information [Line Items] | |||
Number of business operating countries | Country | 20 | ||
Number of employees | 23,000 | 26,000 | |
Bottom of range [member] | Aegon N.V [member] | |||
Disclosure of general information [Line Items] | |||
Number of business operating countries | Country | 20 | ||
Number of employees | 23,000 | 26,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Reconciliation Between IFRS and IFRS-EU (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [2] | Dec. 31, 2016 | |||
Disclosure of changes in accounting estimates [line items] | ||||||||
Equity | € 24,441 | € 22,542 | [1] | € 24,079 | [2] | € 24,079 | € 24,341 | |
Shareholders' equity, adjustment of EU 'IAS 39' carve-out | 774 | 399 | 368 | |||||
Shareholders' equity, tax effect of the adjustment | (167) | (81) | (83) | |||||
Shareholders' equity, effect of the adjustment after tax | 607 | 318 | 285 | |||||
Net income, adjustment of EU 'IAS 39' carve-out | 375 | 31 | (142) | |||||
Net income, tax effect of the adjustment | (86) | 3 | 34 | |||||
Net income, effect of the adjustment after tax | 289 | 34 | (108) | |||||
In accordance with IFRS [member] | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Equity | 21,850 | 19,200 | 20,266 | |||||
Net income | 1,239 | 711 | 2,469 | |||||
In accordance with IFR5-EU [member] | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Equity | 22,457 | 19,518 | 20,550 | |||||
Net income | € 1,528 | € 744 | € 2,361 | |||||
[1] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing | |||||||
[2] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2019EUR (€)€ / shares | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Jan. 01, 2019EUR (€) | May 15, 2018USD ($) | |||
Disclosure of summary of significant accounting policies [line items] | |||||||
Right-of-use assets | € 255,000,000 | ||||||
Lease liabilities | € 311,000,000 | € 285,000,000 | |||||
Description of hedging relationship considered highly effective | A hedging relationship is considered highly effective if the results of the hedging instrument are within a ratio of 80% to 125% of the results of the hedged item. | ||||||
Impairment of available-for-sale equity instruments, significant or prolonged decline, description | Significant or prolonged decline is defined as an unrealized loss position for generally more than six months or a fair value of less than 80% of the cost price of the investment. | ||||||
Threshold period for investment in equity securities in a continuous decline in value to be considered | More than six months | ||||||
Threshold percentage by which investments in equity securities have declined in value to be considered | 80.00% | ||||||
Gain or loss is recognized in on purchase, sale, issue or cancellation of instruments | € 0 | ||||||
Net income after accounting policy changes | € 1,239,000,000 | € 711,000,000 | [1] | € 2,469,000,000 | [1] | ||
Impact on earnings per share basic and diluted | € / shares | € 0.01 | ||||||
Aegon N.V [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Net income after accounting policy changes | € (141,000,000) | € (122,000,000) | € (42,000,000) | ||||
Aegon N.V [member] | Accounting Policy Change Liquidity Adequacy Testing [Member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Net income after accounting policy changes | 19,000,000 | ||||||
Changes in equity | 19,000,000 | ||||||
Increase decrease through other changes liabilities under insurance and reinsurance contracrs | 25,000,000 | ||||||
Increase decrease in other liabilities | 6,000,000 | ||||||
Equipment [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Right-of-use assets | 23,000,000 | ||||||
Non-cumulative subordinated notes [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Principal amount | $ | $ 525,000,000 | ||||||
IFRS 16 [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Right-of-use assets | 235,000,000 | ||||||
Lease liabilities | 285,000,000 | ||||||
Impact on shareholders' equity expected | 41,000,000 | ||||||
Weigted average incremental borrowing rate for lease liabilities | 3.46% | ||||||
Increase (decrease) through appropriation of retained earnings, equity | (3,000,000) | ||||||
IFRS 16 [member] | Properties [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Right-of-use assets | 212,000,000 | ||||||
IFRS 16 [member] | Buildings [member] | United Kingdom [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Right-of-use assets | 116,000,000 | ||||||
IFRS 16 [member] | Buildings [member] | US [member] | |||||||
Disclosure of summary of significant accounting policies [line items] | |||||||
Right-of-use assets | € 50,000,000 | ||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Significant accounting polici_6
Significant accounting policies - Detail Of Lease Commitments Reconciliation With Lease Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of changes in accounting estimates [abstract] | ||
Operating lease commitments at December 31, 2018 as per the consolidated annual financial statements | € 386 | |
Discounted using the incremental borrowing rate at January 1, 2019 | 302 | |
Short term leases | (7) | |
Extenstion and termination options reasonably certain to be exercised | (4) | |
Exclusion of non-lease components | (6) | |
Lease liabilities recognized at January 1, 2019 | € 311 | € 285 |
Significant accounting polici_7
Significant accounting policies - Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement [Line Items] | |||||
Net income/(loss) | € 1,239 | € 711 | [1] | € 2,469 | [1] |
Gains / (losses) on revaluation of available-for-sale investments | 3,471 | (2,142) | [1] | 1,376 | [1] |
Total comprehensive income/(loss) | 3,471 | (396) | [1] | 501 | [1] |
Total comprehensive income/(loss) attributable to: | |||||
Owners of Aegon N.V. | 3,472 | (398) | [1] | 505 | [1] |
Non-controlling interests | € (1) | 2 | [1] | (3) | [1] |
Previously stated [member] | |||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement [Line Items] | |||||
Net income/(loss) | 711 | 2,469 | |||
Gains / (losses) on revaluation of available-for-sale investments | (2,138) | 1,283 | |||
Income tax relating to items that may be reclassified | 493 | 951 | |||
Total comprehensive income/(loss) | (393) | 431 | |||
Total comprehensive income/(loss) attributable to: | |||||
Owners of Aegon N.V. | (395) | 435 | |||
Non-controlling interests | 2 | (3) | |||
Accounting Policy Change Liability Adequacy Testing [member] | |||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement [Line Items] | |||||
Gains / (losses) on revaluation of available-for-sale investments | (4) | 93 | |||
Income tax relating to items that may be reclassified | 1 | (23) | |||
Total comprehensive income/(loss) | (3) | 70 | |||
Total comprehensive income/(loss) attributable to: | |||||
Owners of Aegon N.V. | (3) | 70 | |||
As Restated [Member] | |||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement [Line Items] | |||||
Net income/(loss) | 711 | 2,469 | |||
Gains / (losses) on revaluation of available-for-sale investments | (2,142) | 1,376 | |||
Income tax relating to items that may be reclassified | 494 | 927 | |||
Total comprehensive income/(loss) | (396) | 501 | |||
Total comprehensive income/(loss) attributable to: | |||||
Owners of Aegon N.V. | (398) | 505 | |||
Non-controlling interests | € 2 | € (3) | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Significant accounting polici_8
Significant accounting policies - Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Balance Sheet (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Balance Sheet [Line Items] | ||||||
Shareholders' Equity | € 21,850 | € 19,200 | [1] | € 20,266 | ||
Insurance contracts | 123,454 | 115,328 | [1] | 110,848 | ||
Deferred tax liability | € 1,227 | 529 | [1] | € 1,021 | ||
Previously stated [member] | ||||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Balance Sheet [Line Items] | ||||||
Shareholders' Equity | 19,225 | € 20,288 | ||||
Insurance contracts | 115,294 | 110,818 | ||||
Deferred tax liability | 538 | 1,029 | ||||
Changes in accounting policy due to liability adequacy testing | ||||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Balance Sheet [Line Items] | ||||||
Shareholders' Equity | (26) | (23) | ||||
Insurance contracts | 34 | 30 | ||||
Deferred tax liability | (9) | (8) | ||||
As Restated [Member] | ||||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Balance Sheet [Line Items] | ||||||
Shareholders' Equity | 19,200 | 20,266 | ||||
Insurance contracts | 115,328 | 110,848 | ||||
Deferred tax liability | € 529 | € 1,021 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Significant accounting polici_9
Significant accounting policies - Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Equity Statement Changes (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | |
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Equity Statement Changes [Line Items] | |||||||
Share capital | € 323 | € 322 | € 322 | ||||
Revaluation reserves | 5,868 | 3,436 | |||||
Other reserves | 456 | 149 | (390) | € 1,347 | |||
Shareholders' Equity | € 21,850 | 19,200 | [1] | € 20,266 | |||
Previously stated [member] | |||||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Equity Statement Changes [Line Items] | |||||||
Share capital | 7,808 | 8,053 | |||||
Retained earnings | 9,657 | 9,374 | |||||
Revaluation reserves | 3,461 | 4,920 | |||||
Remeasurement of defined benefit plans | (1,850) | (1,669) | |||||
Other reserves | 149 | (390) | |||||
Shareholders' Equity | 19,225 | 20,288 | |||||
Changes in accounting policy due to liability adequacy testing | |||||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Equity Statement Changes [Line Items] | |||||||
Revaluation reserves | (26) | (23) | |||||
Shareholders' Equity | (26) | (23) | |||||
As Restated [Member] | |||||||
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Equity Statement Changes [Line Items] | |||||||
Share capital | 7,808 | 8,053 | |||||
Retained earnings | 9,657 | 9,374 | |||||
Revaluation reserves | 3,436 | 4,898 | |||||
Remeasurement of defined benefit plans | (1,850) | (1,669) | |||||
Other reserves | 149 | (390) | |||||
Shareholders' Equity | € 19,200 | € 20,266 | |||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Significant Accounting Polic_10
Significant Accounting Policies - Summary of Change in Fair Value (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | € 148,570 | € 139,834 |
Change in fair value during the reporting period | 6,598 | (4,525) |
Solely payments of principal and interest [member] | Share [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 70 | 68 |
Change in fair value during the reporting period | 1 | (2) |
Solely payments of principal and interest [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 82,014 | 76,283 |
Change in fair value during the reporting period | 6,218 | (2,997) |
Solely payments of principal and interest [member] | Money Markets and other short-term investment [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 2,724 | 3,126 |
Solely payments of principal and interest [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 42,567 | 39,758 |
Change in fair value during the reporting period | 930 | (1,213) |
Solely payments of principal and interest [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 5,152 | 4,452 |
Change in fair value during the reporting period | 284 | (63) |
Solely payments of principal and interest [member] | Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 142 | 141 |
Solely payments of principal and interest [member] | Other financial asset [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 36 | 111 |
Financial assets other than SPPI [member] | Share [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 810 | 2,092 |
Change in fair value during the reporting period | 54 | 87 |
Financial assets other than SPPI [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 4,839 | 4,970 |
Change in fair value during the reporting period | (770) | (123) |
Financial assets other than SPPI [member] | Money Markets and other short-term investment [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 2,603 | 3,181 |
Financial assets other than SPPI [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 200 | 42 |
Change in fair value during the reporting period | (18) | (5) |
Financial assets other than SPPI [member] | Policy loans [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 2,024 | 1,973 |
Financial assets other than SPPI [member] | Other financial asset [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 5,388 | 3,637 |
Change in fair value during the reporting period | € (100) | € (210) |
Significant Accounting Polic_11
Significant Accounting Policies - Summary of Credit Risk Rating Grades (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | € 143,075 | € 135,925 |
Financial assets at amortised cost, class [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 127,988 | 120,436 |
Financial assets at amortised cost, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 70 | 68 |
Financial assets at amortised cost, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 82,014 | 76,283 |
Financial assets at amortised cost, class [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 2,724 | 3,126 |
Financial assets at amortised cost, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 38,524 | 36,639 |
Financial assets at amortised cost, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 4,479 | 4,068 |
Financial assets at amortised cost, class [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 177 | 252 |
Financial assets at amortised cost, class [member] | AAA [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 30,088 | 28,244 |
Financial assets at amortised cost, class [member] | AAA [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 26,723 | 25,637 |
Financial assets at amortised cost, class [member] | AAA [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 255 | 55 |
Financial assets at amortised cost, class [member] | AAA [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,311 | 941 |
Financial assets at amortised cost, class [member] | AAA [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,799 | 1,611 |
Financial assets at amortised cost, class [member] | AA [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 12,933 | 12,670 |
Financial assets at amortised cost, class [member] | AA [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 8,989 | 9,224 |
Financial assets at amortised cost, class [member] | AA [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 193 | 158 |
Financial assets at amortised cost, class [member] | AA [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 3,671 | 3,204 |
Financial assets at amortised cost, class [member] | AA [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 82 | 83 |
Financial assets at amortised cost, class [member] | A [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 26,111 | 23,510 |
Financial assets at amortised cost, class [member] | A [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 20,112 | 17,057 |
Financial assets at amortised cost, class [member] | A [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 2,164 | 2,561 |
Financial assets at amortised cost, class [member] | A [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 3,580 | 3,567 |
Financial assets at amortised cost, class [member] | A [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 198 | 261 |
Financial assets at amortised cost, class [member] | A [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 57 | 64 |
Financial assets at amortised cost, class [member] | BBB [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 23,800 | 21,925 |
Financial assets at amortised cost, class [member] | BBB [member] | Shares - Carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 43 | 42 |
Financial assets at amortised cost, class [member] | BBB [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 22,296 | 20,330 |
Financial assets at amortised cost, class [member] | BBB [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 112 | 351 |
Financial assets at amortised cost, class [member] | BBB [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 369 | 266 |
Financial assets at amortised cost, class [member] | BBB [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 970 | 924 |
Financial assets at amortised cost, class [member] | BBB [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 10 | 12 |
Financial assets at amortised cost, class [member] | BB [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,487 | 1,601 |
Financial assets at amortised cost, class [member] | BB [member] | Shares - Carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 27 | 9 |
Financial assets at amortised cost, class [member] | BB [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,364 | 1,480 |
Financial assets at amortised cost, class [member] | BB [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 15 | 15 |
Financial assets at amortised cost, class [member] | BB [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 49 | 52 |
Financial assets at amortised cost, class [member] | BB [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 33 | 44 |
Financial assets at amortised cost, class [member] | B [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,285 | 1,237 |
Financial assets at amortised cost, class [member] | B [member] | Shares - Carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 17 | |
Financial assets at amortised cost, class [member] | B [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,244 | 1,159 |
Financial assets at amortised cost, class [member] | B [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 4 | |
Financial assets at amortised cost, class [member] | B [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 38 | 61 |
Financial assets at amortised cost, class [member] | CCC or lower [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,283 | 1,396 |
Financial assets at amortised cost, class [member] | CCC or lower [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,283 | 1,395 |
Financial assets at amortised cost, class [member] | CCC or lower [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1 | |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 31,000 | 29,853 |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Debt securities - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 3 | |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 29,574 | 28,647 |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Private loans - held at amortized cost [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,383 | 1,136 |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | € 40 | € 70 |
Significant Accounting Polic_12
Significant Accounting Policies - Summary of Credit Risk Exposure (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial assets at carrying value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | € 35,056 | € 34,087 |
Financial assets at carrying value, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 27 | 26 |
Financial assets at carrying value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 3,894 | 4,035 |
Financial assets at carrying value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 29,593 | 28,661 |
Financial assets at carrying value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 1,431 | 1,189 |
Financial assets at carrying value, class [member] | Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 76 | 70 |
Financial assets at carrying value, class [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 35 | 106 |
Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 38,652 | 37,173 |
Financial assets at fair value, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 27 | 26 |
Financial assets at fair value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 3,894 | 4,035 |
Financial assets at fair value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 33,132 | 31,711 |
Financial assets at fair value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 1,488 | 1,225 |
Financial assets at fair value, class [member] | Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | 76 | 70 |
Financial assets at fair value, class [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets with no low credit risk | € 35 | € 106 |
Critical Accounting Estimates_2
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Additional Information (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of changes in accounting estimates [line items] | |||
Increase decrease in earning before tax due to actuarial assumption and model updates | € 196,000,000 | € 121,000,000 | |
Uniform grading period | 10-year | ||
Description of voluntary changes | For the years 2017 through 2019, Aegon kept its long-term equity market return assumption for the estimated gross profits on variable life and variable annuity products in the Americas at 8%. During the three year period, the long-term assumption for 10-year US Treasury yields was 4.25% and the uniform grading period was 10 years. Aegon’s assumed returns for US separate account bond funds are 4% over the next 10 years and 6% thereafter. The long term credit spread assumption, net of assumed defaults and expenses, on our most common corporate bonds is 114bps. The 90-day Treasury yield was 1.55%, 2.37% and 1.39% at December 31, 2019, 2018 and 2017, respectively. During the period 2017 to 2019 the 90-day Treasury yield was assumed to have a uniform grading over 10 years to 2.5%. On a quarterly basis, the estimated gross profits are updated for the difference between the estimated market return and the actual market return. | ||
Percentage of increase in mortality assumption | 10.00% | ||
Decrease in net income due to increase of mortality assumption | € 204,000,000 | 207,000,000 | |
Percentage of increase in the lapse rate assumption | 20.00% | ||
Increase in net income due to increase in lapse rate assumptions | € 126,000,000 | 89,000,000 | |
Interest rate, measurement input [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage increase in inputs of liability adequacy test | 1.00% | ||
Percentage decrease in inputs of liability adequacy test | 1.00% | ||
Aegon N.V [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Decrease in net income due to possible changes in other assumptions | € 13,000,000 | € 9,000,000 | |
10-year US treasury yields [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of rate of return | 4.25% | ||
Bonds [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Long term credit spread assumption | 1.14% | ||
Bonds [member] | Grading over 10 years [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of rate of return | 4.00% | ||
Bonds [member] | Grading after 10 years [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of rate of return | 6.00% | ||
90-day treasury yield [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of rate of return | 1.55% | 2.37% | 1.39% |
90-day treasury yield [member] | Grading over 10 years [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of rate of return | 2.50% | 2.50% | 2.50% |
Americas [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of long-term equity market return assumption | 8.00% | ||
United States [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage of decrease in expected long-term equity growth rate | 1.00% | ||
Decrease in DPAC and VOBA balances and reserve | € 111,000,000 | € 148,000,000 | |
DPAC and VOBA balance | 2,700,000,000 | 2,600,000,000 | |
United States [member] | Long term care products [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Gross present value reserve margin | € 251,000,000 | 35,000,000 | |
Increase in incidence rates resulting in increase of gross present value, percentage | 5.00% | ||
Increase in gross present value reserve after increase in incidence rate | € 178,000,000 | 170,000,000 | |
Decrease in incidence rates resulting in decrease of gross present value, percentage | 5.00% | ||
Decrease in gross present value decrease after decrease in incidence rate | € 178,000,000 | 170,000,000 | |
Increase in gross present value reserve after removing the morbidity improvement | 535,000,000 | 500,000,000 | |
Increase in gross present value reserve related to loss recognition block after removing the morbidity improvement | € 445,000,000 | 425,000,000 | |
Percentage of decrease in mortality resulting in gross present value reserve increase | 10.00% | ||
Increase in gross present value reserve after decrease in mortality | € 89,000,000 | 85,000,000 | |
Decrease in gross present value reserve after increase in mortality | € 89,000,000 | 85,000,000 | |
Percentage of increase in mortality resulting in gross present value reserve decrease | 10.00% | ||
Decrease in gross present value reserve after removing mortality improvement | € 89,000,000 | € 85,000,000 | |
The Netherlands [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Liability Adequency Test Deficit | 5,100,000,000 | ||
Loss Recognition | 3,400,000,000 | ||
Net Deficits | € 1,700,000,000 | ||
Liquidity Premium Rate | 0.05% | ||
The Netherlands [member] | Interest rate, measurement input [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Increase of deficit in liability adequacy test | € 4,700,000,000 | ||
Decrease of deficit in liability adequacy test | € 3,500,000,000 | ||
The Netherlands [member] | Credit spread, measurement input [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage increase in inputs of liability adequacy test | 0.50% | ||
Increase of deficit in liability adequacy test | € 200,000,000 | ||
Decrease of deficit in liability adequacy test | € 200,000,000 | ||
Percentage decrease in inputs of liability adequacy test | 0.50% | ||
The Netherlands [member] | Mortgage Measurement Input [Member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Percentage increase in inputs of liability adequacy test | 0.50% | ||
Increase of deficit in liability adequacy test | € 600,000,000 | ||
Decrease of deficit in liability adequacy test | € 600,000,000 | ||
Percentage decrease in inputs of liability adequacy test | 0.50% |
Financial Risks - Schedule of M
Financial Risks - Schedule of Maximum Exposure to Credit Risk (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Master netting agreements collateral | € 122 | € 120 |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 172,346 | 161,607 |
Cash collateral | 5,365 | 5,207 |
Securities collateral | 4,294 | 4,752 |
Letters of credit /guarantees collateral | 468 | 439 |
Real estate property collateral | 61,159 | 57,009 |
Master netting agreements collateral | 8,186 | 4,606 |
Other collateral | 2,008 | 1,960 |
Total collateral | 81,481 | 73,972 |
Surplus collateral | 27,884 | 25,081 |
Net exposure | 118,749 | 112,715 |
Credit risk [member] | Debt securities - carried at fair value [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 86,853 | 81,253 |
Letters of credit /guarantees collateral | 267 | 169 |
Total collateral | 267 | 169 |
Net exposure | 86,586 | 81,084 |
Credit risk [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 5,327 | 6,307 |
Securities collateral | 363 | 484 |
Total collateral | 363 | 484 |
Surplus collateral | 23 | 29 |
Net exposure | 4,987 | 5,852 |
Credit risk [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 37,750 | 36,240 |
Cash collateral | 2,648 | 2,535 |
Letters of credit /guarantees collateral | 65 | 136 |
Real estate property collateral | 61,159 | 57,009 |
Total collateral | 63,872 | 59,680 |
Surplus collateral | 26,249 | 23,589 |
Net exposure | 127 | 149 |
Credit risk [member] | Private loans - held at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 4,487 | 4,103 |
Cash collateral | 51 | 45 |
Total collateral | 51 | 45 |
Net exposure | 4,436 | 4,058 |
Credit risk [member] | Other loans - held at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 2,353 | 2,310 |
Other collateral | 2,008 | 1,960 |
Total collateral | 2,008 | 1,960 |
Surplus collateral | 1,329 | 1,238 |
Net exposure | 1,674 | 1,589 |
Credit risk [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 4,083 | 3,551 |
Net exposure | 4,083 | 3,551 |
Credit risk [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 10,658 | 7,337 |
Cash collateral | 2,666 | 2,627 |
Securities collateral | 47 | 233 |
Letters of credit /guarantees collateral | 31 | 31 |
Master netting agreements collateral | 8,186 | 4,606 |
Total collateral | 10,930 | 7,496 |
Surplus collateral | 283 | 225 |
Net exposure | 10 | 66 |
Credit risk [member] | Reinsurance assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 20,835 | 20,505 |
Securities collateral | 3,884 | 4,035 |
Letters of credit /guarantees collateral | 105 | 104 |
Total collateral | 3,989 | 4,139 |
Net exposure | € 16,845 | € 16,366 |
Financial Risks - Additional In
Financial Risks - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019EUR (€)ViolationDelinquencyIssuerCounterparty | Dec. 31, 2018EUR (€)Violation | |
Disclosure of financial risk management [line items] | ||
For NHG backed mortgage loans, lender-incurred haircut applied on realized losses on each defaulted loan | 10.00% | |
Number of defaults with derivativies counterparty for last three years | Counterparty | 0 | |
Number of violation of credit name limit policy at group level | Violation | 2 | 0 |
Fair value | € 148,570,000,000 | € 139,834,000,000 |
Net impairments and (recoveries) | (17,000,000) | (10,000,000) |
Maximum value of unrealized loss disclosed separately | 25,000,000 | |
Securities available-for-sale | 89,404,000,000 | 84,675,000,000 |
Financial assets at fair value through profit or loss | 9,080,000,000 | 8,597,000,000 |
Recoveries on previously impaired assets | 66,000,000 | 34,000,000 |
Amount held in general account investment readily redeemable and saleable | 31,066,000,000 | 32,116,000,000 |
Undrawn committed borrowing facilities | 3,403,000,000 | 3,680,000,000 |
Targeted Long Term Refinancing Operations [member] | Asset Purchase Programme [Member] | ||
Disclosure of financial risk management [line items] | ||
Asset purchase programme | € 20,000,000,000 | |
Deposit rate | (0.50%) | |
Equity portfolio [member] | ||
Disclosure of financial risk management [line items] | ||
Gross unrealized gain (AFS) | € 47,000,000 | 40,000,000 |
Gross unrealized loss | € 24,000,000 | 20,000,000 |
Government [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Corporate financial banking sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
REITS sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Capital goods sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Consumer cyclical sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Consumer non cyclical sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Energy sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Technology sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Transportation sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Communications sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Electric sub sector [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Aegon US, NL [member] | ||
Disclosure of financial risk management [line items] | ||
Gross unrealized gain (AFS) | € 10,493,000,000 | 4,370,000,000 |
Gross unrealized losses AFS debt securities | 327,000,000 | 1,352,000,000 |
Gross unrealized loss | 24,000,000 | 20,000,000 |
Aegon Americas and Netherlands [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | 3,332,000,000 | 4,503,000,000 |
Net impairments and (recoveries) | (17,000,000) | 10,000,000 |
Recoveries on previously impaired assets | 66,000,000 | 34,000,000 |
Aegon US, NL [member] | ||
Disclosure of financial risk management [line items] | ||
Impairment release | € 7,000,000 | 4,000,000 |
Belfius bank SA [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Residential mortgage- backed securities [member] | Aegon Americas [member] | ||
Disclosure of financial risk management [line items] | ||
Securities available-for-sale | € 2,222,000,000 | 2,102,000,000 |
Financial assets at fair value through profit or loss | 67,000,000 | 35,000,000 |
Gross unrealized loss on available-for-sale securities | 18,000,000 | 29,000,000 |
Net unrealized gains on securities | 284,000,000 | 266,000,000 |
Residential mortgage- backed securities [member] | Aegon US, NL [member] | ||
Disclosure of financial risk management [line items] | ||
Securities available-for-sale | 2,533,000,000 | 2,497,000,000 |
Gross unrealized losses RMBS | 18,000,000 | 30,000,000 |
Net unrealized gains on securities | 288,000,000 | 269,000,000 |
Residential mortgage- backed securities [member] | Aegon Netherlands [member] | ||
Disclosure of financial risk management [line items] | ||
Securities available-for-sale | 311,000,000 | 395,000,000 |
Commercial mortgage- backed securities (CMBSs) [member] | ||
Disclosure of financial risk management [line items] | ||
Securities available-for-sale | 3,440,000,000 | 3,349,000,000 |
Net unrealized gains on securities | € 157,000,000 | 17,000,000 |
Commercial mortgage- backed securities (CMBSs) [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Commercial mortgage- backed securities (CMBSs) [member] | Aegon Americas [member] | ||
Disclosure of financial risk management [line items] | ||
Securities available-for-sale | € 3,427,000,000 | 3,314,000,000 |
Financial assets at fair value through profit or loss | 0 | 0 |
Net unrealized gains on securities | 104,000,000 | 17,000,000 |
Gross unrealized losses CMBS | 6,000,000 | 44,000,000 |
Commercial mortgage- backed securities (CMBSs) [member] | Aegon Netherlands [member] | ||
Disclosure of financial risk management [line items] | ||
Securities available-for-sale | 13,000,000 | 35,000,000 |
Available for sale bonds [member] | Aegon Americas [member] | Energy sub sector [member] | ||
Disclosure of financial risk management [line items] | ||
Available for sale bonds issued | 3,844,000,000 | 3,592,000,000 |
Available for sale bonds [member] | Aegon US, NL [member] | Energy sub sector [member] | ||
Disclosure of financial risk management [line items] | ||
Available for sale bonds issued | 3,961,000,000 | 3,802,000,000 |
Gross unrealized losses Corporate Financial Banking Sub Sector | 62,000,000 | 138,000,000 |
Net unrealized gain | 367,000,000 | 13,000,000 |
Available held for sale bonds member [Member] | Aegon Americas [member] | Energy sub sector [member] | ||
Disclosure of financial risk management [line items] | ||
Available for sale bonds issued | 117,000,000 | 211,000,000 |
Asset backed securities [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | € 0 | 4,503,000,000 |
Individual issuers rated below investment grade which have unrealised position greater than EUR 25 million | Issuer | 0 | |
Asset backed securities [member] | Aegon US, NL [member] | ||
Disclosure of financial risk management [line items] | ||
Gross unrealized losses ABS | € 9,000,000 | 52,000,000 |
Asset backed securities [member] | Aegon Americas [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | 2,239,000,000 | 2,626,000,000 |
Financial assets at fair value through profit or loss | 3,000,000 | 6,000,000 |
Gross unrealized loss | 5,000,000 | 18,000,000 |
Asset backed securities [member] | Aegon Netherlands [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | 1,093,000,000 | 1,877,000,000 |
Gross unrealized loss | 3,000,000 | 34,000,000 |
Asset backed securities [member] | Aegon Americas and Netherlands [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | 3,332,000,000 | 4,503,000,000 |
Monoline insurers [member] | Aegon Americas [member] | Asia Portfolios [member] | ||
Disclosure of financial risk management [line items] | ||
Letters of credit /guarantees collateral | € 272,000,000 | € 178,000,000 |
Monoline insurers [member] | Municipal Bond Insurance Association, Inc. [member] | ||
Disclosure of financial risk management [line items] | ||
Percentage of Indirect Exposure | 6.00% | 15.00% |
Monoline insurers [member] | Ambac Financial Group, Inc. [member] | ||
Disclosure of financial risk management [line items] | ||
Percentage of Indirect Exposure | 54.00% | 13.00% |
Monoline insurers [member] | Assured Guaranty Corporation [member] | ||
Disclosure of financial risk management [line items] | ||
Percentage of Indirect Exposure | 27.00% | 52.00% |
Americas commercial and agricultural mortgage loan portfolio [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | € 9,447,000,000 | € 8,059,000,000 |
Percentage of loan to value | 53.00% | 54.00% |
Assumed defaults rate on delinquent loans | 1.06% | 1.25% |
Delinquency days (defined as 60 days in arrears) | Delinquency | 60 | |
Net impairments and (recoveries) | € 0 | € 1,000,000 |
Americas commercial and agricultural mortgage loan portfolio [member] | Foreclosed on impaired loans [member] | ||
Disclosure of financial risk management [line items] | ||
Net impairments and (recoveries) | 0 | 0 |
Foreclosure and recoveries | 0 | |
Netherlands Mortgage Loan Portfolio [member] | ||
Disclosure of financial risk management [line items] | ||
Fair value | € 33,111,000,000 | € 31,686,000,000 |
Percentage of loan to value | 67.00% | 70.00% |
Assumed defaults rate on delinquent loans | 0.10% | 0.20% |
Delinquency days (defined as 60 days in arrears) | Delinquency | 60 | |
Percentage of loan portfolio guaranteed by government | 49.00% | 46.00% |
Impairment release | € 0 | € 0 |
Percentage of average default of portfolio | 0.05% | |
Bottom of range [member] | ||
Disclosure of financial risk management [line items] | ||
Net impairments and (recoveries) | € 25,000,000 | € 25,000,000 |
Fed funds rate | 1.00% | |
Unrealized loss position period | 6 months | |
Bottom of range [member] | Government bonds [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss positions | € 25,000,000 | |
Bottom of range [member] | Investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss positions | 25,000,000 | |
Bottom of range [member] | Below investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss | 25,000,000 | |
Bottom of range [member] | Energy sub sector [member] | Below investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss positions | 25,000,000 | |
Bottom of range [member] | Transportation sub sector [member] | Below investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss | 25,000,000 | |
Bottom of range [member] | Communications sub sector [member] | Below investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss | 25,000,000 | |
Bottom of range [member] | Electric sub sector [member] | Below investment grade [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss | € 25,000,000 | |
Bottom of range [member] | Aegon Americas [member] | ||
Disclosure of financial risk management [line items] | ||
Assumed defaults rate on delinquent loans | 0.00% | |
Prepayment assumptions | 0.00% | |
Percentage of loss severity assumption | 0.00% | |
Bottom of range [member] | Belfius bank SA [member] | ||
Disclosure of financial risk management [line items] | ||
Gross unrealized loss | € 25,000,000 | |
Bottom of range [member] | Commercial mortgage- backed securities (CMBSs) [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss | 25,000,000 | |
Bottom of range [member] | Asset backed securities [member] | ||
Disclosure of financial risk management [line items] | ||
Unrealized loss | € 25,000,000 | |
Top of range [member] | ||
Disclosure of financial risk management [line items] | ||
Rate of fair value of investment | Significant or prolonged decline is generally defined within Aegon as an unrealized loss position for more than six months or a fair value of less than 80% of the cost price of the investment. | |
Top of range [member] | Aegon Americas [member] | ||
Disclosure of financial risk management [line items] | ||
Assumed defaults rate on delinquent loans | 56.00% | |
Prepayment assumptions | 33.00% | |
Percentage of loss severity assumption | 105.00% | |
Weighted average [member] | Aegon Americas [member] | ||
Disclosure of financial risk management [line items] | ||
Assumed defaults rate on delinquent loans | 8.44% | 5.45% |
Prepayment assumptions | 20.42% | |
Percentage of loss severity assumption | 50.19% | 56.96% |
Financial Risks - Summary of Gr
Financial Risks - Summary of Group Limits Per Credit Rating (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
AAA [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | € 900 | € 900 |
AA [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | 900 | 900 |
A [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | 675 | 675 |
BBB [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | 450 | 450 |
BB [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | 250 | 250 |
B [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | 125 | 125 |
CCC or lower [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Group limits per credit rating | € 50 | € 50 |
Financial Risks - Schedule of R
Financial Risks - Schedule of Ratings Distribution of General Account Portfolios (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about credit rating [line items] | ||
Fair value | € 148,570 | € 139,834 |
Total | 143,075 | 135,925 |
Credit rating general account investments, excluding reinsurance assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 44,591 | 42,653 |
Fair value | 109,142 | 100,609 |
Total | 153,732 | 143,263 |
Credit rating general account investments, excluding reinsurance assets [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,110 | 2,552 |
Fair value | 29,322 | 29,518 |
Total | 32,431 | 32,070 |
Credit rating general account investments, excluding reinsurance assets [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,752 | 3,188 |
Fair value | 13,014 | 11,626 |
Total | 16,766 | 14,813 |
Credit rating general account investments, excluding reinsurance assets [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,688 | 3,675 |
Fair value | 31,206 | 22,542 |
Total | 34,895 | 26,218 |
Credit rating general account investments, excluding reinsurance assets [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1,249 | 1,193 |
Fair value | 24,058 | 21,871 |
Total | 25,307 | 23,064 |
Credit rating general account investments, excluding reinsurance assets [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 64 | 68 |
Fair value | 1,678 | 1,653 |
Total | 1,742 | 1,721 |
Credit rating general account investments, excluding reinsurance assets [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 40 | 64 |
Fair value | 1,274 | 1,267 |
Total | 1,314 | 1,331 |
Credit rating general account investments, excluding reinsurance assets [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1 | |
Fair value | 699 | 773 |
Total | 699 | 774 |
Credit rating general account investments, excluding reinsurance assets [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 32,383 | 31,527 |
Fair value | 6,789 | 9,960 |
Total | 39,172 | 41,488 |
Credit rating general account investments, excluding reinsurance assets [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 44,286 | 42,268 |
Fair value | 108,040 | 99,210 |
Total | 152,327 | 141,478 |
Credit rating general account investments, excluding reinsurance assets [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 305 | 385 |
Fair value | 1,101 | 1,399 |
Total | 1,406 | 1,784 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 42 | 16 |
Fair value | 6,620 | 5,704 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1,032 | 987 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 500 | 372 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 2,260 | 1,823 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 2,530 | 2,186 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 158 | 140 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 100 | 132 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 13 | 22 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 42 | 16 |
Fair value | 17 | 14 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 42 | 16 |
Fair value | 6,611 | 5,676 |
Credit rating general account investments, excluding reinsurance assets [member] | Asia [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 9 | 27 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 266 | 181 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 164 | 136 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 2 | |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 11 | 5 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 15 | 1 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 27 | 9 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 34 | 17 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 9 | 9 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 5 | 5 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 266 | 181 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 0 | |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 10,922 | 9,945 |
Fair value | 65,635 | 62,847 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1,311 | 941 |
Fair value | 14,664 | 15,338 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,671 | 3,104 |
Fair value | 4,162 | 3,855 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,580 | 3,567 |
Fair value | 19,752 | 17,428 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 275 | 266 |
Fair value | 19,062 | 17,609 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 15 | 7 |
Fair value | 1,314 | 1,393 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 4 | |
Fair value | 926 | 1,013 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 677 | 741 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1,971 | 1,952 |
Fair value | 4,028 | 4,126 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 10,827 | 9,837 |
Fair value | 64,584 | 61,501 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 95 | 108 |
Fair value | 1,051 | 1,346 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 33,460 | 32,536 |
Fair value | 32,609 | 27,930 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1,799 | 1,611 |
Fair value | 13,342 | 12,956 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 82 | 83 |
Fair value | 7,625 | 6,704 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 47 | 55 |
Fair value | 8,271 | 2,482 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 970 | 924 |
Fair value | 1,758 | 1,299 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 49 | 52 |
Fair value | 97 | 39 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 2 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 30,306 | 29,534 |
Fair value | 1,493 | 4,423 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 33,251 | 32,259 |
Fair value | 32,589 | 27,905 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 210 | 277 |
Fair value | 19 | 25 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 2,103 | 2,149 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 91 | 84 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 624 | 594 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 307 | 291 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 120 | 95 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1 | 1 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 959 | 1,085 |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 2,103 | 2,149 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 118 | 143 |
Fair value | 1,574 | 1,497 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 15 | 10 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 101 | 100 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 61 | 54 |
Fair value | 592 | 505 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 5 | 3 |
Fair value | 572 | 682 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 9 | |
Fair value | 10 | 22 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 36 | 64 |
Fair value | 212 | 105 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1 | |
Fair value | 1 | 1 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 16 | 13 |
Fair value | 72 | 70 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 118 | 143 |
Fair value | € 1,574 | 1,496 |
Credit rating general account investments, excluding reinsurance assets [member] | Southern & Eastern Europe [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | € 1 |
Financial Risks - Disclosure of
Financial Risks - Disclosure of Foreign Exchange Rates (Detail) - Carrying value [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | € 20,835 | € 20,505 |
AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | 10,477 | 9,150 |
A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | 10,002 | 11,041 |
Below A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | 40 | 30 |
Not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | € 316 | € 284 |
Financial Risks - Schedule of C
Financial Risks - Schedule of Credit Risk Concentration - Debt Securities and Money Market Investments (Detail) - Debt securities and money market investments [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 92,180 | € 87,560 |
Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,729 | 2,585 |
Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,154 | 4,013 |
Asset backed securities [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,642 | 2,447 |
Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,258 | 2,552 |
Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 10,554 | 9,059 |
Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 10,096 | 9,924 |
Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 28,835 | 25,457 |
Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,411 | 4,169 |
Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 27,500 | 27,356 |
Americas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 59,882 | 57,609 |
Americas [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,289 | 2,138 |
Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,428 | 3,314 |
Americas [member] | Asset backed securities [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 519 | 717 |
Americas [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,724 | 1,915 |
Americas [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6,561 | 6,423 |
Americas [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8,885 | 8,863 |
Americas [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 23,158 | 21,060 |
Americas [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,760 | 3,572 |
Americas [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 9,558 | 9,607 |
The Netherlands [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 22,773 | 21,586 |
The Netherlands [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 311 | 395 |
The Netherlands [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 13 | 35 |
The Netherlands [member] | Asset backed securities [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,050 | 1,669 |
The Netherlands [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 73 | 247 |
The Netherlands [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,684 | 1,473 |
The Netherlands [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 191 | 188 |
The Netherlands [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,243 | 1,515 |
The Netherlands [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 136 | 115 |
The Netherlands [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 16,072 | 15,948 |
United Kingdom [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,143 | 1,064 |
United Kingdom [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 128 | 127 |
United Kingdom [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 72 | 61 |
United Kingdom [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 154 | 132 |
United Kingdom [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 38 | 33 |
United Kingdom [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 234 | 213 |
United Kingdom [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 67 | 60 |
United Kingdom [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 449 | 438 |
Southern & Eastern Europe [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,497 | 1,419 |
Southern & Eastern Europe [member] | Asset backed securities [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6 | |
Southern & Eastern Europe [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6 | |
Southern & Eastern Europe [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 224 | 210 |
Southern & Eastern Europe [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 71 | 116 |
Southern & Eastern Europe [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 176 | 148 |
Southern & Eastern Europe [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 45 | 51 |
Southern & Eastern Europe [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 975 | 889 |
Asia [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6,609 | 5,696 |
Asia [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 128 | 52 |
Asia [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 584 | 537 |
Asia [member] | Asset backed securities [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 73 | 61 |
Asia [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 384 | 323 |
Asia [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 928 | 815 |
Asia [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 742 | 595 |
Asia [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,966 | 2,486 |
Asia [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 402 | 370 |
Asia [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 401 | 457 |
Asset management [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 260 | 176 |
Asset management [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
Asset management [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 6 |
Asset management [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 154 | 121 |
Asset management [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 57 | 33 |
Asset management [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
Asset management [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 44 | 17 |
Past due and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,046 | 1,362 |
Past due and impaired [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 909 | 918 |
Past due and impaired [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8 | 14 |
Past due and impaired [member] | Asset backed securities [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4 | 3 |
Past due and impaired [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 40 |
Past due and impaired [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4 | 29 |
Past due and impaired [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4 | 19 |
Past due and impaired [member] | Industrial [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 61 | 187 |
Past due and impaired [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 52 | 144 |
Past due and impaired [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 2 | € 8 |
Financial Risks - Schedule of_2
Financial Risks - Schedule of Credit Risk Concentration - Government Bonds (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 9,210 | € 9,253 |
Netherlands government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6,316 | 6,040 |
United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 380 | 374 |
Austria government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,230 | 1,106 |
Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,123 | 1,027 |
Finland government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 135 | 949 |
France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,551 | 1,329 |
Germany government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,649 | 4,397 |
Hungary government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 348 | 413 |
Luxembourg government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 807 | 787 |
Spain government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 368 | 298 |
Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 646 | 623 |
Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 737 | 730 |
Supranational government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 30 |
Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 27,500 | 27,356 |
Americas [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8,893 | 8,891 |
Americas [member] | Hungary government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2 | 3 |
Americas [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 85 | 103 |
Americas [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 576 | 580 |
Americas [member] | Supranational government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 30 |
Americas [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 9,558 | 9,607 |
The Netherlands [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
The Netherlands [member] | Netherlands government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6,316 | 6,040 |
The Netherlands [member] | Austria government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,227 | 1,102 |
The Netherlands [member] | Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,097 | 1,000 |
The Netherlands [member] | Finland government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 135 | 949 |
The Netherlands [member] | France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,512 | 1,292 |
The Netherlands [member] | Germany government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,649 | 4,397 |
The Netherlands [member] | Luxembourg government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 807 | 786 |
The Netherlands [member] | Spain government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 95 | 89 |
The Netherlands [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 216 | 264 |
The Netherlands [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 17 | 30 |
The Netherlands [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 16,072 | 15,948 |
United Kingdom [member] | United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 362 | 356 |
United Kingdom [member] | Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 21 | 21 |
United Kingdom [member] | France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 35 | 33 |
United Kingdom [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 32 | 28 |
United Kingdom [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 449 | 438 |
Southern & Eastern Europe [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4 | |
Southern & Eastern Europe [member] | United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
Southern & Eastern Europe [member] | Austria government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4 | 4 |
Southern & Eastern Europe [member] | Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5 | 6 |
Southern & Eastern Europe [member] | France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 5 |
Southern & Eastern Europe [member] | Hungary government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 345 | 410 |
Southern & Eastern Europe [member] | Luxembourg government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
Southern & Eastern Europe [member] | Spain government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 273 | 209 |
Southern & Eastern Europe [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 336 | 247 |
Southern & Eastern Europe [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5 | 5 |
Southern & Eastern Europe [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 975 | 889 |
Asia [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 309 | 362 |
Asia [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6 | 9 |
Asia [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 85 | 86 |
Asia [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 401 | 457 |
Asset management [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2 | |
Asset management [member] | United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 18 | 17 |
Asset management [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | |
Asset management [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 22 | |
Asset management [member] | Supranational government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 0 | |
Asset management [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 44 | € 17 |
Financial Risks - Schedule of_3
Financial Risks - Schedule of Credit Risk Concentration - Credit Rating (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | € 29,248 | € 29,511 |
AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 9,848 | 9,934 |
A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 24,693 | 20,587 |
BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 23,371 | 21,670 |
BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,524 | 1,638 |
B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,280 | 1,207 |
CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,524 | 1,621 |
Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 691 | 1,391 |
A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 92,180 | 87,560 |
Government bonds [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 20,324 | 20,479 |
Government bonds [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 4,903 | 4,949 |
Government bonds [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 899 | 614 |
Government bonds [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 949 | 961 |
Government bonds [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 110 | 215 |
Government bonds [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 297 | 136 |
Government bonds [member] | CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 18 | 1 |
Government bonds [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 27,500 | 27,356 |
Corporate bonds [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 719 | 772 |
Corporate bonds [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 3,514 | 3,264 |
Corporate bonds [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 22,416 | 18,482 |
Corporate bonds [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 22,137 | 20,360 |
Corporate bonds [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,292 | 1,279 |
Corporate bonds [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 956 | 1,003 |
Corporate bonds [member] | CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 309 | 302 |
Corporate bonds [member] | Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 3 | |
Corporate bonds [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 51,347 | 45,462 |
RMBs CMBSs ABSs [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 6,344 | 6,505 |
RMBs CMBSs ABSs [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,429 | 1,721 |
RMBs CMBSs ABSs [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,378 | 1,490 |
RMBs CMBSs ABSs [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 284 | 349 |
RMBs CMBSs ABSs [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 122 | 144 |
RMBs CMBSs ABSs [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 27 | 69 |
RMBs CMBSs ABSs [member] | CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,197 | 1,318 |
RMBs CMBSs ABSs [member] | Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 3 | |
RMBs CMBSs ABSs [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 10,783 | 11,596 |
Other credit grades [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,861 | 1,753 |
Other credit grades [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 2 | |
Other credit grades [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1 | |
Other credit grades [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1 | |
Other credit grades [member] | Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 686 | 1,391 |
Other credit grades [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | € 2,549 | € 3,147 |
Financial Risks - Schedule of_4
Financial Risks - Schedule of Credit Risk Concentration - Mortgage Loans (Detail) - Mortgage loans [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 37,750 | € 36,240 |
Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 69 | 69 |
Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,383 | 3,993 |
Industrial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,266 | 871 |
Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,395 | 1,343 |
Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,583 | 1,466 |
Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 302 | 292 |
Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 28,752 | 28,207 |
Americas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8,956 | 8,002 |
Americas [member] | Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 69 | 69 |
Americas [member] | Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,383 | 3,993 |
Americas [member] | Industrial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,266 | 871 |
Americas [member] | Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,395 | 1,342 |
Americas [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,575 | 1,457 |
Americas [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 258 | 258 |
Americas [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 9 | 12 |
The Netherlands [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 28,793 | 28,237 |
The Netherlands [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8 | 9 |
The Netherlands [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 43 | 35 |
The Netherlands [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 28,742 | 28,193 |
Southern & Eastern Europe [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 1 |
Southern & Eastern Europe [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 1 |
Past due and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 259 | 337 |
Past due and impaired [member] | Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 15 | |
Past due and impaired [member] | Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 94 | 92 |
Past due and impaired [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 1 |
Past due and impaired [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 2 |
Past due and impaired [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 163 | € 227 |
Financial Risks - Summary of In
Financial Risks - Summary of Income Received From Investments in RMBSs, SMBSs and ABSs (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gains and losses on total value of investments [line items] | ||
Interest income | € 412 | € 417 |
Total gains and losses on sale of assets | 358 | (28) |
Total | 769 | 389 |
Investments | 0 | 11,596 |
Residential mortgage- backed securities [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 140 | 140 |
Total gains and losses on sale of assets | 97 | (3) |
Total | 237 | 137 |
Investments | 0 | 2,585 |
Commercial mortgage- backed securities (CMBSs) [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 138 | 139 |
Total gains and losses on sale of assets | 182 | (41) |
Total | 320 | 98 |
Investments | 0 | 4,013 |
Asset backed securities [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 47 | 54 |
Total gains and losses on sale of assets | (1) | |
Total | 45 | 54 |
Investments | 0 | 2,447 |
ABSs - other [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 87 | 84 |
Total gains and losses on sale of assets | 81 | 15 |
Total | 168 | 99 |
Investments | € 0 | € 2,552 |
Financial Risks - Summary of Am
Financial Risks - Summary of Amortized Cost and Fair Value of Debt Securities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Unrealized losses | € 345 | € 1,550 |
Total fair value | 9,080 | 8,597 |
Debt securities and money market instruments Americas and Netherland [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 69,012 | 72,520 |
Unrealized gains | 10,493 | 4,336 |
Unrealized losses | (327) | (1,352) |
Total fair value | 79,178 | 75,504 |
Fair value of instruments with unrealized gains | 74,025 | 50,976 |
Fair value of instruments with unrealized losses | 5,153 | 24,528 |
Debt securities and money market instruments [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 78,052 | 81,073 |
Unrealized gains | 11,289 | 4,673 |
Unrealized losses | (345) | (1,550) |
Total fair value | 88,995 | 84,196 |
Fair value of instruments with unrealized gains | 83,192 | 55,253 |
Fair value of instruments with unrealized losses | 5,803 | 28,943 |
Debt securities and money market instruments [member] | United States government [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 7,443 | 6,973 |
Unrealized gains | 1,377 | 603 |
Unrealized losses | (8) | (127) |
Total fair value | 8,812 | 7,449 |
Fair value of instruments with unrealized gains | 8,478 | 4,772 |
Fair value of instruments with unrealized losses | 335 | 2,676 |
Debt securities and money market instruments [member] | Dutch government [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 4,869 | 4,908 |
Unrealized gains | 1,448 | 1,136 |
Unrealized losses | (3) | |
Total fair value | 6,316 | 6,040 |
Fair value of instruments with unrealized gains | 6,267 | 6,002 |
Fair value of instruments with unrealized losses | 49 | 38 |
Debt securities and money market instruments [member] | Other government [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 8,901 | 11,327 |
Unrealized gains | 2,989 | 684 |
Unrealized losses | (17) | (54) |
Total fair value | 11,872 | 11,957 |
Fair value of instruments with unrealized gains | 11,662 | 11,105 |
Fair value of instruments with unrealized losses | 210 | 852 |
Debt securities and money market instruments [member] | Insured residential mortgage backed securities [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 6,366 | 6,275 |
Unrealized gains | 470 | 366 |
Unrealized losses | (25) | (84) |
Total fair value | 6,811 | 6,557 |
Fair value of instruments with unrealized gains | 5,773 | 3,700 |
Fair value of instruments with unrealized losses | 1,037 | 2,857 |
Debt securities and money market instruments [member] | Asset backed securities [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 3,776 | 4,948 |
Unrealized gains | 103 | 65 |
Unrealized losses | (9) | (55) |
Total fair value | 3,869 | 4,958 |
Fair value of instruments with unrealized gains | 2,881 | 1,825 |
Fair value of instruments with unrealized losses | 989 | 3,133 |
Debt securities and money market instruments [member] | Corporate [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 40,552 | 39,770 |
Unrealized gains | 4,853 | 1,748 |
Unrealized losses | (167) | (1,138) |
Total fair value | 45,238 | 40,379 |
Fair value of instruments with unrealized gains | 42,801 | 21,441 |
Fair value of instruments with unrealized losses | 2,437 | 18,939 |
Debt securities and money market instruments [member] | Money market investments [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 5,169 | 5,955 |
Total fair value | 5,169 | 5,955 |
Fair value of instruments with unrealized gains | 4,702 | 5,701 |
Fair value of instruments with unrealized losses | 467 | 254 |
Debt securities and money market instruments [member] | Other [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 976 | 919 |
Unrealized gains | 49 | 71 |
Unrealized losses | (117) | (88) |
Total fair value | 908 | 902 |
Fair value of instruments with unrealized gains | 628 | 707 |
Fair value of instruments with unrealized losses | € 280 | € 194 |
Financial Risks - Summary of Co
Financial Risks - Summary of Composition by Industry Category of Available-for-Sale (AFS) Debt Securities, Money Market Investments and Other in an Unrealized Loss Position (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | € 5,803 | € 28,943 |
Unrealized losses | (345) | (1,550) |
Residential mortgage- backed securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 413 | 446 |
Unrealized losses | (18) | (30) |
Commercial mortgage- backed securities (CMBSs) [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 494 | 2,012 |
Unrealized losses | (6) | (45) |
Asset backed securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 662 | 2,088 |
Unrealized losses | (5) | (42) |
ABSs - other [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 242 | 829 |
Unrealized losses | (4) | (10) |
Financial Industry - Banking [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 349 | 2,522 |
Unrealized losses | (20) | (106) |
Financial Industry - Insurance [Member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 104 | 646 |
Unrealized losses | (5) | (36) |
Financial Industry - Other [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 615 | 1,523 |
Unrealized losses | (15) | (69) |
Industrial [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 1,293 | 10,073 |
Unrealized losses | (105) | (684) |
Utility [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 249 | 1,258 |
Unrealized losses | (10) | (78) |
Government Securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 453 | 2,935 |
Unrealized losses | (23) | (164) |
Other securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 279 | 194 |
Unrealized losses | (117) | (88) |
Held by Aegon Americas and NL [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 5,153 | 24,528 |
Unrealized losses | (327) | (1,352) |
Held by other segments [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 650 | 4,415 |
Unrealized losses | € (18) | € (197) |
Financial Risks - Summary of Br
Financial Risks - Summary of Breakdown of RMBS Available-for-Sale (AFS) Portfolio (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Total fair value | € 148,570 | € 139,834 |
Available for sale - residential mortgage-backed securities by quality [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 2,222 | 2,102 |
Available for sale - residential mortgage-backed securities by quality [member] | GSE guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 782 | 599 |
Available for sale - residential mortgage-backed securities by quality [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 62 | 124 |
Available for sale - residential mortgage-backed securities by quality [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 462 | 397 |
Available for sale - residential mortgage-backed securities by quality [member] | Negative amortization floaters [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 468 | 533 |
Available for sale - residential mortgage-backed securities by quality [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 449 | 450 |
Available for sale - residential mortgage-backed securities by quality [member] | Insured residential mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Total fair value | 100 | 113 |
Available for sale - residential mortgage-backed securities by quality [member] | AAA [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 790 | 450 |
Available for sale - residential mortgage-backed securities by quality [member] | AAA [member] | GSE guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 735 | 450 |
Available for sale - residential mortgage-backed securities by quality [member] | AAA [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 6 | |
Available for sale - residential mortgage-backed securities by quality [member] | AAA [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 48 | |
Available for sale - residential mortgage-backed securities by quality [member] | AAA [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 2 | |
Available for sale - residential mortgage-backed securities by quality [member] | AA [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 129 | 238 |
Available for sale - residential mortgage-backed securities by quality [member] | AA [member] | GSE guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 43 | 149 |
Available for sale - residential mortgage-backed securities by quality [member] | AA [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 16 | 16 |
Available for sale - residential mortgage-backed securities by quality [member] | AA [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 59 | 59 |
Available for sale - residential mortgage-backed securities by quality [member] | AA [member] | Negative amortization floaters [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 2 | 1 |
Available for sale - residential mortgage-backed securities by quality [member] | AA [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 9 | 13 |
Available for sale - residential mortgage-backed securities by quality [member] | A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 18 | 22 |
Available for sale - residential mortgage-backed securities by quality [member] | A [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 1 | 1 |
Available for sale - residential mortgage-backed securities by quality [member] | A [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 15 | 17 |
Available for sale - residential mortgage-backed securities by quality [member] | A [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 2 | 4 |
Available for sale - residential mortgage-backed securities by quality [member] | A [member] | Insured residential mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 16 | 20 |
Available for sale - residential mortgage-backed securities by quality [member] | BBB [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 28 | 36 |
Available for sale - residential mortgage-backed securities by quality [member] | BBB [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 2 | 5 |
Available for sale - residential mortgage-backed securities by quality [member] | BBB [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 10 | 5 |
Available for sale - residential mortgage-backed securities by quality [member] | BBB [member] | Negative amortization floaters [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 9 | 11 |
Available for sale - residential mortgage-backed securities by quality [member] | BBB [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 7 | 16 |
Available for sale - residential mortgage-backed securities by quality [member] | BBB [member] | Insured residential mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 4 | 5 |
Available for sale - residential mortgage-backed securities by quality [member] | BB [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 973 | 1,089 |
Available for sale - residential mortgage-backed securities by quality [member] | BB [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 32 | 98 |
Available for sale - residential mortgage-backed securities by quality [member] | BB [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 242 | 221 |
Available for sale - residential mortgage-backed securities by quality [member] | BB [member] | Negative amortization floaters [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 382 | 438 |
Available for sale - residential mortgage-backed securities by quality [member] | BB [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 317 | 333 |
Available for sale - residential mortgage-backed securities by quality [member] | BB [member] | Insured residential mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 88 | 99 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 1,938 | 1,836 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | GSE guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 778 | 599 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | Prime jumbo [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 56 | 120 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | Alt-A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 373 | 301 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | Negative amortization floaters [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 394 | 450 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | Other housing [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 337 | 366 |
Available for sale - residential mortgage-backed securities by quality [member] | Cost [member] | Insured residential mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | € 109 | € 124 |
Financial Risks - Schedule of F
Financial Risks - Schedule of Fair Values of Available-for-Sale (AFS) Instruments (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair values of available for sale instruments used [line items] | ||
Total fair value | € 148,570 | € 139,834 |
Total value of fair value through profit or loss | 9,080 | 8,597 |
Asset backed securities [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total fair value | 0 | 4,503 |
Asset backed securities [member] | Level II [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total fair value | 2,668 | 3,650 |
Asset backed securities [member] | Level III [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total fair value | 664 | 853 |
Residential mortgage- backed securities [member] | Americas [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total fair value | 2,222 | 2,102 |
Residential mortgage- backed securities [member] | Level II [member] | Americas [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total fair value | 2,188 | 2,060 |
Residential mortgage- backed securities [member] | Level III [member] | Americas [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total fair value | 34 | 42 |
Commercial mortgage- backed securities (CMBSs) [member] | Americas [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total value of fair value through profit or loss | 3,427 | 3,314 |
Commercial mortgage- backed securities (CMBSs) [member] | Level II [member] | Americas [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total value of fair value through profit or loss | € 3,427 | 3,310 |
Commercial mortgage- backed securities (CMBSs) [member] | Level III [member] | Americas [member] | ||
Fair values of available for sale instruments used [line items] | ||
Total value of fair value through profit or loss | € 4 |
Financial Risks - Summary of Cr
Financial Risks - Summary of Credit Quality of USA's Available-For-Sale (AFS) CMBS Portfolio (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Total fair value | € 9,080 | € 8,597 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 3,323 | 3,331 |
Total fair value | 3,427 | 3,314 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | CMBS [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 3,323 | 3,326 |
Total fair value | 3,427 | 3,310 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | CMBS and CRE CDOs [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 5 | |
Total fair value | 4 | |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | AAA [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 2,540 | 2,635 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | AAA [member] | CMBS [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 2,540 | 2,635 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | AA [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 639 | 567 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | AA [member] | CMBS [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 639 | 567 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | A [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 109 | 65 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | A [member] | CMBS [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 109 | 65 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | BBB [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 7 | 3 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | BBB [member] | CMBS [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 7 | 3 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | Less than BBB [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | 29 | 62 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | Less than BBB [member] | CMBS [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | € 29 | 57 |
Aegon Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | Less than BBB [member] | CMBS and CRE CDOs [member] | ||
Disclosure of financial assets [line items] | ||
Total amortized cost | € 5 |
Financial Risks - Summary of _2
Financial Risks - Summary of Breakdown of Quality of Available-for-Sale (AFS) ABS Portfolio (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total fair value | € 148,570 | € 139,834 |
Asset backed securities [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total fair value | 0 | 4,503 |
Aegon Americas and Netherlands [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total fair value | 3,332 | 4,503 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 3,274 | 4,512 |
Total fair value | 3,332 | 4,503 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Credit cards [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 67 | 193 |
Total fair value | 77 | 201 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Autos [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 220 | 290 |
Total fair value | 222 | 289 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Small business loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 21 | 60 |
Total fair value | 21 | 63 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | CDOs backed by ABS, Corp. bonds, Bank loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 1,567 | 2,423 |
Total fair value | 1,569 | 2,386 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | ABSs - other [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 1,400 | 1,547 |
Total fair value | 1,444 | 1,563 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AAA [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 1,843 | 2,464 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AAA [member] | Credit cards [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 66 | 174 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AAA [member] | Autos [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 147 | 230 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AAA [member] | CDOs backed by ABS, Corp. bonds, Bank loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 1,201 | 1,535 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AAA [member] | ABSs - other [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 429 | 525 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AA [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 329 | 649 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AA [member] | Credit cards [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 1 | 19 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AA [member] | CDOs backed by ABS, Corp. bonds, Bank loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 229 | 479 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | AA [member] | ABSs - other [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 98 | 151 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | A [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 878 | 1,051 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | A [member] | Autos [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 72 | 58 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | A [member] | Small business loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 2 | 2 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | A [member] | CDOs backed by ABS, Corp. bonds, Bank loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 45 | 216 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | A [member] | ABSs - other [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 760 | 774 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | BBB [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 154 | 248 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | BBB [member] | Autos [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 2 | 2 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | BBB [member] | Small business loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 6 | 12 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | BBB [member] | CDOs backed by ABS, Corp. bonds, Bank loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 42 | 146 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | BBB [member] | ABSs - other [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 104 | 88 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Less than BBB [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 71 | 100 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Less than BBB [member] | Small business loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 13 | 46 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Less than BBB [member] | CDOs backed by ABS, Corp. bonds, Bank loans [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | 49 | 46 |
Aegon Americas and Netherlands [member] | Asset backed securities [member] | Less than BBB [member] | ABSs - other [member] | ||
Breakdown by quality of the available-for-sale (AFS) ABS portfolio [line items] | ||
Total amortized cost | € 9 | € 8 |
Financial Risks - Summary of _3
Financial Risks - Summary of Composition by Maturity of all Available-for-Sale Debt Securities in an Unrealized Loss Position (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with gross unrealized losses | € 4,407 | € 24,080 |
Gross unrealized losses | (210) | (1,264) |
Not later than 1 year [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with gross unrealized losses | 247 | 643 |
Gross unrealized losses | (1) | (18) |
1-5 years [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with gross unrealized losses | 983 | 5,545 |
Gross unrealized losses | (26) | (120) |
Over 5 through 10 years [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with gross unrealized losses | 1,175 | 9,575 |
Gross unrealized losses | (47) | (446) |
Over 10 years [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with gross unrealized losses | 2,002 | 8,317 |
Gross unrealized losses | € (135) | € (680) |
Financial Risks - Summary of _4
Financial Risks - Summary of Composition by Credit Quality of Debt Securities, Available-for-Sale, in an Unrealized Loss Position (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | € 4,407 | € 24,080 |
Unrealized losses | (210) | (1,264) |
AAA [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 1,340 | 6,318 |
Unrealized losses | (10) | (186) |
AA [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 452 | 1,468 |
Unrealized losses | (8) | (48) |
A [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 662 | 5,345 |
Unrealized losses | (13) | (181) |
BBB [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 1,345 | 8,881 |
Unrealized losses | (58) | (578) |
BB [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 181 | 920 |
Unrealized losses | (17) | (90) |
B [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 186 | 742 |
Unrealized losses | (25) | (87) |
Below B [member] | ||
Disclosure of available for sale debt securities [line items] | ||
Carrying value of securities with unrealized losses | 240 | 407 |
Unrealized losses | € (78) | € (95) |
Financial Risks - Summary of Le
Financial Risks - Summary of Length of Time an Available-for-Sale Security (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | € (121) | € (272) |
Investment grade [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (89) | (992) |
Investment grade [member] | 0 - 6 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (35) | (227) |
Investment grade [member] | 6 - 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (2) | (504) |
Investment grade [member] | > 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (52) | (261) |
Below investment grade [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (121) | (272) |
Below investment grade [member] | 0 - 6 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (7) | (58) |
Below investment grade [member] | 6 - 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (4) | (96) |
Below investment grade [member] | > 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | (110) | (119) |
Carrying value [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 608 | 2,069 |
Carrying value [member] | Investment grade [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 3,799 | 22,012 |
Carrying value [member] | Investment grade [member] | 0 - 6 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 2,178 | 8,354 |
Carrying value [member] | Investment grade [member] | 6 - 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 128 | 9,976 |
Carrying value [member] | Investment grade [member] | > 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 1,493 | 3,681 |
Carrying value [member] | Below investment grade [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 608 | 2,069 |
Carrying value [member] | Below investment grade [member] | 0 - 6 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 132 | 977 |
Carrying value [member] | Below investment grade [member] | 6 - 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | 45 | 609 |
Carrying value [member] | Below investment grade [member] | > 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities investment grade unrealized loss | € 432 | € 483 |
Financial Risks - Aging and Sev
Financial Risks - Aging and Severity Unrealised Losses Debt Securities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of available for sale securities [line items] | ||
Carrying value | € (121) | € (272) |
0 - 6 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (7) | (58) |
0 - 6 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (6) | (53) |
0 - 6 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (1) | (5) |
6 - 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (4) | (96) |
6 - 12 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (3) | (76) |
6 - 12 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (1) | (18) |
6 - 12 months [member] | CV below 40% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (1) | |
12-24 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (52) | (28) |
12-24 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (21) | (21) |
12-24 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (22) | (5) |
12-24 months [member] | CV below 40% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (9) | (2) |
> 24 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (58) | (90) |
> 24 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (24) | (34) |
> 24 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (9) | (43) |
> 24 months [member] | CV below 40% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | (25) | (13) |
Carrying value [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 608 | 2,069 |
Carrying value [member] | 0 - 6 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 132 | 977 |
Carrying value [member] | 0 - 6 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 131 | 970 |
Carrying value [member] | 0 - 6 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 1 | 7 |
Carrying value [member] | 6 - 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 45 | 609 |
Carrying value [member] | 6 - 12 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 43 | 577 |
Carrying value [member] | 6 - 12 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 1 | 31 |
Carrying value [member] | 12-24 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 213 | 151 |
Carrying value [member] | 12-24 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 175 | 143 |
Carrying value [member] | 12-24 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 33 | 8 |
Carrying value [member] | 12-24 months [member] | CV below 40% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 4 | 1 |
Carrying value [member] | > 24 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 219 | 331 |
Carrying value [member] | > 24 months [member] | CV 70-100% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 192 | 265 |
Carrying value [member] | > 24 months [member] | CV 40-70% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | 13 | 58 |
Carrying value [member] | > 24 months [member] | CV below 40% of amortized cost [member] | ||
Disclosure of available for sale securities [line items] | ||
Carrying value | € 14 | € 8 |
Financial Risks - Summary of Re
Financial Risks - Summary of Realized Gains and (Losses) on Debt Securities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Credit Quality Of Debt Securities [abstract] | ||
Gross realized gains | € 405 | € 156 |
Gross realized losses | € (66) | € (378) |
Financial Risks - Summary of _5
Financial Risks - Summary of Length of Time Security and Respective Realized Loss (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of available for sale securities [line items] | ||
Debt securities | € (66) | € (378) |
Not later than 1 year [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities | (32) | (145) |
> 12 months [member] | ||
Disclosure of available for sale securities [line items] | ||
Debt securities | € (34) | € (233) |
Financial Risks - Summary of _6
Financial Risks - Summary of Composition of Impairment Losses and Recoveries (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract] | ||
Other (none individually greater than EUR 25 million) | € (49) | € (24) |
Subtotal | (49) | (24) |
Total recoveries | 66 | 34 |
Sub-total | 66 | 34 |
Net (impairments) and recoveries | € 17 | € 10 |
Financial Risks - Summary of _7
Financial Risks - Summary of Composition of Impairment Losses and Recoveries (Parenthetical) (Detail) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of impairment loss recognised or reversed [line items] | ||
Net impairments and (recoveries) | € (17,000,000) | € (10,000,000) |
Bottom of range [member] | ||
Disclosure of impairment loss recognised or reversed [line items] | ||
Net impairments and (recoveries) | € 25,000,000 | € 25,000,000 |
Financial Risks - Summary of Fi
Financial Risks - Summary of Financial Assets that are Either Past Due or Impaired (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | € 1,039 | € 1,247 |
Financial assets impaired [member] | Share [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 30 | 33 |
Financial assets impaired [member] | Debt securities [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 945 | 1,085 |
Financial assets impaired [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 58 | 122 |
Financial assets impaired [member] | Other loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 3 | 3 |
Financial assets impaired [member] | Other financial asset [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 4 | 5 |
Past due but not impaired assets [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 370 | 544 |
Past due but not impaired assets [member] | Debt securities [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 101 | 277 |
Past due but not impaired assets [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 201 | 215 |
Past due but not impaired assets [member] | Other loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 43 | 45 |
Past due but not impaired assets [member] | Other financial asset [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 22 | |
Past due but not impaired assets [member] | Accrued interest [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 2 | 6 |
Past due but not impaired assets [member] | 0 - 6 months [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 326 | 344 |
Past due but not impaired assets [member] | 0 - 6 months [member] | Debt securities [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 70 | 108 |
Past due but not impaired assets [member] | 0 - 6 months [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 198 | 192 |
Past due but not impaired assets [member] | 0 - 6 months [member] | Other loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 35 | 41 |
Past due but not impaired assets [member] | 0 - 6 months [member] | Other financial asset [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 22 | |
Past due but not impaired assets [member] | 0 - 6 months [member] | Accrued interest [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 1 | 3 |
Past due but not impaired assets [member] | 6 - 12 months [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 28 | 148 |
Past due but not impaired assets [member] | 6 - 12 months [member] | Debt securities [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 21 | 121 |
Past due but not impaired assets [member] | 6 - 12 months [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 3 | 22 |
Past due but not impaired assets [member] | 6 - 12 months [member] | Other loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 4 | 2 |
Past due but not impaired assets [member] | 6 - 12 months [member] | Accrued interest [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 3 | |
Past due but not impaired assets [member] | Not later than 1 year [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 16 | 52 |
Past due but not impaired assets [member] | Not later than 1 year [member] | Debt securities [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 10 | 48 |
Past due but not impaired assets [member] | Not later than 1 year [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 2 | |
Past due but not impaired assets [member] | Not later than 1 year [member] | Other loans - held at amortized cost [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 4 | € 2 |
Past due but not impaired assets [member] | Not later than 1 year [member] | Accrued interest [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | € 1 |
Financial Risks - Summary of Un
Financial Risks - Summary of Unrealized Gains and Losses on Share Positions (Detail) - Share [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of unrealized gains and losses on share positions [line items] | ||
Cost basis | € 290 | € 371 |
Carrying value | 312 | 391 |
Net unrealized gains / (losses) | 23 | (20) |
Carrying value of securities with gross unrealized gains | 254 | 304 |
Gross unrealized gains | 47 | 40 |
Carrying value of securities with gross unrealized losses | 58 | 86 |
Gross unrealized losses | € (24) | € (20) |
Financial Risks - Summary of _8
Financial Risks - Summary of Composition of Shares by Industry Sector in Unrealized Loss Position (Detail) - Aegon US, NL [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of impairment losses on shares [line items] | ||
Carrying value of instruments with unrealized losses | € 58 | € 86 |
Unrealized losses | (24) | (20) |
Financial Industry [member] | ||
Disclosure of impairment losses on shares [line items] | ||
Carrying value of instruments with unrealized losses | 28 | 49 |
Unrealized losses | (10) | (15) |
Other industry [member] | ||
Disclosure of impairment losses on shares [line items] | ||
Carrying value of instruments with unrealized losses | 30 | 37 |
Unrealized losses | € (14) | € (6) |
Financial Risks - Summary of Sh
Financial Risks - Summary of Shares Cost Prior to Impairment (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Impairment Losses On Shares [abstract] | ||
Shares | € (2) | € (5) |
Financial Risks - Summary of Ge
Financial Risks - Summary of General Account Equity Real Estate and Other Non-fixed-income Portfolio (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | € 9,205 | € 8,412 |
Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 4,272 | 3,501 |
The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 3,750 | 3,617 |
United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 891 | 1,050 |
Southern & Eastern Europe [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 96 | 99 |
Asia [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 11 | 7 |
Equity Funds 1 [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 259 | 401 |
Equity Funds 1 [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 161 | 141 |
Equity Funds 1 [member] | The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 35 | 196 |
Equity Funds 1 [member] | Southern & Eastern Europe [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 63 | 63 |
Common shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 258 | 287 |
Common shares [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 130 | 203 |
Common shares [member] | United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 17 | 3 |
Common shares [member] | Southern & Eastern Europe [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 4 | 6 |
Common shares [member] | Asia [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 11 | 7 |
Preferred Shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 279 | 233 |
Preferred Shares [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 208 | 187 |
Investments in real estate [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 2,901 | 2,700 |
Investments in real estate [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 653 | 530 |
Investments in real estate [member] | The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 2,229 | 2,150 |
Investments in real estate [member] | Southern & Eastern Europe [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 19 | 21 |
Hedge funds [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 702 | 681 |
Hedge funds [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 699 | 678 |
Hedge funds [member] | The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 1 | |
Other Alternative Investments [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 1,787 | 1,666 |
Other Alternative Investments [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 1,366 | 1,206 |
Other Alternative Investments [member] | The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 405 | 438 |
Other financial asset [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 3,020 | 2,443 |
Other financial asset [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 1,055 | 555 |
Other financial asset [member] | The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 1,080 | 832 |
Other financial asset [member] | United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 874 | 1,046 |
Other financial asset [member] | Southern & Eastern Europe [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 10 | 9 |
Asset management [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 6 | 5 |
Asset management [member] | Common shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 2 | 1 |
Asset management [member] | Hedge funds [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 2 | 2 |
Asset management [member] | Other financial asset [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 1 | 1 |
Holding and other activities [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 181 | 134 |
Holding and other activities [member] | Common shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 94 | 66 |
Holding and other activities [member] | Preferred Shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 70 | 46 |
Holding and other activities [member] | Other Alternative Investments [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | € 17 | € 22 |
Financial Risks - Summary of Ma
Financial Risks - Summary of Market Risk Concentrations in Shares (Detail) - Concentration Risk By Type [member] - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2,221 | 2,161 |
Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 30 | 33 |
Communication [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 32 | 32 |
Consumer [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 9 | 7 |
Consumer [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2 | |
Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 455 | 491 |
Financials [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1 | 3 |
Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1,616 | 1,558 |
Funds [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 19 | 26 |
Industries [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 22 | 19 |
Industries [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 4 | |
Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 88 | 54 |
Other [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2 | 3 |
Americas [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 499 | 532 |
Americas [member] | Communication [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 26 | 26 |
Americas [member] | Consumer [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 7 | 6 |
Americas [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 416 | 466 |
Americas [member] | Industries [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 21 | 19 |
Americas [member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 29 | 15 |
The Netherlands [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1,443 | 1,412 |
The Netherlands [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 3 | 3 |
The Netherlands [member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1,440 | 1,410 |
The Netherlands [member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 0 | |
United Kingdom [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 17 | 3 |
United Kingdom [member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 17 | 3 |
Southern & Eastern Europe [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 74 | 74 |
Southern & Eastern Europe [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 3 | 3 |
Southern & Eastern Europe [member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 63 | 69 |
Southern & Eastern Europe [member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 7 | 2 |
Asia [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 11 | 7 |
Asia [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 11 | 7 |
Asset management [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 5 | 4 |
Asset management [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2 | |
Asset management [member] | Industries [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1 | |
Asset management [member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2 | 4 |
Financial Risks - Summary of Cl
Financial Risks - Summary of Closing Levels of Certain Major Indices (Detail) Unit_pure in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
S & P 500 [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 3,231 | 2,507 | 2,674 | 2,239 | 2,044 |
Nasdaq [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 8,973 | 6,635 | 6,903 | 5,383 | 5,007 |
FTSE 100 [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 7,542 | 6,728 | 7,688 | 7,143 | 6,242 |
AEX [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 605 | 488 | 545 | 483 | 442 |
Financial Risks - Disclosure _2
Financial Risks - Disclosure of Sensitivity Analysis of Shareholders' Equity to Equity Markets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Equity prices, 10% higher [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net income | € 307 | € 293 |
Estimated approximate effects on shareholders' equity | 450 | 405 |
Equity prices, 10% lower [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net income | (374) | (273) |
Estimated approximate effects on shareholders' equity | (525) | (379) |
Equity prices, 25% higher [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net income | 721 | 789 |
Estimated approximate effects on shareholders' equity | 1,083 | 1,069 |
Equity prices, 25% lower [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net income | (456) | (308) |
Estimated approximate effects on shareholders' equity | € (837) | € (562) |
Financial Risks - Schedule of I
Financial Risks - Schedule of Interest Rate Risk (Detail) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
3-month US LIBOR [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 1.91% | 2.81% | 1.69% | 1.00% | 0.61% |
3-month EURIBOR [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | (0.38%) | (0.31%) | (0.33%) | (0.32%) | (0.13%) |
10-year US treasury [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 1.91% | 2.69% | 2.41% | 2.43% | 2.27% |
10-year Dutch government [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | (0.06%) | 0.39% | 0.53% | 0.35% | 0.79% |
Financial Risks - Schedule of P
Financial Risks - Schedule of Parallel Movement of Yield Curve (Detail) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shift up 100 basis points [member] | ||
Effect of changes in foreign interest rates [line items] | ||
Estimated approximate effects on net income | € 945 | € (677) |
Estimated approximate effects on shareholders' equity | (2,688) | (3,892) |
Shift down 100 basis points [member] | ||
Effect of changes in foreign interest rates [line items] | ||
Estimated approximate effects on net income | (1,236) | 1,188 |
Estimated approximate effects on shareholders' equity | € 1,847 | € 2,819 |
Financial Risks - Summary of _9
Financial Risks - Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity (Detail) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018EUR (€) | [1] | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2017EUR (€) | [1] | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | |
Disclosure of historical net income (loss) and shareholders' equity [line items] | |||||||||||
Net income / (loss) | € | € 1,239 | € 711 | € 2,469 | ||||||||
Americas [member] | |||||||||||
Disclosure of historical net income (loss) and shareholders' equity [line items] | |||||||||||
Net income / (loss) | $ | $ 1,323 | $ 61 | $ 1,762 | ||||||||
Equity in functional currency | $ | $ 18,117 | $ 15,111 | $ 17,617 | ||||||||
United Kingdom [member] | |||||||||||
Disclosure of historical net income (loss) and shareholders' equity [line items] | |||||||||||
Net income / (loss) | £ | £ (29) | £ 35 | £ 71 | ||||||||
Equity in functional currency | £ | £ 1,358 | £ 1,671 | £ 1,905 | ||||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Financial Risks - Summary of Ex
Financial Risks - Summary of Exchange Rates of US Dollar and UK Pound per Euro (Detail) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
USD [member] | |||||
Disclosure of foreign exchange rates [line items] | |||||
Closing rates | 1.12 | 1.14 | 1.20 | 1.05 | 1.09 |
GBP [member] | |||||
Disclosure of foreign exchange rates [line items] | |||||
Closing rates | 0.85 | 0.90 | 0.89 | 0.85 | 0.74 |
Financial Risks - Schedule of S
Financial Risks - Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Increase by 15% of USD currencies relative to Euro [member] | ||
Disclosure of sensitivity analysis related to translation risk [line items] | ||
Estimated approximate effects on net income | € 203 | € 1 |
Estimated approximate effects on shareholders' equity | 2,528 | 1,909 |
Increase by 15% of GBP currencies relative to Euro [member] | ||
Disclosure of sensitivity analysis related to translation risk [line items] | ||
Estimated approximate effects on net income | (11) | 4 |
Estimated approximate effects on shareholders' equity | 241 | 269 |
Increase by 15% of non Euro currencies relative to Euro [member] | ||
Disclosure of sensitivity analysis related to translation risk [line items] | ||
Estimated approximate effects on net income | 211 | 20 |
Estimated approximate effects on shareholders' equity | 2,906 | 2,301 |
Decrease by 15% of USD currencies relative to Euro [member] | ||
Disclosure of sensitivity analysis related to translation risk [line items] | ||
Estimated approximate effects on net income | (158) | 3 |
Estimated approximate effects on shareholders' equity | (1,830) | (1,389) |
Decrease by 15% of GBP currencies relative to Euro [member] | ||
Disclosure of sensitivity analysis related to translation risk [line items] | ||
Estimated approximate effects on net income | 9 | (2) |
Estimated approximate effects on shareholders' equity | (163) | (179) |
Decrease by 15% of non Euro currencies relative to Euro [member] | ||
Disclosure of sensitivity analysis related to translation risk [line items] | ||
Estimated approximate effects on net income | (150) | (9) |
Estimated approximate effects on shareholders' equity | € (2,094) | € (1,659) |
Financial Risks - Summary of_10
Financial Risks - Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Trust pass-through securities | € 136 | € 133 | [1] | € 133 | ||
Subordinated loans | 2,207 | 1,389 | [1] | 764 | ||
Borrowings | 9,307 | 12,061 | [1] | 13,635 | ||
Investment contracts for account of policyholders | 18,594 | 18,048 | [1] | € 16,943 | ||
Lease liabilities | 311 | € 285 | ||||
Contractual maturities of each category of financial liabilities [member] | ||||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Trust pass-through securities | 218 | 223 | ||||
Subordinated loans | 3,971 | 1,933 | ||||
Borrowings | 10,397 | 14,174 | ||||
Investment contracts | 19,895 | 19,077 | ||||
Investment contracts for account of policyholders | 58,772 | 49,166 | ||||
Lease liabilities | 331 | |||||
Other financial liabilities | 8,245 | 8,457 | ||||
Total financial liabilities (excluding investment/ insurance contracts) | 22,831 | 24,787 | ||||
On demand [member] | Contractual maturities of each category of financial liabilities [member] | ||||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Investment contracts | 14,281 | 13,305 | ||||
Investment contracts for account of policyholders | 32,463 | 29,360 | ||||
Other financial liabilities | 4,867 | 5,849 | ||||
Total financial liabilities (excluding investment/ insurance contracts) | 4,867 | 5,849 | ||||
Not later than 1 year [member] | Contractual maturities of each category of financial liabilities [member] | ||||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Trust pass-through securities | 9 | 9 | ||||
Subordinated loans | 109 | 66 | ||||
Borrowings | 3,967 | 1,713 | ||||
Investment contracts | 1,930 | 1,439 | ||||
Investment contracts for account of policyholders | 26,298 | 19,670 | ||||
Lease liabilities | 51 | |||||
Other financial liabilities | 2,713 | 2,445 | ||||
Total financial liabilities (excluding investment/ insurance contracts) | 6,798 | 4,234 | ||||
1-5 years [member] | Contractual maturities of each category of financial liabilities [member] | ||||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Trust pass-through securities | 36 | 36 | ||||
Subordinated loans | 437 | 266 | ||||
Borrowings | 4,202 | 8,136 | ||||
Investment contracts | 1,888 | 1,831 | ||||
Investment contracts for account of policyholders | 6 | 20 | ||||
Lease liabilities | 120 | |||||
Other financial liabilities | 313 | 81 | ||||
Total financial liabilities (excluding investment/ insurance contracts) | 4,988 | 8,519 | ||||
Over 5 through 10 years [member] | Contractual maturities of each category of financial liabilities [member] | ||||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Trust pass-through securities | 106 | 110 | ||||
Subordinated loans | 347 | 201 | ||||
Borrowings | 1,109 | 1,499 | ||||
Investment contracts | 1,001 | 985 | ||||
Investment contracts for account of policyholders | 3 | 26 | ||||
Lease liabilities | 66 | |||||
Other financial liabilities | 96 | 45 | ||||
Total financial liabilities (excluding investment/ insurance contracts) | 1,658 | 1,854 | ||||
Over 10 years [member] | Contractual maturities of each category of financial liabilities [member] | ||||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||||||
Trust pass-through securities | 67 | 69 | ||||
Subordinated loans | 3,077 | 1,400 | ||||
Borrowings | 1,119 | 2,825 | ||||
Investment contracts | 795 | 1,517 | ||||
Investment contracts for account of policyholders | 2 | 91 | ||||
Lease liabilities | 92 | |||||
Other financial liabilities | 257 | 38 | ||||
Total financial liabilities (excluding investment/ insurance contracts) | € 4,520 | € 4,332 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Financial Risks - Summary of_11
Financial Risks - Summary of Financial Liabilities Relating to Insurance and Investment Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | ||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Insurance contracts | € 123,454 | € 115,328 | [1] | € 110,848 | ||
Total of financial liabilities | 3,532 | 3,740 | € 4,288 | |||
Liquidity risk [member] | ||||||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Insurance contracts | 151,216 | 166,807 | ||||
Insurance contracts for account of policyholders | 213,318 | 210,550 | ||||
Investment contracts | 21,544 | 21,490 | ||||
Investment contracts for account of policyholders | 151,527 | 125,125 | ||||
Total of financial liabilities | 537,605 | 523,972 | ||||
Liquidity risk [member] | On demand [member] | ||||||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Investment contracts for account of policyholders | 181 | 169 | ||||
Total of financial liabilities | 181 | 169 | ||||
Liquidity risk [member] | Not later than 1 year [member] | ||||||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Insurance contracts | 3,500 | 5,255 | ||||
Insurance contracts for account of policyholders | 9,666 | 8,382 | ||||
Investment contracts | 8,857 | 6,679 | ||||
Investment contracts for account of policyholders | 10,311 | 8,839 | ||||
Total of financial liabilities | 32,335 | 29,155 | ||||
Liquidity risk [member] | 1-5 years [member] | ||||||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Insurance contracts | 13,003 | 17,147 | ||||
Insurance contracts for account of policyholders | 36,782 | 35,238 | ||||
Investment contracts | 5,837 | 6,985 | ||||
Investment contracts for account of policyholders | 28,244 | 23,185 | ||||
Total of financial liabilities | 83,868 | 82,556 | ||||
Liquidity risk [member] | Over 5 through 10 years [member] | ||||||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Insurance contracts | 15,668 | 17,891 | ||||
Insurance contracts for account of policyholders | 36,571 | 36,455 | ||||
Investment contracts | 2,503 | 2,739 | ||||
Investment contracts for account of policyholders | 31,766 | 28,747 | ||||
Total of financial liabilities | 86,508 | 85,831 | ||||
Liquidity risk [member] | Over 10 years [member] | ||||||
Financial liabilities relating to insurance and investment contracts [line items] | ||||||
Insurance contracts | 119,044 | 126,514 | ||||
Insurance contracts for account of policyholders | 130,299 | 130,475 | ||||
Investment contracts | 4,347 | 5,087 | ||||
Investment contracts for account of policyholders | 81,024 | 64,185 | ||||
Total of financial liabilities | € 334,714 | € 326,261 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Financial Risks - Summary Of_12
Financial Risks - Summary Of Maturity Analysis For Derivative Financial Instruments (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | € 14,292 | € 4,078 |
Cash outflows | (14,126) | (6,614) |
Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 36,357 | 64,101 |
Cash outflows | (33,619) | (62,141) |
Not later than 1 year [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 865 | 156 |
Cash outflows | (983) | (66) |
Not later than 1 year [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 17,162 | 23,453 |
Cash outflows | (17,056) | (23,143) |
1-5 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 3,091 | 709 |
Cash outflows | (2,594) | (288) |
1-5 years [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 3,098 | 8,092 |
Cash outflows | (2,922) | (7,351) |
Over 5 through 10 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 3,537 | 982 |
Cash outflows | (2,832) | (516) |
Over 5 through 10 years [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 4,470 | 11,323 |
Cash outflows | (3,570) | (10,832) |
Over 10 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 6,798 | 2,230 |
Cash outflows | (7,716) | (5,743) |
Over 10 years [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Cash inflows | 11,628 | 21,233 |
Cash outflows | € (10,071) | € (20,816) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) € in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019EUR (€) | Dec. 31, 2019EUR (€)Segment | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Disclosure of operating segments [line items] | ||||
Impact of net income due to measurement assumption | € 0 | |||
Other income /(charges) expense due to model and assumption updates | (196) | € (121) | ||
Losses on change in fair value on economic hedges | 1,130 | (545) | € (1,159) | |
Ineffectiveness fair value hedge | 1 | 7 | 2 | |
Impairment charges and reversals on financial assets, excluding receivables | 60 | 41 | 42 | |
Impairment charges and reversals on non-financial assets and receivables | 109 | 36 | ||
Commissions and expenses [member] | ||||
Disclosure of operating segments [line items] | ||||
Restructuring charges | 220 | 279 | 116 | |
Amortization of deferred expenses | 67 | 285 | ||
Amortization of VOBA and future servicing rights | 5 | 20 | 94 | |
Commissions and expense include a DPAC/VOBA fair value adjustment | 151 | (88) | 135 | |
Impairment (charges) reversals [member] | ||||
Disclosure of operating segments [line items] | ||||
Amortization of deferred expenses | 32 | |||
Impairment charges and reversals on financial assets, excluding receivables | 60 | 41 | 42 | |
Impairment charges and reversals on non-financial assets and receivables | € 109 | 19 | (1) | |
Americas Expenses [Member] | ||||
Disclosure of operating segments [line items] | ||||
Other income /(charges) expense due to model and assumption updates | € (75) | |||
Bottom of range [member] | ||||
Disclosure of operating segments [line items] | ||||
Long-term expected return on assets rate | 3.00% | |||
Top of range [member] | ||||
Disclosure of operating segments [line items] | ||||
Long-term expected return on assets rate | 10.00% | |||
Non-cash changes [member] | ||||
Disclosure of operating segments [line items] | ||||
Gain (losses) on over- or underperformance of derivatives | € 34 | 3 | 9 | |
Losses on change in fair value on economic hedges | 130 | (77) | (145) | |
Ineffectiveness fair value hedge | € 1 | 7 | € 2 | |
Asset management [member] | ||||
Disclosure of operating segments [line items] | ||||
Number of operating segments | Segment | 1 | |||
Holding and other activities [member] | ||||
Disclosure of operating segments [line items] | ||||
Number of operating segments | Segment | 1 | |||
Americas [member] | ||||
Disclosure of operating segments [line items] | ||||
Number of operating segments | Segment | 1 | |||
Other income /(charges) expense due to model and assumption updates | € (64) | (6) | ||
Americas [member] | Americas Life mortality [member] | ||||
Disclosure of operating segments [line items] | ||||
Other income /(charges) expense due to model and assumption updates | (164) | |||
Americas [member] | New expense allocation methodology [member] | ||||
Disclosure of operating segments [line items] | ||||
Other income /(charges) expense due to model and assumption updates | (158) | |||
Asia [member] | ||||
Disclosure of operating segments [line items] | ||||
Number of operating segments | Segment | 1 | |||
The Netherlands [member] | ||||
Disclosure of operating segments [line items] | ||||
Other income /(charges) expense due to model and assumption updates | € (57) | (111) | ||
The Netherlands [member] | Population mortality [member] | ||||
Disclosure of operating segments [line items] | ||||
Other income /(charges) expense due to model and assumption updates | (219) | |||
The Netherlands [member] | TKP UL Model [member] | ||||
Disclosure of operating segments [line items] | ||||
Other income /(charges) expense due to model and assumption updates | € (108) | |||
The Netherlands [member] | Bottom of range [member] | Population mortality [member] | ||||
Disclosure of operating segments [line items] | ||||
Lowering of IFRS ultimate forward rate | 3.65% | |||
The Netherlands [member] | Top of range [member] | Population mortality [member] | ||||
Disclosure of operating segments [line items] | ||||
Lowering of IFRS ultimate forward rate | 4.25% |
Segment Information - Summary o
Segment Information - Summary of Segment Results (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | € 2,023 | € 2,146 | € 2,200 |
Fair value items | (689) | (409) | (16) |
Realized gains / (losses) on investments | 403 | (79) | 408 |
Impairment charges | (95) | (58) | (46) |
Impairment reversals | 73 | 39 | 32 |
Other income / (charges) | (281) | (874) | (72) |
Run-off businesses | 23 | (14) | 30 |
Income/(loss) before tax | 1,457 | 751 | 2,534 |
Income tax (expense) / benefit | (218) | (40) | (65) |
Net income / (loss) | 1,239 | 711 | 2,470 |
Revenues | |||
Life insurance gross premiums | 15,926 | 16,969 | 19,952 |
Accident and health insurance | 1,823 | 1,979 | 2,511 |
General insurance | 390 | 367 | 363 |
Total gross premiums | 18,138 | 19,316 | 22,826 |
Investment income | 7,531 | 7,035 | 7,338 |
Fee and commission income | 2,523 | 2,558 | 2,802 |
Other revenues | 6 | 5 | 7 |
Total revenues | 28,197 | 28,914 | 32,973 |
Segment total [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 1,973 | 2,074 | 2,140 |
Fair value items | (601) | (291) | 81 |
Realized gains / (losses) on investments | 405 | (77) | 413 |
Impairment charges | (95) | (58) | (46) |
Impairment reversals | 73 | 39 | 32 |
Other income / (charges) | (281) | (875) | (68) |
Run-off businesses | 23 | (14) | 30 |
Income/(loss) before tax | 1,497 | 798 | 2,580 |
Income tax (expense) / benefit | (258) | (87) | (110) |
Net income / (loss) | 1,239 | 711 | 2,470 |
Revenues | |||
Life insurance gross premiums | 16,617 | 17,548 | 20,498 |
Accident and health insurance | 1,872 | 2,015 | 2,531 |
General insurance | 512 | 479 | 466 |
Total gross premiums | 19,002 | 20,042 | 23,496 |
Investment income | 7,595 | 7,095 | 7,396 |
Fee and commission income | 2,740 | 2,782 | 2,990 |
Other revenues | 16 | 12 | 13 |
Total revenues | 29,352 | 29,930 | 33,895 |
Geographical Consolidation [member] | Asset management [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 139 | 151 | 136 |
Realized gains / (losses) on investments | 2 | 3 | |
Other income / (charges) | (7) | (5) | (49) |
Income/(loss) before tax | 133 | 149 | 90 |
Income tax (expense) / benefit | (36) | (44) | (42) |
Net income / (loss) | 97 | 105 | 48 |
Inter-segment underlying earnings | 193 | 198 | 214 |
Revenues | |||
Investment income | 5 | 5 | 4 |
Fee and commission income | 627 | 632 | 609 |
Other revenues | 1 | 1 | |
Total revenues | 633 | 638 | 613 |
Inter-segment revenues | 187 | 206 | 222 |
Geographical Consolidation [member] | Americas [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 1,124 | 1,216 | 1,381 |
Fair value items | 272 | (613) | 170 |
Realized gains / (losses) on investments | 125 | (204) | 157 |
Impairment charges | (54) | (46) | (37) |
Impairment reversals | 68 | 37 | 22 |
Other income / (charges) | (156) | (397) | (353) |
Run-off businesses | 23 | (14) | 30 |
Income/(loss) before tax | 1,401 | (20) | 1,370 |
Income tax (expense) / benefit | (220) | 71 | 198 |
Net income / (loss) | 1,182 | 51 | 1,568 |
Inter-segment underlying earnings | (61) | (73) | (78) |
Revenues | |||
Life insurance gross premiums | 7,279 | 7,004 | 7,437 |
Accident and health insurance | 1,416 | 1,571 | 2,115 |
Total gross premiums | 8,694 | 8,575 | 9,553 |
Investment income | 3,172 | 3,125 | 3,368 |
Fee and commission income | 1,757 | 1,826 | 1,919 |
Other revenues | 8 | 5 | 5 |
Total revenues | 13,631 | 13,530 | 14,844 |
Inter-segment revenues | 1 | 1 | |
Geographical Consolidation [member] | The Netherlands [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 648 | 615 | 557 |
Fair value items | (741) | 250 | (31) |
Realized gains / (losses) on investments | 240 | 46 | 184 |
Impairment charges | (30) | 4 | (3) |
Impairment reversals | 5 | 2 | 10 |
Other income / (charges) | (1) | (132) | 296 |
Income/(loss) before tax | 121 | 784 | 1,013 |
Income tax (expense) / benefit | (27) | (136) | (196) |
Net income / (loss) | 94 | 648 | 818 |
Inter-segment underlying earnings | (105) | (101) | (111) |
Revenues | |||
Life insurance gross premiums | 1,765 | 1,632 | 1,857 |
Accident and health insurance | 228 | 219 | 203 |
General insurance | 130 | 136 | 148 |
Total gross premiums | 2,123 | 1,987 | 2,208 |
Investment income | 2,224 | 2,265 | 2,172 |
Fee and commission income | 237 | 211 | 326 |
Total revenues | 4,583 | 4,463 | 4,706 |
Inter-segment revenues | 12 | 2 | (1) |
Geographical Consolidation [member] | United Kingdom [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 139 | 128 | 116 |
Fair value items | (131) | 59 | (82) |
Realized gains / (losses) on investments | 3 | 83 | 62 |
Other income / (charges) | (38) | (252) | 40 |
Income/(loss) before tax | (27) | 19 | 137 |
Income tax (expense) / benefit | (7) | 20 | (56) |
Net income / (loss) | (34) | 38 | 81 |
Inter-segment underlying earnings | (87) | (82) | (87) |
Revenues | |||
Life insurance gross premiums | 6,282 | 7,509 | 9,603 |
Accident and health insurance | 28 | 29 | 32 |
Total gross premiums | 6,309 | 7,539 | 9,635 |
Investment income | 1,830 | 1,346 | 1,517 |
Fee and commission income | 197 | 198 | 235 |
Total revenues | 8,337 | 9,083 | 11,387 |
Geographical Consolidation [member] | Southern & Eastern Europe [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 88 | 96 | 71 |
Fair value items | 7 | 6 | |
Realized gains / (losses) on investments | 27 | 1 | |
Impairment charges | (2) | (2) | |
Impairment reversals | 1 | ||
Other income / (charges) | 33 | (26) | |
Income/(loss) before tax | 155 | 76 | 70 |
Income tax (expense) / benefit | (19) | (19) | (15) |
Net income / (loss) | 136 | 57 | 56 |
Inter-segment underlying earnings | (16) | (18) | (12) |
Revenues | |||
Life insurance gross premiums | 552 | 622 | 619 |
Accident and health insurance | 110 | 102 | 84 |
General insurance | 382 | 343 | 319 |
Total gross premiums | 1,044 | 1,067 | 1,022 |
Investment income | 76 | 83 | 85 |
Fee and commission income | 50 | 63 | 60 |
Other revenues | 3 | ||
Total revenues | 1,171 | 1,213 | 1,170 |
Geographical Consolidation [member] | Asia [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 62 | 55 | 49 |
Fair value items | (4) | 3 | |
Realized gains / (losses) on investments | 9 | (8) | 4 |
Impairment charges | (1) | (5) | (1) |
Impairment reversals | 1 | ||
Other income / (charges) | (18) | (7) | (19) |
Income/(loss) before tax | 48 | 36 | 33 |
Income tax (expense) / benefit | (14) | (25) | (28) |
Net income / (loss) | 33 | 11 | 5 |
Inter-segment underlying earnings | (4) | (5) | (1) |
Revenues | |||
Life insurance gross premiums | 737 | 779 | 983 |
Accident and health insurance | 91 | 94 | 97 |
Total gross premiums | 828 | 873 | 1,080 |
Investment income | 303 | 268 | 246 |
Fee and commission income | 59 | 58 | 63 |
Other revenues | 1 | 2 | 1 |
Total revenues | 1,191 | 1,201 | 1,390 |
Inter-segment revenues | 3 | ||
Eliminations [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 1 | 1 | |
Income/(loss) before tax | 1 | 1 | |
Net income / (loss) | 1 | 1 | |
Revenues | |||
Life insurance gross premiums | (8) | (7) | (9) |
General insurance | (1) | (1) | (1) |
Total gross premiums | (9) | (8) | (10) |
Investment income | (284) | (284) | (291) |
Fee and commission income | (187) | (206) | (222) |
Total revenues | (480) | (499) | (523) |
Eliminations [member] | Holding and other activities [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | (228) | (189) | (170) |
Fair value items | (4) | 5 | 24 |
Realized gains / (losses) on investments | 1 | 4 | |
Impairment charges | (10) | (9) | (3) |
Other income / (charges) | (95) | (57) | 16 |
Income/(loss) before tax | (335) | (247) | (134) |
Income tax (expense) / benefit | 65 | 46 | 29 |
Net income / (loss) | (270) | (201) | (105) |
Inter-segment underlying earnings | 79 | 80 | 73 |
Revenues | |||
Life insurance gross premiums | 11 | 9 | 7 |
General insurance | 1 | 1 | 1 |
Total gross premiums | 12 | 10 | 8 |
Investment income | 269 | 286 | 295 |
Other revenues | 5 | 4 | 4 |
Total revenues | 286 | 300 | 308 |
Inter-segment revenues | 280 | 290 | 298 |
Joint ventures and associates eliminations [member] | |||
Summary of underlying earnings per segment [line items] | |||
Underlying earnings before tax | 50 | 72 | 61 |
Fair value items | (88) | (119) | (97) |
Realized gains / (losses) on investments | (2) | (2) | (5) |
Impairment charges | 0 | ||
Other income / (charges) | 1 | (4) | |
Income/(loss) before tax | (40) | (47) | (45) |
Income tax (expense) / benefit | 40 | 47 | 44 |
Net income / (loss) | 0 | ||
Revenues | |||
Life insurance gross premiums | (691) | (579) | (546) |
Accident and health insurance | (50) | (36) | (20) |
General insurance | (122) | (112) | (103) |
Total gross premiums | (864) | (727) | (670) |
Investment income | (64) | (59) | (58) |
Fee and commission income | (218) | (224) | (188) |
Other revenues | (10) | (6) | (5) |
Total revenues | € (1,155) | € (1,016) | € (921) |
Segment Information - Summary_2
Segment Information - Summary of Reconciliation from Underlying Earnings Before Tax to Income Before Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation from underlying earnings before tax to income before tax [Line Items] | |||
Dividend income | € 1,571 | € 1,124 | € 1,164 |
Realized gains and (losses) on repurchased debt | 1 | 1 | |
Other income | 200 | 8 | 540 |
Interest charges and related fees | 513 | 507 | 435 |
Other charges | (1) | (375) | (235) |
Segment total [member] | |||
Disclosure of reconciliation from underlying earnings before tax to income before tax [Line Items] | |||
Underlying earnings before tax | 1,973 | 2,074 | 2,140 |
Elimination of share in earnings of joint ventures and associates | 50 | 72 | 61 |
Rental income | (76) | (72) | (61) |
Dividend income | 9 | 30 | |
Recovered claims and benefits | 2 | ||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | (17) | (295) | (437) |
Net fair value change on borrowings and other financial liabilities | 7 | 6 | |
Realized gains and losses on financial investments | 399 | (92) | 431 |
Gains and (losses) on investments in real estate | 317 | 261 | 193 |
Net fair value change of derivatives | 163 | (67) | (134) |
Net foreign currency gains and (losses) | (2) | 5 | |
Realized gains and (losses) on repurchased debt | 1 | 1 | |
Other income | 200 | 8 | 540 |
Change in valuation of liabilities for insurance contracts | (1,231) | (341) | (254) |
Change in valuation of liabilities for investment contracts | (13) | 13 | (19) |
Benefits and claims paid life | 7 | ||
Policyholder claims and benefits - Other | 50 | (9) | 34 |
Commissions and expenses | (319) | (428) | 256 |
Impairment (charges) reversals | (105) | (20) | (16) |
Interest charges and related fees | 21 | ||
Other charges | (1) | (375) | (235) |
Run-off businesses | 23 | (14) | 30 |
Income / (loss) before tax | € 1,457 | € 751 | € 2,534 |
Segment Information - Summary_3
Segment Information - Summary of Other Selected Income Statement Items (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | € 876 | € 1,072 | € 586 |
Depreciation | 87 | 80 | 105 |
Impairment charges / (reversals) on financial assets, excluding receivables | 60 | 41 | 42 |
Impairment charges / (reversals) on non-financial assets and receivables | 109 | 36 | |
Operating segments [member] | Americas [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 685 | 852 | 336 |
Depreciation | 44 | 38 | 44 |
Impairment charges / (reversals) on financial assets, excluding receivables | (12) | (9) | 19 |
Impairment charges / (reversals) on non-financial assets and receivables | 3 | 19 | (2) |
Operating segments [member] | The Netherlands [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 4 | 25 | 27 |
Depreciation | 18 | 12 | 16 |
Impairment charges / (reversals) on financial assets, excluding receivables | 72 | 34 | 17 |
Impairment charges / (reversals) on non-financial assets and receivables | 94 | 15 | 3 |
Operating segments [member] | United Kingdom [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 117 | 119 | 134 |
Depreciation | 12 | 14 | 28 |
Impairment charges / (reversals) on non-financial assets and receivables | 1 | ||
Operating segments [member] | Southern & Eastern Europe [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 37 | 52 | 55 |
Depreciation | 11 | 12 | 11 |
Impairment charges / (reversals) on financial assets, excluding receivables | 1 | 2 | |
Impairment charges / (reversals) on non-financial assets and receivables | 3 | ||
Operating segments [member] | Asia [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 32 | 24 | 33 |
Depreciation | 1 | 1 | 1 |
Impairment charges / (reversals) on financial assets, excluding receivables | 0 | 5 | |
Impairment charges / (reversals) on non-financial assets and receivables | 1 | ||
Operating segments [member] | Holding and other activities [member] | |||
Disclosure of other selected income statement [line items] | |||
Depreciation | 2 | 2 | 2 |
Impairment charges / (reversals) on financial assets, excluding receivables | 0 | 9 | 3 |
Impairment charges / (reversals) on non-financial assets and receivables | 10 | ||
Operating segments [member] | Asset management [member] | |||
Disclosure of other selected income statement [line items] | |||
Depreciation | € 1 | € 1 | € 3 |
Segment Information - Summary_4
Segment Information - Summary of Number of Employees (Detail) - Employees | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of number of employees [line items] | |||
Number of employees | 23,757 | 26,543 | 28,318 |
Americas [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 8,570 | 8,824 | 10,951 |
The Netherlands [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 3,582 | 3,548 | 3,089 |
United Kingdom [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 2,261 | 3,135 | 3,435 |
Southern & Eastern Europe [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 2,853 | 2,837 | 2,947 |
Asia [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 4,540 | 6,344 | 6,025 |
Joint ventures and associates [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 5,162 | 6,854 | 6,497 |
Joint ventures and associates [member] | Americas [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 651 | 559 | 549 |
Joint ventures and associates [member] | United Kingdom [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 62 | 58 | |
Joint ventures and associates [member] | Southern & Eastern Europe [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 104 | 86 | 83 |
Joint ventures and associates [member] | Asia [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 4,172 | 5,983 | 5,702 |
Asset management [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 1,535 | 1,464 | 1,500 |
Asset management [member] | Joint ventures and associates [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 173 | 168 | 163 |
Holding and other activities [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 416 | 390 | 371 |
Segment Information - Summary_5
Segment Information - Summary of Assets and Liabilities Per Segment (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Assets | ||||||
Cash and cash equivalents | € 12,263 | € 8,744 | [1] | € 10,768 | € 10,768 | |
Investments | 145,976 | 138,625 | ||||
Investments for account of policyholders | 226,374 | 194,353 | [1] | 194,063 | ||
Investments in joint ventures | 1,983 | 1,745 | [1] | 1,712 | 1,712 | |
Investments in associates | 363 | 327 | [1] | 308 | 308 | |
Deferred expenses | 10,804 | 10,910 | [1] | 10,135 | ||
Other assets | 42,585 | 37,928 | ||||
Assets | 440,348 | 392,633 | [1] | 395,923 | ||
Liabilities | ||||||
Insurance contracts | 123,454 | 115,328 | [1] | 110,848 | ||
Insurance contracts for account of policyholders | 135,710 | 117,113 | ||||
Investment contracts | 18,594 | 18,048 | [1] | 16,943 | ||
Investment contracts for account of policyholders | 93,826 | 80,097 | € 74,434 | |||
Other liabilities | 44,324 | 39,505 | ||||
Total liabilities | 415,907 | 370,091 | [1] | € 371,844 | ||
Americas [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 822 | 683 | ||||
Investments | 75,076 | 71,056 | ||||
Investments for account of policyholders | 107,963 | 95,343 | ||||
Investments in joint ventures | 1 | |||||
Investments in associates | 79 | 72 | ||||
Deferred expenses | 8,999 | 9,209 | ||||
Other assets | 27,078 | 27,782 | ||||
Assets | 220,017 | 204,145 | ||||
Liabilities | ||||||
Insurance contracts | 73,784 | 71,584 | ||||
Insurance contracts for account of policyholders | 77,988 | 68,126 | ||||
Investment contracts | 6,662 | 6,943 | ||||
Investment contracts for account of policyholders | 29,976 | 27,217 | ||||
Other liabilities | 15,468 | 17,055 | ||||
Total liabilities | 203,877 | 190,924 | ||||
The Netherlands [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 9,627 | 6,004 | ||||
Investments | 59,983 | 57,738 | ||||
Investments for account of policyholders | 25,491 | 23,767 | ||||
Investments in joint ventures | 1,159 | 1,001 | ||||
Investments in associates | 106 | 85 | ||||
Deferred expenses | 360 | 66 | ||||
Other assets | 11,996 | 7,421 | ||||
Assets | 108,722 | 96,083 | ||||
Liabilities | ||||||
Insurance contracts | 40,554 | 34,878 | ||||
Insurance contracts for account of policyholders | 25,328 | 23,855 | ||||
Investment contracts | 11,716 | 10,795 | ||||
Investment contracts for account of policyholders | 2,301 | 2,101 | ||||
Other liabilities | 22,636 | 17,499 | ||||
Total liabilities | 102,535 | 89,127 | ||||
United Kingdom [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 305 | 315 | ||||
Investments | 2,034 | 2,114 | ||||
Investments for account of policyholders | 91,848 | 73,958 | ||||
Investments in associates | 9 | 8 | ||||
Deferred expenses | 913 | 896 | ||||
Other assets | 2,546 | 1,893 | ||||
Assets | 97,655 | 79,184 | ||||
Liabilities | ||||||
Insurance contracts | 1,518 | 1,435 | ||||
Insurance contracts for account of policyholders | 31,559 | 24,086 | ||||
Investment contracts | 211 | 223 | ||||
Investment contracts for account of policyholders | 61,305 | 50,532 | ||||
Other liabilities | 1,459 | 1,047 | ||||
Total liabilities | 96,052 | 77,322 | ||||
Southern & Eastern Europe [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 152 | 148 | ||||
Investments | 1,711 | 1,660 | ||||
Investments for account of policyholders | 994 | 1,187 | ||||
Investments in joint ventures | 476 | 472 | ||||
Investments in associates | 5 | |||||
Deferred expenses | 45 | 74 | ||||
Other assets | 271 | 272 | ||||
Assets | 3,648 | 3,819 | ||||
Liabilities | ||||||
Insurance contracts | 1,411 | 1,339 | ||||
Insurance contracts for account of policyholders | 815 | 1,022 | ||||
Investment contracts | 2 | 85 | ||||
Investment contracts for account of policyholders | 181 | 169 | ||||
Other liabilities | 323 | 400 | ||||
Total liabilities | 2,733 | 3,015 | ||||
Asia [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 91 | 90 | ||||
Investments | 6,662 | 5,720 | ||||
Investments for account of policyholders | 82 | 103 | ||||
Investments in joint ventures | 192 | 152 | ||||
Investments in associates | 28 | 17 | ||||
Deferred expenses | 487 | 665 | ||||
Other assets | 1,905 | 1,907 | ||||
Assets | 9,448 | 8,654 | ||||
Liabilities | ||||||
Insurance contracts | 7,825 | 7,726 | ||||
Insurance contracts for account of policyholders | 20 | 24 | ||||
Investment contracts | 2 | 2 | ||||
Investment contracts for account of policyholders | 62 | 79 | ||||
Other liabilities | 229 | 67 | ||||
Total liabilities | 8,138 | 7,898 | ||||
Asset management [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 166 | 213 | ||||
Investments | 266 | 181 | ||||
Investments in joint ventures | 153 | 119 | ||||
Investments in associates | 129 | 131 | ||||
Other assets | 126 | 123 | ||||
Assets | 840 | 767 | ||||
Liabilities | ||||||
Other liabilities | 322 | 293 | ||||
Total liabilities | 322 | 293 | ||||
Holding and other activities [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 1,100 | 1,290 | ||||
Investments | 244 | 157 | ||||
Investments in joint ventures | 3 | |||||
Investments in associates | 21 | 8 | ||||
Other assets | 31,511 | 27,258 | ||||
Assets | 32,879 | 28,713 | ||||
Liabilities | ||||||
Insurance contracts | 17 | 15 | ||||
Other liabilities | 8,421 | 6,156 | ||||
Total liabilities | 8,438 | 6,171 | ||||
Eliminations [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 0 | |||||
Investments | 0 | 0 | ||||
Investments for account of policyholders | (4) | (5) | ||||
Investments in associates | (10) | |||||
Other assets | (32,848) | (28,727) | ||||
Assets | (32,862) | (28,732) | ||||
Liabilities | ||||||
Insurance contracts | (1,655) | (1,648) | ||||
Other liabilities | (4,534) | (3,012) | ||||
Total liabilities | € (6,189) | € (4,660) | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Segment Information - Summary_6
Segment Information - Summary of Investments (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | € 145,976 | € 138,625 | ||||
Investments for account of policyholders | 226,374 | 194,353 | [1] | € 194,063 | ||
Investments on balance sheet | 372,350 | 332,979 | ||||
Off-balance sheet investments third parties | 524,547 | 470,963 | ||||
Total revenue- generating investments | 896,897 | 803,942 | ||||
Financial assets, excluding derivatives | 143,075 | 135,925 | ||||
Investments in real estate | 2,901 | 2,700 | € 2,147 | |||
Total investments on balance sheet | 372,350 | 332,979 | ||||
Investments in joint ventures | 1,983 | 1,745 | [1] | 1,712 | 1,712 | |
Investments in associates | 363 | 327 | [1] | 308 | € 308 | |
Other assets | 65,652 | 57,582 | ||||
Assets | 440,348 | 392,633 | [1] | € 395,923 | ||
Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 89,404 | 84,675 | ||||
Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 44,591 | 42,653 | ||||
Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 234,867 | 202,339 | ||||
Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 3,487 | 3,312 | ||||
Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 2,221 | 2,161 | ||||
Investments for account of policyholders | 25,288 | 20,640 | ||||
Financial assets, excluding derivatives | 2,221 | 2,161 | ||||
Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 86,853 | 81,253 | ||||
Investments for account of policyholders | 20,744 | 20,441 | ||||
Financial assets, excluding derivatives | 86,853 | 81,253 | ||||
Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 44,591 | 42,653 | ||||
Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 9,410 | 9,858 | ||||
Investments for account of policyholders | 9,716 | 8,861 | ||||
Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 2,901 | 2,700 | ||||
Investments for account of policyholders | 586 | 612 | ||||
Unconsolidated investment funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 170,039 | 143,800 | ||||
Americas [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 75,076 | 71,056 | ||||
Investments for account of policyholders | 107,963 | 95,343 | ||||
Investments on balance sheet | 183,039 | 166,399 | ||||
Off-balance sheet investments third parties | 220,039 | 204,184 | ||||
Total revenue- generating investments | 403,078 | 370,583 | ||||
Total investments on balance sheet | 183,039 | 166,399 | ||||
Investments in joint ventures | 1 | |||||
Investments in associates | 79 | 72 | ||||
Other assets | 36,899 | 37,674 | ||||
Assets | 220,017 | 204,145 | ||||
Americas [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 59,899 | 55,921 | ||||
Americas [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 10,922 | 9,945 | ||||
Americas [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 111,565 | 100,002 | ||||
Americas [member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 653 | 530 | ||||
Americas [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 499 | 532 | ||||
Americas [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 54,970 | 51,681 | ||||
Investments for account of policyholders | 877 | 1,716 | ||||
Americas [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 10,922 | 9,945 | ||||
Americas [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 8,032 | 8,367 | ||||
Investments for account of policyholders | 161 | 79 | ||||
Americas [member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 653 | 530 | ||||
Americas [member] | Unconsolidated investment funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 106,926 | 93,548 | ||||
The Netherlands [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 59,983 | 57,738 | ||||
Investments for account of policyholders | 25,491 | 23,767 | ||||
Investments on balance sheet | 85,474 | 81,505 | ||||
Off-balance sheet investments third parties | 4,802 | 3,339 | ||||
Total revenue- generating investments | 90,276 | 84,844 | ||||
Total investments on balance sheet | 85,474 | 81,505 | ||||
Investments in joint ventures | 1,159 | 1,001 | ||||
Investments in associates | 106 | 85 | ||||
Other assets | 21,983 | 13,491 | ||||
Assets | 108,722 | 96,083 | ||||
The Netherlands [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 19,591 | 19,974 | ||||
The Netherlands [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 33,460 | 32,536 | ||||
The Netherlands [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 30,193 | 26,846 | ||||
The Netherlands [member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 2,229 | 2,150 | ||||
The Netherlands [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 1,443 | 1,412 | ||||
Investments for account of policyholders | 8,490 | 7,403 | ||||
The Netherlands [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 22,773 | 21,586 | ||||
Investments for account of policyholders | 11,652 | 11,283 | ||||
The Netherlands [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 33,460 | 32,536 | ||||
The Netherlands [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 78 | 54 | ||||
Investments for account of policyholders | 4,653 | 4,022 | ||||
The Netherlands [member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 2,229 | 2,150 | ||||
The Netherlands [member] | Unconsolidated investment funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 695 | 1,059 | ||||
United Kingdom [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 2,034 | 2,114 | ||||
Investments for account of policyholders | 91,848 | 73,958 | ||||
Investments on balance sheet | 93,882 | 76,072 | ||||
Off-balance sheet investments third parties | 123,904 | 106,347 | ||||
Total revenue- generating investments | 217,786 | 182,419 | ||||
Total investments on balance sheet | 93,882 | 76,072 | ||||
Investments in associates | 9 | 8 | ||||
Other assets | 3,764 | 3,104 | ||||
Assets | 97,655 | 79,184 | ||||
United Kingdom [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 1,556 | 1,459 | ||||
United Kingdom [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 91,740 | 74,001 | ||||
United Kingdom [member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 586 | 612 | ||||
United Kingdom [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 17 | 3 | ||||
Investments for account of policyholders | 16,583 | 13,044 | ||||
United Kingdom [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 1,055 | 1,005 | ||||
Investments for account of policyholders | 8,043 | 7,259 | ||||
United Kingdom [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 962 | 1,105 | ||||
Investments for account of policyholders | 4,898 | 4,748 | ||||
United Kingdom [member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 586 | 612 | ||||
United Kingdom [member] | Unconsolidated investment funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 61,738 | 48,296 | ||||
Southern & Eastern Europe [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 1,711 | 1,660 | ||||
Investments for account of policyholders | 994 | 1,187 | ||||
Investments on balance sheet | 2,704 | 2,847 | ||||
Off-balance sheet investments third parties | 5,461 | 5,851 | ||||
Total revenue- generating investments | 8,166 | 8,698 | ||||
Total investments on balance sheet | 2,704 | 2,847 | ||||
Investments in joint ventures | 476 | 472 | ||||
Investments in associates | 5 | |||||
Other assets | 468 | 494 | ||||
Assets | 3,648 | 3,819 | ||||
Southern & Eastern Europe [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 1,570 | 1,483 | ||||
Southern & Eastern Europe [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 118 | 143 | ||||
Southern & Eastern Europe [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 997 | 1,200 | ||||
Southern & Eastern Europe [member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 19 | 21 | ||||
Southern & Eastern Europe [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 74 | 74 | ||||
Investments for account of policyholders | 218 | 198 | ||||
Southern & Eastern Europe [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 1,497 | 1,417 | ||||
Investments for account of policyholders | 173 | 183 | ||||
Southern & Eastern Europe [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 118 | 143 | ||||
Southern & Eastern Europe [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 3 | 5 | ||||
Investments for account of policyholders | 4 | 11 | ||||
Southern & Eastern Europe [member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 19 | 21 | ||||
Southern & Eastern Europe [member] | Unconsolidated investment funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 598 | 795 | ||||
Asia [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 6,662 | 5,720 | ||||
Investments for account of policyholders | 82 | 103 | ||||
Investments on balance sheet | 6,745 | 5,823 | ||||
Off-balance sheet investments third parties | 1,001 | 2,818 | ||||
Total revenue- generating investments | 7,746 | 8,641 | ||||
Total investments on balance sheet | 6,745 | 5,823 | ||||
Investments in joint ventures | 192 | 152 | ||||
Investments in associates | 28 | 17 | ||||
Other assets | 2,483 | 2,662 | ||||
Assets | 9,448 | 8,654 | ||||
Asia [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 6,602 | 5,686 | ||||
Asia [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 42 | 16 | ||||
Asia [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 100 | 121 | ||||
Asia [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 11 | 7 | ||||
Asia [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 6,465 | 5,526 | ||||
Asia [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 42 | 16 | ||||
Asia [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 145 | 170 | ||||
Asia [member] | Unconsolidated investment funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | 82 | 103 | ||||
Asset management [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 266 | 181 | ||||
Investments on balance sheet | 266 | 181 | ||||
Off-balance sheet investments third parties | 170,158 | 149,197 | ||||
Total revenue- generating investments | 170,424 | 149,378 | ||||
Total investments on balance sheet | 266 | 181 | ||||
Investments in joint ventures | 153 | 119 | ||||
Investments in associates | 129 | 131 | ||||
Other assets | 292 | 336 | ||||
Assets | 840 | 767 | ||||
Asset management [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 153 | 131 | ||||
Asset management [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 113 | 50 | ||||
Asset management [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 5 | 4 | ||||
Asset management [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 93 | 36 | ||||
Asset management [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 168 | 142 | ||||
Holding and other activities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 244 | 157 | ||||
Investments on balance sheet | 244 | 157 | ||||
Total revenue- generating investments | 244 | 157 | ||||
Total investments on balance sheet | 244 | 157 | ||||
Investments in joint ventures | 3 | |||||
Investments in associates | 21 | 8 | ||||
Other assets | 32,611 | 28,548 | ||||
Assets | 32,879 | 28,713 | ||||
Holding and other activities [member] | Available-for-sale financial assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 32 | 21 | ||||
Holding and other activities [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 48 | 12 | ||||
Holding and other activities [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | 164 | 123 | ||||
Holding and other activities [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 173 | 128 | ||||
Holding and other activities [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 1 | 3 | ||||
Holding and other activities [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 48 | 12 | ||||
Holding and other activities [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 21 | 14 | ||||
Eliminations [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments general account | 0 | 0 | ||||
Investments for account of policyholders | (4) | (5) | ||||
Investments on balance sheet | (4) | (5) | ||||
Off-balance sheet investments third parties | (818) | (774) | ||||
Total revenue- generating investments | (822) | (778) | ||||
Total investments on balance sheet | (4) | (5) | ||||
Investments in associates | (10) | |||||
Other assets | (32,848) | (28,727) | ||||
Assets | (32,862) | (28,732) | ||||
Eliminations [member] | Financial assets at fair value through profit or loss [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets, excluding derivatives | (4) | (5) | ||||
Eliminations [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments for account of policyholders | € (4) | € (5) | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Segment Information - Summary_7
Segment Information - Summary of Investments (Parenthetical) (Detail) - Sony Life [member] - JP [member] € in Billions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure Of Summarized Investment Per Segment [line items] | |
Off balance sheet investment in joint venture | € 2.3 |
Potential Divestment In Associate [member] | |
Disclosure Of Summarized Investment Per Segment [line items] | |
Percentage of divestment in joint venture | 50.00% |
Premium Income and Premiums P_3
Premium Income and Premiums Paid to Reinsurers - Summary of Premium Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of insurance premium revenue [line items] | |||
Income arising from insurance contracts | € 18,138 | € 19,316 | € 22,826 |
Life insurance general account [member] | |||
Disclosure of insurance premium revenue [line items] | |||
Income arising from insurance contracts | 15,926 | 16,969 | 19,952 |
Non-life insurance [member] | |||
Disclosure of insurance premium revenue [line items] | |||
Income arising from insurance contracts | 2,212 | 2,346 | 2,874 |
Accident and health insurance [member] | |||
Disclosure of insurance premium revenue [line items] | |||
Income arising from insurance contracts | 1,823 | 1,979 | 2,511 |
General insurance [member] | |||
Disclosure of insurance premium revenue [line items] | |||
Income arising from insurance contracts | € 390 | € 367 | € 363 |
Premium Income and Premiums P_4
Premium Income and Premiums Paid to Reinsurers - Summary of Premiums Paid to Reinsurers- Premium Income and Premiums Paid to Reinsurers - Summary of Premium Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Expenses arising from reinsurance held | € 2,434 | € 2,663 | € 3,431 |
Life insurance general account [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Expenses arising from reinsurance held | 2,276 | 2,500 | 3,214 |
Non-life insurance [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Expenses arising from reinsurance held | 158 | 163 | 217 |
Accident and health insurance [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Expenses arising from reinsurance held | 138 | 152 | 205 |
General insurance [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Expenses arising from reinsurance held | € 19 | € 11 | € 13 |
Premium Income and Premiums P_5
Premium Income and Premiums Paid to Reinsurers - Additional Information (Detail) - Life insurance general account [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of insurance premium revenue [line items] | |||
Total decrease in premium income | € 1,178 | € 3,510 | |
United Kingdom [member] | |||
Disclosure of insurance premium revenue [line items] | |||
Reduction in upgraded Life insurance policies | € 1,777 | € 3,439 | € 5,139 |
Investment Income - Summary of
Investment Income - Summary of Investment Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of investment income [line items] | |||
Interest income | € 5,835 | € 5,783 | € 6,052 |
Dividend income | 1,571 | 1,124 | 1,164 |
Rental income | 125 | 129 | 121 |
Investment income | 7,531 | 7,035 | 7,338 |
Aegon N.V [member] | |||
Disclosure of investment income [line items] | |||
Interest income from intercompany loans | 51 | 66 | |
Interest income from derivatives | (4) | 11 | |
Investment income | 47 | 77 | |
Investment income related to general account [member] | |||
Disclosure of investment income [line items] | |||
Investment income | 5,291 | 5,268 | 5,394 |
Investment contracts for account of policyholders [member] | |||
Disclosure of investment income [line items] | |||
Investment income | € 2,240 | € 1,767 | € 1,944 |
Investment Income - Additional
Investment Income - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of investment income [line items] | |||
Interest income | € 5,835 | € 5,783 | € 6,052 |
Fair value interest income | 4,943 | 4,811 | 5,056 |
Financial assets impaired [member] | |||
Disclosure of investment income [line items] | |||
Interest income | € 146 | € 160 | € 190 |
Investment Income - Summary o_2
Investment Income - Summary of Investment Income From Financial Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about investment income [line items] | |||
Investment income | € 7,531 | € 7,035 | € 7,338 |
Investment income related to general account [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 5,291 | 5,268 | 5,394 |
Investment income related to general account [member] | Derivatives [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 39 | 72 | 31 |
Investment income related to general account [member] | Available-for-sale financial assets [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 3,267 | 3,180 | 3,467 |
Investment income related to general account [member] | Loans [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 1,779 | 1,704 | 1,686 |
Investment income related to general account [member] | Financial assets at fair value through profit or loss [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 125 | 212 | 148 |
Shares [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 1,571 | 1,124 | 1,164 |
Debt securities [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 3,959 | 3,899 | 4,248 |
Loans [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 1,779 | 1,704 | 1,686 |
Real estate [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 125 | 129 | 121 |
Real estate [member] | Investment income related to general account [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 83 | 82 | 71 |
Other [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | 97 | 181 | 119 |
Other [member] | Investment income related to general account [member] | |||
Disclosure of detailed information about investment income [line items] | |||
Investment income | € (2) | € 18 | € (10) |
Fee and Commission Income - Sum
Fee and Commission Income - Summary of Fee and Commission Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fee and commission income (expense) [abstract] | |||
Fee income from asset management | € 1,824 | € 1,853 | € 2,126 |
Commission income | 585 | 594 | 535 |
Other | 114 | 112 | 140 |
Total fee and commission income | € 2,523 | € 2,558 | € 2,802 |
Fee and Commission Income - Add
Fee and Commission Income - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fee and commission income (expense) [abstract] | |||
Fee and commission income on trust and fiduciary activities | € 225 | € 215 | € 190 |
Income From Reinsurance Ceded -
Income From Reinsurance Ceded - Summary of Income From Reinsurance Ceded (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income From Reinsurance Ceded [abstract] | |||
Recovered claims and benefits | € 3,367 | € 3,127 | € 3,669 |
Change in technical provisions | (53) | 372 | 497 |
Commissions | 218 | 241 | 122 |
Total | € 3,532 | € 3,740 | € 4,288 |
Results From Financial Transa_3
Results From Financial Transactions - Summary of Financial Transactions Results (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of result from financial transaction [Line Items] | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | € 279 | € (79) | € 232 |
Realized gains and (losses) on financial investments | 399 | (92) | 431 |
Gains and (losses) on investments in real estate | 317 | 261 | 193 |
Net fair value change of derivatives | 1,130 | (545) | (1,159) |
Net fair value change on account of policyholder financial assets at fair value through profit or loss | 33,188 | (11,326) | 20,524 |
Net fair value change on investments in real estate for account of policyholders | (18) | 5 | 38 |
Net foreign currency gains and (losses) | 77 | 44 | (20) |
Net fair value change on borrowings and other financial liabilities | 15 | 29 | 10 |
Realized gains and (losses) on repurchased debt | 1 | 1 | |
Total | 35,386 | (11,701) | € 20,250 |
Aegon N.V [member] | |||
Disclosure of result from financial transaction [Line Items] | |||
Net fair value change of derivatives | (22) | (8) | |
Net foreign currency gains and (losses) | 3 | 3 | |
Net fair value change on borrowings and other financial liabilities | 4 | 4 | |
Total | € (15) | € (1) |
Results From Financial Transa_4
Results From Financial Transactions - Summary of Net Fair Value Changes of Financial Investments at Fair Value Through Profit or Loss, Other Than Derivatives (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net Fair Value Change of Financial Investments at fair value through profit or loss | € 279 | € (79) | € 232 |
Shares [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 99 | 69 | 25 |
Debt securities and money market investments [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 85 | (143) | 127 |
Other [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net Fair Value Change of Financial Investments at fair value through profit or loss | € 95 | € (5) | € 80 |
Results From Financial Transa_5
Results From Financial Transactions - Summary of Realized Gains and Losses on Financial Investments (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € 399 | € (92) | € 431 |
Shares [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 11 | 25 | 165 |
Debt securities and money market investments [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 372 | (147) | 242 |
Loans [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 32 | 16 | 20 |
Other [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € (16) | € 14 | € 3 |
Results From Financial Transa_6
Results From Financial Transactions - Summary of Realized Gains and Losses on Financial Investment Comprise (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € 399 | € (92) | € 431 |
Available-for-sale investments [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 368 | (108) | 411 |
Loans [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € 32 | € 16 | € 20 |
Results From Financial Transa_7
Results From Financial Transactions - Summary of Net Fair Value Change of Derivatives (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net fair value change of derivatives [abstract] | |||
Net fair value change on economic hedges where no hedge accounting is applied | € 2,281 | € 272 | € 70 |
Net fair value change on bifurcated embedded derivatives | (1,153) | (824) | (1,231) |
Ineffective portion of hedge transactions to which hedge accounting is applied | 1 | 7 | 2 |
Total | € 1,130 | € (545) | € (1,159) |
Results From Financial Transa_8
Results From Financial Transactions - Summary of Ineffective Portion of Hedge Transactions (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedged items [line items] | |||
Total | € 1 | € 7 | € 2 |
Non-cash changes [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness fair value hedges | 1 | 5 | 3 |
Total | 1 | 7 | 2 |
Cash flow hedges [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness cash flow hedges | 51 | (62) | (113) |
Hedged item [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value change on hedged items in a fair value hedge | 2 | (8) | 15 |
Hedged item [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness cash flow hedges | 2 | ||
Hedging instrument [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value change on hedged items in a fair value hedge | € (1) | € 13 | € (12) |
Results From Financial Transa_9
Results From Financial Transactions - Summary of Net Fair Value Change on for Account of Policyholder Financial Assets at Fair Value Through Profit or Loss (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net fair value changes of financial assets at fair value through profit or loss | € 33,188 | € (11,326) | € 20,524 |
Shares [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net fair value changes of financial assets at fair value through profit or loss | 4,591 | (2,318) | 2,372 |
Debt securities and money market investments [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net fair value changes of financial assets at fair value through profit or loss | 863 | (421) | 166 |
Unconsolidated investment funds [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net fair value changes of financial assets at fair value through profit or loss | 26,450 | (8,158) | 17,720 |
Derivatives [member] | |||
Disclosure of financial instruments at fair value through profit or loss [line items] | |||
Net fair value changes of financial assets at fair value through profit or loss | € 1,284 | € (429) | € 265 |
Results from Financial Trans_10
Results from Financial Transactions - Summary of Net Fair Value Change on Borrowings and Other Financial Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial liabilities [line items] | |||
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | € 15 | € 29 | € 10 |
Borrowings [member] | |||
Disclosure of financial liabilities [line items] | |||
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | 8 | 23 | € 10 |
Other financial liabilitiy [member] | |||
Disclosure of financial liabilities [line items] | |||
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | € 7 | € 6 |
Other Income - Summary of Other
Other Income - Summary of Other Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Other Operating Income [abstract] | |||
Other income | € 200 | € 8 | € 540 |
Other Income - Additional Infor
Other Income - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | |
Disclosure of other operating income [line items] | |||||
Other income | € 200 | € 8 | € 540 | ||
Release of expense reserves | 82 | £ 71 | |||
Business disposal gain loss | 70 | ||||
Payout annuity business and Bank Owned Life Insurance / Corporate Owned Life Insurance business [member] | |||||
Disclosure of other operating income [line items] | |||||
Other income | 231 | $ 250 | |||
Impact of Pension plan Amendment | € 101 | ||||
Unirobe Meeus Groep B.V. [member] | |||||
Disclosure of other operating income [line items] | |||||
Other income | 208 | ||||
Legal & General [member] | |||||
Disclosure of other operating income [line items] | |||||
Other income | € 17 | £ 14 |
Policyholder Claims and Benef_3
Policyholder Claims and Benefits - Summary of Policyholder Claims and Benefits (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Change in valuation of liabilities for insurance contracts | € 30,620 | € (2,639) | € 22,741 |
Other | (50) | 9 | (34) |
Total | 56,797 | 10,557 | 45,599 |
Life insurance general account [member] | |||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Benefits and claims paid life | 18,824 | 19,673 | 23,634 |
Non-life insurance [member] | |||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Benefits and claims paid life | 1,635 | 1,658 | 1,903 |
Investment contracts 1 [member] | |||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Change in valuation of liabilities for investment contracts | € 5,768 | € (8,143) | € (2,644) |
Policyholder Claims and Benef_4
Policyholder Claims and Benefits - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Claims And Benefits Paid [abstract] | |||
Fair value changes on for account of policyholder financial assets | € 33,188 | € (11,326) | € 20,524 |
Increase of technical provisions for life insurance contracts | € 2,431 | € 1,403 | € 601 |
Profit Sharing and Rebates - Su
Profit Sharing and Rebates - Summary of Profit Sharing and Rebates (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Profit Sharing And Rebates [abstract] | |||
Surplus interest bonuses | € 2 | € 2 | € 2 |
Profit appropriated to policyholders | 15 | 21 | 21 |
Total | € (17) | € (23) | € (23) |
Commissions and Expenses - Summ
Commissions and Expenses - Summary of Commissions and Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of commissions and expenses [line items] | |||
Commissions | € 2,423 | € 2,445 | € 2,661 |
Employee expenses | 2,149 | 2,061 | 2,234 |
Administration expenses | 1,537 | 1,477 | 1,424 |
Deferred expenses | (832) | (831) | (980) |
Amortization of deferred expenses | 755 | 928 | 543 |
Amortization of VOBA and future servicing rights | 120 | 144 | 43 |
Total | 6,153 | 6,224 | € 5,925 |
Aegon N.V [member] | |||
Disclosure of commissions and expenses [line items] | |||
Employee expenses | 88 | 83 | |
Administration expenses | 77 | 79 | |
Cost sharing to group companies | (91) | (80) | |
Total | € 74 | € 82 |
Commissions and Expenses - Addi
Commissions and Expenses - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Commissions And Expenses [abstract] | |||
Depreciation expense included in administration expenses | € 87 | € 80 | € 105 |
Minimum lease payments recognized as expense | 0 | ||
Amount included in employee expenses relating to defined contributions | € 43 | € 44 | € 46 |
Vesting period | 2 years |
Commissions and Expenses - Su_2
Commissions and Expenses - Summary of Employee Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of employee benefits expense [abstract] | |||
Salaries | € 1,321 | € 1,261 | € 1,470 |
Post-employment benefit costs | 287 | 277 | 318 |
Social security charges | 127 | 120 | 151 |
Other personnel costs | 378 | 367 | 267 |
Shares | 36 | 36 | 28 |
Total | € 2,149 | € 2,061 | € 2,234 |
Commissions and Expenses - Su_3
Commissions and Expenses - Summary of Cumulative Number of Shares and Their Status in Relation to Active Long Term Incentive Plans and Allocated Variable Compensation to Identified Staff (Detail) | 12 Months Ended | |
Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Beginning balance | 22,548,724 | 18,585,551 |
Number of shares conditionally granted | ||
Number of shares allocated | ||
Number of shares conditionally granted | 7,378,113 | 6,513,984 |
Number of shares allocated | 621,373 | 916,988 |
Number of shares forfeited | (549,647) | (636,527) |
Number of shares vested | (5,797,262) | (2,831,272) |
Ending balance | 24,201,301 | 22,548,724 |
2015 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Beginning balance | 2,380,167 | 4,314,494 |
Number of shares conditionally granted | 5,178,633 | |
Number of shares allocated | 4,942,275 | |
Number of shares forfeited | (3,912) | (102,383) |
Number of shares vested | (2,376,255) | (1,831,944) |
Ending balance | 2,380,167 | |
Average share price used for grant in EUR | € / shares | € 6.106 | |
2015 [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | 5.159 | |
2015 [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | € 6.018 | |
2016 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Beginning balance | 6,243,971 | 6,591,429 |
Number of shares conditionally granted | 6,809,814 | |
Number of shares allocated | 7,155,420 | |
Number of shares allocated | 22,580 | 11,471 |
Number of shares forfeited | (44,746) | (169,629) |
Number of shares vested | (2,530,968) | (189,300) |
Ending balance | 3,690,837 | 6,243,971 |
Average share price used for grant in EUR | € / shares | € 5.128 | |
2016 [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | 3.990 | |
2016 [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | € 4.898 | |
2017 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Beginning balance | 7,244,231 | 7,679,628 |
Number of shares conditionally granted | 6,722,418 | |
Number of shares allocated | 7,461,564 | |
Number of shares allocated | 30,730 | 739,146 |
Number of shares forfeited | (331,606) | (364,515) |
Number of shares vested | (426,360) | (810,028) |
Ending balance | 6,516,995 | 7,244,231 |
Average share price used for grant in EUR | € / shares | € 5.246 | |
2017 [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | 4.040 | |
2017 [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | € 4.933 | |
2018 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Beginning balance | 6,680,355 | |
Number of shares conditionally granted | 6,513,984 | |
Number of shares allocated | 6,123,546 | |
Number of shares conditionally granted | 6,513,984 | |
Number of shares allocated | 390,438 | 166,371 |
Number of shares forfeited | (169,383) | |
Number of shares vested | (457,079) | |
Ending balance | 5,663,455 | 6,680,355 |
Average share price used for grant in EUR | € / shares | € 5.405 | |
2018 [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | 4.143 | |
2018 [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | € 5.054 | |
2019 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 7,378,113 | |
Number of shares conditionally granted | 7,378,113 | |
Number of shares allocated | 958,501 | |
Number of shares vested | (6,600) | |
Ending balance | 8,330,014 | |
Average share price used for grant in EUR | € / shares | ||
2019 [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | 2.741 | |
2019 [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares at grant date in EUR | € / shares | € 3.737 |
Impairment Charges _ (Reversa_3
Impairment Charges / (Reversals) - Summary of Impairment Charges / (Reversals) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [abstract] | |||
Impairment charges on financial assets, excluding receivables | € 133 | € 71 | € 70 |
Impairment reversals on financial assets, excluding receivables | (73) | (39) | (32) |
Impairment charges and reversals on non-financial assets and receivables | 109 | 46 | 4 |
Total | € 169 | € 78 | € 42 |
Impairment Charges _ (Reversa_4
Impairment Charges / (Reversals) - Summary of Impairment Charges on Financial Assets, Excluding Receivables (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment charges on financial assets, excludes receivables | € 133 | € 71 | € 70 |
Debt securities and money market instruments [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment charges on financial assets, excludes receivables | 50 | 30 | 17 |
Loans [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment charges on financial assets, excludes receivables | 76 | 35 | 50 |
Shares [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment charges on financial assets, excludes receivables | € 7 | € 5 | € 2 |
Impairment Charges _ (Reversa_5
Impairment Charges / (Reversals) - Summary of Impairment Reversals on Financial Assets, Excluding Receivables (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment reversals on financial assets, excludes receivables | € (73) | € (39) | € (32) |
Debt securities and money market instruments [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment reversals on financial assets, excludes receivables | (67) | (34) | (17) |
Loans [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment reversals on financial assets, excludes receivables | (5) | (3) | (13) |
Other [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment reversals on financial assets, excludes receivables | € (1) | € (2) | € (2) |
Impairment Charges _ (Reversa_6
Impairment Charges / (Reversals) - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment charges and reversals on non-financial assets and receivables | € 109 | € 46 | € 4 |
Impairment charges non financial assets value of business acquired and deferred policy acquisition costs | 76 | ||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 46 | ||
Capital Injections [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss on financial assets | 10 | ||
Software [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment of intangible assets other than goodwill | € 9 |
Interest Charges and Related _3
Interest Charges and Related Fees - Summary of Interest Charges and Related Fees (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of interest charges and related fees [line items] | |||
Subordinated loans | € 88 | € 62 | € 34 |
Trust pass-through securities | 8 | 8 | 9 |
Borrowings | 252 | 300 | 283 |
Other | 164 | 136 | 108 |
Total | 513 | 507 | € 435 |
Aegon N.V [member] | |||
Disclosure of interest charges and related fees [line items] | |||
Subordinated borrowings | 80 | 63 | |
Borrowings | 57 | 55 | |
Other | 2 | ||
Total | € 139 | € 118 |
Interest Charges and Related _4
Interest Charges and Related Fees - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fee income and expense [abstract] | |||
Interest charges accrued on financial assets and liabilities | € 298 | € 143 | € 162 |
Other Charges - Summary of Othe
Other Charges - Summary of Other Charges (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other charges [abstract] | |||
Other charges | € 1 | € 375 | € 235 |
Other Charges - Additional Info
Other Charges - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€)Policies | Dec. 31, 2018USD ($)Policies | Dec. 31, 2018GBP (£)Policies | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | |
Disclosure of other charges [line items] | |||||||
Other charges | € | € 1 | € 375 | € 235 | ||||
Number of universal life policies | Policies | 70,000 | 70,000 | 70,000 | ||||
Percentage of universal life policyholders participated in settlement of litigation | 99.00% | ||||||
Percentage of universal life policyholders opted out of the settlement of litigation | 1.00% | ||||||
Percentage of universal life policyholders which represented the value of the settlement fund | 43.00% | ||||||
Provision charges | € | € 42 | € 231 | |||||
Aegon Ireland Plc [member] | |||||||
Disclosure of other charges [line items] | |||||||
Pre tax loss related to divestment of business | 93 | £ 81 | |||||
Impairment of deferred transaction costs | 36 | £ 32 | |||||
SCOR Global Life [member] | |||||||
Disclosure of other charges [line items] | |||||||
Pre tax loss related to divestment of business | 93 | $ 110 | |||||
Reinsurance liabilities | 700 | ||||||
Litigation provision [member] | |||||||
Disclosure of other charges [line items] | |||||||
Provision charges | € 140 | 166 | |||||
Release of technical provision [member] | |||||||
Disclosure of other charges [line items] | |||||||
Provision charges | 38 | ||||||
Reduction of amortization of other intangible assets [member] | |||||||
Disclosure of other charges [line items] | |||||||
Provision charges | $ 6 | ||||||
Americas [member] | |||||||
Disclosure of other charges [line items] | |||||||
Loss on divestment of a block of life reinsurance business in the Americas | 105 | $ 119 | |||||
Americas [member] | Litigation provision [member] | |||||||
Disclosure of other charges [line items] | |||||||
Provision charges | € 85 | $ 100 |
Income Taxes - Summary of the C
Income Taxes - Summary of the Components of Income Tax for Period (Income) / Charge (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax | |||
Current year | € 118 | € 54 | € 220 |
Adjustments to prior years | (14) | (36) | 47 |
Current tax | 104 | 18 | 267 |
Deferred tax | |||
Origination / (reversal) of temporary differences | 69 | 23 | 397 |
Changes in tax rates / bases | 33 | (30) | (550) |
Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences | 4 | (35) | (45) |
Non-recognition of deferred tax assets | 17 | 17 | 41 |
Reconciliation between standard and effective tax | |||
Income before tax | 1,457 | 751 | 2,534 |
Differences due to the effect of: | |||
Non deductible expenses | (22) | (28) | (28) |
Adjustments prior year | (8) | 48 | (45) |
Deferred tax | 114 | 22 | (201) |
Income tax for the period (income) / charge | 218 | 40 | € 65 |
Aegon N.V [member] | |||
Current tax | |||
Current year | 40 | 2 | |
Current tax | 40 | 2 | |
Reconciliation between standard and effective tax | |||
Income before tax | (181) | (124) | |
Tax on income on Dutch corporate income tax rate | 45 | 31 | |
Differences due to the effect of: | |||
Non deductible expenses | (6) | (5) | |
Adjustments prior year | (24) | ||
Income tax for the period (income) / charge | € 40 | € 2 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Standard and Effective Income Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation between standard and effective income tax: | |||
Income before tax | € 1,457 | € 751 | € 2,534 |
Income tax calculated using weighted average applicable statutory tax rates | 293 | 178 | 745 |
Difference due to the effects of: | |||
Non-taxable income | (76) | (80) | (157) |
Non-tax deductible expenses | 22 | 28 | 28 |
Changes in tax rate/base | 33 | (30) | (550) |
Different tax rates on overseas earnings | (1) | (1) | |
Tax credits | (67) | (68) | (67) |
Other taxes | 57 | 29 | 67 |
Adjustments to prior years | (22) | 11 | 2 |
Origination and change in contingencies | 0 | 2 | 9 |
Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences | 4 | (35) | (45) |
Non-recognition of deferred tax assets | 17 | 17 | 41 |
Tax effect of (profit) / losses from joint ventures and associates | (11) | (9) | (7) |
Other | (31) | (3) | (1) |
Difference due to effects of income tax | (76) | (138) | (680) |
Income tax for the period (income) / charge | € 218 | € 40 | € 65 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - EUR (€) € in Millions | Apr. 01, 2020 | Jan. 01, 2020 | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income tax expense benefits [line items] | ||||||
Weighted average applicable statutory tax rate | 20.10% | 23.70% | 29.40% | |||
Deferred tax benefit caused by decrease of the United States corporate income tax rate | € 479 | |||||
United States [member] | ||||||
Income tax expense benefits [line items] | ||||||
Effective tax rate | 21.00% | 35.00% | ||||
Corporate income tax rate | 21.00% | 35.00% | ||||
United States [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||
Income tax expense benefits [line items] | ||||||
Corporate income tax rate | 21.00% | 35.00% | ||||
United Kingdom [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||
Income tax expense benefits [line items] | ||||||
Corporate income tax rate | 17.00% | 19.00% | ||||
The Netherlands [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||
Income tax expense benefits [line items] | ||||||
Corporate income tax rate | 21.70% | 25.00% |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Related to Components of Other Comprehensive Income and Retained Earnings (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Items that will not be reclassified to profit and loss: | |||||
Changes in revaluation reserve real estate held for own use | € 1 | € 7 | € 9 | ||
Remeasurements of defined benefit plans | 90 | (15) | (175) | ||
Income tax will not be reclassified to profit or loss | 92 | (8) | [1] | (166) | [1] |
Items that may be reclassified subsequently to profit and loss: | |||||
Gains / losses on revaluation of available-for-sale investments | (724) | 531 | (157) | ||
Gains / losses transferred to the income statement on disposal and impairment of available- for-sale investments | 94 | (17) | 441 | ||
Changes in cash flow hedging reserve | 3 | 1 | 567 | ||
Movement in foreign currency translation and net foreign investment hedging reserve | (5) | (20) | 76 | ||
Income tax will be reclassified to profit or loss | (632) | 494 | [1] | 927 | [1] |
Total income tax related to components of other comprehensive income | (541) | 486 | 762 | ||
Income tax related to equity instruments and other | |||||
Income tax related to equity instruments | 51 | 38 | 44 | ||
Other | (1) | (12) | 14 | ||
Total income tax recognised directly in retained earnings | € 50 | € 26 | € 58 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [line items] | |||
Owners of Aegon N.V. | € 1,239 | € 710 | € 2,469 |
Coupons on perpetual securities | (88) | (102) | (103) |
Coupons on non-cumulative subordinated notes | (11) | (28) | |
Net income / (loss) attributable to owners for basic earnings per share calculation | 1,151 | 597 | 2,338 |
Net income / (loss) attributable to common shareholders | € 1,143 | € 593 | € 2,321 |
Weighted average number of common shares B outstanding (in million) | 2,042 | 2,036 | 2,042 |
Basic earnings per common share (EUR per share) | € 0.56 | € 0.29 | € 1.14 |
Common share B [member] | |||
Earnings per share [line items] | |||
Net income / (loss) attributable to common shareholders | € 8 | € 4 | € 16 |
Weighted average number of common shares B outstanding (in million) | 572 | 571 | 575 |
Basic earnings per common share (EUR per share) | € 0.01 | € 0.01 | € 0.03 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019shares | |
Basic earnings per share [abstract] | |
Diluted outstanding share options | 0 |
Dividend Per Common Share - Add
Dividend Per Common Share - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2019€ / sharesshares | Dec. 31, 2018€ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017€ / sharesshares | Dec. 31, 2016 | |
Disclosure of detailed information of dividends [line items] | |||||
Dividend per common share | € 0.31 | € 0.29 | |||
Common shares B [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Proposed dividend | € 0.00775 | € 0.00725 | |||
Financial rights attached to shares | 1/40th of a common share | 1/40th of a common share | 1/40th of a common share | ||
Final dividend 2018 [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Dividend per common share | € 0.15 | ||||
Percentage of shareholders receive cash dividend | 55.00% | 55.00% | |||
Stock dividend payable description | The stock dividend amounted to one new Aegon common share for every 28 common shares held | The stock dividend amounted to one new Aegon common share for every 28 common shares held | |||
Stock repurchase program to repurchase common shares | shares | 32,873,805 | 32,873,805 | |||
Period of repurchase | Between July 1, 2019 and August 2, 2019 | Between July 1, 2019 and August 2, 2019 | |||
Final dividend 2018 [member] | Common shares B [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Dividend per common share | € 0.004 | ||||
Dividend per common share | $ / shares | $ 0.00375 | ||||
Interim dividend 2018 [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Dividend per common share | € 0.14 | ||||
Percentage of shareholders receive cash dividend | 56.00% | 56.00% | |||
Percentage of shareholders receive stock dividend | 44.00% | 44.00% | |||
Cash dividend payable per common share | € 0.14 | ||||
Stock dividend payable description | The stock dividend amounted to one new Aegon common share for every 37 common shares held. | The stock dividend amounted to one new Aegon common share for every 37 common shares held. | |||
Dividend payable, date to be paid | Sep. 21, 2018 | Sep. 21, 2018 | |||
Stock repurchase program to repurchase common shares | shares | 24,133,950 | 24,133,950 | |||
Period of repurchase | Between October 1, 2018, and November 9, 2018 | Between October 1, 2018, and November 9, 2018 | |||
Common shares repurchased average price per share | € 5.43 | ||||
Interim dividend 2018 [member] | Common shares B [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Proposed dividend | € 0.0035 | ||||
Dividends paid on common shares | 1/40th of the dividend paid on common shares | 1/40th of the dividend paid on common shares | |||
Interim dividend 2017 [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Percentage of shareholders receive cash dividend | 57.00% | ||||
Percentage of shareholders receive stock dividend | 42.00% | 42.00% | 43.00% | ||
Cash dividend payable per common share | € 0.13 | ||||
Stock dividend payable description | The stock dividend amounted to one new Aegon common share for every 36 common shares held. | The stock dividend amounted to one new Aegon common share for every 36 common shares held. | |||
Dividend payable, date to be paid | Sep. 15, 2017 | ||||
Stock repurchase program to repurchase common shares | shares | 51,864,626 | ||||
Dividend per common share | € 0.14 | ||||
Interim dividend 2017 [member] | Common shares B [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Dividends paid on common shares | 1/40th of the dividend paid on common shares | ||||
Final dividend 2017 [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Percentage of shareholders receive cash dividend | 58.00% | 58.00% | |||
Stock dividend payable description | One new Aegon common share for every 39 common shares held | One new Aegon common share for every 39 common shares held | |||
Dividend payable, date to be paid | Jun. 22, 2018 | Jun. 22, 2018 | |||
Stock repurchase program to repurchase common shares | shares | 21,954,140 | 21,954,140 | |||
Common shares repurchased average price per share | € 5.34 | ||||
Final dividend 2016 [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Stock dividend payable description | One new Aegon common share for every 30 common shares held. | One new Aegon common share for every 30 common shares held. | |||
Interim dividend 2016 [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Stock dividend payable description | The stock dividend amounted to one new Aegon common share for every 28 common shares held. | ||||
Common shares repurchased average price per share | € 5.0950 | ||||
Interim Dividend 2019 [Member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Dividend per common share | € 0.15 | ||||
Percentage of shareholders receive cash dividend | 55.00% | ||||
Percentage of shareholders receive stock dividend | 45.00% | ||||
Cash dividend payable per common share | € 0.15 | ||||
Stock dividend payable description | the stock dividend amounted to one new Aegon common share for every 25 common shares held. | ||||
Dividend payable, date to be paid | Sep. 20, 2019 | ||||
Stock repurchase program to repurchase common shares | shares | 43,149,667 | ||||
Period of repurchase | Between October 1, 2019, and November 8, 2019 | ||||
Interim Dividend 2019 [Member] | Common shares B [member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Proposed dividend | € 0.00375 | ||||
Dividends paid on common shares | 1/40th of the dividend paid on common shares | ||||
Final Dividend 2019 [Member] | |||||
Disclosure of detailed information of dividends [line items] | |||||
Dividend per common share | € 0.16 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Detailed Information about Cash and Cash Equivalents (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Cash and cash equivalents [abstract] | ||||||
Cash at bank and in hand | € 4,619 | € 3,725 | € 3,720 | |||
Short-term deposits | 2,518 | 2,524 | 2,544 | |||
Money market investments | 5,116 | 2,493 | 4,496 | |||
Short-term collateral | 11 | 2 | 7 | |||
At December 31 | € 12,263 | € 8,744 | [1] | € 10,768 | € 10,768 | |
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 18, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | ||
Detailed information about cash and cash equivalents [line items] | ||||||||
Cash received on repurchase agreements | € 719 | € 719 | € 322 | |||||
Cash collateral on securities lended | € 2,146 | € 2,146 | € 2,480 | |||||
Weighted effective interest rate on short-term deposits | 0.38% | 0.38% | 0.39% | |||||
Short-term deposits maturity days | 19 days | 28 days | ||||||
Percentage of deposit with agreed maturity | 1.00% | |||||||
Description of cash flow based on valuation of assets | This deposit is renewed every 42-49 days, based on an updated valuation of total assets. The interest paid on this deposit is equal to the ECB deposit rate which was -50bp as from 18 September 2019 (-40bp throughout 2018 up to 18 September 2019). | |||||||
Interest received on deposit | (0.40%) | (0.40%) | ||||||
Minimum balance on deposit with Dutch Central Bank | € 79 | € 79 | € 70 | |||||
Effects of changes in exchange rate | 33 | 35 | € (196) | |||||
Consideration paid for acquisitions and investments in associates and joint ventures | 269 | |||||||
Net cash flows from (used in) operating activities | 7,302 | 517 | 553 | |||||
Increase (decrease) in net cash flows from investing activities | 352 | 758 | ||||||
Net cash flows from (used in) investing activities | (86) | (438) | (1,196) | |||||
Business combination consideration transferred | 89 | |||||||
Transferred cash and cash equivalents amounted to outflow as result of reinsurance transactions and disposal of entities over which control is lost | € 12,263 | 12,263 | 8,744 | [1] | 10,768 | € 10,768 | ||
Increase (decrease) in net cash flows from financing activities | 1,312 | (2,914) | ||||||
Net cash flows from (used in) financing activities | (3,730) | (2,395) | 519 | |||||
Increase (decrease) in net cash flows from operating activities | 6,785 | € (36) | ||||||
On demand [member] | ||||||||
Detailed information about cash and cash equivalents [line items] | ||||||||
Interest rate on mandatory reserve deposits | 50.00% | 40.00% | 40.00% | |||||
Disposals [member] | ||||||||
Detailed information about cash and cash equivalents [line items] | ||||||||
Consideration received | 155 | € 214 | ||||||
Consideration received in cash and cash equivalents | 202 | |||||||
Earn-out | 2 | |||||||
Reinsurance transactions and disposal of entities [member] | ||||||||
Detailed information about cash and cash equivalents [line items] | ||||||||
Transferred cash and cash equivalents amounted to outflow as result of reinsurance transactions and disposal of entities over which control is lost | € 17 | 17 | 416 | |||||
Securities lending [member] | ||||||||
Detailed information about cash and cash equivalents [line items] | ||||||||
Cash received on repurchase agreements | 7,200 | 7,200 | 6,200 | |||||
Cash collateral on securities lended | € 11 | 11 | 2 | |||||
Income from securities lending programs | € 6 | € 8 | € 11 | |||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Cash and Cash Equivalents (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents [abstract] | |||||||
Cash and cash equivalents | € 12,263 | € 8,744 | [1] | € 10,768 | € 10,768 | ||
Cash classified as Assets held for sale | 260 | ||||||
Bank overdrafts | (2) | ||||||
Bank overdrafts classified as Liabilities held for sale | (1) | ||||||
Net cash and cash equivalents | € 12,263 | € 8,744 | € 11,026 | € 11,347 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Cash and Cash Equivalents - D_2
Cash and Cash Equivalents - Disclosure of Detailed Information of Cash Flow Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Statement of cash flows [abstract] | |||||
Net cash flows from operating activities | € 7,302 | € 517 | € 553 | ||
Net cash flows from investing activities | (86) | (438) | (1,196) | ||
Net cash flows from financing activities | (3,730) | (2,395) | 519 | ||
Net increase / (decrease) in cash and cash equivalents | € 3,486 | € (2,317) | [1] | € (125) | [1] |
[1] | Included in net increase/(decrease) in cash and cash equivalents are interest received (2018: EUR 5,914 million, 2017: EUR 6,215 million and 2016: EUR 6,691 million) dividends received (2018: EUR 1,222 million, 2017: EUR 1,292 million and 2016: EUR 1,387 million) and interest paid (2018: EUR 400 million, 2017: EUR 311 million and 2016: EUR 300 million). All included in operating activities except for dividend received from joint ventures and associates (2018: EUR 97 million, 2017: EUR 129 million and 2016: EUR 203 million). |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Reconciliation of Liabilities Arising from Financing Activities (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | [1] | € 12,061 | ||
Ending balance | 9,307 | € 12,061 | [1] | |
Subordinated borrowings - held at amortized cost [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 1,389 | |||
Net exchange difference | 11 | 52 | ||
Ending balance | 2,207 | 1,389 | ||
Trust pass-through securities - held at amortized cost [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 133 | |||
Net exchange difference | 2 | 6 | ||
Ending balance | 136 | 133 | ||
Borrowings [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 12,061 | |||
Net exchange difference | 149 | 263 | ||
Ending balance | 9,307 | 12,061 | ||
Assets held to hedge Trust pass through securities [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 10 | |||
Net exchange difference | 0 | 1 | ||
Ending balance | 11 | 10 | ||
Cash flow hedges [member] | Subordinated borrowings - held at amortized cost [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 1,389 | 764 | ||
Addition | 806 | 640 | ||
Repayment | 0 | 0 | ||
Disposal of a business | 0 | |||
Realized gains / losses in income statement | 0 | 0 | ||
Movements related to fair value hedges | 0 | 0 | ||
Amortization | 1 | 2 | ||
Transfer to/from other headings | (68) | |||
Other | 0 | 0 | ||
Ending balance | 1,389 | |||
Cash flow hedges [member] | Trust pass-through securities - held at amortized cost [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 133 | 133 | ||
Addition | 0 | 0 | ||
Repayment | 0 | 0 | ||
Disposal of a business | 0 | |||
Realized gains / losses in income statement | 0 | 0 | ||
Movements related to fair value hedges | 1 | (6) | ||
Amortization | (1) | 0 | ||
Transfer to/from other headings | 0 | |||
Other | 0 | 0 | ||
Ending balance | 133 | |||
Cash flow hedges [member] | Borrowings [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 12,061 | 13,635 | ||
Addition | 4,117 | 3,545 | ||
Repayment | (7,014) | (5,211) | ||
Disposal of a business | (151) | |||
Realized gains / losses in income statement | (8) | (23) | ||
Movements related to fair value hedges | 0 | 0 | ||
Amortization | 1 | 2 | ||
Transfer to/from other headings | 0 | |||
Other | 0 | 0 | ||
Ending balance | 12,061 | |||
Cash flow hedges [member] | Assets held to hedge Trust pass through securities [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 10 | 15 | ||
Addition | 0 | 0 | ||
Repayment | 0 | 0 | ||
Disposal of a business | 0 | |||
Realized gains / losses in income statement | 1 | (6) | ||
Movements related to fair value hedges | 0 | 0 | ||
Amortization | 0 | 0 | ||
Transfer to/from other headings | 0 | |||
Other | € 0 | 0 | ||
Ending balance | € 10 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments - Summary of Invest
Investments - Summary of Investments for General Accounts Comprise Financial Assets Excluding Derivatives And Investments in Real Estate (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of investments in financial assets and real estate [abstract] | ||||||
Available-for-sale (AFS) | € 89,404 | € 84,675 | ||||
Loans | 44,591 | 42,653 | ||||
Financial assets at fair value through profit or loss (FVTPL) | 9,080 | 8,597 | ||||
Total financial assets, excluding derivatives | 143,075 | 135,925 | ||||
Investments in real estate | 2,901 | 2,700 | € 2,147 | |||
Total investments for general account | € 145,976 | € 138,625 | [1] | € 136,804 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments - Summary of Financ
Investments - Summary of Financial Assets Excluding Derivatives (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
AFS | € 89,404 | € 84,675 |
Fair value through profit or loss | 9,080 | 8,597 |
Loans | 44,591 | 42,653 |
Total | 143,075 | 135,925 |
Fair value | 148,570 | 139,834 |
Shares [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 409 | 478 |
Fair value through profit or loss | 1,813 | 1,682 |
Total | 2,221 | 2,161 |
Fair value | 2,221 | 2,161 |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 82,918 | 77,340 |
Fair value through profit or loss | 3,934 | 3,913 |
Total | 86,853 | 81,253 |
Fair value | 86,853 | 81,253 |
Money market and other short-term instruments [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 5,169 | 5,955 |
Fair value through profit or loss | 158 | 352 |
Total | 5,327 | 6,307 |
Fair value | 5,327 | 6,307 |
Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 37,750 | 36,240 |
Total | 37,750 | 36,240 |
Fair value | 42,567 | 39,758 |
Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 4,487 | 4,103 |
Total | 4,487 | 4,103 |
Fair value | 5,159 | 4,494 |
Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 141 | 141 |
Total | 141 | 141 |
Fair value | 141 | 141 |
Policy loans [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 2,024 | 1,973 |
Total | 2,024 | 1,973 |
Fair value | 2,024 | 1,973 |
Other [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 908 | 902 |
Fair value through profit or loss | 3,175 | 2,649 |
Loans | 188 | 196 |
Total | 4,272 | 3,747 |
Fair value | € 4,272 | € 3,747 |
Investments - Additional Inform
Investments - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of investments in financial assets and real estate [line items] | |||
Current financial assets | € 14,654 | € 13,287 | |
Percentage of properties appraised | 100.00% | 99.00% | |
Percentage of properties appraised performed by independent external appraisers | 99.00% | 98.00% | |
Investments in real estate | € 2,901 | € 2,700 | € 2,147 |
Rental income | 83 | 82 | 71 |
Direct operating expense from investment property generating rental income | 59 | 63 | 71 |
Direct operating expense from investment property not generating rental income | 2 | 2 | € 1 |
Aegon Americas [member] | |||
Disclosure of investments in financial assets and real estate [line items] | |||
Investments in real estate | € 653 | 530 | |
Remaining lease terms of non-cancellable leases | up to 20 years | ||
Aegon Netherlands [member] | |||
Disclosure of investments in financial assets and real estate [line items] | |||
Investments in real estate | € 2,229 | € 2,150 |
Investments - Summary of Moveme
Investments - Summary of Movement on Loan Allowance Account (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Changes In Allowance For Loan Losses [abstract] | ||
Beginning balance | € (138) | € (165) |
Addition charged to income statement | (76) | (35) |
Reversal to income statement | 5 | 3 |
Amounts written off | 44 | 40 |
Net exchange differences | (1) | |
Other | 20 | |
Ending balance | € (165) | € (138) |
Investments - Summary of Inve_2
Investments - Summary of Investments in Real Estate (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about investment property [abstract] | ||
Beginning balance | € 2,700 | € 2,147 |
Additions | 179 | 472 |
Subsequent expenditure capitalized | 16 | 3 |
Disposals | (331) | (209) |
Fair value gains / (losses) | 317 | 261 |
Net exchange differences | 9 | 27 |
Other | 11 | (1) |
Ending balance | € 2,901 | € 2,700 |
Investments for Account of Po_3
Investments for Account of Policyholders - Summary of Investments for Account of Policyholders (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | € 225,788 | € 193,741 | |||
Investments in real estate | 586 | 612 | |||
Total investments for account of policyholders | 226,374 | 194,353 | [1] | € 194,063 | |
Investment in shares [member] | |||||
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 25,288 | 20,640 | |||
Investment in debt securities [member] | |||||
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 20,744 | 20,441 | |||
Money market and other short-term investments - carried at fair value [member] | |||||
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 1,805 | 1,578 | |||
Deposits with financial institutions [member] | |||||
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 3,278 | 3,263 | |||
Investment in unconsolidated investment funds [member] | |||||
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 170,039 | 143,800 | |||
Other investments [member] | |||||
Disclosure of investments for account of policyholders [Line Items] | |||||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | € 4,634 | € 4,020 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments for Account of Po_4
Investments for Account of Policyholders - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of investments for account of policyholders [Line Items] | |||
Rental income | € 125 | € 129 | € 121 |
Investments in real estate [member] | |||
Disclosure of investments for account of policyholders [Line Items] | |||
Rental income | 42 | 47 | 50 |
Direct operating expenses | € 6 | € 4 | € 4 |
Investments for Account of Po_5
Investments for Account of Policyholders - Summary of Investments in Real Estate for Account of Policyholders (Detail) - Investments in real estate [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of investments for account of policyholders [Line Items] | ||
Beginning balance | € 612 | € 655 |
Subsequent expenditure capitalized | 2 | 2 |
Disposals | (43) | (43) |
Fair value gains / (losses) | (18) | 5 |
Net exchange differences | 34 | (7) |
Ending balance | € 586 | € 612 |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Asset and Liability (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | € 11,157 | € 7,615 | [1] | € 5,912 | |
Total derivative liabilities | 11,616 | 7,230 | [1] | € 7,130 | |
Derivatives for general account [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | 10,658 | 7,337 | |||
Total derivative liabilities | 11,501 | 7,174 | |||
Derivatives for general account [member] | Derivatives with negative values not designated as hedges [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | 10,134 | 6,904 | |||
Total derivative liabilities | 11,060 | 6,879 | |||
Derivatives for general account [member] | Non-cash changes [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | 21 | 30 | |||
Total derivative liabilities | 26 | 29 | |||
Derivatives for general account [member] | Cash flow hedges [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | 390 | 289 | |||
Total derivative liabilities | 320 | 151 | |||
Derivatives for general account [member] | Derivatives designated as Net foreign investment hedges [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | 112 | 115 | |||
Total derivative liabilities | 96 | 114 | |||
Derivatives for account of policyholders [member] | Derivatives with negative values not designated as hedges [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Total derivative assets | 499 | 278 | |||
Total derivative liabilities | € 114 | € 56 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of derivative financial instruments [Line Items] | |||
Current derivative assets | € 581 | € 1,643 | |
Current derivative liabilities | € 2,300 | 1,886 | |
Description of periods when cash flows affect profit or loss | Aegon hedges its exposure to the variability of future cash flows from the interest rate movements for terms up to 25 years for hedges converting existing floating-rate assets and liabilities to fixed-rate assets. | ||
Deferred gain recognized directly to equity | € 112 | 57 | |
Description of periods when cash flows affect profit or loss | The cash flows from these hedging instruments are expected to affect the profit and loss for approximately the next 33 years. | ||
Expected deferred gains or losses to be reclassified from equity into net income during the next 12 months | € 89 | ||
Fair value hedges [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Gain (loss) on hedge ineffectiveness | 22 | (9) | € (6) |
Fair value hedges [member] | Derivative Hedging Instruments [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Reclassification of gain (loss) from equity to investment income | 22 | (9) | (6) |
Cash flow hedges [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Gain (loss) on hedge ineffectiveness | 0 | 2 | 0 |
Reclassification of gain (loss) from equity to investment income | 51 | € (62) | € (113) |
Fair Value Or Cash Flow Hedges [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Derivative instruments notional amount | € 1,594 | ||
Interest rate movements [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Description of periods when cash flows affect profit or loss | Aegon hedges its exposure to the variability of future cash flows from interest rate movements for terms up to 24 years. | ||
Currency swap contract [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Description of periods when cash flows affect profit or loss | Aegon also makes use of cross currency swaps to convert variable or fixed foreign currency cash flows into fixed cash flows in local currencies. The cash flows from these hedging instruments are expected to occur over the next 31 years |
Derivatives - Derivatives Not D
Derivatives - Derivatives Not Designated In Hedge - General Account (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets, general account | € 11,157 | € 7,615 | [1] | € 5,912 | |
Derivative liability, general account | 11,616 | 7,230 | [1] | € 7,130 | |
Derivatives for general account [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets, general account | 10,658 | 7,337 | |||
Derivative liability, general account | 11,501 | 7,174 | |||
Derivatives with negative values not designated as hedges [member] | Derivatives for general account [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets, general account | 10,134 | 6,904 | |||
Derivative liability, general account | 11,060 | 6,879 | |||
Derivatives with negative values not designated as hedges [member] | Derivatives for general account [member] | Derivatives held as an economic hedge [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets, general account | 10,118 | 6,808 | |||
Derivative liability, general account | 7,854 | 4,278 | |||
Derivatives with negative values not designated as hedges [member] | Derivatives for general account [member] | Bifurcated embedded derivatives [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets, general account | 16 | 5 | |||
Derivative liability, general account | 3,197 | 2,588 | |||
Derivatives with negative values not designated as hedges [member] | Derivatives for general account [member] | Other [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets, general account | 91 | ||||
Derivative liability, general account | € 9 | € 12 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Derivatives - Credit Derivative
Derivatives - Credit Derivative Disclosure By Quality (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of internal credit grades [Line Items] | ||
Notional | € 4,444 | € 4,358 |
Fair value | 89 | 57 |
AAA [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 10 | 16 |
AA [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 106 | 97 |
Fair value | 3 | 1 |
A [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 915 | 764 |
Fair value | 13 | 10 |
BBB [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 3,258 | 3,201 |
Fair value | 70 | 45 |
BB [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 97 | 226 |
Fair value | 3 | 5 |
B or lower [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | € 58 | 54 |
Fair value | € (3) |
Derivatives - Summary of Cash F
Derivatives - Summary of Cash Flows are Expected to Occur (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | € 8,165 | € 6,299 |
Cash outflows | 4 | 5 |
Net cash flows | 8,160 | 6,294 |
Not later than 1 year [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 597 | 95 |
Net cash flows | 597 | 95 |
1-5 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 928 | 321 |
Cash outflows | 1 | 1 |
Net cash flows | 927 | 320 |
Over 5 through 10 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 875 | 301 |
Cash outflows | 3 | 3 |
Net cash flows | 872 | 297 |
Over 10 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 5,764 | 5,582 |
Net cash flows | € 5,764 | € 5,582 |
Investments in Joint Ventures_3
Investments in Joint Ventures and Associates - Schedule of Investments in Joint Ventures and Associates (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Investments in subsidiaries, joint ventures and associates [abstract] | |||||
Beginning balance | € 1,745 | [1] | € 1,712 | ||
Additions | 151 | 120 | |||
Disposals | (1) | (211) | |||
Share in net income | 214 | 210 | € 161 | ||
Share in changes in equity (note 30.6) | 8 | 8 | |||
Dividend | (120) | (94) | |||
Net exchange difference | 2 | 4 | |||
Other | (16) | (5) | |||
Ending balance | 1,983 | 1,745 | [1] | 1,712 | |
At January 1 | 327 | [1] | 308 | ||
Additions | 39 | 23 | |||
Disposals | (1) | ||||
Share in net income | 12 | 6 | 11 | ||
Share in changes in equity (note 30.6) | 4 | 2 | |||
Impairment losses | (7) | (1) | |||
Dividends | (10) | (3) | |||
Net exchange difference | (1) | (8) | |||
Other | 0 | ||||
At December 31 | € 363 | € 327 | [1] | € 308 | |
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments in Joint Ventures_4
Investments in Joint Ventures and Associates - Additional information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | ||
Disclosure of joint ventures [Line Items] | ||||||
Disposals | € 1 | € 211 | ||||
Investments in joint ventures | 1,983 | 1,745 | [1] | € 1,712 | € 1,712 | |
Carrying value of joint ventures investment net of provision | 1,729 | |||||
Negative carrying value of joint ventures investment reclassified to Provisions | 16 | |||||
Amvest [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Disposals | 211 | |||||
Investments in joint ventures | € 1,159 | € 1,001 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments in Joint Ventures_5
Investments in Joint Ventures and Associates - Summarized Financial Information of Joint Ventures (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | |||
Summarized statement of financial position | |||||||
Cash and cash equivalents | € 12,263 | € 8,744 | [1] | € 10,768 | € 10,768 | ||
Assets | 440,348 | 392,633 | [1] | 395,923 | |||
Other current liabilities | 14,097 | 13,309 | |||||
Other non-current liabilities | 722 | 146 | |||||
Total liabilities | 415,907 | 370,091 | [1] | € 371,844 | |||
Revenue | 28,197 | 28,914 | 32,973 | ||||
Results from financial transactions | 35,386 | (11,701) | 20,250 | ||||
Interest income | 5,835 | 5,783 | 6,052 | ||||
Profit or loss | 1,457 | 751 | 2,534 | ||||
Income tax (expense) or income | (218) | (40) | (65) | ||||
Net income/(loss) | 1,239 | 711 | [1] | 2,469 | [1] | ||
Other comprehensive income | 2,232 | (1,107) | [1] | (1,968) | [1] | ||
Total comprehensive income / (loss) | 3,471 | (396) | [1] | € 501 | [1] | ||
Dividends received | 120 | 94 | |||||
Amvest [member] | |||||||
Summarized statement of financial position | |||||||
Cash and cash equivalents | 124 | 132 | |||||
Other current assets | 42 | 157 | |||||
Total current assets | 166 | 289 | |||||
Non-current assets | 4,319 | 3,304 | |||||
Assets | 4,486 | 3,593 | |||||
Other current liabilities | 175 | 154 | |||||
Current liabilities | 175 | 154 | |||||
Non-current financial liabilities excluding trade payables and other provisions | 709 | 590 | |||||
Total non-current financial liabilities | 709 | 590 | |||||
Total liabilities | 884 | 745 | |||||
Net assets | 3,602 | 2,848 | |||||
Revenue | 111 | 89 | |||||
Results from financial transactions | 299 | 349 | |||||
Interest expense | (8) | (6) | |||||
Profit or loss | 406 | 438 | |||||
Income tax (expense) or income | (9) | (6) | |||||
Net income/(loss) | 398 | 432 | |||||
Total comprehensive income / (loss) | 398 | 432 | |||||
Dividends received | 55 | 24 | |||||
Other Joint ventures [member] | |||||||
Summarized statement of financial position | |||||||
Cash and cash equivalents | 525 | 511 | |||||
Other current assets | 1,261 | 896 | |||||
Total current assets | 1,786 | 1,407 | |||||
Non-current assets | 7,451 | 6,723 | |||||
Assets | 9,236 | 8,130 | |||||
Current financial liabilities excluding trade payables and other provisions | 17 | 27 | |||||
Other current liabilities | 661 | 590 | |||||
Current liabilities | 617 | 678 | |||||
Non-current financial liabilities excluding trade payables and other provisions | 439 | 416 | |||||
Other non-current liabilities | 6,883 | 6,040 | |||||
Total non-current financial liabilities | 7,321 | 6,456 | |||||
Total liabilities | 8,000 | 7,073 | |||||
Net assets | 1,237 | 1,057 | |||||
Revenue | 1,846 | 1,599 | |||||
Results from financial transactions | 1 | (1) | |||||
Depreciation and amortization | (12) | (14) | |||||
Interest income | 56 | 51 | |||||
Interest expense | (4) | (4) | |||||
Profit or loss | 244 | 226 | |||||
Income tax (expense) or income | (62) | (82) | |||||
Net income/(loss) | 183 | 144 | |||||
Other comprehensive income | 13 | 12 | |||||
Total comprehensive income / (loss) | 196 | 156 | |||||
Dividends received | € 64 | € 70 | |||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments in Joint Ventures_6
Investments in Joint Ventures and Associates - Summary of Overview of Summarized Financial Information to Carrying Amount of Joint Ventures (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | ||
Disclosure of joint ventures [Line Items] | ||||||
Carrying amount | € 1,983 | € 1,745 | [1] | € 1,712 | € 1,712 | |
Amvest [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture as presented above | 3,602 | 2,848 | ||||
Net assets of joint venture excluding goodwill | 3,602 | 2,848 | ||||
Carrying amount | 1,159 | 1,001 | ||||
Amvest [member] | Aegon [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture excluding goodwill | 1,159 | 1,001 | ||||
Other Joint ventures [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture as presented above | 1,237 | 1,057 | ||||
Net assets of joint venture excluding goodwill | 857 | 681 | ||||
Goodwill on acquisition | 380 | 376 | ||||
Carrying amount | 824 | 728 | ||||
Other Joint ventures [member] | Aegon [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture excluding goodwill | € 445 | € 352 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments in Joint Ventures_7
Investments in Joint Ventures and Associates - Summary of Financial Information of Joint Ventures (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||
Disclosure of joint ventures [Line Items] | |||||
Net income / (loss) | € 1,239 | € 711 | [1] | € 2,469 | |
Other comprehensive income | 2,232 | (1,107) | [1] | (1,968) | |
Total comprehensive income / (loss) | 3,471 | (396) | [1] | € 501 | |
Amvest [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Net income / (loss) | 398 | 432 | |||
Total comprehensive income / (loss) | 398 | 432 | |||
Amvest [member] | Aegon legal stake in the joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Net income / (loss) | 125 | 144 | |||
Total comprehensive income / (loss) | 125 | 144 | |||
Other Joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Net income / (loss) | 183 | 144 | |||
Other comprehensive income | 13 | 12 | |||
Total comprehensive income / (loss) | 196 | 156 | |||
Other Joint ventures [member] | Aegon legal stake in the joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Net income / (loss) | 88 | 66 | |||
Other comprehensive income | 7 | 5 | |||
Total comprehensive income / (loss) | € 95 | € 71 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investments in Joint Ventures_8
Investments in Joint Ventures and Associates - Schedule of Financial Information of Associates (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | |||
Disclosure of associates [Line Items] | |||||||
Net income/(loss) | € 1,239 | € 711 | [1] | € 2,469 | [1] | ||
Other comprehensive income | 2,232 | (1,107) | [1] | (1,968) | [1] | ||
Total comprehensive income | 3,471 | (396) | [1] | 501 | [1] | ||
Carrying amount | 363 | 327 | [1] | € 308 | € 308 | ||
Aegon [member] | |||||||
Disclosure of associates [Line Items] | |||||||
Net income/(loss) | 7 | 6 | |||||
Other comprehensive income | (7) | 2 | |||||
Total comprehensive income | 9 | ||||||
Carrying amount | € 350 | € 327 | |||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Reinsurance Assets - Summary of
Reinsurance Assets - Summary of Assets Arising From Reinsurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of types of insurance contracts [Line Items] | ||||||
Reinsurance assets | € 20,835 | € 20,507 | [1] | € 19,202 | ||
Life insurance general account [member] | ||||||
Disclosure of types of insurance contracts [Line Items] | ||||||
Reinsurance assets | 19,046 | 18,712 | € 17,419 | |||
Life insurance for account of policyholders [member] | ||||||
Disclosure of types of insurance contracts [Line Items] | ||||||
Reinsurance assets | 2 | 2 | ||||
Non-life insurance [member] | ||||||
Disclosure of types of insurance contracts [Line Items] | ||||||
Reinsurance assets | 1,376 | 1,356 | € 1,327 | |||
Investment contracts 1 [member] | ||||||
Disclosure of types of insurance contracts [Line Items] | ||||||
Reinsurance assets | € 412 | € 437 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Reinsurance Assets - Additional
Reinsurance Assets - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Amounts Arising From Re Insurance Contracts [abstract] | ||
Reinsurance assets, current | € 13 | € 12 |
Reinsurance Assets - Summary _2
Reinsurance Assets - Summary of Reinsurance Assets Relating to Life Insurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | [1] | € 20,507 | ||
Ending balance | 20,835 | € 20,507 | [1] | |
Life insurance general account [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 18,712 | 17,419 | ||
Gross premium and deposits - existing and new business | 2,170 | 2,038 | ||
Unwind of discount / interest credited | 887 | 860 | ||
Insurance liabilities released | (3,028) | (2,518) | ||
Fund charges released | (85) | (82) | ||
Changes to valuation of expected future benefits | (16) | 109 | ||
Policy transfers | 25 | |||
Net exchange differences | 369 | 858 | ||
Transfer to/from insurance contracts | 22 | |||
Other movements | 16 | 2 | ||
Ending balance | 19,046 | 18,712 | ||
Life insurance for account of policyholders [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 2 | 2 | ||
Gross premium and deposits - existing and new business | 3 | |||
Insurance liabilities released | (3) | |||
Disposal of a business | (2) | |||
Ending balance | 2 | |||
Insurance [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 18,714 | 17,421 | ||
Gross premium and deposits - existing and new business | 2,170 | 2,041 | ||
Unwind of discount / interest credited | 887 | 860 | ||
Insurance liabilities released | (3,028) | (2,521) | ||
Fund charges released | (85) | (82) | ||
Changes to valuation of expected future benefits | (16) | 109 | ||
Policy transfers | 25 | |||
Net exchange differences | 369 | 858 | ||
Disposal of a business | (2) | |||
Transfer to/from insurance contracts | 22 | |||
Other movements | 16 | 2 | ||
Ending balance | € 19,046 | € 18,714 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Reinsurance Assets - Summary _3
Reinsurance Assets - Summary of Reinsurance Assets Relating to Non-life Insurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | [1] | € 20,507 | ||
Ending balance | 20,835 | € 20,507 | [1] | |
Non-life insurance [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 1,356 | 1,327 | ||
Gross premium and deposits - existing and new business | 99 | 84 | ||
Unwind of discount / interest credited | 88 | 84 | ||
Insurance liabilities released | (127) | (123) | ||
Changes in unearned premiums | (30) | (28) | ||
Incurred related to current year | 80 | 77 | ||
Incurred related to prior years | 56 | 36 | ||
Release for claims settled current year | (23) | (18) | ||
Release for claims settled prior years | (124) | (130) | ||
Change in IBNR | (19) | 12 | ||
Shadow accounting adjustment | (24) | |||
Net exchange differences | 25 | 65 | ||
Other movements | (4) | (8) | ||
Ending balance | € 1,376 | € 1,356 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Reinsurance Assets - Assets Ari
Reinsurance Assets - Assets Arising from Reinsurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of types of insurance contracts [Line Items] | |||||
Reinsurance assets | € 20,835 | € 20,507 | [1] | € 19,202 | |
Continuing operation [member] | |||||
Disclosure of types of insurance contracts [Line Items] | |||||
Reinsurance assets | 7,101 | 6,900 | |||
Exit of a business [member] | |||||
Disclosure of types of insurance contracts [Line Items] | |||||
Reinsurance assets | € 13,734 | € 13,606 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Deferred Expenses - Summary of
Deferred Expenses - Summary of Amounts Arising From Insurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of amounts arising from insurance contracts [abstract] | |||||
DPAC for insurance contracts and investment contracts with discretionary participation features | € 9,972 | € 10,457 | |||
Deferred cost of reinsurance | 389 | 23 | |||
Deferred transaction costs for investment management services | 442 | 431 | |||
Deferred expenses | 10,804 | 10,910 | [1] | € 10,135 | |
Current | 882 | 957 | |||
Non-current | € 9,921 | € 9,953 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Deferred Expenses - Summary o_2
Deferred Expenses - Summary of Deferred Costs Arising From Insurance Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||||
Beginning balance | [1] | € 115,328 | ||
Ending balance | 123,454 | € 115,328 | [1] | |
DPAC [member] | ||||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||||
Beginning balance | 10,457 | 9,688 | ||
Costs deferred during the year | 807 | 802 | ||
Amortization through income statement | (754) | (914) | ||
Shadow accounting adjustments | (656) | 455 | ||
Impairments | (65) | |||
Net exchange differences | 223 | 433 | ||
Disposal of group assets | (35) | |||
Other | (5) | (7) | ||
Ending balance | 9,972 | 10,457 | ||
Deferred costs of reinsurance [member] | ||||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||||
Beginning balance | 23 | 41 | ||
Costs deferred during the year | ||||
Amortization through income statement | 17 | (19) | ||
Shadow accounting adjustments | ||||
Net exchange differences | 1 | |||
Ending balance | 389 | 23 | ||
Deferred transaction costs [member] | ||||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||||
Beginning balance | 431 | 406 | ||
Costs deferred during the year | 24 | 29 | ||
Amortization through income statement | (22) | (23) | ||
Net exchange differences | 9 | 18 | ||
Ending balance | € 442 | € 431 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Deferred Expenses - Additional
Deferred Expenses - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Deferred Acquisition Costs Arising From Insurance Contracts [line items] | ||
Deferred cost of reinsurance | € 389 | € 23 |
Canada Life Insurance [Member] | ||
Disclosure Of Deferred Acquisition Costs Arising From Insurance Contracts [line items] | ||
Deferred cost of reinsurance | € 360 |
Other Assets and Receivables -
Other Assets and Receivables - Summary of Other Assets and Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure Of Other Assets And Receivables [abstract] | |||||
Real estate held for own use and equipment | € 489 | € 498 | |||
Receivables | 6,655 | 6,019 | |||
Accrued income | 1,442 | 1,436 | |||
Right-of-use assets | 255 | ||||
Other assets and receivables | € 8,841 | € 7,954 | [1] | € 10,002 | |
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Other Assets and Receivables _2
Other Assets and Receivables - Summary of Real Estate Held for Own Use and Equipment (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | € 498 | € 530 |
Ending balance | 489 | 498 |
Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 901 | 885 |
Additions | 106 | 64 |
Acquired through business combinations | 1 | |
Capitalized subsequent expenditure | (4) | 18 |
Disposals | (118) | (52) |
Unrealized gains/(losses) through equity | (4) | (32) |
Realized gains/(losses) through income statement | (4) | |
Transfers to disposal groups | 10 | |
Net exchange differences | 13 | 23 |
Other | (5) | |
Ending balance | 900 | 901 |
Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 403 | 355 |
Depreciation through income statement | 64 | 58 |
Disposals | (54) | (38) |
Impairment losses | 18 | |
Impairment losses reversed | (6) | |
Transfer to investments in real estate | (1) | |
Net exchange differences | 7 | 9 |
Other | (3) | |
Ending balance | 411 | 403 |
General account real estate held for own use [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 263 | 307 |
Ending balance | 208 | 263 |
General account real estate held for own use [member] | Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 363 | 396 |
Additions | 1 | |
Capitalized subsequent expenditure | (4) | 18 |
Disposals | (94) | (26) |
Unrealized gains/(losses) through equity | (4) | (32) |
Transfer to investments in real estate | (1) | |
Realized gains/(losses) through income statement | (4) | |
Transfers to disposal groups | 10 | |
Net exchange differences | 4 | 11 |
Ending balance | 276 | 363 |
General account real estate held for own use [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 100 | 90 |
Depreciation through income statement | 5 | 4 |
Disposals | (32) | (16) |
Impairment losses | 18 | |
Impairment losses reversed | (6) | |
Transfer to investments in real estate | (1) | |
Net exchange differences | 2 | 4 |
Ending balance | 68 | 100 |
Equipment 1 [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 235 | 223 |
Ending balance | 281 | 235 |
Equipment 1 [member] | Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 538 | 488 |
Additions | 105 | 63 |
Acquired through business combinations | 1 | |
Disposals | (24) | (26) |
Net exchange differences | 9 | 12 |
Other | (5) | |
Ending balance | 624 | 538 |
Equipment 1 [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 303 | 265 |
Depreciation through income statement | 60 | 54 |
Disposals | (22) | (22) |
Net exchange differences | 5 | 5 |
Other | (3) | |
Ending balance | € 343 | € 303 |
Other Assets and Receivables _3
Other Assets and Receivables - Additional Information (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other assets and receivables [Line Items] | |||
Carrying value under historical cost model | € 489,000,000 | € 498,000,000 | € 530,000,000 |
Percentage of general account real estate held for own use | 51.00% | 57.00% | |
Property, plant and equipment, pledged as security | € 0 | ||
Property, plant and equipment, restrictions on title | 0 | ||
Accrued income | 1,442,000,000 | € 1,421,000,000 | |
Historical cost model [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Carrying value under historical cost model | € 231,000,000 | € 301,000,000 | |
Independent external appraisers [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Percentage of appraisals for real estate held for own use | 99.00% | 99.00% | |
Equipment 1 [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Carrying value under historical cost model | € 281,000,000 | € 235,000,000 | € 223,000,000 |
Bottom of range [member] | Buildings [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Useful lives and depreciated period | P40Y | ||
Bottom of range [member] | Equipment 1 [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Property, plant and equipment, pledged as security | € 0 | ||
Property, plant and equipment, restrictions on title | € 0 | ||
Useful lives and depreciated period | P3Y | ||
Top of range [member] | Buildings [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Useful lives and depreciated period | P50Y | ||
Top of range [member] | Equipment 1 [member] | |||
Disclosure of other assets and receivables [Line Items] | |||
Property, plant and equipment, pledged as security | € 0 | ||
Property, plant and equipment, restrictions on title | € 0 | ||
Useful lives and depreciated period | P5Y |
Other Assets and Receivables _4
Other Assets and Receivables - Summary of Receivables (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Other Assets And Receivables [abstract] | ||
Loans to associates | € 16 | € 12 |
Loans to joint ventures | 18 | |
Receivables from policyholders | 945 | 969 |
Receivables from brokers and agents | 288 | 396 |
Receivables from reinsurers | 777 | 1,129 |
Cash outstanding from assets sold | 320 | 116 |
Trade receivables | 1,484 | 1,321 |
Cash collateral | 1,383 | 616 |
Reverse repurchase agreements | 76 | |
Income tax receivable | 102 | 102 |
Other | 1,300 | 1,382 |
Provision for doubtful debts | (34) | (41) |
Receivables | 6,655 | 6,019 |
Current | 6,611 | 5,989 |
Non-current | € 43 | € 30 |
Other Assets and Receivables _5
Other Assets and Receivables - Summary of Movements in Provision for Doubtful Debts (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Other Assets And Receivables [abstract] | ||
Beginning balance | € (41) | € (48) |
Additions charged to earnings | (9) | (7) |
Unused amounts reversed through the income statement | 8 | 4 |
Disposal of business | 4 | |
Used during the year | 5 | 10 |
Ending balance | € (34) | € (41) |
Other Assets and Receivables _6
Other Assets and Receivables - Summary of Accrued Income (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Other Assets And Receivables [abstract] | ||
Accrued interest | € 1,436 | € 1,415 |
Other | 6 | 21 |
Accrued income | € 1,442 | € 1,436 |
Other Assets and Receivable - S
Other Assets and Receivable - Summary of information about right of use assets (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2019 | € 255 |
Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 235 |
Additions | 59 |
Modification of lease contracts | 3 |
Net exchange differences | 8 |
At December 31, 2019 | 305 |
Accumulated impairment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 0 |
Depreciation through income statement | 50 |
At December 31, 2019 | 50 |
Real estate held for own use [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2019 | 227 |
Real estate held for own use [member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 213 |
Additions | 40 |
Modification of lease contracts | 2 |
Net exchange differences | 8 |
At December 31, 2019 | 262 |
Real estate held for own use [member] | Accumulated impairment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 0 |
Depreciation through income statement | 35 |
At December 31, 2019 | 36 |
Equipment 1 [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2019 | 25 |
Equipment 1 [member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 18 |
Additions | 19 |
Modification of lease contracts | 0 |
Net exchange differences | 0 |
At December 31, 2019 | 37 |
Equipment 1 [member] | Accumulated impairment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 0 |
Depreciation through income statement | 13 |
At December 31, 2019 | 13 |
Other Assets [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2019 | 3 |
Other Assets [Member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 5 |
Additions | 1 |
Modification of lease contracts | 0 |
Net exchange differences | 0 |
At December 31, 2019 | 5 |
Other Assets [Member] | Accumulated impairment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At January 1, 2019 | 0 |
Depreciation through income statement | 2 |
At December 31, 2019 | € 2 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | € 1,727 | [1] | € 1,559 | |
Ending balance | 1,559 | 1,727 | [1] | |
Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 8,265 | 7,808 | ||
Additions | 39 | 47 | ||
Acquisitions through business combinations | 126 | |||
Capitalized subsequent expenditure | 7 | 5 | ||
Disposals | (9) | (19) | ||
Net exchange differences | 178 | 298 | ||
Ending balance | 8,479 | 8,265 | ||
Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 6,538 | 6,176 | ||
Amortization through income statement | 143 | 165 | ||
Shadow accounting adjustments | 72 | (56) | ||
Disposals | (7) | (6) | ||
Impairment losses | 34 | 15 | ||
Net exchange differences | 140 | 243 | ||
Ending balance | 6,920 | 6,538 | ||
Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 384 | 392 | ||
Ending balance | 293 | 384 | ||
Goodwill [member] | Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 554 | 462 | ||
Acquisitions through business combinations | 85 | |||
Net exchange differences | 13 | 6 | ||
Ending balance | 567 | 554 | ||
Goodwill [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 169 | 169 | ||
Impairment losses | 3 | |||
Net exchange differences | 3 | |||
Ending balance | 175 | 169 | ||
VOBA [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 1,123 | 952 | ||
Ending balance | 1,153 | 1,123 | ||
VOBA [member] | Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 6,858 | 6,565 | ||
Additions | 0 | |||
Net exchange differences | 145 | 293 | ||
Ending balance | 7,003 | 6,858 | ||
VOBA [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 5,735 | 5,412 | ||
Amortization through income statement | 112 | 135 | ||
Shadow accounting adjustments | 72 | (56) | ||
Impairment losses | 11 | |||
Net exchange differences | 121 | 244 | ||
Ending balance | 6,051 | 5,735 | ||
Future servicing rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 91 | 84 | ||
Ending balance | 99 | 91 | ||
Future servicing rights [member] | Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 361 | 359 | ||
Net exchange differences | 5 | 2 | ||
Ending balance | 366 | 361 | ||
Future servicing rights [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 270 | 260 | ||
Amortization through income statement | 8 | 8 | ||
Net exchange differences | 4 | 2 | ||
Ending balance | 282 | 270 | ||
Software [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 64 | 69 | ||
Ending balance | 51 | 64 | ||
Software [member] | Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 327 | 294 | ||
Additions | 35 | 45 | ||
Acquisitions through business combinations | 7 | |||
Capitalized subsequent expenditure | 7 | 5 | ||
Disposals | (9) | (19) | ||
Net exchange differences | 11 | (6) | ||
Ending balance | 371 | 327 | ||
Software [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 263 | 243 | ||
Amortization through income statement | 16 | 16 | ||
Disposals | (7) | (6) | ||
Impairment losses | 20 | 15 | ||
Net exchange differences | 9 | (5) | ||
Ending balance | 301 | 263 | ||
Other [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 64 | 61 | ||
Ending balance | 36 | 64 | ||
Other [member] | Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 166 | 128 | ||
Additions | 4 | 2 | ||
Acquisitions through business combinations | 33 | |||
Net exchange differences | 3 | 2 | ||
Ending balance | 173 | 166 | ||
Other [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 101 | 92 | ||
Amortization through income statement | 7 | 6 | ||
Net exchange differences | 3 | 3 | ||
Ending balance | € 111 | € 101 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [Line Items] | |||
Intangible assets pledged as security for liabilities | € 0 | ||
Description on key assumptions used | Other key assumptions used for the calculation were pre-tax risk adjusted discount rate of ranging between 9.1%-14.0% (2017: 8.3%-14.6%), new business contribution, renewals, asset fees, investment return, persistency and expenses. Operating assumptions are best estimate assumptions and based on historical data where available. Economic assumptions are based on observable market data and projections of future trends. | ||
Existing business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Description of period for projected cash flows | Value in use has been determined based on a business plan covering a period of typically 3 years, that, in certain instances was further extrapolated to 20 years | ||
New business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Description of period for projected cash flows | The new business levels for years 4-20 assumed a growth rate based on the business plan of the third year | ||
Assumed growth rate extrapolated based on business plan | 20.00% | 20.00% | |
Top of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Pre-tax adjusted discount rate | 25.20% | 28.50% | |
Intangible assets expected future term based on premium earned | 80 years | ||
Top of range [member] | Existing business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Period for cash flows projection | 20 years | ||
Bottom of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Pre-tax adjusted discount rate | 8.60% | 9.10% | |
Intangible assets expected future term based on premium earned | 50 years | ||
Bottom of range [member] | Existing business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Period for cash flows projection | 3 years | ||
United States [member] | Annuities cash generating units [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Recoverable amount of assets - cash generating unit | € 127 | € 127 | |
Pre-tax adjusted discount rate | 17.00% | ||
United States [member] | Retirement plans cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Recoverable amount of assets - cash generating unit | € 56 | € 55 | |
Pre-tax adjusted discount rate | 18.00% | ||
United States [member] | Existing business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Description of period for projected cash flows | Assume business plans covering a period of three years further extrapolated to ten years | ||
United States [member] | New business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Description of period for projected cash flows | New business levels for years 4-10 | ||
Assumed growth rate extrapolated based on business plan | 0.00% | 0.00% | |
United States [member] | Top of range [member] | New business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Period for cash flows projection | 10 years | ||
United States [member] | Bottom of range [member] | Existing business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Period for cash flows projection | 3 years | ||
United States [member] | Bottom of range [member] | New business cash generating unit [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Period for cash flows projection | 4 years | ||
Future servicing rights [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Average amortization period | 30 years | ||
Remaining average amortization period | 15 years | 13 years | |
Software [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Average amortization period | 3 to 5 years | ||
Remaining average amortization period | 4 years | 4 years | |
Goodwill [member] | Robidus [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Acquisitions through business combinations | € 85 | ||
Pre-tax adjusted discount rate | 8.20% | ||
Assumed growth rate extrapolated based on business plan | 2.00% | ||
Post-tax adjusted discount rate | 8.10% | ||
Goodwill [member] | Aegon Netherlands [member] | Robidus [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Description of period for projected cash flows | five years | ||
Other [member] | Robidus [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Acquisitions through business combinations | € 33 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Geographically Cash-Generating Units to Goodwill (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | € 392 | € 384 |
Americas [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 183 | 182 |
Southern And Eastern Europe [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 29 | 30 |
Asia [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 34 | 33 |
United Kingdom [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 57 | 54 |
The Netherlands [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | € 89 | € 85 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Movement in VOBA (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | € 1,727 | [1] | € 1,559 | |
Ending balance | 1,559 | 1,727 | [1] | |
VOBA [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 1,123 | 1,153 | ||
Amortization / depreciation through income statement | (112) | (135) | ||
Shadow accounting adjustments | (72) | 56 | ||
Impairment losses | (11) | |||
Net exchange differences | 24 | 49 | ||
Ending balance | € 952 | € 1,123 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Issued Share Capital and Reserves Attributable to Shareholders (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | ||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||||||
Share capital - par value | € 323 | € 322 | ||||||
Share premium | 7,213 | 7,487 | € 7,731 | € 7,873 | ||||
Total share capital | 323 | 322 | 322 | |||||
Treasury shares | (281) | (337) | (325) | |||||
Revaluation reserves | 5,868 | 3,436 | ||||||
Other reserves | 456 | 149 | (390) | 1,347 | ||||
Group equity | 24,441 | 22,542 | [1] | € 24,079 | 24,079 | [2] | € 24,341 | |
Shareholders of Aegon NV [member] | ||||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||||||
Share capital - par value | 323 | 322 | 322 | |||||
Share premium | 7,213 | 7,487 | 7,731 | |||||
Total share capital | 7,536 | 7,808 | 8,053 | |||||
Retained earnings | 10,667 | 9,995 | 9,699 | |||||
Treasury shares | (281) | (337) | (325) | |||||
Total retained earnings | 10,386 | 9,657 | 9,374 | |||||
Revaluation reserves | 5,868 | 3,436 | 4,898 | |||||
Remeasurement of defined benefit plans | (2,397) | (1,850) | (1,669) | |||||
Other reserves | 456 | 149 | (390) | |||||
Group equity | € 21,850 | € 19,200 | € 20,266 | |||||
[1] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing | |||||||
[2] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Share Capital Transactions Relating To Common Shares A (Detail) - Common Share [member] - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Issuance of common shares with a par value of EUR 0.12 | 21,099 | ||
Final dividend [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Dividend | (32,874,000) | (21,954,000) | (26,916,000) |
Share buyback program | 32,874,000 | 21,954,000 | 51,865,000 |
Interim dividend [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Dividend | (35,370,000) | (24,134,000) | (24,948,000) |
Share buyback program | 43,150,000 | 24,134,000 | 51,865,000 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Share Capital Transactions Relating To Common Shares A (Parenthetical) (Detail) | Dec. 31, 2017€ / shares |
Common Share [member] | Interim dividend [member] | |
Summary of issued share capital and reserves attributable to shareholders [line items] | |
Common shares issuance, par value | € 0.12 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) € / shares in Units, € in Millions | Dec. 23, 2019 | May 18, 2018 | Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2018EUR (€)€ / sharesshares | Dec. 31, 2017shares | |
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 91,893,000 | 76,419,000 | 80,996,000 | ||||
Revaluation | € | € 5,868 | € 3,436 | |||||
Aegon N.V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Revaluation | € | 6,116 | 3,540 | [1] | ||||
Revaluation account [member] | Aegon N.V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Revaluation | € | 6,438 | 4,434 | |||||
Revaluation deficit [member] | Aegon N.V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Revaluation | € | € 323 | € 895 | |||||
Vereniging Aegon [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Percentage of shareholding stake in acquired company | 32.60% | ||||||
Vereniging Aegon [member] | Aegon N.V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Percentage of shareholding stake in acquired company | 32.60% | 32.60% | |||||
Common shares [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € / shares | € 0.12 | ||||||
Common shares [member] | Aegon N. V. and subsidiaries [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € / shares | € 0.12 | ||||||
Number of common shares | 66,583,671 | ||||||
Common shares [member] | Aegon N.V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € / shares | € 0.12 | ||||||
Number of common shares | 2,105,139,000 | 2,095,648,000 | 2,095,648,000 | ||||
Common shares [member] | Aegon N V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 65,540,000 | 61,418,000 | 64,488,000 | ||||
Common share B [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | $ / shares | $ 0.12 | ||||||
Common share B [member] | Aegon N. V. and subsidiaries [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € / shares | € 0.12 | ||||||
Number of common shares | 13,856,480 | ||||||
Common share B [member] | Aegon N.V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 585,022,000 | 585,022,000 | 585,022,000 | ||||
Common share B [member] | Aegon N V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 25,309,920 | ||||||
Ordinary share [member] | Aegon N. V. and subsidiaries [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 62,562,070 | ||||||
Common shares [member] | Aegon N. V. and subsidiaries [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 66,583,671 | 62,562,070 | |||||
Common shares B [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 25,310,000 | 13,856,000 | 15,346,000 | ||||
Common shares B [member] | Aegon N V [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Number of common shares | 25,309,920 | 13,856,480 | |||||
Common shares B [member] | Vereniging Aegon [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Proportion of market value of common shares in capital | 2.50% | ||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Share Capital - Par Value (Detail) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [Line Items] | |||
Issued capital | € 323 | € 322 | € 322 |
Beginning balance | 322 | ||
Ending balance | € 323 | € 322 | |
Weighted average shares | 2,042,000 | 2,036,000 | 2,042,000 |
Common shares [member] | |||
Disclosure of classes of share capital [Line Items] | |||
Issued capital | € 253 | € 251 | € 251 |
Authorized share capital | € 720 | € 720 | € 720 |
Number of authorized shares (in million) | 6,000 | 6,000 | 6,000 |
Par value in cents per share | € 12 | € 12 | € 12 |
Beginning balance | 2,095,648 | 2,095,648 | 2,074,549 |
Dividend | 9,491 | 21,099 | |
Ending balance | 2,105,139 | 2,095,648 | 2,095,648 |
Beginning balance | € 251 | € 251 | € 249 |
Dividend | 1 | 3 | |
Ending balance | € 253 | € 251 | € 251 |
Weighted average shares | 2,098,326 | 2,095,648 | 2,080,792 |
Common share B [member] | |||
Disclosure of classes of share capital [Line Items] | |||
Issued capital | € 70 | € 70 | € 70 |
Authorized share capital | € 360 | € 360 | € 360 |
Number of authorized shares (in million) | 3,000 | 3,000 | 3,000 |
Par value in cents per share | € 12 | € 12 | € 12 |
Beginning balance | 585,022 | 585,022 | 585,022 |
Ending balance | 585,022 | 585,022 | 585,022 |
Beginning balance | € 70 | € 70 | € 70 |
Ending balance | € 70 | € 70 | € 70 |
Weighted average shares | 585,022 | 585,022 | 585,022 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Share Premium (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of share premium [Line Items] | |||
Beginning balance | € 7,487 | € 7,731 | € 7,873 |
Share dividend | (273) | (244) | (142) |
Ending balance | 7,213 | 7,487 | 7,731 |
Common shares [member] | |||
Disclosure of share premium [Line Items] | |||
Beginning balance | 5,834 | 6,078 | |
Ending balance | 5,560 | 5,834 | 6,078 |
Common share B [member] | |||
Disclosure of share premium [Line Items] | |||
Beginning balance | 1,653 | 1,653 | |
Ending balance | € 1,653 | € 1,653 | € 1,653 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Movements in the Number of Treasury Common Shares (Detail) - EUR (€) shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of treasury shares [line items] | |||
At January 1 | € 337 | € 325 | |
At December 31 | 281 | 337 | € 325 |
Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 2 | 2 | |
At December 31 | € 3 | € 2 | € 2 |
Aegon N. V. and subsidiaries [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 61,418 | 64,488 | 47,473 |
At December 31 | 65,540 | 61,418 | 64,488 |
At January 1 | € 326 | € 314 | € 178 |
At December 31 | € 269 | € 326 | € 314 |
Aegon N. V. and subsidiaries [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 13,856 | 15,346 | 17,325 |
At December 31 | 25,310 | 13,856 | 15,346 |
At January 1 | € 2 | € 2 | € 2 |
At December 31 | € 3 | € 2 | € 2 |
Aegon N. V. and subsidiaries [member] | Sale: transactions, average price EUR 5.10 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (3,657) | ||
Sale: transactions, price average, Amount | € (19) | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price EUR 5.25 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (32,874) | ||
Sale: transactions, price average, Amount | € (173) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 4.52 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 32,874 | ||
Purchase: transactions, average price, Amount | € 149 | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price EUR 5.16 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (35,370) | ||
Sale: transactions, price average, Amount | € (183) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 3.89 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 43,150 | ||
Purchase: transactions, average price, Amount | € 168 | ||
Aegon N. V. and subsidiaries [member] | Sale Transactions Price Average 3.76 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (3,070) | ||
Sale: transactions, price average, Amount | € (12) | ||
Aegon N. V. and subsidiaries [member] | Sale Transactions Price Average 4.62 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (21,954) | ||
Sale: transactions, price average, Amount | € (101) | ||
Aegon N. V. and subsidiaries [member] | Purchase Transactions Average Price 5.34 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 21,954 | ||
Purchase: transactions, average price, Amount | € 117 | ||
Aegon N. V. and subsidiaries [member] | Sale Transactions Average Price 5.09 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (24,134) | ||
Sale: transactions, price average, Amount | € (123) | ||
Aegon N. V. and subsidiaries [member] | Purchase Transactions Average Price 5.43 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 24,134 | ||
Purchase: transactions, average price, Amount | € 131 | ||
Aegon N. V. and subsidiaries [member] | Sale transactions price average 3.44 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (4,085) | ||
Sale: transactions, price average, Amount | € (14) | ||
Aegon N. V. and subsidiaries [member] | Sale transactions price average 3.68 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (26,916) | ||
Sale: transactions, price average, Amount | € (99) | ||
Aegon N. V. and subsidiaries [member] | Sale transactions price average 3.77 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (3,849) | ||
Sale: transactions, price average, Amount | € (14) | ||
Aegon N. V. and subsidiaries [member] | Purchase transactions average price 5.09 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 51,865 | ||
Purchase: transactions, average price, Amount | € 263 | ||
Aegon N. V. and subsidiaries [member] | Sale Transactions Price Average 0.12 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (1,774) | ||
Aegon N. V. and subsidiaries [member] | Purchase transactions average price 0.10 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 13,227 | ||
Purchase: transactions, average price, Amount | € 1 | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price EUR 0.11 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (1,489) | (1,979) | |
Aegon N. V. and subsidiaries [member] | Sale transactions price average 0.11 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (13,043) | ||
Sale: transactions, price average, Amount | € (1) | ||
Aegon N. V. and subsidiaries [member] | Purchase transactions average price 0.13 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 13,043 | ||
Purchase: transactions, average price, Amount | € 2 | ||
Aegon N.V [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 76,419 | ||
At December 31 | 91,893 | 76,419 | |
At January 1 | € 337 | ||
At December 31 | € 281 | € 337 | |
Aegon N.V [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 61,418 | 64,488 | |
At December 31 | 65,540 | 61,418 | 64,488 |
At January 1 | € 326 | € 314 | |
At December 31 | € 269 | € 326 | € 314 |
Aegon N.V [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 13,856 | 15,346 | |
At December 31 | 25,310 | 13,856 | 15,346 |
At January 1 | € 2 | € 2 | |
At December 31 | € 3 | € 2 | € 2 |
Aegon N.V [member] | Sale: transactions, average price EUR 5.10 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (3,657) | ||
Sale: transactions, price average, Amount | € (19) | ||
Aegon N.V [member] | Sale: 1 transaction, average price EUR 5.25 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (32,874) | ||
Sale: transactions, price average, Amount | € (173) | ||
Aegon N.V [member] | Purchase: 1 transaction, average price EUR 4.52 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 32,874 | ||
Purchase: transactions, average price, Amount | € 149 | ||
Aegon N.V [member] | Sale: 1 transaction, average price EUR 5.16 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (35,370) | ||
Sale: transactions, price average, Amount | € (183) | ||
Aegon N.V [member] | Purchase: 1 transaction, average price EUR 3.89 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 43,150 | ||
Purchase: transactions, average price, Amount | € 168 | ||
Aegon N.V [member] | Sale Transactions Price Average 3.76 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (3,070) | ||
Sale: transactions, price average, Amount | € (12) | ||
Aegon N.V [member] | Sale Transactions Price Average 4.62 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (21,954) | ||
Sale: transactions, price average, Amount | € (101) | ||
Aegon N.V [member] | Purchase Transactions Average Price 5.34 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 21,954 | ||
Purchase: transactions, average price, Amount | € 117 | ||
Aegon N.V [member] | Sale Transactions Average Price 5.09 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (24,134) | ||
Sale: transactions, price average, Amount | € (123) | ||
Aegon N.V [member] | Purchase Transactions Average Price 5.43 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 24,134 | ||
Purchase: transactions, average price, Amount | € 131 | ||
Aegon N.V [member] | Sale: 1 transaction, average price EUR 0.11 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (1,489) | ||
Aegon N.V [member] | Sale: 1 transaction, average price EUR 0.12 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (1,774) | ||
Aegon N.V [member] | Buy: 1 transaction, average price EUR 0.10 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 13,227 | ||
Purchase: transactions, average price, Amount | € 1 |
Shareholders' Equity - Summar_5
Shareholders' Equity - Summary of Treasury Shares (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 91,893,000 | 76,419,000 | 80,996,000 |
Total amount | € 281 | € 337 | € 325 |
Common shares [member] | Aegon N V [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 65,540,000 | 61,418,000 | 64,488,000 |
Total amount | € 269 | € 326 | € 314 |
Common shares [member] | Subsidiaries [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 1,043,000 | 1,144,000 | 1,162,000 |
Total amount | € 9 | € 9 | € 9 |
Common shares B [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 25,310,000 | 13,856,000 | 15,346,000 |
Total amount | € 3 | € 2 | € 2 |
Common shares B [member] | Aegon N V [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 25,309,920 | 13,856,480 |
Shareholders' Equity - Disclosu
Shareholders' Equity - Disclosure of Share Capital (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class B treasury shares [member] | |||
Disclosure of treasury shares [line items] | |||
Weighted average number of treasury shares B | 13,070 | 14,415 | 9,841 |
Subsidiaries [member] | |||
Disclosure of treasury shares [line items] | |||
Weighted average number of treasury shares B | 56,467 | 60,129 | 38,490 |
Shareholders' Equity - Summar_6
Shareholders' Equity - Summary of Revaluation Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | € 1,910 | € 3,427 | € 3,326 |
Gross revaluation | 3,470 | (2,142) | 1,403 |
Net (gains) / losses transferred to income statement | (412) | 66 | (1,330) |
Foreign currency translation differences | 8 | 46 | (228) |
Tax effect | (630) | 514 | 285 |
Other | (28) | ||
Ending balance | 4,348 | 1,910 | 3,427 |
Reserve of cash flow hedges [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 1,479 | 1,402 | 1,904 |
Gross revaluation | 89 | 85 | (115) |
Net (gains) / losses transferred to income statement | (97) | (80) | (738) |
Foreign currency translation differences | 27 | 71 | (216) |
Tax effect | 3 | 1 | 567 |
Other | 1 | ||
Ending balance | 1,502 | 1,479 | 1,402 |
Revaluation account [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 3,436 | 4,898 | 5,289 |
Gross revaluation | 3,556 | (2,090) | 1,296 |
Net (gains) / losses transferred to income statement | (509) | (14) | (2,069) |
Net (gains) / losses transferred to retained earnings | (32) | ||
Foreign currency translation differences | 37 | 119 | (452) |
Tax effect | (619) | 522 | 860 |
Other | 1 | (27) | |
Ending balance | 5,868 | 3,436 | 4,898 |
Real estate held for own use [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 46 | 68 | 59 |
Gross revaluation | (4) | (32) | 8 |
Net (gains) / losses transferred to retained earnings | (32) | ||
Foreign currency translation differences | 1 | 2 | (8) |
Tax effect | 8 | 7 | 9 |
Ending balance | € 19 | € 46 | € 68 |
Shareholders' Equity - Summar_7
Shareholders' Equity - Summary of Revaluation Reserve for Available-for-sale Investments (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | 4,348 | 1,910 | 3,427 |
Equity securities [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | 25 | 22 | 40 |
Debt securities [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | 4,348 | 1,911 | 3,401 |
Other securities [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | (26) | (23) | (14) |
Shareholders' Equity - Summar_8
Shareholders' Equity - Summary of Remeasurement of Defined Benefit Plans (Detail) - Remeasurement of defined benefit Plans of group companies [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revaluation reserve [Line Items] | |||
At January 1 | € (1,850) | € (1,669) | € (1,820) |
Remeasurements of defined benefit plans | (612) | (134) | 224 |
Tax effect | 90 | (15) | (175) |
Net exchange differences | (25) | (32) | 102 |
Total remeasurement of defined benefit plans | € (2,397) | € (1,850) | € (1,669) |
Shareholders' Equity - Summar_9
Shareholders' Equity - Summary of Other Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | € 149 | € (390) | € 1,347 |
Movement in foreign currency translation and net foreign investment hedging reserves | 302 | 513 | (1,800) |
Disposal of a business | (1) | 36 | 7 |
Tax effect | (5) | (20) | 76 |
Equity movements of joint ventures | 8 | 8 | (15) |
Equity movements of associates | 4 | 2 | (5) |
Other | 1 | ||
Ending balance | 456 | 149 | (390) |
Foreign currency translation reserve [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 499 | (80) | 1,734 |
Movement in foreign currency translation and net foreign investment hedging reserves | 312 | 562 | (1,929) |
Disposal of a business | (1) | 50 | 7 |
Tax effect | (10) | (32) | 108 |
Ending balance | 800 | 499 | (80) |
Net foreign investment hedging reserve [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | (370) | (321) | (418) |
Movement in foreign currency translation and net foreign investment hedging reserves | (10) | (46) | 129 |
Disposal of a business | (14) | ||
Tax effect | 5 | 12 | (32) |
Ending balance | (374) | (370) | (321) |
Equity movements of joint ventures and associates [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 19 | 11 | 31 |
Movement in foreign currency translation and net foreign investment hedging reserves | (3) | ||
Equity movements of joint ventures | 8 | 8 | (15) |
Equity movements of associates | 4 | 2 | (5) |
Other | 1 | ||
Ending balance | € 31 | € 19 | € 11 |
Other Equity Instruments - Summ
Other Equity Instruments - Summary of Other Equity Instruments (Detail) Unit_pure in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 3,320 | 3,794 | 3,797 |
Shares granted | 21 | 16 | 26 |
Shares vested | (26) | (19) | (30) |
Securities issued | 500 | ||
Securities redeemed | (1,244) | (471) | |
Ending balance | 2,571 | 3,320 | 3,794 |
Aegon N.V [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 3,320 | 3,794 | |
Shares granted | 21 | 16 | |
Shares vested | (26) | (19) | |
Securities issued | 500 | ||
Securities redeemed | (1,244) | (471) | |
Ending balance | 2,571 | 3,320 | 3,794 |
Perpetual contingent convertible securities [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Securities issued | 500 | ||
Ending balance | 500 | ||
Perpetual contingent convertible securities [member] | Aegon N.V [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | |||
Shares granted | |||
Shares vested | |||
Securities issued | 500 | ||
Securities redeemed | |||
Ending balance | 500 | ||
Junior perpetual capital securities [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 2,808 | 3,008 | 3,008 |
Securities redeemed | (1,244) | (200) | |
Ending balance | 1,564 | 2,808 | 3,008 |
Junior perpetual capital securities [member] | Aegon N.V [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 2,808 | 3,008 | |
Shares granted | |||
Shares vested | |||
Securities redeemed | (1,244) | (200) | |
Ending balance | 1,564 | 2,808 | 3,008 |
Perpetual cumulative subordinated bonds [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 454 | 454 | 454 |
Ending balance | 454 | 454 | 454 |
Perpetual cumulative subordinated bonds [member] | Aegon N.V [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 454 | 454 | |
Shares granted | |||
Shares vested | |||
Ending balance | 454 | 454 | 454 |
Non-cumulative subordinated notes [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 271 | 271 | |
Securities redeemed | (271) | ||
Ending balance | 271 | ||
Non-cumulative subordinated notes [member] | Aegon N.V [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 271 | ||
Shares granted | |||
Shares vested | |||
Securities redeemed | (271) | ||
Ending balance | 271 | ||
Long term incentive plans [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 58 | 61 | 65 |
Shares granted | 21 | 16 | 26 |
Shares vested | (26) | (19) | (30) |
Ending balance | 53 | 58 | 61 |
Long term incentive plans [member] | Aegon N.V [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 58 | 61 | |
Shares granted | 21 | 16 | |
Shares vested | (26) | (19) | |
Securities redeemed | |||
Ending balance | 53 | 58 | 61 |
Other Equity Instruments - Su_2
Other Equity Instruments - Summary of Coupon Details - Summary of Perpetual Contingent Convertible (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of other equity instruments [line items] | |||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | |
Aegon N.V [member] | |||||
Disclosure of other equity instruments [line items] | |||||
Borrowings | 1,257 | € 1,292 | |||
Perpetual contingent convertible securities [member] | |||||
Disclosure of other equity instruments [line items] | |||||
Borrowings | 500 | ||||
Perpetual contingent convertible securities [member] | Aegon N.V [member] | |||||
Disclosure of other equity instruments [line items] | |||||
Borrowings | € 500 | ||||
EUR 500 million [member] | |||||
Disclosure of other equity instruments [line items] | |||||
Coupon rate | 6.50% | ||||
EUR 500 million [member] | Perpetual contingent convertible securities [member] | |||||
Disclosure of other equity instruments [line items] | |||||
Coupon rate | 5.625% | ||||
Coupon date | Semi-annually, April 15 | ||||
Borrowing maturity | 2029 | ||||
Borrowings | € 500 | ||||
Borrowings currency | EUR | ||||
EUR 500 million [member] | Perpetual contingent convertible securities [member] | Aegon N.V [member] | |||||
Disclosure of other equity instruments [line items] | |||||
Coupon rate | 5.625% | 5.625% | |||
Coupon date | Semi-annually, April 15 | Semi-annually, April 15 | |||
Borrowing maturity | 2029 | 2029 | |||
Borrowings | € 500 | ||||
Borrowings currency | EUR | EUR | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Other Equity Instruments - Su_3
Other Equity Instruments - Summary of Coupon Details - Summary of Perpetual Contingent Convertible (Parenthetical) (Detail) - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
EUR 500 million [member] | Aegon N.V [member] | Perpetual contingent convertible securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 500,000,000 | € 500,000,000 |
Other Equity Instruments - Su_4
Other Equity Instruments - Summary of Coupon Details - Junior Perpetual Capital Securities (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 15, 2019 | Jun. 15, 2019 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | ||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | ||||
USD 500 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | 6.50% | |||||||
USD 1 billion [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | 6.375% | |||||||
EUR 200 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | 6.00% | |||||||
Aegon N.V [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings | € 1,257 | 1,292 | ||||||
Junior perpetual capital securities [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings | € 1,564 | € 3,008 | ||||||
Junior perpetual capital securities [member] | USD 500 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings currency | USD | |||||||
Coupon date, as of | Quarterly, December 15 | |||||||
Year of next call | 2019 | |||||||
Borrowings | 424 | 424 | ||||||
Junior perpetual capital securities [member] | USD 250 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | floating LIBOR rate | |||||||
Borrowings currency | USD | |||||||
Coupon date, as of | Quarterly, December 15 | |||||||
Year of next call | 2020 | |||||||
Borrowings | € 212 | 212 | 212 | |||||
Junior perpetual capital securities [member] | USD 500 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | floating CMS rate | |||||||
Borrowings currency | USD | |||||||
Coupon date, as of | Quarterly, July 15 | |||||||
Year of next call | 2020 | |||||||
Borrowings | € 402 | 402 | 402 | |||||
Junior perpetual capital securities [member] | USD 1 billion [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings currency | USD | |||||||
Coupon date, as of | Quarterly, June 15 | |||||||
Year of next call | 2019 | |||||||
Borrowings | 821 | 821 | ||||||
Junior perpetual capital securities [member] | EUR 950 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | floating DSL rate | |||||||
Borrowings currency | EUR | |||||||
Coupon date, as of | Quarterly, July 15 | |||||||
Year of next call | 2020 | |||||||
Borrowings | € 950 | 950 | 950 | |||||
Junior perpetual capital securities [member] | EUR 200 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings currency | EUR | |||||||
Coupon date, as of | Annually, July 21 | |||||||
Year of next call | 2018 | |||||||
Borrowings | 2,808 | € 200 | ||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Borrowings | € 1,564 | € 2,808 | ||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | USD 500 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | 6.50% | 6.50% | 6.50% | |||||
Borrowings currency | USD | USD | ||||||
Coupon date, as of | Quarterly, December 15 | Quarterly, December 15 | ||||||
Year of next call | 2019 | 2019 | ||||||
Borrowings | € 424 | |||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | USD 250 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | floating LIBOR rate | floating LIBOR rate | ||||||
Borrowings currency | USD | USD | ||||||
Coupon date, as of | Quarterly, December 15 | Quarterly, December 15 | ||||||
Year of next call | 2020 | 2020 | ||||||
Borrowings | € 212 | € 212 | ||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | USD 500 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | floating CMS rate | floating CMS rate | ||||||
Borrowings currency | USD | USD | ||||||
Coupon date, as of | Quarterly, July 15 | Quarterly, July 15 | ||||||
Year of next call | 2020 | 2020 | ||||||
Borrowings | € 402 | € 402 | ||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | USD 1 billion [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | 6.375% | 6.375% | 6.375% | 6.375% | ||||
Borrowings currency | USD | USD | ||||||
Coupon date, as of | Quarterly, June 15 | Quarterly, June 15 | ||||||
Year of next call | 2019 | 2019 | ||||||
Borrowings | € 821 | |||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | EUR 950 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Coupon rate | floating DSL rate | floating DSL rate | ||||||
Borrowings currency | EUR | EUR | ||||||
Coupon date, as of | Quarterly, July 15 | Quarterly, July 15 | ||||||
Year of next call | 2020 | 2020 | ||||||
Borrowings | € 950 | € 950 | ||||||
Junior perpetual capital securities [member] | Aegon N.V [member] | EUR 200 million [member] | ||||||||
Disclosure of other equity instruments [line items] | ||||||||
Year of next call | 2018 | |||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Other Equity Instruments - Su_5
Other Equity Instruments - Summary of Coupon Details - Junior Perpetual Capital Securities (Parenthetical) (Detail) - Junior perpetual capital securities [member] | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 15, 2019USD ($) | Jun. 15, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | |
USD 500 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||
USD 250 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 250,000,000 | |||||
Basis point | 87.50% | 87.50% | ||||
Basis point interest rate | 4.00% | 4.00% | ||||
Basis point description | The coupon of the USD 250 million junior perpetual capital securities is reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%. | |||||
USD 250 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 250,000,000 | 250,000,000 | ||||
Basis point | 0.875% | 0.875% | ||||
Basis point interest rate | 4.00% | 4.00% | ||||
Basis point description | The coupon of the USD 250 million junior perpetual capital securities is reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%. | |||||
USD 500 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 500,000,000 | |||||
Basis point interest rate | 8.50% | 8.50% | ||||
Basis point description | The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year US dollar interest rate swap yield plus a spread of ten basis points, with a maximum of 8.5%. | |||||
USD 500 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 500,000,000 | 500,000,000 | ||||
Basis point | 0.10% | 0.10% | ||||
Basis point interest rate | 8.50% | 8.50% | ||||
Basis point description | The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year US dollar interest rate swap yield plus a spread of ten basis points, with a maximum of 8.5%. | |||||
USD 1 billion [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | |||
EUR 950 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | $ 950,000,000 | |||||
Basis point interest rate | 8.00% | 8.00% | ||||
Basis point description | The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year Dutch government bond yield plus a spread of ten basis points, with a maximum of 8%. | |||||
EUR 950 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Principal amount | € | € 950,000,000 | € 950,000,000 | ||||
Basis point | 0.10% | 0.10% | ||||
Basis point interest rate | 8.00% | 8.00% | ||||
Basis point description | The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year Dutch government bond yield plus a spread of ten basis points, with a maximum of 8%. |
Other Equity Instruments - Su_6
Other Equity Instruments - Summary of Coupon Details - Perpetual Cumulative Subordinated Bonds (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | ||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | ||
Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 1,257 | 1,292 | ||||
Perpetual cumulative subordinated bonds [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 454 | 454 | € 454 | |||
Perpetual cumulative subordinated bonds [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 454 | 454 | ||||
Perpetual cumulative subordinated bonds [member] | EUR 203 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | 4.26% | |||||
Coupon date | Annually, March 4 | |||||
Year of next call | 2021 | |||||
Borrowings | € 203 | 203 | 203 | |||
Perpetual cumulative subordinated bonds [member] | EUR 203 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | 4.26% | |||||
Borrowings original currency | EUR | |||||
Coupon date | Annually, March 4 | |||||
Year of next call | 2021 | |||||
Borrowings | € 203 | 203 | ||||
Perpetual cumulative subordinated bonds [member] | EUR 114 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | 1.506% | |||||
Coupon date | Annually, June 8 | |||||
Year of next call | 2025 | |||||
Borrowings | € 114 | 114 | 114 | |||
Perpetual cumulative subordinated bonds [member] | EUR 114 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | 1.506% | |||||
Borrowings original currency | EUR | |||||
Coupon date | Annually, June 8 | |||||
Year of next call | 2025 | |||||
Borrowings | € 114 | 114 | ||||
Perpetual cumulative subordinated bonds [member] | EUR 136 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | 1.425% | |||||
Borrowings original currency | EUR | |||||
Coupon date | Annually, October 14 | |||||
Year of next call | 2028 | |||||
Borrowings | € 136 | 136 | € 136 | |||
Perpetual cumulative subordinated bonds [member] | EUR 136 million [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | 1.425% | |||||
Borrowings original currency | EUR | |||||
Coupon date | Annually, October 14 | |||||
Year of next call | 2028 | |||||
Borrowings | € 136 | € 136 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Other Equity Instruments - Su_7
Other Equity Instruments - Summary of Coupon Details - Perpetual Cumulative Subordinated Bonds (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Basis point description | If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year Dutch government securities plus a spread of 85 basis points. |
Basis point | 0.85% |
Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 7.25% |
Basis point description | If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year Dutch government securities plus a spread of 85 basis points. |
Basis point | 0.85% |
Aegon N.V [member] | Top of range [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 6.625% |
Borrowing maturity | 19 years |
Aegon N.V [member] | Bottom of range [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1.00% |
Borrowing maturity | 4 years |
Aegon N.V [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1.425% |
EUR 203 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 203,000,000 |
Borrowing maturity | 2021 |
EUR 203 million [member] | Top of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 7.125% |
Borrowing maturity | March 4, 2011 |
EUR 203 million [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 4.26% |
Borrowing maturity | March 4, 2021 |
EUR 203 million [member] | Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 203,000,000 |
Interest rate | 7.125% |
Borrowing maturity | 2021 |
Orginal borrowing maturity | March 4, 2011 |
EUR 203 million [member] | Aegon N.V [member] | Top of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 4.26% |
Borrowing maturity | March 4, 2021 |
EUR 114 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 114,000,000 |
Interest rate | 8.00% |
Borrowing maturity | 2025 |
Orginal borrowing maturity | June 8, 2005 |
EUR 114 million [member] | Top of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1.506% |
Borrowing maturity | June 8, 2025 |
EUR 114 million [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 4.156% |
Borrowing maturity | June 8, 2015 |
EUR 114 million [member] | Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 114,000,000 |
Interest rate | 8.00% |
Borrowing maturity | 2025 |
Orginal borrowing maturity | June 8, 2005 |
EUR 114 million [member] | Aegon N.V [member] | Top of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1.506% |
Borrowing maturity | 2025 |
EUR 114 million [member] | Aegon N.V [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 4.156% |
Borrowing maturity | 2015 |
EUR 136 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 136,000,000 |
Interest rate | 7.25% |
Borrowing maturity | 2028 |
Orginal borrowing maturity | October 14, 2008 |
EUR 136 million [member] | Top of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 5.185% |
Borrowing maturity | October 14, 2018 |
EUR 136 million [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1.425% |
Borrowing maturity | October 14, 2028 |
EUR 136 million [member] | Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 136,000,000 |
Borrowing maturity | 2028 |
Orginal borrowing maturity | October 14, 2008 |
EUR 136 million [member] | Aegon N.V [member] | Top of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 5.185% |
Borrowing maturity | October 14, 2018 |
Other Equity Instruments - Su_8
Other Equity Instruments - Summary of Coupon Details - Non-Cumulative Subordinated Notes (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 9,307 | € 12,061 | € 13,635 | |||
Non-cumulative subordinated notes [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 271 | |||||
Non-cumulative subordinated notes [member] | USD 525 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings original currency | USD | |||||
Coupon rate | 8.00% | |||||
Coupon date | Quarterly, February 15 | |||||
Year of next call | 2018 | |||||
Borrowings | € 271 | |||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Other Equity Instruments - Su_9
Other Equity Instruments - Summary of Coupon (Detail) - USD 500 million [member] - Perpetual contingent convertible securities [member] | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other equity instruments [line items] | |
Coupon date | Semi-annually, April 15 |
Aegon N. V. and subsidiaries [member] | |
Disclosure of other equity instruments [line items] | |
Coupon date | Semi-annually, April 15 |
Other Equity Instruments - Addi
Other Equity Instruments - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 15, 2019USD ($) | Jun. 15, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | May 15, 2018USD ($) | |
Non-cumulative subordinated notes [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Principal amount | $ 525,000,000 | ||||||
EUR 500 million [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Coupon rate | 6.50% | 6.50% | |||||
EUR 500 million [member] | Perpetual contingent convertible securities [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Interest rate | 5.207% | 5.207% | |||||
Coupon rate | 5.625% | 5.625% | |||||
EUR 500 million [member] | Aegon N.V [member] | Junior perpetual capital securities [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Principal amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||
Coupon rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | ||
EUR 500 million [member] | Aegon N.V [member] | Perpetual contingent convertible securities [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Principal amount | € | € 500,000,000 | € 500,000,000 | |||||
Coupon rate | 5.625% | 5.625% | 5.625% | 5.625% | |||
Borrowings, interest rate basis | 5 year mid swap plus a margin of 5.207% | ||||||
USD 1 billion [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Coupon rate | 6.375% | 6.375% | |||||
USD 1 billion [member] | Aegon N.V [member] | Junior perpetual capital securities [member] | |||||||
Disclosure of other equity instruments [line items] | |||||||
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Coupon rate | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% |
Subordinated Borrowings - Summa
Subordinated Borrowings - Summary of Subordinated Borrowings (Detail) - EUR (€) € in Millions | Oct. 22, 2019 | Apr. 11, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of subordinated liabilities [Line Items] | |||||||
Subordinated borrowings | € 2,207 | € 1,389 | [1] | € 764 | |||
Aegon N.V [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Subordinated borrowings | € 1,403 | 1,389 | [2] | ||||
EUR 700 million fixed floating subordinated notes [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Coupon rate | 4.00% | ||||||
Coupon date | Annually, April 25 | ||||||
Year of next call | 2024 | ||||||
Subordinated borrowings | € 697 | 696 | |||||
EUR 700 million fixed floating subordinated notes [member] | Aegon N.V [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Coupon rate | 4.00% | ||||||
Coupon date | Annually, April 25 | ||||||
Year of next call | 2024 | ||||||
Subordinated borrowings | € 697 | 696 | |||||
USD 800 million fixed floating subordinated notes [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Coupon rate | 5.50% | ||||||
Coupon date | Semi-annually, April 11 | ||||||
Year of next call | 2028 | ||||||
Subordinated borrowings | € 707 | 693 | |||||
USD 800 million fixed floating subordinated notes [member] | Aegon N.V [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Coupon rate | 5.50% | 5.50% | |||||
Coupon date | Semi-annually, April 11 | ||||||
Year of next call | 2028 | ||||||
Subordinated borrowings | € 707 | € 693 | |||||
USD 925 million fixed subordinated notes [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Coupon rate | 5.10% | 5.10% | |||||
Coupon date | Quarterly, February 15 | ||||||
Year of next call | 2018 | ||||||
Subordinated borrowings | € 804 | ||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | ||||||
[2] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Subordinated Borrowings - Sum_2
Subordinated Borrowings - Summary of Subordinated Borrowings (Parenthetical) (Detail) € in Millions, $ in Millions | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Oct. 22, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Apr. 11, 2018USD ($) |
USD 800 million fixed floating subordinated notes [member] | ||||||
Disclosure of subordinated liabilities [Line Items] | ||||||
Fixed floating subordinated notes | $ 800 | $ 800 | ||||
USD 800 million fixed floating subordinated notes [member] | Aegon N.V [member] | ||||||
Disclosure of subordinated liabilities [Line Items] | ||||||
Fixed floating subordinated notes | 800 | $ 800 | $ 800 | |||
EUR 700 million fixed floating subordinated notes [member] | ||||||
Disclosure of subordinated liabilities [Line Items] | ||||||
Fixed floating subordinated notes | € | € 700 | |||||
EUR 700 million fixed floating subordinated notes [member] | Aegon N.V [member] | ||||||
Disclosure of subordinated liabilities [Line Items] | ||||||
Fixed floating subordinated notes | € | € 700 | € 700 | ||||
USD 925 million fixed subordinated notes [member] | ||||||
Disclosure of subordinated liabilities [Line Items] | ||||||
Fixed floating subordinated notes | $ 925 | $ 925 | $ 925 |
Subordinated Borrowings - Addit
Subordinated Borrowings - Additional Information (Detail) € in Millions, $ in Millions | Oct. 22, 2019USD ($) | Apr. 11, 2018USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017EUR (€) |
Subordinated borrowings - held at amortized cost [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Fair value of loans | € | € 2,416 | € 1,355 | |||||
Aegon N.V [member] | Subordinated borrowings - held at amortized cost [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Fair value of loans | € | € 1,560 | € 1,355 | |||||
USD 800 million non-cumulative subordinated notes [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Subordinated notes issued | $ 800 | $ 800 | |||||
Subordinated notes, coupon rate | 5.50% | ||||||
USD 800 million non-cumulative subordinated notes [member] | Aegon N.V [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Subordinated notes issued | $ 800 | 800 | $ 800 | ||||
Subordinated notes, first call date | April 11, 2028 | ||||||
Borrowing maturity | April 11, 2048 | ||||||
Subordinated notes, coupon rate | 5.50% | 5.50% | |||||
Marginal basis points | 1.00% | ||||||
USD 925 million fixed subordinated notes [member] | |||||||
Disclosure of subordinated liabilities [Line Items] | |||||||
Subordinated notes issued | $ 925 | $ 925 | $ 925 | ||||
Subordinated notes, coupon rate | 5.10% | 5.10% |
Trust Pass-Through Securities -
Trust Pass-Through Securities - Summary of Trust Pass-through Securities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of trust pass-through securities [line items] | |||||
Trust pass-through securities | € 136 | € 133 | [1] | € 133 | |
USD 225 million [member] | |||||
Disclosure of trust pass-through securities [line items] | |||||
Coupon rate | 7.65% | ||||
Year of issue | 1996 | ||||
Year of maturity | 2026 | ||||
Trust pass-through securities | € 92 | 90 | |||
USD 190 million [member] | |||||
Disclosure of trust pass-through securities [line items] | |||||
Coupon rate | 7.625% | ||||
Year of issue | 1997 | ||||
Year of maturity | 2037 | ||||
Trust pass-through securities | € 44 | € 43 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Trust Pass-Through Securities_2
Trust Pass-Through Securities - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of trust pass-through securities [abstract] | ||
Trust pass-through securities, extension period description | The trust pass-through securities carry provisions with regard to deferral of distributions for extension periods up to a maximum of 10 consecutive semi-annual periods. | |
Fair value of Trust pass-through securities loans | € 144 | € 128 |
Insurance Contracts - Summary o
Insurance Contracts - Summary of Sensitivity Analysis of Net Income and Shareholders' Equity to Changes in Various Underwriting Risks (Detail) - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
On Share Holders Equity Insurance Contracts [member] | Twenty Percentage Increase In Lapse Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of shareholders' equity | € 152 | € 94 |
On Share Holders Equity Insurance Contracts [member] | Twenty Percentage Decrease In Lapse Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of shareholders' equity | (169) | (139) |
On Share Holders Equity Insurance Contracts [member] | Ten Percentage Increase In Mortality Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of shareholders' equity | 261 | 252 |
On Share Holders Equity Insurance Contracts [member] | Ten Percentage Decrease In Mortality Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of shareholders' equity | (322) | (418) |
On Share Holders Equity Insurance Contracts [member] | Ten Percentage Increase In Morbidity Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of shareholders' equity | (370) | (525) |
On Share Holders Equity Insurance Contracts [member] | Ten Percentage Decrease In Morbidity Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of shareholders' equity | 191 | 183 |
Insurance [member] | Twenty Percentage Increase In Lapse Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of net income | 143 | 109 |
Insurance [member] | Twenty Percentage Decrease In Lapse Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of net income | (156) | (154) |
Insurance [member] | Ten Percentage Increase In Mortality Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of net income | 192 | 63 |
Insurance [member] | Ten Percentage Decrease In Mortality Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of net income | (240) | (210) |
Insurance [member] | Ten Percentage Increase In Morbidity Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of net income | (376) | (446) |
Insurance [member] | Ten Percentage Decrease In Morbidity Rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Sensitivity analysis of net income | € 196 | € 125 |
Insurance Contracts - Summary_2
Insurance Contracts - Summary of Insurance Contracts for General Account (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of insurance contracts for general account [Line Items] | ||||||
- Unearned premiums and unexpired risks | € 6,002 | € 5,341 | ||||
- Outstanding claims | 2,417 | 2,338 | ||||
- Incurred but not reported claims | 772 | 820 | ||||
Incoming reinsurance | 4,385 | 4,377 | ||||
- Accident and health insurance | 123,454 | 115,328 | [1] | € 110,848 | ||
Non-life insurance [member] | ||||||
Disclosure of insurance contracts for general account [Line Items] | ||||||
- Accident and health insurance | 9,190 | 8,499 | € 8,484 | |||
Non-life insurance [member] | Accident and health insurance [member] | ||||||
Disclosure of insurance contracts for general account [Line Items] | ||||||
- Accident and health insurance | 8,955 | 8,247 | ||||
Non-life insurance [member] | General insurance [member] | ||||||
Disclosure of insurance contracts for general account [Line Items] | ||||||
- Accident and health insurance | 235 | 252 | ||||
Life insurance general account [member] | ||||||
Disclosure of insurance contracts for general account [Line Items] | ||||||
- Accident and health insurance | € 109,879 | € 102,452 | € 98,452 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Insurance Contracts - Sumary of
Insurance Contracts - Sumary of Shareholders' Equity on Net Income (Detail) € in Millions | Dec. 31, 2019EUR (€) |
Insurance [member] | Shift up 50 basis points – NL Bond credit spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of net income | € (205) |
Insurance [member] | Shift down 50 basis points – NL Bond credit spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of net income | 198 |
Insurance [member] | Shift up 50 basis points – NL Mortgage spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of net income | (440) |
Insurance [member] | Shift down 50 basis points – NL Mortgage spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of net income | 467 |
Insurance [member] | Shift up 5 basis points – NL Liquidity premium [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of net income | 104 |
Insurance [member] | Shift down 5 basis points – NL Liquidity premium [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of net income | (105) |
On Share Holders Equity Insurance Contracts [member] | Shift up 50 basis points – NL Bond credit spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of shareholders' equity | (2,386) |
On Share Holders Equity Insurance Contracts [member] | Shift down 50 basis points – NL Bond credit spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of shareholders' equity | 2,117 |
On Share Holders Equity Insurance Contracts [member] | Shift up 50 basis points – NL Mortgage spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of shareholders' equity | (440) |
On Share Holders Equity Insurance Contracts [member] | Shift down 50 basis points – NL Mortgage spreads [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of shareholders' equity | 467 |
On Share Holders Equity Insurance Contracts [member] | Shift up 5 basis points – NL Liquidity premium [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of shareholders' equity | 101 |
On Share Holders Equity Insurance Contracts [member] | Shift down 5 basis points – NL Liquidity premium [Member] | |
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | |
Sensitivity analysis of shareholders' equity | € (103) |
Insurance Contracts - Summary_3
Insurance Contracts - Summary of Movements in Insurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | [1] | € 115,328 | ||
Beginning balance | [1] | 20,507 | ||
Ending balance | 20,835 | € 20,507 | [1] | |
Ending balance | 123,454 | 115,328 | [1] | |
Life insurance general account [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 102,452 | 98,452 | ||
Beginning balance | 18,712 | 17,419 | ||
Disposals | (44) | |||
Portfolio transfers and acquisitions | (8) | 95 | ||
Unwind of discount / interest credited | 887 | 860 | ||
Gross premium and deposits - existing and new business | 6,913 | 6,293 | ||
Unwind of discount / interest credited | 3,795 | 3,711 | ||
Changes in valuation of expected future benefits | (16) | 109 | ||
Insurance liabilities released | (9,921) | (9,582) | ||
Changes in valuation of expected future benefits | 800 | 617 | ||
Loss recognized as a result of liability adequacy testing | 1,587 | 49 | ||
Shadow accounting adjustments | 1,948 | (299) | ||
Net exchange differences | 1,271 | 3,087 | ||
Net exchange differences | 369 | 858 | ||
Transfer (to) / from insurance contracts | 18 | |||
Transfer (to) / from insurance contracts for account of policyholders | 1,050 | 27 | ||
Ending balance | 19,046 | 18,712 | ||
Other | 17 | 1 | ||
Ending balance | 109,879 | 102,452 | ||
Insurance contracts for general account [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 4,377 | 3,913 | ||
Gross premium and deposits - existing and new business | 1,397 | 1,441 | ||
Unwind of discount / interest credited | 211 | 199 | ||
Insurance liabilities released | (1,668) | (1,557) | ||
Changes in valuation of expected future benefits | (30) | 190 | ||
Shadow accounting adjustments | 12 | (11) | ||
Loss recognized as a result of liability adequacy | 3 | (4) | ||
Net exchange differences | 81 | 205 | ||
Other | 2 | 2 | ||
Ending balance | 4,385 | 4,377 | ||
Non-life insurance [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 8,499 | 8,484 | ||
Beginning balance | 1,356 | 1,327 | ||
Unwind of discount / interest credited | 88 | 84 | ||
Gross premium and deposits - existing and new business | 1,594 | 1,563 | ||
Unwind of discount / interest credited | 481 | 450 | ||
Insurance liabilities released | (1,087) | (1,052) | ||
Changes in valuation of expected future benefits | (7) | (8) | ||
Change in unearned premiums | (720) | (742) | ||
Change in unexpired risks | 2 | 2 | ||
Incurred related to current year | 718 | 747 | ||
Incurred related to prior years | 316 | 195 | ||
Release for claims settled current year | (292) | (278) | ||
Release for claims settled prior years | (788) | (704) | ||
Shadow accounting adjustments | 422 | (459) | ||
Change in IBNR | (73) | (51) | ||
Net exchange differences | 131 | 354 | ||
Net exchange differences | 25 | 65 | ||
Ending balance | 1,376 | 1,356 | ||
Other | (5) | (2) | ||
Ending balance | 9,190 | 8,499 | ||
Insurance Contracts for Account of Policyholders [member] | ||||
Disclosure of types of insurance contracts [Line Items] | ||||
Beginning balance | 117,113 | 122,168 | ||
Disposals | (196) | |||
Portfolio transfers and acquisitions | (10) | (140) | ||
Gross premium and deposits - existing and new business | 9,122 | 9,716 | ||
Unwind of discount / interest credited | 19,780 | (5,311) | ||
Insurance liabilities released | (11,103) | (10,471) | ||
Fund charges released | (1,677) | (1,671) | ||
Changes in valuation of expected future benefits | 861 | (245) | ||
Net exchange differences | 2,868 | 3,092 | ||
Transfer (to) / from insurance contracts | (1,050) | (27) | ||
Other | 2 | 2 | ||
Ending balance | € 135,710 | € 117,113 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Insurance Contracts - Additiona
Insurance Contracts - Additional Information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of types of insurance contracts [line items] | |
Surplus Deficit Of Insurance Liability Adequacy Test | € 1.7 |
Impairment charges non financial assets value of business acquired and deferred policy acquistion costs | 76 |
Increase decrease in insurance contract liabilities | 1,800 |
The Netherlands [member] | |
Disclosure of types of insurance contracts [line items] | |
Liability Adequency Test Deficit | 5,100 |
shadow loss recognition | 3,400 |
Credit Spread Movements [Member] | |
Disclosure of types of insurance contracts [line items] | |
Impact On Liability Adequacy Test | (800) |
Lower Interest Rate [Member] | |
Disclosure of types of insurance contracts [line items] | |
Impact On Liability Adequacy Test | € (1,100) |
Investment Contracts - Summary
Investment Contracts - Summary of Investment Contracts for General Account (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of investment contracts general account [Line Items] | |||||
Beginning balance | € 18,048 | € 16,943 | |||
Portfolio transfers and acquisitions | 271 | ||||
Deposits | 13,234 | 10,308 | |||
Withdrawals | (13,768) | (10,101) | |||
Investment contracts liabilities released | (23) | (53) | |||
Interest credited | 247 | 236 | |||
Net exchange differences | 140 | 332 | |||
Transfer to/from other headings | 724 | 133 | |||
Other | (7) | (22) | |||
Ending balance | 18,594 | 18,048 | |||
Institutional guaranteed products | 339 | 944 | |||
Fixed annuities | 6,237 | 5,981 | |||
Savings accounts | 11,517 | 10,586 | |||
Investment contracts with discretionary participation features | 211 | 223 | |||
Other | 289 | 314 | |||
Investment contracts liabilities | 18,594 | 18,048 | [1] | € 16,943 | |
Without Discretionary Participation Features [member] | |||||
Disclosure of investment contracts general account [Line Items] | |||||
Beginning balance | 17,825 | 16,665 | |||
Portfolio transfers and acquisitions | 271 | ||||
Deposits | 13,234 | 10,308 | |||
Withdrawals | (13,768) | (10,101) | |||
Interest credited | 247 | 236 | |||
Net exchange differences | 128 | 335 | |||
Transfer to/from other headings | 724 | 133 | |||
Other | (7) | (22) | |||
Ending balance | 18,382 | 17,825 | |||
With Discretionary Participation Features [member] | |||||
Disclosure of investment contracts general account [Line Items] | |||||
Beginning balance | 223 | 278 | |||
Investment contracts liabilities released | (23) | (53) | |||
Net exchange differences | 12 | (2) | |||
Ending balance | € 211 | € 223 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Investment Contracts - Summar_2
Investment Contracts - Summary of Investment Contracts for Account of Policyholders (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance | € 80,097 | € 74,434 |
Additions | 18,415 | |
Gross premium and deposits - existing and new business | 11,610 | 7,711 |
Withdrawals | (10,228) | (10,279) |
Interest credited | 14,755 | (4,157) |
Investment contracts liabilities released | (4,815) | (6,506) |
Fund charges released | (142) | (157) |
Net exchange differences | 3,755 | 772 |
Transfer to/from other headings | (1,210) | (137) |
Other | 1 | 2 |
Ending balance | 93,826 | 80,097 |
Without Discretionary Participation Features [member] | ||
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance | 49,847 | 37,169 |
Additions | 18,415 | |
Gross premium and deposits - existing and new business | 10,545 | 6,432 |
Withdrawals | (10,228) | (10,279) |
Interest credited | 9,244 | (2,682) |
Fund charges released | (142) | (157) |
Net exchange differences | 1,898 | 1,084 |
Transfer to/from other headings | (1,210) | (137) |
Other | 1 | 2 |
Ending balance | 59,956 | 49,847 |
With Discretionary Participation Features [member] | ||
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance | 30,250 | 37,265 |
Gross premium and deposits - existing and new business | 1,066 | 1,279 |
Interest credited | 5,511 | (1,475) |
Investment contracts liabilities released | (4,815) | (6,506) |
Net exchange differences | 1,858 | (312) |
Ending balance | € 33,870 | € 30,250 |
Investment Contracts - Addition
Investment Contracts - Additional Information (Detail) € in Millions, £ in Billions | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2018GBP (£) | Jan. 01, 2018EUR (€) | [1] | |
Disclosure of investment contracts general account [Line Items] | ||||||
Investment contracts liabilities | € 18,594 | € 18,048 | [1] | € 16,943 | ||
BlackRock Part VII [member] | ||||||
Disclosure of investment contracts general account [Line Items] | ||||||
Investment contracts liabilities | € 18,400 | £ 16.3 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Guarantees in Insurance Contr_3
Guarantees in Insurance Contracts - Summary of Liabilities for Financial Guarantees for Minimum Benefits, Net of Present Value of Expected Future Premiums (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | [1] | € 115,328 | ||||
Ending balance | 123,454 | € 115,328 | [1] | |||
Account value | 135,710 | 117,113 | [1] | € 122,168 | ||
Net amount at risk | 226,374 | 194,353 | [1] | € 194,063 | ||
The Netherlands [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 34,878 | |||||
Ending balance | 40,554 | 34,878 | ||||
Net amount at risk | 25,491 | 23,767 | ||||
Financial Guarantee Contracts [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 2,445 | 1,794 | ||||
Incurred guarantee benefits | 575 | 622 | ||||
Paid guarantee benefits | (1) | (1) | ||||
Net exchange differences | 13 | 29 | ||||
Ending balance | 3,031 | 2,445 | ||||
Account value | 43,130 | 38,963 | ||||
Net amount at risk | 2,239 | 2,239 | ||||
Financial Guarantee Contracts [member] | United States [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 766 | 247 | ||||
Incurred guarantee benefits | 518 | 491 | ||||
Paid guarantee benefits | (1) | (1) | ||||
Net exchange differences | 13 | 29 | ||||
Ending balance | 1,296 | 766 | ||||
Account value | 34,503 | 30,788 | ||||
Net amount at risk | 236 | 235 | ||||
Financial Guarantee Contracts [member] | The Netherlands [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 1,678 | 1,547 | ||||
Incurred guarantee benefits | 57 | 131 | ||||
Ending balance | 1,735 | 1,678 | ||||
Account value | 8,626 | 8,175 | ||||
Net amount at risk | € 2,002 | € 2,004 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Guarantees in Insurance Contr_4
Guarantees in Insurance Contracts - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | Dec. 31, 1999 | Dec. 31, 2017 | |
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Period of which return of premium guarantee payable | 14 years | ||||
Re insured account value | € 2,434 | € 2,663 | € 3,431 | ||
Guaranteed remaining balance | € 1,100 | 1,100 | |||
Derivative insurance contract description | Aegon entered into a derivative program to mitigate the overall exposure to equity market and interest rate risks associated with the reinsurance contract. This program involves selling equity futures contracts and equity total return swap contracts (S&P 500, Midcap, Russell 2000, and the MCSI EAFE index in accordance with Aegon's exposure) to mitigate the effect of equity market movement on the reinsurance contract and the purchase of interest rate swaps, treasury futures and treasury forwards to mitigate the effect of movements in interest rates on the reinsurance contracts. | ||||
Fixed annuity product balance | € 234 | 243 | |||
Increase (decrease) in guarantee reserves | 1,937 | (1,081) | |||
Guarantee reserve | 9,645 | 7,708 | |||
GMWB [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Derivative contract value | 37 | 36 | |||
Reinsurance assets [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Re insured account value | € 1,800 | € 1,700 | |||
First five years [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Long-term forward interest rate assumption | 25.00% | ||||
Maturity year 2020 [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Volatility assumption of S&P 500 index | 23.30% | ||||
The Netherlands [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Older generation guarantee, percentage | 4.00% | ||||
Percentage of guarantee decreased | 0.00% | 3.00% | |||
The Netherlands [member] | Minimum investment return guaranteed [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Guarantees profit sharing maximum, percentage | 0.00% | ||||
Contract period | 5 years | ||||
Guarantees fair value contributes net loss before tax earnings | € 424 | € 56 | |||
Guarantee reserve contributed before tax | 1,840 | 527 | |||
Gain (Loss) related to increasing own credit spreads | (42) | 148 | |||
Gain related to increase in equity market | (1,585) | (532) | |||
Gain related to decreases in equity volatilities | (12) | (8) | |||
Increase in risk free rates | 3,281 | 32 | |||
Other contributed gain (loss) | € 273 | € (233) | |||
The Netherlands [member] | Bottom of range [member] | Minimum investment return guaranteed [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Adjusted technical interest rates | 3.00% | ||||
Effective interest rate percentage | 0.00% | ||||
The Netherlands [member] | Top of range [member] | Minimum investment return guaranteed [member] | |||||
Disclosure of insurance contracts contractual obligations [Line Items] | |||||
Adjusted technical interest rates | 4.00% |
Guarantees in Insurance Contr_5
Guarantees in Insurance Contracts - Summary of Liabilities for Guarantees for Minimum Benefits (Detail) € in Millions, Unit_pure in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 01, 2018EUR (€) | [1] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | [1] | € 115,328 | ||||
Ending balance | 123,454 | € 115,328 | [1] | |||
Account value | 135,710 | 117,113 | [1] | € 122,168 | ||
Net amount at risk | 226,374 | 194,353 | [1] | € 194,063 | ||
United States [member] | Life contingent guarantees [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 1,425 | 972 | ||||
Incurred guarantee benefits | (238) | 479 | ||||
Paid guarantee benefits | (81) | (88) | ||||
Net exchange differences | 27 | 62 | ||||
Ending balance | 1,133 | 1,425 | ||||
United States [member] | Life contingent guarantees [member] | Guaranteed Minimum Death Benefit 1 [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 519 | 364 | ||||
Incurred guarantee benefits | (27) | 197 | ||||
Paid guarantee benefits | (53) | (65) | ||||
Net exchange differences | 10 | 23 | ||||
Ending balance | 448 | 519 | ||||
Account value | 54,411 | 48,174 | ||||
Net amount at risk | € 1,268 | € 2,839 | ||||
Average attained age of contract holders | 70 | 70 | ||||
United States [member] | Life contingent guarantees [member] | Guaranteed Minimum Income Benefit [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | € 906 | € 608 | ||||
Incurred guarantee benefits | (210) | 282 | ||||
Paid guarantee benefits | (27) | (23) | ||||
Net exchange differences | 17 | 39 | ||||
Ending balance | 686 | 906 | ||||
Account value | 5,331 | 4,770 | ||||
Net amount at risk | € 688 | € 888 | ||||
Average attained age of contract holders | 71 | 71 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Guarantees in Insurance Contr_6
Guarantees in Insurance Contracts - Summary of Liabilities for Guarantees That are Included in Valuation of Host Contracts, Net of Present Value of Expected Future Premiums (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | [1] | € 115,328 | ||||
Ending balance | 123,454 | € 115,328 | [1] | |||
Net amount at risk | 226,374 | 194,353 | [1] | € 194,063 | ||
The Netherlands [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 34,878 | |||||
Ending balance | 40,554 | 34,878 | ||||
Net amount at risk | 25,491 | 23,767 | ||||
The Netherlands [member] | Guaranteed Minimum Investment [member] | ||||||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||||||
Beginning balance | 5,063 | 4,719 | ||||
Incurred guarantee benefits | 1,358 | 344 | ||||
Ending balance | 6,422 | 5,063 | ||||
Account value | 19,985 | 18,346 | ||||
Net amount at risk | € 6,335 | € 4,933 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | |
Current | 4,969 | 1,379 | |||
Non-current | 4,338 | 10,682 | |||
Fair value of borrowings | 9,783 | 12,421 | |||
Capital funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | 1,745 | 1,774 | |||
Operational funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 7,562 | € 10,287 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Jan. 01, 2018EUR (€) | [1] | ||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | ||
Borrowings at fair value | 9,783 | 12,421 | ||||
Difference between the contractually required payment at maturity date and the carrying amount | 40 | (8) | ||||
Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Decrease in borrowing capacity | 2,700 | 1,100 | ||||
Redemption of debt | 1,400 | $ 1,540 | ||||
Borrowings | 7,562 | 10,287 | ||||
Principal amount | € 500 | |||||
Coupon rate | 0.625% | |||||
FHLB advances [member] | Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Decrease in borrowing capacity | € 1,700 | 700 | ||||
Other [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Borrowings at fair value | 461 | 536 | ||||
Negative credit spread on income before tax | 1 | (1) | ||||
Negative credit spread on stockholder equity | 1 | (3) | ||||
Cumulative negative credit spread on cumulative income before tax | 28 | 26 | ||||
Other [member] | Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Borrowings | 8 | 12 | ||||
SAECURE 13" RMBS Note [member] | Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Redemption of debt | 700 | |||||
Other mortgages funding [member] | Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Decrease in borrowing capacity | 500 | 500 | ||||
SAECURE 16" RMBS Note [member] | Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Borrowings | € 512 | € 875 | ||||
Expected weighted average life | 4 years 9 months 18 days | 4 years 9 months 18 days | 4 years 1 month 6 days | |||
Coupon rate | 3 month Euribor plus 40bps. | 3 month Euribor plus 40bps. | 3 month Euribor plus 40bps | |||
Seacure14 [Member] | Operational funding [member] | ||||||
Disclosure of detailed information about borrowings [Line Items] | ||||||
Redemption of debt | € 900 | |||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Borrowings - Summary of Detaile
Borrowings - Summary of Detailed Composition of Capital Funding (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | |
Capital funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 1,745 | 1,774 | |||
Capital funding [member] | EUR 500 million unsecured notes [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon date | August 30 | ||||
Borrowings issued year | 2017 | ||||
Capital funding [member] | EUR 75 Million Medium-Term Notes [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 4.625% | ||||
Coupon date | December 9 | ||||
Borrowings issued year | 2004 | ||||
Borrowings maturity year | 2019 | ||||
Borrowings | 78 | ||||
Capital funding [member] | USD 500 Million Senior Notes [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 5.75% | ||||
Coupon date | Semi-annually | ||||
Borrowings issued year | 2005 | ||||
Borrowings maturity year | 2020 | ||||
Borrowings | € 461 | 457 | |||
Capital funding [member] | EUR 500 Million Senior Unsecured Notes [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 1.00% | ||||
Coupon date | December 8 | ||||
Borrowings issued year | 2016 | ||||
Borrowings maturity year | 2023 | ||||
Borrowings | € 497 | 496 | |||
Capital funding [member] | GBP 250 Million Medium-Term Notes [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 6.125% | ||||
Coupon date | December 15 | ||||
Borrowings issued year | 1999 | ||||
Borrowings maturity year | 2031 | ||||
Borrowings | € 293 | 277 | |||
Capital funding [member] | GBP 400 Million Senior Unsecured Notes [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 6.625% | ||||
Coupon date | Semi-annually | ||||
Borrowings issued year | 2009 | ||||
Borrowings maturity year | 2039 | ||||
Borrowings | € 467 | 440 | |||
Capital funding [member] | Other [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 26 | € 26 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Borrowings - Summary of Detai_2
Borrowings - Summary of Detailed Composition of Operational Funding (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | |
Operational funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 7,562 | 10,287 | |||
Operational funding [member] | Revolving Loan Facility Warehouse Mortgage Loans [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Monthly | ||||
Borrowing maturity | 2020-22 | ||||
Borrowings | € 817 | 375 | |||
Operational funding [member] | SAECURE 14" RMBS Note [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2014/19 | ||||
Borrowings | 874 | ||||
Operational funding [member] | SAECURE 15" RMBS Note [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2014/20 | ||||
Borrowings | € 917 | 1,038 | |||
Operational funding [member] | SAECURE 16" RMBS Note [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2018/23 | ||||
Borrowings | € 512 | 875 | |||
Operational funding [member] | EUR 750 million Conditional Pass-Through Covered Bond [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 0.267% | ||||
Coupon date | Annual | ||||
Borrowing maturity | 2015/20 | ||||
Borrowings | € 749 | 748 | |||
Operational funding [member] | EUR 500 million Conditional Pass-Through Covered Bond [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 0.25% | ||||
Coupon date | Annual | ||||
Borrowing maturity | 2016/23 | ||||
Borrowings | € 498 | 497 | |||
Operational funding [member] | EUR 500 million Conditional Pass-Through Covered Bond [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 0.75% | ||||
Coupon date | Annual | ||||
Borrowing maturity | 2017/27 | ||||
Borrowings | € 489 | 488 | |||
Operational funding [member] | EUR 500 million Conditional Pass-Through Covered Bond [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | 0.375% | ||||
Coupon date | Annual | ||||
Borrowing maturity | 2017/24 | ||||
Borrowings | € 498 | 497 | |||
Operational funding [member] | Variable Funding Surplus Note [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2006/36 | ||||
Borrowings | 1,388 | ||||
Operational funding [member] | FHLB Secured Borrowings [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2016/46 | ||||
Borrowings | € 1,777 | 3,495 | |||
Operational funding [member] | Other [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 8 | € 12 | |||
Operational funding [member] | EUR 512 million "SAECURE 18" RMBS Note [Member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2019/25 | ||||
Borrowings | € 491 | ||||
Operational funding [member] | Aegon Bank Senior Non-Preferred debt [Member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Fixed | ||||
Coupon date | Annual | ||||
Borrowing maturity | 2019/24 | ||||
Borrowings | € 497 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Borrowings - Summary of Undrawn
Borrowings - Summary of Undrawn Committed Borrowings Facilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | € 3,403 | € 3,680 |
Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | 3,403 | 3,680 |
Not later than 1 year [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | 516 | 260 |
> 12 months [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | € 2,887 | € 3,420 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [abstract] | ||
Beginning balance | € 320 | € 210 |
Additional provisions | 42 | 231 |
Disposals | (60) | (94) |
Unused amounts reversed through the income statement | (3) | (1) |
Used during the year | (90) | (34) |
Net exchange differences | 5 | 8 |
Ending balance | 214 | 320 |
Current | 137 | 275 |
Non-current | € 77 | € 45 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of other provisions [Line Items] | |||||
Litigation provisions | € 90 | € 198 | |||
Provisions | 214 | 320 | [1] | € 210 | |
Fees payable upon purchase and surrender of unit-linked policies [member] | |||||
Disclosure of other provisions [Line Items] | |||||
Provisions | 14 | 17 | |||
Restructuring provisions [member] | |||||
Disclosure of other provisions [Line Items] | |||||
Provisions | 43 | 30 | |||
Other provisions [member] | |||||
Disclosure of other provisions [Line Items] | |||||
Provisions | € 66 | € 76 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Defined Benefit Plans - Summary
Defined Benefit Plans - Summary of Defined Benefit Plans (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans | € 4,359 | € 3,989 | € 3,950 | |||
Defined benefit assets | 1 | € 55 | ||||
Defined benefit liabilities | 4,360 | 3,989 | [1] | € 4,005 | ||
Retirement Benefit Plans [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans | 4,076 | 3,714 | 3,657 | |||
Other Post Employment Benefit Plans [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans | 283 | 275 | € 293 | |||
Retirement benefit plans in surplus [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit assets | 1 | |||||
Retirement benefit plans in deficit [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit liabilities | 4,077 | 3,714 | ||||
Other post-employment benefit plans in deficit [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit liabilities | € 283 | € 275 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Defined Benefit Plans - Summa_2
Defined Benefit Plans - Summary of Movements of Defined Benefit Plans (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | € 3,989 | € 3,950 | |
Defined benefit expenses | 244 | 206 | € 262 |
Current year service cost | 157 | 131 | 158 |
Interest expense | 89 | 96 | 109 |
Remeasurements of the defined benefit obligations: | |||
Past service cost | (1) | (21) | (6) |
Contributions paid | (298) | (234) | |
Benefits paid | (118) | (118) | |
Net exchange differences | 18 | 47 | |
Other | (88) | 5 | |
Ending Balance | 4,359 | 3,989 | 3,950 |
Defined benefit plans [member] | |||
Remeasurements of the defined benefit obligations: | |||
Remeasurements of defined benefit plans | 612 | 134 | |
Commissions and expenses [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 7,514 | 7,572 | |
Current year service cost | 157 | 131 | |
Interest expense | 221 | 213 | |
Remeasurements of the defined benefit obligations: | |||
- Actuarial gains and losses arising from changes in demographic assumptions | 40 | (28) | |
- Actuarial gains and losses arising from changes in financial assumptions | 1,126 | (102) | |
Past service cost | (1) | (21) | |
Contributions by plan participants | 8 | 11 | |
Benefits paid | (353) | (409) | |
Net exchange differences | 144 | 144 | |
Other | (76) | 5 | |
Ending Balance | 8,779 | 7,514 | 7,572 |
Commissions and expenses [member] | Defined benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 3,525 | 3,622 | |
Interest expense | 133 | 117 | |
Remeasurements of the defined benefit obligations: | |||
Remeasurements of defined benefit plans | 566 | (264) | |
Contributions by employer | 306 | 245 | |
Benefits paid | (235) | (291) | |
Net exchange differences | 126 | 96 | |
Ending Balance | 4,420 | 3,525 | 3,622 |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 3,714 | 3,657 | |
Defined benefit expenses | 227 | 192 | |
Current year service cost | 148 | 121 | 148 |
Interest expense | 80 | 87 | 99 |
Remeasurements of the defined benefit obligations: | |||
Past service cost | (1) | (16) | (5) |
Remeasurements of defined benefit plans | 607 | 157 | |
Contributions paid | (298) | (234) | |
Benefits paid | (100) | (99) | |
Net exchange differences | 14 | 37 | |
Other | (89) | 5 | |
Ending Balance | 4,076 | 3,714 | 3,657 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 275 | 293 | |
Defined benefit expenses | 17 | 13 | |
Current year service cost | 8 | 10 | 11 |
Interest expense | 9 | 8 | 10 |
Remeasurements of the defined benefit obligations: | |||
Past service cost | (5) | (1) | |
Remeasurements of defined benefit plans | 5 | (23) | |
Benefits paid | (18) | (19) | |
Net exchange differences | 4 | 11 | |
Ending Balance | € 283 | € 275 | € 293 |
Defined Benefit Plans - Summa_3
Defined Benefit Plans - Summary of Amounts Recognized in Statement of Financial Positions (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | € 4,807 | € 4,027 | |
Fair value of plan assets | (4,420) | (3,525) | |
Surplus Deficit In Plan | 386 | 502 | |
Present value of wholly unfunded obligations 1) | 3,973 | 3,487 | |
Ending Balance | 4,359 | 3,989 | € 3,950 |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | 4,807 | 4,027 | |
Fair value of plan assets | (4,420) | (3,525) | |
Surplus Deficit In Plan | 386 | 502 | |
Present value of wholly unfunded obligations 1) | 3,690 | 3,212 | |
Ending Balance | 4,076 | 3,714 | 3,657 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly unfunded obligations 1) | 283 | 275 | |
Ending Balance | € 283 | € 275 | € 293 |
Defined Benefit Plans - Summa_4
Defined Benefit Plans - Summary of Amounts Recognized in Statement of Financial Positions (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of net defined benefit liability (asset) [abstract] | ||
Assets held | € 2,736 | € 2,568 |
Defined Benefit Plans - Summa_5
Defined Benefit Plans - Summary of Fair Value of Plan Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Current year service cost | € 157 | € 131 | € 158 |
Net interest on the net defined benefit liability (asset) | 89 | 96 | 109 |
Past service cost | (1) | (21) | (6) |
Total defined benefit expenses | 244 | 206 | |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Current year service cost | 148 | 121 | 148 |
Net interest on the net defined benefit liability (asset) | 80 | 87 | 99 |
Past service cost | (1) | (16) | (5) |
Total defined benefit expenses | 227 | 192 | 242 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Current year service cost | 8 | 10 | 11 |
Net interest on the net defined benefit liability (asset) | 9 | 8 | 10 |
Past service cost | (5) | (1) | |
Total defined benefit expenses | € 17 | € 13 | € 19 |
Defined Benefit Plans - Summa_6
Defined Benefit Plans - Summary of Breakdown of Plan Assets for Retirement of Benefit Plans (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [Line Items] | ||
Equity instruments | € 164 | € 111 |
Debt instrument | 826 | 712 |
Real estate | 119 | 111 |
Derivatives | 57 | 149 |
Investment funds | 2,487 | 1,956 |
Other | 767 | 484 |
At December 31 | € 4,420 | € 3,525 |
Equity instruments | 4.00% | 3.00% |
Debt instrument | 19.00% | 20.00% |
Real estate | 3.00% | 3.00% |
Derivatives | 1.00% | 4.00% |
Investment funds | 56.00% | 55.00% |
Other | 17.00% | 14.00% |
At December 31 | 100.00% | 100.00% |
Quoted Plan Assets [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity instruments | € 160 | € 106 |
Debt instrument | 465 | 369 |
Investment funds | 3 | 11 |
Other | 15 | 14 |
At December 31 | 644 | 500 |
Unquoted plan assets [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity instruments | 3 | 5 |
Debt instrument | 361 | 343 |
Real estate | 119 | 111 |
Derivatives | 57 | 149 |
Investment funds | 2,484 | 1,945 |
Other | 752 | 471 |
At December 31 | € 3,776 | € 3,025 |
Defined Benefit Plans - Additio
Defined Benefit Plans - Additional Information (Detail) € in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019EUR (€) | Sep. 30, 2018EUR (€) | Dec. 31, 2019EUR (€)yrPlans | Dec. 31, 2018EUR (€)yr | Jan. 01, 2018yr | Dec. 31, 2017EUR (€) | |
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans deficit | € 388 | € (450) | ||||
Plan benefit liability | 4,359 | 3,989 | € 3,950 | |||
Unfunded amount of defined benefit plans | 2,487 | 1,956 | ||||
Unfunded amount of other post employment defined benefit plans | 767 | € 484 | ||||
Retirement age | yr | 67 | |||||
Defined benefit plan deficit | (386) | € (502) | ||||
Maximum annual benefit accrual | 1.875% | |||||
Aegon United Kingdom [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plan deficit | 1.5 | 51 | ||||
Contributions were paid into scheme | 83 | 55 | ||||
Additional contribution | 29 | |||||
Defined Benefit Amendment Plan 2019 [Member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit pension plan amount realised | 101 | |||||
Plan Amendment Average Life Expectancy [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Retirement age | yr | 68 | |||||
United States [member] | Supplemental pension and retirement plan [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans unfunded | 272 | 241 | ||||
United States [member] | Post employment healthcare benefits [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Plan benefit liability | € 217 | € 210 | ||||
Aegon United Kingdom [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Remaining average duration of defined benefits obligation | yr | 21.6 | 21.6 | ||||
Percentage of investment assets allocation in primary equities | 30.00% | |||||
Percentage of investment liability allocation in fixed interest and inflation-linked bonds and related derivatives | 70.00% | |||||
Transamerica Corporation [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Employer contribution to pension plan | € 223 | € 190 | ||||
Aegon United States of America [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Number of benefit plans | Plans | 2 | |||||
Remaining average duration of defined benefits obligation | yr | 12.6 | 12.2 | ||||
Aegon Nederland N.V. [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Remaining average duration of defined benefits obligation | yr | 12.4 | 11.7 | ||||
Unfunded amount of other post employment defined benefit plans | € 65 | € 65 | ||||
Aegon Nederland N.V. [member] | Unfunded [member] | Life insurance general account [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Remaining average duration of defined benefits obligation | yr | 21.9 | 20.9 | ||||
Unfunded amount of defined benefit plans | € 3,413 | € 2,967 |
Defined Benefit Plans - Summa_7
Defined Benefit Plans - Summary of Actuarial Assumptions Used to Determine Defined Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Aegon United Kingdom [member] | ||
Demographic actuarial assumptions | ||
Mortality | UK mortality table | UK mortality table |
Financial actuarial assumptions | ||
Discount rate | 2.08% | 2.94% |
Price inflation | 3.08% | 3.32% |
Aegon Nederland N.V. [member] | ||
Financial actuarial assumptions | ||
Discount rate | 0.94% | 1.74% |
Salary increase rate | Curve 2019 | Curve 2018 |
Indexation | 59.2% of Curve 2019 | 57.75% of Curve 2018 |
United States [member] | ||
Demographic actuarial assumptions | ||
Mortality | US mortality table | US mortality table |
Financial actuarial assumptions | ||
Salary increase rate | 4.00% | 3.85% |
Health care trend rate | 6.60% | 7.00% |
United States [member] | Top of range [member] | ||
Financial actuarial assumptions | ||
Discount rate | 3.23% | 4.22% |
United States [member] | Bottom of range [member] | ||
Financial actuarial assumptions | ||
Discount rate | 3.02% | 4.05% |
Defined Benefit Plans - Summa_8
Defined Benefit Plans - Summary of Actuarial Assumptions Used to Determine Defined Benefit Obligations (Parenthetical) (Detail) - Counterparty | Dec. 31, 2019 | Dec. 31, 2017 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
White collar jobs percentage | 90.00% | |
Blue collar jobs percentage | 10.00% | |
Top of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Club Vita tables Scheme membership CMI | 0.0150 | |
Bottom of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Club Vita tables Scheme membership CMI | 0.0125 | |
Remeasurement of defined benefit Plans of group companies [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Discount rate | 3.23% | |
Post retirement welfare plan [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Discount rate | 3.02% |
Defined Benefit Plans - Summa_9
Defined Benefit Plans - Summary of Estimated Approximate Effects on Defined Benefit Obligation (Detail) - United States [member] - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (83) | € (70) |
Decrease in actuarial assumptions | 92 | 77 |
Financial actuarial assumptions of discount rates by 100 basis points variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | (417) | (351) |
Decrease in actuarial assumptions | 514 | 430 |
Finance actuarial assumption on salary increase rate by 100 basis points variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | 29 | 29 |
Decrease in actuarial assumptions | (27) | (26) |
Financial actuarial assumptions of health care trend rates by 100 bps variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | 12 | 12 |
Decrease in actuarial assumptions | € (11) | € (11) |
Defined Benefit Plans - Target
Defined Benefit Plans - Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 4.00% | 3.00% |
Debt instruments | 19.00% | 20.00% |
Other | 17.00% | 14.00% |
Defined benefit plans [member] | Actuarial assumption of expected rates of pension increases [member] | Aegon United States of America [member] | Bottom of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 19.00% | |
Debt instruments | 47.00% | |
Other | 20.00% | |
Defined benefit plans [member] | Actuarial assumption of expected rates of pension increases [member] | Aegon United States of America [member] | Top of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 28.00% | |
Debt instruments | 58.00% | |
Other | 28.00% |
Defined Benefit Plans - Summ_10
Defined Benefit Plans - Summary of Estimated Approximate Effects on the Defined Benefit Obligation (Detail) - Aegon Nederland N.V. [member] - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (100) | € (81) |
Decrease in actuarial assumptions | 112 | 90 |
Financial actuarial assumptions of discount rates by 100 basis points variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | (645) | (534) |
Decrease in actuarial assumptions | 893 | 733 |
Finance actuarial assumption on salary increase rate by 100 basis points variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | 1 | 18 |
Decrease in actuarial assumptions | (18) | |
Finance actuarial assumption on indexation rate by 25 basis points variation [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | 194 | 167 |
Decrease in actuarial assumptions | € (177) | € (152) |
Defined Benefit Plans - Estimat
Defined Benefit Plans - Estimated Approximate Effects on the Defined Benefit Obligation (Detail) - Aegon United Kingdom [member] - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (48) | € (34) |
Decrease in actuarial assumptions | 54 | 38 |
Financial actuarial assumptions of discount rates by 100 basis points variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | (306) | (235) |
Decrease in actuarial assumptions | 414 | 313 |
Finance actuarial assumption on price inflation by 100 basis points variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | 130 | 119 |
Decrease in actuarial assumptions | € (281) | € (192) |
Defined Benefit Plans - Summ_11
Defined Benefit Plans - Summary of Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 4.00% | 3.00% |
Debt instruments | 19.00% | 20.00% |
Aegon United Kingdom [member] | Actuarial assumption of expected rates of pension increases [member] | Defined benefit plans [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 32.00% | |
Debt instruments | 68.00% |
Deferred Tax - Summary of Defer
Deferred Tax - Summary of Deferred Tax (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | € 193 | € 125 | ||||
Deferred tax liabilities, temporary differences | 1,227 | 529 | ||||
Deferred tax assets | 193 | 125 | [1] | € 79 | ||
Deferred tax liabilities | 1,227 | 529 | [1] | € 1,021 | ||
Total net deferred tax liability / (asset) | 1,035 | 394 | € 942 | |||
Real estate [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | (520) | |||||
Deferred tax liabilities, temporary differences | 124 | 520 | ||||
Total net deferred tax liability / (asset) | 644 | 519 | 554 | |||
Financial assets [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 76 | (7) | ||||
Deferred tax liabilities, temporary differences | 1,549 | 807 | ||||
Total net deferred tax liability / (asset) | 1,473 | 814 | 1,737 | |||
Insurance and investment contracts [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 440 | |||||
Deferred tax liabilities, temporary differences | (1,031) | (1,433) | ||||
Total net deferred tax liability / (asset) | (1,471) | (1,434) | (1,787) | |||
Deferred expenses, VOBA and other intangible assets [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | (112) | (125) | ||||
Deferred tax liabilities, temporary differences | 1,663 | 1,788 | ||||
Total net deferred tax liability / (asset) | 1,775 | 1,914 | 1,892 | |||
Defined benefit plans [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 7 | 12 | ||||
Deferred tax liabilities, temporary differences | (249) | (257) | ||||
Total net deferred tax liability / (asset) | (256) | (269) | (295) | |||
Tax losses and credits carried forward [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 183 | 167 | ||||
Deferred tax liabilities, temporary differences | (551) | (147) | ||||
Other [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 119 | 79 | ||||
Deferred tax liabilities, temporary differences | (279) | (748) | ||||
Total net deferred tax liability / (asset) | € (398) | € (827) | € (863) | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Deferred Tax - Schedule of Net
Deferred Tax - Schedule of Net Deferred Tax Assets and Liabilities has been Recognized (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | € 394 | € 942 | |
Acquisitions / Additions | 9 | ||
Charged to income statement | 114 | 22 | € (201) |
Charged to OCI | 520 | (494) | |
Net exchange differences | (2) | 25 | |
Disposal of a business | 2 | ||
Other | 7 | (101) | |
Ending balance | 1,035 | 394 | 942 |
Real estate [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | 519 | 554 | |
Charged to income statement | 125 | (31) | |
Charged to OCI | (8) | (7) | |
Net exchange differences | 1 | 4 | |
Other | 7 | ||
Ending balance | 644 | 519 | 554 |
Financial assets [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | 814 | 1,737 | |
Charged to income statement | 25 | (451) | |
Charged to OCI | 628 | (514) | |
Net exchange differences | 9 | 46 | |
Transfer to/from other headings | (3) | ||
Other | (3) | ||
Ending balance | 1,473 | 814 | 1,737 |
Insurance and investment contracts [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (1,434) | (1,787) | |
Charged to income statement | (20) | 401 | |
Charged to OCI | 2 | ||
Net exchange differences | (17) | (51) | |
Ending balance | (1,471) | (1,434) | (1,787) |
Deferred expenses, VOBA and other intangible assets [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | 1,914 | 1,892 | |
Acquisitions / Additions | 9 | ||
Charged to income statement | (176) | (63) | |
Net exchange differences | 37 | 82 | |
Transfer to/from other headings | (6) | ||
Ending balance | 1,775 | 1,914 | 1,892 |
Defined benefit plans [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (269) | (295) | |
Charged to income statement | 108 | 23 | |
Charged to OCI | (90) | 17 | |
Net exchange differences | (5) | (14) | |
Ending balance | (256) | (269) | (295) |
Losses [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (314) | (296) | |
Charged to income statement | 63 | (1) | |
Charged to OCI | (2) | ||
Net exchange differences | (9) | (4) | |
Transfer to/from other headings | (473) | ||
Other | (11) | ||
Ending balance | (734) | (314) | (296) |
Other [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (827) | (863) | |
Charged to income statement | (11) | 143 | |
Charged to OCI | (9) | 12 | |
Net exchange differences | (17) | (38) | |
Disposal of a business | 2 | ||
Transfer to/from other headings | 473 | 9 | |
Other | 3 | (90) | |
Ending balance | € (398) | € (827) | € (863) |
Deferred Tax - Additional Infor
Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Deferred tax assets and liabilities [Line Items] | |||||
Redemption on non-cumulative subordinated notes | € 90 | ||||
Deferred tax assets recognized for tax losses, gross | € 193 | 125 | [1] | € 79 | |
Deferred corporate income tax assets not recognized in respect of deductible temporary differences relating to financial assets, gross | 32 | 40 | |||
Deferred corporate income tax assets not recognized in respect of deductible temporary differences relating to financial assets tax amount | 6 | 8 | |||
Unused tax credits [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets recognized for tax losses, gross | 391 | ||||
Deferred tax assets recognized for tax losses, tax | 473 | ||||
Taxable temporary differences [member] | Defined benefit plans and Other items [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets recognized for tax losses, gross | 99 | 29 | |||
Gross amounts | 406 | 162 | |||
Unremitted earnings [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Deferred corporate income tax assets not recognized in respect of deductible temporary differences relating to financial assets, gross | 1,774 | 1,770 | |||
Deferred corporate income tax assets not recognized in respect of deductible temporary differences relating to financial assets tax amount | 383 | 361 | |||
Others And Tax Credit And Tax Losses Carried Forward [Member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Transfer to/from other headings | 473 | ||||
Losses [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Transfer to/from other headings | (473) | ||||
Deferred tax assets recognized for tax losses, gross | 1,379 | 1,317 | |||
Deferred tax assets recognized for tax losses, tax | € 236 | € 225 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Deferred Tax - Schedule of Loss
Deferred Tax - Schedule of Loss Carryforward Period and Deferred Corporate Income Tax Assets Not Recognized (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | € 613 | € 490 |
Not recognized deferred tax asset | 182 | 142 |
Less than 5 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 79 | 65 |
Not recognized deferred tax asset | 20 | 15 |
Over 5 through 10 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 18 | 21 |
Not recognized deferred tax asset | 4 | 5 |
Over 10 through 15 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 27 | 20 |
Not recognized deferred tax asset | 51 | 36 |
Over 15 through 20 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 1 | |
Indefinitely [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 488 | 385 |
Not recognized deferred tax asset | € 107 | € 86 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure Of Other Liabilities [abstract] | ||||||
Payables due to policyholders | € 1,363 | € 1,172 | ||||
Payables due to brokers and agents | 296 | 373 | ||||
Payables out of reinsurance | 1,597 | 1,327 | ||||
Social security and taxes payable | 117 | 108 | ||||
Income tax payable | 3 | 2 | ||||
Investment creditors | 940 | 1,195 | ||||
Cash collateral on derivative transactions | 4,243 | 3,396 | ||||
Cash collateral on securities lended | 2,146 | 2,480 | ||||
Cash collateral - other | 59 | 49 | ||||
Repurchase agreements | 719 | 322 | ||||
Commercial paper | 58 | 82 | ||||
Lease liabilities | 311 | € 285 | ||||
Other creditors | 2,968 | 2,947 | ||||
At December 31 | 14,819 | 13,454 | [1] | € 15,208 | ||
Current | 14,097 | 13,309 | ||||
Non-current | € 722 | € 146 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Accruals - Summary of Accruals
Accruals - Summary of Accruals (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Subclassifications of assets, liabilities and equities [abstract] | |||||
Accrued interest | € 292 | € 237 | |||
Accrued expenses | 134 | 151 | |||
At December 31 | € 426 | € 388 | [1] | € 329 | |
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Capital Management and Solven_3
Capital Management and Solvency - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2019USD ($) | Oct. 22, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of capital management and solvency [line items] | ||||||
Solvency contribution risk-based capital ratio | 150.00% | 150.00% | ||||
Solvency contribution risk-based capital own fund ratio | 100.00% | 100.00% | ||||
Withdrawal of insurance license triggered by breach of Authorized Control Level (ACL), percentage | 100.00% | 100.00% | ||||
Withdrawal of insurance license triggered by breach of Company Action Level (CAL), percentage | 50.00% | 50.00% | ||||
Percentage of higher capital requirement in SCR | 100.00% | 100.00% | ||||
Percentage of tier 1 capital accounted for own funds | 83.00% | 83.00% | 89.00% | |||
Restricted of tier 2 capital | € 823 | |||||
Solvency II revaluations related to items that are not recognized under Solvency | 1,932 | € 2,024 | ||||
Solvency II revaluation related to the Net Asset Value of subsidiaries that are included under the Deduction & Aggregation method | € (5,663) | € (4,095) | ||||
Total gross financial leverage | 28.50% | 29.20% | 28.50% | 29.20% | ||
Fixed Charge Coverage | 7.7 | 8.2 | 7.7 | 8.2 | ||
Total distributable reserves | € 13,569 | € 13,307 | ||||
Capital requirements on a solo-level, Solvency II ratio | 100.00% | 100.00% | ||||
Perpetual Contingent Convetible Security Two Thousand And Nineteen [Member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Restricted of tier one capital | € 518 | |||||
Debt instrument face value | 500 | |||||
Repayment Of Perpetual Capital Securities | $ | $ 1,000 | |||||
Aegons insurance group [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Solvency II revaluation related to items that have a different valuation treatment between IFRS and Solvency II | 3,360 | 2,789 | ||||
IFRS and Solvency II frameworks [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Solvency II revaluations, total | (7,607) | (6,593) | ||||
Fixed floating subordinated notes [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Restricted of tier 2 capital | 774 | 771 | ||||
USD 925 million fixed subordinated notes [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Subordinated Notes Issued | $ | $ 925 | $ 925 | $ 925 | |||
Subordinated Liabilities [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Reclassification of subordinated liabilities | (3,372) | (3,262) | ||||
Junior perpetual capital securities [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Restricted of tier one capital | 1,617 | 2,931 | ||||
Perpetual cumulative subordinated bonds [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Restricted of tier one capital | € 479 | € 476 | ||||
New method [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Percentage of tier 2 capital accounted for own funds | 13.00% | 13.00% | 8.00% | |||
Restricted of tier 2 capital | € 773 | € 716 | ||||
Top of range [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Group solvency II ratio | 200.00% | 200.00% | ||||
Capital instruments under solvency period | 10 years | 10 years | ||||
Total gross financial leverage | 30.00% | 30.00% | ||||
Fixed Charge Coverage | 0.08 | 0.08 | ||||
Bottom of range [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Group solvency II ratio | 150.00% | 150.00% | ||||
Total gross financial leverage | 26.00% | 26.00% | ||||
Fixed Charge Coverage | 0.06 | 0.06 | ||||
Capital requirements on a solo-level, Solvency II ratio | 100.00% | 100.00% |
Capital Management and Solven_4
Capital Management and Solvency - Summary of Composition of Available Own Funds Across Tiers (Detail) - New method [member] - Solvency one capital ratio [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of capital management and solvency [line items] | ||
Total available own funds | € 18,470 | € 17,602 |
Unrestricted tier 1 [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total available own funds | 12,724 | 12,204 |
Restricted tier 1 [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total available own funds | 2,614 | 3,406 |
Tier 2 capital [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total available own funds | 2,370 | 1,487 |
Tier 3 capital [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total available own funds | € 762 | € 505 |
Capital Management and Solven_5
Capital Management and Solvency - Summary of Equity Compares to Solvency II Own Funds (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |||
Disclosure of capital management and solvency [line items] | |||||||||
Shareholders' Equity | € 21,850 | € 19,200 | [1] | € 20,266 | |||||
Group Equity | 24,441 | 22,542 | [2] | € 24,079 | € 24,079 | € 24,341 | |||
DNB Bank ASA [member] | |||||||||
Disclosure of capital management and solvency [line items] | |||||||||
Shareholders' Equity | 21,850 | 19,200 | |||||||
IFRS adjustments for Other Equity instruments and non controlling interests | 2,591 | 3,342 | |||||||
Group Equity | 24,441 | 22,542 | |||||||
Solvency II revaluations & reclassifications | (7,607) | (6,593) | |||||||
Transferability restrictions | [3] | (1,973) | (1,884) | ||||||
Excess of Assets over Liabilities | 14,861 | 14,065 | |||||||
Availability adjustments | 4,446 | 4,326 | |||||||
Fungibility adjustments | [4] | (838) | (789) | ||||||
Available own funds | € 18,470 | € 17,602 | |||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | ||||||||
[2] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing | ||||||||
[3] | This includes the transferability restriction related to the RBC CAL conversion methodology. | ||||||||
[4] | Amongst others, this contains the exclusion of Aegon Bank. |
Capital Management and Solven_6
Capital Management and Solvency - Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of capital management and solvency [line items] | ||||||
Total shareholders' equity-based on IFRS as adopted by the EU | € 22,457 | € 19,518 | ||||
Non-controlling interests and long term incentive plans not yet vested | 73 | 80 | ||||
Revaluation reserves | (5,868) | (3,436) | ||||
Adjusted shareholders' equity | 16,662 | 16,162 | ||||
Subordinated borrowings | 2,207 | 1,389 | [1] | € 764 | ||
Trust pass-through securities | 136 | 133 | [1] | € 133 | ||
Currency revaluation other equity instruments1) | [2] | 54 | 110 | |||
Hybrid leverage | 4,916 | 4,895 | ||||
Senior debt | [3] | 1,738 | 1,774 | |||
Senior leverage | 1,738 | 1,774 | ||||
Total gross financial leverage | 6,653 | 6,669 | ||||
Total capitalization | € 23,316 | € 22,831 | ||||
Gross financial leverage ratio | 28.50% | 29.20% | ||||
Fixed Charge Coverage | 7.7 | 8.2 | ||||
Fixed floating subordinated notes [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Other equity instruments | € 1,404 | € 1,389 | ||||
Fixed subordinated notes [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Subordinated borrowings | 804 | |||||
Perpetual contingent convertible securities [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Other equity instruments | 500 | |||||
Junior perpetual capital securities [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Other equity instruments | 1,564 | 2,808 | ||||
Perpetual cumulative subordinated bonds [member] | ||||||
Disclosure of capital management and solvency [line items] | ||||||
Other equity instruments | € 454 | € 454 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | |||||
[2] | Other equity instruments that are denominated in foreign currencies are, for purpose of calculating hybrid leverage, revalued to the period-end exchange rate. | |||||
[3] | Senior debt for the gross financial leverage calculation also contains swaps for an amount of EUR (7) million (2018: EUR (1) million). |
Capital Management and Solven_7
Capital Management and Solvency - Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of capital management and solvency [line items] | ||
Senior debt for the gross financial leverage | € 1,738 | € 1,774 |
Currency swap contract [member] | ||
Disclosure of capital management and solvency [line items] | ||
Senior debt for the gross financial leverage | € (7) | € (1) |
Capital Management and Solven_8
Capital Management and Solvency - Schedule of Total Distributable Items (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 15, 2019 | Dec. 31, 2018 | |
Distributable items | ||||
Equity attributable to shareholders | € 22,457 | € 19,518 | ||
Non-distributable items: | ||||
Share capital | (323) | (322) | ||
Legal reserves | € (8,565) | (5,890) | [1] | |
At December 31 | € 13,569 | € 13,307 | ||
[1] | The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the positive revaluations in the revaluation reserves, cannot be freely distributed. |
Fair Value - Analysis of Assets
Fair Value - Analysis of Assets and Liabilities Recorded at Fair Value on Recurring Basis by Level of Fair Value Hierarchy (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | |
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | € 440,348 | € 392,633 | [1] | € 395,923 | ||
Liabilities carried at fair value | 415,907 | 370,091 | [1] | € 371,844 | ||
Real estate held for own use [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 208 | 263 | ||||
Level III [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 3,278 | 2,695 | € 2,064 | |||
Level III [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 10,722 | 10,077 | 9,130 | |||
Level III [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,712 | 1,976 | 2,318 | |||
Level III [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,074 | 1,242 | 1,447 | |||
Level III [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 482 | 493 | 583 | |||
Level III [member] | Real estate held for own use [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 208 | 263 | 307 | |||
Level III [member] | Investment contracts for account of policyholders [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 197 | 206 | 219 | |||
Level III [member] | Derivative [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 3,081 | 2,489 | € 1,845 | |||
Investment funds [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 339,124 | 298,204 | ||||
Liabilities carried at fair value | 72,033 | 57,613 | ||||
Investment funds [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 89,404 | 84,675 | ||||
Investment funds [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 249,512 | 213,266 | ||||
Investment funds [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 208 | 263 | ||||
Investment funds [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 409 | 478 | ||||
Investment funds [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,813 | 1,682 | ||||
Investment funds [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 82,918 | 77,340 | ||||
Investment funds [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 3,934 | 3,913 | ||||
Investment funds [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 5,169 | 5,955 | ||||
Investment funds [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 158 | 352 | ||||
Investment funds [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 908 | 902 | ||||
Investment funds [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 3,175 | 2,649 | ||||
Investment funds [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 225,788 | 193,741 | ||||
Investment funds [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 11,157 | 7,615 | ||||
Investment funds [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 2,901 | 2,700 | ||||
Investment funds [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 586 | 612 | ||||
Investment funds [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 208 | 263 | ||||
Investment funds [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 59,956 | 49,847 | ||||
Investment funds [member] | Borrowings [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 461 | 536 | ||||
Investment funds [member] | Derivative [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 11,616 | 7,230 | ||||
Investment funds [member] | Level I [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 147,571 | 132,294 | ||||
Liabilities carried at fair value | 59 | 93 | ||||
Investment funds [member] | Level I [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 26,875 | 26,160 | ||||
Investment funds [member] | Level I [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 120,696 | 106,134 | ||||
Investment funds [member] | Level I [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 92 | 82 | ||||
Investment funds [member] | Level I [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 106 | 217 | ||||
Investment funds [member] | Level I [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 25,528 | 24,652 | ||||
Investment funds [member] | Level I [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 204 | 1,868 | ||||
Investment funds [member] | Level I [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,255 | 1,427 | ||||
Investment funds [member] | Level I [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 19 | 17 | ||||
Investment funds [member] | Level I [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1 | 1 | ||||
Investment funds [member] | Level I [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 120,271 | 103,977 | ||||
Investment funds [member] | Level I [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 96 | 53 | ||||
Investment funds [member] | Level I [member] | Derivative [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 59 | 93 | ||||
Investment funds [member] | Level II [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 180,831 | 155,833 | ||||
Liabilities carried at fair value | 68,696 | 54,824 | ||||
Investment funds [member] | Level II [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 60,817 | 56,538 | ||||
Investment funds [member] | Level II [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 120,014 | 99,295 | ||||
Investment funds [member] | Level II [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 160 | 155 | ||||
Investment funds [member] | Level II [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 306 | 239 | ||||
Investment funds [member] | Level II [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 56,317 | 51,446 | ||||
Investment funds [member] | Level II [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 3,727 | 2,028 | ||||
Investment funds [member] | Level II [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 3,914 | 4,528 | ||||
Investment funds [member] | Level II [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 139 | 335 | ||||
Investment funds [member] | Level II [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 426 | 409 | ||||
Investment funds [member] | Level II [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,125 | 1,272 | ||||
Investment funds [member] | Level II [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 103,712 | 87,893 | ||||
Investment funds [member] | Level II [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 11,006 | 7,527 | ||||
Investment funds [member] | Level II [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 59,759 | 49,641 | ||||
Investment funds [member] | Level II [member] | Borrowings [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 461 | 536 | ||||
Investment funds [member] | Level II [member] | Derivative [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 8,476 | 4,648 | ||||
Investment funds [member] | Level III [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 10,722 | 10,077 | ||||
Liabilities carried at fair value | 3,278 | 2,695 | ||||
Investment funds [member] | Level III [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,712 | 1,976 | ||||
Investment funds [member] | Level III [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 8,802 | 7,837 | ||||
Investment funds [member] | Level III [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 208 | 263 | ||||
Investment funds [member] | Level III [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 157 | 241 | ||||
Investment funds [member] | Level III [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,401 | 1,226 | ||||
Investment funds [member] | Level III [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,074 | 1,242 | ||||
Investment funds [member] | Level III [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 4 | 17 | ||||
Investment funds [member] | Level III [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 482 | 493 | ||||
Investment funds [member] | Level III [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 2,049 | 1,376 | ||||
Investment funds [member] | Level III [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 1,805 | 1,871 | ||||
Investment funds [member] | Level III [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 56 | 35 | ||||
Investment funds [member] | Level III [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 2,901 | 2,700 | ||||
Investment funds [member] | Level III [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 586 | 612 | ||||
Investment funds [member] | Level III [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Assets carried at fair value | 208 | 263 | ||||
Investment funds [member] | Level III [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | 197 | 206 | ||||
Investment funds [member] | Level III [member] | Derivative [member] | Recurring fair value measurement [member] | ||||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||||
Liabilities carried at fair value | € 3,081 | € 2,489 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Fair Value - Schedule of Transf
Fair Value - Schedule of Transfers between Level 1 and Level II for Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis (Detail) - Recurring fair value measurement [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | € 20 | € 3 |
Transfers Level II to Level I | 19 | (3) |
Available-for-sale financial assets [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 12 | |
Transfers Level II to Level I | 3 | |
Available-for-sale financial assets [member] | Debt securities [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 12 | |
Transfers Level II to Level I | 3 | |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 8 | 3 |
Transfers Level II to Level I | 16 | (3) |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Shares [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 8 | 3 |
Transfers Level II to Level I | 8 | 1 |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investment contracts for account of policyholders [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level II to Level I | € 8 | € (4) |
Fair Value - Disclosures of Cha
Fair Value - Disclosures of Changes in Level 3 Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | [1] | € 392,633 | ||
Beginning balance | [1] | 370,091 | ||
Ending balance | 440,348 | € 392,633 | [1] | |
Ending balance | 415,907 | 370,091 | [1] | |
Real estate held for own use [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 263 | |||
Total gains /losses in income statement | 7 | |||
Total gains /losses in OCI | 3 | |||
Purchases | (5) | |||
Sales | (62) | |||
Net exchange difference | 3 | |||
Transfers to disposal groups | 0 | |||
Ending balance | 208 | 263 | ||
Level III [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 2,695 | 2,064 | ||
Total gains /losses in income statement | 605 | 604 | ||
Total gains /losses in OCI | 4 | |||
Purchases | 4 | 7 | ||
Sales | (46) | (14) | ||
Net exchange difference | 15 | 35 | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 3,278 | 2,695 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 75 | 614 | ||
Level III [member] | Investment contracts for account of policyholders [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 206 | 219 | ||
Total gains /losses in income statement | 9 | (10) | ||
Purchases | 4 | 7 | ||
Sales | (23) | (14) | ||
Net exchange difference | 1 | 4 | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 197 | 206 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (10) | |||
Level III [member] | Derivative [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 2,489 | 1,845 | ||
Total gains /losses in income statement | 597 | 613 | ||
Total gains /losses in OCI | 4 | |||
Sales | (22) | |||
Net exchange difference | 13 | 31 | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 3,081 | 2,489 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 84 | 613 | ||
Level III [member] | Recurring fair value measurement [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 10,077 | 9,130 | ||
Acquisition through business combinations | 130 | |||
Disposal of a business | (1) | |||
Total gains /losses in income statement | 379 | 435 | ||
Total gains /losses in OCI | (37) | (87) | ||
Purchases | 3,509 | 2,570 | ||
Sales | (2,880) | (1,624) | ||
Settlements | (194) | (472) | ||
Net exchange difference | 122 | 185 | ||
Reclassification | 42 | |||
Transfers from levels I and II | 263 | 151 | ||
Transfers to levels I and II | (517) | (382) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 10,722 | 10,077 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 179 | 388 | ||
Level III [member] | Recurring fair value measurement [member] | Real estate held for own use [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 263 | 307 | ||
Disposal of a business | (1) | |||
Total gains /losses in income statement | 7 | (19) | ||
Total gains /losses in OCI | 3 | (39) | ||
Purchases | (5) | 17 | ||
Sales | (62) | (10) | ||
Settlements | 0 | |||
Net exchange difference | 3 | 7 | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 208 | 263 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 5 | |||
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 1,976 | 2,318 | ||
Total gains /losses in income statement | (97) | (36) | ||
Total gains /losses in OCI | (40) | (48) | ||
Purchases | 1,584 | 629 | ||
Sales | (1,297) | (255) | ||
Settlements | (194) | (473) | ||
Net exchange difference | 32 | 87 | ||
Reclassification | 1 | 6 | ||
Transfers from levels I and II | 178 | 58 | ||
Transfers to levels I and II | (431) | (310) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 1,712 | 1,976 | ||
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Money markets and other short term instruments [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Purchases | 1,061 | |||
Sales | (855) | |||
Settlements | (103) | |||
Transfers from levels I and II | 126 | |||
Transfers to levels I and II | (229) | |||
Transfers to disposal groups | 0 | |||
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Shares [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 241 | 288 | ||
Total gains /losses in income statement | 21 | |||
Total gains /losses in OCI | (5) | (12) | ||
Purchases | 22 | 9 | ||
Sales | (100) | (77) | ||
Net exchange difference | 4 | 10 | ||
Reclassification | 2 | 2 | ||
Transfers to levels I and II | (7) | |||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 157 | 241 | ||
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Debt securities [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 1,242 | 1,447 | ||
Total gains /losses in income statement | 3 | 26 | ||
Total gains /losses in OCI | 21 | 2 | ||
Purchases | 319 | 494 | ||
Sales | (317) | (76) | ||
Settlements | (68) | (452) | ||
Net exchange difference | 19 | 51 | ||
Reclassification | (2) | 1 | ||
Transfers from levels I and II | 52 | 58 | ||
Transfers to levels I and II | (195) | (310) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 1,074 | 1,242 | ||
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Other investments [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 493 | 583 | ||
Total gains /losses in income statement | (100) | (83) | ||
Total gains /losses in OCI | (56) | (38) | ||
Purchases | 183 | 125 | ||
Sales | (25) | (102) | ||
Settlements | (23) | (21) | ||
Net exchange difference | 9 | 25 | ||
Reclassification | 3 | |||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 482 | 493 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 7,837 | 6,506 | ||
Acquisition through business combinations | 130 | |||
Total gains /losses in income statement | 468 | 490 | ||
Purchases | 1,931 | 1,924 | ||
Sales | (1,521) | (1,360) | ||
Settlements | (1) | |||
Net exchange difference | 88 | 90 | ||
Reclassification | (1) | 36 | ||
Transfers from levels I and II | 85 | 94 | ||
Transfers to levels I and II | (86) | (72) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 8,802 | 7,837 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 179 | 383 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Shares [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 1,226 | 604 | ||
Total gains /losses in income statement | 72 | 104 | ||
Purchases | 368 | 541 | ||
Sales | (266) | (61) | ||
Settlements | 1 | |||
Net exchange difference | 1 | 1 | ||
Reclassification | 36 | |||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 1,401 | 1,226 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 62 | 105 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Debt securities [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 17 | 4 | ||
Total gains /losses in income statement | (1) | (25) | ||
Purchases | 1 | 37 | ||
Sales | (12) | |||
Settlements | (1) | |||
Reclassification | (1) | |||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 4 | 17 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (24) | |||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 1,376 | 1,255 | ||
Total gains /losses in income statement | 34 | 11 | ||
Purchases | 884 | 332 | ||
Sales | (268) | (307) | ||
Net exchange difference | 23 | 64 | ||
Transfers from levels I and II | 85 | 94 | ||
Transfers to levels I and II | (86) | (72) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 2,049 | 1,376 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 36 | 3 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investment contracts for account of policyholders [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 1,871 | 1,784 | ||
Acquisition through business combinations | 130 | |||
Total gains /losses in income statement | 45 | 76 | ||
Purchases | 435 | 537 | ||
Sales | (567) | (660) | ||
Net exchange difference | 20 | 3 | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 1,805 | 1,871 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 86 | 35 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Derivatives [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 35 | 57 | ||
Total gains /losses in income statement | 19 | 57 | ||
Purchases | 35 | |||
Sales | (33) | (80) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 56 | 35 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 20 | 59 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 2,700 | 2,147 | ||
Total gains /losses in income statement | 317 | 261 | ||
Purchases | 206 | 474 | ||
Sales | (331) | (209) | ||
Net exchange difference | 9 | 27 | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 2,901 | 2,700 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 2 | 202 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate for policyholders [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 612 | 655 | ||
Total gains /losses in income statement | (18) | 5 | ||
Purchases | 2 | 2 | ||
Sales | (43) | (43) | ||
Net exchange difference | 34 | (7) | ||
Transfers to disposal groups | 0 | 0 | ||
Ending balance | 586 | 612 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | € (27) | € 4 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Amount of assets and liabilities transferred to Level III | € 263,000,000 | € 151,000,000 |
Transferred of financial instruments from Level III to other levels of the fair value hierarchy | 517,000,000 | 382,000,000 |
Available-for-sale (AFS) | € 89,404,000,000 | € 84,675,000,000 |
Weighted average own credit spread used in the valuations of embedded derivatives in insurance contracts | 0.00% | 0.30% |
Discount rates converge linearly | 10 years | |
Uniform last liquid point for all Aegon's major currencies (EUR, USD and GBP) | 30 years | |
United States [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Ultimate forward rate | 4.25% | |
The Netherlands [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Ultimate forward rate | 3.65% | |
Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Financial assets designated at fair value through profit or loss | € 0 | |
Credit spread [member] | Weighted average [member] | Corporate bonds [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Interest rate | 0.00% | 3.40% |
Tax credit investments [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Discount rate used in valuation of tax credit investments | 0.00% | 6.80% |
Net asset value [member] | Recurring fair value measurement [member] | Federal Home Loan Bank shares [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Available-for-sale (AFS) | € 91,000,000 | € 176,000,000 |
Fair Value - Information about
Fair Value - Information about Significant Unobservable Inputs (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input | Credit spread | |
Financial assets at fair value | € 148,570 | € 139,834 |
Debt securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 86,853 | € 81,253 |
Level III [member] | Real estate held for own use [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Direct capitalization technique | |
Significant unobservable input | Capitalization rate | |
Level III [member] | Real estate held for own use [member] | Appraisal value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Appraisal value | |
Significant unobservable input | n.a. | |
Level III [member] | Real estate held for own use [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Shares [member] | Net asset value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Debt securities [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Debt securities [member] | Broker quote [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Broker quote | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Debt securities [member] | Credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Range (weighted average) | 3.24% | 3.38% |
Level III [member] | Available-for-sale financial assets [member] | Other investments [member] | Net asset value [member] | Investment funds [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Other investments [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Available-for-sale financial assets [member] | Other investments [member] | Discounted cash flow [member] | Tax credit investments [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Discount rate | |
Range (weighted average) | 6.50% | 6.80% |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Debt securities [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | Net asset value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Longevity swap [member] | Mortality rates [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Mortality | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Direct capitalization technique | |
Significant unobservable input | Capitalization rate | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | Appraisal value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Appraisal value | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | Capitalization rates [member] | Direct capitalization technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input | Capitalization rate | |
Level III [member] | Embedded derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Own credit spread | |
Level III [member] | Longevity swap liability [member] | Mortality rates [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input | Mortality | |
Level III [member] | Longevity swap liability [member] | Mortality rates [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Level III [member] | Other [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Bottom of range [member] | Real estate held for own use [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 7.75% | 8.25% |
Level III [member] | Bottom of range [member] | Available-for-sale financial assets [member] | Debt securities [member] | Constant Prepayment Rate [Member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Constant Prepayment Rate | |
Range (weighted average) | 7.82% | |
Level III [member] | Bottom of range [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 4.25% | 4.25% |
Level III [member] | Bottom of range [member] | Embedded derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 0.20% | 0.25% |
Level III [member] | Top of range [member] | Real estate held for own use [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 9.50% | 9.50% |
Level III [member] | Top of range [member] | Available-for-sale financial assets [member] | Debt securities [member] | Constant Prepayment Rate [Member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Constant Prepayment Rate | |
Range (weighted average) | 25.00% | |
Level III [member] | Top of range [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 5.50% | 7.50% |
Level III [member] | Top of range [member] | Embedded derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 0.30% | 0.40% |
Level III [member] | Weighted average [member] | Real estate held for own use [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 9.00% | 8.90% |
Level III [member] | Weighted average [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 3.30% | 4.40% |
Level III [member] | Weighted average [member] | Embedded derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 0.24% | 0.30% |
Level III [member] | Recurring fair value measurement [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 8,330 | € 7,592 |
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 3,081 | 2,489 |
Level III [member] | Recurring fair value measurement [member] | Investments in real estate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 6,410 | 5,352 |
Level III [member] | Recurring fair value measurement [member] | Real estate held for own use [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 208 | 263 |
Level III [member] | Recurring fair value measurement [member] | Real estate held for own use [member] | Direct capitalization technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 54 | 53 |
Level III [member] | Recurring fair value measurement [member] | Real estate held for own use [member] | Appraisal value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 108 | 101 |
Level III [member] | Recurring fair value measurement [member] | Real estate held for own use [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 46 | 108 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 1,712 | 1,976 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Shares [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 157 | 241 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Shares [member] | Net asset value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 119 | 205 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 38 | 36 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Debt securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 1,074 | 1,242 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Debt securities [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 193 | 240 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Debt securities [member] | Broker quote [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 818 | 985 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Debt securities [member] | Credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 25 | 17 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Other investments [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 482 | 493 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Other investments [member] | Net asset value [member] | Investment funds [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 14 | 24 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Other investments [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 33 | 34 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Other investments [member] | Discounted cash flow [member] | Tax credit investments [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 435 | 435 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 1,405 | 1,243 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 1,401 | 1,226 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Debt securities [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 4 | 17 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 2,049 | 1,376 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | Net asset value [member] | Investment funds [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 1,984 | 1,334 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 65 | 42 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 2,901 | 2,700 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | Other valuation technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 92 | 123 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | Capitalization rates [member] | Direct capitalization technique [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 580 | 427 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Investments in real estate [member] | Appraisal value [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 2,229 | 2,150 |
Level III [member] | Recurring fair value measurement [member] | Embedded derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 3,072 | 2,484 |
Level III [member] | Recurring fair value measurement [member] | Longevity swap liability [member] | Mortality rates [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 9 | 5 |
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 55 | |
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Longevity swap [member] | Mortality rates [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 55 | 33 |
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 33 | |
Level III [member] | Recurring fair value measurement [member] | Bottom of range [member] | Available-for-sale financial assets [member] | Debt securities [member] | Constant Prepayment Rate [Member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 30 | |
Level III [member] | Recurring fair value measurement [member] | Top of range [member] | Constant Prepayment Rate [Member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 7 |
Fair Value - Information abou_2
Fair Value - Information about Significant Unobservable Inputs (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives [member] | Level III [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Investments for account of policyholders | € 1 | € 2 |
Fair Value - Effect of Changes
Fair Value - Effect of Changes in Significant Unobservable Assumptions to Reasonably Possible Alternatives (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Fair Value Financial Assets And Liabilities [abstract] | ||
Fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 3,072 | € 2,484 |
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 158 | 131 |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € (152) | € (126) |
Fair Value - Carrying Values an
Fair Value - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial assets | € 143,075 | € 135,925 | |
Fair value | 148,570 | 139,834 | |
Subordinated borrowings - held at amortized cost [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 2,416 | € 1,355 | |
Subordinated borrowings - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial liabilities | 2,207 | 1,389 | |
Total estimated fair value | 2,416 | 1,355 | |
Trust pass-through securities - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial liabilities | 136 | 133 | |
Total estimated fair value | 144 | 128 | |
Borrowings [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial liabilities | 8,845 | 11,525 | |
Total estimated fair value | 9,322 | 11,885 | |
Investment contracts - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial liabilities | 18,382 | 17,825 | |
Total estimated fair value | 18,964 | 18,028 | |
Mortgage loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial assets | 37,750 | 36,240 | |
Fair value | 42,567 | 39,758 | |
Private loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial assets | 4,487 | 4,103 | |
Fair value | 5,159 | 4,494 | |
Other loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Financial assets | 2,353 | 2,310 | |
Fair value | 2,353 | 2,310 | |
Level I [member] | Subordinated borrowings - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 1,560 | 1,355 | |
Level I [member] | Borrowings [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 1,728 | 1,570 | |
Level I [member] | Other loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | 45 | 13 | |
Level II [member] | Subordinated borrowings - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 855 | ||
Level II [member] | Trust pass-through securities - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 144 | 128 | |
Level II [member] | Borrowings [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 30 | 28 | |
Level II [member] | Mortgage loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | 1 | 1 | |
Level II [member] | Private loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | 65 | 42 | |
Level II [member] | Other loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | 2,080 | 2,064 | |
Level III [member] | Borrowings [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 7,565 | 10,287 | |
Level III [member] | Investment contracts - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Total estimated fair value | 18,964 | 18,028 | |
Level III [member] | Mortgage loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | 42,566 | 39,757 | |
Level III [member] | Private loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | 5,094 | 4,452 | |
Level III [member] | Other loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Fair value | € 228 | € 233 |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying Amounts of Financial Assets and Financial Liabilities that are Classified as at Fair Value Through Profit or Loss (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | € 10,910 | € 7,355 |
Designated | 234,591 | 202,165 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 11,175 | 6,935 |
Designated | 60,417 | 50,383 |
Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Designated | 225,788 | 193,741 |
Investment contracts for account of policyholders [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Designated | 59,956 | 49,847 |
Derivatives with negative values not designated as hedges [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 10,634 | 7,181 |
Derivatives with negative values not designated as hedges [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 11,175 | 6,935 |
Borrowings [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Designated | 461 | 536 |
Investment income related to general account [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 277 | 174 |
Designated | € 8,803 | € 8,424 |
Fair Value - Gains and Losses R
Fair Value - Gains and Losses Recognized in the Income Statement on Financial Assets and Financial Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Fair Value Financial Assets And Liabilities [abstract] | ||
Trading | € 21,020 | € (4,584) |
Designated | € 13,574 | € (7,356) |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments through Purchase and Sale Transactions of Investments (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | € 168 | € 156 |
Sale | 3 | 66 |
Mortgage loans [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | 859 | 3,187 |
Sale | 79 | 67 |
Private loans [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | 394 | 1,224 |
Other [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | € 1,824 | € 2,222 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Not later than 1 year [member] | Operating lease obligations [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | € 73 | |
Not later than 1 year [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | € 49 | 50 |
Later than one year and not later than two years [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 42 | |
Later than two years and not later than three years [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 32 | |
Later than three years and not later than four years [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 26 | |
Later than four years and not later than five years [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 19 | |
1-5 years [member] | Operating lease obligations [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 144 | |
1-5 years [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 127 | |
Later than 5 years [member] | Operating lease obligations [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 169 | |
Later than 5 years [member] | Operating lease rights [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | € 47 | € 52 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Other Commitments and Contingencies (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Other Commitments And Contingencies [abstract] | ||
Guarantees | € 380 | € 437 |
Standby letters of credit | 12 | 12 |
Share of contingent liabilities incurred in relation to interests in joint ventures | 14 | 49 |
Other guarantees | 13 | 14 |
Other commitments and contingent liabilities | € 7 | € 7 |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Detail) $ in Thousands, € in Millions, £ in Millions | Oct. 31, 2017EUR (€) | Mar. 31, 2019USD ($) | Nov. 30, 2018Customer | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2013EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Jan. 01, 2018EUR (€) | [1] | Dec. 31, 2017EUR (€) | |
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Net charge to income statement | € 214 | € 320 | [1] | € 210 | ||||||||||
Litigation preliminary settlement amount granted by court | € 25 | |||||||||||||
Other provisions | 214 | 320 | € 210 | |||||||||||
Guarantees Cancelled | € 0 | |||||||||||||
Sale of stock, consideration received | € 295 | |||||||||||||
Litigation provision [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Net charge to income statement | $ | $ 166,000 | |||||||||||||
Policy holders objected to settlement | 99.00% | 99.00% | ||||||||||||
Policy holders opting out of settlement | 1.00% | 1.00% | ||||||||||||
Opted out shareholders value in Settlement fund | 43.00% | 43.00% | ||||||||||||
Other provisions | € 14 | |||||||||||||
Provision for unclaimed property [Member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Other provisions | $ | $ 25,000 | |||||||||||||
Transamerica Corporation [member] | LTCG [Member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Contractual obligations payment amount | $ | $ 390,000 | |||||||||||||
Atos BPS Ltd [member] | Aegon United Kingdom [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Contractual obligations transition and conversion charges | £ | £ 60 | |||||||||||||
Contractual obligations period | Next three years | Next three years | ||||||||||||
Contract agreement term | 15-year | 15-year | ||||||||||||
Number of customers | Customer | 1,400,000 | |||||||||||||
Aegon N.V [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Net charge to income statement | 10 | |||||||||||||
Transamerica Corporation [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Alleged actual damages andpre-judgment interest | $ | $ 120,000 | |||||||||||||
Amount of damages and interest | $ | $ 235 | |||||||||||||
Contractual dispute period, description | A former subsidiary of Transamerica Corporation was involved in a contractual dispute with a Nigerian travel broker that arose in 1976. That dispute was resolved in Delaware court for USD 235 thousand plus interest in 2010. The plaintiff took the Delaware judgment relating to the 1976 dispute to a Nigerian court and alleged that it was entitled to approximately the same damages for 1977 through 1984 despite the absence of any contract relating to those years. The Nigerian trial court issued a judgment in favor of the plaintiff of the alleged actual damages as well as pre-judgment interest of approximately USD 120 million. On appeal this decision was reversed on procedural grounds and remanded back to the trial court which ruled to dismiss the case; however, the Plaintiff appealed the trial court’s ruling. The appeal is still pending. Aegon has no material assets located in Nigeria. | A former subsidiary of Transamerica Corporation was involved in a contractual dispute with a Nigerian travel broker that arose in 1976. That dispute was resolved in Delaware court for USD 235 thousand plus interest in 2010. The plaintiff took the Delaware judgment relating to the 1976 dispute to a Nigerian court and alleged that it was entitled to approximately the same damages for 1977 through 1984 despite the absence of any contract relating to those years. The Nigerian trial court issued a judgment in favor of the plaintiff of the alleged actual damages as well as pre-judgment interest of approximately USD 120 million. On appeal this decision was reversed on procedural grounds and remanded back to the trial court which ruled to dismiss the case; however, the Plaintiff appealed the trial court’s ruling. The appeal is still pending. Aegon has no material assets located in Nigeria. | ||||||||||||
Transamerica Corporation [member] | Guarantees [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Due and punctual payment of payables due under letter of credit agreements | € 1,666 | 3,164 | ||||||||||||
Transamerica Corporation [member] | Aegon N.V [member] | Guarantees [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Due and punctual payment of payables due under letter of credit agreements | 1,666 | 3,164 | ||||||||||||
Transamerica Corporation [member] | TLIC Riverwood Reinsurance Inc [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Cash payments of reinsurance obligations from subsidiary to third party | 1,892 | € 1,793 | ||||||||||||
Transamerica Corporation and Commonwealth General Corporation [member] | Guarantees [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Due and punctual payment of payables due under letter of credit agreements | 2,249 | 3,469 | ||||||||||||
Transamerica Corporation and Commonwealth General Corporation [member] | Aegon N.V [member] | Guarantees [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Due and punctual payment of payables due under letter of credit agreements | 2,249 | 3,469 | ||||||||||||
Subsidiaries [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Securities and notes issued under commercial paper program | 0 | 614 | ||||||||||||
Subsidiaries [member] | Guarantees [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Other letter of credit agreements | 60 | |||||||||||||
Securities and notes issued under commercial paper program | 0 | |||||||||||||
Subsidiaries [member] | Aegon N.V [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Securities and notes issued under commercial paper program | 1,449 | 614 | ||||||||||||
Subsidiaries [member] | Aegon N.V [member] | Guarantees [member] | ||||||||||||||
Disclosure of commitments and contingencies [line items] | ||||||||||||||
Other letter of credit agreements | € 10 | € 60 | ||||||||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Transfers of Financial Assets -
Transfers of Financial Assets - Summary of Carrying Amount of Financial Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale financial assets [member] | Shares [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | € 144 | € 81 |
Carrying amount of associated liabilities | 155 | 91 |
Available-for-sale financial assets [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 3,127 | 3,310 |
Carrying amount of associated liabilities | 3,304 | 3,396 |
Financial assets at fair value through profit or loss [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 20 | 404 |
Carrying amount of associated liabilities | 21 | 416 |
Financial assets at fair value through profit or loss [member] | Investment contracts for account of policyholders [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 161 | 249 |
Carrying amount of associated liabilities | € 4 | € 69 |
Transfers of Financial Assets_2
Transfers of Financial Assets - Additional Information (Detail) - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Transferred financial assets with continuing involvement that are derecognized in their entirely | € 0 | € 0 |
Amount of collateral pledged for derivative transactions | 2,400,000,000 | 1,400,000,000 |
The Netherlands [member] | ||
Disclosure of financial assets [line items] | ||
Mortgage loan pledged as security for notes issued | € 5,500,000,000 | € 6,000,000,000 |
Transfers of Financial Assets_3
Transfers of Financial Assets - Summary of Securities Lending (Detail) - Securities lending [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Carrying amount of transferred financial assets | € 2,734 | € 3,718 |
Fair value of cash collateral received | 2,146 | 2,480 |
Fair value of non-cash collateral received | 780 | 1,356 |
Net exposure | (192) | (117) |
Non-cash collateral that can be sold or repledged in the absence of default | 618 | 1,171 |
Non-cash collateral that has been sold or transferred |
Transfers of Financial Assets_4
Transfers of Financial Assets - Summary of Reverse Repurchase Agreements (Detail) - Reverse repurchase agreements [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Cash paid for reverse repurchase agreements | € 4,980 | € 2,195 |
Fair value of non-cashcollateral received | 5,003 | 2,224 |
Net exposure | (23) | (29) |
Non-cash collateral that can be sold or repledged in the absence of default | 4,640 | 1,740 |
Non-cash collateral that has been sold or transferred |
Transfers of Financial Assets_5
Transfers of Financial Assets - Summary of Carrying Amount of Collateral Pledged and the Corresponding Amounts (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets pledged for general account and contingent liabilities [member] | ||
Disclosure of financial assets [line items] | ||
General account (contingent) liabilities | € 2,664 | € 4,844 |
Collateral pledged | 3,726 | 6,694 |
Net exposure | (1,061) | (1,849) |
Non-cash collateral that can be sold or repledged by the counterparty | ||
Assets pledged for repurchase agreements [member] | ||
Disclosure of financial assets [line items] | ||
Cash received on repurchase agreements | 719 | 322 |
Collateral pledged (transferred financial assets) | 718 | 325 |
Net exposure | € (3) |
Offsetting, Enforceable Maste_3
Offsetting, Enforceable Master Netting Arrangements and Similar Agreements - Summary of Financial Instruments Set Off in Statement of Financial Position (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of offsetting of financial assets and financial liabilities [line items] | ||
Gross amounts of recognized financial assets | € 11,220 | € 7,650 |
Gross amounts of recognized financial liabilities set off in the statement of financial position | 0 | 0 |
Net amounts of financial assets presented in the statement of financial position | 11,220 | 7,650 |
Related amounts not set off in the statements of financial position, Financial instruments | 8,261 | 4,840 |
Related amounts not set off in the statements of financial position, Cash collateral received (excluding surplus collateral) | 2,837 | 2,689 |
Net amount | 122 | 120 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 8,556 | 4,734 |
Gross amounts of recognized financial assets set off in the statement of financial position | 0 | 0 |
Net amounts of financial liabilities presented in the statement of financial position | 8,556 | 4,734 |
Related amounts not set off in the statements of financial position, Financial instruments | 8,433 | 4,705 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 43 | 7 |
Net amount | 80 | 22 |
Derivatives [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [line items] | ||
Gross amounts of recognized financial assets | 11,220 | 7,650 |
Gross amounts of recognized financial liabilities set off in the statement of financial position | 0 | 0 |
Net amounts of financial assets presented in the statement of financial position | 11,220 | 7,650 |
Related amounts not set off in the statements of financial position, Financial instruments | 8,261 | 4,840 |
Related amounts not set off in the statements of financial position, Cash collateral received (excluding surplus collateral) | 2,837 | 2,689 |
Net amount | 122 | 120 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 8,556 | 4,734 |
Gross amounts of recognized financial assets set off in the statement of financial position | 0 | 0 |
Net amounts of financial liabilities presented in the statement of financial position | 8,556 | 4,734 |
Related amounts not set off in the statements of financial position, Financial instruments | 8,433 | 4,705 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 43 | 7 |
Net amount | € 80 | € 22 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) € in Millions, ¥ in Millions, £ in Millions, $ in Millions, zł in Billions | Jan. 29, 2020EUR (€) | Jan. 29, 2020JPY (¥) | Jan. 08, 2019EUR (€) | Aug. 15, 2018EUR (€) | Aug. 07, 2018USD ($) | Jul. 03, 2018EUR (€) | Apr. 03, 2018EUR (€) | Apr. 03, 2018GBP (£) | Nov. 01, 2017EUR (€) | Jun. 28, 2017EUR (€) | Jun. 28, 2017USD ($) | Jan. 01, 2017EUR (€) | Jan. 01, 2017GBP (£) | Aug. 11, 2016 | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Sep. 10, 2018EUR (€) | Dec. 28, 2017USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017PLN (zł) | Jan. 01, 2017GBP (£) |
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Business combination consideration transferred | € 89 | ||||||||||||||||||||||
Fair value of net assets | 139,834 | € 148,570 | |||||||||||||||||||||
Net assets transferred | € 1,900 | zł 8.1 | |||||||||||||||||||||
Business disposal gain (loss) | € 70 | ||||||||||||||||||||||
Americas [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Business disposal gain (loss) | € 231 | $ 250 | € 905 | $ 979 | |||||||||||||||||||
Reinsured liabilities | $ | $ 14,000 | ||||||||||||||||||||||
Loss on the reinsurance transaction | 1,675 | 1,813 | |||||||||||||||||||||
Revaluation reserves and cash flow hedging reserve | 941 | 1,018 | |||||||||||||||||||||
Gains on sale of certain assets carried at amortized cost backing the insurance liabilities | 87 | 94 | |||||||||||||||||||||
Other expenses related to the transaction | € 26 | $ 28 | |||||||||||||||||||||
CZ [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Business sold, business combination | 155 | ||||||||||||||||||||||
Underlying earnings before tax from cobined operations | € 17 | ||||||||||||||||||||||
JP [member] | Disposal of major subsidiary [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Business disposal gain (loss) | € 51 | ||||||||||||||||||||||
Business sold, business combination | € 153 | ¥ 18,750 | |||||||||||||||||||||
Sale of interest percentage | 50.00% | 50.00% | |||||||||||||||||||||
Cofunds Ltd [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Business combination consideration transferred | € 171 | £ 147 | |||||||||||||||||||||
Fair value of net assets | 116 | 99 | |||||||||||||||||||||
Customer intangibles recoginsed | 29 | £ 25 | |||||||||||||||||||||
Goodwill recognised | 56 | £ 48 | |||||||||||||||||||||
Investments not recognised | € 96,000 | £ 82,000 | |||||||||||||||||||||
Acquisition date | Jan. 1, 2017 | ||||||||||||||||||||||
Aegon Ireland Plc [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Net proceeds of the transaction | € 202 | £ 177 | |||||||||||||||||||||
Business disposal gain (loss) | (93) | (81) | |||||||||||||||||||||
Amount reclassified from other comprehensive income to income statement during disposal | € 36 | £ 31 | |||||||||||||||||||||
Unirobe Mees Groep (UMG) [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Total consideration received from sale of business | € 295 | ||||||||||||||||||||||
Gain loss on disposal of Investment | 208 | ||||||||||||||||||||||
Estimated decrease on future underlying earnings before tax as compared to 2017 levels | € 20 | ||||||||||||||||||||||
Transamerica Corporation [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Reinsured liabilities | $ | $ 700 | $ 750 | |||||||||||||||||||||
Benefits from capital positions | $ | $ 50 | ||||||||||||||||||||||
Banco Santander [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Upfront consideration paid | € 215 | ||||||||||||||||||||||
Additional upfront consideration payable | € 75 | ||||||||||||||||||||||
Additional upfront consideration payment period | 5 years | ||||||||||||||||||||||
NN Group [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Business disposal gain (loss) | € 80 | ||||||||||||||||||||||
Business sold, business combination | € 155 | ||||||||||||||||||||||
Underlying earnings before tax from cobined operations | € 17 | ||||||||||||||||||||||
Robidus [member] | |||||||||||||||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||||||||||||||
Percentage acquired by the entity | 94.40% | ||||||||||||||||||||||
Business combination consideration transferred | € 103 | ||||||||||||||||||||||
Fair value of the net assets | 18 | ||||||||||||||||||||||
Goodwill, business combination | € 85 |
Group Companies - Additional In
Group Companies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Management [member] | Aegon Industrial Fund Management Co Ltd [Member] | |
Disclosure of subsidiaries [Line Items] | |
Proportion of ownership interest in associate | 49.00% |
Name of associate | Aegon Industrial Fund Management Co., Ltd |
Country of incorporation of associate | China |
Aegon Asset Management Pan Europe BV [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Asset Management Pan-Europe B.V. |
Country of incorporation or residence of subsidiary | The Netherlands |
Aegon Custody BV [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Custody B.V. |
Country of incorporation or residence of subsidiary | The Netherlands |
Aegon Asset Management Holding B.V. [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Asset Management Holding B.V. |
Country of incorporation or residence of subsidiary | The Netherlands |
Kames Capital Holdings Ltd [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Kames Capital plc |
Country of incorporation or residence of subsidiary | United Kingdom |
Aegon USA Investment Management, LLC [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon USA Investment Management, LLC |
Country of incorporation or residence of subsidiary | United States |
Aegon USA Realty Advisors, LLC [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon USA Realty Advisors, LLC |
Country of incorporation or residence of subsidiary | United States |
Aegon Hungary Asset Management Company ZrtA [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Magyarorszag Befektetesi Alapkezelo Zartkoruen Mukodo Reszvenytarsasag |
Country of incorporation or residence of subsidiary | Hungary |
Aegon Investment Management B. V [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Investment Management B.V |
Country of incorporation or residence of subsidiary | The Netherlands |
Aegon Cappital B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Cappital B.V. |
Country of incorporation or residence of subsidiary | Netherlands |
Americas [member] | Transamerica Casualty Insurance Company [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Casualty Insurance Company |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | Transamerica Corporation [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Corporation |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | Transamerica Financial Life Insurance Company [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Financial Life Insurance Company |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | Transamerica Life Insurance Company [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Life Insurance Company |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | Transamerica Premier Life Insurance Company [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Premier Life Insurance Company |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | Akaan-Aegon, S.A.P.I. de C.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Proportion of voting power held in joint venture | 50.00% |
Name of joint venture | Akaan-Aegon, S.A.P.I. de C.V. |
Country of incorporation of joint venture | Mexico |
The Netherlands [member] | Aegon Bank N.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Bank N.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Aegon Hypotheken B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Hypotheken B.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Aegon Levensverzekering N.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Levensverzekering N.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Aegon Schadeverzekering N.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Schadeverzekering N.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Aegon Spaarkas N.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Spaarkas N.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Salus Holding B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Salus Holding B.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | TKP Pensioen B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | TKP Pensioen B.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Aegon PPI B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Cappital Premiepensioeninstelling B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | Nedasco B.V. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Nedasco B.V. |
Country of incorporation or residence of subsidiary | Netherlands​​​​​​​ |
The Netherlands [member] | AMVEST Vastgoed B.V. [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | AMVEST Vastgoed B.V. |
Proportion of ownership interest in joint venture | 50.00% |
United Kingdom [member] | Aegon Investment Solutions Ltd. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Investment Solutions Ltd. |
Country of incorporation or residence of subsidiary | United Kingdom |
United Kingdom [member] | Scottish Equitable plc [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Scottish Equitable plc |
Country of incorporation or residence of subsidiary | United Kingdom |
United Kingdom [member] | Cofunds Ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Cofunds Limited |
Country of incorporation or residence of subsidiary | United Kingdom |
Central & Eastern Europe [member] | Aegon Magyarorszag Altalanos Biztosito Zartkoruen Mukodo Reszvenytarsasag [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Magyarorszag Altalanos Biztosito Zartkoruen Mukodo Reszvenytarsasag |
Country of incorporation or residence of subsidiary | Hungary |
Central & Eastern Europe [member] | Aegon Towarzystwo Ubezpieczenna Zycie Spolka Akcyjna [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Towarzystwo Ubezpieczen na Zycie Spolka Akcyjna |
Country of incorporation or residence of subsidiary | Poland |
Central & Eastern Europe [member] | Aegon Powszechne Towarzystwo Emerytaine Spolka Akcyjna [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Powszechne Towarzystwo Emerytaine Spolka Akcyjna |
Country of incorporation or residence of subsidiary | Poland |
Central & Eastern Europe [member] | Aegon Emeklilikve Hayat A.S. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Emeklilik ve Hayat A.Ş. |
Country of incorporation or residence of subsidiary | Turkey |
Central & Eastern Europe [member] | Aegon Pensii Societatede Administrarea Fondurilorde Pensii Private A.S. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Pensii Societate de Administrare a Fondurilor de Pensii Private S.A. |
Country of incorporation or residence of subsidiary | Romania |
Central & Eastern Europe [member] | Aegon Pojistovna A.S. [member] | |
Disclosure of subsidiaries [Line Items] | |
Country of incorporation or residence of subsidiary | Czech Republic |
Spain & Portugal [member] | Aegon Espana S.A.U [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Espana S.A.U. de Seguros y Reaseguros |
Country of incorporation or residence of subsidiary | Spain |
Spain & Portugal [member] | Aegon Administracion y Servicios A.I.E. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Administracion y Servicios A.I.E. |
Country of incorporation or residence of subsidiary | Spain |
Spain & Portugal [member] | Aegon Activos A.V., S.A. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Activos A.V., S.A. |
Country of incorporation or residence of subsidiary | Spain |
Spain & Portugal [member] | Aegon Mediacion, SLU [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Mediacion, S.L.U |
Country of incorporation or residence of subsidiary | Spain |
Spain & Portugal [member] | Aegon Santander Vida Segurosy Reaseguros S. A. [m ember] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Santander Vida Seguros y Reaseguros, S.A. |
Country of incorporation of joint venture | Spain |
Proportion of ownership interest in joint venture | 51.00% |
Spain & Portugal [member] | Aegon Santander Portugal Vida Companhia de Seguros de Vida SA Lisbon [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Aegon Santander Portugal Vida – Companhia de Seguros de Vida S.A. |
Country of incorporation of joint venture | Portugal |
Proportion of ownership interest in joint venture | 51.00% |
Spain & Portugal [member] | Aegon Santander Portugal Nao Vida Companhiade Seguros S. A. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Aegon Santander Portugal Não Vida – Companhia de Seguros S.A. |
Country of incorporation of joint venture | Portugal |
Proportion of ownership interest in joint venture | 51.00% |
Spain & Portugal [member] | Liberbank Viday Pensiones Segurosy Reaseguros S. A. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Liberbank Vida y Pensiones, Seguros y Reaseguros, S.A. |
Country of incorporation of joint venture | Spain |
Proportion of ownership interest in joint venture | 50.00% |
Spain & Portugal [member] | Aegon Santander Generales Seguros y Reaseguros, S.A. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Santander Generales Seguros y Reaseguros, S.A. |
Country of incorporation of joint venture | Spain |
Proportion of ownership interest in joint venture | 51.00% |
Asia [member] | Transamerica Life (Bermuda) Ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Life (Bermuda) Ltd. |
Country of incorporation or residence of subsidiary | Bermuda |
Asia [member] | Aegon Sony Life Insurance Co [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Aegon Sony Life Insurance Co. |
Country of incorporation of joint venture | Japan |
Proportion of ownership interest in joint venture | 50.00% |
Asia [member] | Aegon THTF Life Insurance Company Ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Aegon THTF Life Insurance Co., Ltd. |
Country of incorporation of joint venture | China |
Proportion of ownership interest in joint venture | 50.00% |
Asia [member] | SA Reinsurance Ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | SA Reinsurance Ltd |
Country of incorporation of joint venture | Bermuda |
Proportion of ownership interest in joint venture | 50.00% |
Asia [member] | Aegon Life Insurance Co. ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Aegon Life Insurance Co. ltd |
Country of incorporation of joint venture | India |
Proportion of ownership interest in joint venture | 49.00% |
Group Companies - Additional _2
Group Companies - Additional Information - Associates (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
La Banque Postale Asset Management (LBPAM) [member] | Asset Management [member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 25.00% |
Name of associate | La Banque Postale Asset Management |
Country of incorporation of associate | France |
Americas [member] | Aegon Life Insurance Company [member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 50.00% |
Name of associate | Mongeral Aegon, Seguros e Previdencia S.A. |
Country of incorporation of associate | Brazil |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - EUR (€) | Dec. 23, 2019 | May 17, 2019 | May 18, 2018 | Dec. 19, 2017 | Jun. 23, 2017 | May 19, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of transactions between related parties [Line Items] | |||||||||
Proportion of voting rights held by related party | 32.60% | ||||||||
Shares held in the entity | 38,210 | 48,210 | |||||||
Shares held in the entity that do not exceed the total of outstanding share capital, percentage | 1.00% | ||||||||
Key Management [Member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Fixed Compensation Amount | € 26,400,000 | € 21,500,000 | € 19,400,000 | ||||||
severance payment [Member] | Key Management [Member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Fixed Compensation Amount | € 717,000 | ||||||||
Vereniging Aegon [member] | Common shares B [member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Number of shares repurchased | 13,227,120 | 1,773,680 | 1,489,200 | 13,042,592 | 13,042,612 | 1,979,260 | |||
Proportion of value weight average price of common shares of 5 trading days | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | |||
Number of shares repurchased, value | € 1,384,046 | € 1,725,169 | |||||||
Number of trading days | 5 days | 5 days | |||||||
Proportion of voting rights held by related party | 32.60% | ||||||||
Alex Wynaendts [member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Shares held in the entity | 544,914 | 494,779 | |||||||
Matt Rider [member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Shares held in the entity | 42,972 | 20,462 |
Related party transactions - Su
Related party transactions - Summary of Remuneration Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supervisory board [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | € 1 | € 1 | € 1.1 |
Executive board [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | 5.8 | 6.3 | 5.3 |
Key management [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | 26.4 | 21.5 | 19.4 |
Fixed compensation [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | 14.5 | 9.4 | 8.5 |
Cash based variable compensation [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | 3.6 | 3.6 | 3.1 |
Share based variable compensation [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | 3.2 | 3.3 | 3.1 |
Pension contributions [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | 3.9 | 4.3 | 3.7 |
Other benefits [member] | |||
Disclosure of Remuneration Expenses [Line Items] | |||
Key management personnel compensation | € 1.2 | € 0.9 | € 0.9 |
Related Party Transactions - Co
Related Party Transactions - Common Shares Held by Supervisory Board members (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 38,210 | 48,210 |
Robert W Dineen [member] | ||
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 10,000 | |
Ben J. Noteboom [member] | ||
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 23,500 | 23,500 |
Ben Van Der Veer [member] | ||
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 1,450 | 1,450 |
Dona D Young [member] | ||
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 13,260 | 13,260 |
Shares in Group Companies - Sum
Shares in Group Companies - Summary of Shares in Group Companies (Detail) - Aegon N.V [member] - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of interests in other entities [Line Items] | ||||||
At January 1 | € 22,143 | [1] | € 23,117 | |||
Capital contributions and acquisitions | 231 | 97 | ||||
Divestments and capital repayments | (6) | (23) | ||||
Dividend received | (872) | (702) | ||||
Net income / (loss) for the financial year | 1,379 | 832 | € 2,511 | |||
Revaluations | 2,214 | (1,157) | ||||
Ending balance | 25,045 | 22,143 | [1] | 23,117 | ||
Previously stated [member] | ||||||
Disclosure of interests in other entities [Line Items] | ||||||
At January 1 | [2] | (44) | (22) | |||
Ending balance | [2] | (44) | (22) | |||
Restated [member] | ||||||
Disclosure of interests in other entities [Line Items] | ||||||
At January 1 | € 22,099 | 23,095 | ||||
Ending balance | € 22,099 | € 23,095 | ||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. | |||||
[2] | See in consolidated financial statements note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing |
Loans to Group Companies - Summ
Loans to Group Companies - Summary of Loans to Group Companies (Detail) - Aegon N.V [member] - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of Loans to Subsidiaries Joint Ventures and Associates [Line items] | ||||
Beginning balance | € 2,487 | [1] | € 2,690 | |
Additions / (repayments) | (1,194) | (333) | ||
Other changes | 45 | 131 | ||
Ending balance | 1,337 | 2,487 | [1] | |
Current | 957 | 2,427 | ||
Non-current | € 380 | € 60 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of receivables [Line Items] | ||
Income tax receivable | € 102 | € 102 |
Aegon N.V [member] | ||
Disclosure of receivables [Line Items] | ||
Income tax receivable | € 134 | € 88 |
Aegon N.V [member] | Top of range [member] | ||
Disclosure of receivables [Line Items] | ||
Receivables from group companies and other receivables, maturity | 1 year |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) - Aegon N.V [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other assets [Line Items] | |||
Other current assets include derivatives | € 124 | € 137 | [1] |
Fair value [member] | |||
Disclosure of other assets [Line Items] | |||
Other current assets include derivatives | € 120 | € 134 | |
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Share Capital - Detailed Inform
Share Capital - Detailed Information of Issued and Outstanding Capital (Detail) - Aegon N.V [member] - EUR (€) € / shares in Units, € in Millions, shares in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [Line Items] | ||
Common shares | € 323 | € 322 |
Common Share [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Common shares | 253 | 251 |
Authorized share capital | € 720 | € 720 |
Number of authorized shares (in million) | 6,000 | 6,000 |
Par value in cents per share | € 12 | € 12 |
Common Share B [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Common shares | € 70 | € 70 |
Authorized share capital | € 360 | € 360 |
Number of authorized shares (in million) | 3,000 | 3,000 |
Par value in cents per share | € 12 | € 12 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - EUR (€) | Dec. 23, 2019 | May 17, 2019 | May 18, 2018 | Dec. 31, 2019 |
Vereniging Aegon [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Percentage of shareholding stake in acquired company | 32.60% | |||
Aegon N.V [member] | Vereniging Aegon [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Percentage of shareholding stake in acquired company | 32.60% | 32.60% | ||
Common Share [member] | Aegon N.V [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Nominal value of issued shares | € 0.12 | |||
Common Share B [member] | Aegon N.V [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Nominal value of issued shares | € 0.12 | |||
Common shares B [member] | Vereniging Aegon [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Number of shares purchased on exercising options rights | 1,489,200 | |||
Common shares B [member] | Aegon N.V [member] | Vereniging Aegon [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Number of shares purchased on exercising options rights | 1,773,680 | |||
Share buyback program, number of common shares repurchased | 13,227,120 | |||
Shares repurchased value | € 1,384,046 |
Share Capital - Movement of Com
Share Capital - Movement of Common Shares (Detail) shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | |
Disclosure of changes in share capital [Line Items] | |||
Beginning balance | shares | 76,419 | 80,996 | |
Dividend | shares | |||
Ending balance | shares | 91,893 | 76,419 | 80,996 |
Beginning balance | € 322 | ||
Ending balance | 323 | € 322 | |
Common shares [member] | |||
Disclosure of changes in share capital [Line Items] | |||
Beginning balance | 251 | 251 | € 249 |
Dividend | 1 | 3 | |
Ending balance | € 253 | € 251 | € 251 |
Common shares [member] | Aegon N.V [member] | |||
Disclosure of changes in share capital [Line Items] | |||
Beginning balance | shares | 2,095,648 | 2,095,648 | |
Dividend | shares | 9,491 | ||
Ending balance | shares | 2,105,139 | 2,095,648 | 2,095,648 |
Beginning balance | € 251 | € 251 | |
Dividend | 1 | ||
Ending balance | 253 | 251 | € 251 |
Common share B [member] | |||
Disclosure of changes in share capital [Line Items] | |||
Beginning balance | 70 | 70 | 70 |
Ending balance | € 70 | € 70 | € 70 |
Common share B [member] | Aegon N.V [member] | |||
Disclosure of changes in share capital [Line Items] | |||
Beginning balance | shares | 585,022 | 585,022 | |
Dividend | shares | 0 | ||
Ending balance | shares | 585,022 | 585,022 | 585,022 |
Beginning balance | € 70 | € 70 | |
Dividend | 0 | ||
Ending balance | € 70 | € 70 | € 70 |
Share Capital - Disclosure of W
Share Capital - Disclosure of Weighted Average Number of Common Shares and Common Shares B (Detail) - Aegon N.V [member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common shares [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Weighted average number of common shares | 2,098,326 | 2,095,648 |
Common share B [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Weighted average number of common shares | 585,022 | 585,022 |
Shareholders' Equity - Summa_10
Shareholders' Equity - Summary of Shareholders' Equity (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | € 22,542 | [1] | € 24,079 | [2] | € 24,341 | ||
Owners of Aegon N.V. | 1,239 | 710 | 2,469 | ||||
Changes in revaluation reserve real estate held for own use | (4) | (32) | [2] | 8 | [2] | ||
Total other comprehensive income / (loss) | 2,232 | (1,107) | [2] | (1,968) | [2] | ||
Shares issued | 1 | 3 | |||||
Issuance and purchase of treasury shares | (825) | 14 | (105) | ||||
Issuance and redemption of other equity instruments | (468) | ||||||
Dividend withholding tax reduction | 1 | 2 | |||||
Coupons on perpetual securities | (88) | (102) | (103) | ||||
Incentive plans | (3) | (2) | (1) | ||||
Ending balance | 24,441 | 22,542 | [1] | 24,079 | [2] | ||
Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 22,498 | 24,249 | [2] | ||||
Ending balance | 22,498 | ||||||
Share capital [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 7,808 | [1] | 8,053 | [2] | 8,193 | ||
Shares issued | 1 | 3 | |||||
Ending balance | 7,536 | 7,808 | [1] | 8,053 | [2] | ||
Share capital [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 7,808 | 8,193 | [2] | ||||
Ending balance | 7,808 | ||||||
Revaluation account [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 3,436 | [1] | 4,898 | [2] | 5,381 | ||
Changes in revaluation reserve real estate held for own use | (36) | (32) | 8 | ||||
Total other comprehensive income / (loss) | 2,433 | (1,462) | (391) | ||||
Ending balance | 5,868 | 3,436 | [1] | 4,898 | [2] | ||
Revaluation account [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 3,436 | 5,289 | [2] | ||||
Ending balance | 3,436 | ||||||
Retained earnings [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 9,657 | [1] | 9,374 | [2] | 7,419 | ||
Changes in revaluation reserve real estate held for own use | 32 | ||||||
Total other comprehensive income / (loss) | 40 | (3) | 13 | ||||
Issuance and purchase of treasury shares | (81) | 14 | (105) | ||||
Issuance and redemption of other equity instruments | 2 | ||||||
Dividend withholding tax reduction | 1 | 2 | |||||
Coupons on perpetual securities | (88) | (102) | (103) | ||||
Incentive plans | 2 | 4 | |||||
Ending balance | 10,386 | 9,657 | [1] | 9,374 | [2] | ||
Retained earnings [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 9,613 | 7,419 | [2] | ||||
Ending balance | 9,613 | ||||||
Remeasurement of defined benefit Plans of group companies [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | (1,850) | [1] | (1,669) | [2] | (1,820) | ||
Total other comprehensive income / (loss) | (547) | (182) | 151 | ||||
Ending balance | (2,397) | (1,850) | [1] | (1,669) | [2] | ||
Remeasurement of defined benefit Plans of group companies [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | (1,850) | (1,820) | [2] | ||||
Ending balance | (1,850) | ||||||
Aegon N.V [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | [3] | 19,200 | |||||
Owners of Aegon N.V. | 1,239 | 710 | 2,469 | ||||
Ending balance | 21,850 | 19,200 | [3] | ||||
Aegon N.V [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 19,200 | 20,287 | |||||
Mandatory change in accounting policy | (44) | ||||||
Changes in accounting policies related to liability adequancy testing | (22) | ||||||
Net income | 1,239 | 710 | |||||
Owners of Aegon N.V. | 1,239 | 710 | |||||
Foreign currency translation differences and movement in foreign investment hedging reserves | 271 | 499 | |||||
Changes in revaluation subsidiaries | 2,460 | (1,462) | |||||
Changes in revaluation reserve real estate held for own use | (3) | ||||||
Remeasurement of defined benefit plans of group companies | (522) | (150) | |||||
Changes and transfer to legal reserve | 11 | 9 | |||||
Other | 15 | (3) | |||||
Total other comprehensive income / (loss) | 2,234 | (1,108) | |||||
Shares issued | 1 | ||||||
Dividends paid on common shares | (583) | (573) | |||||
Issuance and purchase of treasury shares | (30) | ||||||
Issuance and redemption of other equity instruments | (81) | ||||||
Dividend withholding tax reduction | 1 | ||||||
Treasury shares | (14) | ||||||
Coupons on perpetual securities | (88) | ||||||
Incentive plans | 2 | ||||||
Coupons and premium on convertible core capital securities and coupon on perpetual securities, net of tax | (113) | ||||||
Ending balance | 21,850 | 19,200 | 20,287 | ||||
Aegon N.V [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 19,156 | 20,265 | |||||
Ending balance | 19,156 | 20,265 | |||||
Aegon N.V [member] | Share capital [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 322 | 322 | |||||
Shares issued | 1 | ||||||
Ending balance | 323 | 322 | 322 | ||||
Aegon N.V [member] | Share capital [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 322 | 322 | |||||
Ending balance | 322 | 322 | |||||
Aegon N.V [member] | Paid-in surplus [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 7,486 | 7,731 | |||||
Dividends paid on common shares | (273) | (244) | |||||
Ending balance | 7,213 | 7,486 | 7,731 | ||||
Aegon N.V [member] | Paid-in surplus [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 7,486 | 7,731 | |||||
Ending balance | 7,486 | 7,731 | |||||
Aegon N.V [member] | Revaluation account [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Changes and transfer to legal reserve | 143 | ||||||
Aegon N.V [member] | Revaluation account [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 3,540 | 5,017 | |||||
Changes in accounting policies related to liability adequancy testing | (22) | ||||||
Changes in revaluation subsidiaries | 2,460 | (1,462) | |||||
Changes in revaluation reserve real estate held for own use | (28) | ||||||
Changes and transfer to legal reserve | 7 | ||||||
Total other comprehensive income / (loss) | 2,576 | (1,455) | |||||
Ending balance | 6,116 | 3,540 | 5,017 | ||||
Aegon N.V [member] | Revaluation account [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 3,540 | 4,995 | |||||
Ending balance | 3,540 | 4,995 | |||||
Aegon N.V [member] | Legal reserve FCTR [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 130 | (401) | |||||
Foreign currency translation differences and movement in foreign investment hedging reserves | 296 | 531 | |||||
Total other comprehensive income / (loss) | 296 | 531 | |||||
Ending balance | 426 | 130 | (401) | ||||
Aegon N.V [member] | Legal reserve FCTR [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 130 | (401) | |||||
Ending balance | 130 | (401) | |||||
Aegon N.V [member] | Legal reserve group companies [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 1,326 | 1,122 | |||||
Changes and transfer to legal reserve | 377 | 204 | |||||
Total other comprehensive income / (loss) | 377 | 204 | |||||
Ending balance | 1,703 | 1,326 | 1,122 | ||||
Aegon N.V [member] | Legal reserve group companies [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 1,326 | 1,122 | |||||
Ending balance | 1,326 | 1,122 | |||||
Aegon N.V [member] | Retained earnings [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Changes and transfer to legal reserve | 509 | ||||||
Aegon N.V [member] | Retained earnings [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 7,872 | 6,022 | |||||
Mandatory change in accounting policy | (44) | ||||||
Net income 2017 retained | 2,469 | ||||||
Net income 2018 retained | 710 | ||||||
Owners of Aegon N.V. | 710 | 2,469 | |||||
Changes in revaluation reserve real estate held for own use | 25 | ||||||
Changes and transfer to legal reserve | (202) | ||||||
Other | 15 | (3) | |||||
Total other comprehensive income / (loss) | (469) | (205) | |||||
Dividends paid on common shares | (309) | (329) | |||||
Issuance and purchase of treasury shares | (86) | ||||||
Issuance and redemption of other equity instruments | (81) | ||||||
Dividend withholding tax reduction | 1 | ||||||
Treasury shares | 26 | ||||||
Coupons on perpetual securities | (88) | ||||||
Incentive plans | 2 | ||||||
Coupons and premium on convertible core capital securities and coupon on perpetual securities, net of tax | (113) | ||||||
Ending balance | 7,508 | 7,872 | 6,022 | ||||
Aegon N.V [member] | Retained earnings [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 7,828 | 6,022 | |||||
Ending balance | 7,828 | 6,022 | |||||
Aegon N.V [member] | Remeasurement of defined benefit Plans of group companies [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | (1,850) | (1,669) | |||||
Foreign currency translation differences and movement in foreign investment hedging reserves | (25) | (32) | |||||
Remeasurement of defined benefit plans of group companies | (522) | (150) | |||||
Total other comprehensive income / (loss) | (547) | (182) | |||||
Ending balance | (2,397) | (1,850) | (1,669) | ||||
Aegon N.V [member] | Remeasurement of defined benefit Plans of group companies [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | (1,850) | (1,669) | |||||
Ending balance | (1,850) | (1,669) | |||||
Aegon N.V [member] | Treasury shares [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | (337) | (325) | |||||
Issuance and purchase of treasury shares | 56 | ||||||
Treasury shares | (12) | ||||||
Ending balance | (281) | (337) | (325) | ||||
Aegon N.V [member] | Treasury shares [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | (337) | (325) | |||||
Ending balance | (337) | (325) | |||||
Aegon N.V [member] | Net income /(loss) [member] | Common Share B [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | 710 | 2,469 | |||||
Net income 2017 retained | (2,469) | ||||||
Net income 2018 retained | (710) | ||||||
Net income | 1,239 | 710 | |||||
Owners of Aegon N.V. | 529 | (1,759) | |||||
Ending balance | 1,239 | 710 | 2,469 | ||||
Aegon N.V [member] | Net income /(loss) [member] | Common Share B [member] | Restated [member] | |||||||
Disclosure of shareholders equity [line items] | |||||||
Beginning balance | € 710 | 2,469 | |||||
Ending balance | € 710 | € 2,469 | |||||
[1] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing | ||||||
[2] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | ||||||
[3] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Shareholder's Equity - Summary
Shareholder's Equity - Summary of Treasury Stock (Detail) - EUR (€) shares in Thousands, € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of treasury shares [line items] | |||
Total amount | € 281 | € 337 | € 325 |
Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Total amount | € 3 | € 2 | € 2 |
Aegon N.V [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 91,893 | 76,419 | |
Total amount | € 281 | € 337 | |
Aegon N.V [member] | Common shares [member] | Aegon N V [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 65,540 | 61,418 | |
Total amount | € 269 | € 326 | |
Aegon N.V [member] | Common shares [member] | Subsidiaries [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 1,043 | 1,144 | |
Total amount | € 9 | € 9 | |
Aegon N.V [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 25,310 | 13,856 | 15,346 |
Total amount | € 3 | € 2 | € 2 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | € 9,307 | € 12,061 | [1] | € 13,635 | |
Aegon N.V [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 1,257 | 1,292 | |||
Aegon N.V [member] | Not later than 1 year [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 78 | ||||
Aegon N.V [member] | 1-5 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 497 | 496 | |||
Aegon N.V [member] | Over 10 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | € 760 | € 717 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - Aegon N.V [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of long-term borrowings [Line Items] | ||
Long-term borrowing, market value | € 1,728 | € 1,649 |
Bottom of range [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing maturity | 4 years | |
Long-term borrowing, interest rate | 1.00% | |
Top of range [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing maturity | 19 years | |
Long-term borrowing, interest rate | 6.625% |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - Aegon N.V [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other liabilities [Line Items] | ||
Loans and payable maturity description | Loans from and payables to group companies have a maturity of less than one year. | |
Derivatives fair value | € 165 | € 164 |
Number of Employees - Additiona
Number of Employees - Additional Information (Detail) - Employees | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of number of employees [line items] | |||
Number of employees employed | 23,757 | 26,543 | 28,318 |
Aegon N.V [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees employed | 0 | 0 |
Auditor's Remuneration - Summar
Auditor's Remuneration - Summary of Accountants Remuneration (Detail) - Aegon N.V [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Auditors remuneration [Line Items] | ||
Audit fees | € 32 | € 37 |
Audit-related fees | 6 | 2 |
Total | 38 | 39 |
Pricewater-houseCoopers Accountants N.V. (NL) [Member] | ||
Auditors remuneration [Line Items] | ||
Audit fees | 9 | 12 |
Audit-related fees | 1 | |
Total | € 11 | € 12 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Detail) € in Millions, $ in Millions | Feb. 03, 2020EUR (€) | Feb. 03, 2020USD ($) | Jan. 29, 2020EUR (€) | Jan. 08, 2019EUR (€) |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Business disposal gain (loss) | € 70 | |||
JAPAN | Disposal of major subsidiary [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Business sold, business combination | € 153 | |||
Business disposal gain (loss) | € 51 | |||
Sale of interest percentage | 50.00% | |||
Transamerica [member] | Disposal of major subsidiary [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Business consideration | € 635 | $ 711 | ||
Aegon N.V [member] | JAPAN | Disposal of major subsidiary [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Business sold, business combination | € 153 | |||
Business disposal gain (loss) | € 51 | |||
Sale of interest percentage | 50.00% | |||
Aegon N.V [member] | Transamerica [member] | Disposal of major building [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Business consideration | € 635 | $ 711 |
Proposal for Profit Appropria_3
Proposal for Profit Appropriation - Additional Information (Detail) | May 17, 2019€ / shares | Dec. 31, 2019€ / shares | Dec. 31, 2019$ / shares |
Common shares [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Par value per share | € 0.12 | ||
Common share B [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Par value per share | $ / shares | $ 0.12 | ||
Aegon N.V [member] | Common shares [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Par value per share | € 0.12 | ||
Aegon N.V [member] | Common shares [member] | Dividend Distributed [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Dividends proposed as distributions to owners per share | € 0.16 | ||
Aegon N.V [member] | Common share B [member] | Dividend Distributed [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Dividends proposed as distributions to owners per share | € 0.004 |
Proposal for Profit Appropria_4
Proposal for Profit Appropriation - Summary of Proposal for Profit Appropriation (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of proposal profit appropriation [Line Items] | |||
Owners of Aegon N.V. | € 1,239 | € 710 | € 2,469 |
Aegon N.V [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Final dividend on common shares | 329 | 307 | |
Earnings to be retained | 910 | 403 | |
Owners of Aegon N.V. | € 1,239 | € 710 | € 2,469 |
Schedule I - Summary of Investm
Schedule I - Summary of Investments Other than Investments in Related Parties (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of investments [Line Items] | |||
Available-for-sale | € 89,404 | € 84,675 | |
Fair value through profit or loss | 9,080 | 8,597 | |
Financial assets | 143,075 | 135,925 | |
Investments in real estate | 2,901 | € 2,700 | € 2,147 |
Cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 131,421 | ||
Cost [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Available-for-sale | 377 | ||
Fair value through profit or loss | 1,661 | ||
Cost [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 3,892 | ||
Financial assets | 44,591 | ||
Other investments at fair value through profit or loss | 2,849 | ||
Cost [member] | Bonds [member] | Financial assets available-for-sale and held-to-maturity investments, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 78,052 | ||
Cost [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,776 | ||
Cost [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 7,443 | ||
Cost [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 4,869 | ||
Cost [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 8,901 | ||
Cost [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,366 | ||
Cost [member] | Bonds [member] | Corporate bonds [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 40,552 | ||
Cost [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,169 | ||
Cost [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 976 | ||
Cost [member] | Bonds [member] | Mortgage loans - held at amortized cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 37,750 | ||
Cost [member] | Bonds [member] | Private loans - held at amortized cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 4,487 | ||
Cost [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 141 | ||
Cost [member] | Bonds [member] | Policy loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,024 | ||
Cost [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 188 | ||
Fair value [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 151,464 | ||
Fair value [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Available-for-sale | 409 | ||
Fair value through profit or loss | 1,813 | ||
Fair value [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 3,934 | ||
Financial assets | 50,079 | ||
Other investments at fair value through profit or loss | 3,333 | ||
Fair value [member] | Bonds [member] | Financial assets available-for-sale and held-to-maturity investments, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 88,995 | ||
Fair value [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,869 | ||
Fair value [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 8,812 | ||
Fair value [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,316 | ||
Fair value [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 11,872 | ||
Fair value [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,811 | ||
Fair value [member] | Bonds [member] | Corporate bonds [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 45,238 | ||
Fair value [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,169 | ||
Fair value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 908 | ||
Fair value [member] | Bonds [member] | Mortgage loans - held at amortized cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 42,567 | ||
Fair value [member] | Bonds [member] | Private loans - held at amortized cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,159 | ||
Fair value [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 141 | ||
Fair value [member] | Bonds [member] | Policy loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,024 | ||
Fair value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 188 | ||
Fair value [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | 2,901 | ||
Book value [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 145,976 | ||
Book value [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Available-for-sale | 409 | ||
Fair value through profit or loss | 1,813 | ||
Book value [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 3,934 | ||
Financial assets | 44,591 | ||
Other investments at fair value through profit or loss | 3,333 | ||
Book value [member] | Bonds [member] | Financial assets available-for-sale and held-to-maturity investments, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 88,995 | ||
Book value [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,869 | ||
Book value [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 8,812 | ||
Book value [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,316 | ||
Book value [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 11,872 | ||
Book value [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,811 | ||
Book value [member] | Bonds [member] | Corporate bonds [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 45,238 | ||
Book value [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,169 | ||
Book value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 908 | ||
Book value [member] | Bonds [member] | Mortgage loans - held at amortized cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 37,750 | ||
Book value [member] | Bonds [member] | Private loans - held at amortized cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 4,487 | ||
Book value [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 141 | ||
Book value [member] | Bonds [member] | Policy loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,024 | ||
Book value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 188 | ||
Book value [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | € 2,901 |
Statement of Financial Position
Statement of Financial Position of Aegon N.V. (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | |||
Receivables | |||||||||
Cash and cash equivalents | € 12,263 | € 8,744 | [1] | € 10,768 | € 10,768 | ||||
Assets | 440,348 | 392,633 | [1] | 395,923 | |||||
Shareholders' equity | |||||||||
Share capital | 323 | 322 | 322 | ||||||
Revaluation account | 5,868 | 3,436 | |||||||
Group equity | 24,441 | 22,542 | [2] | 24,079 | 24,079 | [1] | € 24,341 | ||
Deferred tax liability | 1,227 | 529 | [1] | 1,021 | |||||
Provisions | 214 | 320 | [1] | 210 | |||||
Long-term borrowings | 4,338 | 10,682 | |||||||
Other current liabilities | 14,097 | 13,309 | |||||||
Total liabilities | 415,907 | 370,091 | [1] | 371,844 | |||||
Total equity and liabilities | 440,348 | 392,633 | [1] | € 395,923 | |||||
Aegon N.V [member] | |||||||||
Non-current assets | |||||||||
Shares in group companies | 25,045 | 22,143 | [3] | 23,117 | |||||
Loans to group companies | 1,337 | 2,487 | [3] | € 2,690 | |||||
Financial fixed assets | 26,382 | 24,630 | [3] | ||||||
Receivables | |||||||||
Receivables from group companies | 112 | 35 | [3] | ||||||
Other receivables | 175 | 137 | [3] | ||||||
Other current assets | 124 | 137 | [3] | ||||||
Accrued interest and rent | 13 | 16 | [3] | ||||||
Receivables | 424 | 325 | [3] | ||||||
Cash and cash equivalents | 1,032 | 1,231 | [3] | ||||||
Assets | 27,838 | 26,186 | [3] | ||||||
Shareholders' equity | |||||||||
Share capital | 323 | 322 | [3] | ||||||
Paid-in surplus | 7,213 | 7,486 | |||||||
Revaluation account | 6,116 | 3,540 | [3] | ||||||
Legal reserves - foreign currency translation reserve | 426 | 130 | |||||||
Legal reserves in respect of group companies | 1,703 | 1,326 | [3] | ||||||
Retained earnings, including treasury shares | 7,227 | 7,536 | [3] | ||||||
Remeasurement of defined benefit plans of group companies | (2,397) | (1,850) | [3] | ||||||
Net income / (loss) | 1,239 | 710 | [3] | ||||||
Group equity | 21,850 | 19,200 | [3] | ||||||
Other equity instruments | 2,571 | 3,320 | |||||||
Total equity | 24,421 | 22,520 | [3] | ||||||
Deferred tax liability | [3] | 10 | |||||||
Provisions | 10 | ||||||||
Subordinated borrowings | 1,403 | 1,389 | |||||||
Long-term borrowings | 1,257 | 1,292 | [3] | ||||||
Non-current liabilities | 2,660 | 2,681 | [3] | ||||||
Short term deposits | [3] | 82 | |||||||
Loans from group companies | 6 | 9 | [3] | ||||||
Payables to group companies | 484 | 582 | [3] | ||||||
Other current liabilities | 236 | 271 | [3] | ||||||
Accruals and deferred income | 31 | 31 | [3] | ||||||
Current liabilities | 757 | 975 | [3] | ||||||
Total liabilities | 3,417 | 3,666 | [3] | ||||||
Total equity and liabilities | € 27,838 | € 26,186 | [3] | ||||||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | ||||||||
[2] | See note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing | ||||||||
[3] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Condensed income statement of A
Condensed income statement of Aegon N.V. (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Condensed Income Statements, Captions [Line Items] | |||||
Other income / (loss) | € 1,239 | € 711 | [1] | € 2,469 | [1] |
Owners of Aegon N.V | 1,239 | 710 | 2,469 | ||
Aegon N.V [member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net income / (loss) group companies | 1,379 | 832 | 2,511 | ||
Other income / (loss) | (141) | (122) | (42) | ||
Owners of Aegon N.V | € 1,239 | € 710 | € 2,469 | ||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. |
Condensed Cash Flow Statement o
Condensed Cash Flow Statement of Aegon N.V. (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of cash flow statement [Line Items] | |||
Income / (loss) before tax | € 1,457 | € 751 | € 2,534 |
Net cash flows from operating activities | 7,302 | 517 | 553 |
Net cash flows from investing activities | (86) | (438) | (1,196) |
Issuance of treasury shares | 1 | 2 | |
Repayment of perpetuals | (1,343) | (200) | |
Repayment of non-cumulativesubordinated note | (443) | ||
Dividends paid | (309) | (328) | (294) |
Net cash flows from financing activities | (3,730) | (2,395) | 519 |
Aegon N V [member] | |||
Disclosure of cash flow statement [Line Items] | |||
Income / (loss) before tax | 1,199 | 708 | 2,468 |
Adjustments | (1,529) | (291) | (3,676) |
Net cash flows from operating activities | (330) | 418 | (1,208) |
Dividends and capital repayments of subsidiaries, associates and joint ventures | 647 | 824 | 700 |
Other | (1) | (1) | (1) |
Net cash flows from investing activities | 646 | 822 | 700 |
Issuance of perpetuals | 497 | ||
Issuance of treasury shares | 1 | 2 | |
Purchase of treasury shares | (318) | (248) | (266) |
Issuance and repurchase of borrowings | 1,074 | 294 | 1,429 |
Repayment of perpetuals | (1,343) | (200) | |
Repayment of non-cumulativesubordinated note | (443) | ||
Dividends paid | (309) | (328) | (294) |
Coupons on perpetual securities | (112) | (136) | (138) |
Coupons on non-cumulative subordinated notes | (14) | (37) | |
Net cash flows from financing activities | (512) | (1,076) | 696 |
Net increase / (decrease) in cash and cash equivalents | € (196) | € 165 | € 188 |
Five-Year Schedule of Maturitie
Five-Year Schedule of Maturities of Debt (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | € 2,207 | € 1,389 | [1] | € 764 | |
Long-term borrowings | 4,338 | 10,682 | |||
Aegon N.V [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 1,403 | 1,389 | [2] | ||
Long-term borrowings | 1,257 | 1,292 | [2] | ||
Aegon N.V [member] | Not later than 1 year [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | |||||
Long-term borrowings | 78 | ||||
Aegon N.V [member] | 12-24 months [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | |||||
Long-term borrowings | |||||
Aegon N.V [member] | Later than two years and not later than three years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | |||||
Long-term borrowings | |||||
Aegon N.V [member] | Later than three years and not later than four years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | |||||
Long-term borrowings | 497 | ||||
Aegon N.V [member] | Later than four years and not later than five years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | |||||
Long-term borrowings | 496 | ||||
Aegon N.V [member] | Later than 5 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 1,403 | 1,389 | |||
Long-term borrowings | € 760 | € 717 | |||
[1] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies for details about this change. | ||||
[2] | Amounts have been restated to reflect voluntary changes in accounting policies related to liability adequacy testing that was adopted by Aegon effective January 1, 2019. Refer to note 2.1.2 Voluntary changes in accounting policies in the consolidated notes for details about this change. |
Condensed Financial Informati_2
Condensed Financial Information of Registrant - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed financial information of registrant [line items] | |||
Dividends | € 120 | € 94 | |
Aegon N.V [member] | Business combinations [member] | |||
Condensed financial information of registrant [line items] | |||
Dividends | 1,200 | 1,400 | € 1,800 |
Capital contributions | € 400 | € 100 | € 1,100 |
Schedule III - Disclosure of Su
Schedule III - Disclosure of Supplementary Insurance Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | € 10,362 | € 10,480 | € 9,729 |
Future policy benefits | 350,876 | 311,501 | 306,341 |
Unearned premiums | 6,002 | 5,341 | 5,447 |
Other policy claims and benefits | 3,188 | 3,158 | 3,036 |
Premium revenue | 18,138 | 19,316 | 22,826 |
Net investment income | 7,531 | 7,035 | 7,338 |
Benefits, claims and losses | 20,459 | 21,331 | 25,537 |
Amortization of deferred policy acquisition costs | 754 | 914 | 770 |
Other operating expenses | 5,399 | 5,311 | 5,155 |
Premiums written | 15,704 | 16,653 | 19,395 |
Americas [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 8,592 | 8,816 | 8,188 |
Future policy benefits | 180,522 | 166,644 | 171,122 |
Unearned premiums | 5,770 | 5,125 | 5,241 |
Other policy claims and benefits | 2,117 | 2,100 | 1,982 |
Premium revenue | 8,515 | 8,403 | 9,383 |
Net investment income | 3,166 | 3,121 | 3,362 |
Benefits, claims and losses | 8,484 | 7,767 | 8,585 |
Amortization of deferred policy acquisition costs | 582 | 720 | 552 |
Other operating expenses | 3,181 | 3,219 | 2,953 |
Premiums written | 6,360 | 6,069 | 6,387 |
The Netherlands [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 360 | 66 | 76 |
Future policy benefits | 67,382 | 60,046 | 62,476 |
Unearned premiums | 56 | 62 | 61 |
Other policy claims and benefits | 944 | 934 | 932 |
Premium revenue | 2,123 | 1,987 | 2,208 |
Net investment income | 2,224 | 2,265 | 2,172 |
Benefits, claims and losses | 3,416 | 3,547 | 4,430 |
Amortization of deferred policy acquisition costs | 3 | 20 | 19 |
Other operating expenses | 880 | 792 | 911 |
Premiums written | 2,090 | 1,960 | 2,192 |
United Kingdom [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 878 | 859 | 903 |
Future policy benefits | 94,570 | 76,255 | 65,053 |
Unearned premiums | 18 | 16 | 14 |
Other policy claims and benefits | 5 | 5 | 6 |
Premium revenue | 6,309 | 7,539 | 9,635 |
Net investment income | 1,830 | 1,346 | 1,517 |
Benefits, claims and losses | 7,722 | 9,221 | 11,798 |
Amortization of deferred policy acquisition costs | 100 | 101 | 111 |
Other operating expenses | 607 | 604 | 646 |
Premiums written | 6,120 | 7,299 | 9,266 |
Southern & Eastern Europe [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 45 | 74 | 71 |
Future policy benefits | 2,271 | 2,483 | 2,707 |
Unearned premiums | 35 | 31 | 23 |
Other policy claims and benefits | 104 | 102 | 101 |
Premium revenue | 728 | 785 | 783 |
Net investment income | 71 | 77 | 80 |
Benefits, claims and losses | 497 | 562 | 569 |
Amortization of deferred policy acquisition costs | 34 | 49 | 54 |
Other operating expenses | 288 | 314 | 301 |
Premiums written | 710 | 765 | 764 |
Asia [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 487 | 665 | 490 |
Future policy benefits | 7,770 | 7,709 | 6,582 |
Unearned premiums | 121 | 106 | 100 |
Other policy claims and benefits | 18 | 16 | 15 |
Premium revenue | 460 | 600 | 816 |
Net investment income | 254 | 225 | 203 |
Benefits, claims and losses | 337 | 233 | 155 |
Amortization of deferred policy acquisition costs | 36 | 24 | 33 |
Other operating expenses | 88 | 91 | 96 |
Premiums written | 413 | 550 | 778 |
Holding and other activities [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | |||
Future policy benefits | 16 | 12 | 16 |
Unearned premiums | 1 | 2 | 8 |
Other policy claims and benefits | |||
Premium revenue | 3 | 2 | 1 |
Net investment income | 6 | 8 | |
Benefits, claims and losses | 5 | 6 | 5 |
Amortization of deferred policy acquisition costs | |||
Other operating expenses | 153 | 127 | 76 |
Premiums written | 12 | 10 | 8 |
Asset management [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Net investment income | |||
Benefits, claims and losses | |||
Amortization of deferred policy acquisition costs | |||
Other operating expenses | 388 | 371 | 394 |
Premiums written | |||
Elimination [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | |||
Future policy benefits | (1,655) | (1,648) | (1,615) |
Unearned premiums | |||
Other policy claims and benefits | |||
Premium revenue | |||
Net investment income | (15) | (4) | (4) |
Benefits, claims and losses | (3) | (5) | (4) |
Amortization of deferred policy acquisition costs | |||
Other operating expenses | (187) | € (206) | € (221) |
Premiums written |
Schedule IV - Summary of Reinsu
Schedule IV - Summary of Reinsurance (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reinsurance transactions [Line Items] | |||
Gross amount | € 16,723 | € 17,856 | € 21,174 |
Ceded to other companies | 2,434 | 2,663 | 3,431 |
Assumed from other companies | 1,415 | 1,459 | 1,653 |
Net amount | € 15,704 | € 16,653 | € 19,395 |
% of amount assumed to net | 9.00% | 9.00% | 9.00% |
Life insurance in force [member] | |||
Disclosure of reinsurance transactions [Line Items] | |||
Gross amount | € 955,451 | € 874,423 | € 863,686 |
Ceded to other companies | 699,005 | 708,242 | 709,326 |
Assumed from other companies | 480,723 | 512,735 | 525,201 |
Net amount | € 737,170 | € 678,915 | € 679,561 |
% of amount assumed to net | 65.00% | 76.00% | 77.00% |
Life insurance [member] | |||
Disclosure of reinsurance transactions [Line Items] | |||
Gross amount | € 14,524 | € 15,526 | € 18,324 |
Ceded to other companies | 2,276 | 2,500 | 3,214 |
Assumed from other companies | 1,402 | 1,443 | 1,628 |
Net amount | € 13,650 | € 14,470 | € 16,738 |
% of amount assumed to net | 10.00% | 10.00% | 10.00% |
Non-life insurance [member] | |||
Disclosure of reinsurance transactions [Line Items] | |||
Gross amount | € 2,199 | € 2,330 | € 2,849 |
Ceded to other companies | 158 | 163 | 217 |
Assumed from other companies | 13 | 16 | 25 |
Net amount | € 2,055 | € 2,183 | € 2,657 |
% of amount assumed to net | 1.00% | 1.00% | 1.00% |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | € 179 | € 213 | € 215 |
Addition charged to earnings | 72 | 35 | 40 |
Amounts written off and other changes | (53) | (70) | (37) |
Currency translation | 1 | (5) | |
Ending balance | 199 | 179 | 213 |
Mortgages [member] | |||
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | 19 | 48 | |
Ending balance | 6 | 19 | 48 |
Other loans [member] | |||
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | 118 | 116 | |
Ending balance | 159 | 118 | 116 |
Receivables [member] | |||
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | 41 | 48 | |
Ending balance | € 34 | € 41 | € 48 |